H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD CI' 'GOVERNORS ;OF'~THE FEDERAL REJERVE SYSTEM (Released for Pub lieation Friday morning, March .12,19J4.8) H.U.1 March 11, I9I48 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended Match 10 member bank reserve balances decreased $186,000,000* Reductions'in member bank r ©serves arose from a decrease of $525,000,000 in Reserve Bank credit, offset in part by an increase of #47*000,000 in gold stock andAdecr.pas.es of $205*000,000 in Treasury deposits with Federal Reserve Banks, $70,000,000: in nonmember deposits and other Federal Reserve accounts, $13,000,000 in money in circulation and $2,000,000 in Treasury cash/ Excess reserves of member banks on March 10 were estimated to be approximately $930,000,000. Holdings of loans, discounts and advances increased $38,000,.000 and •Unijbed; States .Government ^securities decreased $393, 000,000. The decrease in hold ings of-United.' States Government securities reflects decreases of $357*000,000 in hi Lis,* S7I;, 000,000 in certificates and $3,000,000 in notes and an increase of $39*00^/000 in bonds # Changes in member bank reserve balances and related items during the wee and the year ended Marqh;-10,-l49U8, v/oxe as follows* Increase or decrease since - March 10, -March 3* March: 12, JL9i|j3. . _ J^ 19U7 1 { In millp. ensv pf do 1 lars ) U, S # Government securities ?0,678 - '593* -2,569 Loans, discounts and advances A)0 + 38 + 62 Other Reserve Bank credit - 170 + 5h Total Reserve Bank credit 21,J26 - 525 Gold stock 23,083 + hi +2,680 Treasury currencv Member bank reserve balances' 17,366 106 +1^.19 Money %n circulati on 28,006 18 - 32 J; Treasury cash5 1,331 2 - u Tr^asufy deposits with F; It. "Baraks , 731 205 - 678 N on member deposits and other FR :accounts 70 - 285 f # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

sms-sinr CF CONDITION OF THET1ELVD FEDERAL t^ERVB BANKS COMBINED H.U.l(a) (In thousands. ,of dollars) Increase or decrease since Llarch 10, March 5, March 12, 19U8 19U7 A S S E TS Gold certificates 21,189,170 + U'8,000 +2,819,21*2 Redemption fund for F. R» notes .. 657,, 100 1,108 - 1&.310 Total gold certificate reserves 2l,82i6;,270 + -1x6,892 +2,66U,932 Other cash 355,271* -.17,1*11 + 26,27!* Discounts and advances 297-. 799 + ito.155 + 60,565 Industrial loans , 2.; 091.. - 2,617 + 1,050 U. S. Govt, securitiesj Bills 8,9ll*,36l -556,550 -6,561*. 196 Certificates 4,251,025 - 75,500 -2,5^0,095 Notes M, 77?. 100 - 2,500 +.1,327,800 Bonds + 53,966 . 5,760,156 •+5,oo6,7U6 Total U,S« Government securities 20,677,622. -593,-581* •T2, 569,7145 Total loans and securities 20,977,512 -356,066 :-2 :, 508,128 Due from foreign banks 95 7 F« R notes of other banks # Hi*, 373. - .6.U33 + 6,61*0 Uncollected items 2.U89.995 -270,778 79,^55 Bank premises 32,859 + 607 Other assets .151,815 * 2,521 + 105,962 TOTAL ASSETS 1*5,951,173 -601,275 + 375,755 L I A B I L I T I ES Federal Reserve notes 23,9,90,738 - 1*3,650 - 512,658 Deposits: Llember bank - reserve account 17,366,2^8 -185,292 +1 ,519,385 U # S # Treasurer r;general account 750,!5l*2 -203,1*08 678,761 Foreign lj.76^103 -102,169 1*7,212 Other + 30,269 169,280 Total deposits 19.071,?07 -1+60,600 + 62^,132 Deferred availability items 2,ili2,;o79 -101,276 + 25,891* Other liabilities including accrued dividends 15,011 + 191* + 2,666 TOTAL LIABILITIES 145,219,635 -605,312 + 3l*o, 03I4 C A P I T AL A C . C O n iS Capital paid in 197,673 + 156 + 6,811 Surplus (Section 7) 1*1*8,189 + 8,366 Surplus (Section 13b) 27,51*3 + 88 Other capital accounts + 3,381 + 20,1*36 .'. •< 58*133 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*5,95*, 173 -60*, 275- + -; 375'. 735 Ratio of gold certificate; reserves to deposit and P*R. note liabilities combined 50,7% .7% 5.9/° Contingent liability on bjtlls purchased for foreign correspondents £,857 99 li,375 Commitments to msfke industrial- loans 7,916 36 290 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

K.Li<;i(b) STATEIAJ^TVOF CONDITIO!- OF THE FEDERAL RESERVE. BANKS' ON. MARCH 10, I9I18 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. fiich. 'Atlanta7. Chicago St.Louis Minn. -Kans.Cy. Dallas SanFran. Gold certificates ?i,lP-9,l7'o 7'6o,746 6,870,1;05 969/005 1365,550 1029,151; 1069,833 4*21,976 589,975: 436,102; 764.736 505,217 2706,473 Redemption fund for y. R. notes 657, lop 55,743 71,925 •59,001 7}:Jun 58.405 39,168 9^644 lk,m 22.714; 35.276 25.812 49,655 Total gold certificate reserves ~~ -1,826,27b 816,489 6,942,328 1028,006 1440,031 1087,557 } 1:09,001 4220,620 636,254 458,816 800,011 531,029 2756,128 Cther cash Discounts and advances 355,274 38,075 68,483 24,691 33,015 21,013 '-22,838 56,692 34,265 8,483 11,000 14,077 42,642 Industrial loans 297,799 22,018 67,644 17,240 35,331 23,592 6,806 82,801 6,44i 4,170 12,338 5,052 14,166 2,091 866 39 982 U* S Govt securities: # # Bills 8,914,361 599,261 2,137,503 636,751 854,621 578,935 446,904 1266,621 492,188 272,859 415,507 403,991 809,220 Certificates 4,231,025 284,426 1,014,524 302,222 405,629 274,780 212,114 601,178 233,608 129,508 197,212 191,745 384,079 Notes '• 1,772,100 119,128 •• 424,918 126,581 -169,891- 115,087 88,841 251,794 97,843 54,242 82,599 80,310 160,866 Bonds 5,760,-136: ?87,2l 9 1.381.177 411,447 552,224- ^74.086 2ft8 f 77^ fllR f ),),& 318,n3li 176,312 ?6fUi86 ,?rVI,nf|)| 5P? t 8W Total (J«S» Government securities ~ 20,677,622 1390,034 4,958,122 1477,001 1982,365 1342,888 1036,632 2938,039 n41,673 632/921 963,804; 937,090 1877,053 Total loans and securities 20,977/512 I4i2r,052 5,025,766 1495,107: 2oi8,jioo 1366,519 io44,420'3o2o,84p 1148,114 637,091 976,142 942,1421891,219 hue from -foreign banks 95 6 i / 31 B . , '• 9- : 5 - 4 , I 13 3 2 3 3 8 F.R. notes of other banks 114,373 5,365 18,878 4i39l ' 4,99s 17,125 15,526 13,420,- 8i053 3,833 4,764. 5,466 12,554 Uncollected items 4SQ.995 196,185 484,287 168,097 248,939 211,963 169,558 395,168 115,842 60,651 133,446 102,586 203,273 Bank premises '.. 32,839 1,231 8,202 3,171 4,912 2,624 1,553 3,050 1,964 1,203 2,439 789 1,701 Other assets 154,815 10,491 36,765 10,604 14,805 10,168 7,911 21.854 8.925 4.697 7.166 6.9I17 14.484 TOTAL ASSETS. 45,951>175 2479,894'12,584,740 2734,075 3764,8092716,974 2370,811 7731,657 1933,418 1174,776 1934,971 1603,039 4922,009 2/ Afterwdeducting $64,000 participations'of other Federal Reserve" Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BAMS OK MARCH 10, I948 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 Minn. Xans ,Cy, Dallas SanFran. Federal Reser/e notes 25,990,758 11*50,435 5,1*97,230 1639,852 2088,629 1659,981 13ii8,26o 4546,828 1102,397 618,348 932,120 598,li37 2528,223 Depositss Member bank-reserve acct, 17,366,248 753,126 5.721,936 800,5641269,178 753,558 764,579 2592,226 630,855 432,896 812,888 822,958 2031,684 U,5 a Treasurer-general acct. 750,542 6"4 ,702 t 14". 4.,.5 ^2~5.~ 55,564 88,023 53,872 45,988 96,395 41,575 1*0,637 38,li29 40,816 40,216 foreign 476,103 25,489 l/febl,6l3 52,684 57,122 19,772 16,545 54,876 lii,526 -10,088 11*, 122 13,719 35,51*9 Other l;78,9lU ;-' g,6U5 1*05,955 1.1*72 9,471 8,1+96 899 1,920 6,l2o 2,731 1,270 1,1*29 36,550 Total deposits 19,071,807 &2'5,960 6,473,807 890,284 1403,794 835,1*98 826,009 2745,1*17 693,076 486,352 866,709 878,922 211*3,979 Deferred availability items 2,142,079 175,817 584,467 144,110 203,482 185,1*02 162,597 338,031* 109,718- 50,011 108,168 98,71*9 183,501* Other liabilities including accrued dividends 15,011 888 5,686 951 1,1*83 832 659 2,U85: 677 685 583 599 1,1*83 TOTAL LIABILITIES 45,219,635 21*35,098 12,359,210 2675,197 3697,388 2679,715 2359.525 7652,764 1905,868 1155,596 1907,580 1576,707 4857,189 Capital paid in 197,673 11,502 ' ' 69,061 ll*,526 18,932 8,410 7,698 24,067 6,488 4,356 6,711* 7,591 18,528 Surplus (Section 7) 448,189-28,117 158,596 35,350 U2,l73 21,210 19,110 66,217 16,972 11,235 16,148 lU.lll 38,952 Surplus (Section 13b) 27,545 3,011 7,319 4,1*89 1,006 5,51*9 762 1,429 521 1,073 1,137 1,307 2,140 other capital accounts S8.I55 • 4,366 10,551* It, 513 5,510 U,292 3,716 7,180 5,569 2.718 5,392 3,323 5,200 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 45,951,173 2479,894 12,584,71*0 275i*,075 3764/309 2716,971* 2370,811 7751,657 1953,1*18 H7i*,776 1934,971 1603,059 1*922,009 Contingent liability on bills purchased for foreign correspondents 4,837 305 2/i,5l|8 592 237 198 658 171* 121 I69 161; 426 CoiTinltments to mai industrial ; ' ~ ; loans 7,016 1,021 1,579 131* 375 31*1* 580 — 3,750 135 F.R. notes outstanding 24,855,103 1508,859 5,727,553 1690,479 2171,81? 1711*,552 1391,285 1*628,778 1148,177 637,579 954,i*32 626,032 2655,56.5 Collateral for F. R. notes held by F.R.' Agents j Gold certificates 13,219,000 440,000 4,1*70,000 550,000 735,ooo 625,000 675,000 2760,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 67,278 13,022 19,871 7,050 — 16,495 — — 1,300 600 7,3l*o 1,600 U.S. Govt.securities 12,700,000 1100,000 1,500,000 1200,000 1500,000 1150,000 750,000 1900,000 950;000 450,000 700,000 500,000 1000,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 to 2 2 to 5 Over Total 15 days 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 297,799 r 156,353 28,896 78,981 li*,456 19,091* 19 Industrial loans 12 19 2,091 1,850 21 23 21 LUl 4 U.S, Govt, securities 20,677,622 2741,933 1812,623 2,081,255 2,857,179 3,019,293 2,707,317 1*31.509 5,026,713 l/ After deducting $274,580,000 participations of other Federal Reserve Banks. 2/After deducting $3,289,000 participations o-f other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis