H.4.1 Factors Affecting Reserve Balances of Depository Institutions

. SC&RD OF GOVERNORS.. OF TIE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, MayJJ21, I9I18]' HJul May 20, I9I48 CONDITION" OF THE FEDERAL RESERVE BANKS During the'week ended May 19 member bank reserve balances decreased $581,000,000. Reductions in member bank reserves arose from increases of $295,000,000 in .Treasury deposits with Federal Reserve .Banks, $10,000,000 in Treasury cash and $5,000,000 in nohmember deposits and other Federal -Reserve accounts and a decrease of $36^,000,000 in Reserve Bank credit, offset in part by a decrease of $72,000,000 in money in circulation and an increase of $20,000,000 in gold stock. Excess- reserves of member banks on May 19 were estimated to be approximately $530',000,000* Holdings of loans, discounts and advances decreased $25,000,000 and United States Government securities decreased $250,000,000* Th-e."decrease in hold ings of United States Government securities reflects decreases of $2l|i,000,000 in bills, $1^7,000,000 in certificates and $20,000,000 in notes and an increase of $57,000,000 in b onds . . * Changes in member bank reserve balances and related items, during the week and the year ended May 19, I9U8, were as follows $ Increase or decrease since May 19, May 12, May 21, igb8 49^8 19U7 (In millions of dollars) U, S, Government securities 20,098 ~ 250 -1,578 Loans, discounts and advances • 226 - 25 + 107 Other Reserve Bank c,redit 350 - 89 + 7U 'Total 'Reserve Bank credit 20.67U '"^3(h -1,397 Gold stock 2$,2h5 + 20 +2,357 Treasury currency It, 559 1 mmm Menber bank rese rve balances 16,506 - 581 +. 56k a Mcnsy in circulation * ' ' 27,690 - 72 - U26 Treasury cash "1,329 + 10 9 Treasury deposits with F. R, Banks 1,612 + 293 +1,073 Nonmember deposits and other Fj,R,accounts 1.3U1 + 5 - 2li2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

. .STATEMENT QF CONDUEQN OF ?HE/TV$LVE FEDEML^ RESERVE .BASICS COMBINED ; '(In "thousands of dollars) H^.l(a) Increase or decrease s, .nee Hay 19, Hay 12, Hay 21, 19^8 • 191*8 19l*7 A S S E TS Gold certificates 21,355*170 + 13,000 +2>U2j,9ge Redemption fund for F # R # notes 621i,221 + 1,205 - 91.279 Total gold certificate reserves 21,979,391 + iU,205 +2,333,713 Other cash 288., 907 .* 2,251 t 37,370 Discounts and advances 225,250 - 2^,933 + 108,185 Industrial loans 898 + 20 699 U S Govt, securities: # t Bills 7,70^,801 s-21;0,900 -7,073,528 Certificates 1*, 118,993 - .'46,750 •- 692,725 ]>i ote s 1,936,800 - 20,000" '+1,585,000 Bonds 6,358,650 + 57,1*30 +5,603,260 Total- U» S. Government securities 20,098,21|U -250,220 -1,577,993 Total loans and securities 20,3214,392 -275,133 ' -1 ,1*70,507 Due from foreign banks 149 53 F. R. notes of other banks 112,062 + 5,676 + 13,682 Uncollected items? .2,970,716 +156,3.10 +. 533,989 Bank premises 32,657 + 5 + 579 Other assets 167,182 + 3,oio + 118,705 TOfAL ASSETS 1*5,875,356 - 93,676 +1 ,567,1*78 <• L I.A B 1 L I»T I BS Federal Reserve noteg 23,596,136 - 58,212 - 1^06,079 Deposits- Member bank-reserve account 16,505,51*8 -581,197 + 563,2145 U.S.Treasurer-general account 1,612,086 +292,5>2 +1 ,073,293 Foreign. 368,728 - 5,51*8 120,2^5 Other ,- 1*2 6, h 51 + 8,553 1*1,571* Total deposits 18,912,813 -285,600 "• +T, 1*71*, 719 Deferred availability items 2,620,698 +2U5,'ll4l +:' 1*59,629 Other liabilities including accrued dividends ' 17,810 + 1,1*17- + 1*,677 TOTAL LIABILITIES k5,11*7,1*57 - 97,251* ' IT, 532,91*6 C A P I T AL 'A C C O U N IS Capital paid in 198,088 + 33 + 6,733 Surplus'(Section 7) • 1*1*8,189 + 8,366 Surplus (Section 13^>) 27,51*3 + ' 88 Other capital accounts • 51* ,079 + 3,5^5 +, 19,31*5 TOTAL LIABILITIES'AND CAPITAL ACCOUNTS 1*5,875,356 - 93,676 +T' ,567,1*78 Ratio of gold certificate reserves t to deposit and F.R. "note-. " * liabilities combined J 51.7% + M + h.3% Contingent liability on bills purchased for foreign correspondents 3,299 + 2iT 3,1*98 Commitments to make industrial \loan& * 6,623 ••+ 7 + 926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(b) STATEMENT OF CONDITION OF THE :FEDERAL RESERVE BANKS ON M&.Y- 19,19US (•In thousands of dollars) A S S E TS Total Boston Hew York Ehila., Clove. Rich. Atlanta Chicago St.Lottis Minn,, Kans..C.yv Dallas SanFran. Cold certificates 21,555,170 848,295 6,572,053 1665,425 14.54,346 1015,918 1050,73U 4291,538 593,221 448,455 747,435 514,212 2753,1+88 Redemption fund for ' F, R, notes 624,221- :54,909 , 68,o2? 57,591 75,5?4 56,661 58,274. 97,u2?, 45,9^9-; 22,576 35,003 25,565 48,845 Total gold certificate reserves "21,979,39! 903,204 6,640,080 1123,016 1527,720 10?2,579 1089,008- 4389,015 '639,190 471.051 732,438 539,777 2802,333 Other cash. 238,907 37,562 52,725 15,728 26,722 18,462 22,51+5 55,011 11,976 6,7^3 10,022 10,82q 1+0,592 Discounts and" advances 225,250 21,921 60,173 17,958' 19,394 14,468 7,521 21,952 11,992 6,!;00 19,682 6,833 16,656 Industrial .loans 393 572 257 69 - — — U. S. Govt, ise'curities? B i l l s. . '.. 7,703,801 517,880 1,847,253 550,282 738,563 500,316 386,2151094,618 1x25,350 235,806 359,082 ^i+9,128 699,328 Certificates 4,118,993 276,895 987,66o 294,22c 39u,83S 267,501* 2o6,497 585,26o 227,422 126,000 191,939 136,668 573,910 Kox;es ' 1,936,800 150,199 464,410 138,546 185,631 125,784 97,098 275,196 106,9^6 59,283 90,276 87,^74 175,817 BondS ' 6,535,650 .426,110 1,519,59^: u52,769 607,686 411,657 517,776 900*6*16 5U9,976 194,01? , 295,1,52 287,262 575,403 Total U.S. Government " ' " securities " 20,098,21 4 1351,084 U,819,197 1435.617 1926,813 1305,261 1007,-586 2655,720 1109,684 615,188 936,799 910,632 1824,458 1 1 1 : ..• - —: " " ' — " •. • 1 "r! ' Total loans and —securities ~ 20,324*392 1373,005 4,879,370 li+54,l47 1946,469 1319,793 1015,407 2877,672 1121,676 621,588 956,481 917,665 I04l,ll4 Due from fdreign banks [+9 3 1/ 16 4 4 2 2 J 2 .1 2 2 4 F.R.notes of other banks.. 112,0.62. \ .'4-,850 ro,095; 5,774 6,512 11,443 10,782 l4',&13 ' 8,115 3,91V 5,631 .,JU»987 17,166 Uncollected items' 2,970,716 238,633 6o6,683': 200,252 289,057 ,250,377 191,80,6 1+26,415 125,799 68,597 156,021 152,259 261,935 Bank premises 32,657 1,222 0,173 3,132 4,303 2,610 1,546 3,036 1,953 1,198 " 2,1+2? 7Sl+ 1,688 Other assets 167,162 .11,400, 39,558 11,579 » 16,133 10,886 6,492 23.,-^ 9>?54 5,Q64 . 7,70£ ,.7*561 15,509 TOTAL ASSETS 45,875,356 2569,667 12 ,-21+1+,.7 00^28-15,632 3817,555 2686,157 2339,670 77-%;624 1910,270 1170,126 1923,530 1633,084 4930,341 1/After deducting $33,000. participations of other Federal Reserve Banks... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.iul(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MAY 19, 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. Kans.Cy. Dallas SanFran. ?ederal Reserve notes 23,596,136 lul3,852 5,107,945 1617,461 2063,272 1605,634 1314,27b 4499,812 1078,884 609,225 9lu,043 587,834 2 U 78,004 Deposits; Member bank-reserve acct. 16,505,548 714,880 5,268,705 776,060 1225,237 706,482 712,204 21:76,071 600,393 407,239 769,089 809,506 2039,632 U..S.Treasurer-general acct.1,612,086 143,521 358,579 157,753 168,391 90,297 74,185 255,523 72,622 70,882 63,989 57,073 99,272 Foreign 368,728 21,382 l/l38,550 27,li02 31,124 16,577 13,870 46,009 12,17Q 8,458 11,840 11,502 29,835 other 426,451 1,658 367,513 , 1,843 6,519 2,2 Q 576 2,176 5,174 1,588 1,742 563 35,059 U Total deposits 18*912,813 -881,441 6,133,347 :963,058 11(31,121 815,596 800,.S35 2779,779 690,368 488,167 846,659 878,644 2203,798 Deferred availability items 2;,620,690 222,065 4K,2cy liy,mrj ^i^uuo c:c/,u^^ 19^, o5 ;>89,3^ J^0,99;> o0i>oup 134,117 Other liabilities including .' ~ . accrued dividends . "17,810 5,190 990 i,7l A7n 2,376 ,7X 700 1,377 TOTAL LIABILITIES 45,"H" i7,457. 2523,325 12,020,051 2755,002 3750,543 261(9,106 2308,539 7671,296 1890,918 il5a,9io 1896,337 1607,721 4915,709 Capital paid in . 198,088 11,-311 69,137 ' Hi,54o I6,97u 6,440 7,734 21;,096 6,509 4,,364 6,776 7,621 18,573 Surplus (Section 7) '448,189-20,117 : 133,596 35,350 42,173 21,210 19,110 66,21? 16,972 .il',233 16,148 14,111 36,952 Surplus (Section 13b) . 27,5a3-. 3>0ll- 7,319 4,489 1,006 3,349 762 1,1,29 521 1,-073 1,137 1,307 2, lliO Other Capital accounts ; I "54,079 .. 4,103 9,597 .lt,2li5 4,059 4,052 3,525 6,504 5,350 2,-546 3,152 y , 1CL± ii,96^ TOTiL' LIABILITIES AND* AND CAPITAL ACCOUNTS 1(5,375,356 2569,067 12,244,700 2613,632 3817,555 2636,157 2339,670 7769,621: 1018,270 1173,126 1923,530 1633,884 4980,341 Contingent; liability on "bills purchased for foreign correspondents 3,299 -208 2_/l,056 267 304 162 135 449 119 Qc 115 112 290 Conanitipsnts to make industrial loans 6,623 303 ,iOO 133 16 353 500 5,750 127 F. R notes outstandings 24,463,539 1474,771 5,671,643 1659.703 2iu3,0i4 1673,756 1358,542 4576,354 1119,985 631,031 940,610 618,1(00 2591,930 # Collateral for F S. notes # held by F 8*Agents: # Gold certificates 13,279,000 460,000 li,l{7o,ooo 550,00; 1,2^, 5C ,ooo 625,000 675,000 2700,000 315,000 200,000 280,000 169,000 2100,000 Eligible paper .59., 392 32,03c 9,823 !?*^yU» i '75 6,5aO 2,1,+u 75 lu,168 —-- 2,840 U^S^Govt* securities 12,225,000 1100,000. iv3oo,ooo 1200,000 1500,000 1075 y, \.~\ 1900,000 950,000 a 700,000 500,000 600,000 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 225 250 67,3*2 26,1;15 69,565 61,605 1Q Industrial loans '89©'; 531 55 38 171 71 h 14 16 U* S»Govt. securities 20,098,72i|U "2,291,857 l,u32,7S6 1**752,996 l,8i;9,102 2,165,86? 1,386,000 1,138,651 5,080,985 l/After deducting $23Q,Oi»i;,000 participations of * ether Federal Reserve tfenks. 5/ After deducting $2,21+3,000 participations of other Federal Reserve Banks.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis