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, Mar. 1; of the Federal Reserve System not earlier. February 29, 1940 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended February 28 member bank reserve balances increased $77,000,000. Additions to member bank reserves arose from decreases of $11,000,000 in money in circulation and $35,000,000 in Treasury deposits with Federal Reserve banks, and increases of $58,000,000 in gold stock, $14,000,000 in Reserve bank credit,and $3,000,000 in Treasury currency, offset in part by . increases of $16,000,000 in Treasury cash and $28,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on February 28 were estimated to be approximately $5,690,000,000, 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 28, 1940, were as follows: Increase or decrease since Feb. 28, Feb. 21, Mar. 1, 1940 1940 1939 (in millions of dollars) Bills discounted 7 1 + 3 Bills bought — — - 1 U. S. Gov!t securities,direct and guaranteed 2,477 — - 87 Industrial advances (not including 9 million commitments - February 28) 11 + 1 - 4 Other Reserve bank credit 43 + 13 + 39 Total Reserve bank credit 2,537 + 14 49 Gold stock 18,166 + 58 +3 ,278 Treasury currency 2,980 + 3 + 153 Member bank reserve balances 12,318 + 77 +3,376 Money in circulation 7,439 11 + 700 - Treasury cash 2,374 + 16 - 342 Treasury deposits with F. R. banks 561 - 35 - 607 Nonmember deposits and other F.R.a ccounts 992 + 28 + 255 ii Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~a Released for publication Friday morning, March 1,1940; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb, 28, Feb. 21, tl or. 1, 1940 1940 1939 A S S E TS Gold certificates on hand and due from U. S. Treasury 15,793,621 + 54,499 +3,638,902 Redemption fund - F. R # notes 9,574 + 144 - 330 Other cash 367,455 - , 2,043 - 64,639 Total reserves 16,170,650 52,600 +3,573,933 Bills discounted* Secured by U. S. Gov*t obligations, direct and guaranteed 512 - 229 - 1,442 Other bills discounted 6,167 + 829 + 4,423 Total bills discounted 6,679 600 + 2,981 Bills bought in open market — — - 553 Industrial advances 10,704 + 277 — 3,882 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 2,494,653 877 - 88,199 Due from foreign banks 47 — - 122 F # R. notes of other banks 21,582 1,579 + 2,524 Uncollected items 638,754 + 2,459 + 4,731 Bank premises 41,741 - 30 - 994 Other assets 64,759 + 828 + 13,609 T O T AL A S S E TS 19,432,186 58,313 +3,505,482 L I A B I L I T I ES F # R. notes in actual circulation 44,,885588,,667777 - 2,101 + 502,731 Deposits t Member bank - reserve account 12,317,794 + 77, m +3 ,376,144 U. S. Treasurer - General account 561,406 34,584 - 606,412 Foreign bank 300,844 + 19,463 + 13-4,548 Other deposits 363,381 + 8,516 + 126,037 Total deposits 13,623,425 + 70,506 +3,030,317 Deferred availability items 559966,,110099 — 10,597 — 34,517 Other liabilities including accrued dividends 3,1^0 + 407 + 96 T O T AL L I A B I L I T I ES 19,081,351 + 58,215 +3,498,627 C A P I T AL A C C O U N TS Capital paid in 136,081 + 6 + 1,065 Surplus (Section 7) 151,720 — + 2,568 Surplus (Section 13b) 26,839 — - 424 Other capital accounts 36,195 + 92 + 3,646 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,432,186 + 58,313 +3,505,482 Ratio of total reserves to deposit and F # R. note liabilities combined 37.5?o — + 33..225555 Commitments to make industrial advances 8,966 328 - 3,959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FB—283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 28, 1940 (in thousands of dollars) A S S E TS Total Boston New York Phila. CIeve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S.Treasury 15,793,621 864,532 7,922,859 832,614 975,698 407,893 295,254 2,395,122 427,316 248,029 342,977 230,227 851,100 Redemption fund - F.R.notes 9,574 648 1,540 631 934 768 783 1,149 664 661 377 302 1,117 Other cash 367,455 30,420 90,691 28,619 26,819 21,639 20,593 50,899 16,377 9,368 19,220 14,723 38,087 Total reserves 16,170,650 895,600 8,015,090 861,864 1,003,451 430,300 316,630 2,447,170 444,357 258,058 362,574 245,252 890,304 Bills discounted! Secured by U.S. Gov*t obligations, direct and guaranteed 512 45 190 60 13 21 35 76 — 25 — 24 23 Other bills discounted 6,167 — 2,406 604 575 267 235 687 200 133 i 1 <i i CO 1 193 449 Total bills discounted 6,679 45 2,596 664 588 288 270 763 200 158 418 217 472 Industrial advances 10,704 11,,440088 22,,005500 33,,440011 301 925 802 333311 ~~ 189 119 448833 669955 U* S. Government securitiesj direct and guaranteed: Bonds 1,344,045 96,123 408,181 110,22.1 137,084 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 2,477,270 177,170 752,337 203,155 252,665 125,582 100,440 267,020 111,091 73,304 115,928 94,363 204,215 Total bills and securities 2,494,653 178,623 756,983 207,220 253,554 126,795 101,512 268,114 111,291 73,651 116,465 95,063 205,382 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R. notes of other banks 21,582 540 3,299 988 1,222 2,839 3,376 2,767 1,081 1,571 1,079 519 2,301 Uncollected items 638,754 59,740 159,076 44,849 77,3S7 51,466 24,792 88,709 25,447 16,33S 29,736 22,814 38,400 Bank premises 41,741 2,880 9,876 4,551 5,523 2,532 2,027 3,379 2,241 1,393 3,229 1,172 2,938 Other assets 64,759 4,310 19,014 5,343 7,140 3,813 2,589 6,680 2,755 1,959 2,932 2,554 5,670 T O T AL A S S E TS 19,432,186 1,141,696 8,963,356 1,124,820 1,348,281 617,747 450,928 2,816,825 587,173 352,970 516,016 367,375 1,144,999 *Less than $500, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form KR-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 28, 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 4,858,677 402,671 1,243,073 345,134 453,017 218,425 157,912 1,067,399 190,882 139,578 180,959 80,159 379,468 Depositst Member bank-reserve account 12,317,794 581,431 6,921,582 599,308 694,587 285,549 210,699 1,465,928 311,167 148,255 260,107 210,428 628,753 U.S.Treasurer-General account 561,406 43,167 137,109 40,302 48,277 27,808 24,825 97,962 27,103 27,032 26,098 29,434 32,289 Foreign bank 380,844 27,531 133,509 37,583 35,666 16,491 13,422 46,020 11,505 8,437 11,120- 11,505 28,054 Other deposits 363,381 5,193 265,369 25,346 11,041 3,942 7,610 3,208 9,760 6,413 399 2,485 22,615 Total deposits 13,623,425 657,322 7,457,569 702,539 789,571 333,790 256,556 1,613,118 359,535 190,137 297,725 253,852 711,711 Deferred availability items 596,109 57,102 140,346 44,160 72,341 50,217 23,611 91,201 25,843 13,973 26,715 22,059 28,541 Other liabilities including accrued dividends 3»140 291 758 355 370 105 111 421 75 152 253 121 128 TOTAL LIABILITIES 19,081,351 1,117,386 8,841,746 1,092,188 1,315,299 602,537 438,190 2,772,139 576,335 343,340 505,652 356,191 1,119,848 C A P I T AL A C C 0 . U N TS Capital paid in 136,081 9,343 51,148 11,907 13,993 5.246 4,622 13,583 4,104 2,958 4,374 4,094 10,709 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 36,195 1,688 ¥ 2,134 3,659 1,471 1,678 6,850 1,487 2,019 1,235 1,850 2,097 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,432,186 1,141,696 8,963,356 1,12.4,820 1,348,281 617,747 450,928 2,816,825 587,173 352,970 516,016 367,375 1,144,999 Commitments to make industrial advances 8,966 335566 11,,775522 442255 11,,001155 776633 7744 2200 115511 61 492 — 3,857 MATURITY DISTRIBUTION OF BILLS AilD 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 l Year to 2 Years 5 Years 5 Years t Bills discounted 6,679 3,995 1,191 226 1,119 86 62 Industrial advances 10,704 1,587 59 491 283 1,730 2,240 2,142 2,172 — 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 ON FEBRUARY 28, 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.agent 5,180,520 421,107 1,336,700 364,772 479,202 232,4-15 170,664 1,113,977 201,627 144,312 190,692 87,889 437,16? # Held by Federal Reserve bank 321,843 18,436 93,627 19,638 26,185 13,990 12,752 46,578 10,745 4,734 9,733 7,730 57,695 In actual circulation 4,858,677 402,671 1,243,073 345,134 453,017 218,425 157,912 1,067,399 190,882 139,578 180,959 80,159 379,468 Collateral held by agent as security for notes issued to banks Gold certificates on hand and due from U. S.Treasury 5,313,500 440,000 1,355,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147,500 195,000 91,000 464,000 Eligible paper 723 45 237 95 — 52 — — — 36 258 — Total collateral 5,314,223 440,045 1,355,237 375,095 482,000 250,052 175,000 1,130,000 209,000 147,536 195,258 91,000 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis