H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVEHNOlS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, August 27,191*8) H.iul August 26, 19^8 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended August 25, member bank reserve balances increased $65,000,000* Additions to member bank reserves resulted from decreases of $121,000,000 in nonmember deposits and other Federal Reserve accounts, $61,000,000 in Treasury deposits with Federal Reserve Banks and $11;,000,000 in money in circu lation and an increas.e of $3,000,000 in gold stock, offset in part by a decrease of $132,000,000 in Reserve Bank credit and an increase of $2,000,000 in Treasury cash* Excess reserves of member banks on August 25 were estimated to be approxi mately $850,000,000* Holdings of loans, discounts and advances increased $23,000,000 while holdings of United States Government securities decreased ^91,000,000* The decrease in holdings of United States Government securities reflects decreases of $115,000,000 in certificates, $X0l|,000,000 in bills and $1*9,000,000 in notes and an increase of $178,000,000 in bonds* Changes in member bank reserve balances and related items during the week and the year ended August 25, I9I48, were as follows: Increase or decrease since August 25, August 18, August 27, 19U8 19U8 1*7 (In millions of dollars) U. S«, Government securities 21,^60 - 91 ** 61*7 Loans, discounts and advances 325 + 23 + 189 Other Reserve Bank credit 209 - 63 ** 26 Total Reserve Bank credit 21,993 » 132 «, 1*85 Gold stock 23,711 + 3 +1 ,91*5 Treasury currency h,56k - l + 11* Member bank reserve balances 17,668 * 65 +1 ,175 Honey in circulation 27,965 • 11* - 337 Treasury cash 1.33U + 2 - 11 Treasury deposits with F # R # Banks 1,902 - 61 + 987 Nonmember deposits and other F»R*accounts 1,1*10 - 121 - 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TYJELVE FEDEML RESERVE BAITKS COMBINED H.lul(a) (In thousands of dollars) Increase or decrease since Aug. 25, Aug. 18, Aug. 27, I9I48 19U8 19U7 A S S E TS Gold certificates 21,837,672 + 10,002 +1,996,1+80 Redemption fund for F. R. notes 611,921 5j£ - 71,021 z Total gold certificate reserves 22,1+1+9,593 + 9,i+6o +1,925,1+59 Other cash 270,758 + 2,916 + 11,025 Discounts and advances 323,938 + 22,31+5 + 189,378 Industrial loans 795 1,036 + 107 U. S. Govt, securities! Bills 7,051,057 -103,900 -7,097,1+71 Certificates 5,013,339 -115,068 -1,855,877 Notes 1,808,300 - 1+9.300 +1,1+39,000 Bonds 7,587,369 +177,613 +6,867,679 Total U. S. Government securities 21,1+60,065 - 90,655 - 61+6,669 Total loans and securities 21,78^,798 - 68,203 - 1+58,327 Due from foreign banks 1+9 53 F, R, notes of other banks 130,1+21+ + 3,700 + 9,526 Uncollected items 2,l+3l+,l+00 -1+12,811 + 183,035 Bank premises 32,1+65 21+ + 620 Other assets + It, 71*8 + 105,81+9 l6ii,355 TOTAL ASSETS 1+7, 266,61+2 -1+60,211+ +1,777,131+ L I A B I L I T I ES Federal Reserve notes 23,861+, 218 + 1,570 - 361,268 Depositss member bank - reserve account 17,667,895 + 65,375 +l,17l+,8l+9 U.S.Treasurer-general account 1,901,838 - 61,1+66 + 986,601 Foreign 370,5147 - 23,236 - 170,286 Other 1+72,213 - 110,017 - 99/500 Total deposits 2o,l+12,i+93 +1,881,11+7 -118,827 Deferred availability items 2,225,791 + 208,912 -31+9,257 Other liabilities including accrued dividends 13,79k + 1,866 2,701 TOTAL LIABILITIES 1+6,516,296 -i+61+,61+8 +1,726,090 C A P I T AL A C C OU N TS Capital paid in 199,21a 15 + 5,953 Surplus (Section 7) 1+1+8, 189 + 8,366 Surplus (Section 13b) 27,5U3 + 88 Other capital accounts 75,573 1+,1+19 + 36,637 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1+7,266,81+2 -1+60,211+ +1,777,131+ Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 50.7% 2<£ 2,7% 0C/J Contingent liability on bills purchased for foreign correspondents 1,529 291 2,1+92 Commitments to make industrial loans 6,275 85 1,179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(b) STATEMENT CF CONDITION OF THE FEDERAL RESERVE BANKS OH AUGUST 25, I9I48 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Iiinn. Kans.Cy. Dallas SanFran. Gold certificates 21,837,672 810,583 6,936,937 1055,157 11*35,681 101*0,276 1020,786 1*1*12,1*52 596,1*85 1*77,651 799,572 533,522 2722,790 Redemption fund for F, R. notes 611,921 53,703 62,388 58,129 72,853 56,610 35,827 95,836 1*5,520 22,403 3U.68U 26,225 1*7,71*3 Total gold certificate reserves 22,449,593 861*,286 6,999,525 1111,266 1506,551* 1096,886 1056,613 1*508,288 61*2,005 500,054 832*.056 559.71*7 2770,555 Other cash 270,758 27,730 1*9,1*15 15,677 21,1*95 16.1U6U 22,502 59,822 13,316 10,250 10,71*0 10,71*5 32,602 Discounts and advances 523,938 18,030 105,775 21,559 51,726 19,092 li*,56l 1*7,91*7 15,930 6,1*25 11,807 8,862 22,228 Industrial loans 795 - - - - I183 258 5k - - - - - - "" "" " ~ ~~ U. S. Govt, securities: Bills 7,051,057 U7U,000 1,690,715 503,656 675,986 1*57,926 355,1*90 1017,278 372,828 215,826 328,657 319,51*5 61*1,150 Certificates 5,013,539 357,016 l,2Q2,ioq 558.103 1*80,629 325,586 251,331* 712,355 276,301 155,1*51* 233,676 227,200 1*55.096 Kotes 1,808,300 121,561 1*33,598 129,167 173,562 117,1*58 90,655 256,958 99,81*2 55,350 8l*,287 81,950 164,152 Bonds 7,587,569 510.051* 1,819,3H* 51*1.965 727,1*01 1*92,755 580.578 1078,071* 1*18,922 232,24! 3 55,655 51*5.852 688,758 Total U.S. Government securities" 21,460,065 11*1*2,631 5*11*5.736 1552,891 2057,578 1393.705 1075,857 3o61*,625 1168,595 656,871 1000,275 972,51*7 19U9.156 Total loans and securities"— 21,78l*,?98 ll*60,66l 5,251,509 155U.955 2089,562 11*12,851 1090,1*18 5112,572 118i*,323 665,29!* 1012,082 981,1*09 1971.581* ^ue from foreign banks 49 3 l/ 16 1* 1* 2 2 7 2 1 2 2 1* F.R.notes of other banks 130,1*21* 7,231* 1?,756 11,122 5,292 12,803 11,709 ll*,6l6 6,955 13.600 7,263 1*,810 17,261* UH ncollected items 2,l*3l*,i*00 18l*>518 1*39,231 165.672 21*1,928 216,282 153,358 361*. 575 109,675 68,895 11*1,971 119,885 228,610 Bank premises 32,1*65 1,208 8,116 3,082 l*,8i*5 2,586 1,586 3,051 1,972 1,190 2,1409 771 1,669 Other assets 161*,555 11,305 38,950 11,287 15,956 10,61*5 8,255 23,157 9,572 4,985 7,689 7,1*00 15,596 TOTAL ASSETS 1*7,266,31*2 2556,71*5 12,804,298 2873.01*3 3885,396 2768,519 25l*l*,l*l*5 8066,068 1967,620 1262,267 2016,212 1681*,769 5057,1*62 l/ After deducting $53,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II.il. 1(c) STATBL2ENT OF CONDITION OF THE FEDERAL REdERVE BANKS ON AUGUST ?,2 ; I9k8 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 tlinn, Kans.Cy. Dallas SanFran. Federal Reserve notes 25,86k,218 lkl9,768 5,l*7l*,926 1655,797 2,116,860 1655,251 1512,519 1*558,129 1080,559 613,362 929,826 611,209 2k76,052 JL/C/ tJ\JO J. vO « Member bank-reserve acct. 17,667,895 717,052 5,785,350 851,71*7 1285,957 71*5,205 722,11+9 2773,881 616,720 k26,952 825,290 822,817 2116,815 U.S.Treasurer-general acctJ-901,858 171,827 370,1*99 167,269 15l*,625 129,928 108,605 252,555 122,501 I29,kl6 9L9k2 96,906 106,169 Foreign 570,5k7 21,810 1/135,787 27,953 51,7kg 16,910 li*,ll*9 k6,93k 12,1*21* 8,628 12,079 11,733 30,391 Other 1*72,215 5,168 1*07,639 2,810 5,21+0 908 1,582 2,956 5,208 2,176 9k9 1,160 58,ki7 Total deposits 20,kl2,k95 915,857 6,699,255 1029,779 11*77,569 890,951 81*6,1*85 3076,12k 756,653 567,172 930,260 932,616 2291,792 Deferred availability items2,22 5,791 17k,318 396,k67 Ik6,k25 220,311 205,002 152,568 527,7kk 101,556 61,398 127,330 113,102 201,792 Other liabilities including accrued dividends 15,79k 875 5,865 7k7 1,1*15 792 651 2,062 58k k37 533 601 1,23k TOTAL LIABILITIES ^6, 516,296 2508,798 12,57k,513 2812,7k6 3816,153 2729,996 2312,225 796k,059 1939,112 12k2,369 I987,9k9 1657,528 k970,850 Capital paid in l99,22j.l 11,323 69,016 Ik,622 19,021 8,52k 7,796 2k,721 6,561 k,596 6,871 7,732 18,658 Surplus (Section 7) l*k8,189 28,117 138,596 35,350 k2,173 21,210 19,110 66,217 16,972 11,253 16,lk8 Ik,111 38,952 Surplus (Section 15b} 27,51*5 5,011 7,319 k,k89 1,006 3,3k9 762 1,1*29 521 1.073 1,137 1,307 2,lko Other capital accounts 75,575 5,1+96 lk,85k 5,856 7,Ok5 5,kko k,552 9,6k2 k,k5k 3.196 k,!Q7 k,Q9l 6,862 TOTAL LIABILITIES AND CAPITAL ACCOUNTS u7,266,8l;2 2556,7k5 12,80k,298 2875,0k5 3885,396 2768,519 23kk,kk5 8066,068 1967,620 1262,267 2016,212 I68k,769 5037,k62 Contingent liability on bills purchased for foreign correspondents 1,529 96 2/ k89 12k Ikl 75 65 208 55 38 5k 52 13k Commitments to make industrial loans 6,275 75 591 1,108 lko 16 k78 - - 3,750 117 F. R. notes outstanding 2k,605,989 11*77,985 5,6k5,i85 l688,kko 2171,50k 1696,508 1359,8k3 k635,098 I117,2k6 630,21k 956,517 6k2,9l3 258k, 536 Collateral for F. R. notes held by F. R. Agents; Gold certificates 15,559,000 1*63,000 k,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 57,779 3,370 31,159 2,710 - - 6,990 - - - - 7,533 605 3,662 1,750 U.S.Govt, securities 11,950,000 1100,000 1,000,000 1200,000 1500,000 1100,000 750,000 1,900,000 950,000 k5o,ooo 700,000 500,000 800,000 1.ATURITY DISTRIBUTION OF LOAKS AND SECURITIES With: in 16 to 51 to 61 to Ql days to 6 months 1 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 525,958 185,39k 22,299 55,21*1 63,001* — — - — «» «M» Industrial loans yns 672 55 26 28 2 5 15 12 U.S. Govt, securities 21,1*60,065 1,892, 362 1,871,527 5,k57,522 1,762,215 k 58,100 k,k3i,i72 1,16k, 156 6,k23,2l5 l/ After deducting $2314,668,000 participations of other Federal Reserve Banks* 2/ After deducting $l0i*0,000 participations of other Federal Reserve Banks f % Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis