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, Aug. 4; of the Federal Reserve System not earlier, August 3, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended August £ member bank reserve balances decreased $23,000,000. Reductions in member bank reserves arose from increases of $52,000,000 in money in circulation and $121,000,000 in Treasury deposits with Federal Reserve banks and a decrease of $36,000,000 in Reserve bank credit, offset in part by decreases of $136,000,000 in Treasury cash and $28,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $21,000,000 in gold stock and $2,000,000 in Treasury currency« Excess reserves of member banks on August 2 were estimated to be approximately $4,460,000,000, a decrease of $30,000,000 for the week. The principal change in holdings of bills and securities was a reduction of $35,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended August 2, 1939, were as follows« Increase or decrease since Aug. 2, July 26,> Aug. 3, —4222.. _1919._ 1938 (in millions of dollars) Bills discounted 5 , -,rif 1 Bills bought 1 — — U. S. Government securities 2,453 - 35 111 Industrial advances(not including 11 million commitments - August 2) 12 - 1 4 - Other Reserve bank credit 6 ~— 18 Total Reserve bank credit 2,476 - 36 98 Gold stock 16,248 + 21 +3,223 Treasury currency 2,895 + 2 + 174 Member bank reserve balances 10,413 - 23 +2,339 Money in circulation 7,054 + 52 + 589 Treasury cash 2,370 - 136 + 13 Treasury deposits with F.R. banks 863 + 121 + 88 Nonmember deposits and other F.R. accounts 919 - 28 + 270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Aug. 4, 1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) increase ox • decrease since Aug. 2, July 26, Aug. 3, 1939 1939_ 1938 _ A S S E T S Gold certificates on hand and due from U.S. Treasury 13,869,222 +160,000 +3,236,318 Redemption fund - F. R. notes 9,101 — - 336 Other cash — 47,508 ... Total reserves 14,227,828 +138,526 +3,188,474 Bills discounted* Secured by U. S. Gov’t obligations, direct or fully guaranteed 1,073 + 12 2,266 Other bills discounted ....1*587 48 + 460 Total bills discounted -4,660 36 - 1,806 Bills bought in open market 545 13 + 6 Industrial advances 11,746 833 3,901 U. S. Government securities* Bonds 911,090 _ + 166,985 Treasury notes 1,176,109 — — 20,079 Treasury bills 366.220 - 34,800 — 257,502 Total U.S. Government securities 2,453,419 ~ 34,800 - 110,596 Total bills and securities 2,470,370 - 35,682 - 116,297 Due from foreign banks 178 + 13 — 3 F. R. notes of other banks 22,130 736 - 818 Uncollected items 648,826 + 21,218 + 101,099 Bank premises 42,259 62 ~ 2,227 Other assets 49,126 246 — ...... J5 9 T O T A L A S S E T S 17,460,717 +123,031 +9,169,769 L I A B I L I T I E S F. R. notes in actual circulation 4,530,715 + 31,957 + 392,009 Deposits * Member bank - reserve account 10,412,883 - 23,403 +2,338,543 U. S. Treasurer - General account 863,462 +121,062 + 88,705 Foreign bank 311,136 + 23,479 + 187,180 Other deposits 351,180 - 51,274 + 82*422 Total deposits 11,938,661 + 69,864 +2,697,866 Deferred availability items 642,946 + 21,152 + 82,654 Other liabilities including accrued dividends 2,879 + 459 + 112 T O T A L L I A B I L I T I E S 17,115,201 +123,432 +3,172,841 C A P I T A L A C C O U N T S Capital paid in 135,408 22 + 1,594 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — - 418 Other capital accounts ..J3j692 379 — 5v66l TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,460,717 +123,031 +3,169,769 Ratio of total reserves to deposit and F. R. note liabilities combined 86.4$ + ,yfo + 3,9$ Contingent liability on bills purchased for foreign correspondents — — - 727 Commitments to make industrial advances 11,403 73 - 2,406 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fora FR—283—b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OH AUGUST 2, 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. Dal3.as San Fran. Gold certificates on hand and due fron U.S.Treasury 13,869,222 794,194 6,588,427 692,640 856,610 343,686 312,620 2,245,575 355,305 253,803 383,430 232,233 810,699 Redenption fund - F.R.notes 9,101 446 1,747 937 580 757 264 1,126 496 403 681 496 1,168 Other cash 349,505 21,845 92,237 28,260 24,188 21,608 21,733 45,821 17,403 9,712 17,723 16,215 32,760 Total reserves 14,227,828 316,485 6,682,411 721,837 881,378 366,051 334,617 2,292,522 373,204 263,918 401,834 248,944 844,627 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 1,073 115 305 75 23 376 20 17 — 10 02 50 Other bills discounted 3,587 29 909 3.96 254 307 136 245 168 63 246 417 617 Total bills discounted 4,660 144 1,214 271 277 683 156 262 168 73 246 499 667 Bills bought in open narket 545 41 212 55 51 23 19 69 2 2 16 16 39 Industrial advances 11,746 1,690 2,131 2,708 363 1,145 758 380 4 856 205 563 943 U. S. Governnent securities! Bonds 911,090 66,959 266,076 77,214 91,250 51,045 38,686 98,582 42,093 25,862 45,185 34,760 73,378 Treasury notes 1,176,109 86,436 343,471 99,674 117,793 65,895 49,939 127,258 54,336 33,335 58,328 44,071 94,723 Treasury bills 366,220 26,915 106,951 31,037 36,679 20,518 15,550 39,626 16,919 10,395 18,163 3-3,972 29,495 Total U.S.Gov’t securities 2,453,419 180,310 716,498 207,925 245,722 137,458 104,175 265,466 113,348 69,642. 121,676 93,-603 197,596 Total bills and securities 2,470,370 182,185 720,055 210,959 246,413 139,309 105,108 266,177 13.3,522 70,573 122,143 94,681 199,245 Due fron foreign banks 178 13 67 18 17 8 6 22 2 2 5 5 13 F. R. notes of other banks 22,130 267 4,911 097 1,725 948 1,428 2,689 1,314 1,812 1,802 415 3,922 Uncollected itens 648,826 64,559 167,640 49,284 72,437 49,730 24,829 92,510 26,212 15,199 32,962 21,063 31,601 Bank prenises 42,259 2,912 8,926 4,625 5,931 2,576 2,051 3,899 2,264 1,508 3,157 1,227 3,183 Other assets 49,126 3,122 14,566 4,330 5,4o6 3,222 2,130 4,755 2,021 1,450 2,237 1,835 4,052 TOTAL ASSETS 17,460,717 1,069,543 7,598,576 991,950 1,213,307 561,844 470,169 2,662,574 518,539 3*4,462 564,l40 363,970 1,086,643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forn FR—283-c STATEMENT OF CONDITION OF TEE FEDERAL RESERVE BANKS ON AUGUST 2, 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 -4,530,715 387,546 1.131,894 317,662 421,488 196,642 152,868 1,003,033 179,828 131,701 173,014 77,115 357,924 Deposits» Menber bank-reserve account 10,412,883 512,527 5,549,081 510,093 576,982 251,456 214,219 1,388,146 243,210 140,182 257,422 200,229 569,336 U.S.Treasurer—General account 863,462 53,836 301,058 39,562 68,986 33,761 50,211 54,670 42,921 44,349 70,819 46,769 56,520 Foreign bank 311,136 22,394 111,088 30,172 28,928 13,375 10,887 37,637 9,021 7,154 9,021 9,021 22,438 Other deposits 351,180 5,301 236;330 7,832 12,453 2,078 5,540 37,125 6,254 6,586 r/54 1,674 21,553 Total deposits 11,938,661 594,058 6,197,557 587,659 687,349 300,670 280,857 1,517,578 301,406 198,271 345,716 257,693 669,847 Deferred availability items 642,946 63,745 148,798 54,052 71,670 49,683 23,693 97,009 26,723 15,292 35,199 23,066 34,016 Other liabilities including -i r>r\ accrued dividends 2,879 325 1,115 301 232 39 118 243 61 103 loo 72 82 TOTAL LIABILITIES 17,115,201 1,0-45,674 7,479,364 959,674 1,180,739 547,034 >457,536 2,617,863 508,018 345,367 554,117 357,946 1,061,869 C A P I T A L A C C O U N T S Capital paid in 135,408 9,405 50,873 12,118 13,744 5,108 4,550 13,806 3,993 2,914 4,285 4,038 10,574 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) 27,26A 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 33,692 1,507 8,419 2,046 3,494 1,426 1,740 6,810 1,298 2,027 983 1,828 2., 114 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 17,460,717 1,069,543 7,598,576 991,950 1,213,307 561,844- 4-70,169 2,662,574 518,539 354,462 564,140 368,970 1,086,643 Connitnents to nake industrial advances 11,403 535 2,188 1,345 1,439 948 139 46 430 64 618 --------- 3,651 MATURITY DISTRIBUTION OF BILLS .AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 nonths 1 Year 2 Years to Over Total 15 days 30 days 60 days 90 days 6 nonths to 1 Year to 2 Years 5 Y^crs 5 'lears Bills discounted 4,660 1,454 155 2,250 367 433 1 - - . . — Bills bought 545 28 47 107 363 ~ — — —-» --------- Industrial advances 11,746 1,297 59 526 331 1,827 2,610 2,526 2,570 --- U; S. Government securities 2,453,419 85,355 85,140 127,675 68,050 102,676 296,068 326,576 531,534 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT OK AUGUST 2, 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 4,814,318 406,323 1,226,446 335,029 440,899 206,222 163,460 1,031,562 190,314 136,933 181,364 85,321 410,445 Held by Federal Reserve bank 283,603 18,777 94,552 17,367 19,411 9,580 10,592 28,529 10,436 5,232 8,350 8,206 52,521 In actual circulation 4,530,715 387,546 1,131,894 317,662 421,438 196,642 152,868 1,003,033 179,828 131,701 173,014 77,115 357,924 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,928,500 420,000 1,248,000 345,000 445,000 210,000 169,000 1,045,000 196,000 143,500 185,000 88,000 434,000 Eligible paper 1,963 129 338 75 87 596 — — 13 16 18S — 521 Total collateral 4,930,463 420,129 1,248,338 345,075 445,087 210,596 169,000 1,045,000 196,013 143,516 185,188 88,000 434,521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis