H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb, 16; of the Federal Reserve System not earlier. February 15, 19AO CONDITION OF THE FEDERAL RESERVE BANKS During the week ended February 14, 1940, member bank reserve balances increased $54,000,000* Additions to member bank reserves arose from increases of $65,000,000 in gold stock, $12,000,000 in Reserve bank credit and $4,000,000 in Treasury currency, and a decrease of $10,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by increases of $20,000,000 in Treasury cash, $8,000,000 in money in circulation and $10,000,000 in Treasury deposits with Federal Reserve banks® Excess reserves of member banks on February 14 were estimated to be approximately $5,580,000,000, an increase of $60,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended February 14, 1940, were as follows 1 Increase or decrease since Feb. 14, Feb. 7, Feb. 15, 1940 1943 1939 (in millions of dollars) Bills discounted 7 Bills bought U.S. Gov't securities,direct and guaranteed 2,477 - 87 — Industrial advances (not including 8 million commitments - February 14) 10 — — 5 Other Reserve bank credit 36 + 13 + 34 Total Reserve bank credit 2,530 + 12 - 57 Gold stock 18,063 + 65 +3,291 Treasury currency 2,977 + 4 + 158 Member bank reserve balances 12,151 + 54 +3,444 Money in circulation 7,411 + 8 + 716 Treasury cash 2,385 + 20 - 386 Treasury deposits with F.R. banks 642 + 10 - 608 Nonmember deposits and other F. R. accounts 982 - 10 + 228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Feb, 16,1940; not earlier4 STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb. U, Feb. 7, Feb. 15, 1940 1940 1939 A S S E TS Gold certificates on hand and due from U. S. Treasury 15,674,618 + 54,999 +3,668,400 Redemption fund - F. R. notes 10,118 — + 1,262 Other cash 364.791 - 2,833 — 54,059 Total reserves 16,069,527 + 52,166 +3 ,£15,603 Bills discounted» Secured by U. S. Gov't obligations, direct and guaranteed 455 65 - 2,623 Other bills discounted 6,168 96 + 4.187 Total bills discounted 6,623 161 + 1,564 Bills bought in open market — — _ 553 Industrial advances 1100,,443344 51 - 44,,222288 U. S. Government securities, direct and guaranteed{ Bonds 1,344,045 — + 503,152 Notes 1,133,225 — - 82,241 Bills — — 507,656 Total U. S. Government securities. direct and guaranteed 2,477,270 — - 86,745 Total bills and securities 2,494,327 212 - 89,962 Due from foreign banks 47 — — 122 F. R. notes of other banks 21,273 811 + 26 Uncollected items 792,040 ++119933,,554455 + 90,266 Bank premises 41,792 - 1,035 Other assets 62,895 + 1,435 + 13,383 T O T AL A S S E TS 19,481,901 +246,123 +3,623,159 L I A B I L I T I ES F, R. notes in actual circulation 44,,884466,,446688 + 9,700 + 449966,,663322 Deposits: Member bank-reserve account 12,150,709 + 53,982 +3,443,518 U.S. Treasurer - General account 642,138 + 10,573 - 608,279 Foreign bank 392,52.6 + 4,353 + 126,186 Other deposits 340,677 + 107,201 -13,731 Total deposits 13,526,050 + 55,177 +3,068,626 Deferred availability items 775555,,996655 +180,606 + 5566,,446622 Other liabilities including accrued dividends 2,867 + 4 52 - 80 T O T AL L I A B I L I T I ES 19,131,350 +245,935 +3,621,640 C A P I T AL A C C O U N TS Capital paid in 136,093 — + 1,180 Surplus (Section 7) 151,720 — + 2,568 Surplus (Section 13b) 26,839 — - 425 Other capital accounts 35,899 + 188 + 3,196 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,481,901 +246,123 +3,628,159 Ratio of total reserves to deposit and F. R. note liabilities combined 87.5$ — + 3.4$ Commitments to make industrial advances 8,361 + 11 - 4,519 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 OH FEBRUARY 14, 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 15,674,618 899,621 7,690,962 834,449 977,541 412,115 305,990 2,445,359 430,760 242,671 351,2342 33,168 850,748 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 384,791 33,746 91,509 31,077 27,401 23,322 21,619 52,806 16,668 9,568 18,955 16,243 41,877 Total reserves 16,069,^27 934,088 7,784,269 866,269 1,005,483 436,787 328,476 2,499,MS 448,125 252,416 370,600 249,731 893,841 Bills discountedj Secured by U.S. Gov't obligations, direct and guaranteed 455 — 130 85 13 31 10 59 — 45 — 39 43 Other bills discounted 6,168 125 2,226 558 538 301 281 630 188 147 579 180 415 Total bills discounted 6,62? 125 2,356 643 551 332 291 689 188 192 579 219 458 Industrial advances 10,434 11,,442244 22,,005500 3,107 299 . 933 795 329 10 189 120 483 695 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 96,123 408,181 110,221 137,084 68,135 54,495 144,872 60,273 39,771 62,897 51,196 110,797 Notes 1,133,225 81,047 344,156 92,934 115,581 57,447 45,945 122,148 50,818 33,533 53,031 43,167 93,418 Total U. S. Gov't securities, direct and guaranteed 2,477,270 177,170 752,337 203,155 252,665 125,582 100,440 . 267,020 11].,091 73,304 115,928 94,363 204,215 Total bills and securities 2,494,327 178,719 756,743 206,905 253,515 126,847 101,526 268,038 111,289 73,685 116,627 95,065 205,368 Due from foreign banks 47 3 18 5 4 22 6 1 * 11 4 F. R. notes of other banks 21,273 587 3,026 583 1,417 3,664 2,448 2,496 1,767 1,049 1,203 671 2,362 Uncollected items 792,040 63,679 187,701 65,687 113,203 51,210 28,320 125,476 31,979 18,084 31,656 33,087 41,958 Bank premises 41,792 2,885 9,876 4,562 5,535 2,538 2,030 3,384 2,244 1,393 3,229 1,169 2,947 Other assets 62,895 4,165 18,472 5,259 6,958 3,722 2,489 6,432 2,673 1,894 2,844 2,459 5,528 TOTAL ASSETS 19,481,901 1,184,126 8,760,105 1,149,270 1,386,115 624,770 465,291 2,905,274 598,078 348,521 526,160 382,183 1,152,008 *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 FEBRUARY 14, 19-40 (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 4,846,468 399,515 1,233,126 346,022 453,516 219,362 158,228 1,067,661 189,967 139,917 180,286 80,367 378,501 Deposits: Member bank-reserve account 12,150,709 604,356 6,685,499 597,715 681,859 296,560 220,841 1,473,767 318,886 140,050 270,836 220,895 639,445 U.S.Treasurer-General account 642,138 62,012 159,556 42,380 67,773 23,438 24,389 140,933 26,415 27,716 22,810 22,860 21,856 Foreign bank 392,526 28,409 137,944 38,672 36,699 16,968 13,812 47,354 11,838 8,682 11,444 11,G3G 28,866 Other deposits 340,677 4,630 244,989 26,470 10,430 5,380 7,781 3,189 8,978 6,512 34S 2,52c 19,452 Total deposits 13,526,050 699,397 7,227,988 705,237 796,761 342,346 266,823 1., 665,243 366,117 182,960 305,430 258,121 709,619 Deferred availability items 755,965 60,666 176,821 6655,,112233 102,542 47,791 2277,,335566 112277,,333366 3311,,006633 1166,,337799 29,831 32,418 38,639 Other liabilities including accrued dividends 2,867 258 682 279 346 83 115 387 113 141 24.7 114 102 TOTAL LIABILITIES 19,131,350 ]1 ,159,836 8,638,617 1, 116,661 1,, 353,165 609,582 452,522 2,, 860,627 587,260 339,397 515,802 371,020 1,126,861 C A P I T AL A C C O UN T S Capital paid in 136,093 9,349 51,149 11,912 13,996 5,231 4,668 13,573 4,099 2,959 4,371 4,083 10,703 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 1,429 533 1,001 1,142 1,266 2,121 Other capital accounts 35,899 1,662 9,904 2,106 3,624 1,464 1,663 6,821 1,472 2,012 1,232 1,840 2,099 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,481,901 ]. ,184,126 8,760,105 1 ,149,270 1,, 386,115 624,770 465,291 2,905,274 598,078 348,521 526,160 382,183 1,152,008 3 Commitments to make industrial advances 8,361 359 1,767 426 1,033 768 75 20 151 61 512 — 3,189 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l to 91 days to 6 months 1 Year 2 Years to (D ver Total 15 days 30 days 60 days 90 days <S months to 1 Year to 2 Years 5 Years 5 Years .,. Bills discounted 6,623 2,247 3,632 260 279 138 67 Industrial advances 10,434 1,435 215 339922 331 1,798 2,177 2,088 1,998 •— U. S. Government securities, direct and guaranteed 2,477,270 — — — — 142,458 105,974 281,368 684,796 1,262,674 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~283~d FEDERAL RESERVE ROTE STATEMENT Oil FEBRUARY 14, 1940 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy* Dallas San Fran. Federal Reserve notesl Issued to F.R.bank by F.R.agent 5,163,324 422,154 1,322,UC 362,962 4^8,934 233,236 170,728 1,113,068 200,577 144,220 190,369 88,211 436,747 Held by Federal Reserve bank 316,856 22,639 88,992 16,940 25,418 13,874 12,500 45,407 10,610 4,303 10,083 7,844 58,246 In actual circulation 4,846,460 399,515 1,233,126 346,022 453,516 219,362 158,228 1,067,661 189,967 139,917 180,286 80,367 378,501 Collateral held by agent as se^ curity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,298,500 440,000 1,340,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147,500 195,000 91,000 464,000 Eligible paper 1,296 359 212 121 — 117 — — — 57 430 — Total collateral 5 299,796 440,359 1,340,212 375,121 482,000 250,117 175,000 1,130,000 ,209,000 147,557 195,430 91,000 464,000 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis