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, September 29; of the Federal Reserve System not earlier. September 28, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended September 27 member bank reserve balances increased $72,000,000. Additions to member bank reserves arose from decreases of $67,000,000 in Treasury deposits with Federal Reserve banks, $12,000,000 in Treasury cash, and $10,000,000 in nonmember deposits and other Federal Reserve accounts* and an increase of $23,000,000 in gold stock, offset in part by a de­ crease of $37,000,000 in Reserve bank credit and an increase of $2,000,000 in money in circulation. Excess reserves of member banks on September 27 were estimated to be approximately $5>330,000,000, an increase of $50,000,000 for the week. The principal change in holdings of bills and securities was a net decrease of $22,000,000 in United States Government securities, direct and guaranteed; holdings of bonds increased $8,000,000, while holdings of bills decreased $30,000,000. Changes in member bank reserve balances and related items during the week and the year ended September 27, 1939, were as follows* Increase or decrease since Sept. 27, Sept. 20, Sept, 28, -1239 . 1939 1938 (In millions of dollars) —— Bills discounted 6 3 Bills bought 1 — — U. S. Government securities,direct and guaranteed 2,804 - 22 + 240 Industrial advances (not including 11 million commitments - September 27) 12 __ 4 Other Reserve bank credit 24 - 14 + 16 Total Reserve bank credit 2,846 - 37 + 249 Gold stock 16,925 + 23 +3,211 Treasury currency 2,914 - 1 + 176 Member bank reserve balances 11,621 + 72 +3,424 Money in circulation 7,238 + 2 + 664 Treasury cash 2,260 - 12 - 556 Treasury deposits with F. R. banks 552 - 67 - 312 llonnember deposits and other F. R. accounts 1,013 - 10 + 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-a Released for publication Friday morning, Sept. 29,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Sept. 27, Sept. 20, Sept. 28, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 14,656,717 + 34,999 +3,793,495 Redemption fund - F. R. notes 7,344 - 944 - 2,267 Other cash . . , 331,046 + 4,765 - . :4lii:-75 Total reserves 15,003,107 + 38,820 +3,747,753 Bills discounted: Secured by U. S. Gov't obligations, direct and guaranteed 1,572 + 603 . 4,436 Other bills discounted 4.784 + 165 + ’ 1,751 Total bills discounted 6,356 + 768 - 2,685 Bills bought in open market 548 + 3 + 7 Industrial advances 11,644 23 4,033 U. S. Government securities, direct and guaranteed: Bonds 1,315,942 + 7,326 + 526,615 Notes 1,245,497 — + 79,432 Bills 242.370 - 30,000 — 3.66^252 Total U. S.Government securities. direct and guaranteed 2,803,809 - 22,674 + 239,794 Total bills and securities 2,822,357 - 21,926 + 233,083 - Due from foreign banks 176 2 4 F. R. notes of other banks 20,799 714 - 5,695 Uncollected items 646,638 - 73,675 + 86,059 Bank premises 42,140 19 - 2,208 Other assets 67,889 + 1,118 + 20,2.82 T O T A L A S S E T S 18,603,106 - 56,398 +4,079,270 L I A B I L I T I E S F. R. notes in actual circulation 4,683,726 + 6,118 + 464,2.42 Deposits: Member bank - reserve account 11,621,33S + 72,029 +3*423,350 U. S. Treasurer - General account 551,890 - 66,723 - 312,591 Foreign bank 467,580 - 2.8,207 + 284,355 Other deposits _ 30^912 ±M*2$2 + -150,227 Total deposits 12,944,721 - 4,542 +3,545,841 Deferred availability items 622,759 - 59,408 + 70,133 Other liabilities including accrued dividends 4,970 + 1,076 + T O T A L L I A B I L I T I E S 18,256,176 - 56,756 +4,081,346 C A P I T A L A C C O U N T S Capital paid in 135,511 + 5 + 1,513 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — - 419 Other capital accounts 35,003 + . ..352 - 4,583 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,603,106 - 56,398 +4,079,270 Ratio, of total reserves to deposit and F. R. note liabilities combined 85.1^ + .2% + 2.5% Contingent liability on bills purchased for foreign correspondents 101 — - 56 Commitments to make industrial advances 10,517 289 - 3,080 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE 3AUKS OH SEPTEMBER 27, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Miim. Kens.Cy* Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 14,656,717 837,744 7,063,860 724,122 867,960 377,949 294,474 2,448,058 390,861 255,269 344,108 229,770 822,542 Redemption fund - F.R. notes 7,344 257 944 606 768 599 575 743 400 358 607 442 1,045 Other cash 339,046 27,929 88,924 26,559 22,552 20,179 16,941 45,884 16,600 8,822 19,647 16,793 28,216 Total reserves 15,003,107 865,930 7,153,728 751,287 891,280 398,727 311,990 2,494,685 407,861 264,449 364,362 247,005 851,803 Bills discounted* Secured by U.S. Gov't obligations, direct and guaranteed 1.572 225 902 90 63 91 20 76 25 ■35 45 Other bills discounted 4,784 1,772 321 361 267 159 400 126 82 346 275 675 Total bills discounted 6,356 225 2,674 411 424 358 179 476 151 32 346 310 720 "Bills bought in open market 548 41 214 55 51 24 19 69 2 2 16 16 39 Industrial advances 11,644 1,690 2,042 2,678 357 1,037 751 446 3 818 202 545 1,075 U. S. Government securities} direct and guaranteed! Bonds 1,315,942 96,081 398,301 112,291 131,980 70,688 54,397 141,226 58,053 36,239 62,286 48,806 105,594 Notes 1,24-5,497 90,937 376,981 106,279 124,915 66,904 51,485 133,666 54,944 34,301 58,951 46,193 99,941 Bills 242,370 17,696 73,359 20,682 24,308 13,019 10,019 26,011 10,692 6,675 11,472 8,989 19,448 Total U.S.Gov't securities. direct and guaranteed 2,803,809 204,714 848,641 239,252 281,203 150,611 115,901 300,903 123,689 77,215 132,709 103,988 224,983 Total bills and securities 2,822,357 206,670 853,571 242,396 282,035 152,030 116,850 301,894 123,845 78,117 133,273 :*.04,859 226,817 Due from foreign banks 176 13 65 18 16 8 6 22 3 2 5 5 13 F. R. notes of other banks 20,799 779 4,216 814 1,579 1,527 1,786 2,225 2,569 883 1,520 487 2,414 Uncollected items 646,638 68,026 154,978 45,487 72,080 57,282 22,900 91,474 29,429 18,451 38,361 24,543 33,627 Bank premises 42,140 2,908 8,929 4,6o4 5,906 2,564 2,044 3,890 2,258 1,505 3,144 1,222 3,166 Other assets 67,889 4,472 20,815 5,895 7,277 4,220 2,951 6,650 2,732 1,887 2,983 2,472 5,535 TOTAL ASSETS 18,603,106 1,148,798 8,196,302 1,050,501 1,260,173 616,358 458,527 2,900,840 568,697 365,294 533,645 380,593 1,123,375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forni FR—283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 27, 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.Cy, Dallas San Fran. F. R. notes in actual cir­ culation -4,683,726 398,878 1,181,959 329,332 435,250 207,386 155,720 1,031,010 183,113 135,908 175,504 81,783 367,883 Depositai Member bank—reserve account 11,621,338 573,626 6,275,556 560,539 626,332 270,322 207,508 1,616,769 279,803 145,472 263,983 202,547 598,881 U.S.Treasurer-General account 551,890 45,977 99,853 25,542 36,494 46,754- 38,031 51,511 44,828 42,440 40,299 46,676 33,485 Foreign bank 467,580 33,411 168,407 45,138 43,277 20,010 16,287 56,307 13,495 10,703 13,495 13,495 33,555 Other deposits 303,913 6,041 207,447 12,642 14,135 1,724 6,749 7,248 6,696 5,567 377 2,174 33,113 Total deposits 12,944,721 659,055 6,751,263 643,861 720,238 338,810 268,575 1,731,835 344,822 204,182 318,154 264,892 699,034 Deferred availability items 622,759 66,490 141,159 44,513 71,633 55,138 21,370 92,801 29,906 15,935 29,701 22,722 31,391 Other liabilities including accrued dividends 4-, 970 419 2,371 379 323 100 165 315 268 137 181 112 200 TOTAL LIABILITIES 18,256,176 1,124,84-2 8,076,752 1,018,085 1,227,444 601,434 445,830 2,855,961 558,109 356,162 523,540 369,509 1,098,508 C A P I T A L ACC 0 1 1 1 S Capital paid in 135,511 9,399 50,874 12,116 13,768 5,117 4,561 13,799 3,995 2,917 4,299 4,048 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 3,892 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 35,003 1,600 8,756 2,188 3,631 1,531 1,793 6,985 1,363 2,061 1,054 1,878 2,163 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,,603,106 1,148,798 8,196,302 1,050,501 1,260,173 616,358 458,527 2,9oO,840 568,697 365,294 533,648 380,593 1,123,375 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 10,517 481 1,932 1,336 1,428 904 79 30 423 66 583 — 3,255 MATURITY DISTRIBUTION OF BILDB AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 3. Year 2 Years to Over Total 15 daye[ 30 days 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 6,356 2,164 168 500 3,372 131 21 — — — Bills bought 548 124 149 140 135 — — — — — Industrial advances 11,644 1,366 239 481 560 1,638 2,339 2,511 2,510 — U. S. Government securities, direct and guaranteed 2,803,809 38,913 29,,137 97.,615 182,453 161,705 138,783 347,365 589,282 1,218,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fora FR—283-d FEDERAL RESERVE NOTE STATEMENT ON SEPTEMBER 27, 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 4,991,190 428,753 1,271,572 347,529 456,703 221,115 168,054 1,059,401 195,556 139,572 185,506 90,747 426,682 Held by Federal Reserve bank 307,464 29,875 89,613 18,197 21,453 13,729 12,334 28,391 12,443 3,664 10,002 8,964 58,799 In actual circulation 4,683,726 398,878 1,181,959 329,332 435,250 207,386 155,720 1,031,010 183,113 135,908 175,504 81,783 367,883 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,101,000 440,000 1,290,000 350,000 460,000 225,000 169,000 1,080,000 199,000 141,500 188,000 94,500 464,000 Eligible paper 2,022 2.2.5 1,247 90 — 216 — — 55 6 I83 -- — Total collateral 5,103,022 440,225 1,291,247 350,090 460,000 225,216 169,000 1,080,000 199,055 l4l,506 188,183 94,500 ¿64,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis