H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVfiRKa^CF^^ "(Released for Publication Ffida'y corning,..,Janfia'ry 9, I9U8) January 8, I9U8 CONDITION Of1, THE FEDERAL RESSRV3 BANKS .During the week ended January % "member bank reserve balances decreased $396#000,00O Reductions in member, bank^efceTj-ves arose, frorr a decrease of # v $861,000,000 in He^erye /BaVik credit; and' increases. of $1^,000,000 in Treasury cash and $5h,000>006 in • jioniQember^ deposits and other Federal Reserve accounts, offset in part by decreases of $3Q8V.OO:0,00(0 in Treasury deposits wit-*i Federal Reserve Banks and $205,000;000 in money in ^circulation and by increases of $8/000,000 in gold stock and $2,000,000 in Treasury currency* E;<cess reserves of member banks on January 7 were estimated to be approximately $1,090,000,0C0« lioldlhgs, of loans, discounts.and advances increased $79*000,000 while holdings of United States Government securities de;rea$ed/ $876,000,000* The de crease 'in holdings of United States Government securities reflects-decreases of $5U6,000;000 in certificates ,$537,000,000 in bills and $8,000,000. in notes>nd an increase: of $2li|,000 QO.O in bonds,* f Changes in member bank reserve balances and related items during the week and the year ended January' 7/ I9a8, were a? fellows: Increase.- or deojrease " s in ce January 7? December $1, Januarys 8, (In millions of dollars) U»S.-^Government securities 21,683 - .- 876s '- 2,050 Loarig/; disc punts and advances 1J65 + 19 .- " e* Other Reserve * Bank credit U'72 63, 7' + 77 < Total Reserve Bank credit 22,520 _, 861 ^ 2>o"55 Sold stock 22,5:62 + + 2,231 "• 8 Treasury currency U,5.60 + 2 \- 1 Member bank reserve balances' 17,503 _ 396: + l,oU6 Money in ci^rculationj 28,658 - 205 - 90 Treasury cash l»5Uo + k - 9U1 Treasury deposits with ,F R* Banks * , .562 - 308 + 161 f Nonmember deposits and other FR accounts 1,578 + 5h *» 2 r p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STi-.TEi.'-JHT 0? ;^[DITICII-^ OF THE TTiELVE; r2D£h^L:Ii":-;5g;-.V3 E^'KS-'fcor.ILIK^D- (In thousands of.'. <jollars)•' Increase or decrease "ir*:^ since January 7, December 31. Januarv 8, lvUO' • 19U7. 19U7 A.S SS T S- Geld certificates * 20,610,170 +3,2UU,992 Redemption fund for F. • R i . notes 695,066 7,939 - '118,163 ; Total fold certificate, reserves 21,505,236 + 7,939 ;+3,126,809 Other cash • ' > -'"303,3^7 + 30,716 ,- 717 Discounts and advances 163,313 + 77,883 - 83,65U Industrial loans : 1,1*28 U'l .+ 899 U. 3, Govt, securities: . Bills 10,896,835 -536,575. ; -U,232,500 Certificates 6,250,7.05 -5U5.80O -l,2U3^07 Notes 1.U66.950 - 7', 600" +1,113,650 5,066,952 +21U.083 +2,313.562 Bonds Total U,3,Government 21.683.UU2 -875,892 -2,oU9,095 securities Total loans and securities 21.8U8.183 -797,963 :-2,131,850 Due from foreign banks • 95 . 7 P'.h. notes of other banks 166,026 ; •+. 3,78U 8,030 Uncollected i terns • 2,782,736 ' -202,263 -:+ -519,985 Bank premises > 6 33,001 • "+ 601 Other ussets - 2.U9Q 112,7U7 : +___ 63,717 TOTAL ASSETS U6., 751,371 -960,263. : +1,575,508 L I A B* I L -I T I E S Federal Aeserve notes 2UV651.253 . -169,181 -. 1U2,313 Deposits; Member bank-reserve account. 17,;502,755 -396,616 +l,oU6,032 U, S. T reasurer- gene ral acc ount •562,199 -307,832 + 160,801 Foreign : U85,138 ;-». 93,289 - . 162,596 Other 523,955 •- U5.U78 * 205,6/0 Total deposits 19.07U.0U7 ' +1,2U9,907 Deferred availability items 2,3il,2U6 -138,517 •• + UU3.658 Other liabilities including accrued dividends 15,586 + 700 + 5.529 TOIAL LIABILITIES -: U6,052,132 -963,555 • . +1-, 556,781 I T A L C 0 U K T 3 Capital paid in 195,820 + 303 + 8,200 Surplus (Soction 7.) ;UU8«189 + • 8,366 Surplus (Section 13^) ".: 27.-5U3 + • "• 88 Oth-.-r capital dzcounts • '< : 27,687: + 2,969 . + 2,073 TOTAL LIABILITIES AI:D CAPITAL AGCOUITTS U6i75iv57H -960,283 +1,575,503 Hatio of gold certificate re:;erves i to deposit a.nd F-.W.note • • , liabilities 'combined i9^fo • W> 6.1% Contingent liability on bills purchased 2,275 - 185 5,501 for foreign correspendents Coiranitments to-'make industrial- loans 7/.20Q - 23U. 1,031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H,4.1(b) •STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON. JANUARY 7, 1948 (In thousands of dol,lars) A S S E TS Total Boston . . New York " Phila. Cleve. Rich. Atlanta Chicago St,Louis : Minn. Kans.Cy,, Dallas SanFran. Gold certificates 20,810,170 75l*,972 6,1*26,300 935,931* 11*01,1*57 1029,287 1054,491 1*082,676 605,874 1*09,679 745Y234 503,1*13 2860,853 Redemption fund for F. R. notes 695,066 56,006 120,1*1*6 60,1*89 75,551 59,655 1*0,1*22 100,071* 1*6,61*9 22,862 35,582 26,180 51,150 Total gold certificate reserves 21,505,236 810,978 6,51*6,71*6 996,1*23 11*77,008 1088,91*2 109l*,9l3 1*182,750 652,523 1*32,51*1 780,816 529>593 2912,003 Other cash 303,31*7 27,31*9 50^551* 17,730 27,131 2i,i*26 23,181 1*7,330 15,51*5 6,720 11,527 13,81*5 1*1,009 Discounts and advances 163,313 6,1*1*5 71,186 9,715 8,561* 6,244 8,798 22,771* 2,95! 3,020 13,378 1*,506 3,7£5 Industrial loans 1,1*28 - - - - 1,1*01* -- 21* U.S. Govt, securities: Bills 10,896,835 723,1*65 2,612,865 778,359 lol*l*,679 707,681* 51*6,292 1561,047 59l*,3o2 333,51*1 507*913 474,143 1012,545 Certificates 6,250,705 1*20,197 -1,1*98,806 1*1*6,1*88 599,255 1*05,91*5 313,367 888,151 31*5,120 191,328 291,352 283,276 567,420 Notes? • •1,1*68,950 ,98,749 352,228 104,927 140,828 95,4oo 73,643 208,720 81,105 44,963 68,469 66,571 133,347 Bonds. • 3,066,952 206,173 735,400 219,072 294,029 199,180 153,755 435,777 169,336 93,876-142,954 138,991 278,409 Total U.S. Government securities 21,683^442 1448,584 5,199,299 1548,846 2078,79l.;i408,209 1087,057 3093,695 1189,863 663,708 1010,688 '962,98! 1991*721 ; Total loans and securities 21,848,183-1455,^29 5,270,485 1559,965 2087,355; 1414,477 1095,855'3116,469 1192,-821; 666,728 1024,066 967,487 1997,446 Due from foreign banks" qtj 6 1/31 8 9; 5 13 3 2 : 3 3 8 F.R. notes of other banks' l66,026: 6,453 2071*95 10,517 11,659 :24,409 15,761 -21,792 10,510 7,990 10,471 7,854 18,115 Uncollected items " 2,782 736 229,987 541,079 190,136 251,830 247,225; 175,538 426,666 120,325 80,087 158,831 120,292 240,740 Bank premises 25 Q01 1,241 8,239 3,182 4,938 2,637' 1,559 3,064 1,973 1,208 2,450 797 1,713 Other assets 112,747 . < 7,668 26,659 7,567 , 10,636 7,389 5,695 15,976 6,619 3,371 5,466 5.005 10,696 TOTAL ASSETS 46,751,37i 2538,711 12,464,288 2785,528 3870,566'2806,5io.£4l2,506 78l4",o6o 2000,319 1198,647; 1993,630 1644,876 5221,730 1/After deducting $64,000 participations of other Federal Reserve "Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c). STATEMENT OF CONDITION OF THE FEDERAL iSSEKVE BANKS OK JANUARY J, 19^8 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta. 'Chicago St.Louis Lllnn. Kans.Cy. Dallas SanFran. Fev.sral Reserve notes 24,651,253 1457,474 5,696,559 1669,269 2123,446 1728,462 1588,855 4624,807 1158,220 626,476 948,090 621,059 2623,558 Deposits; iiemier bank-reserve acct.17,502,755 775,279 5,348,608 834,419 1370,898 775,282 776,020 2611,125 675,287 457,888 841,737 851,287 2204,927 U.S.Treasurer-general acct. 562,199 41,086 120,241 50,153 44,367 45,520 31,249 95,214 51,056 54,778 27,211 25,935 25,411 Foreign 485,138 26,142 1/207,979 32,999 37,888 19,963 16,703 55,4o6 14,259 10,185 14,259 15,444 35,911 other 523,955 .-4,356 "443 "24 i,e~2 10,935 5,202 1,805 2,052 6,715 1,912 1,351 583 44,088 Total deposits 19,074,047 846,863 6,; 19,9-2 899.403 1464,088 845,967 825,777 2765,775 727,317 484,76$ •884,558 891,247 2320,537 Deferred availability items 2^511,246 188,559 425,75.0 159,369 212,178 196,010 167,578 528,611 108,228 68,549: 134,581 107,326 21^,707 Other liabilities including accrued dividends 15,586 1,318 5,810 945 1,528 932 697 2,547 742 489. 645 603 1,352 TOTAL LIABILITIES 46,052,152••2494.-c»i4 32*246,071 2728,984 5806,240 2771,571 2332,905 7719,740 1974,507 1180,277 ^1967,874 1620,235 5159,914 Capital paid in 195,820 11,263 63911 14,407 18,857 8,277 7,551 25,379 6,4l6 4,513* 6,54o 7,314 18,112 Surplus (Section 7) 448,169 28,117 138 596 35,350 42,173 21,210 19,110 66,217 16,972 11,235 -16,148 14,111 38,952 Surplus (Section 15b) 27,543 3,cil 7,319 4,489 1,006 3,349 762 1,1*29 521 1,073; * 1,137 1,307 2,140 Other capital accounts 27,687 2,306 • 3,391 2,298 2,510 2,505 2,178 2,795 1,905 1,751 1.951 1,909 2,612 TOTAL LIABILITIES AND ; •• CAPITAL ACCOUNTS -r 46,751,571 2558,711 12,464,288 2785,528 5870,566 2806,510 2412,506 7814,060 2000,319 1198,647 1993,630 1644,876 5221,730 Contingent liability jon bills purchased for foreign 'correspondents • 2;2J5 146 2/728 184 212 111 95 309 80 57 80 75 200 Commitments to make industrial loans 7,200 - - * - 454 1,465 81 4oo 351 580 - - 3,750 139 F. R, notes outstanding 2^,625,543 1531,150 5,912,985 1741,257 2227,239 1790,344 1450,341 4756,949 H84,8i4 644,091 970,125 657,651 2758,571 Collateral for F.R. notes held by F.R.Agents 5 Gold certificates 12,519,000 460,000 5,570,000 550,ooo 755,000 675,000 675,000 2790,000 3l5>ooo 200,000 280,000 169,000 2100,000 Eligible paper 76,154 2,554 51,570 c4,790 *- 3,265.- -- -- 830 1,500 11,250 375 U.S.Govt, securities 500,000 1000,000 13,750,000 1100,000 2,Uoo,ooo 1200,000 1500,000 1150,000 800,000 2000,000 950,000 450,000 700,000 MATURITY DISTRIBUTION OF LOAMS AND SECURITIES VoLthin 16 to 31 to 61 to 91 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 163,313 104,998 11,045 3,339 43,867 44~ 20. 2 Industrial loans 1,428 1,363 1 28 11 23 U. S. Govt, securities 21,633,442 2,806,645 3,019,793 3,699,447 3,597,912 3,487,301 2,221,492 197,633 2,653,219 1/After deducting $277,032,000 participations of other Federal Reserve'Banks. 2/ After deducting $1,547,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis