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 12; of the Federal Reserve System not earlier. May 11, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 10 member bank reserve balances increased $95,000,000. Additions to member bank reserves arose from decreases of $11,000,000 in money in circulation, $13,000,000 in Treasury cash and $33,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $55,000,000 in gold stock, $3,000,000 in Reserve bank credit and $3,000,000 in Treasury currency, offset in part by an increase of $23,000,000 in Treasury deposits with Federal Reserve banks* Excess reserves of member banks on Hay 10 were estimated to be approxi­ mately $4,190,000,000, an increase of $110,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 10, 1939, were as follows* Increase or decrease since May 10, May 3, May 11, 1939 1939 1918 (in millions of dollars) Bills discounted 4 + 1 4 Bills bought 1 — — U. S. Government securities 2,564 —— Industrial advances (not including 12 million commitments - May 10) 13 — 3 Other Reserve bank credit ~6 + 3 6 Total Reserve bank credit 2,575 + 3 - . 14 Gold stock 15,856 + 55 + 2,976 Treasury currency 2,854 + 3 + 159 Member bank reserve balances 9,967 + 95 + 2,407 Money in circulation 6,904 - 11 + 508 Treasury cash 2,678 - 13 + 463 Treasury deposits with F. R. banks 959 + 23 - 402 Nonxaember deposits and other F.R. accounts 776 - 33 + 144 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ibrm FR-283-a Released for publication Friday morning, May 12,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since May 10, May 3, May 11, 1939 1938 ..1922 A S S E T S Gold certificates on hand and due from U, S, Treasury 13,198,718 + 79,000 +2,557,806 Redemption fund - F. R. notes 9,076 +1,253 + 190 Other cash m s s * _=2i6& - 67,245 Total reserves 13,567,619 + 76,572 +2,490,751 Bills discounted! Secured by U.S. Gov*t obligations, direct or fully guaranteed 2,114 + 3^1 - 3,207 Other bills discounted _JU2ä§> + 241 - 886 Total bills discounted 4,072 + 582 - 4,093 Bills bought in open market 562 — + 12 Industrial advances 12,810 - 1 - 3,611 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 2,581,459 + 581 - 7,692 Due from foreign banks l6l + 1 9 F. R. notes of other banks 18,991 -647 - 982 Uncollected items 549,526 -60,379 +21,530 Bank premises 42,549 — - 2,181 Other assets 51.619 + 925 - +__5*222 T O T A L A S S E T S 16,811,924 +17,053 +2,506,640 L I A B I L I T I E S F. R. notes in actual circulation 4.459 »364 - 5,640 + 327,027 Depositsl Member bank - reserve account 9,966,905 +94,765 +2,406,423 U.S. Treasurer - General account 959,289 +23,018 — 401,844 Foreign bank 250,495 +24,839 + 116,587 Other deposits 270.220 -58,027 _ +_23 ».975. Total deposits 11,446,909 +84,585 +2,155,141 Deferred availability items 556,182 -62,761 +28,249 Other liabilities including accrued dividends _.5,051 +^532 - 186 T O T A L L I A B I L I T I E S 16,467,506 +16,716 +2,510,231 C A P I T A L A C C O U N T S Capital paid in 134,982 - 16 + 1,459 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — - ■ 419 Other capital accounts .32*020 _ _ + J£2 — 6,044 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,811,924 +17,053 +2,506,640 Ratio of total reserves to deposit and F. R. note liabilities combined 85.3% +.1% +2.8% Contingent liability on bills purchased for fcreign correspondents — —— -1,357 Commitments to make industrial advances 11,686 - 36 -1,014 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MAY 10, 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 13,198,718 748,318 6,276,593 646,811 805,220 357,819 269,601 2,233,453 313,108 245,632 325,037 206,323 770,803 Redemption fund — F.R. notes 9,076 768 1,007 434 1,026 1,261 666 636 627 460 285 568 1,338 Other cash 359,825 29,673 93,886 30,558 24,948 21,705 19,624 48,347 16,431 8,721 17,081 16,264 32,587 Total reserves 778,759 6,371,486 677,803 831,194 380,785 289,891 2,282,436 330,166 254,813 342,403 223,155 804,728 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 2,114 87 1,267 343 46 85 5 78 50 56 69 28 Other bills discounted 1,958 234 293 --- 54 175 10 40 85 26 341 311 389 Total bills discounted 4,072 321 1,560 343 100 260 15 118 85 76 397 380 417 Bills bought in open market 562 42 218 57 52 24 20 71 3 2 16 16 41 Industrial advances 12,810 1,717 3,120 2,598 364 1,174 807 457 5 801 213 603 951 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.Govft securities 2.564.015 191,322 721,957 206,907 253,398 134,227 116,422. 287,127 124,173 77,844 132,l40 102,283 216,215 Total bills and securities 2.581,459 193,402 726,855 209,905 253,914 135,685 117,264 287,773 124,266 78,723 132,766 103,282 217,624 Due from foreign banks 161 12 60 16 15 7 6 20 2 2 5 5 11 F,R.notes of other banks 18,991 306 3,556 931 1,343 1,663 1,620 3,054 1,806 1,150 1,516 445 1,601 Uncollected items 549,526 51,177 131,364 44,242 59,281 46,932 21,844 78,217 25,765 14,348 28,281 22,450 25,625 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 51,619 3,320 15,022 4,523 5,624 3,272 2,272 5,094 2,203 1,570 2,396 1,943 4,380 TOTAL ASSETS 16,811,924 1,029,902 7,257,315 942,077 1,157,342 570,939 434,959 2,660,521 486,483 352,121 510,563 352,524 1,057,178 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FR-283~c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MAY 10, 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, F,R.notes in actual circulation -4,459,364- 381,868 1,095,689 316,115 4-17,943 194,251 149,452 991,314 180,278 136,059 170,517 76,092 349,786 Deposit st Member bank-reserve account 9,966,905 479,975 5,419,189 471,837 519,007 251,937 188,075 1,308,973 206,186 135,023 236,886 185,043 564,774 U.S.Treasurer-General account 959,289 69,127 203,960 44,953 97,843 49,344 47,208 200,535 49,730 45,563 48,355 46,065 56,606 Foreign bank 250,495 18,036 89,364 24,299 23,297 10,772 8,768 30,311 7,265 5,761 7,265 7,265 18,092 Other deposits 270,220 5,286 201,351 5,316 8,003 2,295 7,872 2,793 5,742 6,043 8,737 2,261 14,521 Total deposits 11,446,909 572,424 5,913,864 546,405 648,150 314,348 251,923 1,542,612 268,923 192,390 301,243 240,634 653,993 Deferred availability items 556,182 51,299 127,170 46,699 58,331 47,448 20,860 81,550 26,698 14,427 28,569 24,690 28,441 Other liabilities including accrued dividends 5,051 525 1,662 668 432 136 189 510 113 169 271 133 243 TOTAL LIABILITIES 16,467,506 1,006,116 7,138,385 909,887 1,124,856 556,183 422,424 2,615,986 476,012 343,045 500,600 341,549 1,032,463 C A P I T A L A C C O U N T S Capital paid in 134,982 9,397 50,876 12,062 13,683 5,075 4,510 13,678 3,978 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 4,4l6 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 33,020 1,432 8,134 2,016 3,473 1,405 1,682 6,762 1,263 2,010 962 1,809 2,072 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,811,924 1,029,902 7,257,315 942,077 1,157,342 570,939 434,959 2,660,521 486,483 352,121 510,563 352,524 1,057,178 Commitments to nake industrial advances 11,686 745 2,276 1,543 1,494 1,048 150 80 599 190 653 — 2,908 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 4,072 2,858 212 399 230 336 37 Bills bought 562 207 47 23 285 Industrial advances 12,810 1,685 99 748 1,028 1,333 4,422 1,769 1,726 U. S. Government securities 2,564,015 85,440 75,673 134,293 137,405 114,471 259,116 349,978 577,294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT OH MAY 10, 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 4,750,139 403,300 1,191,939 332,555 437,466 206,546 161,339 1,020,389 194,001 140,027 178,711 83,191 400,675 Held by Federal Reserve bank 290,775 21,432 96,250 16,440 19,523 12,295 11,887 29,075 13,723 3,968 8,194 7,099 50,889 In actual, circulation 4,459,364 381,868 1,095,689 316,115 417,943 194,251 149,452 991,314 180,278 136,059 170,517 76,092 349,786 Collateral held by agent as se­ curity 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 3,846 306 1,462 343 100 250 10 118 35 66 373 377 406 Total collateral 4,876,346 420,306 1,211,462 345,343 439,600 215,250 169,010 1,035,118 196,035 143,566 180,373 85,877 434,406 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis