H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, September 17,19^8) H*Iul September 16, I9U8 CONDITION OF THE FEDERAL KBSBH7B BANKS During the week ended September 15, member bank reserve balances increased $920,000,000, Additions to Member bank reserves resulted from decreases of $670,000,030 in Treasury deposits with Federal Reserve Banks, $131,000,000 in money in circulation and $5,000,000 in Treasury cash, and increases of $87*000,000 in Reserve Bank credit and $57,000,000 in gold stock, offset in part by an increase of $30,000,000 in nonmember deposits and other Federal Reserve accounts Excess # reserves of member banks on September 15 were estimated to be approximately $1,810,000,000. Holdings of loans, discounts and advances decreased $27,000,000 and of United States Government securities £35,000,000* The decrease in holdings of United States Government securities reflects decreases of $525*000,000 in bills and $100,000,000 in certificates and an increase of $590,000,000 in bonds* Changes in member bank reserve balances and related items during the week and the year ended September 15, I9J48, were as follows: Increase or decrease since September 15, September 8, September 17, I9U8 I9U8 19^7 (In millions of dollars) U. S # Government securities 21,205 - 35 - 551 Loans, discounts and advances 28U - 27 + 152 Other Reserve Bank credit U32 + 1U9 - 75 Total Reserve Bank credit 21,921 + 87 - U73 Gold stock 23,850 + 57 +1 ,915 Treasury currency U,57l - - + 21 Member bank reserve balances 18,737 + 920 +1, 609 Loney in circulation 28,156 - 131 - hll Treasury cash 1,321 - 5 + 15 Treasury deposits with F # R.Banks 661 - 670 + U21 Nonmember deposits and other F.R» accounts 1,);67 + 30 - 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION rUul(a) OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Sept, 15, Sept. 8, Sept. 17, 19^8 19^8 19^7 A S S E TS Gold certificates 21,970,672 + 57,998 +1,951,002 Redemption fund for F. R. notes 620,975 + 2,001 -_ 8U.551 Total gold certificate reserves 22.591.6U7 + 59,999 +1,866,U50 Other cash 26^,565 + 52,0U2 + 11,661 Discounts and advances 285,565 - 26,596 • 155,786 Industrial loans 930 + 7 899 U. S. Govt, securities 1 Bills 6,155,872 -52U.785 -7,U00,5U5 Certificates 1,827,159 -100,200 -2,198,277 Notes 1,787,U00 +1,515,100 Bonds +590,275 +7,75U,9oU Total U.S. Government 8,U5U,59U securities "~ - 5U,7io - 550,618 21,205,005 Total loans and securities 2i.U89.50Q - 61,299 - 397,751 Due from foreign banks U9 50 F,R. notes of other banks 1UU,202 + 28,U07 + 9,968 Uncollected items 5,U97,5l6 +1,095,558 + 256,006 Bank premises 52,Uoo 5 + 557 Other assets 152,821 - 21,878 + 105,072 TOTAL ASSETS U8,172,500 +1,150,826 +1,829,915 L I A B I L I T I ES Federal Reserve notes 2U,056,510 - 72,oU5 - 509,587 Deposits: Member bank-reserve account 18,756,599 + 919,827 +1*608,59U U.S Treasurer-general account # 661,0U5 - 67Q,26U + U2o,6U9 Foreign UH.891 + 5,5U6 - 2o,2U7 Other U65,5QQ - 2,085 - 5U,586 Total deposits 20,272,855 +255,026 +1,97U,610 Deferred availability items 5,065.8U7 +9UU,880 + 510,811 Other liabilities including accrued dividends 13,805 + 57Q U,795 TOTAL LIABILITIES U7,U08,795 +1,126.251 +1,771,059 C A P I T AL A C C O U N TS Capital paid in 199,757 J + U67 6,515 Surplus (Section 7) UU8,189 + 8,566 Surplus (Section 13b) 27.5U5 + 88 Other capital accounts 88,258 + U,128 + UU,105 TOTAL LIABILITIES AND CAPITAL ACCOUNTS U8,172,500 Hi, 130,826 +1,829,915 Ratio of gold certificate reserves to deposit and F R. note # liabilities combined 51*056 2,6f. Contingent liability on bills purchased for foreign correspondents 902 U07 2,53U Commitments to make industrial loans 6,oUl 51 1.U26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Hj+,l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 15, 19^8 (In thousands of dollars) A S S E TS Total Eoston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 21,970,672 770,795 7,336,827 972,189 lb2o,552 lob7,825 1015,978 b56b,590 585,956 1*25,271 790,18b 522,0332722,672 Redemption fund for F. R. notes 620,975 53,56k 61,762 58,885 75,636 57,555 bo,679 95,630 b5,b6l 22,38b 56,61*5 27,179 b7,6l5 Total gold certificate resenres 22,591,61*7 82u,559 7,598,589 1051,071* 11*93,988 1105,560 105l*,657 i*l*6o,22o 651,1*17 1*1*5,655 826,829 51*9,212 2770,287 other cash 261*,565 27,1*55 1*7,875 12,651* 2l>,8l*o I5,9bb 19,115 57,21*0 10,275 11,01*1 11,595 12,292 51*,285 Discounts and advances 285,565 17,51^ 90,1*05 21,978 25,071 15,122 12,565 5l*,508 15,1*61* 6,570 11,710 9,59l* 25,261* Industrial loans 930 - - - - 687 199 bb - - - - -- - - - - - - - - U.S. Govt, securities: 51113 6,155,872 1*12,^79 1,1*71,271 1*58,285 588,2b7 598,1*91 507,611 881,791 327,71*7 187,811 285,999 278,070 558,070 Certificates 1*,827,139 52b,500 1,157,1*61 5bb,802 1*62,778 315,1*9** 21*1,999 685,879 266,521 11*7,753 224,998 218,761 1*38,193 tf°tes 1,787,1*00 120,156 1*28,586 127,671* 171,358 116,081 89,608 253,968 98,688 5b,711 85,312 81,005 162,255 Bonds 8,1*51*,59b 568,551 2,027,260 605,912 810,51*2 51*9,075 l*25,85i* 1201,296 1*66,805 258,787 59l*,077 385,151* 767.1*83 Total U.S.Government securities 21,205,005 11*25,1*86 5,08l*,578 l5l!*,675 2052,925 1577,11*1 1065,072 5022,95b 1159,759 6b9,062 988,586 960,988 1926,001 Total loans and securities" 21,1*89,500 lbb5,ooo 5,i7b,985 1557,558 2058,195 1592,507 1075,657 5057,bb2 1175,225 655,652 1000,096 970,582 I9b9,265 Due from foreign banks ^9 3 l / l6 b b 2 2 7 2 1 2 2 b I .R.notes of other banks lbb,202 6,566 2"b,b6l 8,565 7,697 15,005 11,500 18,096 7,57b 17,817 9,580 5,668 18,675 Uncollected items 5,b97,5l6 271,525 618,581 259,b71 5b2,l29 310,329 222,b70 569,250 157,211 100,628 182,817 166,267 517,ObO Bank premises 32,bOO 1,20b 8,106 3,082 b,835 2,586 1,586 5,02b 1,958 1,188 2,b05 767 1,665 other assets 152,821 io,72i 56,112 I0,b9b lb,650 9,811 7,676 21,751 8,758 b.515 7,175 6,975 lb,205 TOTAL ASSETS b8,172,500 258b,bog 15,5ob,725 28b2,b62 59b6,556 28b9,5b2 2592,bbl 8167,010 1992,218 I256,b77 2obo,095 1711,565 5i05,b22 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 RESERVE BANKS ON SEPTEMBER 15, I9I18 L I A B I L I T I E S (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 21*, 056, 310 ll+20,l+89 5,505,81*8 161+5,665 2151,51+6 1679,157 1526,062 1+577,681 1090,1+10 625,965 93*1,501 617,275 2503,715 Deposits: •-ember bank-reserve acct. 18,736,599 799,681 6,501,125 861+,016 1559,1*51* 791,236 752,070 2657,297 666,683 1*55,181+ 863*129 875,791* 2150,930 U,S.Treasurer-general acct. 66l,0l+3 36,066 176,068 33,582 1+5,61+1 1+2,185 1*0,276 86,190 1+0,818 37,71*8 1+2,750 29,71+0 1+9,979 Foreign 1+11,891 25,996 1/ 153,551* 30,761+ 5l*,9l*i 18,610 15,572 51,653 13,673 9,1*95 13,293 12,913 33,1*27 Other 1+65,300 2,902 597,177 1*,787 6,297 5,625 502 5,717 5,576 1,595 1*79 1*69 36,571* Total deposits 20,272,835 862,61*5 7,027,921+ 935,11*9 11*1*6,533 855,656 808,1+202998,857 726,550 503,822 919,651 918,9162270,910 Deferred availability items 5,065,81+7 251,751 53l*,221+ 201,669 296,661+ 27l+,565 22l+,55i 1+83,972 li+5,506 87,525 156,622 11+6,972 261,850 Other liabilities including accrued dividends 13,803 797 3,795 71*3 1,511 628 51*6 2,169 581 877 519 586 1,251 TOTAL LIABILITIES 1+7,1*08,793 2555,682 13,071,791 2781,221+ 3875,851* 2810,001+ 2559,579 8062,679 1963,ol+7 1216,185 2011,293 1683,71*9 5037,706 Capital paid in 199,737 11,335 69,001* ll+,627 19,009 8,527 7,802 25,190 6,565 1*,397 6,875 7,731* 18,672 Surplus (Section 7) 1+1+8,189 28,117 138,596 35,350 1*2,175 21,210 19,110 66,217 16,972 11,255 16,11*8 11*, 111 58,952 Surplus (Section 15b) 27,51*3 3,oil 7,519 1+,1*89 1,006 3,31*9 762 1,1+29 521 1,073 1,137 1,307 2,ll+o Other capital accounts 88,258 6,261+ 18,013 6,772 8/29I+ 6,252 5,188 11,1*95 5,113 3,589 l*,61+2 1+,661+ 7,952 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*8,172,500 253i+,l+09 I3,30l*,723 281+2,1+62 591*6,556 281+9,31*2 2392,1+1+1 8167,010 1992,218 1236,1+77 201+0,095 1711,565 5105,1*22 Contingent liability on bills purchased for foreign correspondents 902 57 2/ 289 73 83 hh 37 123 32 22 32 31 79 Commitments to make industrial loans 6,0l+l 75 385 1,091 ll*2 - - 1*87 - - - - 3,750 - - 113 F.R. notes outstanding 2l+,800,597 ll+8l+,2l8 5,687,777 1690,199 2195,81*0 1725,826 1571,897 1*665,765 1128,271* 61*0,518 961,895 61*9,621 2600,767 Collateral for F. R. notes held by F. R. Agents: Gold certificates 13,559,000 1+60,000 l+,770,ooo 550,000 735,000 625,000 675,000 2780,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 25,016 1,575 9,095 1,1*85 - - 2,1+25 - - - - 6,336 2I+5 2,855 1,000 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 31 to 61 to 91 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 years Discounts and advances 283,565 1*0,522 1*7,775 62,557 132,696 15 Industrial loans 950 756 39 57 2 50 11* 12 U.S. Govt, securities 21,205,005 1,666,677 2,21+6,275 1,1+71+, 689 1,972,91*8 1,096,750 5,652,522 61*0,550 1,822,591 6,652,003 l/After deducting $258,261+,000 participations of other Federal Reserve Banks. 2/ After deducting $615,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis