H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF TE3 FEDERAL RESERVE' SYSTEM (Released fpr Publication Friday morning, January 23,I9U8) H,lw.l January 22, 19^3 CONDITlM OF THEFEDERAL RESBHVB BANKS During the week ended January 21 member bank reserve balances decreased $529,000,(k)0* Redtictionis in member; bank reserves arose from an increase -of $I;li9,000,,0*00 iri treasury, deposits with. Federal Reserve Banks and a decrease of $3Ulf00O0O0 in Reserve Bank-credit1, offset in part by decreases of $l65YO'OQ,000 f in money in circulation,- $I|.9y000,0.00 in'n^nmember deposits and other Federal Reserve accounts and $10,000,000 in'Treasury cash.and an increase of $39,000,000 in gold stock. Excess reserves of member.-'banks on January 21 were estimated to be approximately $1,070,000i000.. '' Holdings of loans:-! ^.discpUjrts ••'and advances increased $5>000,000 while holdings of United States Government securities decreased $356,000,000. The decrease in holdings of United States'.Government, securities reflects decreases of $5li6,000,000 in.bills and $160,000,000 in certifibates and an increase of $351,000,000 in bonds. Changes in member-ibemk reserve balances and related items during the week and the year ended January- 21* 49^8, were as follows: Increase or decrease since January 21, January lU,' January 22, I9U8 _ _ 1 9 08 : 19V7 (In millions of dollars) Ui! S. Government securities'. 2i,5Uo/ - 356 *1,890 Loans, discounts arid ^dvanjces 171' +• '•15 - 68 Other Reserve Bank credit 515 + :9' - 17 Total Reserve Bank credit 22,227 _ 3U1 -1,971* Gold., stock 22,829 + 39 +2,137 Treasury currency U.559 - - - - Member bank reserve balances 17.33U - 529 •1,026 Money in circulation 28,211 - 163 - 158 Treasury cash 1.323 - 10 - 972 Treasury deposits with F.R.J Banks 1,268 • hh9 + U06 Nonmeiriber deposits' and othekF.R.accounts 1.U78 - k9 - 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT: OF' QvNDITION H,U.l(a) OF THE TwELVS FEDESAL RESERVE BANKS COMBINED (Ih thousands of dollars);' Increase or decrease since January 21,: January ll*,: January 22, 19^8 191*8 -; . 19U7 A S S E TS Gold certificates 20,895,170 + 1*5,000 ' :+3,li63r990 Redemption fund for F R notes 692^65 - i>9^3 -; 105,210 # # Total gold certificate reserves 21,588,133 + 1*3,057 +3,058,780 Other cash 376,?69 + 25,656 + 13,027 Discounts and advances 168,S15 + 3,650 - 69,702 ( Industrial loans 2,869 + 1,1*1*6 ':+' '.2,335 U* S, Govt, securities: Bills 10,23^,^ -5U6,312" -l*,837,26l* Certificates 6,076,355 -160J4OO -1,172,957 Notes 1,497,950 +1,11+2,650 Bonds 3,731,m +351,11*5 t2,977,776 Total Uj S,Government' " t '"• ''" '"" ' ,',V '" • " securities 2x;$fa&\5 5i-555,567' -1,889,795 Total loans and securities 21,711,599 -3'50,U7l -1,957,162 ; Due from foreign banks '95 7 F # R # notes of other banks 167,253 > iU,Ue6 U,728 Uncollected items 3,279,1.0*8 + U8,733 + 1*50,550 Bank premises 32,997 - ! -1* + 598 Other assets 123,21*6 * ; 5,879 •+ 73,990 TOTAL ASSETS 1*7,279. QUO -2141,636 +1,635,0148 L I A B I L I T I ES • •• f. j, . 1 , , 1 1. •.,... Federal Reserve notes .2^,278,023 -157,752 - 200,1419 Deposits: Member bank-reserve a'ccount l7,33li,l+55 -528,935 +1,026,121* U,S«Treasurer-general acqbunt , 1,266,02 & +IiU9,110 + 1406,133 Foreign >- h2k,Jlli -. 3^358' - 306..117 Other i88,559 - 131,779 + 21)4,91^ Total deposits 19,515,55U' -12 5Uc2; +1,31*1,081* Deferred availability items ; 2,7^13'lt' +:b%U23' + I467,1U7 Other liabilities including; accrued dividends •;"' ,15,565^ - j95o + 5,liQ3 TOTAL LIABILITIES U6,573,276 « -2UUi75i- +1,613,215 C A P I T A L A C C 0 U NTS' Capital paid-in I96, 397 =135 Surplus (Section 7) W 8,189 + 8,366 4 Surplus (Section 13b) 27,5143 + 88 Other capital accounts 33,635 2,980 5,305 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*7, 279,01*0 -21*1,636 +1,635,01*8 Ratio of gold.,certificate reserves to deposit s&rid F.R.notfei liabilities 'combined 1*9.395 5.9$ Contingent liability on,bills purchased for foreign correspondents 2,951 it 53 U.103 Commitments to make industrial loans 7,200 + 52 1,06? 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 JANUARY 21, I9I+8 (In thousands of dollars) A S S E TS Total Boston New York p-hila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 20,895,170 731,288 6,1+90,717 941,1+1+3 1339.U66 1008,1+1+5 1058,329 I+163,976 61^,592 U50,327 761,1+32 519,313 2815,8U2 Redemption fund for F. R. notes 692,963 55,9ll+ -.120,015 ,6o,328 75, It 06 58,969. 1+0,517 99,803 U6,6l7 22,.dhl , , 35/556 26,116 51,079 Total gold certificate ^serves 21,588,133 787/202 6,610,732 1001,771 ll+li+,872 lo67,l+li+ 1098,61+6 I+263,779 661,209 1+73,168 796,:988 5U5,U31 2866,921 other cash 376,269 31+.122 6k,221 25,176 $14,631 26,513 28.59U 56,952 18,316 7,949 li;. 132 16,390 1+9,273 : Discounts and advances 168,315 7,525 1+1,866 13,120 li+,152 6,086 16,278 ll+,909 13,939 4,270 20,218 7,587 8,365 Industrial loans. 2,869 - - - - 1,31+6 - - 23 1,500 U.S. Govt, securities; B i l ls lo,23++,7l+l+ 688,022 2,1+54,107 731,066 981,205 66u,686 513,100 iii6o,633 551,581 313,274 1+77,051 1+63,827 936,192 Certificates 6,076,555 408,1+91 1,1+57,0I+8 l+3l+,ci+e 532,560 394,635 304,637 863,1+oU 335,505 185,998 283,231+ 275,382, 551,611 Notes 1,1+97,950 100,697 359,182 106,999 11+3,605 97,283 75,096 212,81+2 82,706 1+5,850 69,822 67,885 135,980 Bonds 5,731,166 • 250,821+ 89l+,667 266,517 357,707 21+2,317 187,05U 550,151+ 206,009 lH+,207 173,913 169,093 338,701+ Total U.S..Government \ securities .21,51+0,1+15' 11+1+8,031+ 5,165,00!+ 1538,63.0 2065,080 1398,921 1079,887 3067,033 H75,*80i 659,329 I00I+,020 976,189 1962,1.87 Total loans and securitTeT 21,711,599 11+55,559 5.206,879 1553,0962079,232 11+05,030 1097,665 3081,91+2 1189,71+0 663,599 102l+,238 983,776 1970,352 Due from foreign banks ^ 6 l/ 31 8 9 5 1+ 13 3 2 3 3 8 F.R. notes of other banks 167,253: 8,396 23",22i+ -10,057 9,187 30,505 16,81+5 20,1+50 8,910 7.068 8,0l+0 ' '6,779 17,792 uncollected items 3,279,141+8 21+3,192 599,906 2boi798 3l6,22o 305,665 '266;739 463,659 160,010 90,902 178,317 171,3uo 282,1+1+1 .•dan* premises ^i 8,239 3,182 h,9Zk 2,637 1,559 3,061+ 1,973 1,208 2,1+50 797 1,713 52>9g7 1>2 vther assets 123,21+6 8,561 28,993 8,1+59 11,988 8,102 6,21+7 17,239 7,079 5,721 5.71+1 5.661+ 11,652 TOTAL ASSETS 1+7,279,01+0 2533,079 12,5i+2,2l6 2802,51+7 3871,073 281+5,871 2516,3U9 7907,298 2ol+7,2l+o 121+7,617 2029,909 1730,169 5200,652 l/,After deducting $61+,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*i.l*.i(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 21, I9/48 (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 Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 2ii,278,023 U;31,790 5,601,098 161*7.196 2096,535 1696,518 1369,081* 1*568,057 1123,1141 618,1*29 936,725 610,385 2579,065 Depositss Member bank-reserve' acct. 17,33l*,l*55 761,1*35 5,366,812 8kZ^5 129^,219 761*, 175 78l*,292 2565,273 657,009 1*51,312 832,811 860,196 2151*,396 U.S.Treasurer-general acct. 1,268,026 68,087 282,673 57,359 115,965 78,1*1*1 73,055 21*3,520 77,1*79 69,615 62,780 55,381 83,671 Foreign 1*21*^511* 23,038 1/176,1*58 29,533 33,51*3 17,865 lh,9h& 1+9,586 13,126 9,115 12,761 12,396 32,11*5 Other 1*88,559- 3,406 1*17,268 '• 1,751 10,936 l*,l6o 919 2,520 6,131 1,868 210 1*87 38,901 Total deposits 19,515,551* 355,968 6,21*3,211 931,168 ll*5U,663 861*,6^1 873,211* 2860,899 753,7u5 531,910 908,562 928,l*6o 2309,113 Deferred availability items 2,76!*, 13l* ;2oi*,375 l*7l*,l*l2 166,193 253,201 21*8,25l* 2i*3,3i*8 380,1*70 11*3,1*77 7'a,l6l 157,913 165,51*1* 21*8,786 Other liabilities including accrued dividends ..15*565 881 3,753 9U5 1,719 858 725 2,623 750-- 533 632 721 1,1*25 TOTAL LIABILITIES 1*6,573,276 21*93,011* 12,322,1*71* 271*5,502 3806,118 2810,271 21*86,371 7812,0i*9 2021,113 1229,033 2003,832 1705,110 5138,389 Capital paid in 196,397 11,269 68,929 ll*,l*53 18,878 8,320 7,633 23,923 6,1*39 h,33h 6,597 7,1*81* 18,138 Surplus (Section 7) 1*1*8,189 28,11'7 138,596 35,350 1*2,173 21,210 19,H0 66,217 16,972 11*233 l6,ll*8 11*, 111 38,952 Surplus (Section 13b) 27,51*3 3,011 7,319 1*,1*39 1,006 3,31*9 762 1,1*29 521 1,073 1,137 1,307 2,11*0 Other capital accounts 33,635 2,663 . 1*,898 2,753 2,898 2,721 2,1*73 3.680 2,195 1,9!*!* 2,195 O 1 nn 3,033 •~» ± it TOTAL LIABILITIES AND CAPITAL ACCOUNTS. 1*7,279,01*0 2538,079 12,51*2,216 2802,51*7 3871,073 281*5,871 2516,31*9 7907,298 2ol*7,2l*o 121*7,617 2029,909 1730,189 5200,652 Contingent liability on bills purchased-; for foreign correspondents 2,951 186 2/ 9i*l* ,. 239 272 11*5 121 U01 106 Ik 103 100 260 Commitments to make industrial loans 7,200 - - , 1*92 1,1*15 72 1*00 351 3,750 _ _ 11*0 F # R # notes outstanding ; 25,335,91*3 1525,050 5.820,599 1729,51*7 2190,1*60 1760,081* 11*31,61*9 1*718,533. 1171*,118 .639,778 965.91*7 61*3,068 2737, ,110 Collateral for F.R.nctes: held by F«R.Agents \ : Gold certificates i 12,529,000 1*60,000 .3,570,000 550,000 73J 5,ooo 675,000 675,000 2750,000 315, ,000 200,000 280,000 169,000 2150, ,000 Eligible paper 52,102 1,805 . 12,810 5,765 1,637 - - - - io, ,670 2,000 17.01*0 _ - 375 U # S,Govt, securities 13,750,000 1100,000 2,1*00,000 :1 200,000 1500,000 1150,000 800,000 2000,000 95o, ,000 1*50,000 700,000 500,000 1000, ,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 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 168,315' 6a„567 7,655 21,353 • 7-2,77 5 1. 9Ub -" * 16 - - - - Industrial loans 2,869 2,806 - - - - 2 27 11 23 - - U. S Govt, securities a 21,51*0,1*15 3,809,118 1,572,1*16 3,938,978 3,090,21*1* 3,1*1*9,026 2,165,567 198,633 3,316,1*33 l/ After deducting $2ii7,928,000 participations ^f other federal Reserve Banks. "2/ After deducting $2,007,000 participations of other 'Federal lies'eiVe^ Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis