H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Borirà of Governors Friday morning, Dec, 29; of the Federal Reserve System not earlier. December 28, 1939 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended December 22 nember bank reserve balances increased $115,000,000, Additions to member bank reserves arose froE decreases of $48,000,000 in Treasury deposits with Federal Reserve banks, $16,000,000 in money in circulation, and $85,000,000 in nonnenber deposits and other Federal Reserve accounts, and increases of $44,000,000 in gold stock/f^-,000,000 in Treasury cur­ rency, offset in part by a decrease of $77,000,000 in Reserve bank credit and an increase of $6,000,000 in Treasury cash. Excess reserves of member banks on December 27 vrere estimated to be approximately $5,050,000,000, an increase of $150,000,000 for the week. The principal change in holdings of bills and securities was a net decrease of $7,000,000 in United States Government securities, direct and guaranteed; hold­ ings of bonds increased $93,000,000 and holdings of notes decreased $100,000,000, Changes in nember bank reserve balances and related items during the week and the year ended December 27, 1939, were as follows: Vncrease or decrease since Dec. 27, Dec, 20, Dec» 28, _123£_. 1939 . .1938 (in millions of dollars) Bills discounted 8 — - + 1 Bills bought — — 1 U. S, Gov't securities, direct and guaranteed 2,489 - 7 - 75 Industrial advances (not including 9 million comnitnents - December 27) 11 — 5 Other Reserve bank credit 60 - 69 + 37 Total Reserve bank credit 2,568 - 77 — 42 Gold stock 17,620 + 44 +3,112 Treasury currency 2,9->3 + 4 + 173 1‘enbor bank reserve balances 11,493 +115 +2,916 ¿.lonoy in circulation 7,663 - 16 + 751 Treasury cash 2,417 + 6 - 290 Treasury deposits with F, R. banks 646 — 48 - 295 Nomember deposits and other F, R. accounts 933 - 85 + 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forn FR—28>-a Released for publication Friday norning, Dec. 29,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Dec. 27, Dec. 20, Dec. 28, 1939 . 193?. 1938 A S S E T S Gold certificates on hand and due from U, S. Treasury 15,173,79-4 + 39j175* +3,386,075 Redemption fund - F. R. notes 9,903 - 70 + 30 Other cash 269,328 + 14,899 56,143 Total reserves 15,453,025 54?004* +3,329,962 + Bills discounted* Secured by U, S. Gov’t obligations, t , direct rad guaranteed 1,515 162 3,416 Other bills discounted 6,536 — 251 + 4,487 Total bills discounted 8,051 - 413 + 1,071 Bills bought in open market — __ - 549 Industrial advances 11,113 26 4,575 U. S. Government securities, direct and guaranteed* Bonds 1,356,197 + 93*000 •H 515,304 Notes 1,133,225 100,000 - 23,722 Bills — 566,175 Total U, S. Government securities, direct and guaranteed 2,489,422 - 7,000 - 74,593 Total bills and securities 2,508,586 - 7,439 78,646 Due from foreign banks 47 — 125 F. R. notes of other banks 28,164 2,248 2,762 + + Uncollected items 787,478 — 90,424* H- 100,263 Bank premises 42,164 - 21 ' - ! 3 • -* O • Other assets 59,494 - 150 + 15 -1^2 T O T A L A S S E T S 18,878,958 4-1,782 367,466 - 4-3 , L I A B I L I T I E S F. R. notes in actual circulation 4,977,654 - 2,196 + 507,192 Deposits* Member bank - reserve account 11,493,11® + : 114,954 +2,915,951 U. S. Treasurpr- General account 646,014 - 47,551 - 294,990 Foreign bank 407,840 - 4,919 + 200,137 Other deposits 269,961 31,962 — 26,882 Total deposits 12,816,933 — 19,478 +2,794,216 Deferred availability items 727,960 20,940 63,811 — + Other liabilities including accrued dividends 5,575 + 315 - 128 T O T A L L I A B I L I T I E S 18,528,122 42,299 +3,365,091 — C A P I T A L A C C O U N T S Capital paid in 135,494 60 1,04-3 + + Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — - 419 Other capital accounts 38,926 4-57 338 + + TOTAL-LIABILITIES AND CAPITAL ACCOUNTS 18,878,958 41,782 +3,367,466 Ratio of total reserves to deposit and F. R, note liabilities combined 86.8$ 3.2$ + + Contingent liability on bills purchased for foreign correspondents — — - 76 Commitments to make industrial advances 9,220 - 54 - 4,941 *Dec. 20 figures revised. 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 DECEMBER 27, 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. Da3-las San Fran, Gold certificates on hand and due from U.S. Treasury 15,173,794- -566,130 7,072,466 846,837 1,024,275 418,848 304,346 2,573,037 412.310 257,059 350,511 242,995 804,930 Redemption fund - F.R.notes 9,903 924 1,619 1,071 816 935 745 624 772 219 478 364 1,336 Other cash 269,325 24,122 68,458 23,142 12,692 16,367 12,241 32,982 13,AV3 7,835 15,010 13,120 29,866 Total reserves 15,453,025 891,226 7,142,543 871,050 1,037,783 436,150 317,332 2,606,64-3 426,575 265,113 365,999 256,479 836,132 Bills discounted! Secured by U. Sv Gov’t obligations, direct and guaranteed 1,515 110 435 185 113 273 194 4.1 15 90 20 4 35 Other bills discounted 6,536 — 2,258 513 581 335 346 646 186 217 947 146 361 Total bills discounted 8,051 110 2,693 698 694 608 540 687 201 307 967 150 396 Industrial advances 11,113 1,377 2,025 3,076 320 948 695 324 1 753 181; 505 908 U. S. Government securities, direct and guaranteed: Bonds 1,356,197 98,464 421,377 116,123 141,504 70,303 54,787 149,091 45,965 36,802 61,216 49,139 111,426 Notes 1,133,225 82,275 352,100 97,032 13 8,240 58,745 45,778 124,578 38,409 30,750 51,151 4-1,059 93,108 Total U. S. GovH securities, direct and guaranteed 2,489,422 180,739 773,477 213,155 259,744 129,048 100,565 273,669 84,374 67,552 112,367 90,198 204,534 Total bills and securities 2,508,586 182,226 778,195 216,929 260,758 130,604 101,800 274,680 84,576 68,612 113,515 90,853 205,838 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F.R. notes of other banks 28,164 ,432 3,830 1,107 1,716 2,852 2,388 3,899 3,013 1,726 1,973 730 4,498 Uncollected items 787,478 71,245 192,149 50,4-36 103,349 67,859 33,304 104,274 39,709 19,795 36,645 28,171 40,462 Bank prenises 42,164 2,994 8,867 4,573 5,869 2,545 2,265 3,862 2,246 1,498 3,106 1,259 3,180 Other assets 59,494 3,S32 18,839 5,118 6,681 3,595 2,345 5,942 1,852 1,629 2,470 2,100 5,091 TOTAL ASSETS 18,078,9581^51,858 8,144,441 1,149,218 I,4l6,l60 643,607 459,436 2,999,306 558,052 358,373 523,709 379,593 1,095,205 *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 27, 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 4,977,654 411,544 1,263,235 351,332 469,846 232,205 164,885 1,088,194 194,697 141,528 184,255 85,370 390,563 Deposits* Menber bank-reserve account 11,493,118 531,916 6,096,382 588,955 660,881 289,288 207,995 1,637,832 267,396 154,587 263,989 214,479 579,418 U.S.Treasurer-General. account 646,014 79,453 171,180 67,322 107,936 22,651 22,370 69,471 28,553 19,638 18,096 22,035 17,309 Foreign bank 407,840 2.9,434 144,730 39,674 38,038 17,587 14,315 49,490 11,861 9,407 11,861 11,861 29,582 Other deposits 269,961 6,245 178,743 19,661 8,308 3,211 6,772. 5,763 6,935 6,879 980 7,865 18,599 Total deposits 12,816,933 647,048 6,591,035 715,612 815,163 332,737 251,452 1,762,556 314,745 190,511 294,9:26 256,240 644,908 Deferred availability items 727,960 68,572 166,965 48,911 97,408 63,371 30,070 103,054 37,736 16,945 34,068 26,616 34,244 Other liabilities including aecrued dividends 5,575 449 2,116 561 533 165 208 555 135 174 200 153 321 TOTAL LIABILITIES 18,528,122 1,127,613 8,023,351 1,116,416 1,382,955 628,478 446,615 2,954,359 547,313 349,158 513,449 368,379 1,070,036 C A P I T A L A C C 0 U N T S Capital paid in 135,494 9,334 50,957 12,115 13,830 5,160 4,584 13,463 4,067 2,930 4,314 4,063 10,627 Surplus (Section 7) 149,152 10,083 52,463 13,696 14,323 4,983 5,630 22,665 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 38,926 1,904 10,213 2,575 4,045 1,693 1,894 7,389 1,442 2,131 1,191 1,993 2,456 TOTAL LIABILITIES AHD 0 rOo CAPIXAL ACCOUNTS 18,878,958 1,151,858 8,144,441 1,14.9,218 1,416,160 643,607 459,436 2,999,306 558,052 358,373 523,709 ^ 1 > j 2 O 1,095,205 Conaitytefits to nake industrial advances 9»22D 482 1,80 920 1,185 761 78 22 31,3 62 532 3,062 MATURITY DISTRIBUTION OF BILLS AND SECURITIES 7.rithin 16 to 31 to 6l to 91 da”s to 6 nonths 1 Year 2 Years to Over Total 15 days 30 'days 60 days 90 days 6 nonths :o 1 Yeai to 2 Years 5 Ysrrs 5 Years Bills discounted 8,051 1,807 230 1,598 3,787 606 001 Industrial advances 11,113 2,043 19C 205 266 895 2,395 2,969 2,150 U»S. Government securities, — direct and 'guaranteed 2,439,422 136,783 105,974 280,315 696,524 1,269,826 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~d. FEDERAL RESERVE NOTE STATEMENT OR DECEvIBSR 27, 1939 (in thousands of dol*1 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 5,282,206 430,644 1,365,374 370,2.61 488,950 245,493 178,06" 1,122,378 205,560 146,883 192,894 92,13? 443,566 Held by Federal Reserve bank 304,552 19,100 102,139 18,929 19,104 13,288 13,181 34,184 10,863 5,355 8,639 6,76? 53,003 In actual circulation 4,977,654 411,544 1,263,235 351,332 469,846 232,205 164,885 1,088,194 194,697 141,528 184,255 85,370 390,563 Collateral held by agent as se­ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,371,000 440,000 1,385,000 375,000 491,000 250,000 180,000 1,140,000 209,000 147,500 195,000 94,500 464,000 Eligible paper 2,236 110 529 212 — 392 — — 55 158 780 — — Total collateral 5,373,236 440,110 1,385,529 375,212. 491,000 250,392. 180,000 l,l40,000 209,055 147,658 195,780 94,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis