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, June 2; of the Federal Reserve System not earlier. June 1, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 31 member bank reserve balances decreased $68,000,000. Reductions in member bank reserves arose from increases of $75,000,000 in money in circulation, $5,000,000 in Treasury deposits with Federal Reserve banks and $27,000,000 in nonmember deposits and other Federal Reserve accounts, and a decrease of $3,000,000 in Reserve bank credit, offset in part by increases of $29,000,000 in gold stock and $4,000,000 in Treasury currency and a decrease of $11,000,000 in Treasury cash. Excess reserves of member banks on May 31 were estimated to be approximately $4,220,000,000, a decrease of $80,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 31, 1939, were as follows: Increase or decrease since May 31» May 24, June 1„ ,.19J9_ .1939 — .I?.},? (In millions of dollars) Bills discounted 4 ,_ 4 Bills bought 1 — — U. S. Government securities 2,564 — — Industrial advances (not including 12 million commitments - May 31) 12 - 1 5 Other Reserve bank credit -8 - 3 - 11 Total Reserve bank credit 2,573 - 3 - 20 Gold stock 15,956 + 29 +3,038 Treasury currency 2,863 + 4 + 160 Member bank reserve balances 10,029 - 68 +2,284 Money in circulation 6,968 + 75 + 499 Treasury cash 2,635 - 11 + 38I Treasury deposits with F. R. banks 920 + 5 - 173 Nonmember deposits and other F. R. accounts 839 + 27 + 186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form 'FR—283-a Released for publication Friday morning, June 2,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since May 31, May 24, June 1, 1939 . 19J9 ... .ms. A S S E T S Gold certificates on hand and due from U.S. Treasury 13,317,722 + 35,004 +2,678,822 Redemption fund - F. R, notes 8,547 825 + 36I Other cash 346.667 — 35 *411 -42,683 Total reserves 13,672,936 - 1,232 +2,636,500 Bills discounted* Secured by U. S. Gov’t obligations, direct or fully guaranteed 2,084 - 123 - 3,395 Other bills discounted ..._JL.r2.74 + 126 - 961 Total bills discounted 4,058 + 3 - 4,356 Bills bought in open market 561 — + 27 Industrial advances 12,487 — 338 - 4,331 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 2,581,121 « 335 - 8,660 Due from foreign banks 161 — 25 F. R. notes of other banks 19,494 - 313 + 752 Uncollected items 551,229 - 42,657 - 30,857 Bank premises 42,464 - 59 - 2,177 Other assets _ . 54*128 + 1*046 + 6,068 T O T A L A S S E T S 16,921,543 - 43,550 +2,601,601 L I A B I L I T I E S F. R. notes in actual circulation 4,476,764 + 30,385 +319,608 Deposits* Member bank - reserve account 10,029,054 — 67,568 +2,284,105 U, S. Treasurer - General account 920,325 + 4,940 -172,494 Foreign bank 284,806 + 3,265 +154,606 Other deposits 301,130 + 24*903 .' + j8.tZ£ Total deposits 11,535,315 - 34,460 +2,304,553 Deferred availability items 559,681 39,563 - 19,314 Qther liabilities including accrued dividends .. Jhl.25 + 364 152 T O T A L L I A B I L I T I E S 16,577,085 - 43,274 +2,604,695 C A P I T A L A C C O U N T S Capital paid in 134,945 3 + 1,363 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 — - 419 Other capital accounts 33»097 — -. m - 5.451 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,921,543 - 43,550 +2,601,601 Ratio of total reserves to deposit and F, R. note liabilities combined 85. 4/0 — + 3.0% Contingent liability on bills purchased for foreign correspondents — — - 1,530 Commitments to make industrial advances 11,530 - 105 - 1,610 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 MAY 31, 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 13,317,722 731,635 6,413,056 638,757 794,776 350,442 260,418 2,273,065 316,818 243,986 318,4-22 204,638 771,709 Redemption fund - F.R.notes 8,547 689 1,702 319 928 583 617 527 605 449 267 554 1,307 Other cash 346,667 25,152 86,069 29,008 26,370 22,905 18,052 45,720 17,749 9,648 17,633 17,003 31,308 Total reserves 13,672,936 757,476 6,500,827 668,084 822,074 373,930 279,087 2,319,312 335,172 254,083 336,372 222,195 804,324 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteedt 2,084 340 805 325 86 125 130 40 — 65 2À 76 68 Other bills discounted 1,974 174 296 25 43 219 22 34- 122 36 433 163 407 Total bills discounted 4,058 514 1,101 350 129 344 152 74- 122 101 457 239 475 Bills bought in open market 561 42 218 57 52 24 20 71 2 2 16 16 41 Industrial advances 12,487 1,682 2,836 2,570 370 1,172 789 4 56 5 789 222 596 950 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 56,953 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 2,564,015 191,322 721,957 206,907 253,398 134,227 116,422 237,1,27 124,173 77,844 132,140 102,283 216,215 Total bills and securities 2,581,121 193,560 726,162 209,884 253,949 135,767 117,383 237,728 124.,302 78,736 132,835 103,134 217,681 Due from foreign banks 161 12 61 16 15 7 5 20 2 2 5 5 11 F. R. notes of other banks 19,494 148 3,029 659 1,377 1,237 1,975 3,327 1,374 1,615 1,605 382 2,266 Uncollected items 551,229 52,612 133,055 35,808 66,061 47,730 22,800 80,316 26,499 15,596 26,54-0 20,322 23,890 Bank premises 42,464 2,922 8,959 4,646 5,955 2,589 2,058 3,917 2,271 1,513 3,196 1,238 3,200 Other assets 54,138 3,500 15,656 4,700 5,830 3,369 2,408 5,423 2,331 1,654 2,545 2,090 4,582 TOTAL ASSETS 10,921,543 1,010,230 7,387,749 923,797 1,155,311 564,629 425,716 2,700,543 491,951 353,199 503,098 349,366 1,055,954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ftasr FR-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MAY 31, 1939 (In thousands of dollars) L I A B I L I T IBS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy* Dallas San Fran. F..R.notes in actual circulation 4,476,764- 382,238 1,113,653 317,447 415,281 192,138 149,026 992,162 181,510 135,066 170,4-60 76,285 351,498 Deposits i Member bank-reserve account 10,029,054 467,432 5,490,520 455,777 531,765 245,112 185,555 1,326,986 215,269 134,934 232,694 185,211 557,799 U.S.Treasurer-General account 920,325 57,821 208,379 49,334 69,280 49,458 39,279 211,900 45,269 47,178 45,213 43,599 53,615 Foreign bank 284,806 20,539 101,326 27,671 26,529 12,266 9,984 34,517 8,273 6,561 8,273 8,273 20,594 Other deposits 301,130 5,179 222,131 4,334 11,272 1,953 7,680 4,225 5,292 5,851 8,777 1,917 22,519 Total deposits 11,535,315 550,971 6,022,356 537,116 638,846 308,789 0.2 •nT O to 1,577,628 274,103 194,524 :294,957 239,000 654,527 Deferred availability items 559,681 52,667 130,874 36,441 68,269 48,818 21,438 85,747 25,730 14,384 27,424 22,959 24,930 Other liabilities including accrued dividends 5,325 526 1,850 623 480 152 200 502 131 148 287 147 279 TOTAL LIABILITIES 16,577,085 986,402 7,268,733 891,627 1,122,876 549,897 413,162 2,656,039 481,474 344,122 .493,128 338,391 1,031,234 C A P I T A L A C C O U N T .S Capital paid in 134,945 9,397 50,854 12,057 13,652 5,074 4,516 13*679 3,983 2,912 4,247 4,010 10,564 Surplus (Section 7) 149,152 10,083 52,453 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 33,097 1,474 8,242 2,001 3,453 1,382 1,695 6,730 1,264 2,011 968 1,807 2,070 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,921,543 1,010,230 7,387,749 923,797 1,155,311 564,629 425,716 2,700,543 491,951 353,199 503,098 34-9,366 1,055,954 Commitments to make industrial advances 11,530 632 2,258 1,556 1,472 1,038 150 79 598 190 S34 2,923 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 4,058 2,938 107 320 129 550 14 Bills bought 56l 28 308 225 Industrial advances 12,487 1,367 526 359 900 1,594 4,151 1,750 1,840 U. S. Government securities 2,564,015 67,450 82,553 130,468 154,145 112,666 259,116 349,978 577,294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—d FEDERAL RESERVE NOTE STATEMENT ON MAI 31, 1939 (In thousands of dollars) Total Boston New lork Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notess Issued to F.R. bank by F.R.agent 4,738,919 402,361 1,189,400 331,145 435,578 203,221 160,255 1,021,171 194,099 139,083 177,761 82,262 402,503 Held by Federal Reserve bank 262,155 20,123 75,827 13,698 20,297 11,083 11,229 29,009 12,589 4,017 7,301 5,977 51,005 In actual circulation 4,476,764 382,238 1,113,653 317,447 415,281 192,138 149,026 992,162 181,510 135,066 170,460 76,285 351,498 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 3,838 499 1,057 325 129 344 147 74 25 81 453 238 466 Total collateral 4,876,338 420,499 1,211,057 345,325 439,629 215,344 169,147 1,035,074 196,025 143,581 180,453 85,738 434,466 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis