H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, July 30,191*8) H.U.1 July 29, I9U8 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended July 28, member bank reserve balances increased $31,000,000* Additions to member bank reserves resulted from decreases of $80,000,000 in nonmember deposits and other Federal! Reserve accounts, $57*000,000 in Treasury deposits with Federal Reserve Banks and $1*3,000,000 in money in circu lation and increases of $20,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by a decrease of $165,000,000 in Reserve Bank credit and an increase of $5*000,000 in Treasury cash* Excess reserves of member banks on July 28 were estimated to be approximately $81*0,000,000, Holdings of loans, discounts and advances increased $1*2,000,000 while holdings of United States Government securities decreased $117,000,000., The decrease in holdings of United States Government securities reflects decreases of $229,000,000 in bills and #5,000,000 in notes and increases of $115,000,000 in bonds and $2,000,000 in certificates,. Changes in member bank reserve balances and related items during the week and the year ended July 28, 191*8, were as follows: Increase or decrease since July 28, July 21, July 30, I9U8 19^8 191*7 (In millions of dollars) U. S. Government securities 21,209 - 117 - 803 Loans, discounts and advances 328 + 1*2 + 215 Other Reserve Bank credit 186 - 90 + 1 Total Reserve Bank credit 21,723 . 165 . 587 Gold stock 23,670 + 20 +2, 133 Treasury currency I*, 563 + 2 + 12 Member bank reserve balances 17,53k + 31 +1 ,180 Money in circulation 27,821 - U3 - 308 Treasury cash' 1,329 + 5 - 12 Treasury deposits with F R» Banks 1,822 - 57 +1 ,117 # Nonmember deposits and other F R accounts 1,1*51 - 80 - U18 # # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OE CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) H.ii.l(a) Increase or decrease since July 28, July 21, July 30, 19U8 19U8 191+7 A S S E TS Gold certificates 21,78^,670 + 19,999 +2,166,1*91 Redemption fund for F, R. notes 612.JL33 - 2,91+7 - 60,803 Total gold certificate reserves 22,396.80*3" + 17,052 +2,105,688 Other cash 279,535 + 8,976 + 8,560 Discounts and advances 326,731 + 1*1,1*62 + 215,721* Industrial loans 789 55 931* U, S.Govt, securitiesj Bills 7,73k,681 -229,100 -6,582,235 Certificates. 1*,957,107 + 2,000 -1,61+2,359 Notes 1.953,300 - l*,5oo +1,581*, 000 Bonds 6,563,9*1 +115,158 +5,838,231 Total U.S. Government securities 21,209,309 -116,1*1*2 - 802,363 Total loans and securities 21,536,829 - 75,035 - 587,573 Due from foreign banks 1+9 53 F.R, notes of other banks 132,1*75 + 2,51+6 + 3,560 Uncollected items 2,1*10,527 -309,382 • 206,262 Bank premises 32,1*83 36 + 580 Other assets 139,757 + 5,127 + 85,1*31 TOTAL ASSETS 1*6,928,1*58 -350,752 +1,822,1*55 L I A B I L I T I ES Federal Reserve notes 23,725,31*8 - 30,889 - 31*7,397 Depositsj Member bank-reserve account 17,533,595 + 31,082 +1,179,653 +1,117,162 U.S.Treasurer-general account 1,821,781* - 57,053 - 210,217 Foreign 377,171 - 53,191+ Other 1*97,6S0 + 7,821+ - 151,116 Total deposits 20,230,230 - 71,31*6 +1,935,1*82 Deferred availability items 2,221*, 561* -219,289 + 205,555 Other liabilities including accrued dividends 11*, 618 + 1,012 + 1,682 TOTAL LIABILITIES 1167191*7760 ^32b75T2 +1,795,322 C A P I T AL A C C O U N TS Capital paid in 199,01*5 + 1*5 6,51*1* Surplus (Section 7) 1*148,189 + 8,366 Surplus (Section 13b) 27,51*3 + 88 Other capital accounts 53,921 - 30,285, + 12,135 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*6,928,1*58 -350,752 +1,822,1*55 Ratio, of gold certificate reserves to deposit and F, R, note liabilities combined 51. < Contingent liability on bills purchased 1,576 529 2,9U3 for foreign correspondents Commitments to make industrial loans 6,1*21+ 1 1+85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.2*.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OH JULY 28, I9ii8 (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 21,782*,670 853,837 6,968,2*16 lo2*2,587 12*50,661 1020,501 1020,016 2*338,52*7 596,932 2*72,859 797,375 5143,317 2679,622 Redemption fund for F. R. notes 612,133 53,977 62*,266 57,559 72,2o2 5^,371 37,364 96,215 2*5,618 22,2*2*1 31,776 25,302 2*8,02*2 Total gold certificate reserves 22,396,803 9C?,8l2* 7,032,682 1100,1^6 1522,863 1072+,872 1057,380 2*1*32*,762 61*2,550 1*95,300 832,151 568,6192727,66!* Other cash 279,535 25,928 50,025 17,323 2l*,37i 16,813 23,51*7 1*1,675 12*»72*0 8,2*92* H,o28 10,807 32*,782* Discounts and advances 326,731 23,335 99,698 21,61*6 38,723 17,32*2 21,327 1*2,21*7 13,595 6,318 n,2*6o 8,1*12 22,578 Industrial loans 789 — — 1*75 258 56 U. S. Govt, securities: Bills 7,73lt,68J 519,957 l,85ii,635 552,2*88 72*1,525 502,323 387,763 1116,159 U09,903 236,750 360,521 350,527 702,130 Certificates 2*,957,2*07 333,256 1,188,697 35^,108 1*75,267 321,951* 21*8,529 7ol*,388 275,71!* 151,71*1 231,070 221*,665 2*50,018 Notes 1,953,300 131,309 468,366 139,521* 187,263 126,855 97,925 277,52*0 107,82*7 59,789 9l,ol*5 88,522 177,315 Bonds 6,565,921 1*2*1,253 1,573,910 1*63,861 629,283 2*26,287 329,069 932„655 362,2*Ht 200,915 305,951 297,2*70 595,855 Total U.S. Government securities '21,209,309 12*25,775 5,085,608 I5ll*,98l 2033,338 1377,2*19 1063,286 3030,72*2 1153,878 62*9,195 983,587 961,182* 1925,316 Total loans and securities 21,536,829 12*1*9,160 5,185,306 1537,102 2072,319 1392*,817 1082*,613 3072,989 1167,2*73 655,513 1000,02*7 969,596 192*7,892* Due from foreign banks 1*9 3 1/ 16 2* 2* 2 2 7 2 1 2 2 2* F.R.notes of other banks 132,2*75 7,2*61 18,813 8,718 7,382* 12*,080 10,983 16,507 9,022* 9,509 7,718 5,201 17,077 Uncollected items 2,1*10,527 182,323 2*32,022 152,2*51 22*0,808 2o2*,528 12*9,930 370,1^6 ioi*,l82* 61,250 12*6,52*9 I3l*,683 231,653 Bank premises 32,2*83 1,208 8,135 3,092* 2*,850 2,593 1,535 3,032 1,988 1,190 2,1*15 772* 1,669 other assets 139,757 9,519 32,963 9,595 13,550 8,960 7,072 19,665 8,037 h,331 6,2*93 6,689 12,883 TOTAL ASSETS 2,6,926,2*58 2533,2*16 12,759,962 2828,2*33 3886,12*9 2716,665 2335,062 7958,783 192*7,998 1235,588 2oo6,2*03 1696,371 2*973,623 l/ After deducting $33,000 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 CGHDITION OF THE FEDERAL RESERVE BAMS OK JULY^B; \:l9i*8 L I A B I L I T I ES (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 23,725,31*8 1^214,692 5,i*59»lU* 1627,801 2093,979 1603,763 1310,303 il532,90l; 1076,731 610,688 921,081 600,511 21*63,781 Deposits: ..lember bank-reserve acct. 17,533,595 732,951 5,802,29!; 806,787 1289,295 733,2 ol* 721;,663 27C1;,713 617,208 1*31,830 815,800 817,987 2056,863 U.S.Treasurer-general acct. 1,821,781* 180,231 321,955 167,071 172,502 130,913 99,168 221,078 109,851; icU,ii26 102,1*88 109,310 102,788 Foreign 377,171 22,_9^ 1/130,162 29,1*11 33,1*05 17,792 li*,887 1*9,382 13,072 9,078 12,708 12,3U5 31,985 Other 1*97,680 2,563 1*37,709 2,031* 5,556 1,228 627 3,921 5,021 3,1*78 5l*7 1*91 1L5Q5 Total deposits 20,230,230 938,689 6,692,120 1005,303 1500,758 883,137 839,3^5 2979,09i4 71+5,155 51*8,812 931,51*3 91*0,133 2226, liil Deferred availability items 2,221;, 56!* 172,21*2 378,670 135,501 222,281; 191,592 153,366 3U5,ll*6 97,831* 56,232 125,693 128,611; 217,390 Other liabilities including accrued dividends ll*,6l8 96h U,27U 783 1,530 712 661; 2,101; 606 1*53 551 663 l.^Ui TOT^L LIABILITIES l46,19l*,760 2536,587 12,531*, 178 2769,388 3818,551 2679,2Ci* 2303,-678 7859,21*8 1920,326 12l6>185 1978,868 1669,921 1*908,626 Capital paid in l99»ci*5 n,323 69,001 Hi, 597 I9»cl*i* 8,519 7,787 2l*,6o2 6,567 1*,393 6,862 7,706 18,61;!; Surplus (Section 7) 1*1*8,189 28,117 138,596 35,350 1*2,173 21,210 19,110 66,217 16,972 11,233 16,11*8 12*, 111 38,952 Surplus (Section 13b) 27*51*3 3,011 7,319 1*4*89 1,006 3,31*9 762 1,1*29 521 1,073 1,137 1,307 2,H*o Other capital accounts 58,921 1*,378 10,868 It, 609 5,375 1*,383 3,725 7,287 3.612 2.70k 3.388 3.326 5.266 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*6,928,1*58 2583,1*16 12,759,962 2828,1*33 3886,11*9 2716,665 2335,062 7958,783 191*7,998 1235,588 2006,1*03 1696,371 1*973,628 Contingent liability on bills purchased for foreign correspondents 1,576 99 2/ 501* 128 31*5 77 65 211* 57 39 55 51* 139 Commitments to make industrial loa-ns 6,101 75 208 1,233 11*1* 16 1*78 1*00 3,750 120 F. E. notes outstanding 21*, 5l* 1,669 11*82,358 ,61*3,960 1680,981 2163,353 1663,629 1360,88!* i*621,2ol* 1121,1*93 630,573 91*5,523 638,660 2589,051 Collateral for F. R. notes held by F.R. Agentsj Gold certificates 13,539,000 1*60,000 1*, 770,000 550,000 735,000 625,000 675,000 2760,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 52,905 8,725 21*,262 2,935 — 5,61*0 — — 5,218 500 3,375 2,250 U.S.Govt, securities 11,925,000 1100,000 1,000,000 1200,000 1500,000 1075,000 750,000 1900,000 950,000 i*50,000 700,000 500,000 800,000 IB.TURITY DISTRIBUTION OF L0..HS AND SECURITIES Uithin 16 to 31 to 61 to 9I days to o months 1 to 2 to 5 Over Total 15 days 60 days 90 days 6 months to 1 year years years 5 years 30 days Discounts and advances 326,731 108,360 119,772 86,022 Industrial loans 789 607 12,577 101* 1*2 2 11* 16 U. S. Govt, securities 21,209,309 1,551,61*3 1,379,752 3,397,731 3,600,1*22 351,350 1*,361*,1*90 ,11*8,351 5,lil5,570 l/After deducting $2i|6,908,000 participations of other Federal Reserve Banks, 5/ After deducting $1,072,000 participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis