H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, June 11, 1948) H.4.1 June 10, 1948 CONDITION OF THE FEDERAL RESERVE BANKS During the v/eek ended June 9, member bank reserve balances increased $60,000,000, Additions to member bank reserves arose from decreases of 0423,000,000 in Treasury deposits with Federal Reserve Banks and $31,000,000 in money in circulation and an increase of $19,000,000 in gold stock, offset in part by decreases of $337,000,000 in Reserve Bank credit and $2,000,000 in Treasury currency and increases of $74,000,000 in nonmember deposits and other Federal Reserve accounts and $2,000,000 in Treasury cash* Excess reserves of member banks on June 9 were estimated to be approximately $920,000,000* Holdings of loans, discounts and advances increased $73,000,000 while holdings of United States Government securities decreased $334,000,000, The decrease in holdings of United States Government securities reflects decreases of $338,000,000 in bills, $15,000,000 in notes and $1,000,000 in bonds and an increase of $20,000,000 in certificates. Changes in member bank reserve balances and related items during the week and the year ended June 9, 1948, were as follows: ]i ncrease or decrease since June 9, JJuunnee 22,, June 11, 1943 11994488 1947 (In mill.. ..iioonnss ooff dollars) U, S, Government securities 20,349 -334 -1,229 Loans, discounts and advances 313 + 73 + 136 Other Reserve Bank credit 293 - 75 + 8 Total Reserve Bank credit 20,955 -337 -1,085 Gold stock 23,362 + 19 +2,336 Treasury currency 4,560 - 2 1 Member bank reserve balances 17,154 + 60 +1,126 Money in circulation 27,364 - 31 - 339 Treasury cash 1,337 + 2 + 5 Treasury deposits with F, R, Banks 1,144 -423 + 649 Nonraeinber deposits and other F, R, accounts 1,379 + 74 - 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE! ENT OF CONDITION OF THE TVJELVE FEDERAL RESERVE BAMKS COMBINED HJi.l(a) (In thousands of dollars) Increase or decrease since June 9» June 2, June 11, 19U8 . 19U6 191+7 A S S E TS Gold certificates 21,/.l6S170 + 10,000 +2,595,1+92 Redemption fund for F. R, notes 620,722 2 - 91,695 Total gold certificate reserves 22,085*892 + 9,998 +2,303,797 Other cash 25l+,592 + 9,31+7 + 25,217 Discounts and advances 312,3142 + 72,886 + 137,552 Industrial loans 891 17 871 U. S. Govt, securities! Bills 7.9314,891 -338,200 -6,1+1+1+, 1+77 Certificates U,289,507 + 20,000 -1,812,759 Notes 1,9142,800 - 15,000 +1,573,500 Bonds 6,181,786 - 1,000 +5,l+5l+,596 Total U, S. Government securities 20,3148,981+ -33^,200 -1,229,31+0 Total loans and securities 20,662,217 -261,331 -1,092,659 Due from foreign banks 49 «•«* 53 F. R. notes of other banks 103,377 + 8,21+1 + 3,036 Uncollected items 2,502,628 -138,090 + 198,215 Bank premises 32,568 «*•*» + 562 Other assets 173,619 + 3,811+ + 122,1+08 TOTAL ASSETS h5,Blh,9k2 -368,021 +1,560,523 L I A B I L I T I ES Federal Reserve notes 23,722,075 - 19,375 - 388,165 Deposits: Member bank-reserve account 17,15^,080 + 59,696 +1,126,298 U.S.Treasurer-general account l,lU3,83U -1423,505 + 6U8,53U Foreign 370,967 + 28,71+7 - 59,707 Other 1+57,1+77 + 1+5,615 1,289 Total deposits 19,126,358 -289,i+T+7 +1,713,836 Deferred availability items 2,209,651 - 63,01+1 + 189,825 Other liabilities including accrued dividends 17,051+ + 235 + 2,261 TOTAL LIABILITIES 1+5,075,138 -371,628 +1,517,757 C A P I T AL A C C O U N TS Capital paid in 197,991+ 232 + 6,1+95 Surplus (Section 7) 1+1+8,189 — + 8,566 Surplus (Section 13b) 27,51+3 «•«• + 88 Other capital accounts 66,078 + 5,839 + 27,817 TOTAL LIABILITIES AND CAPITAL ACCOUNTS U5,8ll4,9l42 -368,021 +1,560,523 Ratio of gold certificate reserves to deposit and F. R. note » • liabilities combined 5l.5# .3% 3.9fl/° Contingent liability on bills purchased for foreign correspondents 3,298 + 7 2,77l+ Commitments to make industrial loans 6,6ol+ + 1 272 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.i+.l(b) STATEI.2ENT OF CONDITION OF TH3 FEDERAL KE5S1VE BANKS ON JUNE 9, I9U8 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis i.'inn. Kans.Cy. Dallas SanFran. Gold certificates 21,1+65,170 851,oee 6,633,CC6 1037,68c 11+26,252 1031,679 1054,372 1+506,722 593,137 1+65,781 775,129 527,581 2762,829 Redemption fund for F. R. notes 620,722 54,731 67,269 57,277 75,152 55^575 38,091 97,197 45.-9C4 22,554 34,959 25,5l4 1+8,701 Total gold certificate reserves 22,085,892 905,733 6,700,275 109l+,957 lU99,l+cl+ 1087,052 1092,1+63 1+1+03,919 639,ci+l 1+88,555 810,088 553,C95 2811,530 other cash 25l+,592 30,1+75 l+9,402 10,580 26,815 15,820 18,617 34,691 12,179 5,^33 7,936 9,752 32,892 Discounts and advances 512,342 22,1+51 110,267 18,270 32,1+90 18,678 10,1+98 34,812 10,152 S,475 11,1+93 8,110 29,1+1+6 Industrial loans Q91 ._ ^ 62 59 mm Q 2 U. S. Govt, securities: Bills 7,934,891 533,1*15 1,902,61+1+ 566,789 760,718 515,321+ 397,800 1127,1+53 1+38,109 21+2,679 369,853 559,o01 720,306 Certificates i+,289,507 288,357 1,028,51+8 3c6,399 1+11,255 278,578 215,ol+7 609,1+87 236,836 131,298 199,938 194,395 389,389 ljotes 1,91+2,800 130,603 1+65,81+8 138,771+ 186,256 126,173 97,398 276,ol+9 107,268 59,1+67 90,556 88,01+6 176,362 BondE 6,18:1,786 1+15,565 1,1+82,280 l+4l,566 592,648 uCl,l+70 5C9,9H 878,358 54l,?l5 189,218 288,159 280,155 561,165 Total U.S.Government securitieT 20,51+8,981+ 1367,91+0 4,879,320 ll+53,528 1950,^57 1321,51+5 1020,156 2891,51+7 1125,528 622,862 91+8,1+86 922,195 181+7,220 Total loans and securities 20,662,217 1390,391 4,989,587 1472,368 1983,609 131+0,1+82 1030,65!+ 2926,159 1135.-680 628,557 959,979 930,305 1876,666 Due from foreign banks 1+9 3 l / l6 1+ 4 2 2 ? 2 1 2 2 4 F.R.notes of other banks 103,377 i+,1+95 15,176 5,865 6,117 12,612 9,165 l4,486 8,160 2,205 5,637 l+,293 15*166 Uncollected items 2,502,628 205,023 1+1+8,960 169,607 21+8,593 216,362 159,673 1+00,1+19 118,61+1 68,311 135,810 116,075 215,15*+ Bank premises 32,568 1,218 8,15!+ 3,119 4,874 2,605 1,51+2 5,050 1,955 1,195 2,1+21 777 1/682 r :ther assets 175,619 11,954 l+l,ll+0 12,117 16,571 11,502 8,769 24,510 10.^007 5,270 8,028 7.888 l6,,0l+3 TOTAL ASSETS 1+5,8l4,9l+2 2549,292 12,252,710 2768,617 3785,987 2686,235 2520,905 7807,221 1925,665 1199,087 1929,901 1622,187 1+969,137 1/ After deducting $33,000 participations of other Federal Reserve Banks* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

lUwl(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JUKE 9, 19^8 L H B I L IT I S S (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas SanFran. Federal Reserve notes 23,722,075 H30,726 5,447,214 1625,747 2075,722 1614,610 1314,264 4503,813 1081,795 613,741 919,H0 596,237 2494,066 Deposits; Member bank-reserve acct* 17,154-jOoO 752,034 5,439,235 806,329 1267,536 733,737 741,803 2628,005 620,076 411,964 798,513 816,273 2083,575 UJ3»Treasurer-general acct. 1,143,534- 106,962 ,183,701 101,133 116,692 80,087 60,089 165,423 65,365 81,443 56,180 62,928 63,831 Foreign 370,967 22,327 i/l31,601 27,621 32,503 17,312 14,485 48,049 12,719 3,833 12,365 12,012 31,140 Other 457,477 2,156 400,535 1,838 6,377 1,880 1,161 2,261 5,078 1,688 145 594 33,764 Total deposits 19,126,353 883,479 6,205,072 936,921 1423,108 833,016 817,538 2343,738 703,238 503,928 367,203 891,807 2217,310 Deferred availability items 2,209,651 186,748 368,333 145,330 217,205 199,320 156,599 352,142 109,819 61,317 115,063 106,734 190,491 Other liabilities including accrued dividends 17,054 1,047 4,727 1,120 1,728 921 769 >,438 766 514 681 713 1,580 TOTAL LIABILITIES 45,075,138 2502,000 12,025,396 2709,113 3717,763 2648,367 2289,170 7707,181 1395,613 1179,500 1902,037 1595,491 4903,447 Capital paid in 197,994 11,312 68,898 14,546 18,983 3,466 7,747 24,129 6,522 4,369 6,795 7,635 18,592 Surplus (Section 7) 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,143 14,111 33,952 Surplus (Section 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 66,078 4,352 12,501 5,U4 6,062 4,843 4,116 8,265 4,030 2,912 3,734 3,643 6,006 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 45,814,942 2549,292 12,252,710 2768,617 3785,987 2686,235 2320,905 7807,221 1923,663 1199,037 1929,901 1622,187 4969,137 Contingent liability on bills purchased for foreign correspondents 3,298 208 2/l,056 267 303 162 135 449 119 82 115 112 290 Commitments to make industrial loans 6,604 75 296 1,273 133 16 353 580 3,750 123 F. R. notes outstanding 24,480,222 1463,886 5,679,350 1668,054 2140,355 1670,193 1356,467 4534,156 1114,096 632,938 945,379 622,994 2596,354 Collateral for F.R.notes held by F.R.Agents: Gold certificates 13,229,000 460,000 4,470,000 550,000 735,000 625,000 675,000 2700,000 315,000 200,000 230,000 169,000 2050,000 Eligible paper 54,797 8,780 14,272 7,173 — 7,945 — 2,340 50 3,887 10,350 U.S.Govt, securities 12,225,000 1100,000 1,300,000 1200,000 1500,000 1075,000 750,000 1900,000 950,000 450,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES IVithin 16 to 31 to 61 to 91 days to 6 months 1 to 2 2 to I Over Total 13 days 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 312,342 83,021 35,119 82,634 91,494 20,013 11 Industrial loans 391 579 30 175 66 7 4 14 16 U.S. Govt, securities 20,348,984 1,804,473 3,782,920 2,213,955 2,376,822 2,186,867 1,802,161 1,138,651 5,043,135 1/ After deducting 0239,248,000 participations of other Federal Reserve B^nks. 2/ After deducting 0 2,242,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis