H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form' FR-,283 STATEMENT FOE THE PRESS Released for publication Board of Governors Friday morning, July 28; of the Federal Reserve System not earlier, July 27, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended July 26 member bank reserve balances increased $24,000,000. Additions to member bank reserves arose from decreases of- $24,000,000 in Treasury cash, $20,000,000 in money in circulation and $22,000,000 in Treasury deposits with Federal Reserve banks, and from increases of $36,000,000 in gold stock and $3>000,000 in Treasury currency, offset in part by an increase of $56,000,000 in nonnember deposits and other Federal Reserve accounts and a de­ crease of $25,000,000 in Reserve bank credit. Excess reserves of member banks on July 26 were estimated to be approximately $4,490,000,000, unchanged for the week. The principal change in holdings of bills and securities was a reduction of $27,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended July 26, 1939, were as follows! Increase or decrease since July 26, July 19, July 27, 1939 1939 1938 (In millions of dollars) Bills discounted 5 - - 2 Bills bought 1 --- — U. S. Government securities 2,488 - 27 - 76 Industrial advances (not including 11 million commitments - July 26) 13 _rT^ —i 3 Other Reserve bank credit 6 + 2 11 4- Total Reserve bank credit 2,512 - 25 . M 71 Gold stock 16,227 + 36 + 3,225 Treasury currency 2,893 + 3 + 174 Member bank reserve balances 10,436 + 24 + 2,248 Money in circulation 7,002 - 20 + 586 Treasury cash 2,506 - 24 + 178 Treasury deposits with F. R. banks 742 - 22 + 10 Nonmember deposits and other F.R. accounts 947 + 56 + 306 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Porn FR-283-a Released for publication Friday morning, July 28,1939? not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since July 26, July 19, July 27, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 13,709,222 + 58,004 +3,075,822 Redemption fund - F. R. notes 9,101 + 1,379 3 Other cash 370.979 + 14,903 — 50.250 Total reserves 14,089,302 + 74,286 +3,025,575 Bills discounted* Secured by U. S. Gov't obligations, direct or fully guaranteed 1,061 + 63 3,101 Other bills discounted .. +____±6. + 475 Total bills discounted A,696 + 99 - 2,626 Bills bought in open market 558 + 2 + 19 Industrial advances 12,579 + 22 — 3,729 U. S. Government securities* Bonds 911,090 + 166,985 Treasury notes 1,176,109 - .14,761 Treasury bills 401.020 - 26.918 - 228.020 Total U.S. Government securities 2,488,219 - 26,918 <~ 75,796 Total bills and securities 2,506,052 - 26,795 - 82,132 Due from foreign banks 165 2 — 16 F. R. notes of other banks 22,866 - 1,085 ~ 650 Uncollected items 627,608 - 79,862 + 93,467 Bank premises 42,321 24 - 2,238 Other assets 49*372 + 259 + 721 T O T A L A S S E T S 17,337,686 - 32,749 +3*034,265 L I A B I L I T I E S P. R. notes in actual circulation 4,498,758 - 10,204 + 389,115 Deposits* I.Iember bank - reserve account 10,436,286 + 24,239 +2,248,563 U.S. Treasurer - General account 742,400 - 21,816 + 9,938 Foreign bank 287,657 + 8,619 + 162,414 Other deposits 402.454 + 47.438 + 144.999 Total deposits 11,868,797 + 58,480 +2,565,914 Deferred availability items 621,794 - 81,647 + 82,518 Other liabilities including accrued dividends 2^20. + 248 - .. A92 T O T A L L I A B I L I T I E S 16,991,769 - 33,123 +3,037,054 C A P I T A L A C C O U N T S Capital paid in 135,430 + 148 + 1,645 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,2.64 + 1 - 419 Other capital accounts 34.071 t..225 - 5,428 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,337,686 - 32,749 +3,034,265 Ratio of total reserves to deposit and F. R. note liabilities combined 86.1% 4- «2% + 3.6% Contingent liability on bills purchased for foreign correspondents --- — - 879 Comr.itnents to make industrial advances 11,476 + 184 - 2,255 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 JULY 26, 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 13,709,222 785,544 6,605,679 663,719 860,505 334,740 285,224 2,189,264 365,794 249,277 343,714 219,918 805,844 Redemption fund - F.R.notes 9,101 446 1,747 937 580 757 264 1,126 496 403 6i!l 496 1,168 Other cash 370,979 23,952 101,543 29,057 24,375 24,807 23,522 45,188 17,332 10,299 19,445 16,193 35,266 Total reserves 14,089,302 809,942 6,708,969 693,713 885,460 360,304 309,010 2,235,578 383,622 259,979 363,8/0 2.36,607 842,278 Bills discounted* Secured by U.S.Gov*t obligations, direct or fully guaranteed 1,061 115 121 165 23 446 æ — — 10 34 67 60 Other bills discounted 3,635 28 954 196 240 307 126 268 173 53 263 412 615 Total bills discounted 4,696 143 1,075 36I 263 753 146 268 173 63 297 479 67 5 Bills bought in open market 558 42 218 56 52 24 20 70 2 2 16 16 40 Industrial advances 12r579 1,708 2,794 2,721 36I 1,144 762 474 4 897 206 565 943 U. S. Government securities* Bonds 911,090 66,909 267,160 77,274 91,264 50,811 38,571 98,492 41,879 25,775 44,955 34,652 73,348 Treasury notes 1,176,109 86,373 344,870 99,750 117,812 65,590 49,792 127,141 54,063 33,274 58,030 44,731 94,683 Treasury bills 401,020 29,451 117,592 34,012 40,170 22,364 16i?77 _____ 43,352 18,423 11,345 19,787 15,252 32,285 Total U.S.Gov’t securities 2,488,219 182,733 729,622 211,036 249,246 138,765 105,340 268,985 114,375 70,394 122,772 94,635 200,316 Total bills and securities 2,506,052 184,626 733,709 214,174 249,922 140,686 106,268 269,797 114,554 71,356 123,291 95,695 201,974 Due from foreign banks 165 12 61 17 15 7 6 21 2 2 5 5 12 F*R.notes of other banks 22,866 297 4,263 1,062 1,320 2,783 1,776 2,818 1,361 1,654 1,521 458 3,553 Uncollected items 627,608 61,348 166,715 43,848 76,514 50,172 20,103 82,021 25,326 15,109 30,648 22,972 32,832 Bank premises 42,321 2,917 8,942 4,625 5,931 2,583 2,051 3,908 2,26o 1,510 3,170 1,233 3,183 Other assets 49,372 3,103 14,812 4,354 5,459 3,274 2,124 4,726 1,977 2,228 1,816 4,060 TOTAL ASSETS 17,337,686 1,062,245 7,637,471 961,793 1,224,621 559,809 Ml,338 2,598,869 529,110 351,049 524,703 358,786 1,087,892 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 JULY 26, 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. >n 4,498,758 384,994 1,122,212 316,539 422,030 193,995 151,092 997,647 :178,635 :130,938 :170,931 76,147 353,598 Deposits t Member bank-reserve account 10,436,286 521,998 5,666,391 498,612 583,032 248,901 189,649 1,324,555 252,918 :137,085 243,398187,593 582,154 U.S.Treasurer-General accoui 742,400 38,530 173,438 •32,726 70,595 33,355 52,015 96,725 46,199 44,272 51,692 49,198 48,655 Foreign bank 287,657 20,741 102,368 27,946 26,793 12,388 10,083 34,860 8,355 6,626 8,355 8,355 20,787 Other deposits 402,454 9,877 300,760 8,470 14,704 1,533 5,924 14,772 5,184 7,572 8,567 1,382 23,709 Total deposits 11,868,797 591,146 6,242,957 567,754 695,124 301,177 257,671 1,470,912 312,656 :195,555 312,012 ;3/4528 675,305 Deferred availability items 621,794 61,915 152,269 44,827 74,652 49,756 19,833 85,323 27,238 15,350 31,506 24,996 34,129 Other liabilities including accrued dividends 2,420 286 793 288 214 30 112 215 52 95 202 66 67 TOTAL LIABILITIES 16,991,769 1,038,341 7,518,231 929,408 1,192,020 544,958 428,708 2,554,097 518,581 341,938 514,651347,737 1,063,099 C A P I T A L A C C O U N T S Capital paid in 135,430 9,408 50,867 12,201 13,734 5,113 4,535 13,774 3,993 2,916 4,283 4.,038 10,568 Surplus (Section 7) 149,152 10,083 52,463 13,696 14,323 4,9 83 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 34,071 1,539 8,453 2,072 3,537 1,462 1,752 6,903 1,306 2,041 1,014 1:,853 2,139 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,337,686 1,062,245 7,637,471 961,793 1,224,621 559,809 441,338 2,598,869 529,110 351,049 524,703 353,786 1,087,892 Commitments to make industrial advances 11,476 571 2,192 1,346 1,446 953 140 46 436 67 618 — .3,661 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 4,696 1,483 194 1,949 618 448 4 _ Bills bought 558 134 6 95 323 — — — — Industrial advances 12,579 1,381 757 259 583 1,798 1,855 2,548 3,398 ----- U. S. Government securities 2,488,219 79,305 83,790 139,875 85,550 115,176 296,068 270,250 587,860 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-ä FEDERAL RESERVE NOTE STATEMENT ON JULY 26, 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 4,811,723 408,157 1,228,003 332,719 440,538 207,065 162,974 1,028,221 191,118 137,503 182,112 83,703 409,550 Held by Federal Reserve bank 312,965 23,163 105,791 16,180 18,508 13,070 11,882 30,574 12,483 6,625 11,181 7,556 55,952 In actual circulation 4,498,758 334,994 1,122,212 316,539 422,030 193,995 151,092 997,647 178,635 130,93« 170,931 76,147 353,598 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,927,000 420,000 1,248,000 345,OoO 445,000 210,000 169,000 1,045,000 196,000 143,500 185,000 86,500 434,000 Eligible paper 2,453 128 199 165 73 666 — — 17 16 238 421 530 Total collateral 4,929,453 420,128 1,248,199 345,165 445,073 210,666 169,000 1,045,000 196,017 143,516 185,238 86,921 434,530 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis