H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form F. R. 283-d STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, March 20; of the Federal Reserve System not earlier. March 19, 1942 During the week ended March 18 member bank reserve balances decreased $29,000,000. Reductions in member bank reserves arose from an increase of $67,000,000 in nonmeniber deposits and other Federal Reserve accounts and a decrease of $23,000,000 in gold stock, offset in part by decreases of $4o,000,000 in money in circulation and $8,000,000 in Treasury cash and increases of.$4,000,000 in Reserve Bank credit and $2,000,000 in Treasury currency. Excess reserves of member banks on March 18 were estimated to be approximately $3,160,000,000, a decrease of $110,000,000 for the week. 1'he principal change in holdings of bills and securities was a decrease of $4,000,000 in United States Government bonds. Changes in member bank reserve oalances and related items during the week and the year ended March 18, 194-2, were %is follows: Increase or decrease since Mar. 18, Mar. 11, Mar. 19, 1942 1942 1941 (In millions of dollars) Bills discounted 6 -- + 5 U. S. Government direct obligations 2,245 - h + 66 U. S» Government guaranteed obligations 4 -- - 1 Industrial aavances (not including 14 million commitments - March 18) 9 + 1 uther Reserve Bank credit 87 + 8 + 22 Total Reserve Bank credit 2,351 + 4 + 92 Gold stock 22,686 - 23 351 Treasury currency 3,273 + 2 + 169 _ _ Member bank reserve balances 12,939 29 802 Money in circulation 11,474 46 +2,648 Treasury cash 2,168 . - 8 - 40 Treasury deposits with F. R. Banks 59 - 1 - 854 Nonmember deposits and other F. R. accounts 1,670 + 67 - 340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form F. R. clfj-j-B. Released for publication Friday morning, Karch 20,1914-2; not earlier. STAT3&ENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since March 18, March 11, March 19, 19^2 1942 1941 A S S E TS Gold certificates on hand and due from U. S. Treasury 20,493,913 - 19,998 + 390,032 Redemption fund - F. R. notes 13,429 575 •f 2,515 Other cash 338,557 + 10,o37 + o,39h Total reserves 20,845,899 - 9,936 + 399,541 Bills discounted: Secured by U. S. Gov't obligations, direct and guaranteed o,ll4 + 094 + 5,306 Other bills discounted 326 - 593 - 37 Total bills discounted 6,440 + 101 + 5,269 Industrial advances 8,554 132 + 660 U. S. Government securities, direct and guaranteed: Bonds 1,556,486 - 4,250 + 222211,,668866 Notes 092,500 — - 156,800 Total U. S. Government securities, direct and guaranteed 2,248,986 - . 4,250 + 64,886 Total bills and securities 2,263,980 - 4,281 + 70,815 Due from foreign banks 47 F. R, notes of other banks 27,737 + 2,123 4- 6,224 Uncollected items 1,500,833 +1482,839 + 516,684 Bank premises 40,706 + 7 + 780 Other assets 42,058 - 13,686 • 4,145 T O T AL A S S E TS 24,721,260 +1+57,066 + 989,899 L I A B I L I T I ES F. R. notes in actual circulation 8,556,873 - 1+0,513 +2,1+93,812 Deposits: Member bank - reserve account 12,939,328 - - 29,022 - 801,311 U.S.Treasurer- General account 58,859 - 1,1+08 - 853,955 Foreign 741,539 - 2,190 - 433,lo8 Other deposits 631,047 + 58,621 + 84,926 Tubal deposits 14,371,373 + 26,001 -2 ,003,508 Deferred availability items 1,413,512 + 494,739 Other liabilities including accrued dividends 4,326 - 3,266 + 638 TOTAL LIABILITIES 24,346,084 +1+56,620 + 985,681 C A P I T AL A C C O U N TS Capital paid in 143,223 + 30 + 3,506 Surplus (.section 7) 157,502 — + 437 Surplus (Section 13b) 26,781 — - 4 Other capital accounts 47,o70 + 216 + 279 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 24,721,260 +1+57,066 + 989,899 Ratio of total reserves to deposit and F. R. note liabilities combined 90.9% — - .2% Commitments to make industrial advances 14,254 + 880 + 6,966 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form F. R. 283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MARCH 18, 1942 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 20,493,913 1,171,284 3,227,252 1,134,231 1,590,122 775,339 563,510 3,1*90,728 599,288 352,939 532,114 378,852 11,,667788,,225544 Redemption fund - F.R.notes 13,429 3,633 1,028 1,173 910 1,821 570 1,384 1*71 313 olo 461 1,049 Other cash 338,557 30,340 69,148 24,618 25,625 20,317 22,185 59,789 20,442 6,213 13,1*61* 1.2,590 33,826 Total reserves 20,845,899 1 ,205,257 8•, 297,428 1 ,160,022 1,616,657 797,1*77 586,265 3,551,901 620,201 359,l*o5 51*6,191* 391,903 1,713,129 Bills discounted: Secured by U. S. Gov't obligations, diract and guaranteed 6,114 227 1*,830 590 311 — 125 — 1 — 15 1155 Other "bills discounted 326 — 100 103 — — — — — 36 87 * Total bills discounted 6,440 227 ii,930 590 414 — 125 — 1 36 102 15 Industrial advances 8,55l* o6U 1,107 4,037 215 740 461 392 5 1*99 77 238 119 U. S. Government securities. 1 direct and guaranteed: Bonds 1,556,486 114,527 429,665 122,908 153,91*5 93,053 66,207 189,377 73,523 46,998 71,167 60,650 113344,,446666 Notes 692,500 50,955 191,163 54,684 68,490 41,401 29,1*57 84,258 32,712 20,909 31,662 26,984 59,325 Total U. S. Gov't securities, direct and guaranteed 2,248,986 165,482 620,828 177,592 222,435 131*,1*51* 95,664 273,635 106,235 67,907 102,829 87,634 119911**,, 229911 Total bills and securities 2,263,980 166,373 626,865 182,219 223,064 135,191* 96,250 274,027 106,240 08,407 102,942 87,971* 191*,1*25 Due from foreign banks i^y 3 18 5 4 2 2 6 1 * l 1 h F. R. notes of other banks 27,737 856 3,080 1,711* 2,239 3,035 4,51*8 . 2,702 3,049 353 1,557 614 3,990 Uncollected items 1,500,833 143,524 400,303 87,053 203,698 119,030 61,809 195,731* 58,243 29,024 58,276 1*3,950 100,129 Bank premises L4.O//O0 2,7°8 10,470 4,845 i*,420 3,047 1 ,,971 2,962 2,146 1,333 2,861 1,128 2,755 Other assets 4.2,058 2,8o3 11,1*97 3,306 4,007 2,756 1,687 1*,729 1,897 1,275 1,810 1,618 4,013 T JO T A L A S S E TS 24,721,260 1,521,644 9,3ll9,o6l 1,439,1^ 2,0^,689 1,060,541 752,592 4,032,061 791,777 1*59,857 713,041 527,188 2,018,4U5 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form F. R. 283-d STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MARCH 18, 1942 (In thousands of dollars) L I A B I L I T I ES I Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F. R. notes in actual circulation 8,556,873 o78,26l 2,1 89,519 o05,623 816,525 445,409 300,l6o 1,791,403 337,381 218,981 276,964 140,059 754,582 Deposits: Member bank-reserve acct. 12,939,328 640,788 5,814,382 622,469 916,837 449,806 343,629 1,91*1,747 350,725 178,219 343,311 331100,,224499 11,,005533,,666666 U.S.'Treasurer-General acct 58,859 584 42,910 150 440 513 518 177 523 535 543 129 11,837 Foreign 741,539 29,562 291,023 70,276 67,348 32,210 25,622 89,309 21,961 16,105 21,229 21,229 55,005 Other deposits 631,647 13,092 517,840 13,001 33,306 2,810 2,974 3,016 9,076 8,846 950 2,521 23,555 Total deposits 14,371,373 684,026 0,6 66,655 705,95" 1,, 017,931 485,339 372,743 2,007,249 382,885 203,705 360,033 334,128 1,144,723 Deferred availability items 1,413,512 132,544 303,490 92,847 185,056 113,237 05,715 184,365 59,523 27,304 57,081 41,237 91,113 Other liabilities including accrued dividends 4,326 1,093 883 243 417 336 196 434 106 126 117 175 195 TOTAL LIABILITIES 24,346,084 1,495,924 9,220,547 I,4O4,674 2,019,929 1,044,321 738,820 3,983,451 779,895 450,116 702,195 515,599 1,990,013 C A P I T AL A C C 0 U N T s Capital paid in 143,225 9,406 52,208 11,839 14,769 5,753 4,945 15,803 4,465 3,o45 4,o48 4,425 11,917 Surplus (Section 7) ,157,502 10,949 5o,o51 15,171 14,346 5,236 5,725 22,925 4,9^6 3,152 3,oi3 3,976 10,792 Surplus (Section 13b) 26,781 2,374 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Other capital accounts 47,070 2,491 13,185 3,087 4,638 1,987 2,389 8,453 1,921 2,544 2,048 1,925 3,002 TOTAL LABILITIES AND CAPITAL ACCOUNTS 24,721,260 1,5 21,644 9,349,661 l,4 39,164 2,054,689 1,060,541 752,592 4,032,061 791,777 459,857 713,641 527,188 2,018,445 Commitments to make industrial advanee s 14,254 627 42? 2,198 1,024 1,427 1,594 1,934 1,456 1,500 22,,006655 Mi.TOXtlTY D:I STRIBUT or 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 6,44o 6,157 33 15 103 120 12 — — Industrial advances 8,554 2,143 367 314 1, 015 1,077 950 1,493 1,195 U. S. Government securities , direct $,nd guaranteed 2,248,986 00,200 70,100 317,800 367,100 1,427,736 — — — Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-Form. F. R. 283-a FEDERAL RESERVE NOTE STATEMENT ON MARCH 18, 1942 (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 9,014,445 698,187 2,311,982 628,493 855,215 484,314 323,457 1,849,137 355,256 225,421 289,257 156,918 836,808 Held by Federal Reserve Bank 457,572 19,926 122,463 22,870 38,c90 38,905 23,291 57,734 17,875 o, 1*1*0 10,293 16,859 82,226 In actual circulation 8,556,873 678,261 2,189,519 605,623 816,525 445.409 300,166 1,791,403 337,381 218,981 278,9^4 140,059 754,582 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 9,179,500 740,000 2,320,000 o40.,000 850,000 500,000 330,000 1,880,000 370,000 227,000 295,000 lu3,500 854,000 Eligible paper 5,777 227 4,930 590 ~ — ~ — — " 30 Total collateral 9,185,277 740,227 2,324,^30 o40,590 66o,ooo 500,000 330,000 1,880,000 370,000 227,000 295,030 163,500 854,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis