H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BQoflD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, September 10,19^8) H lul September 9,l9l|8 # COKDITIQN CF THE: FEDERAL RESERVE BANKS During the week ended September 8, member bank reserve balances increased $93*000,000. Additions to member bank reserves resulted from a decrease of $362,000,000 in Treasury deposits with Federal Reserve Banks and increases of $68,000,000 in gold stock and $3,000,i000 in Treasury currency, offset in part by increases of $215,000,000 in money in circulation, $3,000,000 in Treasury cash and $18,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $103,000,000 in Reserve Bank credit* Excess reserves of member banks on September 8 were estimated to be approximately $1,020,000,000. Holdings of loans, discounts and advances decreased $8,000,000 and United States Government securities decreased $171*000,000* The decrease in holdings of United States Government securities reflects decreases of $208,000,000 in bills, $22,000,000 in certificates and $11,000,000 in notes, and an increase of $69,000,000 in bonds. Changes in member bank reserve balances and related items during the week and the year ended September 8, I9I+8, were as follows: Inc ;rease or decrease since ! Sept. 8, Sept, 1, Sept. 10, 19U8 I9I+8 19^7 (In mi .Hioris of dollars) U.S* Government securities 21.2U0 171 - 802 Loans, discounts and advances 311 8 + 189 Other Reserve Bank credit 283 + 76 - 2U Total Reserve Bank credit 21,83U 103 - 638 Gold stock 23,793 + 68 +1,978 Treasury currency U,571 + 3 + 20 Member bank reserve balances 17,817 + 93 + 885 Money in circulation 28,287 215 - k55 Treasury cash 1,326 + 3 3 +1,088 Treasury deposits with F.R.Banks 1,331 362 Nonmember deposits and other F.R.accounts 1,U37 + 18 - 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THB TTffiLVS FEDERAL RESERVE BANKS COMBINED H,lp.l(*) (In thousands of dollars) f Increase or decrease since Sept. 8, Sept*- 1, Sept* 10, 19U8 19^8 I9fr7 A S S E TS Gold certificates 21,912,67k + 60,002 +2,020,500 Redemption fund for F. R. notes 618,97U + 9,997 80,998 Total gold certificate reserves 22,531,648 + 69,999 +1,939,502 Other cash 232,323 - 30,457 5,6i4 Discounts and advances 310,161 - 7,881 + 189,666 Industrial loans 923 + 103 982 U. S Govt, securitiesj # -7, fewa Bills 64660,657 -208,100 Certificates 4,927,339 - 21,500 -2,114,877 Notes 1,787,400 v- 10,900 +1,313,100 Bonds 7,861*, 319 + 69,073 +7,144,629 Total U»S» Government securities 21,239,715 •171,427 - 802,589 Total loajis and securities 21,550,799 -179,205 - 613,905 Due from foreign banks 49 50 F # R t notes of other banks 115,795 - 10,290 + 648 Uncollected items 2,403,958 - 58,871 - 64,224 Bank premises 32.U03 + 566 Other assets 174,699 + 3,739 + 117,940 TOTAL ASSETS 47,o4i,674 -205,085 +1,374,863 L I A B I L I T I ES Federal Reserve notes 24,128,355 +176,013 - 522,057 Deposits: Member bank - reserve account 17,816,772 + 92,848 + 884,770 U.S*Treasurer-general account 1,351,307 -361,264 +1,088,453 Foreign 406,345 - 6,175 - 22,325 Other 465,385 + 22,917 - 66,283 Total deposits 20,019,807 -251,671; +1,884,615 Deferred availability items 2,120,967 -134,872 - 40,150 Other liabilities including accrued dividends 13»U33 + 877 3,576 TOTAL LIABILITIES 46,282,562 -209,656 +1,318,832 C A P I T A L A C 0 0 U N T S Capital paid in 199,270 + 10 + 5,903 Surplus (Section 7) 448,189 + 8,366 Surplus (Section 13b) 27,543 + 88 Other capital accounts 84,110 + 4,561 + 41,674 TOTAL LIABILITIES AND CAPITAL ACCOUNTS -205,085 +1,374,863 47, o41,674 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 51.-0$ 2.9°/« Contingent liability on bills purchased for foreign correspondents 1,309 94 2,078 Commitments to make industrial loans 6,072 120 1,336 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 8, I9J48 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Ilinn* Kans.Cy. Dallas SanFran. Gold certificates 21,912,67!* 805,1*31* 7,01*0,900 1013,oi*3 H*l*7,105 I066,531 1035,820 1*537,610 587,806-1*59,1*95 792,521 571,911; 2756,^95 Redemption fund for F. k. note.s 618,971* 53,5&* 61,762 58,885 73.656 57,535 1*0,679 95,630 1*5,1*61 22,581* 3l*,62*5 27,179 1*7,6ii* Total gold certificate reserves 22,551,61*8 858,998 7,102,662 1071,928 1520,71*1 1121*,066 1071*,1*99 1*1*33,21*0 635,267 1*81,879 827,166 599,093 2801*, 109 other cash 252,525 2i*,l*6o 1*1,919 11,1*15 19,690 13,1*88 18,lol* 3l*,922 9,507 9,989 9,527 9,986 29,516 Discounts and advances 510,161 22,186 105,269 2l*,671 28,317 15,1*25 12,752 56,619 11,732 6,798 11,837 9,752 2l*,803 Industrial loans 925 - - - - 665 210 50 - - -- -- -- - - - - - - U.S. Govt, securities; B i l ls 6,660,657 1*1*7,757 1,597,101* 1*75,770 658,558 1*32,572 333,920 953,787 359,293 203,875 310,1*59 301,853 605,709 Certificates 1*,927,339 331,236 1,181,1*87 351,960 1*72,381* 520,001 21*7,022 700,116 272,053 150,820 229,669 223,502 14*7,289 Kotes 1,787,1*00 120,156 1*28,586 127,671* 171,358 116,081 89,608 253,968 98,688 54,711 83,312 81,003 162,255 Bonds 7,86U,319 528,671 1,885,725 56l,7l*8 755,952 510,71*0 59l*,262 1117,1*25 l*3l*,213 21*0,719 366,561* 356,q03 713,899 Total U.S. Government securities 21,259,715 i!;27,82o 5,092,900 1517,152 2056,252 1579,391* lo61*,812 3025,296 1162*,21*7 650,125 99C00I* 962,561 1929,152 Total loans and securities 21,550,799 11*50,006 5,198,169 151*2,1*86 2o61*,779 139l*,869 1077,561* 3061,915 1175,979 656,923 1001,81*1 972,313 1953,955 Due from foreign banks ^9 3 l/ 16 1* 1* 2 2 7 2 1 2 2 it F.R.notes of other banks 115,795 5,75k Tl,597 5,900 6,005 12,538 8,1*1*5 il*,6l*2 6,790 16,171 7,287 5,3hh 15,31*1* Uncollected items 2,1*03,958 181*,366 1*56,971* 160,037 216,006 226,1*81 171,875 368,578 105,572 73,l6o 135,81*1* 111,995 193,070 Bank premises 32,1*05 l,20l* 8,106 5,082 1*,856 2,586 1,586 3,021* 1,958 1,188 2,1*03 767 1,663 Other assets 17l*,699 11,91*1* 1*1,21*9 12,120 l6,8i*6 11,291 8,800 21*,782 10,018 5,229 8,?Z*3 7,81*1 16,536 TOTAL ASSETS i*7,ol*l,67i* 2556,715 12,860,692 2806,972 581*8,905 2785,321 2560,875 79l*i,no 191*5,095 121*1*,5t*o 1992,513 1707,31*1 5013,797 l/ After deducting $55,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

K.I*. 1(c) STATEMENT OF CONDITION QF THE FEDEI-AL RESERVE BANKS ON SEPTEMBER 8, I948 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 21*. 128,555 11*31.021 5,52ii,915 l&*3,9l*8 2157,51*2 1670,1*07 1352,961* 1*586,277 1091,815 62i*,32o 939,305 621,302 2519,539 Deposits: aember bank-reserve acct. 17,816,772 71*7,319 5,921,956 819,970 1289,867 751,771 751,192 2720,055 623,933 1*1*9,800 806,017 858,399 2096,515 U.S.Treasurer-general acct.1,331,307 107, 8i*2 255,962 95,063 112,575 93,868 89,362 167,1*21* 8l*,29l* 77,1*92 86,031* 81.923 81,1*68 Foreign" 1*06.31*5 21*. 002 1/11*7,930 30,772 31*, 951 18,615 15,576 51,666 13,676 9.1*98 13,296 12,916 35,1*^7 Other 1*65,383 3, 690 399,679 1,700 5,1*1*2 2,811 nl, 8 it, 131 6,189 1,331* 170 351* 59.055 Total deposits 20,019,807 882,855 6,723,507 91*7,505 11*1*2,835 867,065 836,678 291*3,271* 728,592 538,121* 905,517 953,592 2250,1*65 Deferred availability items 2,120,967 175,575 376,789 11*8,775 197,221* 208,01*9 157.961* 506,275 95,291 61,501* 118,291* lol*,275 175,151* Other liabilities including accrued dividends 13,1*35 979 5,600 812 1,2m 739 617 2 ,,028 623 1*52 520 556 1,286 TOTAL LIABILITIES 1*6,282,562 21*88,228 12,628,811 271*6, OliO 5778,81*2 271*6,260 2523,223 7837,851* 1911*. 121 1221*,38O 1965,636 1679,725 1*91*6,1*1*1* Capital paid in 199,270 11,525 69,001 11*,628 19,011* 8,526 7,800 2i*,755 6,565 1*,396 6,871* 1,11k 18,672 Surplus (Section 7) 1*1*8,189 28,117 138,596 35,550 1*2,175 21,210 19,110 66,217 16,972 11,233 16,11*8 lli,111 58,952 Surplus (ejection 13b) 27,51*5 3,011 7,319 1*,1*89 1,006 3,31*9 762 1,1*29 521 1,073 1,137 1,307 2,il*o Other capital accounts 81*, 110 6,031* 16,965 6,1*65 7,870 5,976 1*,9SQ 10,875 l*,9ll* 5,1*58 It, 518 lt,U66 7,589 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*7,01*1,671* 2556,715 12,860,692 2606,972 581*8,905 2735,521 2560,875 79Ui,llo 191*3.093 l2i0t,5Uo 1992,313 1707,31*1 5013,797 Contingent liability or. bills purchased for foreign correspondents 1,509 82 2/1*19 106 120 6h 51* 178 1*7 35 1*6 1*5 115 Commitments to make industrial loans 6,072 75 1*07 1,093 11*7 1*87 5,750 113 F.R. notes outstanding 2l*,808,526 ll*8l*,657 5,689,782 1700,772 2189,986 1718,71*5 1377,81*7 1*660,638 1132,021* 639,1*30 961*,8l*l* &*!*, 731 260l*,870 Collateral for F, R. notes held by F. R. Agents: Gold certificates 15,559,000 1*60,000 it,770,000 550,000 735,000 625,000 675,000 2780,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 1*1,31*0 5,825 22,115 3,635 - - 2,1*00 - - - - 2,563 305 2,71*7 1,950 U.S. Govt, securities 11,975,000 1100,000 1,000,000 1200,000 1500,000 1125,000 750,000 1900,000 950,000 1*50,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES Within 16 to 51 to 61 to ol days to 6 months 1 to 2 2 to 5 Over Total 15 days 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 310,161 78,621 29.91*5 71*. 515 127,270 12 Industrial loans 923 760 9 59 22 11 " " 56 11* 12 U.S.Govt, securities 21,259,715 2,1*52,225 2,59l*,008 1,595,720 2,113,175 1,112,250 3,730,022 1,161*, 156 6,700,163 l/ After deducting $258,352,000 participations of other Federal Reserve Banks. 5/ After deducting $890,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis