H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTELi (Released for Publication Friday morning, September 3,19U8) H.U.I September 2, I9U8 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended September 1, member bank reserve balances increased $56,000,000. Additions to member bank reserves resulted from a decrease of $209 000,000 in treasury deposits with Federal Reserve Banks and increases of f $1U,000,000 in gold stock and $U,000,000 in Treasury currency offset in part by increases of $107,000,000 in money in circulation and $9,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $56,000,000 in Reserve Bank credit. Excess reserves of member banks on September 1 were estimated to be approximately $9Uo,000,000. Holdings of loans, discounts and advances decreased $6,000,000 and United States Government securities decreased $49,000,000. The decrease in holdings of United States Government securities reflects decreases of $182,000,000 in bills, $65,000,000 in certificates and $10,000,000 in notes and an increase of $208,000,000 in bonds f Changes in member bank reserve balances and related items during the week and the year ended September 1, I9U8, were as follows: Increase or decrease since September 1, August 25, September 3> I9U8 I9U8 19U7 (In millions of dollars) U. S. Government securities 21,1m - U9 - 813 Loans, discounts and advances 319 - 6 + 192 Other Reserve Bank credit 207 - 65 - 2 Total Reserve Bank credit 21,937 - 56 - 686 Gold stock 23,725 + 1U +1,960 Treasury currency U,568 + h + '16 Uember bank reserve balances 17,721* + 56 +1,096 r.^oney in circulation 28,072 + 107 - 677 Treasury cash 1,323 1 Treasury deposits with F.R. Banks 1,693 - 209 +i,23U Nonmember deposits and other F.R.accounts 1,U19 + 9 - 362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEI.ENT OF CONDITION Hj±,l OF THE TWELVE FUDER/1L RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Sept. 1, Aug. 25, Sept. 5, I9he I9/48 19J47 A S S E TS Gold certificates 21,852,672 + 15,000 +2,006,000 Redemption fund for F* R, notes 608,977 - 2,91*1* - 78,1*66 Total gold cex-tificate reserves 22,2*61.61*9 + 13,056 +1,927,55U Other cash 262,780 - 7,978 + 50,861* Discounts and advances 518,01*2 - 5,896 + 195,021 Industrial loans 820 + 25 988 !!• S Govt, securities: # Bills 6,868,757 -182,500 -7,290,065 Certificates 14,9^8,859 - 61*, 500 -2,027,577 Notes 1,798,500 - 10,000 +1,129,000 Bonds 7,795,21*6 +207,877 +7,075,556 Total U, S. Government securities ~* 21,1*11,11*2 -148,925 - 812,881* Total loans and securities 21,750,001* - 5U,79U - 620,851 Due from foreigp. banks 1*9 mm «• 55 F # R # notes of other banks 126,085 - U,559 + 21*, 1*09 Uncollected items 2,1*62,829 + 28,1*29 + 97,267 Bank premises 32,1*05 62 + 599 Other assets 170,960 + 6,605 + H7,l4l45 TOTAL ASSETS hi, 21*6,7 59 - 20,085 +1,577,212 L I A B I L I T IBS Federal Reserve notes 25,952,5142 + 83,121* - 670,596 Deposits: Member bank-reserve account 17,725,9214 + 56,029 +1,096,1*15 U.S.Treasurer-general account 1,692,571 -209,267 +1,255,562 Foreign 1*12,520 + Ul.973 - 157,170 Other" 1*1*2,1*66 - 29,7147 - 157,539 Total deposits 20,271,1*81 -11*1,012 +2,055,266 Deferred availability items 2,255,859 + 30,01*8 + 162,551 Other liabilities including accrued dividends 12,556 - 1,258 5,761* TOTAL LIABILITIES 1*6,1*92,218 - 21*,078 +1,525,657 C A P I T AL AC CPU N IS Capital paid in 199,260 19 + 5,95l4 Surplus (Section 7) 1*148,189 + 8,366 Surplus (Section 13b) 27,51)5 + 88 Other capital accounts 79,51*9 + 5,976 + 59,167 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 17,2146,759 - 20,085 +1,577,212 Ratio of gold certificate reserves to deposit and F.R note # liabilities combined 50.8fo ,1% 2.9% Contingent liability on bills purchased for foreign correspondents l,l4C3 12 6 2,1*71* Commitments to make industrial loans 6,192 85 1,292 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l+.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OK SEPTEMBER 1, 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 21,852,672 80l+,5i+5 6,957,071+ 1008, ol+o 11+1+5,500 1062,969 1059,564 1+556,056 617,512 1+81+,056 815,659 551,220 2752,707 Redemption fund for F. R. notes 608,977 53,561; 61,762 57,885 72,656 55,555 35,679 95,630 1+5,1+62 22,581+ 5l+,6!+6 26,179 1+7,615 Total gold certificate reserves 22,461,61+9 857,909 6,998,836 1065,925 1518,136 1118,50I+ 1075,21+3 lil+51,666 665,00!+ 506,1+20 81+8,285 577,399 2780,322 other cash 262,780 27,86o 46,290 13,775 23,1+75 16,252 19,307 38,065 11,266 10,163 11,151 n,8i+o 35,556 Discounts and advances 518,01+2 21,186 90,709 25,061 28,852 25,765 ll+,95l+ 1+0,119 16,251 9,575 12,587 9,802 25,605 Industrial leans 820 568 210 1+2 U. S. Govt, securities: Bills 6,868,757 l+6l,7u5 1,61+7,005 1+90,651+ 658,509 14+6,087 51+1,552 1005,1+1+1 350,696 210,21*5 320,160 311,281+ 62l+,6oi Certificates 4,91+8,859 532,680 1,186,61+5 555,1+96 l+7l+,lu+5 521,598 21+8,100 705,170 275,21+1 151,1+79 250,670 221+.276 1+1+9.2U1 Notes 1,798,500 120,889 1+51,200 128,1+55 172,1+05 116,789 90,151+ 255,517 99,289 55,ol+I+ 85,821 81,1+97 165,21+1+ Bonds 7,795,21+6 521+,Q28 1,869,160 556,8ll+ 71+7,550 506,251+ 590,799 1107,611 1+30,399 258,605 565,51+1+ 555,275 707,629 Total U.S.Government securities 21,1+11,11+2 1,1+39,342 5,l5u,oo6 1529,597 2052,68715^0,528 1075,1+05 5069,759 1155,625 655,575 997,995 970,550 I9i+1+,715 Total loans and securitieT 2i,75o,ool+ ll+6o,528 5,22l+,7l5 1555,026 2081,729 H+16,555 1088,559 5109,858 1169,876 661+,7li6 1010,532 980,152 1968,518 Due from foreign banks I+9 5 l / l6 1+ 1+ 2 2 7 2 1 ,2 2 1+ F.R.notes of other banks 126,085 6,519 T6,285 9,1+10 5,780 15,868 10,595 15,156 5,928 15,508 7,61+1 5,568 ll+,0l+7 Uncollected items 2,1+62,829 17l+,56o 1+28,751+ 159,1+99 257,579 222,517 159,947 582,1+15 106,71+1 76,1+67 H+l+,750 151+.825 255,597 Bank premises 32,1+05 l,20l+ 8,106 5,082 i+,856 2,586 1,586 5,021+ 1,958 1,188 2,1+05 767 1,665 Other assets 170,960 11,757 1+0,192 11,851 16,761 11,091 8,606 21+,087 9,688 5,175 7,9u9 7,81+8 15,975 TOTAL ASSETS 1+7,21+6,759 2540,11+0 12,765,194 2818,552 5888,100 2800,955 2565,61+5 8021+,258 1968,1+65 1279,1+68 2o52,5l+5 1718,579 5C1+9.062 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(o) STATEIiENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 1, 1948 L I A B I L I T I ES (In thousands of dollars) Total Boston New York Ehila. Cleve. Rich. Atlanta Chicago St.Louis Llinn. Kans.Cy. Dallas SanFran. Federal Reserve notes 25,952,5li2 11*21,3(9 5,500,657 1659,515 2121,565 1655,080 1519,177 4564,884 1084,006 616,688 93*1,055 615,373 2l;81,968 Depositsj member bank-reserve acct. 17,723,921+ 735,561 5,854,526 802,998 1286,089 742,718 729,555 2,751,50k 609,851 458,249 828,727 830,1+32 2115,711; U.S.Treasurer-general acct.1,692,571 l4o,62i 254,907 11*6,075 154,650 155,870 100, hlil 209,596 126,594 127,221 99.785 105,091 93,721; Foreign 1;12,S20 2ii,652 l/lli7,292 51,582 55,871 19,105 15,986 55,026 14,056 9,748 15,646 13,256 54,340 Other 442,466 5,155 580,869 2,138 4,618 2,511; 520 2,008 5,876 1,525 466 426 58,571 Total deposits 20,271,481 901,949 6,637,594 982,791 1481,228 898,207 846,502 3,016,134 756,557 576,743 942,622 949,205 2282,149 Deferred availability items 2,255,859 167,817 391*012 134,877 211;,219 210,252 164,965 558,682 98,872 65,609 126,984 125,716 216,834 Other liabilities including accrued dividends 12,556 899 3,067 760 1,431 640 566 1,927 562 405 526 651 1,122 TOTAL LIABILITIES 46,492,218 2492,034 12,532,550 2757,943 3818,445 2762,179 2331,210 7921,627 1959,797 1259,445 2004,187 1690,950 4932,073 Capital paid in 199,260 11,325 69,016 14,623 19,021 8,525 7,796 24,723 6,562 4,396 6,871 7,752 18,672 Surplus (Section'7) 448,189 28,117 158,596 55,550 42,175 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Surplus (Section 13b) 27,543 5,oil 7,519 4,469 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 79,549 5,655 15,955 6,147 7,457 5,692 4,767 10,262 u,6ll 5,521 4,200 4,279 7,225 TOTAL LIABILITIES AND ~~ CAPITAL ACCOUNTS 47,246,759 2540,140 12,765,194 2818,552 5888,100 2800,955 2365,645 8024,258 1968,463 1279,468 2032,545 1718,579 5049,062 Contingent liability on bills purchased for foreign correspondents 1,403 88 2/ 449 114 129 69 58 191 50 55 49 48 123 Commitments to make industrial loans 6,192 75 502 1,098 146 16 488 5,750 117 F.R.notes outstanding 24,648,254 1480,074 5,658,655 1681,602 2178,828 1701,996 1562,769 4641,167 1120,905 633,169 954,425 642,827 2591,865 Collateral for F. R. notes held by ?. R. Agents: Gold certificates 15,559,000 460,000 4,770,000 550,000 755,ooo 625,000 675,000 2760,000 515,000 200,000 280,000 169,000 2000,000 Eligible paper 42,882 4,825 7,605 4,025 12,740 - - - - 6,760 2,880 5,297 750 U.S.Govt, securities 11,950,000 1100,000 1,000,000 1200,000 15OQ.,OOO 1100,000 750,000 1900,000 950,000 450,000 700,000 500,000 800,000 •IATURITY DISTRIBUTION OF LOANS AITD SECUKITIUS Vlithin 16 to 51 to 61 to 9I days to 6 months 1 to 2 2 to 5 Over Total 15 days 50 days 60 days 90 days 6 months to 1 year years years 5 vears Discounts and advances 518,042 151,889 24,189 83,878 58,0?1 15 Industrial loans 820 665 18 35 19 9 47 15 12 U.S. Govt, securities 21,l;ll,Li;2 2,555,050 2,330,418 1,987,621 1,915,555 1,118,750 5,752,522 ,164,156 6,651,090 1/ After deducting $265,152,000 participations of other Federal Reserve Banks, After deducting $954,000 participations of other Federal Reserve Banks. 2/ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis