H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Fora FR—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday norning, Nov. 17; of the Federal Reserve System not earlier. November 16, 1939 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended l^ovenber 15 nenber bank reserve bal ances decreased $162,000,000. Reductions in nenber bank reserves arose fron increases of $216,000,000 in Treasury deposits with Federal Reserve banks and $72,000,000 in Treasury cash, and a decrease of $6,000,000 in Reserve bank credit, offset in part by decreases of $25,000,000 in noney in circulation and $7,000,000 in non— nenber deposits and other Federal Reserve accounts, and increases of $103,000,000 in gold stock and $4,000,000 in Treasury currency. Excess reserves of r.cr.ber banks on Novenber 15 were estimated to be approximately $5,170,000,000, a decrease of $180,000,000 for the week. The principal change in holdings of bills and securities was a decrease of $38,000,000 in United States Government securities, direct and guaranteed: hold­ ings of bills decreased $21,000,000, of bonds $9,000,000, and of notes $3,000,000. Changes in nenber bank reserve balances and related itens during the week and the year ended Novenber 15, 1939, were as follows» Increase or decrease since Nov, 15, Nov. 8, llov. 16, _1?J9,_ .,.1219 ' (in nillions of doll.ars) Bills discounted 6 - 1 Bills bought — - 1 U. S.Gov*t securities, direct and guaranteed 2,649 - 38 + 85 Industrial advances (not including 10 nillion con::d.tnents - Novenber 15) 12 — 3 Other Reserve bank credit 48 + 32 + 45 Total Roserve bank credit 2,715 - 6 + 125 Gold stock 17,2.35 +103 +3,073 Treasury currency 2,939 + 4 + 183 Member bank reserve balances 11,587 -162 +2,860 Money in circulation 7,384 - 25 + 652 Treasury cash 2,341 + 78 - 380 Treasury deposits with F. R. banks 56 4 +216 + 20 Nonmember deposits and other F.P.. accounts 1,013 - 7 + 229 As Thursday, November 23, will be observed as a holiday in most Federal Reserve bank cities, the statement for next week will be issued on Friday, November 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Nov, 17, 1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Nov* 15, Nov. 8, Nov. 16, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U, S. Treasury 14,866,654 + 8,444 +3,4>2,9 53 Redemption fund - F. R. notes 10,253 + 1,114 + 576 Other cash ....351,716 + 29,828 — 15.616 Total reserves 15,230,623 + 39,386 +3;,447,913 Bills discounted* Secured by U, S.Gov*t obligations, direct and guaranteed 1,089 2 — 2,554 Other bills discounted .... 5*326 + 12 + 2,492 Total bills discounted 6,485 + 10 - 62 Bills bought in open market — — 545 Industrial advances 11,561 62 3,856 U. S. Government securities, direct and guaranteed* Bonds 1,305,442 - 8,500 + 518,115 Notes 1,239,172 - 8,325 + 74,607 Bills 104,705 - 20,675 — 507,418 Total U.S. Government securities, direct and guaranteed 2,649,319 - 37,500 + 85,304 Total bills and securities 2,667,365 - 37,552 + 80,84l Due from foreign banks 47 — 129 F.R. notes of other banks 23,216 + 2,372 — 4,996 Uncollected it eras 964,817 +386,654 + 161,270 Bank premises 42,035 2 2,168 Other assets - 70,581 + 508 + 20,570 T O T A L A S S E T S 18,998,684 +391,366 +3,703,301 L I A B I L I T I E S F. R. notes in actual circulation 4,805,254 - 11,840 + 459,438 Deposits* Member bank — reserve account 11,587,156 -161,504 +2,860,533 U.S.Treasurer- General account 564,123 +216,501 + 20,547 Foreign bank 454,277 - 1,954 + 251,429 Other deposits 317,728 “-JL¿8-2 — 4,869 Total deposits 12,923,284 + 47,860 +3,127,640 Deferred availability items 916,914 +354,808 + 116,212 Other liabilities including accrued dividends 4,853 + 400 + 169 T O T A L L I A B I L I T I E S 18,650,305 +391,228 +3,703,459 C A P I T A L A C C O U N T S Capital paid in 135,602 + 5 + 1,599 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — 419 - Other capital accounts ....^¿61 ± 122. 2,751 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,998,684 +391,366 +3,703,301 Ratio of total reserves to deposit and F. ?.. note liabilities combined 85.9% — + 2,6% Contingent liability on bills purchased for foreign correspondents — — — 324 Conr.itnents to make industrial advances 9,919 47 - 4,426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fore FE-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OIT NOVEMBER 15, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 14,866,654 841,580 6,971,039 795,848 928,083 390,834 278,465 2,539,001 425,209 246,505 340,518 238,132 871,440 Redemption fund - F.R.notes 10,253 1,061 1,155 1,308 1,000 1,237 294 S38 316 241 517 389 1,397 Other cash 353,716 30,789 87,524 29,974 23,787 25,262 20,808 43,341 15,500 9,293 19,086 17,332 31,020 Total reserves 15,230,623 873,430 7,059,718 827,130 952,870 417,333 299,567 2,583,180 441,525 256,039 360,121 255,853 903,857 Bills discounted* Secured by U. S. Gov’t obligations, direct and guaranteed 1,089 75 309 60 143 71 65 101 75 90 66 4 30 Other bills discounted 5,396 — 1,500 321 503 327 167 430 156 159 1,471 98 264 Total bills discounted 6,485 75 1,809 381 646 398 232 531 231 249 1,537 102 294 Industrial advances 11,561 1,422 1,974 3,153 332 1,007 663 444 7 810 185 510 1,054 U. S. Governnent securities, direct and guaranteed* Bonds 1,305,442 94,536 410,798 112,074 135,974 66,551 52,196 142,845 43,897 34,986 57,854 46,786 106,943 Notes 1,239,172 89,738 389,944 106,387 129,071 63^L72 49,545 135,593 41,667 33,211 54,919 44,412 101,513 Bills 104,705 7,583 32,949 8,989 10,906 ‘ 5,338 4,186 11,457 3,521 2,806 4,640 3,752 8,578 Total U. S, Gov*t securitiesif direct and guaranteed 2,649,319 191,859 833,691 227,450 275,951 135,061 105,927 289,895 89,085 71,003 117,413 94,950 217,034 Total bills and securities 2,667,365 193,356 837,474 230,984 276,929 136,466 106,822 290,870 89,323 72,062 119,135 95,562 218,382 Due fron foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R. notes of other banks 23,216 592 4,253 1,218 1,506 ‘3,268 1,502 2,481 1,865 1,097 1,387 498 3,549 Uncollected itens 964,817 98,421 244,816 70,797 117,076 79,988 34,519 138,467 41,227 24,178 40,140 36,332 38,856 Bank premises 42,035 2,898 8,888 4,594 5,894 2,557 2,041 3,871 2,250 1,500 3,H9 1,266 3,157 Other assets 70,581 4,605 22,568 6,080 7,766 4,151 2,976 7,056 2,205 1,918 2,913 2,469 5,874 TOTAL ASSETS 18,998,684 1,173,305 8,177,735 1,140,808 1,362,045 643,765 447,429 3,025,931 578,396 356,794 526,316 391,981 1,173,679 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-C STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAIIKS ON IÏOVSSER 15, 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 San Fran. F.R. notes in actual cir­ culation 4,805,254 399,410 1,203,510 337,366 448,015 225,548 159,864 1,052,207 189,382 138,700 180,396 83,555 387,301 Deposits * Member bank-reserve account 11,507,156 570,731 6,096,910 595,266 652,091 279,791 198,038 1,639,906 295,690 151,193 263,334 217,851 626,355 U.S.Treasurer-General account 564,123 41,933 152,504 44,300 63,624 20,487 20,195 90,64-1 21,337 20,824 19,246 26,634 42,398 Foreign bank 454,277 33,078 158,688 44,581 42,743 19,763 16,086 55,612 13,329 10,571 13,329 13,329 33,168 Other deposits 317,728 7,874 228,860 15,908 8,961 3,994 6,668 4,792 6,582 5,021 845 4,599 23,624 Total deposits 12,923,284 653,616 6,636,962 700,055 767,419 324,035 240,907 1,790,951 336,933 187,609 296,754 262,413 725,545 Deferred availability items 916,914 95,835 215,141 70,377 113,264 79,102 33,635 137,358 41,297 21,216 39,346 34,788 35,555 Other liabilities including accrued dividends 4,853 401 1.855 468 446 131 199 445 181 139 199 125 264 LABILITIES 18,650,305 1,149,262 8,057,468 1,108,266 1,329,144 628,816 434,685 2,980.961 567,798 347,664 516,695 380,381 1,148,665 C A P I T A L A C 0 0 U ¡3 T S Capital paid in 135,602 9,383 50,915 12,115 13,799 5,108 4,561 13,804 4,019 2,922 4,303 4,052 10,621 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 36,361 1,703 9,432 2,315 3,772 1,565 1,840 7,071 1,349 2,054 1,063 1,890 2,307 TOTAL LIABILITIES A1JD CAPITAL ACCOUNTS 18,998,684 1,173,305 8,177,735 1,140,808 1,362,045 643,765 447,429 3,025,931 578,396 356,794 526,816 391,981 1,173,679 Commitments to make industrial advances 9,919 481 1,907 922 1,362. 850 r 7 y e 0 s 22 410 63 567 — 3,257 MATURITY DISTRIBUTION OF BILLS AID SECURITIES Within 16 to 31 to 61 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 6,485 1,486 3,546 278 189 912 74 — Industrial advances 11,561 1,467 357 1,011 476 944 2,114 2,956 2,236 - U. S. Government securities, • direct and guaranteed 2,649,319 69,280 35,425 — — 161,705 136,783 345,254 690,567 1,210,305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

i?'orm FR—283—cl FEDERAL RESERVE NOTE STATEMENT Oil NOVEMBER 15, 1939 (In thousands of dollars) Total Boston Now York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R. brink by-F.R.agent 5,096,606 -424,913 1,288,849 359,541 468,229 237,692 172,182 1,079,342 200,603 143,162. 188,46-' 90,900 442,727 Held by Federal Reserve bank 291,352 25,503 85,339 22,175 20,214 12,144 12,318 27,135 11,221 4,462 8,070 7,345 55,426 In actual circulation 4,805,254 399,410 1,203,510 337,366 448,015 225,548 159,864 1,052,207 189,382 138,700 180,396 83,555 387,301 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. St Treasury 5,202,000 440,000 1,315,000 370,000 471,000 245,000 174,000 1,090,000 203,000 145,500 190,000 94,500 464,000 Eligible paper 2,337 75 360 60 — 256 —- — 135 148 1,303 — — Total collateral 5,204,337 440,075 1,315,360 370,060 471,000 245,256 174,000 1,090,000 203,135 145,648 191,303 94,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis