H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD • OF: pOVERNORS OF .THE FEDEltivL.RESERVE SYSTEM (Released for PublicationxFriday morning, January'16,I9&8) H.ii.l January 15, I9I18 CONDITION OF -THE FEDERAL RESERVE BANKS During*'the week endeii January II4., member bank reserve balances increased $360,000,000, Additions to. member bank reserves-arose from increases of $21*8,000,000; inJ-Reserve* Bank credit and $26,000^,660 in gold stock and decreases of $28U, 000,00Q{ in--money-i^'circulation, $7,000,000 in Treasury cash ;and $51,000,0^0 in nonmemhefc'.deposits a^id other .Federal Reserve*accounts, offset in part by an increase oT-$257^000/000 in Treasury deposits wit]] Federal Reserve Banks. Excess reserves of member,banks on< January llr were estimated to be approximately $1,5/40, ooo,ooo f Holdings of-loans, 'discounts and advances increased $1,000,000 and of United Statea Government securities $213*000,000, The increase in holdings,of United States Government securities reflects increases of $313*000,000 in bonds and $29,000,000 in notes «id decreases ..of $116,0,00,000 in bills and $lU,000,000 in cer tificates. Changes in member. bank reserve, balance and related items during the week and the year ended January lli, I9I4.8, were as follows: Increase or -decrease since January lii, January 7* January 15, - I9I18. I9U8 • >;ll9t|7;S./ : (In millions of dollars) U. S. Government securities 21,896 + 213 -1 ,hm Loans, discounts and advUhces ; 166 •+. l - ..78 Other Reserve Bank credit 506 .+ 3k -v ' 29 Total Reserve E)ank credit 22,366 + 21*8 -1 ,537 Gold stock •22,79f0 + 28 +2 ,223 Treasury currency '14,559 - 1 - 1 Member bank reserve balances 17,863 -f 360 +1 ,U32 Morey in circulation 28,371* - 26Ji - ihh Treasury cash 1,333 - 7 - 958 Treasury deposits with F # R. Banks 819 + 257 + Uio Nonmember deposits and other F # R # accounts 1,527 • 51 - 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(a) STATEMENT. OF" CONDITION- OF'THE T^EXVE:FEDERAL RESERVE Bs#KS COMBINED (In thousands of dollars) Increase or decrease since January ll;, January 7, January 15, 1199UU88 1199UU88 19U7 A S S E TS Gold certificates 20,850,170 • i*o,ooo +3,21*l*,99l* Redemption fund for *F # R< # notes1 ' 69^,906 -. ;' 160 - .lll;>21*5 Total gold certificate reserves 21,5^5,076 + '39t'8iiO +3*133,71*9 Other cash ; 350,61:5 + 1*7,266 + 8,981* Discounts and advances 16*4,665 + 1.352 - ! 7.8,21:9 Industrial loans 1,1*23 5 +• •; 819 U. S Govt, securities: # Bills 10,781,056 -115,779 -i*. 05.6,331* Certificates 6,236,955 - 13,750 -1,11*3., 557 Hptes 1.1*97,950 + 29,000 +1,11*2,650 Bonds 3,380,021 +3:13,069 .. +2j,626:,631 Total U.S« Government ; ' \ <" securities [ 21.895.982 +212,51|0': -1,1*30,610 Total loans and securities 22,062,070 +215,887 -1,508,01*0 Due from foreign banks : 95 - - 7 F # R # note*, of! ouher banks 161,739 + 15,713 + 6,172 Uncollected items 3,250,715 +1*1*7,979 + 1*10,1*68 Bank premises ' 33 - 001 - ~ + 601 Other assets 117;367 - + h,62Q * 71,859 TOTAL ASSETS 1*7,520,676 +769,305 +2,123,786 L I A B I L I T I ES Federal Reserve notes 2U,1*35.805 -215,14*8 - 171*, 61*5 Deposits 3 Meribsr bank-re serve account 17,863,390 +560,635 +1,1*32,068 U,£ Treasurer-general account. 816,916 +256.717 + 1*09,753 f; Foreign ii56 372 - 2B//66 - 2 5 *,l*7l 5 Other 502,356 - 21,617- * 2]+%3M. Total deposits I9,61*l,bl6i +566,969 +1,333,11*9 Deferred availability items 2-,72ii,7H i +1*13,465 + ' 1*38,977 Other liabilities including ac6rued i dividends \ .16,1*95 + 909 + • 5,759 TOTAL LIABILITIES U6,:818,027 ; +765,895 +2,103,21*0 : C A PI T AL A-'C fr;p U N TS „ . .. : ' ' Capital paid in # .196,262 + 1*1*2 ' + 8,277 Surplus (Section 7) 1^8,189' - - +; 8,366 Surplus (^sct-icn IJb) '27,5.1*3 i .". - - + 88 Othsr capital accounts , ' 30.655 +;. 2,968, ,. +: 3,815 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*7,520,676; +769,5.05 +2,123,786 Ratio of gold certificate reserves to deposit and F R note 0 e liabilities combined , U8»9j5 W. Contingent liability on bills purchased for foreign correspondents 2,^98 223 5,296 Commitments to make industrial loans 7,lU8 52 1,008 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(b) STATEMENT OF CONDITION OF TIE FEDERAL RESERVE BANKS ON JANUARY 11;, 1948 (In thousands of dollars) A S S E TS Total Boston New York Phila, Gleve, Rich. , Atlanta Chicago St,Louis Minn* Kans.Cy. Dallas SanFran. Gold certificates 20,850,170 746,742 6,1+99,187 966,677 1355,300 1013,276 1,057,H+2 4099,883 595,751 424,154 757,945 1+98,318 2835,795 Redemption fund for .. F. R. notes 694,906 56,006 l2p,446;-! 60,489 , 75,551 59,655 40,1+22 99,91+5 46,649;, -22,865 35,582 26,11+8 51,150 Total ppld certificate :-: reserves 21,51+5,076 802,748 6,619,633 1027,166 i430,85l 1072,931 1097,564 4199,828 61+2,400 1+1+7,017 793,527 52I+,1+66 2386,91+5 other cash 350,613 32,1+88 59,6°2 22,852 28,827 25,415 27,727 54,526 l5,84o 8,851 12,652 15,796 45947 ; Discounts and advances 164,665 15,028 57,408 ll,22o 16,459 7,099 10,468 12,899 10,289 4,52o 7,543 4,247 7,435 Industrial loans 1,423 1,401 2 2 -- - - -- U. S. Govt, securities: Bills 10,781,056 724.746 2,R85,103 770,089 1033,579 700,165 540,487 1538,258 574,543 329,997 502.516 483,135 998,438 certificates 6,236,955 419,274 1,495,509 445,505 597,937 403,053 312,6,7 8136,196 344,361 190,908 290,710 282,653 566.172 Notes 1,497,950 100,697 359*182 106,999 143,608 97,283 75,096 212,842 82,706 45,850 69,822 67,885 135,980 Bonds 3,380..o2i 227,219 8io468 241.435 -324,o43 219,512 I69;i+5i: 480,260 186,621,105,459 157.546 153,179 306,828 r Total U.S.Government - ' w securitieT 21,893,932'1471,936 5,250,262 1564,028 2099,167 1422,013 1097,711,3117,556 1188,231 670,214 1020,594 986,852 2007,418 Total loans and '• - , , . - ,. securities 2£,062,070 1486,964 5,307,670 1576,649 2115,626 1429,134 1108,179 3130,455 1198,520 674,734 1028,137 991,099 2014,903 c Due from foreign banks -*'•'." , 95 " ' 6 1/ 31 a 9 5 4 13 3 2 - ^3 3 8 F.R.notes of other banks • 181/7.39 7,876 28",827 10.386 9,836 28,067 19,874 21,466 9,987 8,316 10,164 6,969 19,971 Uncollected items ' 3,230.715 282,648 652,041 196,419 324,279 257,146 215,721 508,090 151,4ol+ 87,071' 169,648 137,715 348,533 Bank premises 3'v-00i 1,241 8,259 3,182 4,938 2,637 1,559 3,o64 1,973 1,208 2,450 797 1,713 other assets . li;^67 " "7,94o -28 153 ~\ 7r,.92i ]fi,203 7,771' 5,927 16,268 6,819 3,483 5,531 5,277 11,092 w ? TOTAL ASSETS r £7,520,67^6 262l',.9il 12,7.O4.,26S 2844,583 3925,569 2323,106 2476,555 7933,710 2Q26,946 1230,682 2022,112 1682,122 5229,112 l/After deduciJin^ $64,'000 participations of -other FederalReserve Banks']. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l+,l(c) STATEMENT OF CONDITION CF THE FEDERAL '•<y-?-::'-'F rABKS ON JANUARY li+, 19I+8 L l"A B : L I T I E3 (In thousands of dollars) Tvtal ^ Boston New York Phila. Cleve. Rich. Atlanta .Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. federal Reserve notes 21+,l+55,805li+l+o,61+l 5,635,253 1657,1+07 2112,225 1710,329 137^,659 1+589,^26 1129,78!+ 622,212 91+3,131 613.900 2606,858 Deposits* Member bank-reserve acct.17,363,590 807,14+7 5,610,51+8 872,565 1550,990 77l+,966 797,81+7 261+2,562 668,675 449.535 844,303 861,185 2182,767 U.S.Treasurer-general acct. 818,916 52,-69-i 127,101+ 51,711 84,174 67,267 1+6,1+68 119,744 1+2,891 52,11+0 149,569 1+1+, 630 80,527 Foreign 1+56,572" 25,794 1/200,155 50,505 54,647 18,1+53 15,441 51,218 13,558 9.U15 13,181 12,801+ 33,201 Other 502,338 2,1+57 " 426,554 1,705 11,685 5,655 1,012 2,570 5,208 2,676 1,552 871+ 1+0,99U Total deposits 19,61+1,016 886i389 6,561+, 161 956,1+81+ 11+81, 494 866,31+1 860,768 2815,8914 730,332 513,766 908,1+05 919,493 2557,1489 Deferred availability, items 2,72l+,7ll 21+9*01+6 1+81,713 172,866 265,573 210,087 210,551 1+30,860 11+0,01+8 75,695 143,942 125,119 221,211 Other liabilities' including accrued dividends 16,1+95 905 4,173 1.039 1,61+5 988 765 2,71^8 818 525 700 675 1,516 TOTAL LIABILITIES 1+6,-818,027 2576,981 12,1+85^280 2787,796 3860,937 2787,71+5 21+1+6,71+1 7858,928 2000,98? 1212,198 1996,178 1657,187 5167,071+ Capital paid in . 196,262 •11,266 68,91+5 14,428 18,857 8,299 7,621 25,90!+ 6,1+33 l+,330 6,578 7,1+79 18,121+ Surplus (Section;7) 1+1+8,189 28,117 138,596 55,350 1+2,173 21,210 19,110 66,217 16,972 11,255 16,11+8 ll+.lll 38,952 Surplus (Section!13b) 27i5l+3 3.011 7,319 4,489 1,006 3,31*9 762 1,429 521 1,073 1,137 1,307 2,11+0 Other capital accounts 30*655 2,536 .4, 130 2,520 2,596 2,503 2,321 3,232 2,038 1,81+8 2,071 2,038 2,822 TOTAL LIABILITIES AND- ~ ; CAPITAL ACCOUNTS ' , l+7,52o,676 2621,911 i2,70l+,268 2e!+lj,583 3925,569 2825,106 21+76,555 7933,710 2o26,9t+6 1250,682 2022,112 1682,122 5229,112 Contingent liability on bills purchased for foreign correspondents 2,1+98 157 2/ 799 202 250 122 102 34o 90 65 88 85 220 Commitments to make industrialloans- 7,11+8 1+57 1,1+15 75 l+oo . 351 580 3,750 - - II4O F. R, notes outstanding: 25,5ll+,72l+ 1550,620 5.885,795 1757,111+ 2212,807 1783,5914 11+514,277 4743,284. 1178,627 61+1,961 967,259 652,601 271+8,785 Collateral for F. R, notes held by F.R.A'gents: •" Gold certificates 12,569,000 1+60,000 3,570,000 550,000 735,000 675^000 675,000 2790,000 515,000 200,000 230,000 169,000 2150,000 Eligible paper 61+, 025 9,958 31.302 4,675' 3,1140 7,380 2,500 4,715 - - 375 U.SiGovt. securities 13,750,000 1100,000 2,1+00,000 1200,000 1500,000 1150,000 800,000 2000,000 950,000 1+50,000 700,000 500,000 1000,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES Within 16 to 51 to 61 to 91 days to 6 months 1 to 2 2 to 5 Over " T otal 15 days 50 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 464,665 .80,818 7,931+ 9.215 20 Industrial loans 1,1+25 1,560 1 16,158- . .50, 5i42 2 26 11 U.S. Govt, securities 21,895,982 2,1+65,966 5,151,9214 5,1489,801 2,251,992 198,633 2,965.288 5,754,521 5,617,857 l/ After deducting $256,088,000 participations of other Federal Reserve Banks, 2/ After deducting $1,699,000 participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis