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 9; of the Federal Reserve System not earlier. June 8, 1939. CONDITION OF FEDERAL RESERVE BANKS During the week ended June 7 member bank reserve balances increased $24,000,000. Additions to member bank reserves arose from a decrease of $64,000,000 in Treasury cash and increases of $31,000,000 in gold stock and $3,000,000 in Reserve bank credit, offset in part by increases of $18,000,000 in money in circulation, $15,000,000 in Treasury deposits with Federal Reserve banks and $44,000,000 in nonrn ember deposits and other Federal Reserve accounts. Excess reserves of member banks on June 7 were estimated to be approximately $4,280,000,000, an increase of $60,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended June 7, 1939, were as followsl Increase or decrease since June 7, May 31, June 8, 1939 . 193.9.,,. 1938 (In millions of dollars) Bills discounted 3 - 1 - 6 Bills bought 1 — — U. S. Government securities 2,564 — — Industrial advances (not including 11 million commitments - June 7) 12 - 5 Other Reserve bank credit -4 ■f A + 4- Total Reserve bank credit 2,576 + 3 - 6 Gold stock 15,987 + 31 +3,047 Treasury currency 2,864 + 1 + l6l Member bank reserve balances 10,053 + 24 4-2,205 Money in circulation 6,986 + 18 + 549 Treasury cash 2,571 - 64 + 294- Treasury deposits with F. R. banks 935 + 15 - 70 Nonmember deposits and other F.R. accounts 883 + 44- + 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Porn FR-283-a Released for publication Friday morning, June 9,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since June 7, May 31, June 8, 1939 1939 1938 ASS E T S Gold certificates on hand and due from U. S.Treasury 13,391,719 + 73,997 +2,754,319 Redemption fund - F, R. notes 9,273 + 726 - 346 Other cash 349.876 + 3,209 -47,921 Total reserves 13,750,868 + 77,932 +2,706,052 Bills discounted: Secured by U. S. Gov’t obligations, direct or fully guaranteed 1,808 276 - 3,634 Other bills discounted ...1^9 r - 1,467 ...... Total bills discounted 3,467 591 - 5,101 Bills bought in open market 561 — + 25 Industrial advances 12,429 58 “ 4,303 U, S. Government securities: Bonds 911,090 — +253,837 Treasury notes 1,176,109 — - 15,796 Treasury bills 476,816 — .-231x041 Total U. S. Government securities 2,564,015 — — Total bills and securities 2,530,472 649 - 9,379 — Due from foreign banks 161 23 F. R. notes of other banks 19,612 + 118 - 1,204 Uncollected items 579,855 + 28,626 + 66,626 Bank premises 42,453 11 - 2,188 Other assets 56,990 + 2,852 .+ 7,723 T O T A L A S S E T S 17,030,411 +108,868 +2,767,607 L I A B I L I T I E S F. R. notes in actual circulation 4,476,310 454 +340,525 Deposits: Member bank - reserve account 10,052,643 + 23,589 +2,205,038 U. S. Treasurer - General account 934,964 + 14,639 - 69,720 Foreign bank 309,600 + 24,794 +177,611 Other deposits .J20j44l ±-_l.2t2li + 53,300 Total deposits 11,617,648 + 82,333 +2,366,229 Deferred availability items 584,207 + 24,526 + 63,030 Other liabilities including accrued dividends ___ _ 6 .1827 + 1*502 + 171 T O T A L L I A B I L I T I E S 16,684,992 +107,907 +2,769,955 C A P I T A L A C C O U N T S Capital paid in 134,953 + 8 + 1,395 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — 419 Other capital accounts 34,050 + ___ 952. ..-...4,737 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,030,411 +108,868 +2,767,607 Ratio of total reserves to deposit and F. R. note liabilities combined 85.4$ — +2.9$ Contingent liability on bills purchased for foreign correspondents --- — “1,703 Commitments to make industrial advances 11,473 57 -1,900 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 JtJNE 7, 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 13,391,719 740,705 6,363,004 673,115 818,114 354,769 268,380 2,265,599 356,133 253,673 326,489 211,881 759,857 Redemption fund - F.R. notes 9,273 663 1,638 1,298 893 . 577 603 479 587 445 254 548 1,288 Other cash 349,876 24,516 85,862 30,150 25,939 22,314 19,120 50,166 18,755 9,127 17,226 15,890 30,811 Total reserves 13,750,868 765,884 6,450,504 704,563 844,946 377,660 288,103 2,316,244 375,475 263,245 343,969 228,319 791,956 Bills discounteds Secured by U.S.Gov’t obligations, direct or fully guaranteed 1,808 320 538 388 86 157 70 40 — 20 24 72 93 Other bills discounted 1,659 89 238 55 42 210 20 34 25 30 406 128 382 Total bills discounted 3,467 409 776 443 128 '367 90 74 25 50 430 200 475 Bills bought in open market 561 42 218 57 52 24 20 71 2 2 16 16 41 Industrial advances 12,429 1,692 2,882 2,519 370 1,171 789 455 5 786 221 595 944 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 2,580,472 193,465 725,833 209,926 253,948 135,789 117,321 287,727 124,205 78,682 132,807 103,094 217,675 Due from foreign banks 161 12 60 16 15 7 5 20 2 2 5 5 12 F. R.notes of other banks 19,612 200 3,340 1,068 1,499 1,949 1,601 2,730 1,872 1,311 1,314 510 2,218 Uncollected items 579,855 53,319 136,893 39,876 64,353 50,344 25,254 81,751 29,979 16,400 26,678 26,708 28,300 Bank premises 42,453 2,922 8,959 4,646 5,955 2,589 2,058 3,917 2,272 1,513 3,183 1,2-39 3,200 Other assets 56,990 3,607 16,107 6,243 6,022 3,439 2,473 5,533 2,399 1,705 2,611 2,133 4,718 TOTAL ASSETS 17,030,411 1,019,409 7,341,696 966,338 1,176,738 571,777 436,815 2,697,922 536,204 362,858 510,567 362,008 1,048,079 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 JUNE 7, 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-,-476,310 381,688 1,116,319 315,680 414,086 194,836 149,040 988,818 180,357 134,560,170,349 76,226 354,351 Deposits* Member bank-reserve account 10,052,64-3 478,101 5,387,958 496,631 548,640 251,259 189,511 1,331,870 249,959 143,374 237,696 185,025 552,619 U.S.Treasurer-General account 93-4,964 53,382 230,354 45,575 77,522 46,390 42,600 206,023 49,885 46,883 46,932 47,757 41,661 Foreign bank 309,600 22,268 110,680 30,000 28,763 13,299 10,825 37,423 8,969 7,113 8,969 8,969 22,322 Other deposits 320,441 5,604 241,037 4,471 '10,893 2,043 8,629 4,818 5,535 6,231 8,7^9 2,148 20,293 Total deposits 11,617,648 559,355 5,970,029 576,677 665,818 312,991 251,565 1,580,134 314,348 203,601 302,336 243,899 636,895 Deferred availability items 584,207 53,927 134,326 39,657 63,791 49,002 23,396 83,820 30,842 15,434 27,567 30,715 31,730 Other liabilities including accrued dividends 6,827 563 1,812 2,067 499 155 207 503 133 152 293 151 292 TOTAL LIABILITIES 16,684,992 995,533 7,222,486 934,081 1^.44194 556,984 424,208 2,653,275 52.5,680 353,747 500,545 350,991 1,023,268 C A P I T A L A C C O U N T ) S Capital paid in 134,953 9,397 50,848 12,057 13,653 5,075 4,523 13,683 3,984 2,912 4,251 4,006 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 34,050 1,522 8,442 2,088 3,561 1,442 1,741 6,869 1,310 2,045 1,016 1,853 2,161 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,030,411 1,019,409 7,341,696 966,338 1^738 571,777 436,815 2,697,922 536,204 362,858 510,567 362,008 1,048,079 Commitments to make industrial advances 11,473 615 2,254 1,556 1,46£! 1,035 150 79 595 190 634 — 2,897 MATURITY DISTRIBUTION OF BILLS AI© SECURITIES Within 16 to 31 to 61 to 91 days tc) 6 months 1 Year 2 Years to Over Total 15 days 30 days 60 days on <5 Qonths to 1 Year to 2 Years 5 Years 5 Years Bills discounted 3,467 2,492 161 275 111 422 6 --- __ Bills bought 561 _ 56 252 253 --- --- — Industrial advances 12,429 1,333 628 1,052 166 1,538 4,148 1,746 1,818 — U. S.. Government securities 2,564,015 69,693 63,798 137,405 170,495 105,891 259,116 349,978 577,294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON JUNE 7, 1939 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. Federal Reserve notesJ Issued to F.R. bank by F.R.agent A,750,019 399,990 1,193,383 333,622 434,214 206,190 160,079 1,021,340 193,710 138,800 180,003 82,673 406,015 Held by Federal Reserve bank 273,709 18,.302 77,064 17,942 20,128 11,354 11,039 32,522 13,353 4,240 9,654 6,44-7 51,664 _____________________ ___________________________________________________ ____ * In actual circulation 4,476,310 381,688 1,116,319 315,680 414,086 194,836 149,040 988,818 180,357 134,560 170,349 76,226 354,351 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,869,500 420,000 1,210,000 345,000 439,500 210,000 169,000 1,035,000 196,000 143,500 182,000 85,500 434,000 Eligible paper 3,367 389 776 388 128 367 84 74 25 36 429 2.01 470 Total collateral 4,872,867 420,389 1,210,776 345,388 439,628 210,367 169,084 1,035,074.196,025 14-3,536 182,429 85,731 434,470 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis