H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FE-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Jan, 5; of the Federal reserve System not earlier, January 4, 1940 CONDITIO!] OF THE FEDERAL RESERVE BANKS During the week ended January 3 member bank reserve balances increased $228,000,000, Additions to member bank reserves arose from decreases of $82,000,000 in money in circulation, $50,000,000 in Treasury cash, and $29*000,000 in nonmember deposits and other Federal Reserve accounts, and from an increase of $77,000,000 in gold stock, offset in part by a decrease of $4,000,000 in Reserve bank credit and an increase of $5,000,000 in Treasury deposits with Federal Reserve banks. Excess reserves of member banks on January 3 were estimated to be approximately $5,270,000,000, an incroaso of 3220,000,000 for the week. Holdings of United States Government bonds, direct and guaranteed;; declined $5,000",000 for the week. Changes in member bank reserve balances and related items during the week and the year ended January 3, 1940, were as follows: Increase or decrease since Jan. 3> Dec. 27, Jon 4, # 1940 1939 1939 (in millions of dollars) Bills discounted 7 - 1 + 3 Bills bought •f 1 — U*S«Gov*t securities,direct and guaranteed 2,484 - 5 - 30 Industrial advances (not including 8 million commitments - January 3) 11 — - 5 Other Reserve bank credit 62 + 2 -r 43 Total Reserve bank credit 2,564 4 40 Gold stock 17,697 + 77 + 3,132 Treasury currency 2,963 + 163 Member bank reserve balances 11,721 + 228 + 2,902 Money in circulation 7,581 - 82 + 742 Treasury cash 2,367 - 50 - 35o Treasury deposits with F. R. banks 651 + 5 - 240 llonmenber deposits and other F.R. accounts 904 - 29 + no Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Fbra FR-283~a Released, fax: publication Friday morning, Jan. 5,1940; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decreasesince Jan. 3, Dec. 27, Jan. 4, 1940 1939 1939 A S S E TS Gold certificates on hand and due from U. S. Treasury 15,304,121 +130,327 +3, 466,402 Redemption fund - F. E. notes 9,903 — + 29 Other cash 315,569 + 46,241 49,194 Total reserves 15,629,593 +176,568 +3,417,237 Bills discounted: Secured by S. Gov't obligations, direct and guaranteed 662233 892 — 1,711 Other bills discounted 6,185 - 351 + 4,212 Total bills discounted 6,808 - 1,243 + 2,501 Bills bought in open market — — - 549 Industrial advances 1100,,888833 - 230 - 44,,662222 U. S. Governnent securities, direct and guaranteed: Bonds 1,351,045 - 5,152 + 510,152 Notes 1,133,225 —• — 23,72.2 Bills — — 566,175 - Total U. S. Government securities, direct and guaranteed 2,484,270 - 5,152 - 79,745 Total bills and securities 2,501,961 - 6,625 - 82,415 Due from foreign banks 47 — — 125 F. R. notes of other banks 29,790 + 1,626 + 364 Uncollected items 841,095 + 53,617 + 101,353 Bank premises 41,736 428 - 1,192 Other assets 58,293 - 1,201 + 13,652 T O T AL A S S E TS 19,102,515 +223,557 +3, 448,874 L I A B I L I T I ES F. R. notes in actual circulation 44,,994477,,776633 - 29,891 + 550066,,771133 Deposits J Member bank - reserve account 11,720,622 +227,504 +2, 901,379 U. S. Treasurer - General account 651,075 + 5,061 - 240,044 Foreign bank 402,425 - 5,415 + 212,509 Other deposits 251,072 - 18,889 + 5,388 Total deposits 13,025,194 +208,261 +2, 879,232 Deferred availability items 779,077 ++ 5511,,111177 + 5588,,228888 Other liabilities including accrued dividends 1,332 - 649 - T O T AL L I A B I L I T I ES 18,753,366 +225,244 +3,443,584 C A P I T AL A 0 C 0 U !J T S Capital paid in 135,889' + 3S5 + 1,166 Surplus (Section 7) 151,720 + 2,568 + 2,568 Surplus (Section 13b) 26,839 425 425 Othjr capital accounts 34,701 - 4,225 + 1,981 TOTAL LIABILITIES A1ID CAPITAL ACC0U1TTS 19,102,515 +223,557 +3, 448,874 Ratio of total reserves to deposit ana F. R, note liabilities combined 87.05k + * + 3.3% Contingent liability on bills purchased for foreign correspondents — —- — 29 Commitments to make industrial advances 8,454 766 - 5,104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAIIKS ON JANUARY 3, 1940 (In thousands of dollars) A S S E TS 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 15,304,121 883,846 7,331,603 862,535 1,033,326 401,874 297,705 2,451,904 389,742 253,922 350,814 236,947 809,353 Redemption fund - F.R.notes 9,903 924 1,619 1,071 816 935 745 624 772 219 478 364 1,336 Other cash 315,569 28,664 73,253 26,165 19,870 18,887 17,078 41,830 17,118 8,928 17,092 14.642 32,042 Total reserves 15,629,593 913,434 7,406,475 889,821 1,054,512 421,696 315,528 2,494,358 407,632 263,069 368,384 251,953 842,731 Bills discounted? Secured by U. S. Gov't obligations, direct and guaranteed 623 30 110 198 113 42 20 50 25 35 Other bills discounted 6,135 2,238 570 542 230 190 643 171 210 885 145 361 Total bills discounted 6,808 30 2,348 768 655 272 210 643 171 260 910 145 396 Industrial advances 10,883 11,,229977 22,,003311 33,,113388 331155 948 694 332222 11 774411 117777 4-88 772211 U. S„ Government securities direct and guaranteed: Bonds 1,351,045 96,616 410,582 110,824 137,799 68,442 54,752 145,594 60,530 39,948 63,167 51,433 111,358 Notes 1,133,225 81,039 344,307 92,957 115,581 57,407 45,924 122,122 50,771 33,508 52,984 43,1J9 93,406 Total U. S. Gov!t securities, direct and guaranteed 177,655 754,969 203,781 253,380 125,849 100,676 267,716 111,301 73,456 116,151 94,572 204,764 Total bills and securities 2,501,961 178,982 759,348 207,687 254,350 127,069 101,580 268,681 111,483 74,457 117,238 95,205 205,881 Due from foreign banks 47 3 18 5 4 2. 2 6 1 * 1 1 4 F. R. notes of other banks 29,790 780 4,140 984 1,332 3,799 2,480 4,519 2,623 1,386 2,276 653 4,818 Uncollected items 841,095 75,946 204,611 62,803 97,687 75,426 35,572 114,716 37,448 18,968 39,387 30,957 47,574 Bank premises 41,736 2,889 9,895 4,573 5,547 2,545 2,034 3,390 2,243 1,396 3,093 1,175 2,956 Other assets to & 3,873 17,063 4,813 6,483 3,447 2,375 5,929 2,490 1,763 2,639 2,251 5,167 TOTAL ASSETS 19,102,515 1,175,907 8,401,550 1,170,686 1,419,915 633,984 459,571 2,891,599 563,920 361,039 533,018 382,195 1,109,131 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>-c STATEMENT CF CONDITION OF THE FEDERAL RESERVE BANKS Oil JANUARY 3, 1940 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San Fran. F.R. notes in actual circulation 4,947,763 408,831 1,265,159 348,503 460,651 227,100 162,856 1,084,233 193,021 141,448 183,583 83,867 388,406 Depositss Member bank-reserve account 11,720,622 567,083 6,403,172 6:12,384 680,700 283,852 208,350 1,471,908 275,725 151,872 259,1952 16,089 589,992 U.S.Treasurer-General account 651,075 70,235 128,867 59,336 110,128 20,939 23,388 111,245 29,979 25,763 29,893 23,929 17,373 Foreign bank 402,425 29,243 141,090 39,417 37,791 17,473 14,222 49,169 11,784 9,346 1.1,784 11,734 29,322 Other deposits 251,072 6,460 164,332 18,717 8,150 2,897 6,626 4,659 7,588 6,212 1,004 5,7.20 18,707 Total deposits 13,025,194 673,021 6,837,461 729,854 836,769 325,161 252,586 1,636,981 325,076 193,193 302,176 257,522 655,394 Deferred availability items 779,077 69,622 177,514 59,442 89,585 66,643 31,438 125,757 35,069 17,239 36,008 29,642 40,318 Other liabilities including accrued dividends 1,332 168 3-38 177 146 15 22 165 17 88 37 51 8 TOTAL LIABILITIES 18,753,366 1,151,642 8,280,522 1,137,976 1,387,151 6•1 8,919 446,902 2,847,136 553,183 351,968 522,759 371,082 1,084,126 C A P I T AL A C C 0U N T S Capital paid in 1^5,889 9,388 51,121 12,115 13,920 5,173 4,623 13,509 4,074 2,933 4,319 4,067 10,647 Surplus (Section 7) 151,720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Surplus (Section 13b) 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Other capital accounts 34,701 1,598 9,472 2,004 3,514 1,399 1,608 6,701 1,416 1,985 1,185 1,806 2,013 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,102,515 1,175,907 8,401,550 1,170,686 1,419,915 633,984 459,571 2,891,599 563,920 361,039 533*018 382,195 1,109,131 Commitments to a alee industrial advances 8,454 460 1,797 350 1,108 759 78 22 152 62 532 3A34 MATURITY DISTRIBUTION OF BILLS AND 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 6,808 743 145 1,703 3,741 459 17 — — — Industrial advances 10,883 1,471 164 187 511 1,111 2,873 2,416 2,150 — U. S. Government securities, direct and guaranteed 2,484,270 136,783 105,974 280,315 696,524 1,264,674 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~d FEDERAL RESERVE NOTE STATEMENT Oil JANUARY 3, 1940 (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.a;ent 5,268,551 428,710 1,360,308 370,448 487,535 246,073 176,434 1,120,453 204,703 146,248: 193,710 92,098 441,831 Held by Federal Reserve bank 320,788 19,879 95,149 21,945 26,884 18,973 13,578 36,220 11,682 4,800 10,022 8,231 53,425 In actual circulation 4,947,763 408,831 1,265,159 345,503 460,651 227,100 162,856 1,084,2-33 193,021 141,448 183,688 83,867 388,406 Collateral held by agent as security for notes issued to banks 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 1,371 30 194 225 — 57 — — 25 115 725 — — Total collateral 5,372,371 440,030 1,385,194 375,225 491,000 250,057 180,000 1,140,000 209,025 147,615 195,725 94,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis