H.4.1 Factors Affecting Reserve Balances of Depository Institutions

.BOARD OF GOVERNORS OF -THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, September 12,19^7) H.lia September 11, I9U7 CONDITION OF THE FEDERAL RESERVE'BANKS During the week ended September 10 member ba,nk reserve balances increased $30i|, 000,000. Additions to member bank reserves arose from an increase of $50,0QQ,000 in gold stock and decreases of $216,000,000 in Treasury deposits with Federal Reserve; Banks, $189,000,000 in nonmerfiber deposits and other Federal Reserve accounts' and $7*000,000 in money in circulation, offset in part by a decrease of $151,000,000 in Reserve Bank credit and an increase of $6,000,000 in Treasury cash* Excess reserves of member banks on September 10 were estimated to be approximately $1,100,000,000. The corresponding figure-for September 3* as given in last week's statement, should have been $9u0,000,000*. Holdings of loans, discounts and advances decreased. $5,000,000 and of United States Government securities $182,000,000. The decrease in holdings of United States Government securities reflects a decrease of $353*000,000 in bills and increases of $66,000,000 in certificates and $105,000,000 in notes # Changes in member bank reserve balances and related items during the week and the year ended September 10, 191*7* were as follows* Increase or decrease sjnce Seirt 10, Sept, 3, Sept. 11, # 19^7 19U7 I9h6 (In millions of dollars) U. S. Government securities 22,01*2 - . 182 -1,21*9 r Loans, discounts and advances 122 5 - 129 Other Reserve Bank credit 307 •+. 35 - 87 Total Reserve Bank credit 22,1*72 - 151 -1,1*63 Gold stock 21,815 + 50. +1,527 Treasury currency 14,551 i + 6 Llember bank reserve balances 16,932 + 30k + 81*6 Money in circulation 26,71*2 7 + 21*3 Treasury cash 1,329 + 6 -" 951 Treasury deposits witfy F R. Banks 2U3 - 216 + 1*1* # Nonmember-deposits and! other F R accounts 1,592 - I89 - Ill # # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

at*»S£lBNT" OF 'CONDITION HJul(a) OF THE TT7I?tVE >EDBRAL RESERVE BAJIKS COMBINED (In thousands of dollars] Increase or decrease since September 10, September 3# September 11 # I9h7- : 19^7 - }9h6 A S S E TS Gold certificates 19,892,171*. + ft5,502 +2 ,56ft,998 Redemption fund for F, R notes 699,972 + 12,529 - 72,095 # # Total gold certificate reserves 20,592,116 + 58,031 +2 ,492,905 Other cash 257*957 + ,6,021 - 50,295 Discounts and advances ••120.1*95' - J*, 526 - 128,950 Industrial loans 1,905 + 97 + 800 Acceptances purchased - 7,899 — •.. U. S Govt, securities: f Bills 15,806,098 -552,722 - 668,821 Certificates 7,0ft2,2l6 + 66,000 - 1*22,695 Notes i*7ft,300 +105,000 -' 121,300 Bonds 771199,,669900 — ••** 35,600 Total U, S. Government securities ' '"J"',JJ 22oft2;3oft; -181,722 -1 ,2ft8,ftlft t Total loans and Securities 22,-;i.6it.i7oi -186,151 -1 ,38ft,ftl*5 Due from foreign banks 99 5 + •7 F. R. notes of other laanks 115<11*7. + 13.U71 - 15,851 Uncollected items •2,ft6&i82, +102,620 + 156,66ft Bank premises •;3ii837'-. + 35 - ': 955 Other assets .-56,759 + 3.2U2 + '6,683 TOTAL ASSETS 1*5,666; 811 - 2,736 + 1, 2.0ft, 755 L I A B I L I T I ES Federal Reserve notes ' 2ft, 650,1*12. + 27,67ft + 185.1*72 Deposits: ••ilember bank - reserve ac6e>unt ' 16,932,002 , +30ft,ft91.. + 8ft5,6l0 U.S.Treasurer - general account 21*2,85k -216,555; + 1*3,873 Foreign. • 1*28,670 •• -11*1,020 • 263,520 Other 531i666 ' - 18,159 + ! 101,586 Total deposits .18,155,192 • -101,023 + 727,51*9 Deferred availability items, ' 2>i6i,117 + 67,809 + 235,718 Other liabilities including accrued ' dividends 17,009 + 689 •f •••5,109 TOTAL LIABILITIES •* ^,965,730 - ' ft,851 • +2 ,153,81*8 C A P I T AL A C C O U NT S • '. Capital paid in ••' l'95,367 + • 61' •,+! '•'9*015 Surplus (Section 7) U59i825, + 81,1*68 Surplus (Section 15b) . •27,1*55 — •" 27 •i • Other capital accounts • l*2;,ft36:* + ;2,05lt 39,6Q3 ; -• TOTAL LIABILITIES. AND CAPITAL..ACCOUNTS 'If5,.666i811 ' - "2,756 +1 ,20ft,755 Ratio of gold certificate reserves to deposit and F, R. note liabilities combined •2fo k.9f° 7* Contingent liability on bills purchased ' .-J for foreign correspondents 3i387 U90 4. • 3,587 Commitments to make industrial loans 76 +' l,ftlo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

K.l+.l(b) STATEMENT. OF COMDITIOM OF THE FEDERAL R SERVE-BANKS ON .SEPTEMBER 10, I9l*7 (In thousands of dollars) A S S E TS • Total Boston Mev/ York Phila* Cleve* Rich. Atlanta Chicago •St.Louis' Minn. Kans.cy, Dallas tsanFran. Gold certificates 19,892,171* 715,070 6,754,216 805,556 1126,218 8l»l+,55Q; 771;295 1*152,665 568,558 35^,135 597*638 l+7l+,05l+2728,239 iiedemption fund for ' . : : • . .• F. R. notes; .. 699.972 , :55,392 121,227 60,652 . 75,030 59,773 1*7,797 97,886 1+5,205 22,079' '36,006 26,0l+3 52,682 Total gold certificate reserves ., . 2o,592,U*6 770,1+62 6,875,1*1*3 866,1+08 1201,21+8 90i*,305 8lV, 092 1*250,551 613,763 376,211+635,61*1+ 500,0972780,921 Other cash- 237,937 22,508 lii+,997 10,1+86 18,1+51* 12,2ol+ 18,096 38,215 11,1+77 7,121 8,806 8,739 36,«3l* Discounts and advances 120,1+95 6,836 38,620 5,915 21+.265 5,1*81 3,100 ll*,982. 7,612 828 6,1+02- l>27l+ 5,180 Industrial loans 1,905 3 — 1,6?1 31 -—* — -— -— / —* U. S. Govt, securities: Bills ^ i 13,806,098 913,762 2,639,717 1112,819 1395,612 1092,893 935,836 1938,679 675,127 1*1*7,271 760,1+10 551,723.231*2,21+9 Certificates - 7*pl*2;2l6. 1*63,301 1,81+9,277 1+67,185 697,208 k29,i+ol+ , 556,129 870,751 378,1*69 199,630 359,695 351,273 659,911* IJotes " 1+71*,300^ 31,201+ 121+,551 31,1*65 1*6,958 '28,920 .23,986 58,&*i+ 25J+90 13,1*1*5 22,879 22,312 l*l+.l*lt6 3 ends 719,690:..•: 1*7,31*3, 188,990 1+7,71*5 71,252 11+3,885 36,395 '•'? -.88/985 38,678 2o.,l+02 3l*,7.l6 35,835 67,1*1*1 "*"". f ' '••' '"•• " " / " " "" '' """""" •"••il Hi ,•••.—_ m • 1 .11 „.—i ,,, „., 1 1 , ^ , UK i mi ,!_•)• I 1 ..^ i^ , . .m, .mi •• • . 1 1 HI 1 1 .111 .1 , 11 ., m i,>, mmnnjl ' ••• W •' •' ' Total U^^Government securities 22,&i2 3(i* 11*55,615 1*,802,535 l659,2H* 22ii,o3o 1595,100 1352,3^6 2957,039 1117>76U 680,71*8 1157,700 939,163 2111^,050 # — • • •••'•! Il I II I 1 I • • Illl'llll I I .l'— I • II I I l" I I I ,' IUI..I . II. ijUl • '•. •!.!. ' I| I II llll I I •" III I m II I • f> _| I , • « •' •••" '" I' I I I I II. Total loans and ,-' • securities , '22,.i61+,70l+ H*62,l+5l+ i+,8i+l,155 1667,000 2255,295 i6oo,6l2 1555.1*1*6 2972,021 1125,576 681,576 116^,102 ,91+0,1+57 2119,230 Due from foreign banks - ^ 6 l / 30 , 8 .. • 9 5 1* - H ". h 5 h 5 9 FR,notes of other bames ii ,ii+7 l+,3 2 2o,693 5.866 5,61*5 7,971 11,616 H*,526 7,53U 10,551 7,01*8, 3,712 15,853 5 ; 7 uncollected items 2,1+68,182 196,606 l+8l+,226 162,529 216,880 229,999 H*8,980 376,165 115,567 75,512 156,655 106,961 218,121+ tfank premises 3,133 3,775 2,61+8 1,1+97 5,050 1,979 1.219 2,1+71* 775 1,758 31#857 1>259 8>312 uoner asse.s 56,759 5,597 13,827 3,1*18 6,650 3,518 2,888 7,312 5,582 1.5lt8 2.605 2.391* 5.620 TOTAL ASSETS 1+5,666,811 21+61,261+ 12,288,685 2718,81+8 5687.956 2761,260 2557,619 7661,832 1879,082 1153,521* 1955,318 1563,116 5178,509 l/After deducting $69,000 participations of other Federal'Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l*.3,(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER*TO,* l$hl L I A B I L I T I ES (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis iiiinn. Kans.Cy. Dallas SanFran. Federal Reserves notes 21*,650,1*12 11*63,838 5,638,262 1662,898 2134,672 1720,627 11*10,221 1*611*,127 llol*,26o 606,622 9i*7,578 620,598 2726,909 Deposits: iiember bank-reserve acct. 16,952,002 71*9,1*1*3 5,198,025 829,81*8 121*8,920 776,802 71*8,155 2565,851 619,1*58 1*50,11*5 81*6,257 805,228 2093,892 U.S.Treasurer-general acct. 2J*2,85i* 922 250,281 589 519 1,057 1,1*1*1 1,881 1,496 1*57 810 1,231* 2,367 Foreign 1*28,670 2l*,812 1/ 165,688 31,315 35,951* 18,9i*3 15,851 52,578 13,531 9,665 13,531 12,758 31*, ol*l* Other 531,666 2,671* ' 1*5*1,1*12 2 a 136 7,933 2,iel* 2,296 2,85Y 7/7Y6 • 1./61- 599 7v9 Total deposits 18,135,192 777.851 6,ol*8,l*olt 863,738 1293,331 798,986 767,7U3 2623,11*7 61*2,261 462,023 861,197 820,019 2176,1*87 Deferred availability items 2,161,117 173,1*11 380,530 153,923 192,898 2ol*,969 11*8,653 327,517 105,707 65,71*2 119,800 97,01*3 210,921* Other liabilities including accrued dividends . 17,009 1,011 5,110 1,261* 1,769 1,215 1,061* 2,705 811 610 TOTAL LIABILITIES i*l*,965,730 21*16,111 12,070,506 2661,825 3622,690 2725,797 2527,68! 7567,1*91*' 1853,039 1135,002 1929,253 1538,331 5116,218 Capital paid in 193,367 11,201* 68,157 11*, 303 18,801 8,11*1 7,1*1*1 23,11*1* 6,31*7 1*,21*8 6,1*58 7,203 17,920 Surplus (Section 7) 1*39,823 27,557 136,51*9 3l,720 1*1,391* 20,676 18,663 65,078 16,577 10,997 15,J2Q 13,777 38,106 Surplus (Section 13b) 27,1*55 3,012 7,253 1*,1*89 1,007 3,325 762 1,1*29 521 1,073 1,137 1,307 2,il*o Other capitalaccounts 1*2,1*56 3 _3JP_ 6,1*18 3,513 . k,.00i 3,321 5,072, l*687 2^598 2„g,Qu 2,-756 cJm 3,925 TOTAL LIABILITIES AND U t CAPITAL ACCOUNTS 1*5,666,811 21*61,261* 12,288,633 2718,81*8 3637,956 2761,260 2357,619 7661,832 1879,082 1155,521* 1955,318 1563,116 5178,309 Contingent liability on bills purchased for foreign correspondents 3* 387 217 0/ 7 r,c>. 271* 315 166 139 *61 118 85 .118 112 298 Commitments to make industrial loans [ 7j ;08 1,1*91 92 1*27 30 580 3,750 153 F.R. notes outstanding 25,505,1*58 1508,921 5,792,31*6 1707,1*31 2178,61*7 171*7,137 l!*5l*,l*39 1*707,830 1153,21*2 .622,279 971*. 353 61*6,529 2812,301* Collateral for F.R. notes held by F. R. Agents s Gold certificates 12,088,000 1*1*0,000 3,1*70,000 .515,0150 685,000 610,000 535,000 2850,000 300,000 181*,000 280,000 169,000 2050,000 Eligible paper 55,936 l*,9l*8 29,055 " 3,525 — 3,765 6,579 90 5,370 2,581* U.S. Govt, securities 15,771,125 1100,000 2,1*00,000 £200,000 1500,000 1160,000 950,000 1900,000 921,125- 1+1*0*000 700,000 500,0001000,000 i&TURITY DISTRIBUTION OF LOAMS AND SECURITIES uithin 16 to 31 to 61 to 91 days to 6 months 1 to 2 2 to 5 Over Total 15"days 50 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances ' < I'll 120,1*95 93,782 15,374 5,761* 5,575 Industrial loans 1,905 1,357 — 22 2255 26 81* 110 301 U. S. Govt, securities 22,ol*2,'3ol* ,390,(01*0 2,l*l*l*,i*l*2 33,,889988,,880077 11**,, 667755,,661122 3,021,880 3,633,1*33 295,1*00 11*8,350 531*, 31*0 1/ After deducting $262,888,000 participations of other Federal Reserve Banks. 2/ After deducting $ 2,303,000 participations of other Federal Reserve .Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis