H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BQ&RD OF GOVERNORS OF THE FEDSRAL RESERVE SYSTEM H.U.1 (For Immediate Release) December 9, I9U8 CONDITION OF THE FEDERAL RESERVE BAIvKS During the week ended December 8 member bank reserve balances decreased $150,000,000. Reductions in member bank reserves resulted from increases of $93,000,000 in money in circulation, $66,000,000 in nonmember deposits and other Federal Reserve accounts and $13,000,000 in Treasury deposits with Federal Reserve Banks and a decrease of $56,000,000 in Reserve Bank credit, offset in part by increases of $53*000,000 in gold stock and $2,000,000 in Treasury currency and a decrease of $21;,000,000 in Treasury cash* Excess reserves of member banks on December 8 were estimated to be approximately $670,000,000* Holdings of loans, discounts and advances increased $93,000,000 while holdings of United States Government securities decreased $161,000,000. The de crease in holdings of United States Government securities reflects decreases of $82,000,000 in bills, $59,000,000 in bonds, $13,000,000 in certificates and $8,000,000 in notes. Changes in member bank reserves balances and related items during the week and the year ended December 8, I9U8, were as follows: Increase or decrease since December 8, December 1, December 10, 19^8 I9U8 191*7 (In millions of dollars) U. S, Government securities 23, ooli - 16I +1;, 019 Loans, discounts and advances Uoo + 93 + ia6 Other Reserve Bank credit 323 + 12 - 55 Total Reserve Bank credit 23.727 _ 56 +1 ,110 Gold stock 2U,218 + 53 +1 ,510 Treasury currency a, 585 + 2 + 29 Member bank reserve balances 19,727 _ 150 +2. ,595 Money in circulation 28,i;15 + 93* - a59 Treasury cash 1.31U - 2a - 17 Treasury deposits with F, R.Banks l,5Uo + 13 + 606 ^onmeiriber and other F.R,accounts 1,53a + 66* - 76 *Dec, 1 figures revised^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TWELVE FEDEk/iL KBoERVS BANKS COMBINED H.li.l(a) (In thousands of dollars) Increase or decrease since Dec. 8, Dec, 1, Dec 10, # 19^8 19U8 19U7 A S S E TS Gold certificates 22,332,h31 + 72,001 +1,565,261 Kedemption fund for F, R # notes 628,260 + 78 - 55,62U Total gold certificate reserves 22,960,691 + 72,079 +1.509.637 Other cash 227,781 - 17,075 - 21^,565 Discounts and advances 599,U72 + 95,106 + 150,089 Industrial loans 925 8 5,565 Acceptances purchased 290 U S. Govt, securities: # Bills 5,056,860 - 81.93U .7,192,156 Certificates 6,0U8,119 - 13,000 - 975,186 Notes 788,950 - 8,000 - 711,800 Bonds 11,109,586 - 58,790 +9,897,785 Total U, S Government # securities 23,005,515 -161.72U 1-1,018,31*1 Total loans and securities 25,U05,912 - 68,626 +1.16U.575 Due from foreign banks U9 -__ U6 F. R. notes of other banks 125.86U - 6,95U + 7.1U6 Uncollected items 2,576,725 -171,975 - 55.U66 Bank premises 52,265 + 88 1,058 Other assets 251,151 + 2,295* + 1U6.887 TOTAL ASSETS U9.556.U36 -190,166* +2,767,152 L I A B I L I T I ES Federal Reserve notes 2^,258,160 * 62,152* - 522.920 Deposits: fcember bank-reserve account 19,726,885 -150,052 +2.59U.727 U.S.Treasurer-general account 1,539.690 + 12,908 + 606,079 Foreign 511,915 + 22,911 U.989 Other U73.897 + 56,055 859 Total deposits 22,252,587' - 78,180 +3.19U.978 Deferred availability items 2,25U,055 -18U,0U8 + 19,226 Other liabilities including accrued dividends 16,895 - 5.115 5.772 TOTAL LIABILITIES U8.76l.U75 •r 196,981* +2,687,512 C A P I T AL A C C O U N TS Capital paid in 200,237 + 7U + 5.U56 Surplus (lection 7) UU8,189 ___ + 8,566 Surplus (Section 15b) 27.5U5 --- * 88 Other capital accounts 118,9UU + 6.7U1 + 65,750 TOTAL LIABILITIES AND CAPITAL ACCOUNTS U9.556.U56 -190,166* +2,767,152 Ratio of gold certificate reserves to deposit and F R.note # liabilities combined U9.Uf° * .2% Contingent liability on bills purchased for foreign correspondents 1,875 + 82 839 Commitments to make industrial loans 6,015 - 7 1,5U6 *Dec. 1 figures revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.li.l(b) STATEMENT OF CONDITION OF TEE FEDERAL RESERVE BANKS ON DECEMBER 8, 19*48 (In thousands of dollars) A S S E TS Total Boston New York Fhila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 22,332,1431 767,396 6,988,579 1050,235 11*76,897 101*1,859 1067,1*09 1*1*58,132 660,905 1*88,812 823,71*8 6^2,525 281*5,938 Redemption fund for F. R. notes 628,260 52,2*46 56,157 59,62k 75,685 57,285 1*1*,622 106,915 1*1*,955 25,180 36,21*9 26,801* U6,5^Q Total gold certificate reserves 22,960,691 859,6242 7,oi*l*,736 1109,859 1550,582 1099.11*1* 1112,051 l*565,Ol;5 705,858 511,992 859,997 669,527 2892,1*78 other cash 227,781 22,167 32,729 9,l6l 16,1*56 17,119 19,175 32,535 16,006 12,0314 9,977 11,670 28,752 Discounts and advances 399.^72 17,2143 180,991; 22,5l47 29,369 16,673 12,889 55,996 12,171* 6,755 15,201 6,857 22,791* Industrial loans 925 897 28 U. S. Govt, securities: Bills 5,056,860 552,709 1,212,5U6 561,215 U8U.802 528,1415 255,515 722,865 277,71*5 1^,785 255,705 229,170 1*65,592 Certificates 6,01*8,119 406,579 1,1x50,230 1432,017 579,835 592,789 303,211 859,365 353,956 185,127 281,908 27U.095 5U9,029 No^s 788,950 55,056 189,176 56,355 75,637 51,238 39,552 112,100 1*3,560 2^,11*9 36,771; 35,751; 71,619 Bonds 11,109,586 7146,831 2,665,879 793,558 1065,076 721,501 556,957 1575,539 613,393 51*0,055 517,829 505,1*75 1008,1*95 T otal U.S.Governrnent securities 23,003,515 1539,155 5,515,831 161*5,11*5 2205,3148 ll*95,9l*l 1153,235 3272,869 1268,631; 70i*,lU* 1072,216 lol*2,i*9l* 2092,535 Total loans and securities 23,1405,912 1556,598 5,696,825 1666,587 22514,717 1510,6142 1166,12I4 3328,865 1280,808 710,869 1087,1417 101*9,331 2115,329 Due from foreign banks ^9 3 l / l6 I4 I4 2 2 7 2 1 2 2 I4 F.R. notes of other banks 123,8614 5*8i*6 15,027 k,5k3 5,58*4 20,227 10,857 16,198 7,668 8,082 6,875 7,850 17,329 uncollected items 2,576,725 191,090 h55.TIk 163,751 259,127 2214,551 177,067 Ull.509 1214,025 72,875 168,769 121,772 206,655 dank premises 52,263 1,190 8,0l*2 3,058 14,876 2,5614 1,580 3,059 1,9^5 1,180 2,586 758 1,64*5 other assets 251,151 15,753 54,968 16,167 22,29!* ll*,893 11,675 32,796 13,106 7,010 10,858 10,1*05 21,21+6 TOTAL ASSETS 149,556,1436 2652,069 15,506,117 2975,110 2*095,1*1*0 2888,9142 21498,511 8389,99U 211*9,2*18 132^,0^3 21146,279 1871,095 5285,1418 l/ After deducting $53,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HJwl(o) STATEMENT OF CONDITTOF Of THE FEDERAL RESERVE BANK& ON DECEMBER 8, I9U8 (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 214,238,160 11431,508 5,555,519 1670,960 21149,505 1675,525 13U1.882 14602,317 11142,706 637,207 9U5.220 651,382 21476,151 Depositst iember bank-reserve acct, 19,726,885 829,288 6,50lt,l39 950,1481 11422,238 8142,968 8149,075 3061t,856 756,706 1495,7214 913,858 971,857 2565,695 U.S„Treasurer-general acct.1,539,690 106,1477 253^53 123,936 l7l4,9Ul 92,1148 85,606 195,6714 97,529 9^,790 101,980 109,765 105,5l4l Foreign 511,915 51,1481 1/172,057 140,1476 145,973 214,1485 20,1488 67,959 17,989 12,1495 17,1489 16,990 U4,055 Other £73,897 3,051 It 09,102 1,979 7.71*2 2,633 6I4O 2,1453 6,1+00 1,1405 792 oqL 56.706 Total deposits 22,252,387 970,297 7,138,751 1096,922 1650,89U 962,2314 955,809 5350,9U2 858,14214 6ol4,l4l2 105U,H9 1099,606 25149,977 Deferred availability items 2,2514,033 178,806 587,051 1140,813 218,026 209,086 165,782 5146,009 116,806 60,667 156,110 109,7614 185,115 Other liabilities including accrued dividends 16,895 802 6,1495 907 1,582 772 616 2,121 612 -52L J2QI 556 I.I4OO TOTAL LIABILITIES 148,761,1475 2581,215 15,065,816 2909^602 1*020,007 28l>7,6l5 21-614,089 8281,589 2ll8,5li8 1502,815 2115,952 181*1,808 5212,621 Caoital paid in 2oo,287 11,356 68,98i4 114,679 19,007 8,56U 7,8l48 25,275 6,601* U,l*27 6,9114 7,80l4 18,825 Surplus (lection 7) 1*1*8,189 28,117 138,596 35,550 142,175 2l,2io 19,110 66,217 16,972 11,233 16,1I48 114,111 38,952 Surplus (Section 13^) 27,5a3 3,011 7,319 \,hB9 1,006 5,5149 1(2 521 1,075 1,157 1,507 2,1140 Other capital accounts 118,9U4 8,372 25,1402 8,990 11,2147 8,20k 6,702 15,681+ 6,773 14,1*97 6,128 6,065 10,880 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 149,556,1436 2652,069 15,506,117 2975,110 l4093,ltuo 2333,91*2 21498,511 8589,9914 21^9,^18 15214,0145 21146,279 1871,095 5283,14I8 Contingent liability on bills purchased for foreign correspondents 1,873 118 2/ 599 152 172 92 77 255 67 1*7 65 61* 165 Commitments to make industrial loans 6,015 75 202 98I I5I4 283 1*82 5,750 103 F.R. notes outstanding 214,978,1461 Il486,it00 5,715,850 1715,5614 2208,276 17214,1437 1393,378 14696,150 1177,255 6149.U25 968,328 661,135 2582,263 Collateral for F. R. notes held by F. R. Agents: Sold certificates 13,5814,000 1460,000 i*,820,ooo 550,000 755,000 625,000 575,ooo 2650,000 315,000 210,000 280,000 1814,000 2000,000 Eligible papsr 152,786 14,575 115,300 6,260 — 6,725 U.935 1,728 8,163 5,100 U.S.Govt, securities 12,500,000 1100,000 1,000,000 1200,000 1500,000 1150,000 850,000 2100,000 950,000 14 50,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOAMS AND SECURITIES Within 16 to 51 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 I year years years 5 years Discounts and advances 399,1^72 221,629 28,051* 71,550 78,259 Industrial loans 925 783 80 2 2 35 15 8 U.S.Govt. securities 23,003,515 I,i4ll4,ll42 ,565,526 1,0148,875 2,277,119 855,2143 1**355.126 581,900 1,958,017 9,151,569 l/ Aft£r deducting $359?796,000 participations of other Federal Reserve Banks. 2/ After deducting $1,2714,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis