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, May 17; of the Federal Reserve System not earlier. May 16, 1940. CONDITION OF THE FEDERAL RESERVE BANKS During the week ended May 15 member bank reserve balances increased $217,000,000. Additions to member bank reserves arose fton increases of $114,000,000 in gold stock and $11,000,000 in Reserve bank credit, and decreases of $86,000,000 in Treasury cash and $87,000,000 in Treasury deposits with Federal Reserve banks, offset in part by increases of $9,000,000 in money in circulation and $74,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on May 15 were estimated to be approximately $6,300,000,000, an increase of $170,000,000 for the week. Holdings of United States Government bonds, direct and guaranteed, increased $7,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 15, 1940, were as follows: Increase or decrease since May 15, May 8, May 17 1940 1940 1939 (in millions of dollars) Bills discounted 3 1 Bills bought 1 U.S. Gov't securities,direct and guaranteed 2,474 + 7 90 Industrial advances (not including 9 million commitments - May 15) 9 4 Other Reserve bank credit 32 +3 + 37 Total Reserve bank credit 2,518 + 11 - 58 Gold stock 18,949 +114 +3,057 Treasury currency 3,004 + 147 Member bank reserve balances 13,094 +217 +3,089 Money in circulation 7,598 + 9 + 685 Treasury cash 2,223 - 36 - 460 Treasury deposits with F. R. banks 425 - 37 - 502 Nonmember deposits and other P. R. accounts 1,132 + 74 + 334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-2S3~a Released for publication Friday morning, May 17,1940; not earlier. STATEMENT OF CONDITIO!! OF THE TWELVE FEDERAL RESERVE BAITSS COMBINED (In thousands of dollars) Increase or decrease since May 15, Hay 8, May 17, 1940 1940 1939 A S S E TS Gold certificates on hand and due from U, S. Treasury 16,691,975 +194,998 +3,469,245 Redemption fund - F. R. notes 9,089 + 2 - 283 Other cash 378,611 + 12,535 + 13,228 Total reserves 17,079,675 +207,535 +3,482,190 Bills discounted* Secured by U. S. Gov*t obligations, direct and guaranteed 680 62 - 988 Other bills discounted 2.142 + 39 + 196 Total bills discounted 2,822 + 27 792 Bills bought in open market — — _ — 562 Industrial advances 99,,229922 4 33,,550044 U. S. Government securities, direct and guaranteed* Bonds X,344,845 + 7,350 + 433,755 Notes 1,129,225 - - - 46,884 Bills 476.816 - Total U S. Government securities, # direct and guaranteed 2,474,070 + 7,350 — 89,945 Total bills and securities 2,486,184 + 7,373 — 94,803 Due from foreign banks 47 - - - 114 F. R. notes of other banks 21,255 942 + 1,805 Uncollected items 788,124 +188,911 + 104,781 Bank premises 4.1,553 + 17 - 999 Other assets 61,760 + 1,467 + 9,589 T O T AL A S S E TS 20,478,598 +404,361 +3,502,449 L I A B I L I T I ES F. R, notes in actual circulation 44,,996688,,773355 ++ 1133,,995522 + 550055,,338866 Deposits* Member bank - reserve account 13,093,674 +216,657 +3,088,640 U, S. Treasurer General account 424,634 - 87,551 502,002 Foreign bank 400,930 + 40,111 + 127,971 Other deposits 476,886 + 35%606 + 206,969 Total deposits 14,396,124 +204,823 +2,921,578 Defe-r/.d availability items 775566,,220055 ++118855,,445555 + 6677,,555500 Other? liabilities including accrued dividends 4,500 + 16 - 785 T O T AL L I A B I L I T I ES 20,125,564 +404,246 +3,493,729 C A P I T AL A C C O U N TS Capital paid in 136,108 9 + 1,105 Surplus (Section 7) 151,720 - - + 2,568 Surplus (Section 13B) 26,839 - 425 Other capital accounts 38,367 + 124 + 5,472 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 20,478,598 +404,361 +3,502,449 Ratio of total reserves to deposit and F. R, note liabilities combined 88.2% + .1% + 2,9% Commitments to make industrial advances 8,933 32 - 2,755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form PR-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OH MAY 15, 1940 (In thousands of dollars) A S S E TS Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 16,691,975 904,582 8,296,724 931,442 1,045,053 416,052 326,710 2,600,608 370,297 263,161 358,388 230,710 948,248 Redemption fund - F.R. notes 9,089 301 1,253 756 506 1,511 528 632 544 605 263 736 1,454 Other cash 378,611 33,537 109,910 28,723 25,115 22,837 20,550 46,994 17,645 8,818 19,369 15,313 .29,500 Total reserves 17,079,675 938,420 8,407,887 960,921 1,070,674 440,400 347,788 2,648,234 388,486 272,584 373,320 246,759 979,202 Bills discounted! direct and guaranteed 680 112 200 44 23 120 19 35 25 30 15 34 23 Other bills discounted 2,142 — — 604 130 119 113 88 128 140 62 282 331 145 Total bills discounted 2,822 112 804 174 142 233 107 163 165 92 297 365 168 , Industrial advances 9,292 1,192 2,028 2,678 336644 907 288 333377 60 179 110 476 667733 U. S. Government securities direct and guaranteed! Bonds 1,344,845 98,049 403,476 107,418 137,530 68,575 56,774 147,151 61,599 40,459 62,020 51,767 110,027 Notes 1,129,225 82,328 338,786 90,197 115,482 57,580 47,672 123,557 51,723 33,972 52,076 43,466 92,336 Total U. S. Gov't securities. direct and guaranteed 2,474,070 180,377 742,262 197,615 253,012 :1 26,155 104,446 270,708 113,322 74,431 114,096 95,233 202,413 Total bills and securities* ^436,184 181,681 745,094 200,467 253,518 1;2 7,295 104,841 271,208 113,547 74,702 114,503 96,074 203,254 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 E. R. notes of other banks 21,255 672 1,602 968 1,334 3,561 1,468 2,780 2,495 909 1,936 578 2,952 Uncollected items 788,124 73,234 195,316 57,834 99,611 63,026 30,611 111,110 35,883 19,222 34,977 28,559 38,741 Bank premises 41,553 2,871 9,839 4,530 5,499 2,519 2,019 3,367 2,269 1,386 3,131 1,153 2,920 Other assets 61,760 4,184 17,892 4,889 6,889 3,580 2,546 6,398 2,698 1,897 2,733 2,641 5,413 TOT-AL A S S E TS 20,478,598 1,201,065 9,377,645 1,229,614 1,437,529 640,383 439,275 3,043,103 545,379 370,700 535,651 375,765 1,232,486 « *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-233-c STATEMENT OF C0I©ITI0I3 OF THE FEDERAL RESERVE BANKS OK MAY 15, 1940 (In thousands of dollars) L I A B I L I T I ES Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Lonis Minn. Kans.Cy. Dallas San Fran. F. R. notes in actual circulation 4,968,735 406,304 1,306,676 346,627 454,428 217,259 160,385 1,092,557 192,065 142,364 182,455 78,714 388,901 Deposits » Member bank-reserve acct. 13,093,674 641,547 7,116,129 706,451 779,984 302,841 240,207 1,700,064 258,613 164,304 272,053 213,494 697,987 U.S.Treasurer-General acct. 424,634 21,594 119,150 26,037 29,194 22,991 26,847 39,522 29,926 24,888 24,3^4 28,985 31,116 Foreign bank 400,930 28,351 145,097 38,892 36,907 17,065 13,890 47,622 11,906 8,731 11,509 11,906 29,054 Other deposits 476,886 6,561 386,313 21,645 8,685 4,575 5,630 3,616 6,431 4,894 1,120 3,623 23,793 Total deposits 14,396,124 698,053 7,766,689 793,025 854,770 347,472 286,574 1,790,824 306,876 202,817 309,066 258,008 781,950 Deferred availability items 756,205 71,791 180,616 56,709 94,669 60,185 29,308 114,281 35,377 16,169 33,458 27,615 36,027 Other liabilities including accrued dividends 4,500 468 1,423 413 46 2 135 171 467 118 170 255 167 251 TOTAL LIABILITIES 20,125,564 1,176,616 9,255,404 1,196,774 1,404,329 625,051 476,438 2,998,129 534,436 361,520 525,234 364,504 1,207,129 C A P I T AL A C C O U N TS Capital paid in 136,108 9,332 51,049 11,912 13,994 5,276 4,632 13,625 4,131 2,957 4,377 4,116 10,707 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 38,367 1,838 10,760 2,337 3,876 1,563 1,767 7,096 1,565 2,070 1,285 1,905 2,305 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 20,478,598 1,201,065 9,377,64S 1,229,614 1,437,529 640,383 489,275 3,043,103 545,379 370,700 535,651 375,765 1,232,486 Commitments to make industrial advances 8,933 326 840 1,145 1,177 696 516 18 179 58 175 3,803 MATURITY DISTRIBUTION OF BILLS A1ID 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 2,822 1,801 250 197 212 357 5 Industrial advances 9,292 1,572 79 742 916 833 1,126 1,909 2,115 U. S. Government securities, •direct and guaranteed 2,474,070 224,796 243,417 731,708 1,269,149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d. FEDERAL RESERVE NOTE STATELIEST Oil MAY 15, 1940 (in thousands of dollars) Total Boston Hot York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Xans.Cy. Dallas San Fran, Federal Reserve notes: Issued to F.R. bank by F.R.agent 5,296,011 421,803 1,416,565 362,533 476,935 234,143 174,730 1,132,590 203,761 147,181 193,523 86,126 446,121 Held by Federal Reserve bank 327,276 15,499 109,889 15,906 22,507 16,884 14,345 40,033 11,696 4,817 11,068 7,412 57,220 In actual circulation 4,968,735 406,304 1,306,676 346,627 454,428 217,259 160,385 1,092,557 192,065 142,364 182,455 78,714 388,901 Collateral held bp agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,420,500 440,000 1,435,000 375,000 479,000 250,000 180,000 1,150,000 209,000 143,500 200,00) 90,000 464,000 Eligible paper 1,171 112 367 76 190 - - 90 70 266 - - Total collateral 5,421,671 440,112 1,435,367 375,076 479,000 250,190 180,000 1,150,000 209,090 148,570 200,266 90,000 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis