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, May 5; of the Federal Reserve System not earlier. May 4, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 3 member bank reserve balances decreased $31,000,000* Reductions in member bank reserves arose from increases of $55 ,000,000 in money in circulation, $37*000*000 in nonmember deposits and other Federal Reserve accounts, $23,000,000 in Treasury deposits with Federal Reserve banks and a decrease of $8,000,000 in Reserve bank credit, offset in part by increases of $87,000,000 in gold stock and $2,000,000 in Treasury currency and a decrease of $2,000,000 in Treasury cash. Excess reserves of member banks on May 3 were estimated to be approximately $A,080,000,000, a decrease of $40,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 3, 1939, were as follows: Increase or decrease since May 3, April 26, May 4, 1939 1939 1938 (In millions of dollars) Bills discounted 3 5 Bills bought 1 — U. S. Government securities 22,,556644 — Industrial advances (not including 12 million commitments) 13 - A Other Reserve bank credit —9 8 8 Total Reserve bank credit 2,572 8 - 17 Gold stock 15,801 + 37 +2,931 Treasury currency 2,851 4- 2 + 1 58 Member bank reserve balances 9,872 31 + 2 , 3 68 Money in circulation 6,915 + 55 + 508 Treasury cash 2,691 - 2 + 495 Treasury deposits with F. R. banks 936 + 23 - 493 IJoilmenber'""deposits and other F. R. accounts 809 + 37 + 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-a Released for publication Friday morning, May 5, 3.939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since May 3, April 26, May 4, 1939 1939 1938 A S S E TS Gold certificates on hand and due from U. S. Treasury 13,119,718 + 89,002 +2,478,306 Redemption fund - F, R. notes 7,823 - 523 - 563 Other cash 363,506 -18,387 - 71,370 Total reserves 13,491,047 + 70,092 +2,406,373 Bills discounted! Secured by U.S. Gov't obligations, direct or fully guaranteed 1,773 + 363 - 3 , 6 06 Other bills discounted 1,717 + 89 - 1,096 Total bills discounted 3,490 + 452 - 4,702 Bills bought in open market 562 —. + 12 Industrial advances 12,811 - A80 -- 33,,998877 U. S. Government securities* Bonds 911,090 — +253,837 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 2,580,878 - 28 - 8,677 Due from foreign banks 160 — 10 F. R. notes of other banks 19,638 -1,338 - 3,367 Uncollected items 609,905 +29,388 +59,413 Bank premises 42,549 - 50 - 2,168 Other assets 50,694 + 296 + 5,480 T O T AL A S S E TS 16,794,871 +98,360 +2,457,044 L I A B I L I T I ES F. R. notes in actual circulation 44,,446655,,000044 ++3311,,661155 ++331177,,000077 DepositsJ Member bank - reserve account 9,872,140 -30,669 + 2 , 3 6 8 , 5 10 U. S, Treasurer - General account 936,271 +23,361 - 492,422 Foreign bank 225,656 - 1,300 + 99,982 Other deposits 328,257 +38,799 + 100,511 Total deposits 11,362,324 +30,191 +2,076,581 Deferred availability items 661188,,994433 ++3366,,888844 ++ 6677,,336600 Other liabilities including accrued dividends 4,519 - 55 - 284 T O T AL L I A B I L I T I ES 16,450,790 +98,635 +2,460,664 C A P I T AL A C C O U N TS Capital paid in 134,998 + 26 + 1,516 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts 32,667 - 301 , - 6,130, TOTAL LIABILITIES AlID CAPITAL ACCOUNTS 16,794,871 +98,360 +2,457,044 Ratio of total reserves to deposit and F.R. note liabilities combined 85.2$ + .1% +2*7$ Contingent liability on bills purchased for foreign correspondents — — - 1,357 Commitments to make industrial advances 11,722 - 27 - . 956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MAI 3, 1939 (In thousands of dollars) A S S E TS Total Boston New York Phila. Gleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy, Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 13,119,718 742,223 635,423 262,493 775,372 6 , 2 6 3 , 3 18 8 2 0 , 1 84 3 4 2 , 7 08 2 , 2 2 3 , 3 16 306,803 2 3 7 , 2 85 3 1 1 , 0 64 1 9 9 , 0 29 Redemption fund - F.R. notes 7,823 1,159 484 586 436. 721 668 470 312 577 1,380 820 210 Other cash 3 6 3 , 5 06 29,671 91,246 30,973 24,940 24,263 20,958 48,557 15,721 8,467 19,394 15,994 33,322 Total reserves 13,491,047 772,714 6,355,723 666,880 845,710 367,407 283,661 2,273,094 323,192 246,222 330,770 215,600 810,074 Bills discountedi Secured by U.S.Gov't obligations, direct or fully guaranteed 1,773 77 972 274 96 60 5 45 > * • 50 4422 99 53 Other bills discounted 1,717 78 175 — 41 175 10 33 85 32 366 330 392 Total bills discounted ijAon 155 1,147 274 137 235 15 78 85 82 408 429 445 Bills bought in open market 562 42 218 57 52 24 20 71 3 2 16 16 4l Industrial advances 12,811 1,717 3,122 22,,559966 362 11,,117755 8 16 457 5 792 213 604 952 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 6 0 , 6 13 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 2^7,127 124,173 77,844 132,140 102,283 216,215 Total bills and securities 2.580.878 193,236 726,444 209,834 253,949 135,661 117,273 287,733 124,266 78,720 132,777 103,332 217,653 Due from foreign banks 160 12 60 16 15 7 5 20 2 2 5 5 11 F.R.notes of other banks 19,638 667 3,400 929 1,459 1,379 1,884 4,079 1,692 674 1,257 414 1,804 Uncollected items 609,905 60,556 152,788 45,581 68,061 49,051 22,916 OO9 413 27,352 14,884 32,517 20,880 26,906 Bank premises 42,549 2,926 8,972 4,657 5,971 2,595 2,062 3,927 2,275 1,515 3,196 1,244 3,209 Other assets 50,694 3,267 14,702 4,279 5,561 3,205 2,255 5,072 2,175 1,559 2,375 1,922 4,322 TOTAL ASSETS 16,794,871 1,033,378 7,262,089 932,176 1,180,726 559,305 430,056 2,662,338 480,954 >43,576 502,897 343,397 1,063,979 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 MY 3, 1939 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 4,465,004 381,772 1,099,633 314,846 416,446 195,403 149,876 993,315 180,566 136,772 170,528 76,668 349,179 Deposits» Member bank-reserve account 9,872,140 471 ,9725 ,344,861 464,136 523,226 249,497 187,474 1,326,898 204,768 123,220 230,792 181,972 563,324 U.S.Treasurer-General account 936,271 72,918 209,397 46,925 110,108 39,926 41,725 172,660 45,244 47,452 42,501 41,239 66,176 Foreign bank 225,656 16,196 81,014 21,820 20,920 9,673 7,873 27,219 6,523 5,174 6,524 6,524 16,196 Other deposits 328,257 5,344 259,676 4,762 8,675 1,809 7 , 6 83 3,096 4,999 6 , 2 09 8 , 6 83 2,372 14,949 Total deposits 11,362,324 566,430 5,894,948 537,643 662,929 300,905 244,755 1 ,529,873 261,534 182,055 288,500 232,107 660,645 Deferred availability items 618,943 60,989 147,099 47,064 68,487 48,140 22,711 94,189 28,304 15,518 33,661 23,536 29,245 Other liabilities including accrued dividends 4,519 415 1,488 470 420 134 194 492 108 166 269 131 232 TOTAL LIABILITIES 16,450,790 1,009,606 7,143,168 900,023 1,148,282 544,582 417,536 2,617,869 470,512 334,511 492,958 332,442 1,039,301 C A P I T AL A C C O U N T; S Capital paid in 134,998 9,4oO 50,888 12,062 13,686 5,075 4,515 13,677 3,972 2,912 4,246 4,008 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 4,416 1,007 3,293 713 1,429 545 1,142 1,266 2,121 1 , 0 01 Other capital accounts 32,667 1,415 8,113 1,979 3,428 1,372 1 , 6 62 6,697 1,240 1,999 938 1,789 2,035 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,794,871 1,033,378 7,262,089 932,176 1,1 80,726 559,305 430,056 2, 662,338 480,954 3.4 3,576 502,897 343,397 1,063,979 Commitments to make industrial advances 11,722 758 2,281 1,553 1,496 1,049 150 73 599 191 653 — 2,919 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 (S months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 3,490 2,280 163 343 355 320 29 Bills bought 562 180 202 28 152 •— — — — Industrial advances 12,811 1,670 96 725 1,042 1,285 4.489 1,779 1>7 25 — U. S. Government securities 2,564,015 86,005 85,813 152,680 126,468 96,316 259,116 349,578 577,. 294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT Oil MAY 3 1939 5 (In thousands of dollars) Total Boston lieu York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.agent 4,739,164 403,686 328,217 436,547 207,302 162,058 1,022,950 193,055 140,240 177,100 82,476 394,895 1 , 1 9 0 , 6 38 Held by Federal Reserve bank 274,160 21,914 91,005 13,371 20,101 11,899 12,182 12,489 3,468 6,572 5,808 45,716 2 9 , 6 35 In actual circulation 4,465,004 381,772 1,099,633 314,846 416,446 195,403 149,876 993,315 180,566 136,772 170,528 76,668 349,179 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from u. S. Treasury 4,872,500 420,000 1,210,000 345,000 439,500 215,000 169,000 1,035,000 196,000 143,500 180,000 85,500 434,000 Eligible paper 3,361 146 1,134 274 137 225 10 79 35 66 403 418 434 Total collateral 4,875,861 420,146 1,211,134 345,274 439,637 215,225 169,010 1,035,079 196,035 143,566 180,403 85,918 434,434 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis