H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BO:,RD- OF GOVERNORS, OS? THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning,. April 2,19I48) : H.ii.1 April 1, I9li8 CONDITION OF TIE FEDERAL RESERVE BAIJKS During the week ended Larch 7jl member bank reserve balances decreased $231,000,000. Reductions in member bank reserves arose from an increase of. $5lii,000,000 in Treasury deposits with** Federal Reserve Bank's, offset in part "by increases of $178^000,000.in Reserve-Bknk credit, and $2,000,000 in Treasury currency and decreases of $71, 000>OQC> in money in circulation, $11,000,000 in Treasury cash and, $20,000,OOO in nonme^iber deposits and other Federal Reserve accounts. Excess reserves of member banks' on March 31 were estimated to be approximately $600,000,000* Holdings o£ loans, discounts and advances decreased $16,000,000 while holdings of United States Government securities increased $280,000,000, The in crease in holdings of United States Government securities reflects increases,of $108,000,000 in certificates, $97,000,000 in notes, $56,000,000" in biljs ,and :$19,000,000 in bonds : # -,-—: - '-< Changes in-member bank reserve balances and related items during the week and the year ended March 31> lc)hQl were as follows? Increase or decrease since March Jl, March 2l\. April 2,, s 19U8 . I9U8 19U7 (In millions of dollars) U« S # Government securities: 20,887 + 280 - 1,051 Loans discounts and advances' h%. - 16 k § Other Reserve Bank credit 287' - 85 103 Total Reserve Bank credit 21,607 + 178 - 1,151 Gold stock 23,156 + l ;+ 2,650 treasury currency it, 559^ + 2 .!+ 2 flember bank reserve balance's 16,639 > 231 + 1*099 Money in circulation 27,780 - • 71 - 167 Treasury cash 1,325 - 11 8 Treasury deposits with F, R Banks 1,972 + 51U + 1,026 # -3$fcrimember deposits and other F.R.accounts 1,587 - 20 H48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAXiuv','*-; Or .'J0?IDJTI0N 'OF TIE TWELVE i'^.rA;, Kd^LKYB BANKS COMBINED Hiul(a) (It) t>;ou*amls of dollars) t r Increase or decrease since March' 51, MMaarrcchh 2244,, April 2, 19U8 11994488.. 19U7 A S S B T S Gold certificates 21,229,170 -- 55,,000000 +2,753,743 Redemption fund for F, fU notes 6)48,8ul ++ 1155,,000011 I- 125,358 Total gold certificate ; reserve?,. 21,878,011 ) + 10,001 +2,628,2*05 Other cash 559,555 + 6,509 + 57,727 Discounts and advances 429,958 - 17,189 .+ 782 Indus trial 1oans •'5,785 + 658 ;, . i+ 2,700 U.S.Govt, securities: 1 Bills 8,851,101 + 56,200 1-6,033,355 Certificates 4, 1*81,175 +108,000 :-1,2*67,243 Notes 1,883 J* 60 + 97,200 .+1,551,600 Bonds 5,671,577 + 18,519 ; +I ,917,987 4 Total U S. Government # "~ ~ s e curit ies 20,887,055 +279,919 •1,051,011 Total loans and securities 2.1,520,796 +263*368 -1,047,529 Due from foreign banks - 95 - ' 7 F. R. notes of' other banks ' • 120,539 + 4,219 +. 23,042 Uncollected items • 2,739,595 -126,607 + 329,985 Bank premises 52,744 , 86 + 595 Other', assets 157,566 ; * 5,928 + • 96,722 TOTAL ASSETS ho, 588,503 +161,332 +2,090,958 L I A B ILI T I ES Federal Reserve notes 25,767,642 -63,584 - 417,667 Deposits: member bank-reserve account 16,638,719 -231,171 +1,098,,, 371 U.3.Treasurer - general account 1,-971,606 +513,536 +1,025,251 ; Foreign •0*85,528 -'- 25,143 - 34,861 Other cii5,773 + 6,309 - 58,766 Total deposits 19,609,626 +263,551 +2,029,995 Deferred availability items .2, k 53,060 .- 41,666 + .. 435,092 Other liabilities.including accrued dividends 15,927 •- ' '286 + 2,821 TOTAL LIABILITIES 45,82*6,255 •+157,995 , +2,02*8,241 C A PIT A L ^ i C , C O U N TS . Capital paid in 197.767 + 20 + 6,822 Surplus (Section 7) hU8,189 + 8,566 Surplus (Section Ipb) : 27,52*3 + 88 Other capital accounts *' 68,749 + 5,317 +. 27,421 TOTAL LIABILITIES AND CAPITAL ACCOUNTS E6T588,5P3 +161 ,"332 ' ; +2,090,958 Ratio of gold'certificate reserves to deposit and F.R. note liabilities' combined 50 M 4,5/o Contingent liability oh bills purchased 4,134 -,,.•106 4,180 for foreign*correspondents Commitments to make industrial loans 7,700 187 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.li.l(» STATEMENT OF. CONDITION OF THE FEDERAL RESERVE BANKS/; ON MARCH 31:, "191*8 t (In thousands of dollars:). A S S E TS Total Boston New York Phila, "Cleve Ri-dh. Atlanta Chicago St.Loup.s Minn* Kans Cy Dallas SanFran # # # # Gold certificates 21,229,170 765,555 6,861,211* 1059,976 "1389,965 I036,aii*::ill5,683 3922,571 579^60 338,369 770,865 517,u77 2771,1*61 Redemption fund for F. R+ notes 61*8,81*1, 55,586 71,135 58,7ii3 ll^hl 57^10" 38,969 115,1+QQ 46,211* 22,677 35,223 25,763 h9,klh Total gold certificate reserves7 21,878,dll' 821,11*1 6,932,509 1118,719 Iii6ii,2l2 109!*, 221* 115^,652 1*035,971 625,27!; 1*61,01*6"' 806,088 51+3,21*0 2820,935 Other cash. 359,555^ 39,H±o 66,278 22,658 37,089 21,1*92 21,279 55,733 15,061 9,1*1*6 12,095 ili,52l 1*1*,713 Discounts- arid 'advances 1*29,958 28,lij2 83,98U 17,061; 26,061 33,W*2 7,316 187,997 U.032 3,713 11,7^7 5,2] 0 Hi, 250 Industrial: l;e&ns 5,785 - - - - 556 211; 30 2,985 U. S* Govt^Securities• Bills J 8,851,101 595,005 2,122,335 632,231; 818,555 57U,627 1*1*3,733 1257,635 1*88,696 270,923 1*12,§59 z/01,123 803,1*76 Certificates 1*,1*81,175 301,21*2 l,07l*,506 320,091 1*29,610 291,025 221*,655 636,720 2U7,Ul9 137,1& 208,873 203,082 Uo6,788 Notes 1,883,1*00 126,610 151,605 !L3U,531 180,562 122,316 9U,u2o 2.67,609 103,988 57,61*9 87,737 85,35u 170,969 Bonds ; 5,671,-377 381,253 1,359,89^ io5,lo6 5u3,7l5 .'368,322. 28i*,323 BQ5,i335 313,131; 173,<:595 26i*,5l*8 257,021 51^,831 i —1 ... 1 ii 1 ... . . . «.«i ,, ',i . 1 111 ., , . ! 1 i , , 1 ....,,—^.ni — I -i-.n.m*—. - -.1 ••» TII i>.r---ir-, . . 1 1 ' _• • 'r '• ' ' '- ," '"I •' '•' " 'i' . " •'• '. ,_ ' ' ' ' 1 • 1 1 1 .i , I,.,.,. 1 , Total U;'S«I Government' securities ~ ,20,887,053 lliOli,llo 5,008,3i;0 11*91,962 2002,1*1*2 1356,u90^101*7,131 2967,799 1153,237"'" 639,351 973,567" 9^6,580 1896,06!; Total loans and securities 21,320,796 lli32,252 5,092,321; 1509,582 2028,717,1389,9<2 1057,itf2 3155,796 II6U269 61*3,01*1* 985,311* 951,790 1910,3U* Due from foreign banks •95 6 1/31 8 9: 5 1* 13 3 2 3 3 8 F R. notes of other banks 120,339 ii,837 lj,630 6,1*88" 7/693 16,190 H*,912 16,1*22 6,1*39 6,877 5,302 5,238 16,305 # Uncollected items 2,739,595 2ol*,6oi 51*0,711 179,1*01* 272,969 233,185 189,588 cl*l*6,592 123,81*0* 66,569 12Z*,016 108,1*55 2i;9,665 Bank premises 32,71*1* 1,227 8,181* 3,ili5 i;,899' 2,617 1,51*9 3,ol*2 --1,961 1,201 2,1*1+0 785 1,69!* Other assets 137,368 9,H3 32,1*95 9,3lli 13,160 9*166 6,908 19,592 7,861 l*,2ll* 6,1*19 6,159 12,967 TOTAL ASSETS 1*6,§38,5Q5 2512,317.12,686,162 281^,318 3828,?!*&•12766,8l*7 2iM,32i* 7733,211 i9au,70& M.92,399 191*1,67*7 1630,191 5056,601 : i/ iifter deducting g61*,Q00 participations pf other Federal Reserve Banks:* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1.1*.1(c) . STAT&lfttiNT 0*' G0i\iDlXlUil UP\..:xite. X'&Q&iUil, RESERVE .&&&*& Ok JsiiiriGn }l, lyuti. .• , I A B I L I T I *B S (In thousands of dollars) "Total Boston Hew York Phila. Cleve,, Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanF'ran. federal Reserve notes 23,767,61*2 11*18,959 5,462,1*06 1625,557 2o68,l*94 1636,600 1327,982 ^51^,776 1090,859 612,511 922,250 590,661* 21*96,601; Jeoositsj . ••; member bank-reserve acct. 16,638*719 700,560 5#3li3,7l6 799.8821278,070 726,321 73 ;5,961 21*18,390 589,105" 1*13,1*92 777*1*15 790,261*2065,531; U.S.Treasurer-general acct. .1,971,606^ 120,732 527,482 171,598 l%^r 126,11*1 11*2,1*95 267,726 98,139 76,288 89,702 105,120 111,886 Foreign ' 1*85,528 27,1*25 1/190.128 35.170 59- 9^ 21.-276 17,802 59,051 15,651 10,855 15,197 lU,763 38,286 other ,. 513,775 2,013 1*51,1*77 1.921* 7JA~ 5,500 714; l,?a7 5,285 1,717 521 581 35.110 Total deposits 19,609,626 850,728 6,512,803 1008,5/1* li*59.i* ^ 3/9-238 897,002 271*6,911; 7Q8.160 502,552 882,835 910,728 2250,816 jeferred availability items 2,1*55,060 I9l*,211 1*78,954 ' 15u,558 230,50c 212,232 188,811; 563,595 116,860 57,312 106,180 101,172 21*1,861* Jther liabilities including accrued dividends 15,927 1,01k 5,945 1,002 1,768 829 695 2,620 7uU, 513 6 7 796 1,558 4 TOTAL LIABILITIES 1+5,81*6,255 21,61;,912 12,1*58,106 2739,69! 5760,21,6 2723,399 21*11,1*91 7632,705 1916,523 1172,688 1913,892 1603.360 4990,61;2 Capital paid in 197,767 11,305 69,072- 1U,535 is,91:6 8,1*20 7,715 24,072 6,1*88-. *4,558 6,720 7,602 18,552 iurplus-(Section 7) 1*48,189 26,117 158,59*6 35,350 1*2,173 21,210 19,110 66,217 16,972 11,233 16,11*8 11.,Ill 33,952 iurpius (Section 13b) :; 27,51*3 3,011 7,319 4,1*89 1,006 5,31*9 762 1,1*29 521 -1,073 1,137 1.507 2,11*0 other capital accounts 68,71*9. 4.972 I5.0o9 5,255 6,575 4,969 4.21*6 8,788 U,10U -5,01*7 5,780 3,611 6,555 TOTAL LIABILITIES AKD:-: CAPITAL ACCOUNTS' ' 1*6,588,505 2512,517 12,686,162 281*9,518 3825,71*8 2766,81*7 21016,324 7733,211 1944,708 1192,599 191*1,677 1630,191 5056,601 Contingent liability on\bills purchased for foreign correspondents 4,134 260 2/L.323 555 580 2Q2 170 562 1L,9 105 ll*5 ll*l 361; Coirmitments'to make industrial loans 7,700 75 - - 1,150 1,525 .. 127 16 344 580 - - 5.750 - - 155 F. K. notes outstanding; 2i*,6?l,979.11*84,548 5,698,464 1678,997 2158,655 1692,817 1375.411 1*606,219 1133,253 634,1*54 91*5,993 619,646 261*5,51*2 Collateral for F.R. notes held by F.R.Agents: Gold certificates 15,009,000 1*60,00.0 1*,1*70,000 5^0,000 755,000 625,000 675,000 21*50,000 315,000 200,000 280,000 169,000 2,100,000 Eligible paper 99.556 19,038' 34,744 5,559 - - 26,261 - - - - 5,830 100 6,690 - - 1,531* u.S. Govt, securities 12,950,000:1100,000 1,500,000 1200,000 1500.,000 1100,000 750,000 2200,000 950,000 2*50,000 700,000 500,000 1,000,000 MATURTfTY PTS1PirT!i7.GH OF LOAMS AND SECURITIES Within ' 16 to 31 "to 6J to 91 da.ys to 6 months 1 to 2 2 to 5 Over Total _ 15 days 3P days 60 days 90 ("^ys 6 mouths to 1 year years years 5 years Discounts and advances 1*29,953 505,598 52,816 23,771" "I5.~l.98~ 2,561; 11 industrial loans 3,785 . 3,563' - 2j' - - '21 112 3l* « 13 19 U.S.Govt, securities 20,887,053 2,1*15,688 1,215,550 2,625,051* 5,097,452 5,61*0,129 2,31*3,017 -- 1*70,378 5,081,985 1'/ After deducting $295,256,000 participations of other Federal Reserve Banks. 2~/ After deducting $2,811,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis