H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Forni FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 21* of the Federal Reserve System not earlier. July 20, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended July 19 member bank reserve balances increased $62,000,000. Additions to member bank reserves arose from decreases of $27,000,000 in Treasury deposits with Federal Reserve banks, $22,000,000 in Treasury cash, $19*000,000 in money in circulation, and $14,000,000 in nonmember deposits and other Federal Reserve accounts, and from increases of $17,000,000 in gold stock and $5*000,000 in Treasury currency, offset in part by a decrease of $32,000,000 in Reserve bank credit# Excess reserves of member banks on July 19 were estimated to be approximately 1*90, 000,000, an increase of $LjO, 000, 000 for the week# The principal change in holdings of bills and securities was a reduction of $20,000,000 in United States Treasury bills# Changes in member bank reserve balances and related items during the week and the year ended July 19, 1939* were ¿s follows: Increase or decrease since July 19* July 12, July 20, 1939 1939 1938 (In millions of dollars) Eills discounted 5 3 Bills bought 1 U. S# Government securities 2,515 -20 - b9 Industrial advances (not including 11 million commitments - July 19) 13 + 1 - 3 Other Reserve bank credit h -12 -1" 7 Total Reserve bank credit 2,537 -32 1:8 Gold stock 16,191 +17 +3,202 Treasury currency 2,890 + 5 + 173 Member bank reserve balances 10,1l12 +62 +2,210 Money in circulation 7,022 -19 + 569 Treasury cash 2,530 -22 + 209 Treasury deposits with F.R# banks 76 h -27 + he Nonmember deposits and other F*R. accounts 891 - h + 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-2c3-a Released for publication Friday morning, July 21, 1939I not earlier. STATS1"ENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since July 19, July 12, July .20* 1939 1939 1938 A S S 5 T S Gold cert.' 'icatc-s* on hand and due fra-i IJ. S. Treasury 13,651,218 +1+6,1+99 +3,017,795 Redemption fund - I'1. R. notes 7,722 520 - 2,27k Other cash 356,076 + 2,915 — 50,883 Total reserves 111,015,016 +li.8,89li- +2j,96k,638 Bills discountod: Secured by U.S. Govrt obligations, direct or fully guaranteed 998 - k95 3,1+59 + Other bills discounted 3,599 - 1714 ¿+71 Total bills discounted 1>,597 - 669 2,988 Bills bought in open market 556 — + 16 Industrial advances 12,557 + ... 61 m 3,657 U# S. Government securities: Bonds 911,090 + 166,985 Treasury notes 1,176,109 — 2,00l+ Treasury bills 127,938 -20,000 - 217,867 Total U* S. Government securities 2,515,137 -20,000 - 1+8,878 Total bills and securities 2,532,81+7 -20,608 - 55,507 Due from foreign banks 167 — - 13 F. R* notes of other banks 23,951 + 1,388 2,651 Unc o 11 e c t e d. it oms 707,1+70 - - 3li-5 + 113,637 Bank premises ¿+2,31+5 11 - 2,236 Other assets 1+8,639 + l+ol+ + 1,153 T O T L A S S E T S 17,370,1+35 +29,722 +3.,019,021 L I A B I L I T I E S F. R. notes in actual circulation ¿+,508,962 -13,71+7 381-, 821+ Deposits: Member bank - reserve account 10,1.1.12,0l.i7 +62,101 +2,,210,151 U*S* Treasurer - General account 761+, 216 -26,380 + 1+0,227 Foreign bank 279,038 -10,14# + 152,130 Other deposits 355,016 + 6,901 + 128,1+98 Total deposits 11,810,317 +32,175 +2,,531,006 Deferred availabi1ity items 703,Ma +11,1'10 + 106,290 Other liabilities including accrued dividends 2,172 + 21+ - 168 T O T A L L I A B I L I T I E S 17, 021',892 +29,862 +3 ,021,952 C A P I T A L A C C O U N T S Capital paid in 135,282 + li*5 + 1,522 Surplus (Section 7) 11+9,152 — + 1,1+13 Surplus (Section 13 b) 27,263 1 - 1+20 Other capital accounts 33,81+6 - 261+ - 5,lil+6 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,370,1+35 +29,722 +3,019,021 Ratio of total reserves to deposit and P.R. note liabilities combined 85.95S + .2% + 3*5% Contingent liability on bills purchased for foreign correspondents — — - 975 Commitments to make industrial advances 11,292 61 2,11*0 - 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 JULY 19, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila# Cleve. Rich. Atlanta Chicago St.Louis M inn. Kans.Cy. Dallas ô&i» Fran. Gold certificates on hand and due from U.S#Treasury 13,651,218 792.Ó5I+ 6,556,816 678,168 8li5,l427 336,190 279,903 2,178,073 361,661 253,15!+ 338,376 218,908 811,888 Redemption fund - F«R.notes 7.722 2+70 857 986 622 521 287 1,176 518 1*08 I90 503 1,161+ Oth-r cash 356,076 22,883 99,238 28,7^9 25,299 21,177 20,535 145,369 17,238 9,3314 17,8246 16,514-: 31,861| Total reserves 111, 015,016 816,007 6,656,911 707,903 871,32+8 357,888 300,725 2,22li,6l8 379,¿¡17 262,896 356,1'12 235,955 8l4l+,936 Bills discounted: Secured by U*S.Gov’t obligations, direct or fully guaranteed 998 -90 231 23 301 20 17 •10 31+ 67 60 Other bills discounted 3,599 28 956 196 2l|0 336 IO6 27k 129 61 285 31(2 61(6 Total bills discounted ¿+,597 ne 1,187 3I+1 263 637 126 291 129 71 319 2+09 706 Bills bought in open market 556 1*2 216 56 52 21+ 20 70 2 2 16 16 ko Industrial advances 12,557 1,663 2,798 2,732 359 1,11+7 766 1+72+ 1+ 899 207 565 91+3 U*S. Government securities: Bonds 911,090 66,873 267,978 77,318 91,275 50,633 38,1+85 98,2-22+ 241,719 25,711 ¿il;., 7 80 314,569 73,325 Treasury notes 1,176,109 86,325 3li5,926 99,809 117,821; 65,361 1+9,680 127,05!; 53,855 33,188 57,807 ljl+,626 9l4,65±+ Treasury bills lt27,938 31,1)10 125,869 36,316 ¿42,872 23,782 18,076 146,230 19,595 12,077 21,033 16,237 32+, 1(2+1 Total U.S.Gov't securities 2,515,137 182+,608 739*773 213,1'U3 251,971 139,776 106,2^1 271,708 115,169 70,976 123,620 95,1432 202,1*20 Total hills and securities 2,532,81/7 186,li31 7li3,97li 216,572 252,61+5 lid,581. 107,153 272,51.3 115,3014 71,92+8 121., 162 96,1(22 20l+,109 Due from foreign banks 167 12 63 17 15 7 6 21 2 2 5 5 12 F.R. notes of other banks 23,951 39li 5,176 1,206 1,199 1,770 1,736 3,125 1,921+ 1,660 1,525 573 3,663 Uncollected items 707,1+70 69,81-5 188,600 52 ,¿¡05 80, lii3 57,551 2l,25l| 96,599 31,2246 17,887 35,120 26,893 29,927 Bank premises ii2,3l+5 2,917 8,9l'2 li, 625 5,9l'3 2,583 2,055 3,908 2,268 1,510 3,170 1,233 3,191 Other assets li.8,639 3,0li2 111, 588 ¿4,302 5,lt0.6 3,193 2,090 1i,677 1,958 1,2+15 2,189 1,786 3.993 total ASSETS 17,370,1:35 1,078,61.8 7,618,25!+ 987,030 1,216,699 562+,576 1435,019 2,605,1*91 532,119 357,318 522,583 362,867 1,089,831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fora FR-283-c STVTETENT OF CONDITION OF THE FEDERAL RESERVE BA^KS ON JULY 19# 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. K&ns.Cy. Dallas San Fran. F.R.notes in actual circulation h»508*9&2 385,k7k 1,127,718 317,068 1)19,081 195,530 151,256 997,570 179,228 132,050 171,70k 76,2+12 355,871 Deposits : Member bank-reserve account 10*1112,011-7 533,360 5,651,5Ut 508,]tl9 581,k93 2k8,833 183,262 1,302,81-7 253,572 135,Ilk 2kl,296 188,k87 583,820 U.S«Treasurer-General account 7&l|>2l6 39,828 180,211 39,513 69,k6o 35,088 50,066 117,971 k2,k5k k8,999 k5,932 k7.323 k7,371 Foreign bank 279,038 20,088 99,50k 27,065 25,9k9 11,998 9,766 33,761 8,091 6,kl7 8,092 8,092 20,135 Other deposits 355,016 5.356 263,90k 9,567 11,825 1,60k 7,127 8,61a 5,k8l 6,920 8,6kk 1,362 2k,585 Total deposits 11,810,317 598,632 6,195.21+3 58k,56k 688,727 297,523 250,221 1,1)63,220 309,598 197.k50 303,96k 2k5,26k 675,911 Deferred availability items 703,14a 70,378 175,kck 52,926 76,096 56,675 20,815 99,782 32,71+3 18,629 36,692 30,096 33,205 Other liabilities including accrued dividends 2,172 280 657 276 195 20 103 199 k5 91 197 59 50 TOTAL LIABILITIES 17, celi., 892 1,05k,76k 7,2)99,022 95k,83¿; 1,18k,099 5k9,7k8 k22,395 2,560,771 521,61k 3k8,220 512,557 351,831 1,065,037 C A P I T A L A C C 0 U N T sS Capital paid in 135,282 9,k07 50,865 12,051 13,732 5,113 k,535 13,771 3,992 2,91k k,282 k,035 10,585 Surplus (Section 7) lk9,i52 10,083 52,k63 13,696 12;, 323 k,983 5,630 22,666 k,685 3,153 3,613 3,892 9.965 Surplus (Section 13h) 27,263 2,87k 7,k57 k,kl6 1,007 3,292 713 1,1+29 5k5 1,001 1,12+2 1,266 2,121 Other capital accounts 33,8k6 1,520 8,kk7 2,033 3,538 1,2+1:0 1,72:6 6,85k 1,283 2,030 989 l,8k3 2,123 TOTAL LIABILITIES >\mf 17,370,k35 1,078,61+8 7,618,25k 967,030 1,216,699 5&k,576 k35>019 2,605,k91 532,119 357,318 522,583 360,607 1,089,831 CAPITAL ACCOUNTS Commitments to make industrial advances 11,292 527 2,19k l,3¿i8 1,14+8 962 12+0 62 k36 67 627 — 3,k81 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 te 2 Years 5 Years 5 Years Bills discounted k,597 1,529 108 1,908 611 k37 Bills bought 556 38k 8 23 lia Industrial advances 12,557 1,387 767 270 572 1,766 1,861 2,571 3,363 U. S. Government securities 2,515,137 7li,218 85,355 ili 5,765 105,963 119,313 296,068 270,250 587,860 830,3k5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forai FR-283-d FEDERAL RESERVE NOTE STATEMENT ON JULY 19, 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.R.agent 2^819,79*1 U05,0lU 1,235.222 33*1,903 207,737 163,5^9 1,027,866 191,328 137,651 181,082 8i4,205 ^08,903 Held by Federal Reserve bank 310,8321 9,5^-i-O 107,50*4 17,83 5 23,193 12,207 12,293 30,296 12,160 5*601 9,378 7,793 53,032 In actual circulation b*508,962 3&5*U7h 1,127,718 317,068 ).il9,081 195,530 151,256 997,570 179,226 132,050 171,7oli 76,L\12 355,871 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury h*9b2,Q00 [£0,000 1,265,000 3^5,000 M'5,000 210,000 169,000 1,01*5,000 196,000 li|3,50C 182,000 87,500 U5k> 000 Eligible paper 2,J*Jj9 98 281 lii5 73 550 39 UC 20 25 261 350 561 Total collateral U,9lb,hh9 1(20,090 1,265,201 3b5ÿlh5 hh5*<ÏÏ3 210,550 169,039 l,ol.!5,oL6 196,020 li'3,525 182,201 87,050 l»3i-'*56l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis