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 30; of the Federal Reserve System not earlier. June 29, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended June 28 member bank reserve balances increased $17,000,000. Additions to member bank reserves arose from increases of $33,000,000 in gold stock and $6,000,000 in Treasury currency and decreases of ¿37,000,000 in nonnember deposits and other Federal Reserve accounts and $7,000,000 in Treasury cash, offset in part by increases of $28,000,000 in money in circulation, $21,000,000 in Treasury deposits with Federal Reserve banks, and a decrease of $17,000,000 in Reserve bank credit. Excess reserves of member banks on June 28 were estimated to be approximately $4,240,000,000, an increase of $10,000,000 for the week. The principal change in holdings of bills and securities was a reduction of $13,000,000 in United States Treasury bills and the total holdings of United States Government securities. Changes in member bank reserve balances and related items during the week and the year ended June 28, 1939, were as follows! Increase or decrease since June 28, June 21, June 29, 1939 1939 1938 (In millions of dollars) Bills discounted 5 — 5 Bills bought 1 — — U. S. Government securities 2,551 13 - 13 Industrial advances (not including 11 million commitments - June 28) 12 — 5 Other Reserve bank credit -2 5 1 Total Reserve bank credit 2,567 _ 17 - 23 Gold stock 16,093 + 33 +3,131 Treasury currency 2,879 + 6 + 167 Member bank reserve balances 10,116 + 17 +2,075 Money in circulation 6,962 + 28 + 534 Treasury cash 2,559 - 7 + 260 Treasury deposits with F. R. banks 962 + 21 + 98 Nonmember deposits and other F.R, 1accounts 940 — 37 + 308 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~a Released far publication Friday morning, June 30,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since June 28, June 21, June 29, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 13,505,719 + 40,001 +2,869*790 Redemption fund - F. R. notes 8,313 408 - 1,074 Other cash . 3.67^57 + 391 - .,2.9*166 Total reserves 13,881,389 + 39,984 +2,829,550 Bills discounted: Secured by U.S. Gov’t obligations, . direct or fully guaranteed 1,575 + 494 4,536 Other bills discounted 3,795 + 83 + 215 Total bills discounted 5,370 + 577 - 4,321 Bills bought in open market 556 — + 19 Industrial advances 12,440 + 63 — 4,150 U. S. Government securities: Bonds 911,090 —— + 166,985 Treasury notes 1,176,109 -- + 11,004 Treasury bills 463,438 - 13,378 - 191,367 Total U»S. Government securities 2,550,637 - 13,378 - 13,378 Total bills and securities 2,569,003 - 12,738 - 21,830 Due from foreign banks 167 —— - 16 F. R. notes of other banks 18,886 - 1,691 - 619 Uncollected items 583,822 - 57,366 63,765 + Ban!: premises 42,405 22 - 2,211 Other assets 46,718 + 995 1,765 + T O T A L A S S E T S 17,142,390 - 30,833 +2,870,404 L I A B I L I T I E S F. R, notes in actual circulation 4,449,306 + 20,000 324,864 + Deposits: Member bank - reserve account 10,115,744 + 16,581 +2,074,793 U.S. Treasurer - General account 962,094 + 21,090 98,197 + Foreign bank 351,095 - 3,203 212,483 + Other deposits ... ¿26¿32 ” 2^64 98,692 + Total deposits 11,755,066 804 +2,484,165 + Deferred availability items 585,798 52,839 6 A, 497 - + Other liabilities including accrued dividends 6,666 + 1,045 - . J i o T O T A L L I A B I L I T I E S 16,796,836 30,990 +2,873,216 - C A P I T A L A C C O U N T S Capital paid in 135,037 26 1,467 Surplus (Section 7) 149,152. 4* — + 1,413 + Surplus (Section 13b) 27,26/,. — 419 — Other capital accounts 34,101. 126 5¿272 + _____ TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,142,390 30,838 +2,870,404 - Ratio of total reserves to deposit and F,R,note liabilities combined 85. 2! 3.2% 7 % + • % + Contingent liability on bills purchased for foreign correspondents — — - 1,506 Commitments to make industrial, advances 11,175 I63 2,474 - 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 JUNE 28, 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 13,505,719 748,003 6,413,539 679,856 831,365 344,322 266,601 2,302,895 348,599 251,900 326,893 212,587 779,159 Redemption fund —F.R. notes 8,313 548 1,169 1,177 740 893 518 308 548 425 218 533 1,236 Other cash 367,357 23,886 100,066 28,774 25,903 22,769 22,394 46,696 19,728 9,619 20,755 14,997 31,770 Total reserves 13,881.389 772,437 6,514,774 709,807 858,008 367,984 289,513 2,349,399 368,875 261,944 347,366 228,117 812,165 Bills discounted* Secured by TJ.S.Gov*t obligations, direct or fully guaranteed 1,575 190 747 145 33 269 20 — __ ■— 24 67 80 Other bills discounted 3,795 31 1,051 221 240 347 93 273 181 63 363 340 592 Total bills discounted 5,370 221 1,798 366 273 616 13-3 273 181 63 387 407 672 Bills bought in open market 556 42 213 57 52 24 20 71 2 2 16 16 41 Industrial advances 12,440 1,694 2,835 2,508 367 1,158 776 455 4 905 211 583 944 U. S. Government securities* Bonds 911,090 68,008 256,076 73,481 90,029 47,766 41,426 102,080 44,214 27,704 47,650 36,396 76,860 Treasury notes 1,176,109 87,789 330,565 94,855 116,218 61,661 53,476 131,775 57,076 35,761 60,737 46,981 99,215 Treasury bills 463,438 34,593 130,257 37,377 45,794 24,297 21,072 51,924 22,490 14,092 23,933 18,513 39,096 Total U.S.Gov,t securities 2,550,637 190,390 716,898 205,713 252,041 133,724 115,974 285,779 123,780 77,557 131,720 101,890 215,171 Total bills and securities 2,569,003 192,347 721,744 208,644 252,733 135,522 116,883 286,573 123,967 78,527 132,334 102,896 216,828 Due from foreign banks 167 12 66 16 15 7 6 20 2 2 5 5 11 F.R.notes of other banks 18,886 254 4,677 919 1,195 1,602 1,860 2,305 1,171 1,102 1,371 487 1,943 Uncollected items 583,822 60,563 144,245 40,097 73,115 48,169 18,537 84,538 24,176 15,581 27,564 20,083 27,154 Bank premises 42,405 2,917 8,959 4,636 5,943 2,583 2,055 3,918 2,269 1,512 3,183 1,239 3,191 Other assets 46,718 2,925 13,615 4,219 5,105 2,994 2,067 4,593 1,937 1,439 2,136 1,749 3,939 TOTAL ASSETS 17,142,390 1,031,455 7,408,080 968,338 1,196,11-4 558,861 430,921 2,731,851 522,397 360,107 514,459 354,576 1,065,231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JUNE 28, 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 4,449,306 382,883 1,105,203 314,561 414,890 191,701 146,281 984,576 178,703 132,393 168,593 75,739 353,783 Deposits: Member bank-reserve account 10,115,744 486,605 5,433,249 488,258 558,752 233,518 184,250 1,358,369 256,960 136,626 238,306 179,863 560,988 U.S.Treasurer-General account 962,094 45,894 252,366 51,479 73,414 55,396 49,100 194,520 34,782 •51,935 49,646 52,124 51,438 Foreign bank 351,095 25,287 125,206 34,069 32,664 15,103 12,293 42,499 10,186 8,078 10,186 10,186 25,338 Other deposits 326,133 5,219 233,335 5,081 10,713 1,539 9,010 19,936 4,864 5,692 8,565 2,527 19,652 Total deposits 11,755,066 563,005 6,044,156 578,887 675,543 305,556 254,653 1,615,324 306,792 202,331 306,703 244,700 657,416 Deferred availability items 585,798 61,157 136,847 41,796 72,571 46,642 17,131 86,669 26,221 16,098 28,811 22,918 28,937 Other liabilities including accrued dividends 6,666 528 2,677 843 546 156 225 565 152 163 308 169 334 TOTAL LIABILITIES 16,796,836 1,007,573 7,288,883 936,087 1,163,550 544,055 418,290 2,687,134 511,868 350,985 504,415 343,526 1,040,470 C A P I T A L A C C O U N T S Capital paid in 135,037 9,402 50,866 12,057 13,659 5,075 4,527 13,699 3,986 2,913 4,262 4,026 10,565 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 34,101 1,523 8,411 2,082 3,575 1,455 1,761 6,923 1,313 2,055 1,027 1,866 2,110 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,142,390 1,031,455 7,408,080 968,338 1,196,114 558,861 430,921 2,731,851 522,397 360,107 514,459 354,576 1,065,231 Commitments to make industrial advances 11,175 563 2,232 1,554 1,494 992 140 63 566 70 635 2,866 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 5,370 2,200 258 157 2,200 553 2 — — Bills bought 556 89 370 74 23 — __ _ Industrial advances 12,440 1,716 151 990 229 1,602 2,351 2,643 2,758 U. S. Government securities 2,550,637 54,413 76,055 163,095 139,875 132,676 296,068 270,250 587,860 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON JUNE 28, 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.F..agent 4,742,375 403,305 1,192,321 332,988 434,858 204,026 157,660 1,019,118 191,130 137,240 179,677 82,990 407,062 Held by Federal Reserve bank 293,069 20,422 87,118 Ì8,427 19,968 12,325 11,379 34,542 12,427 4,847 11,084 7,251 53,279 In actual circulation 4,449,306 382,883 1,105,203 314,561 414,890 191,701 146,281 984,576 178,703 132,393 168,593 75,739 353,783 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,867,500 420,000 1,2.1.0,000 345,000 437,500 210,000 169,000 1,035,000 196,000 143,500 182,000 85,500 434,(506 Eligible paper 3,173 201 914 145 83 520 40 28 25 16 328 348 52.5 Total collateral 4,870,673 420,201 1,210,914 345,145 437,583 210,520 169,040 1,035,028 196,025 143,516 182,32.8 85,848 434,525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis