H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FB.—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, March 31; of the Federal Reserve System not earlier March 30, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 29 member bank reserve balances increased $136,000,000. Additions to member bank reserves arose from decreases of $21,000,000 in Treasury cash, $21,000,000 in Treasury deposits with Federal Reserve banks and $7,000,000 in nonmember deposits and other Federal Reserve Accounts and increases of $85,000,000 in gold stock, $5,000,000 in Reserve bank credit and $3,000,000 in Treasury currency offset in part by an increase of $7,000,000 in money in circulation. Excess reserves of member banks on March 29 were estimated to be approximately $3,520,000,000, an increase of $160,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended March 2.9 > 1939, were as follows: Increase or decrease since Mar. 29« Mar. 22, Mar. 30 .,.i?2?_... .... _1_919 1938 (In millions of dollars) Bills discounted 3 , T- , 9 Bills bought 1 --- — U. S. Government securities 2,564 --- — Industrial advances (not including 13 million commitments - March 29) 14 3 Other Reserve bank credit -4 + 5 + 3 Total Reserve bank credit 2,578 + 5 9 Gold stock 15,160 + 85 +2,366 Treasury currency 2,837 + 3 + 157 Member bank reserve balances 9,125 +136 +1,813 Money in circulation 6,765 + 7 + 436 Treasury cash 2,722 - 21 - 829 Treasury deposits with F. R. banks 1,201 - 21 + 909 Honmember deposits and other F.R. accounts 762 - 7 + 184 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-a Released for publication Friday morning, March 31,1939; not earlier# STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Mar. 29, Mar. 22, Mar, 30, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U, S. Treasury 12,423,718 +115,997 +3,211,010 Redemption fund - F. R. notes 9,602 - 561 - 272 Other cash ......4P3.»&2Q _r. 1*221 -69,876 Total reserves 12,836,950 +113,515 +3,140,862 Bills discounted: Secured by U. S. Gov't obligations, direct or fully guaranteed 1,834 - 37 - 6,340 Other bills discounted 1.488 - 80 - 2,378 Total bills discounted 3,322 - 117 - 8,718 Bills bought in open market 561 + 7 + 11 Industrial advances 14,005 - 86 - 3,172 U.S. Government securities! - Bonds 911,090 +177,770 Treasury notes 1,176,109 --- + 10,418 - Treasury bills 476,816 •*188,188 Total U.S. Government securities - — 2,564,015 Total bills and securities 2,581,903 - 196 - 11,879 r t ry Due from foreign banks 161 - 9 F. R. notes of other banks 19,498 + 54 - 640 Uncollected items 581,828 -11,005 + 78,994 Bank premises 42,682 - 41 - 2,155 Other assets 48,130 + 746 + 5,190 TOTAL ASSETS 16,111,152. +103,066 +3,210,363 L I A B I L I T I E S F. R. notes in actual circulation 4,345,363 + 9,947 +223,658 Deposits: Member bank - reserve account 9,124,860 +135,679 +1,813,331 U. S. Treasurer - General account 1,201,387 - 20,819 +909,150 Foreign bank 242,286 + 7,525 +125,058 Other deposits 262,461 - 13.875 + 64»340 Total deposits 10,830,994 +108,510 +2,911,879 Deferred availability items 586,372 -15,807 + 76,349 Other liabilities including accrued dividends . . . 2_i929 + 264 - 961 TOTAL LIABILITIES 15,766,658 +102,914 +3,210,925 C A P I T A L A C C O U N T S Capital paid in 135,031 + 25 + 1,729 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts ... 32*9.47 + 127 0*285 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,111,152 +103,066 +3,210,363 Ratio of total reserves to deposit and F. R. note liabilities combined 84.6$ + .lfo + 4.1.% Contingent liability on bills purchased for foreign correspondents — - 82 — Commitments to make industrial advances 12,647 + 123 -463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BMKS ON MARCH 29, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 12,423,718 74^,105 5,678,286 607,028 828,372 342,838 259,396 2,145,740 319,675 243,980 298,807 213,371 742,120 Redemption fund - F.R. notes 9,602 970 1,745 691 789 512 303 957 718 494 356 612 1,455 Other cash 403,630 31,384 109,010 32,301 27,210 19,516 2}.,64l 58,014 17,627 9,272 19,426 18,371 39,858 Total reserves 12,836,950 776,459 5,789,041 640,020 856,371 362,866 281,340 2,204,711 338,020 253,746 318,589 232,354 783,433 Bills discounted: Secured by U.S. Gov't oblige..tions, direct or fully guaranteed 1,834 277 1,029 155 26 60 — . 50 — 19 49 101 68 Other bills discounted 1,488 A2 81 25 49 169 101 22 100 52 384 271 192 Total bills discounted 3,322 319 1,110 180 75 229 101 72 100 71 433 372 260 Bills bought in open market 561 42 223 56 51 24 19 70 2 2 16 16 40 Industrial advances 14,005 1,797 3,834 2,882 385 1,189 819 459 6 857 215 617 945 U. S. Government securities: Bonds 911,090 66,806 257,500 73,149 91,650 47,446 42,073 99,779 42,577 28,588 46,939 37,815 76,768 Treasury notes 1,176,109 86,238 332,401 94,427 118,310 61,247 54,312 128,802 54,962 36,906 60,592 48,813 99,099 Treasury bills 476,816 34,962 134,762 38,283 47,964 24,831 22,019 52,219 22,283 14,961 24,566 19,790 40,176 Total U.S.Gov’t securities 2,564,015 188,006 724,663 205,859 257,924 133,524 110,404 280,800 119,822 80,455 132,097 106,418 2.16,043 Total bills and securities 2,581,903 190,164 729,830 208,977 258,435 134,966 119,343 281,401 119,930 81,385 132,761 107,423 217,288 Due from foreign banks 161 12 55 17 16 7 6 21 3 2 5 5 12 F. R. notes of other banks 19,498 542 3,069 909 1,360 1,516 2,570 3,113 1,914 1,191 1,460 508 1,346 Uncollected items 581,828 55,997 156,060 49,973 64,975 47,991 20,242 76,022 26,475 14,044 26,570 19,601 23,878 Eonk premises 42,682 2,931 9,005 4,668 5,980 2,602 2,066 3,936 2,283 1,517 3,222 1,255 3,217 Other assets 48,130 2,091. . .13x481 4i25? _ ...5Ä.... 1,123_. .2*166.. 4,76.3 2,Q4fL .. 1*518.. 2.,24S- 1 ,.882_ .4,115- TOTAL ASSETS 16,111,152 1,029,196 6,700,541 90S,8l6 1,192,582 553,071 427,733 2,573,967 490,665 353,403 484,856 363,033 1,033,289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MARCH 29, 1939 (in thousands of dollars) L I A B I L I T I E S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn* Kans.C7, Dallas San Fran. F.R.notes in actual circulation 4,34-5*363 376,449 1,017,788 312,135 415,951 194,663 147,718 979,674 178,940 134,235 168,027 75,697 344,086 Deposits: Member bank — reserve account 9,124,860 432,820 4,921,363 413,029 509,929 235,302 189,203 1,144,515 195,743 123,680 230,935 181,050 547,291 U.S.Treasurer - General account}.,201,3^7 116,343 200,924 73,914 138,916 49,052 40,531 292,050 68,041 60,002 41,320 62,848 57,446 Foreign bank 286 17,452 86,434 23,511 22,542 10,422 8,483 29,328 7,029 5,575 7,029 7,029 17,452 Other deposits 262,461 5,797 195,329 4,914 7,988 2,166 9,343 5,526 4,430 6,379 747 3,556 16,286 Total deposits 10,830,994 572,412 5,404,050 515,368 679,375 296,942 247,560 1,471,419 275,243 195,636 280,031 254,483 638,475 Deferred availability items 586,372 56,189 158,167 48,825 64,434 46,586 19,765 77,937 25,912 14,322 26,566 21 „765 25,904 Other liabilities including accrued dividends 3,929 355 1,454 310 319 1Ö0 156 421 109 143 270 102 190 TOTAL LIABILITIES 15,766,658 1,005,405 6,581,459 076,638 1,160,079 53^,291 415,199 2,529,451 480,204 344,336 474,894 352,047 1,008,655 C A P I T A L A C C O U N T S Capital paid in 135,031 9,405 50,990 12,048 13,682 5,075 4,517 13,651 3,966 2,912 4,241 4,007 10,537 Surplus (Section 7) 149,152 10,083 52,463 13,696 14,323 4,983 5,630 22,666 4,685 3,153 3,613 3,892 9,965 Surplus (Section 13b) 27,264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 33,047 1,429 8,172 2,018 3,491 1,429 1,674 6,770 1,265 2,001 966 1,821 2,011 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,111,152 1,029,196 6,700,541 908,816 1,192,582 553,071 427,733 2,573,967 490,665 353*403 484,856 363,033 1,033,289 Commitments to make industrial advances 12,647 1,299 2,646 1,553 1,353 1,129 151 80 612 193 671 44 2,916 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years to Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 3,322 2,368 165 187 233 328 41 rm— __ Bills bought 561 69 83 335 74 — --- — — — Industrial advances 14,005 2,405 160 267 229 2,026 4,718 2,266 1,934 ---- U. S. Government securities 2,564,015 72,518 185,125 167,163 122,476 259,116 349,978 577,294 830,345 — Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~d FEDERAL RESERVE NOTE STATEMENT ON MARCH 29, 1939 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes» Issued to F.R. bank by F.R.agent 4,631,078 396,711 1,102,202 324,545 436,780 205,548 159,492 1,017,328 193,145 138,104 176,233 83,054 397,936 Held by Federal Reserve bank 285,715 20,262 84,4l4 12,410 20,82.9 10,885 11,774 37,654 14,205 3,869 8,206 7,357 53,850 Inagtual circulation , 4,345,363 376,449 1,017,788 312,135 415,951 194,663 147,718 979,674 178,940 134,235 168,027 75,697 344,086 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,774,500 420,000 1,115,000 345,000 439,500 210,000 169,000 1,035,000 196,000 143,500 180,000 87,500 434,000 Eligible paper 3,102 309 1,110 155 75 229 69 72 35 31 4l6 366 2.35 Total collateral 4,777,602 420,309 1,116,110 345,155 439,575 210,229 169,069 1,035,072 196,035 14-3,531 180,416 87,866 434,235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis