H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday Horning, Dec. 8; of the Federal Reserve System not earlier. December 7, 1939 CONDITION OF THE FEDERAL RESERVE 3A”KS During the week ended December 6 member bank reserve balances decreased 13,000,000« Reductions in member bcnk renerves arose from increases of $83,000,000 in money in circulation, $32,000,000 in Treasury cash, and $9,000,000 in nonmember deposits and other Federal Reserve accounts, and a decrease of $37,000,000 in Reserve bank credit, offset in part by a decrease of $95,000,000 in Treasury deposits with Federal Reserve banks and increases of $61,000,000 in gold stock and $2,000,000 in Treasury currency. Excess reserves of member banks on December 6 were estimated to be approximately $5,150,000,000, an increase of $10,000,000 for the v;ee];. The principal change in holdings of. bills and securities was a decrease of $40,000,000 in United States Government securities, direct and guaranteed; holdings of bills decreased $35,000,000 and of bonds $5,000,000. Changes in member bank reserve bal-aices and related items during the week and the year ended December 6, 1939, were as follows: Increase or decrease since Dec. 6,, I<ov. 29, Dec. 7. ■ 1939 1939 1938 ' (in millions of do3.ltirs) Bills discounted , 8 + 2 Bills bought — — 1 U. S. Gov*t securities,direct and guaranteed 2,512 - 40 - 52 Industrial advances (not including 9 million commitments - December 6) 11 — 4 Other Reserve bank credit 36 + 2 + 31 Total Reserve bank credit 2,568 - 37 - 23 Gold stock 17,408 + 61 +3,041 Treasury currency 2,949 + 2 + 174 Member banii reserve balances 11,6.17 - 3 +2,651 Money in circulation 7,545 + 83 + 701 Treasury cash 2,391 + 32 - 290 Treasury deposits with F. R. banks 346 - 95 - 61 Ijonnember deposits and other F. R. accounts 1,026 + 9 + 192 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Dec. 8,1939? not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Dec. 6, Nov. 29, Dec. 7, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 14,998,315 + 32,194 +3,336,594 Redemption fund - F. R. notes 9,866 — i4l Other cash 290,747 - 30,019 - 54,996 Total reserves 15,298,928 + 2,175 +3,281,457 Bills discounted» Secured by U, S. Gov't obligations, direct and guaranteed 1,657 160 1,99S Other bills discounted 6,419 + 210 + 4,031 Total bills discounted 8,076 + 50 + 2,033 Bills bought in open market — — 547 Industrial advances 11,387 6 4,098 U. S. Government securities, direct and guaranteed» Bonds 1,278,947 - 4,500 + 491,620 Notes 1,233,225 — + 68,660 Bills Z-3-5,425 - 612,123 Total U. S. Government securities, direct and guaranteed 2,512,172 - 39,925 - 51,843 Total bills and securities 2,531,635 - 39,881 - 54,455 Due from foreign banks 47 — 127 F. R. notes of other banks 21,614 + 886 + 41 Uncollected items 656,498 - 21,545 + 35,719 Bank premises 41,975 41 2,142 Other assets 71,965 + 495 + 20,229 T O T A L A S S E T S 18,622,662 - 57,911 +3,230,722 L I A B I L I T I E S F. R. notes in actual circulation 4,899,500 + 54,208 + 477,051 Deposits: Hember bank - reserve account 11,616,517 - 3,232 +2,650,249 U. S. Treasurer - General account 346,191 - 94,758 - 61,186 Foreign bank 398,444 - 8,830 + 187,726 Other deposits 386,416 + 18,059 + 20.899 Total deposits 12,747,568 - 88,761 +2,797,683 Deferred availability items 620,184 - 24,126 + 4,465 Other liabilities including accrued dividends 6.124 ±„.....-144 + 731 T O T A L L I A B I L I T I E S 18,273,376 - 56,535 +3,279,935 C A P I T A L A C C O U N T S Capital paid in 135,251 + 316 + 1,202 Surplus (Section 7) 149,152 --- + 1,413 Surplus (Section 13b) 27,264 --- 419 Other capital accounts 27,612 + 308 1*409 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,622,662 - 57,911 +3,280,722. Ratio of total reserves to deposit and F. R. note liabilities combined 86,7% + .2% + cn • 1—1 Contingent liability on bills purchased for foreign correspondents — 76 — Commitments to make industrial advances 9,492 151 5,655 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 Oil DECEMBER 6, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve, Rich. Atlanta Chicago St.Louis Llinn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S.Treasury 14,998,315 845,576 7,021,215 820,542 960,046 401,095 279,2.89 2,549,208 422.477 252,772 358,143 230,704 857,248 Redemption fund — F.R. notes 9,866 1,014 976 1,234 939 841 800 767 80'2 233 504 381 1,375 Other cash 290,747 26,060 74,806 '24,432 18,799 18,166 16,326 39,591 13,667 8,587 2,829 16,096 31,388 r • ..... 1 — Total reserves 1 872,650 7,096,997 846,208 979,784 420,102 296,415 2,589,566 436,946 261,592 361,476 247,181 890,011 Bills discounted» Secured by U. S. Gov’t obligations, direct and guaranteed 1,657 80 755 190 188 84- 70 126 65 70 — 4 25 Other bills discounted 6,419 125 2,14-9 488 548 243 290 626 210 179 1,073 140 348 Total bills discounted 8,076 205 2,904 678 736 327 360 752 275 249 1,073 144 373 Industrial advances 11,387 l,4l4 2,026 3,108 315 984 671 499 7 757 183 508 915 U. S. Government securities, direct and guaranteed» Bonds 1,278,947 92,820 398,139 109,553 133,410 66,134- 51,585 1/(0,500 43,296 34,64-1 57,572 46,264 105,033 Notes 1,233,225 89,501 383,906 105,636 128,640 63,769 49,742 135,473 41,748 33,403 55,512 44,611 101,279 Total U. S. Gov*t securities. direct and guaranteed 2,512,172 182,321 782,045 215,189 262,050 129,903 101,327 275,978 85,044 68,044 113,084 90,875 206,312 Total bills and securities 2.531,635 183,940 786,975 218,975 263,101 131,214 102,358 277,229 85 j326 69,050 114,34(0 91,527 207,600 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R.notes of other banks 21,6l4 736 3,349 848 1,719 1,814 1,845 2,334 2,161 928 1,748 653 3,479 Uncollected items 656,498 66,864 159,791 49,034 74,025 58,285 28,946 87,235 28,472, 18,575 29,079 23,650 32,542 Bank precises 41,975 2,894 C, 867 4,583 5,881 2S551 2,037 3,862 O ' J / O 1,4-98 3,106 1,259 3,189 Other assets 71,965 4,696 22,534 6,604 7,909 4,123 3,038 7,264 9 " p£p, 1,965 3,022 2,479 6,071 TOTAL ASSETS 18,622,662 1,131,783 8,078,531 1,126,257 1,332,423 618,091 434,641 2,967,496 557,414 353,608 512,772 366,750 1,142,896 *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 BANKS ON DECEMBER 6, 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 4,899,500 ■ 409,483 1,239,879 345,177 453,846 231,854 161,090 1,069,356 190,638 141,001 183,255 83,929 389,992 Deposits : Member bank—reserve account Hy6lo,5l7 546,893 6,098,109 594,642 658,850 282,468 203,188 1,687,190 2,83,737 157,227 266,164 214,087 623,962 U.S.Treasurer-General account 346,191 37,325 60,648 55,702 64,783 10,747 10,578 20,938 2.3,539 14,109 12,670 15,140 20,012. Foreign bank 398,444 28,635 142,624 38,579 36,988 17,102 13,920 48,124 11,534 9,142 11,534 11,534 28,722 Other deposits 386,4l6 20,951 271,278 12,405 15,283 3,773 6,102 8,537 8,382 6,573 1,325 7,12.6 2.4,681 Total deposits 12,747,568 633,804 6,572,659 701,328 775,904 314,090 233,788 1,764,789 327,192 187,057 291,693 2.47,887 697,377 Deferred availability items 620,184 63,970 142,872 46,116 69,132 56,955 26,752 88,237 28,725 16,225 27,4-37 23,647 30,116 Other liabilities including accrued dividends 6,124 406 2,456 960 489 154 213 493 188 151 194 139 281 TOTAL LIABILITIES 18,273,376 1,107,663 7,957,866 1,093,581 1,299,371 603,053 421,843 2,922,875 546,743 344,434 502,579 355,602 1,117,766 C A P I T A L A O C O l ’i.; T S Capital paid in 135,251 9,383 50,951 12,115 13,823 5,142 4,566 13,320 4,040 2,927 4,308 4,051 10,625 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) -27,2.64 2,874 7,457 4,4l6 1,007 3,293 713 1,429 545 1,001 1,14-2 1,266 2,121 Other capital accounts 37,619 1,780 9,794 2,449 3,899 1,620 1,889 7,206 1,401 2,093 1,130 1,939 2,419 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 18,622,662 1,131,783 8,078,531 1,126,257 1,332,423 618,091 434,641 2,967,496 557,414 353,608 512,772 366,750 1,142,896 Commitments to make industrial advances 9,492 475 1,812 922 1,194 816 78 22 398 64 550 — 3,161 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within l6 to 31 to 6l to 91 days to 6 nonths 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 -ills discounted 8,076 5,133 153 255 1,710 787 33 Industrial advances 11,387 1,532 964 357 347 833 2,342 2,813 2,199 U. S. Governnert securities direct and guaranteed 2,512,172 161,705 136,783 342,221 682,887 1,188,576 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT OH .DECEMBER 6, 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 5,176,588 429,182 1,331,026 362,789 474,344 243,151 172,465 1,092,831 202,440 145,137 191,220 90,891 441,112 Held by Federal Reserve bank 277,088 19,699 91,147 17,612 20,498 11,297 11,375 23,475 11,802 4,136 7,965 6,962 51,120 In actual circulation 4,899,500 409,483 1,239,879 345,177 453,846 231,854 161,090 1,069,356 190,638 141,001 183,255 83,929 389,992 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due fron U. S. Treasury 5,287,000 440,000 1,355,000 370,000 476,000 245,000 177,000 1,115,000 209,000 147,500 195,000 93,500 464,000 Eligible paper 2,446 180 803 210 — 119 — — 135 126 873 — — Total collateral 5,289,446 440,180 1,355,803 370,210 476,000 245,119 177,000 1,115,000 209,135 147,626 195,873 93,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis