H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-2S3 STATEMENT FOR THE PRESS Released for publication Board of Governors Saturday morning, Feb. 24; of the Federal Reserve System not earlier. February 23, 1940 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended February 21 member bank reserve balances increased $90,000,000* Additions to member bank reserves arose from decreases of $27,000,000 in Treasury cash, $46,000,000 in Treasury deposits Federal Reserve Tilth banks, and $18,000,000 in nonmember deposits and other Federal Reserve accounts, and an increase of $45,000,000 in gold stock, offset in part by a decrease of $7,000,000 in Reserve bank credit and an increase of $39,000,000 in money in circulation. Excess reserves of member banks on February 21 were estimated to be approximately $5,630,000,000, an increase of $50,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended February 21, 1940, were as follows: Increase or decrease since Feb. 21, Feb. 14, Feb. 21, 1940 1940 1939 (in millions of dollars) Bills discounted 6 - 1 + 2, Bills bought — — 1 U. S. Qov!t securities,direct and guaranteed 22,,447777 - 87 Industrial advances (not including 9 million commitments - February 21) 10 — 5 Other Reserve bank credit 30 - 6 + 22 Total Reserve bank credit 2,523 - 7 - 69 Gold stock 18,108 + 45 +3,290 Treasury currency 2,977 — + 156 Member bank reserve balances 12,241 + 90 +3,400 Lloney in circulation 7,450 + 39 + 742 Treasury cash 2,358 - 27 - 394 Treasury deposits with F. R. banks 596 - 46 - 585 Nonmember deposits and other F. R. accounts 964 — lo + 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~2S3~a Released for publication Saturday morning, Feb. 24,1940; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Feb. 21, Feb. 14, Feb. 21, 1940 1940 1939 A S S E TS Gold certificates on hand and due fron U. S. Treasury 15,739,122 + 64,504 +3,689,403 Redemption fund - F. R. notes 9,430 688 829 - Other cash 369,498 - 15,293 - 76,377 Total reserves 16,118,050 + 48,523 +3,612,197 Bills discounted* Secured by U. S. Gov't obligations, direct and guaranteed 741 + 286 - 1,548 Other bills discounted 5,338. - 830 + 3,210 Total bills discounted 6,079 544 + 1,662 .— Bills bought in open uarket — - 553 Industrial advances 1100,,442277 7 4,220 - U, S. Govermient 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 2,493,776 551 89,856 - Due fron foreign banks 47 — - 122 F. R. notes of other banks 20,003 - 1,270 + 2,523 Uncollected items 636,295 -155,745 + 47,542 Bank premises 41,771 21 - 1,033 Other assets 63,931 + 1,036 + 13,750 T O T AL A S S E TS 19,373,873 -108,028 +3,585,001 L I A B I L I T I ES F. R. notes in actual circulation 44,,886600,,777788 + 14,310 + 516,316 Deposits: Uenber bank - reserve account 12,240,683 + 89,974 +3,400,135 U. S. Treasurer - General account 595,990 - 46,148 - 584,801 Foreign bank 361,381 - 31,145 + 135,407 Other deposits 354,865 + 14,108 + 85,961 Total de-cosits 13,552,919 + 26,869 +3 ,036,702 Deferred availability items 606,706 -149,259 + 25,733 Other liabilities including accrued dividends 2,733 134 — 222 T O T AL L I A B I L I T I ES 19,023,136 -108,214 +3 ,578,529 C A P I T AL A C C O U N TS Capital paid in 136,075 18 + 1,145 Surplus (Section 7) 151,720 — + 2,568 Surplus (Section 13b) 26,839 - 4-25 Other capital accounts 36,103 ++ 220044 + TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,373,873 -108,028 +3 ,585,001 Ratio of total reserves to deposit and F.R. note liabilities combined 87.5$ — + 3.3* Connitnents to make industrial advances 8,638 + 277 - 4,269 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 Phi la. Cleve. Rich. Atlanta Chicago St .Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury- 15,739,122 880,002 7,826,513 831,852 984,944 408,777 298,699 2,400,682 426,739 244,065 351,172 226,929 858,748 Redemption fund - F.R.notes 9,430 667 1,591 650 471 775 833 1,199 678 668 "396 309 1,193 Other cash 369,498 30,692 88,489 27,916 29,233 23,608 21,152 49,099 16,633 9,228 20,545 15,000 37,903 Total reserves 16,118,050 911,361 7,916,593 860,418 1,014,648 433,160 320,684 2,450,980 444,050 253,961 372,113 242,238 897,844 Bills discounted: Secured by U.S. Govlt oblig options, direct and guaranteed 741 —> 475 70 13 22 10 59 — 25 __ 24 43 Other bills discounted 5,338 — 1,969 526 484 278 250 567 172 111 439 164 378 Total bills discounted 6,079 — 2,444 596 497 300 260 626 172 136 439 188 421 Industrial advances 10,427 1,420 2,050 33,,110022 300 931 806 332 — 189 119 483 695 U. S. Government securities direct and guaranteed: Bonds 11,,334444,,004455 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 2.67,020 111,091 73,304 115,928 94,363 204,215 Total bills and securities 2,493,776 178,590 756,831 206,853 253,462 126,813 101,506 267,978 111,263 73,629 116,486 95,034 205,331 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R. notes of other banks 20,003 596 1,749 853 1,393 2,874 2,658 2,607 1,671 1,397 1,282 574 2,349 Uncollected items 636,295 61,407 159,923 50,698 73,233 51,674 25,722 88,270 25,325 14,923 27,173 24,038 33,909 Bank premises 41,771 2,885 9,876 4,562 5,523 2,538 2,027 3,384 2,244 1,393 3,229 1,172 2,938 Other assets 63,931 4,255 18,717 5,373 7,064 3,736 2,542 6,560 2,719 1,935 2,870 2,520 5,640 T O T AL A S S E TS 19,373,873 1,159,097 8,863,707 1,128,762 1,355,327 620,797 455,141 2,819,785 587,273 347,238 523,154 365,577 1,148,015 *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 21, 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 Hinn. Kans.Cy. Dallas Snn Fran. F. R. notes in actual circulation 4,860,778 401,557 1,242,057 345,374 454,924 218,968 157,808 1,069,290 190,276 139,807 180,016 80,435 379,466 Deposits 1 Member bank-reserve account 12,240,683 586,2.54 6,836,495 595,466 684,746 2.93,452 213,858 1,460,583 313,607 143,901 261,431 212,592 638,298 U.S.Treasurer-General account 595,990 55,914 135,050 44,263 68,889 23,890 24,844 108,840 26,551 27-046 32,458 25,143 23,102 Foreign bank 361,381 25,828 129,872 35,167 33,373 15,430 12,560 43,062 10,766 7,895 IO.4G7 10,766 26',25 5 Other deposits 354,865 6,115 253,267 26,284 10,555 4,566 7,773 3,132 9,74l 6,616 354 2,404 24,058 Total deposits 13,552,919 674,111 7,354,684 701,180 797,563 337,338 259,035 1,615,617 360,665 185,4-58 304,650 2.50,905 711,713 Deferred availability items 6-06,706 58,863 144-,739 49,272 69,573 49,203 25,462 89,840 25,452 12,715 27,098 22,958 31,531 Other liabilities including accrued dividends 2,733 259 668 317 299 70 103 365 55 131 22.4 99 143 TOTAL LIABILITIES 19,023,136 1,134,790 8,742,148 1,096,143 1,322,359 605,579 442,408 2,775,112 576,448 338,111 512,788 354,397 1,122,853 C A P I T AL A C C O U N TS Capital paid in 136,075 9,346 51,14-9 11,906 13,992 5,245 4,622 13,581 4,102 2,958 4,374 4,094 10,706 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 1,14-2 1,266 2,121 Other capital accounts 36,103 1,682 9,975 2,122 3,646 1,480 1,673 6,839 1,476 2,016 1,2.37 1,846 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,373,873 1,159,097 8,863,707 1,128,762 1,355,327 620,797 455,i4i 2,819,785 587,273 347,238 523,154 365,577 1,1/8,015 Commitments to make industrial advances 3,638 356 1,753 426 1,028 767 75 20 151 62 492 — 3,508 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 6,079 932 4,556 244 198 119 30 — Industrial advances 10,427 1,468 171 501 292 1,715 2,204 2,086 1,990 U. S. Government securities, direct and guaranteed 2,477,270 136,783 105,974 281,368 684,796 1,268,349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~283~d FEDERAL RESERVE NOTE STATEMENT OH FEBRUARY 21, 1940 (in thousands of dollars) Total Boston Hew 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 5,166,486 420,085 1,326,308 360,557 479,012 233,173 170,120 1,116,343 200,962 143,819 189,649 88,646 437,812 Held by Federal Reserve bank 305,708 18,528 84,251 15,183 24,088 14,205 12,312 47,053 10,686 4,012 8,833 8,211 58,346 In actual circulation 4,860,778 401,557 1,242,057 345,374 454,924 218,968 157,808 1,069,290 190,276 139,807 180,816 80,435 379,466 Collateral held by agent as security 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 1,068 — 512 105 — 107 — — — 36 308 — — Total collateral 5,299,568 440,000 1,340,512 375,105 482,000 250,107 175,000 1,130,000 209,000 147,536 195,308 91,000 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis