H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, June 18, I9U8) H.Iwl June 17, 19^8 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended June 16 member bank reserve balances increased $SU5JOOO,000 Additions to member bank reserves arose from increases of # $56i;,000,000 in Reserve Bank credit and $153*000,000 in gold stock and decreases of $160,000,000 in Treasury deposits with Federal Reserve Banks, $56,000,000 in money in circulation and $6,000,000 in Treasury cash, offset in part by an increase of $93,000,000 in nonmember deposits and other Federal Reserve accounts* Excess reserves of member banks on June 16 were estimated to be approximately $1,170,000 jr000 # Holdings of loans, discounts and advances decreased $17,000,000 while holdings of United States Government securities increased $1*00,000,000. The in crease in holdings of United States Government securities reflects increases of $306,000*000 in bills and $108,000,000 in certificates and decreases of $8,000,000 in notes and $5,000,000 in bends* Changes in member bank reserve balances and related items during the week and the year ended June 16, I9J48, were as follows $ Increase or decrease since June 16, June 9, June 18, I9U8 I9I18 I9I17 (In millions of dollars) U. S* Government securities 20,7^9 + lj.00 - U37 Loans, discounts and advances 296 ~ 17 + 162 Other Reserve Bank credit UTU + 181 - 3 Total Reserve Bank credit 21,519 + 56h - 278 Gold stock 23,515 + 153 +2, 392 Treasury currency U,56o - - - 1 Member bank reserve balances 17,999 + 8ii5 +1 ,758 Money in circulation 27,808 - 56 - 387 Treasury cash 1,331 - 6 - 2 Treasury deposits with F R* Banks 98k - 160 + 7«5Q # Nonmember deposits and other F R«accounts 1,1*72 + 93 - 17 # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF COHDITION OF THE TWELVE FEDERAL RESERVE BANKS CCLIBINED (In thousands of dollars) EUul(a) Increase or decrease since June 16, June 9, June 18, 19U8 I9u8 19V7 A S S E TS Gold certificates 21,625,170 +158,000 +2,UUl,994 Redemption fund for F« R* notes 618,222 - 2,500 92,020 Total gold certificate reserves 22,2^1,392 +155,500 +2,349,974 Other cash 262,839 + 8,2V7 + 32,789 Discounts and advances 29M32 - 18,310 + 161,271 Industrial loans 1,868 + 977 + 162 tU S. Gov't, securities: Bills 8,2!i0,631 +305,740 -5,746,080 Certificates 4,397,007 +107,500 -1,705,259 Hotes l,93u,800 - 5,000 +1,565,500 Bonds 6,176,786 - 5,000 +5,449,396 Total U, S Government # se^urltTei 20,749,22k +400,240 U36,i443 Total loans and securities 21,045,12U +382,907 - 275,010 Due from foreign banks 49 53 F R* notes of other banks 120,110 + 16,733 + 16,409 # Uncollected items 3,450,6i|4 +c)43,0l6 + 445,060 Bank premises 32,565 + 559 Other assets 136,715 - 36.90U + 87,565 TOTAL ASSETS 47,289,438 +1,474,496 +2,657,293 L I A B I L I T I ES Federal Reserve notes 25,688,832 - 33,243 - 379.240 Deposits: I.Iember banloreserve account 17,998,821 +84ii,74i +L ,757,841 U„S«Ireasurer-*general account 983,801 -160,033 + 759,231 Foreign 356,998 - 13,969 + 51,533 Other 521,963 + 64,486 Total deposits 19,861,583 +755,225 +2 ,539,201 Deferred availability items 2,976,960 +767,309 + 448,266 Other liabilities including accrued dividends 18,252 + 1,198 + 3,535 TOTAL LIABILITIES 40, 542, r^i +1,470,489 +2 ,611,762 C A P I T AL AC C O U N IS Capital paid in 198,359 + 365 + 6,663 Surplus (Section 7) UU8,189 + 8,366 Surplus (Section 13b) 27,543 + 88 Other capital accounts 69,720 + 3,642 30,4l4 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 47,289,438 +l,ii74,496 +2 ,657,293 Ratio of gold certificate reserves to deposit and F, R« note liabilities combined 5Utf> .l& 3*& Contingent liability on bills purchased for foreign correspondents 2,973 325 - 3,017 Commitments to make industrial loans 6,62 20 - 288 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l*.l(b) STATEMENT OF CONDITICM OF THE FEDERAL RESERVE BANKS ON JUNE 16, I9I18 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 21,623,170 770,572 7,23!*,113 981,698 15*4.6,^12 956,205 998,198 1*328,062 569,781; 1*25,268 753,086 510,387 27l*l*,385 Redemption fund for i\ R. notes 618,222 5k,1*85 66,291 56,889 72,8-71 55,797 37,8U9 96,898 1*5,809 22,521; 3U,906 25,1*1*0 1*8,1*61 Total gold certificate ~~lEEEEi ~~~~22,21* 1,392 825,057 7,300,2*01; 1038,587 H*i9,283 1012,002 1056,02*7 iUi2U,96o 615,593 14*7.792 792,99^ 535,827 2792,8ii6 <•»•••-- cash 262,839 29,397 50,265 11,086 2l;,li97 15,323 22,171; 3U,976 12,872 6,39U 9,537 11,511 5i*,807 Discounts and advances 29U,032 20,21*5 89,352 2U.913 27,119 16,300 11,130 33,860 16,375 5,875 12,673 8,710 27,1*80 Industrial loans 1,868 - - 52*7 262 59 1,000 -- - - - - - - U. S.G-ovt. securities: Bills 8,22*0,651 553,968 1,975,955 588,628 790,029 535,180 1*13,128 1179,550 1*2*6,335 252,237 58l*,lol* 373,1*57 72*8,060 Certificates 1*,397,007 295,585 l,052*,323 3U*,078 1*21,51*1 285,559 22o,2*35 621;,762 21*2,772 132*,588 2oU,9l*9 199,268 399.11*7 Notes 1,931*,800 130,065 1*63,930 138,205 185,1*89 125,65a 96,997 271*,912 106,326 59,222 90,185 87,635 175,636 Bonds 6,l?6 786 2*15,228 1,1*61,082 1*1*1,208 592,169 1*01,11*5 509,661 877,61*7 31*1,039 189,065 287,906 279,926 560,710 g Total U.S.Government ~~Tg55HHeT 20,71*9,221* I39l*,8l*6 1*.975,290 11*82,117 1989,223 151*7,538 101*0,221 2956,871 1136,972 635,112 96?,li*2 92*0,332* 1883,553 Total loans and i^uTitiii 2i,o!*5,121* 11*15,091 5,061*,6l*2 1507,577 2016,609 1363,897 1052,351 2990,731 H53,3l*7 61*0,987 979,815 91*9.01*1* 1911,035 Due from foreign banks 1*9 3 l/ 16 1* 1* 2 2 7 2 1 2 2 1* F.R,nctes of other banks 120,110 2*,668 2"o,039 6,721 7,377 12,657 12,230 ll*,792 8,673 3,1*25 6,935 i*,92*3 17,650 Uncollected items 3,1*50,61*1* 25!*,797 66l,9l*5 275,1*38 3l*9,02o 288,016 221,096 520,519 151,1*17 86,999 189,1*55 11*6,1*99 305,61*3 Bank premises 32,565 1*218 8,15b 3,H9 h,871 2,603 1,51*2 3,030 1,953 1,195 2,1*21 777 1,682 other assets 136,715 ii*,33l 30,998 9,075 12,655 8,51*8 6,653 18,567 7,635 3,975 6,o!*l 5,991* 12,21*5 TOTAL ASSETS 1*7,289,1*38 25!*!*,562 13,156,1*65 2851,607 5851*.316 2703,01*8 2352,095 8007,382 1951,1*92 1190,766 1987,200 I65l*,597 5075,910 l/ After deducting $33,000 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 BANKS ON JUNE 16, I948 L I A B : L I T I E S (In thousands of dollars) Total Boston New York Fhila, Cleve. Rich. Atlanta Chicago St.Louis luinn. Kans.Cy. Dallas SanFran. Federal Reserve notes 23,688,852 H51.615 5,442,452 1627,U67 2071,060 1608,415 1511,517 4505,986 1079,604 612,856 918.134 593,918 21*82,810 Deposits: 1 .ember bank-reserve acot. 17,998,821 761,597 6,098,757 823,955 1272,027 752,006 730,452 2759,561; 628,361 420,338 814,595 837,595 2120,036 U.S.Treasurer-general acct. 985.801 45,547 27U,8C6 hl,nh 75.611 52,557 1*7,057 136,230 63,721 52,889 58,152 52,403 81,874 foreign 556,998 21,281 1_/127,909 27,275 30,976 16,498 13,805 U5.791 12,121 8,U18 11,781; ll,liii8 29,694 Other 521,965 3,496 U58,385 2 ; oiiO 7,79a 1,896 512* 3,955 5,588 1,240 500 549 56,Uo6 Total deposits 19,861,585 829,721 6,959,537 90C.420 1384,408 802,757 79L738 29^5,340 709,791 482,885 884,831 901,795 22c8,010 Deferred availability items 2,976,960 234,502 500,648 PA? RXc; 305,529 252,851 216,096 452,577 155,106 74,317 155.545 131,209 257,447 Other liabilities including accrued dividends 18,252 1,11*5 5,317 1,125 1,918 909 774 2,597 774 504 771 811 1,609 TOTAL LIABILITIES 46,545,627 21*96,98! 12,908,254 2791,«U7 3765,715 2664,950 2320,175 7906,500 1923,275 1171,062 1959,279 1627,733 5009,876 Capital paid in 198,359 11,314 68,903 14,545 18,995 8,467 7,757 24,449 6,526 4,369 6,802 7,639 18,595 Surplus (Section 7) 448,169 28,117 138*596 55,550 42,175 21,210 19,110 66,217 16,972 11,255 16,148 ii*,iii 58,952 Surplus (Section 13b) 27,51.3 5,011 7,319 4,489 1,006 5,549 762 1,429 521 1,073 1,137 1,507 2,11*0 Other capital accounts 69,720 5,159 13,591 5,576 6,427 5,092 4,291 8,787 4.198 3,029 3,834 5,807 6,349 TOTAL LIABILITIES AND 47,289,458 2544,562 15,136,463 2851,607 3854,5162705,048 2552,095 8007,582 1951,492 1190,766 1987,200 1654,597 5075,910 CAPITAL ACCOUNTS Contingent liability on bills purchased for foreign correspondents 2,975 187 2/ 951 2J4I 27 U ll*6 122 1*01* 107 74 104 101 262 Commitments to make industrial loans 6,62ii 75 - - 320 1,273 13U 16 353 580 - - 3,750 125 F. R notes outstanding 2h,k6l>h51 ll±68,538 5,660*582 l670,8i;8 211*7,781 l665,U77 135^,526 Ii573,7l8 1119,601 631,805 9^3,960 621*, 1*94 2601,077 # Collateral for F R notes 0 # held by F«R Agents: # Gold certificates 15,229,000 Ii6o,ooo ii,U70,ooo 550,000 735,000 625,000 675,0002700,000 315,000 200,000 280,000 169,000 2050,000 h,khk 6„8O0 Eligible paper U3,96ii 5M0 8,902 5,878 - - 1,585 - - - - 7,915 li 50,000 700,000 500,000 300,000 U.S., Govt* securities 12*225,000 1100,000 1,300,000 1200,000 1500,000 1075*000 750,000 1900,000 950,000 MATURITY DISTRIBUTION OF LOANS AHD SECURITIES ITithin 16 to 31 "t° 6l to 91 days to 6 months 1 to 2 2 tc > 5 Over Total 15 days 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 29^,032 7ii,80i ii3,53a 62,582 113,0^2 19 h Industrial loans 1.8.68 1,559 - ~ 175 98 2 k 14 16 U.S^Govt. securities 20,71*9,222* 1;, 175-556 l,li9U,906 2,181,11*2 2,632,306 2,179,867 1,908,661 - - 1,158,651 5,058,135 l/After deducting $228,956,000 participations of other Federal Reserve Banks. 2/ After deducting $2,022,000 participations of other Federal Reserve Banks* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis