H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD CP GOVERNORS OF THE FEDERAL RESERVE SYSTEM HJul (For Immediate Release) December 2, I9I48 COUDITION OF' THE FEDERAL RESERVE BAi'KS During the week ended December 1, member bank reserve balances decreased $57*000,000. Reductions in member bank reserves resulted from a decrease of $158,000,000 in Reserve Bank credit and increases of $20,000,000 in money in circu lation and $21,000,000 in Treasury cash, offset in part by a decrease of 4>123,000,000 in Treasury deposits with Federal Reserve Banks and increases of $15*000,000 in gold stock and $3,000,000 in Treasury currency. Excess reserves of member banks 'on December 1 were estimated to be approximately $800,000,000. Holdings of loans, discounts and advances decreased $276,000,000, while holdings of United States Government securities increased $172,000,000. The in crease in holdings of United States Government securities reflects increases of $113,000,000 in bills, $i|l,000,000 in certificates, $16,000,000 in notes, and $3,000,000 in bonds. Changes in member bank reserve balances and related items during the week and the year ended December 1, l9i|B, were as follows: Increase or decrease since December 1, November 21]., December 3> I948 IdhQ l'9h7 (In millions of dollars) U # 8. Government securities 23,165 + 172 + 1 ,oU5 Loans, discounts and advances 307 - 276 + Ui Other Reserve Bank credit 311 - 5U - 133 Total Reserve Bank credit 23,783 — 158 + 953 Gold stock 2U.165 + 15 +1 ,U85 Treasury currency U,583 + 3 + 30 Member bank reserve balances 19,877 w 57 +2 ,839 Moir^y in circulation 28,325 + 20 » 1*92 Tre:-bury cash 1,338 + 21 - h Troasary deposits with F.R.Banks 1,527 - 123 + 271 Iloniaenber and other F.R f accounts 1.1*65 + 1 - Hi 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAIBMBNT OF CONDITION CF THE TWELVE FEDERAL RESERVE BANKS COIIBINED HOul(a) (In thousands of dollars) Increase or decrease since Dec 1, Nov, 2k Dec, 3, # $ 19U8 I9ii8 igli7 A S S E TS Gold certificates 22,260,ii30 + h,999 +1,526,260 Redemption fund for F, R. notes 628,182 + 932 - 55,686 Total gold certificate reserves 22,888,612 + 5,951 +1.U70.571* Other cash 21*1*,85U - 10,652 6,311 Discounts and advances 306,566 -275.U98 • 1*3,985 Industrial loans 955 U7 2,711 Acceptances purchased 1*03 U, S, Govt, securities: Bills 5,158,791* +113,000 -7,581,71*9 Certificates 6,061,119 + 1*0,500 -1,005,286 Notes 796,950 + 16,000 - 659,500 Bonds 11,168,376 * 2,51*9 +10,091,71*5 Total U, S, Government securities 23,165.259 +172,01*9 • 1,01*5,1*08 Total loans and securities 25.U72.558 -105,1*96 + 1,086,279 Due from foreign banks 1*9 i*6 F. R, notes of other banks 150,818 - 5,122 + 19,575 Uncollected items 2,7ii8.698 - 15,226 21,621 Bank premises 32,175 65 993 Other assets 251,668 + 8,580 + 155,901* TOTAL ASSETS ii9.7U9.Ul2 -118,050 • 2,703,159 L I A B I L I T I ES Federal Reserve notes 2h,178,858 + 12,569 527,653 Deposits: I±ember bank-re serve account 19,876,917 - 57,501* + 2,833,1*18 U*S # Treasurer-general account 1,526,782 -125,511 + 270,71*1 Foreign U89,ool* + 25,06!* + 22,608 Other 1*57,861* - 18,5U0 81,1*12 Total deposits 22,330,567 -176,291 + 3,050,555 Deferred availability items 2,^38,081 +1*0,721* + 111,522 Other liabilities including accrued dividends 13,778 725 6,U*8 TOTAL LIABILITIES U8,96l,26U -123,723 + 2.627,576 C A P I T AL A C C O U N TS Capital paid in 200,213 + 29 + 5,1*85 Surplus (Section 7) 1*1*8,I89 + 8,566 Surplus (Section 13b) 27,51*3 + 88 Other capital accounts 112,205 + 5,661* + 61,61*6 TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ii9,71*9,1* 12 -118,030 + 2,705,159 Ratio of gold certificate reserves to deposit and F,R,note liabilities combined 1*9-2% Contingent liability on bills purchased for foreign correspondents 1,791 59 1,050 Commitments to make industrial loans 6,022 75 1,1*21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Hjul(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON DECE1SBR 1, 191*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 22,260,1*30 793,676 7,298,661 1021,21*0 11*10,282 993,1*50 1035,373 U3la»665 663,819 1*81,188 805,155 602,936 2807,985 Redemption fund for F. R. notes 628,182 52,389 56,829 59,881 73,91*8 58,359 1*1*,765 103,962 l*5,QIi* 23,213 36,307 26,823 1*6,692 Total gold certificate reserves 22,88^,612 81*6,065 7,355.1*90 1081,121 iUeU»230 1056,809 1080,138 1*1*1*5,627 708,833 50!*,1*01 81*1,1*62 629,759 2851*,677 other cash 2l*l*,85i* 23,005 31,726 10,391* 16,523 18,705 23,152 33,075 18,831* 13,802 11,200 12,71*5 31,693 discounts and advances 306,366 17,878 8l*,73l* 21*,1*72 3l*,38l* 26,331 l6,0l*2 30,816 2l,8l*i* 5,725 36,286 7,697 20,15U Industrial loans 955 gcj6 - 57 . IL» S. Govt, securities: B i l ls ' 5,138,791* 335,992 1,232,192 367,065 192,657 333,735 257,622 71*3,68l* 259,382 157,293 239,521* 232,88!* 1*81,761* Certificates 6,o6l,ll9 1*07,1*53 1,1*53,31*7 1*32,91*6 581,079 393,633 303,863 861,213 33I*,653 185,521* 282,515 27I*,683 550,210 hotes 796,950 53,571* 191,09!* 56,926 76,1*01* 51,757 39,953 113,237 U*,002 2l*,39l* 37,11*7 36,117 72,31*5 Bonds 11,168,376 750,783 2,677,976 797,757 1070,712 725,319 559, M 1586,892 616,639 31*1,853 520,569 506,11*0 1013,852 Total U,S.Government securities 23,165,259 151*7,802 5,55l*,6o9 1651*,69!* 2220,852 l50l*,l*l*l* 1161,51*2 5310,026 125I*,676 709,06!* 1079,755 101*9,821* 2118,151 Total loans and securities 23,1*72,558 1565,680 5,659,31*3 1680,062 2255,236 1530,815 1177,381* 331*0,81*2 1276,520 711*,789 1096,01*1 1057,521 2138,505 Due from foreign banks 1*9 5 l/ 16 1* 1* 2 2 7 2 1 2 2 1* F,R.notes of other banks 150,818 1*, 500 II*,820 5,1*16 6,507 21,851 11,61*5 li*,8i*8 6,272 11,017 7,680 7,579 18,903 Uncollected items 2,71*8,698 217,551 506,221* 181,535 282,703 21*0,201 170,21*6 1*31,81*8 121,911* 75,039 l6l,8l*3 122, &*9 257,11*5 Bank premises 32,175 1,190 8,0l*2 3,058 1*,788 2,561* 2,580 3,059 1,91*5 1,180 2,586 758 1,61*5 Other assets 251,668 15,628 5i*,321 15,931* 22,132 ll*,797 11,501 32,1*26 15,661* 6.90I* 10,681 10,801* 20,876 TOTAL ASSETS 1*9,7149,1+12 2673,622 13,609,982 2977,32!* 1*072,123 2885,721* 21*75,61*8 8301,712 211*9,981* 1327,133 2131,295 181*1,617 5303,21*8 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.U.l(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON DECEMBER 1, I948 (In thousands of dollars) L I A B I L IT I E S Total Boston New York Phila. Cleve, Rich» Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 2l*,178,858 11*26,999 5.51*1.767 1665,9252136,113 1669,172 1332,892 1*581*,809 1138,766 635,655 91*1,1*68 651,1*37 21*77,835 Deposits: Member bank reserve acct. 19,876,91? 81*0,811* 6,555,810 938,591 11*50,398 829,853 817,769 3021*,950 737,295 1*99,321 896,83U 9U2.205 2365,0?!* U.S.Treasurer-general acct.1,526,782 122,831* 283,630 121,610 130,1*01 108,705 107,918 ll*5,91l 10i*,2l8 95.359 10l*,096 107,h53 9l*,6u7 Foreign 1*89,001+ 29,516 1/170,56? 57,91*9 1*3,102 22,957 19,209 63.716 16,866 11,713 16.597 15*929 1*1,283 Other U57.86U 1,721 369,191 1,825 7,1*32 2,123 1,087 3,123 6,1*U1 1,872 :,ch 1*0,361 Total deposits 22,350,567 99l*,885 7,378,998 1099,975 1611,333 963,658 9I*5,985 3237,700 861*,82o 608,5001019,1991066,1712539,565 Deferred availability items 2,458,081 200,569 ljl*6,9l5 11*9,578 250,244 211,568 162,110 569,379 H5.U09 65,1*61* 11*0,125 ill*,335 214,589 Other liabilities including accrued dividends 13.778 760 3,593 870 1.621 671 57u 2,128 550 1*98 570 681* 1,259 TOTAL LIABILITIES 1*8,961,261* 2623,215 13.371,271 2914,348 3999,311 2844,.81*9 21*41,559 3194,016 2119,51*5 1306,117 2101,360 1812,62? 5233,01*8 Capital paid in 200,215 11,51*9 68,986 ll*,61*5 19,019 8,51*1* 7,81*4 25,277 6,605 4,1*21 6,897 7,80li 18,821* Surplus (Section ?) 1*1*8,189 23,11? 138,596 35,350 1*2,173 21,210 19,110 66,21? 16,972 11,235 16,11*8 11*. HI 38,952 Surplus (Section 13b) 27,51*3 3,011 7,319 h,hQ9 1,006 5,31*9 762 1,429 521 i,o73 1,137 1,507 2,l!*o Other capital accounts 112,205 7,952 25,810 8,1*92 10,611* 7,772 6,573 lit. 773 6,51*5 U.289 5,753 5,768 10,28k TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1*9,71*9,1*12 2675,622 15,609,982 2977,32!* 1*072,125 2885,721* 21*75,61*8 8501,712 2149,984 1327,133 2151,295 181*1,617 5303,21*8 Contingent liability on bills purchased for foreign correspondents 1,791 113 2/ 573 H*5 165 88 73 21*1* 64 U5 63 61 157 Commitments to make industrial loans 6,022 75 20l* 985 130 288 1*83 3,750 107 F. R. notes outstanding 2li,889,325 11*80,858 5,701,191* 1708,795 2194,1*73 1717,939 1383,957 1*669,742 1175,1*73 6]*4,995 965,265 662,383 2583,751 Collateral for F.R. notes held by F.R. Agents 1 Gold certificates 13,294,000 1*60,000 li,770,000 550,000 735,000 625,000 575,000 2600,000 515,000 200,000 280,000 184,000 2000,000 Eligible paper 63,006 5,950 13,755 6,565 — 15,1*05 — — 13,885 196 a, 5U8 700 U.S.Govt, securities 12,500,000 1100,000 1,000,000 1200,000 1500,000 1150,000 ^50,000 2100,000 950,000 1*50,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES YJithin 16 to 31 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 306,566 173,066 20,519 81*.757 28,021; Industrial loans 933 769 93 — 2 2 44 15 U.S.Govt. securities 23,165,239 1,394.099 1.010,521 1,558.529 2,225,445 851*.21*3 h, 361*, 126 589,900 1,959,1;!? 9,208,959 l/After deducting $318,580,000 participations of other Federal Reserve Banks. 2/ After deducting $1,218,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis