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, 25; of the Federal Reserve System not earlier, August 24, 1939 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended August 23 member bank reserve balances increased $196,000,000. Additions to member bank reserves arose from increases of $166,000,000 in gold stock and $3,000,000 in Treasury currency and decreases of $32,000,000 in Treasury cash and $52,000,000 in Treasury deposits with Federal Reserve banks, offset in part by a decrease of $12,000,000 in Reserve bank credit and increases of $7,000,000 in money in circulation and $39,000,000 in nomeiaber deposits and other Federal Reserve accounts. Excess reserves of member banks on August 23 were estimated to be approximately $4,740,000,000, an increase of $150,000,000 for the week. Changes in member bank reserve balances £tnd related items during the week find the year ended August 23, 1939, were as follows l Increase or decrease since Aug, 23, Aug, 16, Aug, 24, 1939 1939 1938 (in millions of dollars) Bills discounted 5 — - 2 Bills bought 1 — — U. S. Government securities 2,423 — .Ul Industrial advances (not including 11 million commitments - August 23) 12 ». I Other Reserve bank credit 1 - 12 + 9 Total Reserve bank credit 2, Ml - 12 — 138 Gold stock 16,501 + l66 + 3,4-22 Treasury currency 2,903 + 3 + 176 I.iember bank reserve balances 10,829 + 196 + 2,673 Money in circulation 7,098 + 7 + 628 Treasury cash 2,334- - 32 - S3 Treasury deposits with F. R, banks 724 - 52 - 47 -iomember deposits and other F,R. accounts 860 + 39 + 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Aug. .25, 1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Aug. 23, Aug, 16, Aug. 24, 1939 . 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 14,167,720 +199,499 +3,535,309 Redemption fund - F. R.notes 9,126 + 70 + 14 Other cash 344,846 ±..1*311 52,047 - Total reserves 14,521,692 +202,906 +3,483,276 Bills discounted! Secured by U. S. Gov’t obligations, direct or fully guaranteed 1,012 40 _ 2,687 Other bills discounted 3,806 _+__JQ6 + 764 Total bills discounted 4,818 + 266 - 1,923 Bills bought in open market 575 + 30 + 38 Industrial advances 11,677 + 62 - 4,175 U. S. Government securities! Bonds 911,090 — + 166,985 Treasury notes 1,176,109 __ - 20,079 Treasury bills 335,540 — - 288,182 Total U. S. Government securities 2,422,739 — - 141,276 Total bills and securities 2,439,809 + 358 - 147,336 Due from foreign banks 149 29 35 - F, R. notes of other banks 21,732 903 - 3,223 Uncollected items 604,265 -117,549 + 103,028 Bank premises 42,224 35 - 2,238 Other assets .51*022 + 582 - 918 ............ T O T A L A S S E T S 17,680,903 + 85,330 +3,432,554 L I A B I L I T I E S F. R. notes in actual circulation 4,572,130 + 8,308 + 427,370 Deposits! Member bank - reserve account 10,828,970 +195,521 +2,672,933 U.S.Treasurer - General account 723,754 - 51,985 - 47,030 Foreign bank 323,760 + 43,095 + 204,594 Other deposits 280,186 - 4,399 + 84,524 Total deposits 12,156,670 +182,232 +2,915,021 Deferred availability items 603,220 -105,563 + 93,365 Other liabilities including accrued dividends _lu118 + 170 - ¿2 .. .............. T O T A L L I A B I L I T I E S 17,335,138 + 85,147 +3,435,703 C A P I T A L A C C O U N T S Capital paid in 135,486 + 9 + 1,495 Surplus (Section 7) 149,152. — + 1,413 Surplus (Section 13b) 27,264 — - 419 Other capital accounts JOjlSoI + 174 - 5,638 . TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,680,903 + 85,330 +3,4-32,554 Ratio of total reserves to deposit and F. R. note liabilities combined 86,8$ + . 2% + 4.3$ Contingent liability op bills purchased for foreign correspondents 101 — — 503 Commitments to make industrial advances 11,075 186 - 2,609 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 AUGUST 23, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kails. Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 14,167,720 809,971 6,786,833 705,501 855,234 367,189 302,487 2,296,539 373,451 250,522 362,251 228,179 82.9,56'3 Redemption fund - F.R.notes 9,126 375 1,460 814 959 1,305 175 972 454 384 651 474 1,103 Other cash 344,846 23,108 89,975 28,002 22,263 23,143 22,164 42,580 17,931 8,745 19,866 15,083 31,986 Total reserves 14,521,692 833,454 6,878,268 734,317 878,456 391,637 324,826 2,340,091 391,836 259,651 382,768 243,736 862,652 Bills discounted» Secured by U.S.Gov't obligations, direct or fully guaranteed 1,012 95 549 48 13 115 30 37 — 10 — 70 45 Other bills discounted 3,806 — 1,172 196 236 292 125 245 119 73 265 342 736 Total bills discounted 4,818 95 1,721 244 249 407 155 282 119 88 265 412 781 Bills bought in open market 575 41 242 55 51 23 19 69 2. 2 16 '16 39 Industrial advances 11,677 1,744 2,052 2,699 368 1,066 752 372 3 822 205 551 1,043 U. S. Government securities: Bonds 911,090 67,003 265,094 ■77,160 91,237 51,259 38,790 98,664 42,284 25,940 45,394 34,859 73,406 Treasury notes 1,176,109 86,494 342,203 99,605 117,777 66,170 50,073 127,363 54,585 33,436 53,598 44,997 94,758 Treasury bills 335,540 24,676 97,630 28,417 33,601 18,373 14,286 36,336 15,573 9,553 16,713 12,838 27,034 Total U.S.Gov't securities 2,422,739 178,173 704,927 205,182 242,615 136,307 103,149 262,363 112,442 68,979 120,710 92,694 195,198 Total bills and securities 2,439,809 180,053 708,942 208,180 243,283 137,303 104,075 263,086 112,566 69,891 121,196 93,673 197,061 Due from foreign banks 149 13 37 18 17 8 6 22 3 2 5 5 13 F. R.notes of other banks 21,732 666 4,022 974 1,280 1,626 1,746 2,402 1,276 1,768 1,048 536 4,388 Uncollected items 604,265 57,773 163,518 43,005 65,516 50,421 20,785 83,756 25,184 17,773 ■30,068 2.1,768 24,698 Sank premises 42,224 2,912 8,926 4,615 5,918 2,576 2,048 3,899 2,264 1,508 3,157 1,227 3,174 Other assets 51,032 3,233 15,182 4,453 5,589 3,405 2,262 4,918 2,094 1,484 2,297 1,885 4,210 TOTAL ASSETS 17,680,903 1,078,124 7,778,895 995,562 1,200,059 587,476 455,748 2,698,174 535,223 35?.,077 540,539 362,830 1,096,196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BARKS ON AUGUST 23, 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 í.íinn* Kans.Cy. Dallas San Fran, F.R.notes in actual cir­ culation 4,572,130 390,866 1,137,015 321,370 428,931 203,884 152,160 1,013,058 179,079 132,836 173,243 77,955 360,933 Deposits: Member bank—reserve account 10,828,970 522,162 5.911,855 515,757 569,612 262,365 208,200 1,410,711 253,855 139.535 254.000 189.685 591,233 U.S.Treasurer-General account 723,754 55,114 147,594 41,186 61,550 41,036 45,008 89,548 49,802 39,869 54,263 49,037 49,747 Foreign bank 323,760 22,901 119,185 30,855 29,583 13,678 11,133 38,489 9,225 7,316 9,225 9,225 22,945 Other deposits 280,186 4,982 193,147 8,725 12,383 1,640 5,870 14,312 5,264 5,620 8,421 1,499 18,323 Total deposits 12,156,670 605,159 6,371,781 596,523 673,128 318,719 270,211 1,553,060 318,146 192,340 325,909 249,446 682,248 Deferred availability items 603,220 57,873 149,737 45,036 65,135 49,969 20,607 87,070 26,598 17,684 31,138 24,305 28,068 Other liabilities including accrued dividends 3,118 341 1,139 344 280 52 136 221 71 115 204 84 131 TOTAL LIABILITIES 17,335,138 1,054,239 7,659,672 963,273 1,167,474 572,624 443,114 2,653,409 524,694 342,975 530,494 351,790 1,071,380 C A P I T A L A C C O U N T S Capital paid in 135,486 9,405 50,873 12,116 13,742. 5,117 4,559 13,805 3,996 2,917 4,296 4,042 10,618 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 4,4l6 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 33,863 1,523 8,430 2,061 3,513 1,459 1,732 6,865 1,303 2,031 994 1,840 2,112 TOTAL LIABILITIES A13D CAPITAL ACCOUNTS 17,680,903 1,078,124 7,778,895 995,562 1,,200,059 587,476 455,748 2,698,174 535,223 352,077 540,539 362,830 1,096,196 Contingent liability on bills purchased for foreign correspondents 101 7 36 10 10 4 4 12 3 2 3 3 7 Commitments to malee industrial advances 11,075 605 2,059 1,342 1,444 927 139 30 429 65 608 — 3/27 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 davs 30 da vs 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 4,818 1,253 2,244 566 497 258 --- -- — --- Bills bought 575 305 33 209 28 — -- - — - Industrial advances 11,677 1,205 166 594 442' 1,762 2,448 2,539 2-521 — U. S. Government securities 2,422,739 77,625 62,250 85,550 82,115 130,676 296,068 326,576 531,535 830,344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d VFEDERAL RESERVE NOTE STATEMENT ON AUGUST 23, 1939 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn# Kans.Gy. Dallas San Fran. FgcLôï* 21*^ Tioisos • Issued to F.R.bank by F.R. agent 4,859,493 411,844 1,232,427 338,873 446,894 214,103 164,112 1,037,930 191,567 137,820 183,670 85,829 414,424 Held by Federal Reserve bank 287,363 20,978 95,412 17,503 17,963 10,219 11,952 24,872 11,688 4,984 10,427 7,874 53,491 In actual circulation 4,572,130 390,866 1,137,015 321,370 428,931 203,884 152,160 1,013,058 179,879 132,836 173,243 77,955 360,933 Collateral held by agent as se­ curity for notes issued to banks Gold certificates on hand and due from TJ. S. Treasury 4,945,500 420,000 1,248,000 345,000 450,000 215,000 169,000 1,055,000 196,000 139,500 185,000 89,000 434,000 Eligible paper 2,182 95 852 48 — 320 — — 10 16 206 — 635 Total collateral 4,947,682 420,095 1,248,852 345,048 450,000 215,320 169,000 1,055,000 196,010 139,516 185,206 89,000 434,635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis