H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Released for publication Saturday morning, December 27, 19U7) Htli.l December 26/19^7 •CONDITION OF THE FEDERAL RES3RVB BANKS During the week ended December, 2U, member bank reserve balances decreased 12914,000,000• Reductions in member bank reserves arose from increases of, 1313,000,000 in Treasury deposits'with Federal Reserve Banks, $188,000,000 in money in circulation, and $10,000,000 in nonmember deposits and other Federal Reserve ac~ counts, offset in part by increases of $273,000,000 in Reserve Bank credit and $20,000,000 in gold stock, and a decrease of §lU,000,000 in Treasury cash* Excess reserves of member banks on December 2I4. were estimated to be approximately $1,070,000,000. Holdings of loans, discounts and advances increased $111,000,000 and United States Czovernment securities increased $21+310001000. The increase in holdings of United States Government securities reflects increases of $306,000,000 in bonds and $50,000,000 in notes and decreases of $95,000,000 in bills and $17,000,000 in certi ficates. Changes in member bank reserve balances and related items during the week and the year ended December 2U,* 19^7» were as follows; Increase or decrease since December 21+, December 17, December 2i+, 19U7 19U7 ' 19*46 (in millions of dollars) U» S* Government securities 21,900 + 21+3 - 1,822 Loans, discounts and advances 281+ + 111 57 Other Reserve Bank credit 826 » 82 + 12 Total Reserve Bank credit 23,011 + 273 * 1,866 Tjold stock 22.7U3 + 20 + 2,216 Treasury currency U.556 - 1 + 2 Member bank reserve balances 17,377 » 20i+ + 81+7 Money in circulation 29,111 + 188 - 52 Treasury cash 1,318 *• li+ - 9h0 Treasury deposits with F» R« .Banks 929 + 313 + 382 Sonmember deposits and other F* R« accts* 1,576 + 10 + 116 Next week*s statement will be issued on Wednesday, December 31> as of Tuesday, December 30, for publication Thursday morning, January It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT'.OF CONDITION 0F:THE TWELVE'.FEDERAL RESERVE"BANKS ^COMBINED (In thousands o# dollars) H.iwl(a) Increase or decrease since December 2U, December 17, December 2l|, 19U7 19U7 19U6 ,-ft S S E TS Gold certificates' 2-0,795,170 + 9,000 +3,207,995 Redemption fund for F? R» notes 687,317 + 4,650 - 106,813 Total gold certificate reserves 2i^ae,u87 + 12i650 +3,101,182 Oilier cash ' "~~* 2ii3,40l - 6,706 * "6,766 Discounts*- and ,advan.ce s v x 282*786 +114,371 * 57,757 Industrial lochias i,uia - 3,oliu • 900 Acceptances purchased — 12 «••««» U« S* Govt* securities: Bills 11,736,735 - 95,331 -3,358,431 Certificates 6,872,255 - 17,350 - 595,757 . Notes ' 1,53 li 750- + 50,000 +1,176,450 Bonds 1,709,593; +505,767 + 956,203 Total U. S* Government se-curitie? *—*~ 21,900,333 ;• +243, 036 -1,821,535 Totai loans' and securities., 22,184^560" Vv35i4',35i -1,878,392 DueTrom foreign hanks ""~~~ ' "'"95 -.' 7 F. R* notes of other banks 129., 288 --+ • •'. 205 2i,596 Uncollected items- . 3,193-, 544 ••-652,513 + 439,483 Ba,nk premise s- 33",^> •;- • 42 + 723 Other assets * •'IOI,63.2 ,,+ 9,2+61 * 55,891 : TOTAL ASSETS V7,368,249 :-281,599 •1,719,050 LI A B T L I T I E S Federal Reserve notes 2k,9tikM9 -•161,51+2 107,123 Deposits: Blember bank - reserve acoouht. 17,•37.6,98.2 --204,277 + 82+7,277 Ut S« Treasurer - general account* .92.3, .913 •..+315,012 + 381,851 Foreign - '7,923 58,188 Other 505,795 ., +24., 5u7 + 177,749 Total deposits 19,275,207 +12'5,359 +1 ,348,689 DeTerred- availaFility items .2,367,352 , -570,835 + 427,174 Other, liabilities including accrued dividends 22,191 601 + 5,173 TOTAL .LIABILITIES 46,61+7,1>9 -28li,535 +1 ,673,913 C A P I ?;A L ,A C C. 0 U N T S Capital paid;in '"';/'• ' "195,355 • + 308 + 9,434 Surplus (Section 7) :439-,823 + 81,468 Surplus (Section. 13b) 27,455. 27 Other, capital accounts 53,4l7 + 2,628 45,792 : TOTAL LIABILITIES-AND;OAPITAL^ACCOUNTS 47,'568' 24'9 -2-81,599 +1 ,719,050 Ratio' of golcl certificate reserves1 < to deposit and F. R. note' liabilities combined ;••; 48.5f° •zfil 5.8f* Contingent liability on bills purchased >for foreign correspondents '•2,455 68 - 4,056 Commitments to make industrial loans • •7,687 • 52 - 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.i(b); STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON DECEMBER 24, 1947 " (l£ thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San.Fran. Gold certificates 20,795,170 : 75i.i307 "6,154,561 1020,552 1595,686 1084,229 1050,921 4250,888 599,500 453,988 746,l4U 494,359 2814,735 Redemption fund for F. R. notes 687,317:56,152 120,958-60,707 75,717 60,496 ho,5hk 90,101 46,704 ,22,884 55;625 26,185 51,264 •' ""' .- '• Total gold certificate reserves 2211,,448822,,448877 880077,,445599 66,,227755,,551199 11008811,,005599 11446699,,440055 1111114444,,772255 11007711,,446655 44334400,,998899 664466,,220044 447766,,887722 778811,,776699 521,044 2865,999 Other cash 224433,,440011 !! 2244,,999988 5599**887755'' •• 1111,,440099 1199,,774411 1155,,999955 1199,,559911 5577..221199 1144,,440055 66,,880011 1100^^006611 10,981 32,529 Discounts and advances 282,786 ' 11,911 127,725 12,294 52,785 12,776 15,869 18,099 14,795 1,900 14*415 6,487 13,732 Industrial loans I Ml _. 1,406 — 55 • -P. .*-- -»-' — —- • • -- ."'•• U. S. Govt.: securities• -. ,•• Bills 11,786,755 ;826,707 5,555,185 824,770 1074,505 658,995 550,453 1512,581 6oo!,6o6 508,621 535,704 455,765 1098,847 Certificates 6,872,255 445,9ii 1,435,907 469,880 654,242 496,755 404,822 964,018 599,846 229:,577 531,447 373,614 620,458 Notes 1,551,750 98,942 550,743 104,752 145,823 110,716 90,251 214,869 89,120 51,125 73,876 83.275 138,293 Bonds 1,709,595 110,429 369,149 116,892 162,755 123,571 100,707 259,617 99,467 57,o6l 82,454 92,944 154,349 Total U.S.Government securities ' 22ll,,99UU00,,555555 11447799,,993399 55,,555533,,998877 11551166,,227744 22003377,,332211 11339900,,001155 11114466,,221155 22995511,,228855 11118899,,005599 664466,,118844 11002277,,448811 985,598 2011,947 Total loans.and securities 22,184,560 1491,900 5,666,712 1529,974 2070,104 14&2,326'1162;082 2949,384 1205,854 648,084 1.041,896 992,085 2025,679 "Due from foreign banks 95 6 1/26 8 9 5 . h .14 .• . .4 . . 5 • -4 3 9 F.R. notes of other banks 129,288 6,875- "17,929 '7,205 * 7',875" 14,468' 10,652 19,758 8,576 5,359 7,559 5,554 17,702 Uncollected items 3,193,51*4 23.7,255 655,275 217,525 557,094 291,085 199,187 457,284 141,955 72,713 164,114 135,113 255,163 Bank premises 35,242 1,245 8,257 5,169 5,168 2,659 1,559 5,o47 1,976 1,211 2,456 802 1,713 Other assets 101,652 .6,848 21,658 6,555 9,501 7,154 5,978 14,555 6,274 3,299 4*915 5,570 9,567 1 11 ii • TOTAL ASSETS 47,568,249-2626,542 12,665,247 2856,484 5918,895 2878,895 2470,518 7822,208 2025,023 1214,347 2012,774 1671,152 5208,561 l/ After deducting $69,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.iul(c> STATEMENT.. OF CONDITION-OF THE FEDERAL B3SEEm..BANKS OF DECEMBER 21;, 191*7 •'•; (In thousands of dollars) - L I A B I L I T I ES TrtsjJ:- -iBoston Kew York . Phi la; Cleve. Rich. Atlanta Chicago'St^Louis l'inn» Kans.Cy. Dallas San.Fran. Federal Reserve notes 21*,984,449 11*87,691 ,5*760,643 1698,520 .-162,235 1761,810 Ua5,870 1*669,338 1153,162 630,382 952,028 631,384 2661,386 Deposits: Lieinber bank-reserve acct. 17,376,982 '782,999>'•' 5,359,011* 850,61*6 1303,579 780,031; 765,957 2555,523 :"'657,783- i$55,?35 351,744 31*1*,623-2169,340 U. S.Treasure r--eneral acot. 923*9I3 69,21*1*-" 227,981* 57,152 96,221 65,91^' 67,779. 117,207' 1*3,9&*:-: '--43,836 1*6,331* 43,379,49,402 Foreign 1*61,517 25,560 1/190,543 3:2,262 37,o!*2 19,517 l6,33o'- ' 54,169 13,91*1 ' 9,953 13,940 t5,M 3 5 ,m Other 550055,7,9759- 5. 44,,14*2222 ~~ ilf*.3^1l*^:.,008855 11,,447788 33,,5 =25211 11,, 1l9qIl 11,0,06814*' 22,,55i1**<95 i- .99,,002200 -- 11,,335511 663333 j 1*1*9 1*0,1*62 Tetai deposits 7 19,275,207 882,225 6,2U,,626 941,538 11*45,363 866,653 851,150 2729,10*8 7'21;,713: .Vn.':330 912,701 902,095229^,315 Deferred availability items 2,367,352 209,053 1*62,255 157,004 21*2,706 212,632 171,755 323,115 117.363 ,-52,994- 120,370 111,260 186,842 Other liabilities including . ; ; "; :' \ ,-.- .. i ; accrued dividends " ) 22,^1 l,l*ll* $ J»^J __ }*3$& L'1?5. 1,404 9,19 3,325 890' 676 331 \ 854 1,938 TOTAL LIABILITIES- 1*6- 64?,l99 2530,388 12,]K9^l"2798,U20 385^4>9_28ij.2^9 2U397^£~7725,226 1996,128; 1195,432 1905,930 161*5,593 5141*7487 Capital paid in V :^ 195,355 11,232 •' 68,807 14,370 18,843 8,215 7,515 23,784 6,394 4,292 6,519 : 7,297 18,089 Surplus (Section 7) : : 439/823. .27,557 136,549 34,7.20 1*1,394 20,676 18,663 65,078 16,577 10,997 15,729 A3,777 33,106 ; Surplus (Section 13b.) 2277,,11**5555 33,,001122 -- 77,,225533 li**;;ii**3399 11,,000077 33,,332255 H 1 r 0<~> 521 1,073 1,137 ; 1,307 2,11*0 Other capital accounts 53,1*17- 4,5"55 ; U,637 4,1*35 5,190 4,180 7, , 6,-J91 3,1*03 2,553 5,1*59 , 3,173 5,51*5 y, TOTAL LIABILITIES AND CAPITAL ACCOUNTS ;;' 1*7,568,21*9 2626,51*2 12,665,21*7 2356/484 3913,393 2873,895 21*70,318 7822,203 2C23,028 1211*,3l*7 2012,771* I671/152 5208,361 Contingent liability on bills; purchased ' '" ' " • '• • 331* 86 61 86 81 216 for foreign correspondents I 2,l*-55 157 £/' 786 199 228 12£) , 101 Crimnitments to make industrial . 7,687 •— — • 71*3 1,642 -'77 :i00 352--; 536 . • 3,750 - .. ll*3 loans ; 25,638,1*1*2'. 153.9,071* 5',9Q5,3l*2 1741,434 2231,3.31 160^,102 ll*6l:,:099-4763,179; 1189,054:- 61^5,959 975,599 656-, 109 2772,110 F,R. n»tes outstanding M.: Collateral for "F.R. notes r held by F.R.Agents; 12,769,000 l*6o,ooo 3,570,000 550,000 735,000 675,000 .--'675,000 2990,000 315,000 200,000 250,000 1^9,00.6 2150,000 Gold certificates : 171,1*30. 9,415 104,295 9,135 — ' 16,365 :; — — 13,1*30 1,000 13,050 — 10,300 Eligible paper ' UVS,Govt. securities 13,550,00071100,000 2, u oOjG'Oo 1200,000 1500,000 ii5o,.ao;p -sooiooo-1800,000 950,ooq j*50.pop 700,000 500,000 1000,000 ';•' ' ,. '' MATURITY DISTRIBUTION -Olf LOAFS A^D SECURITIES • -- .. . .,.. • \ •;. ..' ., Within- -16 tql 31 to- 61"'to ' 91 days to " 6 norths '.'.',,'. 1' t» 2 2 to *? Over • 15 days* ••; 30 days 60 days '90 days 6 months tg 1 year years years ; -5 years Discounts and advan-ces.F 282-, 786 21*5,1*20 9,594- 825 18,030' 3,31*6 21 Industrial loans • 1,1*1*1'- , 1,1*00 . ~ * 1 . —. 2 1* 11 23 tT.S. Govt, seciaritlefi ' 21,900,333" 3,636,053 1,338,200 1*,31*7,231*. 1*, 257,523 664,301* 5,013,821 - 170,39071323,103 1/ After deducting $270,dhh-i000..participations <$£ other Fe^e^afl. Reserve Banks # JZ/ After deducting $1,669,000 participations of pther Fedeial Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis