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 19; of the Federal Reserve System not earlier. May 18, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 17 member bank reserve balances increased $38,000,000. Additions to member bank reserves arose from a decrease of $32,000,000 in Treasury deposits xvith the Federal Reserve banks and increases of $36,000,000 in gold stock and $3,000,000 in Treasury currency, offset in part by increases of $9,000,000 in money in circulation, $5,000,000 in Treasury cash and $22,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on May 17 were estimated to be approximately $4,240,000,000, an increase of $50,000,000 for the week* Changes in member bank reserve balances and related items during the week and the year ended May 17, 1939, were as follows I Increase or decrease since May 17, May 10, May 18, 1939 1939 .1228. (In millions of dollars) Bills discounted 4 — ^ Bills bought 1 - - U.S. Government securities 2,564 *"*— Industrial advances (not including 12 million — commitments - May 17) 13 - 4 Other Reserve bank credit -5 + 1 5 Total Reserve bank credit 2,576 + 1 - 13 Gold stock 15,892 + 36 +3,000 Treasury currency 2,857 + 3 + 160 Member bank reserve balances 10,005 + 38 +2,383 Money in circulation 6,913 + 9 + 511 Treasury cash 2,683 + 5 + 457 Treasury deposits with F, R. banks 927 - 32 - 356 Nonmember deposits and other F. R. accounts 79 8 + 22 + 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fom FR—28>*a Released for publication Friday morning, May 19, 1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since May 17, May 10, May 18,. 1939 .„.1929 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 13,222,730 + 24,012 +2,582,814 Redemption fund - F, R. notes 9,372 + 296 + 424 Other cash ±. 5_*j>_58 -48,861 Total, reserves 13,597,485 + 29,866 +2,534,377 Bills discounted: Secured by U.S. Gov’t obligations, direct or fully guaranteed 1,668 “•* 446 - 3,264 Other bills discounted „_ii246 12 - 957 ........ Total bills discounted 3,614 458 - 4,221 Bills bought in open market 562 + 28 Industrial advances 12,796 14 - 4,103 U.S. Government securities» Bonds 911,090 — +253,837 Treasury notes 1,176,109 — - 15,796 Treasury bills 476.816 — .7228,041 . Total U. S. Government securities 2,564,015 — — Total bills and securities 2,580,987 472 - 8,296 Due from foreign banks 161 — 25 F. R. notes of other banks 19,450 + 459 - 1,659 Uncollected items 683,343 +133,817 + 85,992 Bank premises 42,552 + 3 - 2,178 Other assets 52.171 + 552 + 5.425 T O T A L A S S E T S 16,976,149 +164,225 +2,613,636 L I A B I L I T I E S F. R. notes in actual circulation 4,463,349 + 3,985 + 339,836 Deposits» Member bank - reserve account 10,005,034 + 38,129 +2,382,781 U. S. Treasurer - General account 926,636 - 32,653 - 356,760 Foreign bank 272,959 + 22,464 + 135,350 Other deposits 269.917 ...J.Q2 + 24*684 Total deposits 11,474,546 + 27,637 +2,186,055 Deferred availability items 688,655 +132,473 + 90,913 Other liabilities including accrued dividends ... -5*285 + 234 + 210 T O T A L L I A B I L I T I E S 16,631,835 + 164,329 +2,617,014 C A P I T A L A C C O U N T S Capital paid in 135,003 + 21 + 1,428 — Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 — 419 Other capital accounts .-.-22*825 125 5.800 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,976,149 +164,225 +2,613,636 Ratio of total reserves to deposit and F. R. note liabilities combined 85.3% — + 2.8% Contingent liability on bills purchased for foreign correspondents ” - 1,357 Commitments to malee industrial advances 11,688 + 2 - 1,456 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAMS ON MAY 17, 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. Sold certificates on hand and due from U. S, Treasury 13,222,730 746,240 6,316,723 646,144 805,285 352,198 268,130 2,240,872 315,288 241,750 316,965 201,813 771,322 Redemption fund - F.R.notes 9,372 731 1,863 382 982 950 643 586 616 456 277 561 1,325 Other cash 365,383 29,327 91,383 30,430 25,025 25,185 20,402 47,890 16,064 9,068 19,747 15,645 35,217 Total reserves 13,597,485 776,298 6,409,969 676,956 831,292 378,333 289,175 2,289,348 331,968 251,274 336,989 218,019 807,864 Bills discounted* Secured by U,S.Gov’t obligations, direct or fully guaranteed 1,668 125 748 288 46 135 55 83 — 55 31 74 28 Other bills discounted 1,946 209 248 — 49 197 22 40 75 26 396 277 407 Total bills discounted 3,614 334 996 288 95 332 77 123 75 81 427 351 435 Bills«bought in open market 562 42 218 57 52 24 20 71 3 2 16 16 41 Industrial advances 12,796 1,709 3,208 2,528 359 1,172 797 457 5 800 211 599 951 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.Gov*t securities 2,564,015 191,322 721,957 206,907 253,398 134,227 116,422 287,127 124,173 77,844 132,140 102,283 216,215 Total bills and securities 2,580,987 193,407 726,379 209,780 253,904 135,755 117,316 287,778 124,256 78,727 132,794 103,249 217,642 Due from foreign banks 161 12 60 16 15 7 6 20 2 2 5 5 11 F.R, notes of other banks 19,450 145 3,191 924 1,597 1,430 2,195 2,842 2,359 876 1,547 388 1,956 Uncollected items 683,343 65,184 172,194 50,747 76,075 53,137 25,602 102,795 30,608 lo,6l4 33,632 27,147 29,608 Bank premises 42,552 2,926 8,975 4,657 5,971 2,595 2,062 3,927 2,275 1,515 3,196 1,244 3,209 Other assets 52,171 3,386 15,000 4,484 5,723 3,281 2,336 5,245 2,243 1,596 2,434 1,984 ,4,459 TOTAL ASSETS 16,976,149 1,041,358 7,335,768 947,564 1,174,577 574,538 438,692 2,691,955 493,711 350,604 510,597 352 £36 1,064,749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Etocm FR-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAH&3 ON MAT 17, 1939 (In thousands of dollars) L I A B I L I T I E S Total Boston New York Phila. Cleve, Ridi, Atlanta Chicago St.Louis Minn. Kans. Cy. Dallas San Fran, F.R.notes in actual circulation 4,463,349 381,406 1,103,963 315,373 415,441 193,585 149,811 991,286 180,636 135,892 170,713 76,286 348,957 Deposits! Member bank-reserve account 10,005,03-4 476,8995,430,617 471,498 516,986 252,550 185,162 1,328,713 211,066 131,301 231,649 184,305 584,288 U.S.Treasurer-General account 926,636 68,397 215,845 47,370 98,730 48,013 49,275 183,464 45,333 45,067 45,417 39,889 39,836 Foreign bank 272,959 19,632 97,578 26,449 25,358 11,725 9,544 32,993 7,908 6,271 7,907 7,907 19,687 Other deposits 269,917 5,266 197,289 4,562 11,021 1,600 7,546 4,246 5,988 5,926 8,861 2,081 15,531 Total deposits 11,474,546 570,194 5,941,329 549,879 652,095 313,888 251,527 1,549,416 270,295 188,565 293,834 234,182 659,342 Deferred availability items 688,655 65,524 169,831 49,651 74,125 51,736 24,627 106,276 32,201 16,912 35,836 30,434 31,502 Other liabilities including accrued dividends 5,285 434 1,680 496 448 592 187 456 118 172 277 169 256 TOTAL LIABILITIES 16,631,835 1,017,558 7,216,803 915,399 1,142,109 559,801 436,152 2,647,434 483,250 341,541 500,660 341,071 l,p40,057 C A P I T A L A C 0 0 U N T S Capital paid in 135,003 9,397 50,875 12,062 13,682 5,075 4,518 13,678 3,983 2,912 4,247 4,010 10,564 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 32,895 1,446 8,170 1,991 3,456 1,386 1,679 6,748 1,248 1,997 935 1,797 2,042 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,976,149 1,041,358 7,335,768 947,564 1,174,577 574,538 438,692 2,691,955 493,711 350,604 510,597 352,036 1,064,749 Commitments to make industrial advances 11,688 732 2,273 1,546 1,486 1,045 150 79 599 191 646 — 2,941 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 3,614 2,364 263 283 436 21535 Bills bought 562 242 106 214 Industrial advances 12,796 1,635 156 712 1,017 1,476 4,227 1,752 1,821 U. S. Government securities 2,564,015 85,813 67,450 136,793 145,910 111,316 259,116 349,978 577,294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FE—283-d FEDERAL RESERVE NOTE STATEMENT ON MAI 17, 1939 (In thousands of dollars) Total Boston New York Phila. Gleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy* Dallas San Fran, Federal Reserve notes* Issued to F.R. bank by F.R.agent 4,750,5-45 4o4,551 1,192,680 330,540 437,222 205,922 161,302 1,021,087 193,340 140,363 178,716 83,129 401,693 Held by Federal Reserve bank 287,196 23,145 88,717 15,167 21,781 12,337 11,491 29,801 12,704 4,471 8,003 6,843 52,736 In actual, circulation 4,463,349 381,406 1,103,963 315,373 415,441 193,585 149,811 991,286 180,636 135,892 170,713 76,286 348,957 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 3,491 319 976 288 95 322 7L 123 25 71 420 350 431 Total collateral 4,875,991 420,319 1,210,976 34-5,288 439,595 215,322 169,071 1,035,123 196,025 143,571 180,420 85,850 434,431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis