H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, April 28; of the Federal Reserve System not earlier. April 27, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended April 26 member bank reserve balances increased $160,000,000. Additions to member bank reserves arose from decreases of $30,000,000 in Treasury cash and $38,000,000 in Treasury deposits with Federal Reserve banks and increases of $109,000,000 in gold stock and $5,000,000 in Treasury currency, offset in part by a decrease of $11,000,000 in Reserve bank credit and increases of $7,000,000 in nonmenber deposits and other Federal Reserve accounts and $2,000,000 in money in circulation. Excess reserves of member banks on April 26 were estimated to be approximately $4,120,000,000, an increase of $12.0,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended April 26, 1939, were as follows: Increase or decrease since April 26, April 19, April 27j 1939 1939 1938 (In millions of dollars) Bills discounted 3 — - 5 Bills bought 1 — U. S. Government securities 2,564 — — Industrial advances (not including 12 million commitments - April 26) 13 _. T 4 Other Reserve bank credit -1 — 11 + 3 , Total Reserve bank credit 2,580 11 6 Gold stock 15,714 109 + 2,854 Treasury currency 2,849 + 5 + 159 Member bank reserve balances 9,903 + 160 + 2,242 Money in circulation 6,860 + 2 + 505 Treasury cash 2,693 30 + 501 Treasury deposits with F. R. banks 913 38 - 408 Nonmember deposits and other F. R. accounts 772 4- 7 + 165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, April 28,1939? not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since April 26, April 19, April 27, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 13,030,716 +153,998 +2,388,805 Redemption fund - F. R. notes 8,346 " 439 - l,oi4 Other cash 381.893 _ + m -69,689 Total reserves 13,430,955 +154,394 +2,318,102 Bills discounted* Secured by U. S. Gov't obligations, direct or fully guaranteed 1,410 + 181 - 4,162 Other bills discounted 1,628 + 22 - 1,271 Total bills discounted 3,038 + 203 - 5,433 Bills bought in open market 562 + 2 + 12 Industrial advances 13,291 - 187 - 3,682 U. S. Government securities: Bonds 911,090 +253,337 Treasury notes 1,176,109 — - 15,796 Treasury bills 476,816 -238,041 Total U.S. Government securities 2,564,015 — — Total bills and securities 2,580,906 + 18 - 9,103 Due from foreign banks 160 - 2 10 F, R, notes of other banks 20,976 +1,363 + 304 Uncollected items 580,517 -92,177 +57,160 Bank premises 4-2,599 - 34 - 2,166 Other assets 50,398 .. . ±1*294 + 5,059 T O T A L A S S E T S 16,696,511 +64,856 +2,369,346 L I A B I L I T I E S F. R. notes in actual circulation 4,433,389 +15,567 +313,016 Deposits: Member bank - reserve account 9,902,809 +159,970 +2,241,540 U. S, Treasurer - General account 912,910 - 37,966 - 408,409 Foreign bank 226,956 + 4,240 + 95,154 Other deposits 289,458 ...,+ .3^31 + 77,803 Total deposits 11,332,133 +129,'727 +2,006,088 Deferred availability items 582,059 - 81,110 + 54,946 Other liabilities including accrued dividends 4,574 + 421 - 915 T O T A L L I A B I L I T I E S 16,352,155 + 64,605 +2,373,135 C A P I T A L A C C O U N T S Capital paid in 134,972 + 1 + 1,494 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts 32,968 + 250 - 6.277 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,696,511 + 64,856 +2,369,346 Ratio of total reserves to deposit and F. R. note liabilities combined 85.1* + . 2$ + 2.5% Contingent liability on bills purchased for foreign correspondents — — - 1,103 Commitments to make industrial advances 11,749 + 90 - 986 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—2.83—b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OH APRIL 26, 1939 (In thousands of dollars) A S S E T S Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy., Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 13,030,716 740,827 6,254,011 627,900 821,413 336,072 261,661 2,167,294 307,704 224,440 309,4-33 201,052. 778,909 Redemption fund - F.R, notes 8,346 848 1,273 527 620 654 226 758 676 474 319 581 1,390 Other cash 381,893 30,350 99,812 31,873 25,533 22,648 21,045 52,598 16,968 9,321 18,213 17,694 35,838 Total reserves 13,420,955 772,025 6,355,096 660,300 847,566 359,374 282,932 2,220,650 325,348 234,23-5 327,965 2,19,327 816,137 Bills discounted» Secured by U.S.Gov*t obligations, direct or fully guaranteed 1,410 202 489 277 l4l 75 — 45 — 20 34 99 28 Other bills discounted 1,628 75 137 — 42 165 11 38 85 44 407 326 298 Total bills discounted 3,038 277 626 277 I83 240 11 83 85 64 441 425 326 Bills bought in open market 562 42 219 57 52 24 20 71 2 2 16 16 41 Industrial advances 13,291 1,771 3,460 2,629 365 1,175 816 458 5 84l 213 606 952 U. S. Government securities* Bonds 911,090 67,984 256,538 73,522 90,042 47,696 41,369 102,026 44,123 27,660 46,954 36,346 76,830 Treasury notes 1,176,109 87,759 331,160 94,907 116,233 61,570 53,403 131,706 56,958 35,708 60,613 46,916 99,176 Treasury bills 476,816 35,579 134,259 38,478 47,123 24,961 21,650 53,395 23,092 14,476 24,573 19,021 40,209 Total U.S.Gov’t securities 2,564,015 191,322 721,957 206,907 253,398 134,227 116,422 287,127 124,173 77,844 132,140 102,283 2.16,215 Total bills and securities 2,580,906 193,412 726,262 209,870 253,998 135,666 117,269 287,739 124,265 78,751 132,810 103,330 217,534 Due from foreign banks I60 12 60 16 15 7 5 20 2 2 5 5 11 F.R. notes of other banks 20,976 279 3,773 834 1,563 2,974 1,302 2,837 2,209 1,114 1,494 496 2,101 Uncollected items 580,517 56,917 139,939 41,691 64,443 47,419 25,795 81,532 25,636 14,336 29,508 24,848 28,453 Bank premises 42,599 2,931 8,988 4,657 5,968 2,595 2,062 3,936 2,279 1,515 3,209 1,250 3,209 Other assets 50,398 3,298 14,358 4,612 5,509 3,205 2,211 5,018 2,186 1,532 2,326 1,878 4,265 TOTAL ASSETS 16,696,511 1,028,874 7,248,476 921,980 1,179,062 551,240 4-31,576 2,601,732 481,925 331,435 497,317 351,134 1,071,710 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 APRIL 26, 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.Cy. Dallas San Fran 4,433,389 379,380 1,037,383 314,250 416,909 195,268 148,242 988,340 179,286 135,238 168,905 75,329 344,859 Deposits* Member bank-reserve account 9,902,809 473,020 5,390,755 463,419 523,296 249,794 189,625 1,331,803 204,144 113,702 2.25,239 178,217 559,715 U.S.Treasurer-General account 912,910 72,016 222,070 43,740 112,305 32,075 38,360 121,665 48,784 47,239 47,116 49,053 78,481 Foreign bank 226,956 16,352 81,119 22,029 21,121 9,766 7,756 27,480 6,586 5,223 6,586 6,586 16,352 Other deposits 289,458 6,802 213,008 5,001 8,595 3,691 9,375 3,613 5,411 6,287 8,656 2,990 Total deposits 11,332,133 568,190 5,906,952 534,189 665,317 ;295,326 245,122 1,484,641 264,925 172,451 287,597 236,846 670,577 Deferred availability items 582,059 57,103 133,580 40,887 63,956 45,770 25,505 83,748 27,123 14,567 30,567 27,857 31,396 Other liabilities including accrued dividends 4,574 392 1,620 477 401 126 177 463 128 164 286 122 218 TOTAL LIABILITIES 16,352,155 1,005,065 7,129,535 889,803 1,146,583 ;536,490 419,046 2,557,192 471,462 322,420 437,355 340,154 1,047,050 C A P I T A L A C C O U N T S Capital paid in 134,972 9,402 50,890 12,060 13,683 5,075 4,515 13,650 3,971 2,912 4,246 4,011 10,557 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 4,4l6 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 32,968 1,450 3,131 2,005 3,466 1,399 1,672 6,795 1,262 1,999 961 1,811 2,017 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,696,511 1,028,874 7,248,476 921,980 1,179,062 551,240 4-31,576 2,601,732 481,925 331,485 497,317 351,134 1,071,710 Commitments to make industrial advances 11,749 758 2,296 1,543 1,495 1,053 151 73 599 190 653 — 2,938 MATURITY DISTRIBUTION OF BI1LLS A1ID SECURITIES Within 16 to 31 to 6l to 91 days to 6 months 1 Year 2 Years t;o Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 3,038 1,916 138 382 280 282 40 Bills bought 562 203 206 47 106 — — — - — Industrialiadvances 13,291 1,908 104 246 715 2,163 4,530 1,733 1,892 ---- U. S. Government securities 2,564,015 82,185 83,440 146,04-3 127,630 107,984 259,116 349,978 577,294 83C>,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEHEIJT OH APRIL 26, 1939 (in thousands of dollars) Total Boston Hew 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 4,740,896 402,176 1,193,073 330,214 436,054 207,971 161,884 1,020,306 192,786 139,778 176,548 83,427 396,679 Held by Federal Reserve bank -307,507 22,796 105,690 15,964 19,145 12,703 13,642 31,966 13,500 4,540 7,643 8,098 51,820 In actual circulation 4,433,389 379,380 1,087,383 314,250 416,909 195,268 148,242 988,340 179,286 135,238 168,905 75,329 344,859 Collateral held by agent as se­ curity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,872,500 420,000 1,210,000 3^5,000 439,500 215,000 169,000 1,035,000 196,000 143,500 180,000 85,500 434,000 Eligible paper 2,893 267 613 277 I83 240 5 83 35 37 436 403 314 Total collateral 4,875,393 420,267 1,210,613 345,277 439,683 215,240 169,005 1,035,083 196,035 143,537 180,436 85,903 434,314 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis