H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, October 15,19^8) H.lul October lk, I9I48 CONDITION OF THE FEDERAL REbERVE BANKS During the week ended October 13, member bank reserve balances increased $256,000,000. Additions to member bank- reserves resulted from increases of $260,000,000 in Reserve Bank credit and $77,000,000 in gold stock and decreases of $1^5,000,000 in Treasury deposits with Federal Reserve Banks and $7,000,000 in Treasury cash, offset in part by increases of $82,000,000 in money in circulation and $14.9,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on October 13 were estimated to be approximately $980,000,000, Holdings of loans, discounts and advances increased $2oli,000,000 and of United States Government securities $160,000,000. The increase in holdings of United States Government securities reflects principally an increase of $253,000,000 in bonds and decreases of $89,000,000 in bills and $i|,000,000 in certificates. Changes in member bank reserve balances and related items during the week and the year ended October 13, I9I48, were as follows* Increase or decrease since October 13, October 6, October 15* 19I+8 19U8 I9li7 (In millions of dollars) U* S. Government securities 23,303 + 160 +1, 085 Loans, discounts and advances 501 + 20l* + 353 Other Reserve Bank credit 163 - 10U - 278 Total Reserve Bank credit 23,967 + 260 +1 ,160 Gold stock 23,965 + 77 +1, 812 Treasury currency ii.572 --- + 21 Member bank reserve balances 19,81*0 + 256 +2, 611 Money in circulation 28,282; + 82 - 372 Treasury cash 1,317 - 7 - 7 Treasury deposits with F.R # Banks 1,551 - h5 + 715 Nonmember deposits and other F.R.accounts 1,512 -f 1*9 + 1*7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TTJELVE FEDEKAL HLbHtVE BANKS COUBIlffiD HJul(a) (In thousands of dollars) Increase or decrease since Oct. 13, Oct. 6, Oct, 15, 19^8 19^8 19U7 A S S E TS Gold certificates 22,058,1*33 + 68,002 +1,81*8,763 Redemption fund for F. R # notes 630,961 - 1,811 - (h,h6l Total gold certificate reserves 22,689,39k + 66,191 +1,78U,296 Other cash 257.832 + 5,51*9 + 11,919 Discounts and advances 199,707 +203,71*7 + 353,686 Industrial loans 1,110 + 53 800 Acceptances purchased 2,1*82 U S. Govt, securities? # Bills 6,1*1*1*, 31*6 - 88,633 -7,1*69,286 Certificates 6,210,1*69 - 3,500 - 888,1*97 Notes 912,100 500 + i*ll*,800 Bonds 9,735,95k +252,651 +9,028,261* Total U« S. Government securities 23,302,869 +160,018 +1,085,281 Total loans and securities 23,803,686 +363,818 +1,1*55,685 Due from foreign banks 1*9 1*9 F # R # notes of other banks 115.361 - 20,620 - 10,037 Uncollected items 2,866,281 +1*10,826 - 592,872 Bank premises 32,309 - " 936 Other assets 172,826 * 7,l*il* + 120,038 TOTAL ASSETS U9.937.738 *333,178 +2,71*8,01*1* L I A B I L I T I ES Federal Reserve notes 21*, 127,187 + 50,1*77 - 1*26,19U Deposits: Member bank-reserve account 19.839.603 +255,829 +2,610,681 U.S.Treasurer-general account 1,551.1*17 - 1*1*, 112 + 715,687 Foreign 1*55,269 + 55,31*9 + 122,959 Other 160,69k - 6,069 - 21*, 107 Total deposits 22,306,983 +260,997 +3,1*25,220 Deferred availability items 2,702,832 +5114,625 - 317,757 Other liabilities including accrued dividends 16,022 + 1,01*3 1*,605 TOTAL LIABILITIES 1*9,153,021* +827,11*2 +2,676,661* C A P I T AL A C C O U N TS Capital paid in 200,002 + 2 + 6,252 Surplus (Section 7) 1*1*8,189 -__ + 8,366 Surplus (Section ijb) 27,5B --- + 88 Other capital accounts 108,980 + 6,031* + 56,671* TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 1*9,937,738 *333,178 +2,71*8,01*1* Ratio of gold certificate reserves to deposit and F, R. note liabilities combined kQ.9% ,87$ Contingent liability on bills purchased for foreign correspondents 1,273 1*99 1,763 Commitments to make industrial loans 6,123 68 1,203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HJul(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON OCTOBER 15, 19^8 (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 22,058,1*35 782,939 7.063,992 1025,1*62 137a.157 1031,310 1025,309 u3l7,251 61*1*,67I* a9a,i*92 835,81*6 597,665 2867,336 Redemption fund for F. R. notes 650,961 52,935 59.1a9 57,856 75,700 58,21*7 1*5,295 10a.731 Ii5,2l9 23,285 56,1*66 26,991 a7,109 Total gold certificate reserves 22,689,59a 855.87a 7,125,11*1 1085,298 11*1*7,857 1089,557 1070,602 1*1*21,982 689,895 517,777 870,312 621*.656 291I*,1*1*5 other cash 257,832 23,317 a5»io6 11,293 23,799 16,239 21,205 39,29a 12,603 12,1*12 lo,8a7 12,828 30,889 Discounts and advances 1*99,707 56,251 152,01*8 35,711 52,7a0 30,272 15,095 lla,595 10,866 9,395 13,170 8,79a 22,772 industrial loans 1,110 — — 861 I99 50 U. S, Govt, securities: Bills 6,l*aa,5a6 2*55,217 l,5a5,236 1460,319 617,820 1*18,525 323,076 929,807 305,a50 197,25a 500,377 292,052 621,213 Certificates 6,210,1*69 1*17,2*92 1,1*89,159 aa3,6la 595,598 2*03,355 511,3a9 882,2*33 31*2,899 190,096 289,a77 281,2*52 565,767 ?<otes 912,100 61,515 218,705 65,151 87,2*2*3 59,255 2*5,726 129,599 50,360 27,919 a2,51a 2*1,355 82,798 Bonds 9,755,95a 65a,a9Q 2,33l*,5o6 695,a59 955,386 632,292 2*66,093 1563,362 537,551 298,008 2*53,802 1*2*1,222* 883,801 '-^otal U.S.Government securities 25,502,869 1566,51a 5,587,6o6 1662*,523 2252*,oi*7 1515,585 1168,22*2* 3325,201 1256,260 713,277 1086,170 1056,063 2151,579 Total loans and securities' 25,803,686 1602,765 5,739.65a 1701,095 2286,986 I5a3,707 1181,539 3a59,79a 121*7,126 722,672 I099,3a0 lo62*,857 2172*,551 Due from foreign banks ^9 3 l/ 16 a a 2 2 7 2 1 2 2 2* F.R.notes of other banks 115,361 a,899 11,975 k,508 8,266 18,11*5 8,219 ll*,9lo 6,295 12,32*2 7,1*72 5,900 ll*,l*22* Uncollected items 2,866,281 209,097 539,957 190,705 299,072 25l*,589 185,210 1*1*7,007 ll*6,276 9a,667 165,052 120,005 216,681* Bank premises 52,509 1,199 8,085 5,069 l*,8ll* 2,578 1,580 5,027 1,955 1,185 2,598 761* 1,657 Other' assets 172,826 11,720 1*1,685 11,820 16,1*1*6 11,038 8,625 21*,555 9,778 5,267 7,995 7,765 16,15l* TOTAL ASSETS 1*9,957,758 2688,871* 15,507,599 5005,792 1*087,21*1* 2955,855 21*76,782 8390.582 2115,926 1566,525 2161,596 185a,777 5363,588 l/ After deducting $35,000 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 OCTOBER 13, I9I18 (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 21;, 127,187 lll2l;,29l 5,502,1*09 161+8,797 213^,965 16^,776 1332,61*2 1*577,51*7 1109,932 635,867 936,551* 626,532 2505,095 Deposits: kember bank-reserve acct. 19,839,603 352,815 6,1*71,791 92l*,75l* ll*21*,355 839,797 821,590 3059.H8 708,91*1* 501,765 915,833 933,667 21,05,108 U.S.Treasurer-general acct. 1,551,14.17 123,1*78 202,576 151,061 11*5,01*9 80,385 87,661* 176,853 122,576 115,1*67 113,900 111,321* 121,081* Foreign 1*55,269 22,516 1/212,199 28,91*9 32,881 17,513 Ht, 651* 1*8,606 12,866 8,935 12,509 12,152 31,1*89 Other 1+60,69I* 5,1*75 390,109 1,368 5,339 5,335 1*12 3,989 5,668 2,1*1*1 1,967 388 39,705 Total deposits 22,306,983 1002,282 7,276,675 1106,632 1607,622 91*5,030 921*,520 3268,566 850,051* 628,626 lol*l*,259 1057,531 2597,386 Deferred availability items 2,702,832 211,293 1*86,376 186,596 270,650 256,i*97 185,230 l*3l*,772 122,938 82,166 150,352 121,251* 191*, 708 Other liabilities including accrued dividends 16,022 81*7 l*,2il 1,033 1,518 902 718 2,1*71* 659 721* 607 663 1,666 TOTAL LIABILITIES 1*9,153,0214 2633,715 13,269,671 291*3,058 1*011*,755 2895,205 2l*l*2, io 8283,359 2083,585 131*5,385 2151,552 1805,980 5298,855 9 Capital paid in 200,002 11,31*0 68,998 11*,659 19,025 8,528 7,825 25,210 6,599 U,i*03 6,879 7,770 18,788 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*3 1U.111 58,952 Surplus (Section 13b) 27,51*3 3,011 7,519 !*,1*89 1,006 5,51*9 762 1,1*29 521 1,075 1,157 1,507 2,ll*o Other capital accounts 108,980 7,693 25,015 8,256 10,285 7,565 6,177 11*,567 6,251 1^,251 5,680 5,609 9,853 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*9,937,758 2688,871* 15,507,599 3005,792 1*087,21*1* 2935,855 21*76,782 8390,582 2113,926 1366,325 2161,596 1851*,777 5568,588 Contingent liability on bills purchased for foreign correspondents 1,273 80 2/U01 105 117 65 52 175 1*6 52 1*5 1*5 112 Commitments to make industrial loans 6,123 75 206 1,076 120 500 1*86 — — 5,750 110 F. ft., notes outstanding 21*,812,389 11*71,615 5,675,077 1689,289 2195,225 171*0,750 1576,81*1* i*661*,70l lll*2,ll*l 61*5,569 961,257 651*,215 2595,928 Collateral for F. R. notes held by F. R. Agents j Gold certificates 13,279,000 1*60,000 1*,770,000 550,000 735,000 625,000 575,ooo 2600,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 135,512 20,756 68,190 15,763 — 18,005 — — 1,930 5,258 1*,550 1,100 U.S.Govt, securities 12,500,000 1100,000 1,000,000 1200,000 1500,000 1150,000 850,000 2100,000 950,000 1*50,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES "Within 16 to 3± 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 1*99,707 292,020 22,328 127,938 3399,,005511** 18,587 Industrial loans 1,110 926 6 51 6655 2 55 15 12 U.S.Govt, securities 23,302,869 1,295,275 799,766 2,11*2,828 22,,662255,,552277 981,900 5,081,269 61*0,550 1, ,81*7,720 7,888,251* 1/ After deducting $21*5,052,000 participations of other Federal Reserve Banks. 2/ After deducting $866,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis