H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Fri.'ay morning, June 23; of the Federal Reserve System not earlier, June 22, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended June 21 member bank reserve balances decreased $2,000,000, Reductions in member bank reserves arose from increases of $13,000,000 in Treasury deposits with Federal Reserve banks and $10,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $21,000,000 in Reserve bank credit, offset in part by increases of $33,000,000 in gold stock and $5,000,000 in Treasury currency, and a decrease of $4,000,000 in Treasury cash. Excess reserves of member banks on June 21 were estimated to be approximately $4,230,000,000, a decrease of $30,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended June 21, 1939, were as follows: Increase or decrease since June 21, June 14, June 22, 1939 1939 1938 (In millions of dollars) Bills discounted 5 + 2 5 Bills bought 1 — U, S. Government securities 2,564 Industrial advances (not including 11 million commitments - June 21) 12 — 5 Other Reserve bank credit 3 - 22 + 3 Total. Reserve bank credit 2,584 - 21 7 Gold stock 16,060 + 33 +3,103 Treasury currency 2,873 + 5 + 163 Member bank reserve balances 10,099 - 2 +2,177 Money in circulation 6,934 — 2 + 532 Treasury cash 2,566 - 4 + 273 Treasury deposits with F, R. banks 941 + 13 + 12 Nonmember deposits and other F.R, accounts 977 + 10 + 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FE-28>-a Released for publication Friday morning, June 23,1939? not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BARKS 'COMBINED (In thousands of dollars) Increase or decrease since June 21, June 14, June 22, 1939 . 1939... 193.8. A S S E T S Gold certificates on hand and due from U, S, Treasury 13,465,718 + 44,999 +2,829,806 Redemption fund — F, R. notes 8,721 746 - 1,179 Other cash 366,966 — 3 ,908. - 44.596 Total reserves 13,841,405 + 35,345 +2,784,031 Bills discounted? Secured by U, S, Gov't obligations, direct or fully guaranteed 1,081 — 366 —m, 4,973 Other bills discounted .... 2,712 + 2,022 + 258 Total bills discounted 4,793 + 1,656 - A,715 Bills bought in open market 556 5 + 19 Industrial advances 12,377 92 — 4,158 U. S, Government securities* Bonds 911,090 + 166,985 Treasury notes 1,176,109 — + 34,290 Treasury bills 476,816 — - 201,275 Total U.S. Government securities 2,564,015 — — Total bills and securities 2,581,741 + 1,559 - 8,854 Due from foreign banks 167 + 5 - 16 F. R. notes of other banks 20,577 - 1,107 - 1,896 Uncollected items 641,188 -121,422 + 91,420 Bank premises 42,427 25 - 2,194 Other assets ........ - 15,459 .+ 1,162 T O T A L A S S E T S 17,173,228 -101,104 +2,865,654 L I A B I L I T I E S F. R. notes in actual circulation 4,429,306 - 8,397 + 320,738 Deposits: Member bank — reserve account 10,099,163 - 1,766 +2,177,275 U. S. Treasurer — General account 941,004 + 13,015 + 12,414 Foreign bank 354,298 + 3*269 + 204,798 Other deposits J52j797 ~.JL>647 + 6A,289 Total deposits 11,754,262 + 10,871 +2,458,776 Deferred availability items 638,637 - 98,835 + 89,133 Other liabilities including accrued _ dividends ____5.621 4,713 79 T O T A L L I A B I L I T I E S 16,827,826 -101,074 +2,868,568 C A P I T A L A C C O U N T S Capital paid in 135,011 + 42 + 1,442 Surplus (Section 7) 149,152 ,— + 1,413 Surplus (Section 13b) 27,2.64 «_ - 419 Other capital accounts .-21*972 72 — .5.^50 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,173,228 -101,104 +2,865,654 Ratio of total reserves to deposit and F,R. note liabilities combined 85.5% + .256 + 3.0% Contingent liability on bills purchased for foreign correspondents — — - 1,686 Commitments to make industrial advances 11,338 50 - 2,262 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 JUNE 21, 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 ;13,465,718 743,754 6,387,560 680,083 844,680 349,763 266,033 2,230,856 353,549 244,367 320,932 215,737 778,404 Redemption fund - F.R. notes 8,721 587 1,334 1,177 795 893 550 372 562 431 233 533 1,254 Other cash 366,966 25,165 101,723 28,795 26,941 21,068 20,332 43,751 19,782 9,276 13,681 14,982 31,465 Total reserves ;L3,341,405 769,506 6,490,622 710,055 872,416 371,724 286,915 2,329,979 373,893 254,074 339,846 231,252 311,123 Bills discounted: Secured by U.S.Gov’t obligations, direct or fully guaranteed 1,031 105 344 178 53 130 20 47 — 2 24 85 93 Other bills discounted 3,712 37 1,075 221 230 307 76 274 84 68 465 280 595 Total bills discounted 4,793 142 1,419 399 283 437 96 321 84 70 489 365 688 Bills bought in open market 556 42 213 57 52 24 20 71 2 2 16 16 41 Industrial advances 12,377 1,728 2,838 2,507 367 1,168 779 455 4 789 211 587 944 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 60,61? 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 2,531,741 193,234 726,427 209,870 254,100 135,856 117,317 287,974 124,263 78,705 132,856 103,251 217,888 Due from foreign banks 167 12 66 16 15 7 6 20 2 2 5 5 11 F.R.notes of other banks 20,577 316 4,567 1,015 1,641 1,392 2,209 2,779 1,529 i,i4o 1,018 361 2,610 Uncollected items 641,138 64,028 163,722 45,337 71,051 54,821 21,194 91,680 27,416 17,728 29,921 23,493 30,797 Bank premises 42,427 2,922 8,959 4,646 5,943 2,589 2,055 3,917 2,272 1,512 3,133 1,238 3,191 Other assets 45,723 2,887 13,330 3,930 5,047 2,928 2,043 4,479 1,921 1,413 2,104 1,738 3,903 TOTAL ASSETS 17,173*228 1,032,905 7,407,693 974,369 1,210,213 569,317 431,739 2,720,028 531,296 354,574 508,933 361,338 1,069,523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FiV"2S3“*e STATEMENT' OF CONDITION OF THE-. FEDERAL.RESERVE. BANKS ON JUNE 21, '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 4,429,306 380,9/1 1,091,545 312,984 412,364 191,720 147,072 983,091 178,775 133,429 169,034 75,845 352,506 Deposits* Member bank-reserve account 10,099,163 479,815 5,433,932 498,854 552,720 242,999 185,182 1,346,971 249,315 134,707 235,114 177,704 561,850 U.S.Treasurer-General account 9/1,00/ 52,423 19$,903 45,532 99,156 50,735 44,980 205,338 48,434 45,373 44,156 56,403 51,571 Foreign bank 35-4,298 25,505 126,457 34,364 32,947 15,233 12,399 42,866 10,274 8,l4S 10,274 10,274 25,557 Other deposits 359*797 5,776 281,182 4,722 10,650 1,566 8,599 4,737 5,053 5,874 8,626 3,108 19,904 Total deposits 11,754,262 563,519 6,038,474 583,472 695,473 310,533 251,160 1,599,912 313,076 194,102 298,170 247,489 658,882 Deferred availability items 638,637 64,061 156,450 45,587 69,327 52,101 20,681 92,610 28,792 17,779 31,410 26,808 33,031 Other liabilities including accrued dividends 5,621 497 2,021 566 530 166 219 535 143 159 304 162 319 TOTAL LIABILITIES 16,827,826 1,009,018 7,268,490 942,609 1,177,694 554,520 419,132 2,676,148 520,786 345,469 498,918 350,304 1,044,738 C A P I T A L A C C O U N T S Capital paid in 135,011 9,401 50,848 12,057 13,657 5,075 4,527 13,697 3,986 2,913 4,262 4 £2 5 10,563 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 9,96 5 Surplus (Section 13"d) 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 33,975 1,529 8,435 2,091 3,532 1,4/6 1,737 6,888 1,294 2,038 998 1,851 2,136 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,173,228 1,032,905 7,407,693 974*869 1,210,213 569,317 431,739 2,720,828 531,296 354,574 508,933 361,338 1,069,523 Commitments to make industrial advances 11,338 56 4 2,241 1,555 1,495 998 14(0 79 566 189 635 2,876 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 4,793 1,647 197 195 2,182 571 1 Bills bought 556 66 233 234 23 — — — --- --- Industrial advances 12,377 1,739 145 1,028 233 1,599 3,932 1,851 1,850 --- U. S. Governp.ent securities 2,564,015 63,798 72,137 159,573 145,765 138,219 296,068 270,250 587,860 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEKEHT ON JUNE 21, 1939 (In thousands of dollars) Total Boston Hew 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 4,733,260 402,123 1,186,308 333,228 432,600 204,197 157,953 016,985 192,008 137,53^ 173,892 83,311 408,119 Held by Federal Reserve bank 303,954 21,182 94,763 20,244 20,236 12,477 10,381 33,394 13,233 4,107 9,858 7,466 55,613 In actual circulation 4,429,306 380,941 1,091,545 312,984 412,364 191,720 147,072 983,091 178,775 133,4-29 169,034 75,845 352,506 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,865,500423,000 1,210,000 345,000 435,500 210,000 169,000 1,035,000 196,000 14-3,500 132,000 85,500 4-34,000 Eligible paper 2,701 122 545 178 95 3^0 23 75 25 19 431 306 542 Total collateral 4,363,201420,122 1,210,545 345,178 435,595 210,340 169,023 1,035,075 196',025 14-3,519 132,431 85,806 434,542 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis