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. 22; of the Federal Reserve System not earlier. September 21, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended September 20 member bank reserve balances increased $235000,000. Additions to member bank reserves arose from increases of £94,000,000 in gold stock, $10,000,000 in Reserve bank credit, and ¿4,000,000 in Treasury currency, offset in part by increases of $^45,000,000 in Treasury cash, ¿4,000,000 in Treasury deposits with Federal Reserve banks, and ¿34,000,000 in ncnne:.iber deposits and otherFederal Reserve accounts. Excess reserves of member banks on September 2.0 were estimated to be approximately ¿5,280,000,000, an in­ crease of ¿10,000,000 for the week. The principal change in holdings of bills and securities was a net increase of ¿2,000,000 in United States Government securities, direct and guaranteed; hold­ ings of bonds increased ¿-39,000,000r while holdings of bills declined ¿37,000,000. Changes in member bank reserve balances and related items during the week and the year ended September 20, 1939, were as followsi Increase or decrease since Sept. 20, Sept. 13, Sept. 21, 1939 1939 1938 (In millions of dollars) 3ills discounted 6 - 1 2 Bills bought 1 — — U. S. Government securities,direct and guaranteed 2,826 + 2 + 262 Industrial advances (not including 11 million commitments - September 20) 12 — 4 Other Reserve bank credit 38 + 8 + 31 Total. Reserve bank credit 2,883 + 10 + 287 Gold stock 16,902 + 94 +3,31^ Treasury currency 2,915 + 4 + 180 Member bank reserve balances 11,549 + 23 +3,535 Money in circulation 7,236 + 1 + 684 Treasury cash 2,272 + 45 - 561 Treasury deposits with F. R. banks 619 + 4 - 298 Nonmember deposits and other F. R. accounts 1,023 + 34 + 420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Sept. 22,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Sept. 20, Sept, 13, Sept, 21, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U.S. Treasury 14,621,718 + 44,999 +3,901,977 Redemption fund - F. R. notes 8,288 ----- - 402 Other cash 334,281 + 9,859 - ■ 49,058 Total reserves 14,964,287 + 54,858 +3,852,517 Bills discounted« Secured by U. S. Gov*t obligations, direct and guaranteed! 969 587 4,537 Other bills discounted .... 4,619 - 1,078 + .Ailll .. Total bills discounted 5,588 - 1,665 - 2,624 Bills bought in open market 545 1 + 5 Industrial advances 11,667 + 50 4,016 U. S. Government securities, direct and guaranteedt Bonds 1,308,616 + 39,816 + 519,961 Notes 1,245,497 — + 80,292 Bills 272,370 - 37,050 — 337,785 Total U. S. Government securities, direct and guaranteed 2,826,483 + 2,766 262,468 Total bills and securities 2,844,283 + 1,150 + 255,833 Due from foreign banks 178 + 1 - 3 F. R. notes of other banks 21,513 - 4,876 - 5,518 Uncollected items 720,313 - 13,451 + 109,492 Bank premises 42,159 7 - 2,246 Other assets 66,771 - 10,698 + 20,056 T O T A L A S S E T S 18,659,504 + 26,977 +4,230,131 L I A B I L I T I E S F. R. notes in actual circulation 4,677,608 - 1,384 + ■476,439 Deposits t Member bank - reserve account 11,549,309 + 23,601 +3,535,773 U. S. Treasurer - General account 618,613 + 3,227 - 298,465 Foreign bank 495,787 + 45,711 + 300,288 Other deposits 285,554 - 19,742 + 139,544 Total deposits 12,949,263 + 52,797 +3,£77,140 Deferred availability items 682,167 - 21,957 + 78,466 Other liabilities including accrued dividends 3.894 - 2*249 + 325 TOTAL. L I A B I L I T I E S 18,312,932 + 27,107 +4,232,370 C A P I T A L A C C O U N T S Capital paid in 135,506 + 9 + 1,508 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — - 419 Other capital accounts . 34,650 139 - 4,741 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,659,504 + 26,977 +4,2.30,131 Ratio of total reserves to deposit and F, R. note liabilities combined 84.9% + »1^ + 2.4% Contingent liability on bills purchased for foreign correspondents 101 — - 133 Commitments to make industrial advances 10,806 113 - 2,747 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 SEPTEMBER 20,, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Oleve. Rich. Atlanta Chicago St,Louis Minn, Kans.Cy, Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 14,621,718 829,532 7,074,236 721,984 852,914 378,256 295,074 2,4-13,920 391,976 250,809 348,316 230,130 834,571 Redemption fund - F.R.notes 8,288 298 1,137 680 821 1,005 607 818 *417 366 621 454 1,064 Other cash 334,281 26,025 89,189 26,966 23,076 21,850 18,048 42,466 15,026 8,926 19,707 14,635 28,367 Total reserves 14.964.287 855,855 7,164,562 749,630 876,811 401,111 313,729 2,457,204 407,419 260,101 368,644 245,219 864,002 Bills discounted: Secured by U.S. Gov’t obligations, direct and guaranteed 969 — 445 65 63 166 20 76 43 — — 36 55 Other bills discounted 4,619 — 1,472 321 363 267 187 400 126 82 342 309 750 Total bills discounted 5,588 — 1,917 386 426 433 207 476 169 82 342 345 805 Bills bought in open market 545 41 211 55 51 24 19 69 2 2 16 16 39 Industrial advances 11,667 1,736 2,039 2,677 358 1,042 751 446 3 819 203 545 1,048 U. S. Government securities, direct and guaranteed: Bonds 1,308,616 95,510 396,866 111,709 131,255 70,125 54,012 140,376 57,575 35,977' 61,772 48,455 104,984 Notes 1,245,497 90,904 377,724 106,319 124,925 66,742 51,406 133,604 54,800 34,24C) 58,793 46,119 99,921 Bills 272,370 19,879 82,602 23,251 27,319 14,596 11,242 29,217 11,983 7,488 12,857 10,085 21,851 Total U.S.Gov’t securities. direct and guaranteed 2.,82.6,483 206,293 857,192 241,279 283,499 151,463 116,660 303,197 124,358 77,705 133,422 104,659 226,756 Total bills and securities 2,844f283 208,070 861,359 244,397 284,334 152,962 117,637 304,188 124,532 78,608 133,983 105,565 228,648 Due from foreign banks 178 13 67 18 16 8 6 22 3 2 5 5 13 F. R. notes of other banks 21,513 750 5,290 951 1,437 1,523 1,576 2,334 2,054 1,350 1,633 417 2,198 Uncollected items 720,313 70,813 173,450 51,683 83,173 62,683 25,251 96,973 32,043 22,066 35,399 28,673 38,106 Bank premises 42,159 2,908 8,929 4,615 5,906 2,570 2,044 3,890 2,260 1,505 3,144 1,222 3,166 Other assets 66,771 4,386 20,418 5,828 7,161 4,113 2,905 6,560 2,711 1,872 2,919 2,432 5,466 TOTAL ASSETS 18,659,504 1,142,795 8',234,075 1,057,122 1,258,838 624,970 463,148 2,871,171 571,022 365,504 545,727 383,533 1,141,599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-c STATELIEST OF CONDITION OF TEE FEDERAL RESERVE BANKS ON SEPTEMBER. 20, 1939 L I A B I L I T I E S (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy0 Dallas San Fran. F. R. notes in actual cir­ culation 4,677,608 397,436 1,181,234 327,270 433,466 208,812 155,220 1,029,850 182,714 135,642 175,754 81,309 368,901 Deposits: J.ienber bank—reserve account 11,54-9,309 562,607 6,284,869 549,667 611,929 273,225 201,427 1,575,269 277,500 141,797 267,145 203,525 600,349 U. S * Treasurer-General account 618,613 46,197 124,024 44,702 39,355 45,897 44,280 5 4,668 46;0sl 4-3,124 43,825 44-, 172 42,328 Foreign bank 495,787 35,630 176,795 48,128 46,143 21,335 17,366 60,036 14,339 11,412 14,389 14,339 35,775 Other deposits 235,554 6,911 191,614 4,799 14,361 1,735 6,479 8,885 7,160 5,565 1,417 1,927 34,201 Total deposits 12,949,263 651,345 6,777,302 647,296 712,288 342,192 269,552 1,698,853 345,090 201,S98 326,776 264,013 712,653 Deferred availability itens 682,167 69,665 154,692 49,759 80,107 58,980 25,549 97,343 32,391 18,716 32,944 27,039 34,982 Other liabilities including accrued dividends 3,894 4l4 1,360 406 311 91 159 299 260 134 176 106 178 TOTAL LIABILITIES 18,312,932 1,118,860 8,114,588 1,024,731 1,226,172 610,075 450,480 2,826,350 560,455 356,390 535,650 372,467 1,116,714 C A P I T A L A C C 0 U N m 1 Oq Capital paid in 135,506 9,399 50,873 12,116 13,764 5,116 4,56l 13,800 3,995 2,917 4,299 4,048 105618 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 4,416 1,007 3,293 713 1,429 54 5 1,001 1,142 1,266 2,121 Other capital accounts 34,650 1,579 8,694 2,163 3,572 1,503 1,764 6,926 1,342 2,043 1,023 1,860 2,181 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 13,659,504 1,142,795 8,234,075 1,057,122 1,258,838 624,970 463,148 2,871,171 571,022 365,504 545,727 383,533 1,141,599 Contingent liability on bills purchased for foreign correspondents 101 7 36 10 10 4 4 12 3 2 3 3 7 Commitments to make industrial advances 10,806 591 1,932 1,336 1,428 912 79 30 424 65 589 — 3,420 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 to 2 Years 5 Years 5 Years Bills discounted 5,588 1,287 173 456 3,509 l6l 2 — — — Bills bought 545 — 255 23 267 — — — — --- Industrial advances 11,667 1,448 220 433 551 1,601 2,340 2,511 2,513 --- U.S. Government securities,, direct and guaranteed 2,826,483 48,913 36,637 82,115 210,453 161,705 138,783 347,365 589,282 1,211,230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATELIE1IT ON SEPTEMBER 20, 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 4,994,686 421,654 1,273,192 343,750 458,212 221,683 166,633 1,057,956 194,095 139,895 183,876 90,2.15 443,525 Held by Federal Reserve bank 317,078 24,218 91,958 16,480 24,746 12,871 11,413 28,106 11,381 4,253 8,122 8,906 74,624 In actual circulation 4,677,608 397,436 1,181,234 327,270 433,466 208,812 155,220 1,029,850 182,714 135,642 175,754 81,309 368,901 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due fron U. S. Treasury 5,104,000 430,000 1,303,000 350,000 460,000 22.5,000 169,000 1,080,000 199,000 141,500 188,000 94,500 464,000 Eligible paper 1,172 — 490 65 — 291 — — 74 6 246 — Total collateral 5,105,172 430,000 1,303,490 350,065 460,000 225,291 169,000 1,080,000 199,074 l4l,506 188,246 94,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis