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, Sept, 15; of the Federal Reserve System not earlier, September 14, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended September 13 member bank reserve balances increased $385,000,000. Additions to member bank reserves arose from increases of $230,000,000 in Reserve bank credit, $82,000,000 in gold stock and $3,000,000 in Treasury currency and decreases of $26,000,000 in money in circulation, $37,000,000 in Treasury cash and $61,000,000 in Treasury deposits with Federal Reserve banks, offset in part by an increase of $54,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on September 13 were estimated to be appropriately $5,270,000,000, an increase of $300,000,000 for the week. The principal change in holdings of bills and securities was a net increase of $230,000,000 in United States Government securities, direct and guaranteed. Holdings of bonds and notes increased $248,000,000 and $7,000,000, respectively, while holdings of bills decreased $25,000,000, Changes in member bank reserve balances and related items during the week and the year ended September 13, 1939, were as follows» Increase or decrease since Sept, 13, Sept, 6, Sept. 14-, 1939 "1939 1938 (In millions of dollars) Bills discounted 7 + 1 --- Bills bought 1 — - U. S. Government securities,direct and guaranteed 2,824 +230 + 260 Industrial advances (not including 11 million commitments - Septftnber 13) 12. — 4 Other Reserve bank credit 30 — + 21 Total Reserve bank credit 2,873 +23O + 277 Gold stock 16,808 + 82 +3,337 Treasury currency 2,911 + 3 + 178 Member bank reserve balances 11,526 +385 +3,101 Money in circulation 7,235 - 26 + 685 Treasury cash 2,227 - 37 - 532 Treasury deposits with F. R. banks 615 - 61 + 269 Nonmember deposits and other F, R. accounts 989 + 54 + 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Sept. 1$,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Sept, 13, Sept, 6, Sept. 14, ...193.?....... 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 14,576,719 +124,498 +3,946,986 Redemption fund - F, R. notes 8,288 356 — 1,144 Other cash .124*422 + 16,641 - 54,990 Total reserves 14,909,429 +.140,783 +3,890,852 Bills discounted* Secured by U# S. Gov’t obligations, direct and guaranteed 1,556 + 10 2,270 Other bills discounted ... ..1ML + 1,245 + 2,569 Total bills idscounted 7,253 + 1,255 + 299 Bills bought in open market 546 — + 6 Industrial advances 11,617 10 4,230 U. S. Government securities, direct and guaranteed* Bonds 1,268,800 +247,581 + 524,695 Notes 1,245,497 + 6,924 + 49,309 Bills 309,420 - 25,200 - 314,302 Total U. S, Government securities, +229,305 + 259,702 direct and guaranteed 2,823,717 Total bills and securities 2,843,133 +230,550 + 255,777 Due from foreign banks 177 — 4 F, R. notes of other banks 26,389 + 3,089 903 Uncollected items 733,764 +146,821 5,980 Bank premises 42,166 + 4 2,241 Other assets 77,469 + M 1237 + 20,467 T O T A L A S S E T S 18,632,527 +537,484 +4,157,968 L I A B I L I T I E S F. R. notes in actual circulation 4,678,992 - 4,724 + 478,163 Deposits* Member bank ~ reserve account 11,525,708 +385,100 +3,100,372 U. S. Treasurer - General account 615,386 - 60,169 + 269,081 Foreign bank 450,076 + 52,893 + 283,416 Other deposits ...„191,296 + 14,048 + 55.968 Total deposits 12,896,466 +391,872 +3,708,837 Deferred availability items 704,124 +147,293 26,824 Other liabilities including accrued dividends 6.243 + 2,686 .. .112. T O T A L L I A B I L I T I E S 18,285,825 +537,127 +4,159,843 C A P I T A L A C C O U N T S Capital paid in 135,497 + 1 + 1,506 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — 419 Other capital accounts 34,789 +.,__ 256 T . ..._4>175 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,632,527 +537,484 +4,157,968 Ratio of total reserves to deposit and F. R. note liabilities combined 84.8$ 1,1$ + 2.5$ Contingent liability on bills purchased for foreign correspondents 101 I83 Commitments to make industrial advances 10,919 12 2,562 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ebrm FR—283—b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 13, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Gy. Dallas San Fran. Gold certificates on hand and due from U.S.Treasury 14,576,719 816,196 7,132,530 718,268 839,216 377,329 302,164 2,322,254 378,953 258,233 352,846 237,044 841,686 Redemption fund — F.R. notes 8,288 298 1,137 680 821 1,005 607 818 417 366 621 454 1,064 Other cash 324,422 24,249 88,285 26,328 22,197 18,257 16,624 4-2,649 15,543 9,402 18,802 15,560 26,526 Total reserves 14,909.429 840,743 7,221,952 745,276 862,234 396,591 319,395 2,365,721 394,913 268,001 372,269 253,058 869,276 Bills discounted* Secured by U.S. Gov*t obligations, direct and guaranteed 1,556 85 1,139 41 13 69 20 72. 43 — — 19 55 Other bills discounted 5,697 — 3,279 196 235 137 145 245 84 68 289 346 673 Total bills discounted 7,253 85 4,418 237 248 206 165 317 127 68 289 365 728 Bills bought in open market 546 41 212 55 51 24 19 69 2 2 16 16 39 Industrial advances 11,617 1,745 2,040 2,679 364 1,054 751 371 3 816 203 549 1,042 U. S. Government securities} direct and guaranteed* Bonds 1,268,800 92,609 384,699 108,305 127,261 68,011 52,377 136,112 55,842 34,888 59,913 46,990 101,793 Notes 1,245,497 90,908 377,634 106,315 124,923 66,761 51,417 133,612 54,817 34,248 58,812 46,127 99,923 Bills 309,420 22,584 93,816 26,412 31,035 16,586 12,773 33,193 13,618 8,508 14,611 11,460 24,824 Total U.S.Gov’t securities1 direct and guaranteed 2,823,717 206,101 856,149 241,032 283,219 151,358 116,567 302,917 124,277 77,644 133,336 104,577 22.6,540 Total bills and securities 2,843,133 207,972 862,819 244,003 283,882 152,642 117,502 303,674 124,409 78,530 133,844 105,507 228,349 Due from foreign banks 177 13 67 18 16 8 6 22 2 2 £ 5 13 F. R. notes of other banks 26,389 711 5,561 1,313 1,459 2,313 2,022 2,620 1,388 1,397 1,369 703 5,533 Uncollected items 733,764 72,680 173,573 49,312 88,687 64,028 24,675 105,004 33,430 21,128 34,142 26,703 40,402 Bank premises 42,166 2,908 8,912 4,615 5,918 2,570 2,047 3,890 2,261 1,505 3,144- 1,222 3,174 Other assets 77,469 4,968 23,005 9,010 7,989 4,591 3,193 7,409 3,057 2,090 3,318 2,711 6,128 TOTAL ASSETS 18,632,527 1,129,995 8,295,889 1,053,547 1,250,135 622,743 468,840 2,788,340 559,460 372,653 548,091 389,909 1,152,875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forn FR—28>-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OH SEPTEMBER 13, 1939 L I A B I L I T I E S (in thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta CJhicago St.Louis Minn. Kans.Cy. Dallas San Fran. F_ R. notes in actual cir­ culation 4,678,992 397,206 1,183,632 328,469 434,497 210,811 154,343 1,026,671 182,010 135,377 175,773 80,455 369,748 Deposits* Llenber bank-reserve account; 11,525,708 550,253 6,343,847 540,693 590,783 276,086 210,679 1,503,424 267,403 147,869 267,726 213,801 613,144 U.S.Treasurer-General account 615,386 47,062 117,448 51,796 47,774 38,708 45,555 42,593 46,311 46,630 45,355 43,990 42,164 Foreign bank 450,076 32,300 160,847 43,642 41,842 19,346 15,747 54,440 13,048 10,348 13,048 13,043 32,420 Other deposits 305,296 6,991 211,429 5,951 16,361 1,926 5,524 9,165 6,719 5,578 1,437 1,733 32,432 Total deposits 12,896,466 636,606 6,833,571 642,082 696,760 336,066 277,505 1,609,622 333,481 210,425 327,566 272,572 720,210 Deferred availability itens 704,124 71,871 157,919 47,712 85,922 60,879 24,153 106,926 33,123 17,591 34,434 25,700 37 o'39 Other liabilities including accrued dividends 6,243 398 1,339 2,879 289 84 150 234 253 131 170 101 165 TOTAL LIABILITIES . 18,285,325 1,106,081 8,176,461 1,021,142 1,217,468 607,840 456,151 2,743,503 543,872 363,524 537,993 378,828 1,127,962 C A P I T A L A C C 0 U H T S Capital paid in 135,497 9,399 50,372 12,116 13,763 5,116 4,56l 13,793 3,994 2,917 4,296 4,047 10,618 Surplus (Section 7) 149,152 10,033 52,463 13,696 14,323 4,983 5,630 22,666 4,685 3,153 3,613 3,392 9,965 Surplus (Section 13b) 27,264 2,874 7,457 4,416 1,007 3,293 73.3 1,42.9 545 1,001 1,142 1,266 2,121 Other capital accounts 34,789 1,558 8,636 2,177 3,624 1,511 1,785 6,944 1,364 2,058 1,047 1,376 2,209 TOTAL LIABILITIES AUD CAPITAL ACCOUNTS 18,632,527 1,129,995 8,295,839 1,053,547 1,250,185 622,743 463,840 2,788,340 559,460 372,653 543,091 389,909 1,152,875 Contingent liability 6n bills purchased for foreign correspondents 101 7 36 10 10 4 4 12 3 2 3 3 7 Connitnents to nake industrial advances 10,919 595 1,940 1,337 1,471 913 139 30 424 64 596 — 3,410 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 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 7,253 4,406 2.51 647 1,788 153 3 — — — Bills bought 546 23 115 93 315 —— — . — --- — Industrial advances 11,617 1,317 208 380 506 1,873 2,310 2,525 2,498 — — U. S. Government securities, direct and guaranteed 2,823,717 67,050 38,913 78,077 125,380 105,749 300,433 347,365 589,282 1,171,413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FTl—283—cl FEDERAL RESERVE NOTE STATEEEHT ON SEPTEMBER 13, 1939 (In thousands of dollars) Total Boston Net/ York Phila. Oleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy, Dallas San Fran. Federal Reserve notes» Issued to F.R.bank by F.R.agent 4,983,108 424,070 1,281,368 343,402 457,648 221,268 166,164 1,055,222 194,535 140,025 184,097 90,948 423,561 Held by Federal Reserve boak 304,116 26,864 97,736 14,933 23,151 10,457 11,821 28,551 12,525 4,648 9,124 10,493 53,813 In actual circulation 4,678,992 397,206 1,183,632 328,469 434,497 210,811 154,343 1,026,671 182,010 135,377 175,773 80,455 369,745 Collateral held by agent as se­ curity for notes issued to bahkt Gold certificates on hand and due from U. S. Treasury 5,066,000 430,000 1,303,000 350,000 460,000 225,000 169,000 1,065,000 196,000 141,500 188,000 94,500 444,000 Eligible paper 2,792 85 2,266 41 — 120 -- — 44 6 230 — Total collateral 5,068,792 430,085 1,305,266 350,041 460,000 225,120 169,000 1,065,0-0 196,044 141,506 188,230 94,500 44:4,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis