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, March 155 of the Federal Reserve System not earlier. March 14, 1940 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended March 13 member bank reserve balances increased $72,000,000. Additions to member bank reserves arose from decreases of $18,000,000 in money in circulation and $10,000,000 in Treasury deposits with Federal Reserve banks, and increases of $62,000,000 in gold stock and $9,000,000 in Reserve bank credit, offset in part by increases of $4,000,000 in 'Treasury cash and $24,000,000 in nonmeniber deposits and other Federal Reserve accounts. Excess reserves of member banks on March 13 were estimated to be approximately $5,780,000,000, 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 March 13, 1940, were as follows: Increase or decrease since Mar. .13, Mar. 6, Mar. 15, 1940 1940 1939 (in millions of dollars) Bills discounted 3 _ _ — — Bills bought 1 - - U.S.GovU securities,direct and guaranteed 22,,447777 - - - 87 Industrial, advances (not including 9 million commitments - March 13) 10 - 4 Other Reserve bank credit 34 + 9 + 21 Total Reserve bank credit 2,524 + 9 - 71 Gold stock 18,282 + 62 +3,299 Treasury currency 2,985 + 1 + 153 Member bank reserve balances 12,439 + 72 +3,362 Money in circulation 7,463 - 18 + 712 Treasury cash 2,362 + 4 - 350 Treasury deposits with F. R. banks 526 - 10 - 533 Nonmember deposits and other F. R. accounts 1,001 + 24 + 190 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form ER-283~a PolQased for publication Friday morning, March 15,1940; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Mar.13, Mar. 6, ILi r. 15, 1940 1940 1939 A S S E TS Gold certificates on hand and due from U. S. Treasury 15,932,621 + 64,000 +3 ,678,859 Redemption fund - F. R. notes 9,360 212 + 65 Other cash 362.538 + 6,352 - 40,863 Total reserves 16,304,519 + 70,140 +3,638,061 Bills discounted! Secured by U. S. Gov!t obligations, direct and guaranteed 369 101 - 1,563 Other bills discounted 2,620 + 113 + 1,095 Total bills discounted 2,989 + 12 - 468 Bills bought in open market - ~ - 554 Industrial advances 10,423 + 19 - 33,,663366 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 + 432,955 Notes 1,133,225 - 12,044 Bills 507,656 — - Total U. S. Government securities, direct and guaranteed 2,477,270 — - 86,745 Total bills and securities 2,490,682 + 31 - 91,403 Due from foreign banks 47 - - - 121 F. R. notes of other banks 18,484 - 1,451 - 2,341 Uncollected items 712,167 + 92,987 - 5,930 Bank premises 41,703 - 1,029 Other assets 69,540 + 3,845 + 23,459 T O T AL A S S E TS 19,637,142 +165,552 +3,560,696 L I A B I L I T I ES F, R. notes in actual circulation 44,,888811,,775544 -- 77,,553333 + 554466,,444411 Deposits: Member bank - reserve account 12,438,580 + 71,494 +3,361,296 U. .S* Treasurer - General account 526,387 - 9,601 - 532,327 Foreign bank 364,406 + 10,873 + 95,114 Other deposits 389,876 + 12,844 + 107,117 Total deposits 13,719,249 + 85,610 +3,031,200 Deferred availability items 678,445 + 83,907 - 27,037 Other liabilities including accrued dividends 6,452 + 3*354 + 2,794 T O T AL L I A B I L I T I ES 19,285,900 +165,338 +3,553,398 C A P I T AL A C C O U N TS Capital paid in 136,102 + 28 + 1,146 Surplus (Section 7) 151,720 + 2,568 Surplus (Section 13b) 26,839 - 425 Other capital accounts 36,581 + 186 + 4,009 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,637,142. +165,552 +3,560,696 Ratio of tot a}, reserves to deposit and F R. note liabilities combined 8877..77%% ++ ..115566 + 3*4^ # Commitments to make industrial advances 9,080 46 3*465 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FB-283-b STATEMENT OF CONDITIOII OF THE FEDERAL RESERVE BANKS ON MARCH 27, .1940 £ln thousands of cellars) A S S ET S Total Boston Hew York Phila. Cleve. Rich,• Atlanta Chicago St. Louis Minn* Kans•Cy. Dallas San Fran, Gold certificates on hand ;a nd due from U.S.Treasury 15,932,621 900,816 7,914,531 852,693 992,308 420,834 314,582 2, 407,559 393,634- 267,699 365,800 235,987 866,098 Redemption fund - F.R. notes 9,360 584 1,346 527 860 1,177 752 1,076 646 650 361 290 1,089 Other cash 362,538 31,339 93,366 29,582 25,434 20,335 18,398 49,226 15,037 9,360 17,798 15,729 36,934 Total reserves 16,304,519 932,739 8,009,243 882,802 1,018,602 442,346 333,732 2, 457,861 409,319 277,709 304,039 252,006 904,121 Bills discounted: Secured by U. S. Gov1t obligations, direct and guaranteed 369 25 105 55 13 35 10 54 25 4 43 Other bills discounted 2,620 879 250 233 163 122 263 79 44 1.99 177 2.11 Total bills discounted 2,989 25 984 305 246 198 132 317 79 69 199 181 254 Industrial advances 10,423 11,,441122 22,,004488 3,107 326 919 800 338 183 118 481 691 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 96,123 408,181 110,221 1T 9 08A 6^,135 .54,495 1/4,872 60,273 39,771 6622,,889977 5511,,119966 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 2,490,682 178,607 755,369 206,567 253,237 126,699 101,372 267,675 111,170 73,556 116,245 95,025 205,160 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R. notes of other banks 18,484 547 1,102 950 1,549 2,063 2,557 2,104 2,194 1,720 1,280 696 1,722 Uncollected items 712,167 67,540 178,692 52,193 79,329 58,276 30,519 100,139 30,585 16,540 32,067 27,052 39,235 Bank premises 41,703 2,880 9,858 4,551 5,523 2,532 2,0.27 3,379 2,246 1,391 3,213 1,165 2,938 Other assets 69,540 4,453 19,603 8,409 7,348 3,913 2,628 6,819 2,845 2,001 2,997 2,668 5,856 T O T AL A S S E TS 19,637,142 1,186,769 8,973,835 1,155,477 1,365,592 635,831 472,837 2,837,983 558,360 372,917 539,842 378,613 1,159,036 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~283~c STATEMENT OF CONDITIOII OF THE FEDERAL RESERVE BANKS ON MARCH 27, .1940 £ln thousands of cellars) 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 4,881,754 403,172 1,253,452 345,781 453,405 220,518 158,671 1,069,798 191,922 140,496 182,875 80,227 381,437 Deposits: Member bank-reserve account 12,438,580 614,586 6,890,517 619,762 708,334 299,990 22.4,484 1,488,450 272,386 171,184 277,470 219,730 651,687 ,S .Treasurer-General account 526,387 45,665 119,613 42,134 44,340 24,711 26,203 87,198 33,937 24,260 29,071 28,201 21,054 Foreign bank 364,406 26,408 127,046 36,069 34,228 15,826 12,882 44,166 13,04l 8,097 10,673 11,041 26,929 Other deposits 389,876 5,823 299,774 24,634 11,456 2,586 7,192 3,972 7,699 5,169 323 2,497 18,751 Total deposits 13,719,249 692,482 7,436,950 722,599 798,358 343,113 270,761 1,623,786 325,063 208,710 317,537 261,469 718,421 Deferred availability items 678,445 66,473 160,912 51,110 80,395 . 56,830 30,511 99,215 30,435 14,419 28,792 25,598 33,755 Other liabilities including accrued dividends 6,452 311 887 3,315 402 117 134 452 86 154 252 130 212 TOTAL LIABILITIES 19,285,900 1,162,438 8,852,201 1,122,805 1,332,560 620,578 460,077 2,793,251 547,506 363,779 529/56 367,424 1,133,82.5 C A P I T AL AC 0 U N T S Capital paid in 136,102 9,341 51,106 11,909 14,010 5,271 4,630 13,587 4,110 2,958 4,375 4,095 10,710 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 10,2,24 Surplus (Section 13b) 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 53o 1,001 1,142 1,266 2,121 Other capital accounts 36,581 1,711 10,143 2,172 3,692 1,4-89 1,692 6,892 1,497 2,027 1,256 1,854 2,156 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,637,142 1,186,769 8,973,885 1,155,477 1,365,592 635,831 472,837 2,837,983 558,360 372,917 539,842 378,613 1,159,036 Commitments to make industrial advances 9,080 342 1,683 701 1,111 756 17 20 151 60 492 - - 3,747 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 2,989 1,349 176 155 1,116 129 64 Industrial advances 10,423 1,453 381 353 181 1,730 1,955 1,969 2,401 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 ST'ATELiEU? Oil MARCH 13, 1940 (in thousands of dollars) Total Boston lew York Phila. Cleve. Rich, Atlanta Chicago St .Louis Einn Kans«Cy* Dallas San Fran. # Federal Reserve notes: Issued to F.R.bank by F*E agent 5,216,078 420,099 1,351,277 366,230 480,227 23^,031 172,891 1,118,855 203,364 145,465 192,840 89,144 439,655 # Held by Federal Reserve bank 334,324 16,927 97,825 20,449 26,822 15,513 14,220 49,057 11,442 4,969 9,965 8,917 58,218 In actual circulation 4,881,754 403,172 1,253,452 345,781 453,405 220,518 158,671 1,069,798 191,922 140,496 182,875 80,227 381,43? Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,328,500 440,000 1,370,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147,500 195,000 91,000 464,000 Eligible paper 543 25 130 109 113 ~ ~ - - - - 25 l4l - - Total collateral 5,329,043 440,025 1,370,130 375,109 482,000 250,113 175,000 1,130,000 209,000 147,525 195,141 91,000 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis