H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, July 9, 1948) .H.4.1 July 8, 1948 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended July 7, member bank reserve balances increased 1195,000,000* Additions to member bank reserves resulted from increases of 1343,000,000 in Reserve Bank credit and $52,000,000 in gold stock and a decrease of $87,000,000 in Treasury deposits with Federal Reserve Banks, offset in part by increases of $242,000,000 in money in circulation, $38,000,000 in nonasmber deposits and other Federal Reserve accounts and $6,000,000 in Treasury cash and a decrease of $2,000,000 in Treasury currency. Excess reserves of member banks on July 7 were estimated to be approximately $950,000,000• Holdings of loans, discounts and advances increased $133,000,000 and United States Government securities increased $169,000,000, The increase in hold ings of United States Government securities reflects increases of $263,000,000 in certificates and $4,000,000 in bonds and decreases of $38,000,000 in bills and $10,000,000 in notes. - Changes in member bank reserve balances and related items during the week and the year ended July 7, 1943, were as follows: Increase or decrease since July 7, June 30, July 9, 1^48 1948 1947 (In millions of dollars) U. S, Government securities 21,535 + 169 76 Loans, discounts and advances 399 + 133 + 277 Other Reserve Bank credit 309 + 42 + 7 Total Reserve Bank credit 22,243 + 343 + 208 Gold stock 23,584 + 52 + 2,248 Treasury currency 4,562 - 2 + 11 Member bank reserve balances 17,584 + 195 + 1,394 Money in circulation 28,142 + 242 - 221 Treasury cash 1,334 + 6 + 5 Treasury deposits v/ith F. R, Banks 1,841 - 87 + 1,275 Nonmember deposits and other F, R. accounts 1,489 + 38 + 14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TWELVE FEDERill RESERVE BANKS COMBINED H»UA(a) (In thousands of dollars) Increase or decrease since July 7, June 30, July 9, 191+8 19U8 191+7 A S S E TS Gold certificates 21,692,172 50,002 •2.315.995 Redemption fund for F« R, notes 615*62+3 • 110,0ii6 Total gold certificate reserves 22,507,815 + 50,002 +2,205,947 O • t " I h " e •• r c • ash ('< I.M •••iniiwiii mini ninn i , n.m 'I H ion ill • 22l+,500 - 51,1+70 r 7,606 Discounts and advances 397.670 +152,058 + 277,011 Industrial loans 8i|i+ 7 89I+ U» S> Govt* securities: Bills 8,1+88,581 - 88,500 -5.501+.155 Certificates U. 878,907 +262,900 -1,61+2,859 Notes 1.957,800 - 10,000 +1,588,500 6,209,881 + 1+.200 +5,1482,1+91 Bonds '".'*» • 11 ' I i 1 m »'i — Total U« S« Government securities 21,555,169 +168,800 <• 76,021 Total loans and securities 21.933,683 +500,851 + 200,096 Due from foreign banks h9 53 F. R« notes of other banks 99.1+31 - 6,757 6,5l!+ Uncollected items •—*-.. 2,l+56,5l+U -205,751 + .102,650 Bank premises 32,1+91 5 + 5l+3 Other assets - 11+.768 + 75.826 12l+,8l+l+ TOTAL ASSETS 1+7.158,957 + 92,101+ +2,570,889 L I A B I L I T I ES Federal Reserve notes 25,960,01+3 +208,231 * 283,903 Deposits: Member bank-reserve account 17,58l+,527 +195.300 +1.391*. 136 U.S. Treasurer-general account 1,81+1.159 - 86,1+20 +1,275.51+1 Foreign 1+1+0,61+6 • 35.396 + 100,1)65 Other 1+56,609 » 17,532 - 67,669 Total deposits 20,502,721 +126,71+1+ +2,702,1+73 Deferred availability items -2l+8,0l+9 + 95.076 2,126,986 Other liabilities including accrued dividends 15,1+95 + 872 + 5,851+ TOTAL LIABILITIES Z46,I+03 ,2Z+3 + 87,798 +2,517,500 9.iZlZth i £ 2. 2 y. H I £ Capital paid in "* "~ "^ "* 198.777 + 237 + 6,556 Surplus (Section 7) 1+1+8,189 + 8,566 Surplus (Section 13b) 27,51+3 + 88 Other capital accounts 81,205 + 1J,C69 + 58,579 TOTAL LIABILITIES AND CAPITAL ACCOUNTS + 92^10+ +2,570,889 Ratio of gold certificate reserves to deposit and F» R, note 50.1$ liabilities combined Contingent liability on bills purchased 2.61+5 1 - 2,682 for foreign correspondents 6,1+32 50 * 514-3 Commitments to make industrial loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H*4»l(b) STATEMENT OF CO NUT ION OF THE FEDERAL RESERVE BANKS ON JULY 7, 1948 (In thousands of dollars) A S S E TS Total Boston New York Phila, Cleve, Rich, Atlanta Chicago 1S t.Louis Minn, Kans.Cy, Dallas SanFran, Sold certificates 21,692,172 850*958 6,999.872 1010,526 1458,021 1014,019 1052,645 4514.656 607,499 465,154 775.959 509.445 2675,658 Redemption fund for F. R. notes 615,643 54.296 65.522 57,615 72,614 54.571 57.685 96,618 45.752 22,482 54.855 25,388 48,271 Total gold certificate reserves 22.3C7.815 905,254 7.C65.594 1067,939 1510,635 1068,590 1070.328 4411,274 653,251 485,656 810,7Q2 534,855 22772255,,990099 Other cash 224,500 19,428 42,125 10,519 22,857 11,954 18,545 55,467 11,518 4,970 8,550 10,496 2288,,229955 Discounts and advances 597,670 19,468 190,607 21,901 52,171 16,954 15.150 55,616 9,651 5.975 11,555 8,254 54,428 Indu strialloans fij|)| «•»«» «•»•» 528 261 55 — — •»•» — --» --. .... "• S» Govt* sectjrities: Bill s 8,488,581 570,657 2,055,410 606,558 815,801 551.285 425,557 1243,070 451.755 259,826 395,661 584,695 770,568 Certificates 14,878,907 527,980 1,169,874 548,500 467,741 516,857 244.594 693,254 269,579 149,559 227,410 221,106 442,895 Notes 1,957,800 131,611 469.445 159,846 187,694 127,147 98,151 278,180 108,096 59,926 9911,,225555 88,726 177,725 Bonds 6,209,881 417,455 1,489,018 445,572 595,541 405,294 311,320 882,550 542,866 190,078 228899,,11444499 281,1426 565.714 Total U.S.Government rai u,a»uovernmenx 898 securities 21„555,l69 1447,681 5*165,747 1538,256 2064,577 1398,583 1079.622 3096,854 1152.076 659.169 1005,775 975.951 1954, Total loans and securitie's 21,955,685 1467,149 5,354,554 1560,685 2097.009 i4l5.592 1092,752 5150,450 1161,707 665.144 1015.510 984.205 1989.526 Due •from foreign banks 49 3 l/ 16 4 4 2 2 .7 2 1 2 2 4 F.R, notes of other banks 99.451 4,611 i£,589 4,267 4,922 10,651 8,516 15,855 7,991 4,001 6,724 4,285 15#265 Uncollected items 2,456,544 209,877 472,765 166,888 255,645 218,561 159.168 564,267 100,258 65.587 126,261 112,195 207,096 Bank premises 52,491 1.215 8,155 5,10? 4,86l 2,599 1,559 5,029 1,950 1,195 2,4l5 774 1,676 Other assets 124.844 8,535 29,305 8,7l4 12,207 8,148 6,572 17,671 7,244 5.782 5,825 5,524 11,519 TOTAL ASSETS 47,158,957 26I6.070 12,988,477 2621,925 5886,140 2755,857 2557,222 7975*998 1945.681 1250,514 1975,879 1652,510 4975,086 l/ After deducting $53,000 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 COM)IT ION OF TIE FEDERAL RESERVE BANKS OH JULY 7* 1948 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*960,043 1456,964 5,5084*15 1647,289 2107,147 1629,758 1525,805 4555.505 1085,962 618,566 924,779 602,721 2501,154 Deposits! Member "bank-reserve acct* 17 *5$hm321 7bl £lk 5,914.588 790,913 1264.596 730,570 745,778 2656,746 651,555 451,180 809,076 825,061 2041*250 TT*S •Treasurer-general acetyl .841,159 129.477 402,491 152.553 195,645 120,518 91,560 507,571 89,288 92,858 90,452 82,057 107,109 Foreign 440,646 27,127 V148.411 34,789 39,514 21,046 17,609 58,412 154*62 10,738 15,052 14,605 57,903 Other 456,609 5.255 576^05 1,855 6,158 3,458 758 2,671 5,561 1,917 208 i*45 54.180 Total deposits 20,502,721 907.055 6,841,895 959.910 1505,915 875,572 8534*85 3025,400 741,666 536,675 914.768 920,1244 222044*2 Deferred availability items 2,126.986 202,852 405.719 155.276 201,725 191,090 146,809 292,417 86,554 54,585 107.271 1014*79 185,215 Other liabilities including accrued dividends 154*93 891 3*403 798 1,597 758 629 2,016 611 456 579 551 1.224 TOTAL LIABILITIES 46.405,243 2567»760 12,757^50 2761,273 3816,580 2696,958 2524.728 7873,338 1914,793 1210,258 1947.597 1624.895 4908,033 Capital paid in 198,777 11.518 68.971 14.565 19.028 8,498 7,777 24.562 6.540 4,578 6,854 7,681 18,625 SSuurrpplluuss ((SSeeoorrffeeiioonn 77))..;; 448 »1Q? 28,117 138.596 35.550 42.173 21,210 19.110 66.217 16,972 11.235 16.148 14.111 58.952 SSuurrpplluuss ((SSeeccttiioonn 113311$$ 27,543 3.011 7.319 44*89 1.006 3.549 762 1,429 521 1.075 1.157 1.307 2,140 Other capital accounts 81.20s 5.864 16.161 6.246 7»555 5.842 4.845 104*52 4.855 3.372 4,365 4.316 7.356 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 47.158,9*7 2616,070 12.9884+77 2821.925 5886.140 2755.857 2557.222 7975,998 1943.681 1250,514 1975*879 1652,510 4975.086 Contingent liability en bills purchased for fbreign correspondents 2,645 167 SS//WW 221144 224433 115500 108 360 95 66 93 90 233 Commitments to make industrial * loans 6,432 75 — 196 1,257 140 16 478 400 -~ 3.750 — 120 FJR, notes outstanding 24.598,369 1484,942 5,668,457 1687,040 2167,582 1675,721 1562,521 4627.196 1120,622 652,974 946,799 626,419 2598,316 Collateral'for F, R» not es held by F»R» Agents: Gold certificates 13,519,000 460,000 4,770,000 550,000 755.000 625,000 675,000 2740,000 515,000 200,000 280,000 169,000 2000,000 Eligible paper 149.192 4*915 116,687 5.190 — 5,535 — 1,515 200 3,450 — 14.100 U»S»Govt» securities 11.925,000 1100,000 1,000,000 1200,000 i5oajooo 1075.000 750,000 1900.000 950,000 450,000 700,000 500,000 800.000 KATIS EY DISTRIBUTION O'f LOANS AM) SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 to 2 ! 2 to 5 Over Total 15 days 3D days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 597,670 188,977 55.125 91.438 52.980 9,150 Z —— —— -v Industrial loans 844 522 i4i 62 83 2 4 Ik 16 — TT,S» Oovt» securities 21.555.169 2,005,455 1,116,331 2,756,122 4,808.540 572,550 4,2664*90 1,148,551 5.061,530 1/After deducting $292,06o,000 participations of other Federal Reserve Banks. y After deducting $ 1,799,000 participations of other Federal Reserve Banks* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis