H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-2S3 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb. 9; of the Federal Reserve System not earlier. February 8, 1940 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended February 7, 1940, member bank reserve balances decreased $53,000,000. Reductions in member bank reserves arose from increases of $83,000,000 in Treasury deposits with Federal Reserve banks, $27,000,000 in money in circulation, $21,000,000 in nonnember deposits and other Federal Reserve accounts and $7,000,000 in Treasury cash, offset in part by increases of $67,000,000 in gold stock, $15,000,000 in Reserve bank credit and $2,000,000 in Treasury currency. Excess reserves of member banks on February 7 were estimated to be approximately $5,520,000,000, a decrease of $40,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended February 7, 1940, were as follows* Increase or decrease since Feb. 7, Jan 31? Feb. 8, # 1940 1940 1939 (In millions of dollars) Bills discounted 7 Bills bought — - 1 U.S. Gov't securities,direct and guaranteed 2,477 87 — - Industrial advances (not including 8 million commitments - February 7) 10 5 — - Other Reserve bank credit 23 15 + 26 Total Reserve bank credit 2,518 + 15 _ 66 Gold stock 17,998 + 67 +3, 266 Treasury currency 2,973 + 2 + 155 Member bank reserve balances 12,097 53 +3, 079 Money in circulation 7,403 + 27 + 730 Treasury cash 2,365 + 7 - 403 Treasury deposits with P. H. bonks 632 + 83 - 299 Nonmember deposits and other F # R. accounts 992 + a + 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Feb. 9,1940$ not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb. 7, Jan. 31, Feb. 8, 1940 1940 1939 A S S E TS Gold certificates on hand and due from U.S. Treasury 15,619,619 + 67,499 +3,640,396 Redemption fund - F. R. notes 10,110 + 783 + 210 Other cash 337,624 - 25,598 " 54,312 Total reserves 16,017,361 + 42,684 +3,586,294 Bills discounted: Secured by U» S, Gov*t obligations, direct and guaranteed 520 38 4,774 Other bills discounted 6,264 124 + 4,164 Total bills discounted 6,784 162 610 Bills bought in open market 556 — Industrial advances 1100,,443355 + 112 -- 44,,225533 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 — + 503,152 Notes 1,133,225 — - 76,706 Bills — — - 513,191 Total U. S. Government securities, direct and guaranteed 2,477,270 — - 86,745 Total bills and securities 2,494,539 50 - 92,164 Due from foreign banks 47 — 119 F. R. notes ofother banks 22,084 - 2,542 253 Uncollected items 598,495 - 26,573 - 25,384 Bank premises 41,792 16 1,039 Other assets 61,460 - 513 + 13,069 T O T AL A S S E TS 19,235,778 + 12,990 +3,480,404 L I A B I L I T I ES F. R. notes in actual circulation 44,,883366,,776688 ++ 44,,666677 ++ 449922,,001155 Deposits: Member bank-reserve account 12,096,727 - 52,849 +3,078,883 U # S. Treasurer - General account 631,565 + 82,124 - 299,730 Foreign bank 388,173 - 19,140 + 179,958 Other deposits 354,408 + 39,124 + 75,031 Total deposits 13,470,873 + 49,259 +3,034,142 Deferred availability items 575,359 -- 4411,,334422 -- 5511,,666622 Other liabilities including accrued dividends 2,415 + 262 174 T O T AL L I A B I L I T I ES 18,885,415 + 12,846 +3,474,321 C A P I T AL A C C O U N TS Capital paid in 136,093 + 85 + 1,194 Surplus (Section 7) 151,720 — + 2,568 Surplus (Section 13b) 26,839 — 425 Other capital accounts 35,711 + 59 + 2,746 TOTAL LIABILITIES AND CAPITAL ACCOUOTS 19,235,778 + 12,990 +3,480,404 Ratio of total reserves to deposit and F. R. note liabilities combined 87.5% — ++ 33..44PP Commitments to make industrial advances 8,350 26 4,555 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 FEBRUARY 21, 1940 (In thousands of dollars) A S S E TS Total Boston New York Phila. CIeve. Rich. Atlanta Chicago St.Louis Minn. K'a ns.Cy. Dallas San Fran. Gol'd certificates on hand and due from U.S.Treasury 15,619,619 893,136 7,709,967 825,528 973,801 406,395 301,811 2,409,439 429,777 244,235 350,045 229,030 846,455 Redemption fund - F.R.notes 10,118 721 1,798 743 541 1,350 867 1,277 697 177 411 320 1,216 Other cash 387,624 34,749 94,315 32,025 27,636 25,723 21,797 49,996 16,336 8,^57 19,791 15,769 40,630 Total reserves 16,017,^61 928,606 7,806,080 858,.296 1,001,978 433,468 324,475 2,460,712 446,810 253,369 370,247 245,119 888,301 Bills discountedt Secured by U.S. Gov't obligations, direct and guaranteed 520 — 145 110 63 31 10 2244 40 — 39 58 Other bills discounted 6,264 125 2,206 562 533 316 321 630 201 147 639 164 415 Total bills discounted 6,784 125 2,351 672 601 347 331 654 201 187 639 203 473 Industrial advances 10,485 11,,442233 2,040 3,108 302 934 795 333 11 191 169 484 695 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 96,123 408,181 110,221 137,084 63,135 54,495 144,872 6600,,227733 39,771 62,897 51,196 110,797 Notes 1,133,225 81,047 344,156 92,934 115,581 57,447 45,945 122 ,1^8 50,818 33,533 53,031 43,167 93,418 Total U. S. Gov't securities, direct and guaranteed 2,477,270 177,170 752,33? 203,155 252,665 125,582 100,440 267,020 111,091 73,304 115,928 94,363 204,215 Total bills and securities 2.494.539 178,718 756,728 206,935 253,568 126,863 101,566 268,007 111,303 73,682 116,736 95,050 205,383 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R. notes of other banks 22,084 677 3,177 795 1,240 4,470 2,122 2,373 1,947 1,208 1,597 723 1,755 Uncollected items 598,495 57,937 138,279 50,266 75,595 51,323 22,696 81,114 26,695 16,014 26,008 21,593 30,975 Bank premises 11,192 2,885 9,876 4,562 5,535 2,533 2,030 3,334 2,244- ' 1,393 3,229 1,169 2,947 Other assets 61,460 4,077 17,924 5,088 6,856 3,658 2,439 6,264 2,632 1,359 2,781 2,433 5,444 UOTJIL ASSETS 19,235,770 1,172,903 8,732,082 1,125,947 1,344,776 622,322 455,330 2,821,860 591,632 347,425 520,599 366,093 1,134,809 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form ra-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BA1IKS ON FEBRUARY 7, 1940 (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 circulation 4,836,768 399,215 1,228,400 342,576 453,272 216,732 159,120 1, 067,124 190,182 140,167 180,773 80,677 378,530 Deposits i Member bank-reserve account 12,096,727 602,603 6,701,841 607,517 680,718 297,025 211,314 1, 429,336 314,936 138,141 260,067 215,648 621,581 Treasurers-General account 631,565 56,717 159,031 26,920 53,558 22,550 27,746 146,112 27,448 31,626 2.3,007 23,289 33,553 Foreign bank 3 38,273 28,541 138,313 37,842 35,912 l6,6o4 13,515 46,338 11,504 8,495 11,190 11,504 28,247 Other deposits 354,408 4,975 255,3m 26,506 10,672 5,912 0,622 3,615 9,245 5,492 540 2,706 20,726 Total deposits 13,470,873 692,836 7,254,574 698,793 780,860 342,091 261,197 1, 625,401 363,213 183,754 302,020 253,227 704,107 Deferred availability items 575,359 56,326 112277,,115533 51,679 69,444 48,278 22,151 04,413 27,372 14,254 26,430 20,936 26,923 Other liabilities including accrued dividends 2,415 257 502 296 282 58 100 307 56 120 221 94 114 TOTAL LIABILITIES 18,805j415 1 ,140,634 8,610,629 1, 093,344 1,, 311,058 607,159 442,560 2, 777,245 580,023 330,303 510,2/4 354,934 1,109,674 C A P I T AL A C C O UN T S Capital paid in 136,093 9,349 51,179 11,920 13,980 5,223 4,667 13,564 4,096 2,959 4,370 4,034 10,702 Surplus (Section 7) 151,720 10,405 53,326 14,198 14,323 5,247 5,725 22.,024 4,709 3,152 3,613 3,974 10,224 Surplus (Sect-ion 13b) 26,039 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 35,711 1,641 9,039 2,092 3,608 1,447 1,657 6,790 1,466 2,010 1,230 1,835 2,000 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,235,778 1, 172,903 8,732,002 1 ,125,947 1,, 344,776 622,322 455,330 2, 021,060 591,632 347,425 520,599 336666,,009933 11,,113344,,880099 Commitments to make industrial advances 8,350 364 1,757 427 1,031 737 75 20 151 61 512 —- 3,215 MATURITY DISTRIBUTION OF' BILLS AND SECURITIES TJithin 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 . Bids discounted 6,784 773 1,641 3,818 355 131 66 Industrial advances 10,485 1,439 159 523 184 1,872 2,112 2,170 2,026 U S, Government securities, # dire'ct and guaranteed 2,477,270 -— — — 136,783 105,974 281,368 693,971 1,259,174 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a FEDERAL RESERVE NOTE STATEMENT ON FEBRUARY 7, 1940 (in thousands of dollars) Total Boston New York Phil Cleve. Rich. Atlanta Chic-.go St. Louis l.Iinn. Kans. Cy. Dallas San Fran, a# Federal Reserve notest Issued to F.R. bank by F^R.agent 5,-160,100 423,273 1,322,573 361,435 430,346 230,704 170,959 1,114,987 200,856 144,429 188,073 88,842 433,623 Held by Federal Reserve bank 323,332 24,058 94,173 18,859 27,074 13,972 11,<339 47,863 10,674 4,262 7,300 8,165 55,093 In actual circulation 4,836,768 399,215 1,228,400 34-2,576 453,272 216,732 159,120 1,067,124 190,182 140,167 180,773 80,677 378,530 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,305,000 440,000 1,340,0n0 375,000 482,000 250,000 180,000 1,130,000 209,000 147,500 195,000 92,500 464,000 Eligible paper 1,152 125 202 150 — 132 — — — 52 491 ~ Total collateral 5,306,152 440,125 1,340,202 375,150 482,000 250,132 180,000 1,130,000 209,000 147,552 195,491 92,500 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis