H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, July 2, 1948) H.4.1 July 1, 1948 CONDITION OF THE FEDERAL RESERVE BANKS m<> '••»!•• I«I mil III. I»<I ii ii mi i mm «ii' p win i •'•' " "— '"• During the xreek ended June 30, member bank reserve balances decreased $19,000,000, Reductions in member bank reserves arose from increases of 0108,000,000 in money in circulation, $65,000,000 in Treasury deposits with Federal Reserve Banks, $26,000,000 in nonmember deposits and other Federal Re serve accounts and $11,000,000 in Treasury cash, offset in part by increases of $179,000,000 in Reserve Bank credit, $9,000,000 in gold stock and $3,000,000 in Treasury currency,, Excess reserves of member banks on June 30 were estimated to be approximately $680,000,000, Holdings of loans, discounts and advances decreased $89,000,000 while holdings of United States Government securities increased $356,000,000. The in crease in holdings of United States Government securities reflects increases of $181,000,000 in bills, $111,000,000 in certificates, $33,000,000 in notes and $31,000,000 in bonds• Changes in member bank reserve balances and related items during the week and the year ended June 30, 19&5, were as follows: Increase or decrease sincei June 30, June 23, July 2, 1948 1948 1947 (In millions of dollars) U« S* Government securities 21,366 + 356 -. 263 Loans, discounts and advances 266 - 89 + 154 Other Reserve Bank credit 267 - 89 - 137 Total Reserve Bank credit 21,900 + 179 - 245 Gold stock 23,532 + 9 + 2,248 Treasury currency 4,564 + 3 + 5 Member bank reserve balances 17,389 - 19 + 1,401 Honey in circulation 27,900 + 108 - 509 Treasury cash 1,323 + 11 + 3 Treasury deposits with F» R. Banks 1,928 + 65 + 1,270 Nonmember deposits and other F. R, accounts 1,451 + 26 - 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF TEE TWELVE FEDSRAL RESERVE BANKS COMBINED (In thousands of dollars) H.Jt.l(a) Increase or decrease since June 30, June 23, July 2, 1948 191+8 191+7 A S S E TS Gold certificates 21,61*2,170 ... +2,294.991 Redemption fund for F. R. notes 615,643 - 3,261 j; 94,253 Total gold certificate reserves 22,257.813 - 3,261 +2,200,738 Other cash 255,770 - 15,1+82 + 36,992 Discounts and advanoes 265,632 - 87,3li4 + 155,747 Industrial loans 851 - 1,388 893 U. S. Govt, securitiesj Bills 8,576,881 +181,1+00 -5,552*292 Certificates 4, 616,007 +111,000 -1,787.259 Notes 1,967,800 + 33,000 +1,598,500 Bonds 6,205,681 + 30,895 +5,478,291 Total U, S. Government ""securities 21,366,369 +356,295 - 262,760 Total loans and securities 21,632,852 +267,593 - 107,906 Due from foreign banks 49 ~«» 53 F. R. notes of other banks 106,168 - 5,551 + 12,075 Urcolleeted items 2,642,095 -200,606 + 59,982 Bank premises 32,494 52 + 565 Other assets 139,612 + 2,600 + 92,255 TOTAL ASSETS 47,066,853 + 1+5,21+1 +2,294,648 L I A B I L I T I E S Federal Reserve notes 23,751,812 + 82,318 - 508,362 Deposits j Member bank-reserve account 17,389,027 - 18,898 +1,400,783 U.S.Treasurer-general account 1,927,559 + 61+, 189 +1,269,360 Foreign 1+05,250 + 1+1,326 - 57,292 Other 454,i4i - 9,081 - 60,482 Total deposits 20,175,977 + 77,536 +2,552,369 Deferred availability items 2,375,035 -111,716 + 196,621 Other liabilities including accrued dividends 12,621 - 6,586 + 3,605 TOTAL LIABILITIES 46,315,^+5 + 1+1,552 +2,244,233 C A P I T AL A C C O U N TS Capital paid in 198,540 + 93 + 6,450 Surplus (Section 7) 142+3,189 •«••» + 8,366 Surplus (Section 13b) 27,51+3 — + 88 Other capital accounts 77,136 + 3,596 + 35,5H TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1+7,066,853 + 1+5,21+1 +2,294,648 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 50.1% «2% + 2.8# Contingent liability on bills purchased for foreign correspondents 2,61+6 326 2,856 Commitments to make industrial loans 6,1+82 161+ 551+ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l+.l(b) STATEMENT OF CONDITIO*! OF THE FEDERAL RESERVE BAMS ON JUNE 30, I9I+8 (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 21,62+2,170 807,953 7.01+6.331+ 1022,510 L!£0,881 1025,633 9y2 u59 2+3/a,0/i5 570,756 h53,VhP 753.615 2i98,557 2693 607 Redemption fund for U 9 F. R. notes 615.62+3 5^,296 65,522 57.613 72.615 54,571 37.683 96,618 1,5,732 22,2u2 34*053 25.387 4-".271 : Total gold certificate reserves "22,257,813 862,249 7,111,856 1080.123 1493,496 1080,202+ 1031,72+2 2+1+37,665 621+.1+68 2+76,2+22 788,466 522+,22+4 2746.878 Other cash 255,770 23,62+1 49,889 13,569" 22,588 14,768 21,945 36,779 13,078 6,1+25 9,727 11,690 31,671 Discounts and advances 265,632 17,703 94,332 21,091 22,149 13,666 10,802 51,616 9,1+51 5,925 10,435 3,154 20,328 Industrial loans 851 — ~ 541 261 49 U. S. Govt, securities: Bills 8,576,881 576,573 2,056,583 612,61+5 822,266 557,019 2+29,985 1251,589 440,990 262,529 399,777 388,342 778,583 Certificates 4,616,007 310,507 1,106,836 329,721 2+42,536 299,782 251,4l4 655,879 254,862+ 11+1,291 215; 157 209.193 419,027 Notes 1,967,800 152,283 471,843 140,560 188,653 89.179 178,631 127,797 98,652 279,601 108,62+8 60,232 91 ,721 Bonds 6,205,681 417,171 1,488,010 1+45,272 ^94,9*9 ,28i255 565,533 403,022 311,109 881,753 342,634 189,950 289-25^ r .Total,. U.S. Government .securities 21,366,569 1456,334 5,123,272 1526,198 202+8,394 1387,620 1071,160 3068,022 1147,136 65i+,002 995,908 967,91+9 1939,574 Total loans and securities 21,652,852 1454,057 5,2l7,6o2+ 1547,830 2070,804 1401,335 1081,962 3100,2+58 1156,567 659,927 1006,51+5 976,105 1959,902 Due from foreign banks k9 5 l / l6 1+ 2+ 2 2 7 2 1 2 2 2+ F.R.notes of other banks 106,168 5,320 19,228 6,52+3 5,61+2 9,566 10,51+2+ 15,082 7,194 5,934 5,620 2+,279 l*,2l6 Uncollected items 2,62+2,095 212+.572 493,612 173,228 260,873 222,063 162,753 402,02+8 133,549 68,02+0 166,122 111,1+73 235.762 Bank premises 52,494 1,215 8,135 3,107 4,861 2,596 1,539 3,029 1,950 1,193 2,1+21 774 1-676 Other assets 139,612 9,737 32,509 9,699 13,670 9,107 7,086 19,657 8,110 4,401 6,1+59 6,502 12,915 TOTAL ASSETS 47,066,853 2570,772 12,932,849 2834,103 3871,958 2759,62+1 2517,573 80ll+,683 191+4,918 1220,31+5 1985,12+2 1652+.867 5000,022+ l/ After deducting $55,000 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 RESEEffS BAMS ON JUNE 30, I9I4B 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* # Federal Reserve notes 23,751,812 1443,808 5,461,422 1631,379 2088,636 1615,528 1313,667 4515,515 1079,018 613,491 917,466 596,394 2475,488 Deposits: Member bank-reserve acct 17,389,027 725,291 5,770,318 830,809 :1 251,536 740,602 713,290 ;2 656,495 604.483 426,262 802,452 806,738 2060,751 U.S.Treasurer-general acct ;. 1,927,559 134,780 495,394 129,616 176,557 121,560 82,127 327,293 84,305 90,194 76,513 88,131 120,589 Foreign 405,250 24,765 i/133,532 31,752 36,064 19,208 16,072 53,312 14,112 9,800 13,720 13,328 34,535 Other 454, HI 3,082 392,980 2,271 6,571 1,367 654 4,168 5,225 2,387 235 598 34,103 Total deposits 20,175,977 887,918 6,797,224 994,448 1470,723 833,237 812,143 3041,268 708,625 528,643 892,920 908,795 2250,028 Deferred availability items i 2,375,035 190,152 441,186 147,181 241,663 201,535 158,902 353,963 128,053 57,805 145,986 101,803 206,746 Other liabilities including accrued dividends 12,621 842 2,939 760 1,554 681 574 1,904 608 476 541 682 1,060 TOTAL LIABILITIES 46,315,445 2522,720 12,702,771 2773,768 3802,586 2701,031 2285,286 7912,655 1916,304 1200,415 1956,913 1607,674 4933,322 Capital paid in 198,540 11,314 68,964 14,546 18,997 8,475 7,763 24,499 6,537 4,375 6,813 7,655 18,602 Surplus (Section 7) 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Surplus (Section 13b) 27,543 3,011 7,319 4,439 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 77,136 5,610 15,199 5,950 7,176 5,576 4,652 9,883 4,584 3,247 4,131 4,120 7,008 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 47,066,853 2570,772 12,932,849 2834,103 3871,938 2739,641 2317,573 8014,683 1944,918 1220,343 1985,142 1634,867 5000,024 Contingent liability on bills purchased for foreign correspondents 2,646 167 2/847 214 243 130 108 360 95 66 93 90 233 Commitments to make industrial loans 6,432 75 183 1,266 136 16 353 580 3,750 — 123 F. R. notes outstanding 24,503,332 1473,121 5,670,913 1680,489 2153,502 1664,093 1357,353 4586,892 1113,227 631,371 944,029 624,588 2598,254 Collateral for F, R. notes held by F. R. Agents j Gold certificates 13,429,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2700,000 315,000 200,000 280,000 169,000 1950,000 Eligible paper 31,104 3,150 19,912 2,380 2,047 — — 1,115 150 2,350 U.S.Govt, securities 11,925,000 1100,000 1,000,000 1200,000 1500,000 1075,000 750,000 1900,000 950,000 450,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AMD SECURITIES 'Jithin 16 to 31 to 61 to 91 days to 6 months 1 to 2 2 to 5 Over Total 13 days 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 265,632 71,619 43,350 31,310 119,353 Industrial loans 851 535 35 189 56 2 4 14 16 U.S. Govt, securities 21,366,369 4,573,135 1,095,090 2,573,754 3,392,031 1,456,017 2,070,661 1,145,651 5,060,030 1/ After deducting ".266,560,000 participations of other Federal Reserve Banks. 2/ After deducting $ 1,799,000 participations of other Federal Reserve B^nks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis