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, March 22% of the Federal Reserve System not earlier. March 21, 1940 CONDITIOII OF THE FEDERAL RESERVE BALKS During the week ended March 2.0 member bank reserve balances decreased $183,000,000. Reductions in member bank reserves arose from increases of $181,000,000 in Treasury deposits with Federal Reserve banks, $21,000,000 in money in circulation, $46,000,000 in nonmember deposits and other Federal Reserve accounts and $12,000,000 in Treasury cash, and a decrease of $4,000,000 in Reserve bank credit, offset in part by increases of $78,000,000 in gold stock and $4,000,000 in Treasury currency. Excess reserves of member banks on March 20 were estimated to be approximately $5,590,000,000, a decrease of $190,000,000 for the week. Holdings of United States Government bonds, direct and guaranteed, declined $2,000,000 during the week. Changes in member bank reserve balances and related items during the week and the year ended March 20, 1940, were as follows: Increase or decrease since Mar. 20, Mar. 13, Mar. 22, 1940 1940 1939 (In millions of dollars) Bills discounted 2 - 1 - 1 Bills bought - 1 U.S. Gov't securities,direct and guaranteed 2,475 ~ 2 - 89 Industrial advances (not including 9 million commitments - March 20) 10 - 4 Other Reserve bank credit 32 - 2 41 Total Reserve bank credit 2,520 - 4 53 Gold stock 18,360 + 78 +3 ,285 Treasury currency 2,989 + 4 •f 155 Member bank reserve balances 12,256 -183 +3 ,267 Money in circulation 7,484 + 21 + 726 Treasury cash 2,374 + 12 - 369 Treasury deposits with F. R. banks 707 >181 - 515 llonmember deposits and other F. R. accounts 1,047 + 46 + 278 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-Porn PB-283-a Released for publication I^riday morning, March 22,1940; not earlier. STATELIEST OF CONDITION OF THE T7JELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Mar. 20, Liar. 13 j lar. 22, 194-0 1940 1939 A S S E TS Gold certificates on hand and due from U.S. Treasury 15,997,522 + 65,001 +3,679,901 Redemption fund - F. R. notes B, 334 - 1,026 - 1,829 Other cash 361.786 752 33*765 Total reserves 16,367,7-42 + 63,223 +3,644,307 Bills discounted! Secured by U. S. Gov!t obligations, direct and guaranteed 3 34 35 - 1,537 Other bills discounted 1.632 988 + 64 Total bills discounted 1,966 - 1,023 - 1,473 Bills bought in open market - 554 Industrial advances -1- 75 - 3,593 U. S. Government securities, direct and guaranteed: Bonds 1,342,045 - 2,000 + 430,955 Notes 1,133,225 - 42,884 Bills 476,816 - Total U. S. Government securities, direct and guaranteed 2,475,270 - 2,000 88,745 Total bills and securities 2,487,734 - 2,948 - 94,365 Due from foreign banks 47 - - - 121 F. R. notes of other banks 17,604 880 - 1,840 Uncollected items 721,035 + 8,868 + 128,202 Bank premises 41,689 14 - 1,034 Other assets 57,081 - 12,459 + 9,697 T O T AL A S S E TS 19,692,932 + 55,790 +3,684,846 L I A B I L I T I ES F. R. notes in actual circulation 44,,889955,,004400 ++1133**229944 + 555599,,663322 Deposits: I.Ienber bank - reserve account 12,256,250 -182,330 +3,267,069 U # S, Treasurer - General account 707,493 +181,106 - 514,713 Foreign bank 390,780 + 2.6,374 + 156,019 Other deposits 399,786 + 9,910 + 123,450 Total deposits 13,754,309 + 35,060 +3,031,825 Deferred availability items 688,626 + 10,181 + 8866,,444477 Other liabilities including accrued dividends - 3*077 - 290 T O T AL L I A B I L I T I ES 19,341,358 + 55,458 +3,677,614 C A P I T AL A C C O U N TS Capital paid in 136,107 + 5 + 1,101 Surplus (Section 7) 151,720 + 2,568 Surplus (Section 13b) 26,839 4-25 Other capital accounts 36,908 + . 327 + TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,692,932 + 55,790 +3,684,846 Ratio of total reserves to deposit and F. R. note liabilities combined 87*8fb + .1% + 3*3% Commitments to make industrial advances 9,080 3, - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form i«R~283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MARCH 20, 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 15,997,622 909,456 7,932,407 875,221 999,168 425,762 309,995 2,414,095 •3 88,326 269,408 359,179 236,541 878,064 Redemption fund - F.R.notes 8,334 536 1,155 527 800 604 722 1,007 634 642 348 290 1,069 Other cash 361,786 31,184 90,341 28,110 25,344 22,263 19,883 47,301 16,287 9,866 20,156 14,610 36,441 Total reserves 16,367,742 941,176 8,023,903 903,858 1,025,312 448,629 330,600 2,462,403 405,247 279,916 379,683 251,441 915,574 Bills discounted: Secured by U. S. Gov*t obligations, direct and guaranteed 334 55 35 45 13 15 50 54 25 14 28 Other bills discounted 1*632 - - 477 l4l 135 121 87 141 89 22 136 146 137 Total bills discounted 1,966 55 512 186 148 136 137 195 89 47 136 160 165 Industrial advances 10,498 11,,441111 22,,004488 3,211 316 909 800 336 183 118 480 686 U. S. Government securitie s? direct and guaranteed: Bonds 1,342,045 95,983 407,496 110,049 136,881 68,047 54,420 144,666 60,199 39,720 62,820 51,129 110,635 Notes 1,133,225 81,049 344,089 92,927 115,581 57,459 45,952 122,156 50,832 33,541 53,044 43,173 93,422 Total U. S. Govft securities, direct and guaranteed 2,475,270 177,032 751,585 202,976 252,462 125,506 100,372 266,822 111,031 73,261 115,864 94,302 204,057 Total bills and securities 2,487,734 178,498 754,145 206,373 252,926 12.6,551 101,309 267,353 111,120 73,491 116,118 94,942 204,908 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F.R. notes of other banks 17,604 545 1,325 887 1,408 1,865 3,030 2,422 2,091 710 1,581 450 1,290 Uncollected items 721,035 68,476 168,577 55,719 81,988 64,542 34,607 99,002 30,853 17,045 30,642 28,547 41,037 Bank premises 41,689 2,880 9,858 4,551 5,510 2,532 2,024 3,379 2,248 1,391 3,213 1,165 2,938 Other assets 57,081 3,781 16,611 4,719 6,375 3,397 2,259 5,812 2,430 1,724 2,556 2,328 5,089 T O T AL A S S E TS 19,692,932 1,195,359 8,974,43*7 1,176,112 1,373,523 647,518 473,831 2,840,377 553,990 374,277 533,794 378,874 1,170,840 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-2S5-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 4,895,048 403,120 1,265,109 346,071 452,729 219,959 158,850 1,074,142 192,115 141,177 182,273 80,089 379,4l4 Deposits? Member bank-reserve account12,256,250 616,124 6,827,831 613,327 695,575 287,626 220,792 1,452,288 361,431 159,927 263,580 207,625 650,124 U.S.Treasurer-General account 707,493 49,559 150,811 66,555 66,195 42,414 27,315 120,795 40,279 36,670 35,699 39,329 31,872 Foreign bank 390,780 27,624 143,127 37,622 35,702 16,507 13,436 46,067 11,517 8,445 11,133 11,517 28,086 Other deposits 399,786 7,011 310,123 24,179 11,248 2,325 7,003 3,673 7,145 5,164 314 2,347 19,254 Total deposits 13,754,3^9 700,315 7,431,892 741,683 808,720 348,872 268,546 1,622,823 320,372 210,206 310,726 260,818 729,336 Deferred availability items 688,626 67,244 154,758 55,272 78,651 63,316 33,543 98,211 30,551 13,613 30,171 26,641 36,655 Other liabilities including accrued dividends 3,375 315 873 386 349 93 125 430 114 139 238 120 193 TOTAL LIABILITIES 19,341*358 1,170,994 8,852,632 1,143,412 1,340,449 6^2,240 461,064 2,795,606 543,152 365,135 523,408 367,668 1,145,598 CAPI_TAL A C C O U N TS Capital Mid in 136,107 9,341 51,106 11,905 14,010 5,271 4,631 13,589 4,114 2,953 4,376 4,101 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 10,224 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 36,908 1,745 10,264 2,204 3,734 1,514 1,698 6,929 1,477 2,036 1,255 1,865 2,187 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,692,932 1,195,359 8,974,437 1,176,112 1,373,52.3 647,518 473,831 2,840,377 553,990 374,277 533,794 378,874 1,170,840 Commitments to make industrial advances 342 1,674 711 1,115 755 17 20 151 60 485 - - 3,750 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 Tear to 2 Years 5 Years 5 Years Bills discounted 1,966 412 125 161 1,108 106 54- Industrial advances 10,498 1,592 130 249 299 1,743 1,864 2,109 2,512 U. S. Government securities, direct and guaranteed 2,475,270 224,796 248,417 735,708 1,266,349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forn FR-283-d FEDERAL RESERVE NOTE STATEMENT OF MARCH 20, 1940 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Foderal Reserve notes: Issued to F.R.bank by F.R.agent 5,227,268 421,151 1,358,600 364,029 480,563 234,078 173,075 1,125,187 203,619 145,524 192,291 89,699 439,452 Held by Federal Reserve bank 332,220 18,031 93*491 17,958 27,834 14,119 14,225 51,045 11,504 4,347 10,018 9,610 60,038 In actual circulation 4,895,048 403,120 1,265,109 346,071 452,729 219,959 158,850 1,074,142 192,115 141,177 182,273 80,089 379,414 Collateral held by agent as security for notes issued to bank: Gold certificates 011 hand and due from U. S. Treasury 5,333,500 440,000 1,375,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147,500 195,000 91,000 464,000 Eligible paper 493 55 85 88 - - 93 40 25 107 - - Total collateral 5,333,993 440,055 1,375,085 375,088 482,000 250,093 175,000 1,130,000 209,040 147,525 195,107 91,000 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis