H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, February 6, 19U8) HwU.l February 5• 19U8 •CONDITION OF THE FEDERAL RESERVE BANKS •During the week ended February'4*, member bant: reserve balances de creased $221,000,000* Reductions in member bank reserves arose from a de crease of-$1,U83,600,000 in Reserve Bank credit and increases of $38,000,000 in money in circulation .and $£3,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by decreases of $23,000,000 in Treasury cash, and H^^CDOjpiOOin Treasury deposits vdth Federal Reserve Banks and increases of $1*0,000,000 in gold stock and $2,000,000 in Treasury cur~" rency. Excess reserves of member banks on February* h were estimated to be approximately $8U0,000,000* Holdings of loans, discounts and advances decreased $)jl,000,000, and United States Government securities decreased $1,U6U,000,000* The de crease in- holdings of United States -Government securities, reflects decreases of! $1,613,000,000 in certificates and $1^10,000,000 in bills and increasesof $538,000,000 in bonds and $21,000,000' in notes* Changes^in member bank reserve balances and related items during the week and the year ended February hi 19U8, were as follows: ' Increase, or decrease since February U, January 28,- February 5, 19U8 I9J48 19U7 is of dollars) U* S* Government securities 20,523 *1,U6U ,-2,889 Loans, discounts and advances 2U2 - Ul - 37 Other Reserve Bank credit hll + 22 + 53 Total, Reserve Bank credit ..21,175 -1,1183 -2,875 Gold, stock -22,93U + ko +2,185 Treasury., currency 560 + 2 + 1 U, Member binK Reserve balances 17,QSU - -221 + 989 Money in circulation 28,12L + 38 - 171 Treasury cash 1,309 - 2.3 -1,011. Treasury deposits with F» R* Banks 616 -1,329 - 5U6, Nonmember deposits &nd othe^r F*R*- accounts 1,536 + 93 + 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TJELTO FEDERAL R6oE^E BANKS COMBINED (In thousands of dollars) H.lul(a) Increase or 1 decrease since February 4, January 28, February 5, 19U8 19U8 191+7 ASS E IS Gold certificates •21,008,170 - + 43,000 +3,228,992 Redemption fund for F« R*;'n6te|;s " • 691,631 +• 51+9 - - 10l+,230 Total gold certificate reserves 21,699,801 "+ '+3,549 +3,121+, 762 Other cash 571,553 8,969 + 12,798 Discounts and advances 21+0,111 - ... 1+0,953 38,604 Industrial loans 1,989 12 + 1,556 U. S. Govt, securities: Bills 1 9,59i+,li21 - 1+09,900 -5,-885,766 Certificates 4,287,063 -1,612,872 -2,536,201 Notes 1,563,500 + 20,750 +1,208,200 Bonds 5,077,789" + '538', 190 +4,324,399 Total U,S» Government securities u-—— 20,522,793 -1,1463,832 -2,889,368 Total loans and'securities -; 20,761+, 893, -l,50l+,797 -2,926,616 Due from foreign "banks - 95 — — . • 7 B. '&• not.s of other banks 137,21+5 - 39,623 - . 3,881 Uncollected items 2,636,630 - 135,221 + . 589,1+34 Bank premises * ,/ 32,917- 1+9 ,. + 601 Other assets i 133,276 1+,183 • + 89,807 TOTAL ASSETS 1+5,776,1+10 -1,629,293 + 686,898 L I A B H ' II I"E s; " » •" 1* ' »'. ••> ••" • •'" • 1 ;" • >'"»i federal Reserve notes ' 2i+, 11+8,085 11,000 *, 234,623 Deposits: Member bank -reserve account .. 17,084,507 -2243,615 ' + .989,415 U.S„Treasurer-general account 616,091 -i',528,576 «P* -'51+5,898 Foreign •505,655 + 99,878 - 99,750 Other ;u68iS03 13,533 + 211,230 Total deposits ifi&W&h -1,462,^1+6'" + " 554,997 Deferred availability items 2,226,216 -• 157,189 + 337,223 Other liabilities including accrued dividends ll+,8l8 1,1+38 + 3,821 ; TOLaL LIABILITIES 1+5,063,673 -1,632,1+73 + 661,1+18 C A P II A L .A C C P':tf N' T S , "' ' ./' Capital paid in 197,010 + 109 + 8,162 Surplus (Section 7} 4l+a,ia9 — + 8,366 Surplus (oection T3t>) ' 27,51+3 + 88 r: • Other capital accounts. -'39,995 + •*" 3,071 + 8,861+ TOTAL LIABILITIES AID CAPITAL ACCOUKTS 1+5,776,410 rf>629#293 + 686,898 .Ratio of gold certificate reserves to deposit and -FiR. note liabilities combined ' ".' ••5<V7# Contingent liabillity on bills purchased 1+,011 560. «• 2,961+ for foreign correspondents Commitments to make industrial loans' 7,010 30 - 1,162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

K.J+.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY ]+, I9I18 (In thou-sands of dollars) A S S E TS Total' Boston New York*" Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 21,008,170^ 795,180 6,1+1+0,855 '1002,393 1362,292 1019,002 1060,121 1+198,508 6oi,68i+ 1+30,028 77l+,ol+3 1+95,693 2828,371 Redemption fund for F. k. notes 691,631 • 55,756., 119,366 6o,Q55 75,175 59,707 1+0,11+1 99,582 1+6,553 22,819 '35,509 26,070 50,900 ; ; Total gold certificate ZfiEnB. 21,699,801 1850,936 6,560,221 1062*1+1+6 11+37,1+67 1078,709 1100,262 i+298,090 61+8,237 1+52,81+7 809,552 521,763 2879,271 other cash 371,553 ! 36,ol+7 63,705 22^537 59,156 25,705 25,272 56,958 18,027 8,509 13,021+ 16,933 1+7,680 discounts and advances 21+0,111. j ll+, 595 60,791 16,077 20,1+08 18,828 18,133 22,01+9 20,559 5,320 15,068 16,^97 11,686 industrial,loans 1,989 ' — — 1,316 139 51 1+83 — — — — 'f -- -- U. S. Govt, securities: • .-- ^il}^Fl:l"r- 9,594,1+21 6l+l+,976 2,301,866 685,326 919,817 623,102 1+80,999 156!+,551 529,756 293,67!+ 1+1+7,206 1+50,915 872,255 f Certificates l+,287,083 288,195 1,027,966 306,226 1+11,002 278,1+20 2ll+,92l+ 609,143 236,703 131,223 199,825 194,287 389,169 z/ 1,563,500 105,105 374,899 111,681 149,893 101,540 78,383 222,155 86,325 1+7,857 72,876 70,856 141,930 ~CndS • ,, 5,077,789 31+1,349 1,217,562 562.707 486.808 3gQ77? PRli^R 721.1+93 280,560 155,1+26 256,681 2^0.120 460.QL6 r Total U.S.*Government '.'• j '-.., ! \ securities' 20,522^793 1379,625 Ii,922,293 l"li65,940 1967,520 1332,831+ 1028,871 2917,51+2 1133,121+ 628,1:80 956,588 926,1781864,298 ! £ i j L i ^ i 2i .20,76^,893 13^,220 -W983,084 li+83,333 1988,067 1351,715 lc,!tf,W 2959,591 1155,683 .633:,500 97^56^9^2*775 1875,981+ Due from foreign banks 95 6 l / jl 8 9 5 U 13 3 2 3 3 8 F.K notes of other banks 137,21+5 '6,34l 21,621 ' 5,761 ' r6',l+27 31,125 11,790 15,368- 5.916 5si01 7*089- «5,720 ll+,986 Uncollected.items 2,636,630 205,276 1+95,238 ;185,06l 239,992 -211,708 175,617 1+29,684 129,551 66,205 150,825 103,928 21+3,545 Bank premises , 32,917- 1,236 8,221 -3,176 - l+,925 2,630 1,555 3,056 1,968; =1,206 2,1+1+1+ 793 1,707 otner assets i 153,'276 " 8,972 31,271 * 9*138 15,1-32 " 8,716 - 6,881 ! 19,662 7,749 4,059 5,968, 6,C9l+ 12,231+ TOTiiL ASSETS 1+5,776,140 2505,031+ 12,163,392 2771,460 3729,175 2708,311 2368,868 7761,622 1965,134 1171,1+29 1960,561 1598,009 5075,1+15 2/-*After;.ded\rctin-g $6^000 participations of othetf Federal-; Reserve Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HJi.l(o) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 4, 1948 L I A B I L I T I E S (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago S%,Louis Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 24,148,085 1,432,872 5,567,977 1,640,464 2089,815 1680,898 1564,154 4556*466 1116,593 616,829 935,820 605,699 2540,518 Deposits: Member bank-reserve acct. 17,O8I4., 307- 762,931 5,254,187 840,490 1268,821 740,268 752,216 2614,959 658,076 429,124 823,128 827,296 2112,851 U.S.Treasurer-general acct. 6.16,091 43,710 120,523 44,512 54,027 46,813 54,692 93,589 41,112 38,555 27,381 29,353 41,824 Foreign -505,655 27,839 1/205,769 35,705 40,553 21,599 18,073 59,949 15,869 11,020 15,428 14,987 58,862 Other It 68,505 3,417 595,939 1,731 11,952 5,665 1,126 1,954 5,721 2,549 1,452 524 38,475 Total deposits 18,674,554 837,897 5,976,418 922,438 1375,355 812,545 806,107 2770,451 720,778 481,248 867,589 872,160 2251,992 Deferred availability items 2,226,216 185,949" 594.255 150,170 196,616 178,221 167,618 536,119 100,616 53,860 150,571 93,970 238,455 Other liabilities including ' ~ accrued dividends 14,818 - 858* -• 3,425 861 1,771 807 651 2,359 676 692 597 710 1,451 TOTAL LIABILITIES 45,065,675 2457,576 11,942,073 2713,935 5665,555 2672,269 2538,490 7665,555 1958,663 1152,629 1934,177 1572,539 50l2,4l4 Capital paid in 197,010 11,288 68,979 14,475 18,898 8,344 7,669 25,945 6,449 4,533 6,624 7,546 18,462 Surplus (Section 7) 448,18^ 28,117 138,596 55,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 58,952 Surplus (Section 13b) 27,543 5,011 7,519 4,489 1,006 5,549 762 1,429 521 1,073 1,'137 1,507 2,140 Other capital accounts 59,995 3*042 6,425 5,215 5,545 5,139 2,837 4,676 2,529 2,161 - 2;475 2,506 3,447 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 45,776,410 2503,054 12,165,592 2771,460 5729,175 2708,511 2368,868 7761,622 1965,134 1171,429 1960,561 1598,009 5075,415 Contingent liability on bills purchased for foreign correspondents 4,011 253 2/1,285 325 369 197 165 546 144 100 140 136 355 1 ommitments to make industrial loans 7,010 501 1,208 SO 4oo 351 580- 5,750 - - 140 F.R. notes outstanding 25,146,764 1516,056 5^788,166.1718,210 2175,966 1756,859 1412,508 4685,166 1164,967 655,642 959,790 656,056 2719,418 Collateral for F. R. note: 3 held by F.R.Agents; Gold certificates 12,279,000 440,000 5,570,000 550,000 755,000 625,000 675,000 2720,000 515,000 200,000 280,000 169,000 2000,000 Eligible' paper 71,546 6,-355 17,915 6,2.92 - - 12,419 - - - - 15,850 2,050 10,490 - - 175 U.S.Govt, securities 15,700,000 1100,000 2,400,000 1200,000 1500,000 1150,000 750,000 2000,'po'o 950,000 ' 450,000 700,000 500,000 1000,000 MATURITY DISTRIBUTION OF LOA. NS AND SECURITIES Within ,.. . ;;l6 to 51 to 61 to 91 days to 6 months l-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 240,111 96,702 7,222 54,861 81,269 45 14 - - _ _ _ _ industrial loans 1,989 1,779 • 21 21 23 58 55 11 25 U.S. Govt, securities 20,522,793 2,259,546 1,951,551 5,59^,512 2,550,572 3,552,476 2,172,667 _ _ 409,929 4,451,760 l/ After deducting $299,71^1,000 participations of other Federal Reserve Banks* 2/ After deducting $2,728,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis