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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTELi (Released for P u b l i c a t i o n F r i d a y morning, September 3,19U8) September 2, I9U8 H.U.I 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 $209f000,000 in treasury deposits with Federal Reserve Banks and increases of $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 bondsf 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 Loans, discounts and advances Other Reserve Bank credit 21,1m 319 207 - U9 6 2 - 813 + 192 65 Total Reserve Bank credit Gold stock Treasury currency 21,937 23,725 U,568 - 56 + 1U + h - 686 +1,960 + '16 Uember bank reserve balances r.^oney in circulation Treasury cash Treasury deposits with F.R. Banks Nonmember deposits and other F.R.accounts 17,721* 28,072 1,323 1,693 1,U19 + 56 + 107 1 - 209 + 9 +1,096 - 677 +i,23U - 362 STATEI.ENT OF CONDITION OF THE TWELVE FUDER/1L RESERVE BANKS COMBINED ( I n thousands of d o l l a r s ) Hj±,l I n c r e a s e or d e c r e a s e since S e p t . 1, I9he Sept. 5, 19J47 Aug. 2 5 , I9/48 ASSETS Gold c e r t i f i c a t e s Redemption fund f o r F* R, n o t e s T o t a l gold c e x - t i f i c a t e r e s e r v e s Other cash Discounts and advances Industrial loans !!• S # Govt, securities: Bills Certificates Notes Bonds Total U, S. Government securities ~* 21,852,672 608,977 22,2*61.61*9 262,780 518,01*2 820 + 15,000 - 2,91*1* +2,006,000 78,1*66 + 13,056 - 7,978 - 5,896 + 25 +1,927,55U + 50,861* + 195,021 988 6,868,757 14,9^8,859 1,798,500 7,795,21*6 -182,500 - 61*, 500 - 10,000 +207,877 -7,290,065 -2,027,577 +1,129,000 +7,075,556 21,1*11,11*2 -148,925 - 812,881* Total loans and securities Due from foreigp. banks F#R# notes of other banks Uncollected items Bank premises Other assets 21,750,001* - 5U,79U - 620,851 55 21*, 1*09 97,267 599 H7,l4l45 TOTAL ASSETS 1*9 126,085 2,1*62,829 32,1*05 170,960 - U,559 + 28,1*29 62 + 6,605 + + + + hi, 21*6,7 59 - 20,085 +1,577,212 25,952,5142 + 83,121* - 17,725,9214 1,692,571 1*12,520 1*1*2,1*66 + 56,029 -209,267 - 29,7147 +1,096,1*15 +1,255,562 - 157,170 - 157,539 2,255,859 -11*1,012 + 30,01*8 +2,055,266 + 162,551 12,556 1*6,1*92,218 1,258 - 21*,078 5,761* +1,525,657 199,260 1*148,189 27,51)5 79,51*9 19 mm «• L IA B I L I T IBS F e d e r a l Reserve notes Deposits: Member b a n k - r e s e r v e account U . S . T r e a s u r e r - g e n e r a l account Foreign Other" Total deposits Deferred a v a i l a b i l i t y i t e m s Other l i a b i l i t i e s i n c l u d i n g accrued dividends TOTAL LIABILITIES C A P I T A L AC C P U N I S C a p i t a l paid i n Surplus ( S e c t i o n 7) Surplus ( S e c t i o n 13b) Other c a p i t a l accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ratio of gold c e r t i f i c a t e r e s e r v e s t o d e p o s i t and F.R # note l i a b i l i t i e s combined Contingent l i a b i l i t y on b i l l s purchased for foreign correspondents Commitments t o make i n d u s t r i a l loans 20,271,1*81 17,2146,759 50.8fo l,l4C3 6,192 + Ul.973 + 5,976 - 20,085 ,1% 12 6 85 + + + + 670,596 5,95l4 8,366 88 59,167 +1,577,212 2.9% 2,1*71* 1,292 H.l+.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OK SEPTEMBER 1 , I9I+8 ( I n thousands of d o l l a r s ) ASSETS Total Gold c e r t i f i c a t e s 21,852,672 Boston New York Phila. Cleve. Rich. Atlanta Chicago S t . L o u i s 80l+,5i+5 6,957,071+ 1008, ol+o 11+1+5,500 1062,969 1059,564 1+556,056 Minn. Kans.Cy. D a l l a s SanFran. 617,512 1+81+,056 815,659 551,220 2752,707 Redemption fund f o r F. R. notes 608,977 53,561; Total gold c e r t i f i c a t e reserves 22,461,61+9 857,909 other cash 61,762 57,885 72,656 55,555 35,679 95,630 1+5,1+62 22,581+ 5l+,6!+6 6,998,836 1065,925 1518,136 1118,50I+ 1075,21+3 lil+51,666 665,00!+ 506,1+20 81+8,285 26,179 1+7,615 577,399 2780,322 262,780 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 I n d u s t r i a l leans 820 U. S. Govt, s e c u r i t i e s : Bills 6,868,757 21,186 90,709 25,061 568 28,852 210 25,765 1+2 ll+,95l+ 1+0,119 16,251 9,575 12,587 9,802 25,605 l+6l,7u5 1,61+7,005 1+90,651+ 658,509 51+1,552 1005,1+1+1 350,696 210,21*5 320,160 311,281+ 62l+,6oi 532,680 120,889 521+,Q28 1,186,61+5 555,1+96 l+7l+,lu+5 521,598 1+51,200 128,1+55 172,1+05 116,789 1,869,160 556,8ll+ 71+7,550 506,251+ Certificates Notes Bonds 4,91+8,859 1,798,500 7,795,21+6 14+6,087 21+8,100 705,170 275,21+1 151,1+79 250,670 90,151+ 255,517 99,289 55,ol+I+ 85,821 590,799 1107,611 1+30,399 258,605 565,51+1+ 221+.276 1+1+9.2U1 81,1+97 165,21+1+ 555,275 707,629 T o t a l 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 2i,75o,ool+ ll+6o,528 5,22l+,7l5 1555,026 2081,729 H+16,555 1088,559 5109,858 1169,876 655,575 997,995 970,550 I9i+1+,715 661+,7li6 1010,532 980,152 1968,518 T o t a l loans and securitieT Due from f o r e i g n b a n k s F . R . n o t e s of o t h e r banks Uncollected items I+9 126,085 5 l / l 6 6,519 T6,285 1+ 9,1+10 1+ 5,780 2 10,595 7 15,156 2 5,928 1 15,508 , 2 7,61+1 2 5,568 1+ ll+,0l+7 151+.825 255,597 2,1+62,829 17l+,56o 1+28,751+ 222,517 159,947 582,1+15 106,71+1 76,1+67 H+l+,750 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 Other assets 170,960 11,757 1+0,192 11,851 16,761 11,091 8,606 21+,087 9,688 5,175 TOTAL ASSETS 159,1+99 257,579 2 15,868 7,9u9 767 1,665 7,81+8 15,975 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. H.U.l(o) L I A B I L I T I E S Total 25,952,5li2 Boston 11*21,3(9 STATEIiENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 1, 1948 ( I n thousands of d o l l a r s ) New York Ehila. Cleve. Rich. A t l a n t a Chicago S t . L o u i s Llinn. Kans.Cy. 5,500,657 1659,515 2121,565 1655,080 1519,177 4564,884 1084,006 616,688 93*1,055 D a l l a s SanFran. 615,373 2l;81,968 Federal Reserve notes Depositsj member b a n k - r e s e r v e a c c t . 17,723,921+ 735,561 5 , 8 5 4 , 5 2 6 802,998 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 93,721; 99.785 105,091 1;12,S20 Foreign 2ii,652 l / l l i 7 , 2 9 2 14,056 51,582 55,871 19,105 15,986 55,026 9,748 13,256 54,340 15,646 Other 442,466 520 2,008 5,876 580,869 2,138 4,618 2,511; 5,155 1,525 426 58,571 466 Total d e p o s i t s 2 0 , 2 7 1 , 4 8 1 901,949 6,637,594 9 8 2 , 7 9 1 1481,228 898,207 846,502 3,016,134 756,557 576,743 942,622 9 4 9 , 2 0 5 2282,149 Deferred a v a i l a b i l i t y items 2 , 2 5 5 , 8 5 9 167,817 391*012 134,877 211;,219 210,252 164,965 558,682 98,872 65,609 126,984 125,716 216,834 Other l i a b i l i t i e s i n c l u d i n g 1,122 566 1,927 562 405 526 accrued dividends 899 3,067 760 1,431 640 651 12,556 TOTAL LIABILITIES 4 6 , 4 9 2 , 2 1 8 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 C a p i t a l paid i n 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 ( S e c t i o n ' 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 ( S e c t i o n 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 c a p i t a l accounts 5,521 4,200 4,279 7,225 79,549 5,655 15,955 6,147 7,457 5,692 4,767 10,262 u,6ll TOTAL LIABILITIES AND ~~ CAPITAL ACCOUNTS 4 7 , 2 4 6 , 7 5 9 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 C o n t i n g e n t l i a b i l i t y on b i l l s purchased for foreign correspondents 123 1,403 2 / 449 114 129 58 191 88 50 69 55 49 48 Commitments t o make i n d u s t r i a l loans 502 1,098 146 488 5,750 117 16 6,192 75 F.R.notes outstanding 642,827 2591,865 5,658,655 1681,602 2178,828 1701,996 1562,769 4641,167 1120,905 633,169 954,425 24,648,254 1480,074 C o l l a t e r a l f o r F . R. n o t e s held by ? . R. A g e n t s : Gold c e r t i f i c a t e s 15,559,000 460,000 4 , 7 7 0 , 0 0 0 550,000 755,ooo 625,000 675,000 2760,000 515,000 200,000 280,000 169,000 2000,000 4,025 42,882 4,825 E l i g i b l e paper 12,740 - - 6,760 2,880 750 7,605 5,297 U.S.Govt, s e c u r i t i e s 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 9I days to 6 months 2 to 5 51 to 61 to Vlithin 1 to 2 16 to Over 6 months to 1 year years 50 days 90 days Total 60 days years 15 days 5 vears Discounts and advances 518,042 151,889 24,189 83,878 58,0?1 15 Industrial loans 12 820 665 18 35 19 9 47 15 U.S. Govt, securities 21,l;ll,Li;2 6,651,090 ,164,156 2,555,050 2,330,418 1,987,621 1,915,555 1,118,750 5,752,522 1/ A f t e r d e d u c t i n g $265,152,000 p a r t i c i p a t i o n s of o t h e r F e d e r a l Reserve Banks, $954,000 p a r t i c i p a t i o n s of o t h e r F e d e r a l Reserve Banks. 2/ A f t e r d e d u c t i n g
@FedFRASER