H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, July 23,19^8) H«M July 22, I9U8 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended July 21, member bank reserve balances decreased $128,000,000* Reductions in member bank reserves resulted from a decrease of $251*000*000 in Reserve Bank credit and increases of $18,000,000 in Treasury deposits with Federal Reserve Banks and $20,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by decreases of $95#000,OQO in money in circulation and $7*000,000 in Treasury cash and an increase of $57*000,000 in gold stock* Excess reserves of member banks on July 21 were esti mated to be approximately $8l|0,000,000* Holdings of loans, discounts and advances decreased $31,000,000 and United States Government securities decreased $195,000,000* The decrease in hold ings of United States Government securities reflects a decrease of $31*8,000,000 in bills and increases of $128,000,000 in bonds and $21^,000,000 in certificates Changes in member bank reserve balances and related items during the week and the year ended July 21, I9I4.8, were as follows; Increase or decrease since July 21, July lli, July 23, 19^8 I9I48 I9hl m »nini *i. i|i 1 mmpiiii • "» •'•" "«'• '•' »mn<t*» » •• urn • in < (In millions of dollars) U* S* Government securities 21,326 - 195 - 31k Loans, discounts and advances 286 m> 31 * 166 Other Reserve Bank credit 276 - 25 + 3 Total Reserve Bank credit 21,888 • 251 - 205 Gold stock 23,650 + 57 +2,183 Treasury currency 1.561 - 1 + 11 Member bank reserve balances 17,503 *• 128 +1,259 Money in circulation 27,861* • 95 - 281 Treasury cash 1*3214 - 7 6 Treasury deposits with F» R, Banks 1*879 + 18 + 9^0 Nonmember deposits and other FR accounts 1,531 + 20 + 80 f # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE T7/ELVE FEDERAL ISSERVE BANKS COMBINED (In thousands of dollars) H.lul(a) Increase or • decrease since July 21, July ll*, July 25, 19^8 191+8 191*7 A S S E TS Gold certificates 21,76k, 671 + 61*,998 +2,261*,1*92 Redemption fund for F. R. notes 661155,,008800 - - - 108,590 Total gold certificate reserves 2222,,557799,,775511 + 61*, 998 +2,155,902 Other cash 270,559 + 16,050 2,i*0l* Discounts and advances 285,269 - 30,506 + 166,768 Industrial loans 8l*l* 1* 886 U. S. Govt, securities: Bills 7,963,781 -31*7,550 -6,100,351 Certificates 1*,955,1+07 + 21*, 000 -1,585,059 Notes 1,957,800 - - +1,588,500 Bonds 6,1*1+8,763 +128,2.!*!* +5.723,073 Total U. S. Government securities 21,325,751 -195,306 - 3 71*, 637 Total loans and securities 21,611,861* -225,808 - 208,755 Due from foreign banks i+9 «•> •» 53 F. R. notes of other banks 129,929 + 8,071 + 3,599 Uncollected items 2,719.909 -290,015 + 350,1*07 Bank premises 32,519 32 + 570 Other assets 15ii,650 + 5,299 + 82,520 TOTAL ASSETS 1*7,279,210 -1*21,375 +2,581,786 L I A B I L I T I ES Federal Reserve notes 23,756,257 - 70,538 - 325,1+10 Deposits! i.iember bank - reserve account 17,502,513 -128,351 +1,258,169 U.S.Treasurer-general account 1,878,81*2 + 17,51*2 + 939.673 Foreign 1*30,565 - 11,555 + 92,561* Other U89,856 + 53,596 • 9,302 Total deposits 20,301,"576 - 86,768 +2,299,708 Deferred availability items 2,14*3,853 -265,189 + 31*6,855 Other liabilities including accrued dividends 13,606 818 + 1,857 TOTAL LIABILITIES 1+6,515,272 -1*25,313 +2,525,010 C A P I T AL A C C O U NT S Capital paid in 199,000 + 83 + 6,518 Surplus (Section 7) 1*1*8,189 - - + 8,566 Surplus (Section 15b) 27,513 - - + 88 Other capital accounts 89,206 + 3,857 + 1*5,801* TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*7,279,210 -1*21,575 +2,381,786 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 50.8f» .% 2,7/o Contingent liability on bills purchased for foreign correspondents 2,105 253 2,61*8 Commitments to make industrial loans 6,1*25 7 1*81* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•H.iul(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JULY 21, lgU8 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 21,764,671 899,882 6,948,914 1051,426 1459,815 1001,059 1012,028 1*535,585 599,571 480,716 762,892 550,855 2682,127 Redemption fund for F. R. notes 615,080 54,156 64,878 57,818 72,1*06 55,466 57,522 96,412 45,674 22,46o 54,815 25,542 48,151 Total gold certificate reserves 22,579,751 954,018 7,015,792 1109,244 1552,219 1056,525 1049.550 4431,797 645,248 505,176 797,707 556,1972750,278 other cash 270,559 25,419 5o,74i 16,439 25,075 16,466 20,909 4o,807 14,045 6,790 10,445 10,167 55,26o Discounts and advances 285,269 17,995 79,452 24,951 28,984 2l,6o4 17,525 51,491 15,024 7,175 H,560 8,254 21,698 Industrial loans 844 — -- 518 26l 65 U. S. Govt, securities: Bill3 7,965,781 555,558 1,909,570 568,852 765,487 517,205 599,24a 1158,474 412,790 245,762 571,200 560,910 722,927 Certificates 4,955,407 555,122 1,188,217 555,964 475,075 521,825 248,429 704,104 275,602 151,681 250,977 224,574 449,837 Notes 1,957,800 151,611 46^,1*45 139,846 187,694 127,147 98,151 278,180 108,096 59,926 91,255 88,726 177,723 Bonds 6,448,763 433,5121,546,298 460,635 618,245 418,808 523,296 916,292556,056 197,390 300,583 292,251 585,399 Total U. S. Government SSburitieaT 21,525,751 1455,605 5,115,550 1525,297 2044,499 1584,985 1069,124 5057,050 1150,544 652,759 994,015 966,461 1955,886 Total loans and securities-" 21,611,864 1451,596 5,192,962 1548,746 2075,744 1406,652 1086,447 5088,541 1165,568 659,954 1005,575 974,715 1957,584 Due from foreign banks ^9 5 1/' 16 4 4 2 2 7 2 1 2 2 1* F.R.notes of other banks 129,929 6,815 18,955 9,056 7,697 15,386 10,394 15,911 7,552 7,599 8,054 4,472 18,058 Uncollected items 2,719,909 212,565 483,627 183,695 275,415 255,705 168,054 409,684 125,954 75,706 160,868 144,095 250,565 Bank premises 52,519 1,215 8,155 3,107 4,858 2,595 1,557 3,029 1,989 1,193 2,415 774 1,676 other assets 134,650 9,82o 51,505 9,313 13,086 8,477 6,800 18,745 7,769 4,115 6,268 6,225 12,509 TOTAL ASSETS 47,279,210 2661,449 12,799,715 2879,604 5952,096 2759,804 2545,695 8008,521 1966,105 1256,512 1991,154 1696,645 5005,954 l/ After deducting $55,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l*.l(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JULY 21, lgltB 1 H B I L I T I ES (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis llinn. Kans.Cy. Dallas SanFran, Federal Reserve notes 25,756,257 11*28,520 5,1*58,922 1650,130 2093.206 1608,735 1312,273 1*537,871 1080,113 612,325 920,865 600,753 2ii72,5l6 Deposits: Member bank-reserve acct«17,502,515 71*6,553 5,798,861 816,036 1302,195 732,916 709,91*2 261*3,678 618,670 1*37.995 809,315 825,815 2060,51*1 U»JS. Treasurer-general acct.1878.8it2 205,olt8 312,05li 173.650 176,805 129,61*7 96,835 292,18!* 101,673 106,278 86,852 97,689 loo,ll*7 Foreign 1*30,565 26,151 1/11*8,750 33,531* 38,088 20,286 16,971* 56,301* ll*,90l* 10,350 ll*. 1*90 lit, 076 56,lt58 Other 1+39,856 5,788 1*22,067 2,100 6,372 1,576 952 It, 51*6 5,055 l*,ol*5 5i*2_ 311 36.6Q5 Total deposits 20,501,576 983,51*0 6,681,712 1025,520 1525,1*58 88lt,l*25 32it,703 2996,712 71*0,302 558,668 911,006 937,389 2233,81*1 Deferred availability items 2,1*1*3,855 199,612 1*22,668 162,081 21*5,552 2o6,i*9ii 173,171* 368,008 115.761* &*,776 129,813 129,563 228,51*8 Other liabilities including accrued dividends 15,606 966 3,1*22 795 1,501 686 61t0 2.083 603 U7 571 61x2 .1*260 TOTAL LIABILITIES lt6,515,272 2612,658 12,566,721* 2818,526 5861,517 2700,31*0 2310,795 790l*,677 1936,782 1236,206 1962,255 1668,81*7 1*956,165 Capital paid in 199.000 11,522 69,002 li,,594 19,037 8,518 7,786 2U.591 6,567 l*,38l* 6,858 7,703 18,658 Surplus (Section 7) 1*1*8,189 28,117 138,596 35.350 1*2,173 21,210 19,110 66,217 16,972 11,235 16,11*8 lit, ill 38,952 Surplus (Section 13b) Other capital accounts 2 8 7 9 . , 5 2 1 0 * 6 3 3 6 , , 0 56 1 1 1 1 7 8 , , 3 0 1 7 9 2 l 6 * , , 8 i* 1 8 * 9 5 '8 1 , , 5 0 6 0 5 6 ,6 3 , ,5 5 1 8 * 7 9 5.2 7 jj 6 Q 2 1 1 1 , . 1 6 * 0 2 7 9 5.2 5 6 2 5 1 3 1 , , 6 07 1 3 6 k 1 . , 7 1 3 3 6 7 , . ' 1 i. , 6 5 7 0 7 7 SJ 2 % ,1 9 1 *0 TOTAL LIABILITIES AND CAPITAL ACCOUNTS U7.279.2lo 2661,1*1*9 12,799,713 2879,6ol* 3932,096 2739.801* 231*5,695 8008,521 1966,105 1256,512 1991,131* 1696,6^5 5003,95!* Contingent liability on bills purchased for foreign correspondents 2,105 155 2/ 673 170 igU J03 86 286 76 53 71* 72 185 Coipjnitments to make industrial loans 6,1*25 75 206 1,237 11*5 16 1*73 1*00 3,750 - - 120 F. R. notes outstanding 21*, 575.828 11*85,063 5,652,121* 1687,1*58 2161*.881 1675,186 1562,1*25 1*627,111 1117,1*77 631,31*6 91*5,371* 633,505 2595,877 Collateral for F.R. notes held by F.R. Agentsj Gold certificates 13,539,000 1*60,000 1*, 770, ooo 550,000 755,ooo 625,000 675,000 2760,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 37,i6o 3,1*1*0 5,262 6,220 9,1*35 6,708 1,1*00 3,275 1,370 U.^.Govt. securities 11, -925,000 1100,000 1,000,000 1200,000 1500,000 1075,000 750,000 1900,000 950,000 L 50,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES V/ithin 16 to 51 to 61 to 9I 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 285,269 87 r 662 2255,,227700 105,766 61,181 9,190 Industrial loans 81*1* 670 - - 1C1* 17 19 1* ill. 16 U.S^Govt. securities 21,325.751 1,560,180 1,220,556 5,51*6,138 3,85l*,77l* 356,350 i*,358,990 • 1,11*8,351 5,500,1*12 l/ After deducting $281,520,000 participations of other Federal Reserve Banks. 2/ After deducting $1,1*52,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis