H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Saturday morning, Oct. 14-j of the Federal Reserve System not earlier.. October 13, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended October 11 member bank reserve balances increased $67,000,000* Additions to member bank reserves arose from decreases of $12,000,000 in Treasury cash, $65,000,000 in Treasury deposits with Federal Reserve banks and $35,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of $15,000,000 in gold stock and $4,000,000 in Treasury currency, offset in part by an increase of $37,000,000 in money in circulation and a decrease of $27,000,000 in Reserve bank credit. Excess reserves of member banks on October 11 were estimated to be approximately $5,400,000,000, an increase of $40,000,000 for the week. The principal change in holdings of bills and securities was a 'decrease of $20,000,000 in holdings of United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended October 1]., 1939, were as follows ? Increase or decrease since Oct. 11, Oct,• 4, Oct• 12, 1939 1939 1938 (In millions of dol.lars) Bills discounted 7 — 2 Bills bought 1 — U. S. Gov’t securities, direct and guaranteed 2,76 5 20 + 201 Industrial advances (not including 10 million commitments - October 11) 12 - 4 Other Reserve bank credit 26 — 7 + 10 Total Reserve bank credit 2,810 — 27 + 205 Gold stock 16,973 + 15 + 3,104 Treasury currency 2,924 180 Member bank reserve balances 11,739 + 67 + 3,339 Money in circulation 7,346 + 37 + 679 Treasury cash 2,238 - 12 — 574 Treasury deposits with F, R. banks AoA - 6 5 - 299 Nonmember deposits and other F, R. accounts 980 -* 35 + 3^4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-a Released for publication Saturday morning, Oct. 1.4, 1939, not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Oct. 11, Oct, 4-, Oct. 12, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 14,725,715 + 29,498 +3,,705,504 Redemption fund - F. R. notes 8,987 IS - 682 Other cash 315,194 - 9,959 — 48,017 Total reserves 15,049,896 + 19,521 +3,656,805 Bills discounted: Secured by U, S. Gov't obligations, , direct .and guaranteed 1,331 + 54 4,775 Other bills discounted . 5,183 289 + 1,990 Total bills discounted 6,514 235 - 2,785 Bills bought in open market 498 50 - 43 Industrial advances 11,803 38 3,704 U, S. Government securities, direct and guaranteed* __ Bonds, 1,315,942 + 528,615 Notes 1,2.45,497 — + 80,932 Bills 203,457 - 20,000 —* 408,666 Total U.S. Government securities» direct and guaranteed 2,764,896 - 20,000 + 200,881 Total bills and securities 2,783,711 - 20,323 + 194,349 Due from foreign banks 225 + 49 + 45 F. R. notes of other banks 20,836 + 253 - 1,696 Uncollected items 667,636 + 1,122 + 50,242 Bank premises 42,082 — - 2,223 Other assets 71,118 + 2,167 + 22,269 T O T A L A S S E T S 18,635,504 + 2,789 +3,919,791 L I A B I L I T I E S F. R. notes in actual circulation 4,757,812 + 25,679 + 476,709 Deposits» Member bank - reserve account 11,739,156 ‘ + 67,492 +3,338*938 U, S. Treasurer - General account 403,535 - 65,592 - 299,872 Foreign bank 444,207 - 21,930 + 244,745 Other deposits 297,400 - 12,003 + 121., 113. Total deposits 12,884,2.98 - 32,033 +3,404,924 Deferred availability items 641,620 + 8,137 + 39,943 Other liabilities including accrued dividends ....Ju371 + 556 + .-43 T O T A L L I A B I L I T I E S 18,288,101 + 2,339 +3,921,624 C A P I T A L A C C O U N T S Capital paid in 135,561 + 101 + 1,607 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 - 419 - Other capital accounts ......35*426 .+_.... 349 - 4,434 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,635,504 + 2,789 +3,919,791 Ratio of total reserves to deposit and F, R. note liabilities combined 85.3% + .156 + 2.5% Contingent liability on bills purchased for foreign correspondents 101 ~ 56 — Commitments to make industrial advances 10,328 + 50 - 3,368 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAIJKS OK OCTOBER H, 1939 (In thousands of dollars) A S S E T S Total Boston Non York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 14,725,715 845,755 7,052,463 717,113 862,583 388,634 295,982 2,450,358 414,724 259,019 360,604 228,130 850,350 Redemption fund - F.R.notes 8,987 189 1,660 520 659 1,244 399 609 871 344 580 422 1,490 Other cash 315,19-4 27,220 79,766 26,845 20,442 18,503 16,856 4-2,873 14,241 9,369 18,277 15,784 25,018 Total reserves 15,049,896 873,164- 7,133,889 744,478 883,684 408,381 313,237 2,493,840 429,836 268,732 379,461 244,336 876,858 Bills discounted: Secured by U.S.Gov,t obligations, direct and guaranteed 1,331 420 286 115 88 l4o 20 110 60 17 75 Other bills discounted 5,183 2,262 321 470 342 135 418 146 87 501 143 358 Total bills discounted 6,514 420 2,548 436. 558 482 155 528 206 87 501 I60 433 Bills bought in open market 498 41 163 55 51 24 19 69 2 2 16 16 40 rt Industrial advances 11,803 1,579 1,999 3,104 337 1,034 6 4-5 445 t 84-2 202 535 1,074 U. S. Government securities, direct and guaranteed: Bonds 1,315,942 95,140 417,506 113,171 136,913 66,351 52,260 143,558 44,0.21 34,981 57,619 46,826 107,596 I'iot es 1,245,497 90,046 395,158 107,114 129,583 62,798 49,464 135,871 41,665 33,108 54,534 44,319 101,837 Bills 203,457 14,710 64,550 17,497 21,168 10,259 8,080 22,195 6,806 5,408 8,908 7,240 16,636 Total U.S.Gov^ securities« direct and guaranteed 2,764-,896 199,896 877,214- 237,782 287,664 139,408 109,804 301,624 92,492 73,497 121,06l 98,385 226,069 Total bills and securities 2,783,711 201,936 881,924 241,377 288,610 140,948 110,623 302,666 92,707 74,428 121,780 99,096 227,616 Due from foreign banks 225 13 116 17 16 7 6 22 3 2 5 5 13 F.R. notes of other banks 20,836 752 5,290 813 1,017 1,894 1,611 2,918 1,379 1,091 . 2,195 394 1,482 Uncollected items 667,636 65,324 156,452 45,947 76,313 59,408 27,304 95,856 31,462 18,871 31,166 24,871 34,662 Bank premises 42,082 2,903 8,908 4,6o4 5,906 2,564 2,04(4 3,880 2,256 1,503 3,132 1,216 3,166 Other assets 71,118 4,551 22,534 6,485 7,681 4,859 2,916 6,931 2,184 1,879 2,850 2,464 5,784 TOTAL ASSETS 18,635,504- 1,148,643 8,209,113 1,043,721 1,263,227 618,061 457,741 2,906,113 559,827 366,506 540,589 372,382 1,149,581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAMS OH OCTOBER 11, 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 1San Fran. F. R. notes in actual cir­ culation 4,757,812 404,130 1,199,211 335,192 440,672 214,653 159,219 1,041,354 186,183 137,705 178,095 83,643 377,755 Deposits* Member bank-reserve account n ,156 592,811 6,314,981 559,791 625,036 274,124 204,751 1,621,340 281,137 151,951 281,852 211,007 620,375 U.S.Treasurer-General account 403,535 25,367 77,339 13,852 33,039 35,203 31,276 40,178 29,207 36,806 27,272 28,164 25,832 Foreign bank 444,207 32,081 156,940 43,342 41,555 19,214 15,639 54,066 12,958 10,277 12,958 12,958 32,219 Other deposits 297,400 6,232 197,361 13,117... . 13*150. 1,607 7,682 7,497 8,048 4,508 434 1,560 36,204 Total deposits 12,884,298 656,491 6,746,621 630,102 712,780 330,148 259,348 1,723,081 331,350 203,542 322,516 253,689 714,630 Deferred availability items 641,620 63,746 142,158 45,130 76,605 58,215 26,285 96,427 31,518 15,977 29,693 23,851 32,015 Other liabilities including accrued dividends 4,371 323 1,344 844 363 110 172 409 174 149 163 103 217 TOTAL LIABILITIES 18,288,101 1,124,690 8,089,334 1,011,268 1,230,420 603,126 445,024 2,861,271 549,225 357,373 530,467 361,286 1,124,617 C A P I T AL A CO 0 UN T S Capital paid in 135,561 9,384 50,911 12,116 13,736 5,117 4,561 13,802 3,993 2,918 4,302 4,049 10,622 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 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 35,426 1,612 8,948 2,225 3,691 1,542 1,813 6,945 1,379 2,061 1,065 1,889 2,256 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,635,504 1,148,643 8,209,113 1,043,721 1,2.63,227 618,061 457,741 2,906,113 559,827 366,506 540,589 372,382 1,149,581 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 advance s 10,328 472 1,898 990 1,412 912 79 27 416 64 583 3,475 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 6,514 2,316 288 296 3,455 114 45 — — — Bills bought 498 232 93 99 74 — — — — — Industrial advances 11,803 1,395 120 407 1,191 1,210 2,265 2,852 2,363 U. S. Government securities, direct and guaranteed 2,764,896 29,137 48,940 125,380 105,748 161,705 138,783 347,365 589,282 1,218,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT Oil OCTOBER 11, 1939 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San Fran. Federal Reserve notest Issued to F.R.bank by F.R.agent 5,033,030 429,281 1,285,049 352,265 461,738 224,583 169,759 1,064,287 198,210 141,997 186,963 91,639 427,309 Held by Federal Reserve bank 275,268 25,151 85,838 17,073 21,066 9,930 10,540 22,933 12,027 4,292 8,868 7,996 49,554 In actual circulation 4,757,812 404,130 1,199,211 335,192 440,672 214,653 159,219 1,041,354 186,183 137,705 178,095 83,64-3 377,755 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,138,000 440,000 1,305,000 360,000 463,000 225,000 174,000 1,080,000 199,000 143,500 190,000 94,500 464,000 Eligible paper 2,440 420 1,129 115 — 340 — — 110 6 320 — Total collateral 5,140,440 440,420 1,306,129 360,115 463,000 225,340 174,000 1,080,000 199,110 143,506 190,320 94,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis