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, Oct. 27; of the Federal Reserve System not earlier. October 26, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended October 25 member bank reserve balances increased $435000,000. Additions to member bank reserves arose from decreases of $28,000,000 in money in circulation, $23,000,000 in Treasury deposits with Federal Reserve banks, and $7,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of $4.2,000,000 in gold stock, and $2,000,000 in Treasury currency, offset in part by a decrease of $4-6,000,000 in Reserve bank credit and an increase of $14-,000,000 in Treasury cash. Excess reserves of member banks on October 25 were estimated to be approximately $5,530,000,000, an increase of $20,000,000 for the week. The principal change in holdings of bills and securities was a decrease of $12,000,000 in holdings of United States Treasury bills» Changes in member bank reserve balances and related items during the week and the year ended October 25, 1939, were as follows! Increase or decrease since Oct. 25, Oct. 18, «_Oct, 26, 1939 1939 1938 (in millions Of dollars) Bills discounted 6 -------- — 1 J- Bills bought — - 1 - 1 U. S. Gov*t securities, direct and guaranteed 2,736 - 12 + 172 Industrial advances (not including 10 million. commitments - October 25) 12 — - 3 Other Reserve bank credit 18 — 33 + 25 Total Reserve bank credit 2,771 — 46 + 191 Gold stock 17,039 + 42 +2,988 Treasury currency 2,929 + 2 + 180 Member bank reserve balances 11,950 -f43 +3,210 Money in circulation 7,302 — 28 648 V Treasury cash 2,230 4*14 - 537 Treasury deposits with F.R. banks 326 - 23 258 I-Ionmember deposits and other F. R. accounts 932 - 7 + 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fora FP.—2S3~a Released for publication Friday morning, Oct. 27,1939; not earlier* STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease . since Oct. 25, Oct. 18, Oct. 26, 1939 1939 1938 A S S E T S Gold certificates on hand and due froiu TJ, S, Treasury 14,804,210 + 35,004 +3,551,499 Redemption fund - F. R. notes 8,926 851 + 1.23 Other cash 344,281 + 11,898 7 .24*504 Total reserves 15,157,417 + 46,051 +3,517,118 Bills discounted} Secured by U. S. Gov’t obligations, direct and guaranteed 993 89 3,372 Other bills discounted 4,758 + 217 + 1,888 Total bills discounted 5,751 + 128 — 1,484 Bills bought in open market —- 415 541 Industrial advances 11,763 — 24 - 3,573 U. S. Government securities, direct and guaranteeds Bonds 1,315,942. + 528,615 Motes 1,2.45,4-97 — + 80,932 Bills 174,320 - 12,500 r 437*802 Total U.S. Government securities* direct and guaranteed 2,735,759 - 12,500 + 171,744 Total bills and securities 2,753,273 - 12,811 + I06, l4t> Due from foreign banks 47 261 133 F. R. notes of other banks 23,385 + 200 + 282 Uncollected items 662,257 -140,319 + 75,60" Bank premises 42,108 + 21 2,174 Other assets 69,436 + 773 + 20,869 T O T A L A S S E T S 18,707,923 -106,346 +3,777,711 L I A B I L I T I E S F. R. notes in actual circulation 4,74-3,717 - 12,740 + 459,340 Deposits J Member bank - reserve account 11,950,446 + 43,599 +3,210,363 U.S. Treasurer - General account 326,003 ~ 23,134 - 258,150 Foreign bank 418,898 + 4,193 + 206,404 Other deposits 272,874 - 10,666 + 111,276 Total deposits 12,968,221 + 13,992 +3,269,893 Deferred availability items 644,088 -108,162 + 50,210 Other liabilities including accrued dividends 4,147 + 212 r .........221 T O T A L L I A B I L I T I E S 18,360,173 -106,693 +3,779,122 C A P I T A L A C C O U N T S Capitol paid in 1.35,557 12 + 1,569 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts ..25,777 .+ . _264 n__2i974 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,707,923 -106,346 +3,777,711 Ratio of total reserves to deposit and F. R. note liabilities combined 85.6$ + ,3% + 2« A% Contingent liability on bills purchased for foreign correspondents 101 237 Commitments to make industrial advances 10,156 80 4,385 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 OCTOBER 25, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila* Clove. Rich* Atlanta Chicago St.Louis Minn# Kans.Cy» Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 14,804,210 853,152 7,124,328 731,589 883,761 379,27-4 268,600 2,499,949 410,036 247,764 336,867 215,654 853,236 Redemption fund - F.R. notos 8^926 1,116 1,345 454 536 575 348 968 840 327 552 415 1,450 Other cash 344*281 29,184 <30,041 29,648 22,248 20,500 17,537 46,370 14,361 8,927 18,371 17,570 29,524 Total reserves 15,157,417 883,452. 7,215,714 761,691 906,545 400,349 286,485 2,547,287 425,237 257,018 355,790 233,639 884,210 Bills discounted: Secured by tUS.GovTt ob] ;ations, direct and guaranteed 993 ~ 313 63 138 110 10 145 60 30 65 4 55 Other bills discounted 4,758 — 1,474 321 478 342 136 417 146 147 884- 112 301 Total bills discounted 5,751 — 1,787 384 616 452 146 562 206 177 949 116 356 Industrial advances 11,763 1,571 1,998 3,136 339 1,016 644,. 445 7 828 200 522 1,057 U. S. Government securities, direct and guaranteed: Bonds ^ 1,315,942 95,178 416,676 113,124 136,950 66,530 52,347 143,664 44,078 35,051 57,790 46,908 107,646 Notes 1,245,4-97 90,084 394,370 107,068 129,619 62,969 49,545 135,972 41,716 33,174 54,697 44,397 101,886 Bills 174,320 12,608 55,196 14,935 18,142 8*813 6,934 19.031 5,839 4,643 7,655 6,214 14,260 Total U.S.Gov’t securities, direct and guaraiTtfeeT 2,735,759 197,870 866,242 235,177 284,711 138,312 108,826 298,667 91,633 72,868 120,142 97,519 223,792 Total bills and securities 2,753,273 199,441 870,027 238,697 285,666 139,780 109,616 299,674 91,846 73,873 121,291 98,157 225,205 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F.R.notes of other banks 23,385 553 4,746 943 1,401 2,969 2,168 2,603 l,64o 1,411 1,605 557 2,789 Uncollected items 662,257 66,123 167,343 48,775 72,080 56,963 25,217 90,983 30,297 19,136 28.780 26,388 30,182. Bank premises 42,108 2,903 8,908 4,594 5,894 2,564 2,040 3, SCO 2,256 1,508 3,132 1,272. 3,157 Other assets 69,436 4,534 22,252 6,027 7,644 4,081 2,923 6,928 2,173 1,875 2,842 2,390 5,767 TOTAL ASSETS 18,707,923 1,157,009 8,289,008 1,060,732 1,279,234 606,708 428,451 2,951,361 553,4/0 354,821 513,441 362,404 1,151,314 ■^ess than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-c L I A B I L I T I E S Total Boston New York Phila. F.R. notes in actual circulation 4,743,717 3 o o STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON OCTOBER 25, 1939 (In thousands of dollars) Cleve. Rich. Atlanta Chicago St.Louis Minn« Kans.Cy. Dallas San Fran. 1,187,036 333,002 440,727 220,481 158,778 1,04-3,04l 187,157 137,274 177,792 82,536 375,563 Deposits: F ember bank-reserve account 11,950,446 606,676 6,404,940 581,117 651,208 278,174 199,166 1,682,706 285,712 153,554 270,802 207,650 628,741 U.S.Treasurer-General account 326,003 21,652 95,204 13,336 33,899 16,960 10,874 29,745 18,621 2.3,931 13,582 18,044 29,655 Foreign bank 4lS,898 30,875 142,998 41,613 39,897 18,447 15,015 51,909 12,441 9,867 12,441 12,441 30,954 Other deposits 272,874 6,006 183,713 10,657 7,665 1,911 7,111 5,307 7,760 5,007 900 3,379 33,458 Total deposits 12,968,221 665,209 6,326,855 647,223 732,669 315,492 232,166 1,769,667 324,534 192,359 297,725 241,514 722,808 Deferred availability, items 644,083 67,130 153,732 47,580 72,614 55,681 24,598 93,324 30,998 15,928 27,623 27,147 27,728 Other liabilities including accrued dividends 4,147 342 1,449 453 394 118 185 384 164 123 175 112 248 TOTAL LIABILITIES 18,360,173 1,133,011 8,169,072 1,023,253 1,246,404 591,772 415,727 2,906,4l6 542,353 345,684 503,320 351,309 1^26,347 \ r m1 0n Capital paid in 135,557 9,38.3 50,909 12,117 13,792 5,105 4,561 13,803 3,992 2,919 4,303 4,050 10,623 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 1.4-29 545 1,001 1,142 1,266 2,121 Other capital accounts 35,777 1,658 9,107 2,245 3,708 1,555 1,320 7.04-7 1,365 2,064 1,063 1,837 2,258 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 13,707,923 1,157,009 8,289,008 1,060,732 1,279,234 606,708 428,451 2,951,361 553,440 354,321 513»Vi 362,404 1151,314 for foreign correspondents 101 7 36 10 10 4 4 12 3 2 3 3 7 Comnitnonts to make industrial advances 1,156 493 1,891 955 1,407 858 73 24- 415 64 567 — 3,404 MATURITY DISTRIBUTIC¡N OF PILLS AND 3ECURITIES V/ ithin l6 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 5,751 1,385 125 3,609 207 317 103 — — — Industrial advances 11,763 1,442 343 408 1,115 1,040 2,104 2,952 2,359 U• S. Government securities, direct and guaranteed ,735,759 48,940 48,675 182,453 — 161,705 138,783 347,365 589,282 1,218,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FH—2o3~d FEDERAL RESERVE NOTE ^ rATELlElTT OH OCTOBER 25, 1939 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Kran. Federal Reserve notes: Issued to F. R. bank by F.R.agent 5,060,802 429,043 1,283,175 351,207 461,881 231,531 170,119 1,080,862 199,722 141,662 187,064 91,390 433,146 Held by Fedora], Reserve bank 317,085 28,713 96,139 18,205 21,154 11,050 11,341 37,821 12,565 4,383 9,272 8,854 57,583 In actual circulation 4,743,717 4q0,330 1,187,036 333,002 440,727 220,481 158,778 1,043,041 187,157 137,274 177,792 82,536 375,563 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,164,000 440,000 1,305,000 360,000 465,000 235,000 174,000 1,090,000 203,000 143,500 190,000 94,500 464,000 Eligible paper 1,626 — 353 63 — 310 — ■ ~ 110 74 716 — — Total collateral 5,165,626 440,000 1,305,353 360,063 465,000 235,310 174,000 1,090,000 203,110 14-3,574 190,716 94,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis