H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.^1 (For Immediate Release) December 16, 19!* 8 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended December 15> member bank reserve balances increased $708,000,000, Additions to member bank reserves resulted from decreases of $571,000,000 in Treasury deposits with Federal Reserve Banks and $1*6,000,000 in money in circulation, and increases of $192,000,000 in Reserve Bank credit and $12,000,000 in gold stock, offset in part by increases of $100,000,000 in nonmember deposits and oth^r Federal Reserve accounts and $13,000,009 in Treasury cash. Excess reserves of member banks on December 15 were estimated to be approximately $1,260,000,000* Holdings of loans, discounts and advances decreased $133*000,000 and United States Government securities decreased $11,000,000. The decrease in hold ings of United States Government securities reflects increases of $71,000,000 in bills, $25,000,000 in notes, and $3,000,000 in bonds, and a decrease of $109,000,00C in certificates* Changes in member bank reserve balances and related items during the week and the year ended December 15,19^8, were as follows: Increase or decrease since December 15, December 8, December 17, 1913 19^8 19^7 (In millions of dollars) U # S. Government securities 22,993 - 11 + 1:, 336 Loans, discounts and advances 267 - 133 + 9U Other Reserve Bank credit 658 + 335 - 250 Total Reserve Bank credit 23,919 + 192 +1 ,181 Gold stock 2U.230 + 12 +1., 507 Treasury currency it,585 •-- + 28 Member bank reserve balances 20,U35 + 708 +2. ,85U Money in circulation 28,569 - k6 - 5& Treasury cash 1,327 + 13 - 5 Treasury deposits with F # R t Banks 969 - 571 + 353 Nonmember- and other F # R # accounts 1,63U + 100 + 68 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OP CONDITION OF THE TWELVE FEDBML REbSRVB BANKS COMBINED H.iul(a) (In thousands of dollars) Increase or decrease since Dec. 15, Dec* 8, Dec 17, # 19U8 191*7 A S S E TS Gold certificates 22,329,1+30 - 3,001 +1,51*3,260 Redemption fund for F # R # notes • 2 f 232 - 52,175 Total gold certificate reserves 22,959,922 769 +1,1+91,085 Other cash 231,0li9 + 5,268 19,058 Discounts and advances 266,593 -152,879 + 98,178 Industrial loans 888 57 5,597 Acceptances purchased 12 U. S, Govt* securities: Bills 5,127,866 + 71,006 -6,75!i,250 Certificates 5,959,H9 -109,000 - 950,1+86 Notes 815,950 + 25,000 - 667,800 Bonds + 2,867 +9,708,627 11,112,1+53 Total U»S+ Government securities 22,993,388 10,127 +1,536,091 Total loans and securities 23,260,869 -ll*3,Ol*3 +1,1+30,660 Due from foreign banks 1+6 J49 - - *» F # R # notes of other banks 138,161* + 11*, 300 + 9.081 Uncollected items 3,588,603 +1,011,878 - 257,1*59 Bank premises 32,279 + 16 1,005 Other assets 11*3,760 - 87,391 + 51,589 TOTAL ASSETS 50,35U,695 +798,259 +2,701+, 8I+7 L I A B I L I T I ES Federal Reserve notes 22i,209,55l - 28,829 - 613,576 Deposits: Member bank-reserve account 20,1+55,11+7 +708,262 +2,855,888 U.S Treasurer-general account 969,211 -570,1+79 + 555.510 # Foreign 551,160 + 19.21+5 + 61,720 Other li62,722 - 11,175 - 18,526 Total deposits 22,393,21+0 +11+5.855 +5,250,592 Deferred availability items 2,950,511 +676,1+78 7,676 Other liabilities including accrued dividends 15,025 1,868 7,767 TOTAL LIABILITIES 1+9,553,107 •791,651+ +2,621,373 C A P I T AL A C C O U N TS Capital paid in 200,805 + 518 + 5,758 Surplus (Section 7) 1+1+8,189 + 8,366 Surplus (Section 13b) 27,51+3 — + 88 Other capital accounts 125,051 i^AML + 69,262 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,351*, 695 +798,259 +2,70l*,8l*7 Ratio of gold certificate reserves to deposit and F R note # # liabilities combined U9.3% ,1% ,9« Contingent liability on bills purchased for foreign correspondents 3,361 + 1,1+88 838 Commitments to make industrial loans 6,062 + 1+7 1,677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l+.l(b) STATEMENT OF CONDITION OF TEE FEDERAL RESERVE BAMS ON DECEMBER 15, 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 22,329,1+30 789*795 7,367,999 99^,287 1372,275 iocl+,672 105I+,390 1*381,172 658,367 1475,81+3 830,100 613,387 2787,1U3 Redemption fund for F. R. notes 630,1+92 5U,217 55,996 59,561+ 7l*,598 57,268 UU.578 106,679 i+1+,936 23,159 36,235 26,761 1+6,501 Tota1 gold certificate reserves 22,959,922 el+1+,012 7,1*23,995 1053,851 114*6,873 1061,91+0 1098,968 1+1+87,851 703,303 1*99,002 866,335 6i+o,ll+8 2833*61*1* other cash 23i,o!+9 23,1+61 28,992 11,331 15,002 16,712 21,733 3k,ool lit,028 13,259 10,195 11,085 30,750 Discounts and advances 266,593 16,988 90,781+ 21,977 2l+,229 11,091+ 13,011+ 29,566 9,1+19 5,175 17,926 6,667 19,75** Industrial loans ggg . gJ+Q ___ 30 ___ ___ ___ ___ _„_ ___ _-_ U. S. Govt, securities: Sills 5,127,866 327,81+0 1,229,573 366,285 1*91,609 333,021+ 257,075 71*1,866 283,125 156,958 239,015 232,388 1+69,108 Certificates 5,939,H9 399,251 l,!+2i+,09l* i*2l+,232 569,381+ 385,710 297,7U5 81+3,877 327,916 181,791 276,828 269,156 539,135 Notes 813,950 5li,717 195,171 58,11+0 73,033 52,861 i+0,806 115,653 1*1*,9^*1 2l+,9ll+ 37,939 36,887 73,888 bonds 11,112,1+53 71*7,021+ 2,66!+.566 793,762 1065,351 721,687 557,101 1578,91*6 613,552 5l*Q,li+l 517,963 503,605 1008,755 Total U.S.Government securities" ' 22,993,388 1528,832 5,513,1*01+ 161+2,1+19 22ol+,377 11*93,282 1152,727 3280,31*2 1269,531* 703,801+ 1071,71*5 101+2,036 2090,886 Total loans and securities 23,260,869 l5l*5,82o 5,6ol*,188 1665,21+5 2228,606 l5o!+,l+15 1165,71*1 3309,908 1278,953 708,979 1089,671 101+8,703 2110,61+0 Due from foreign banks ^9 3 l/ 16 1* 1+ 2 2 7 2 1 2 2 1+ F.K.notes of other banks 138,161* 6,081 17,61+6 6,00l+ 7,787 22,1+1+1* 13,391 17,011 9,1*63 5,792 8,602 6,591 17,352 Uncollected items 3,588,603 281,599 705,1*69 255,658 333,723 295,71!+ 223,863 570,700 160,1+72 93,553 187,1*73 160,380 269,999 Bank premises 32,279 1,190 8,0i*5 3,058 1*,872 2,5&+ 1,580 3,056 l,9l+5 1,180 2,386 758 1,61*5 other assets ll+3,76o 13,937 53,120 9,596 13,392 8,973 6,985 20,085 8,005 1*,199 6,1*75 6,218 12,779 TOTAL ASSETS 50,35^,695 2716,103 13,821,1+71 3005,21+7 1*100,259 2912,76!+ 2532,263 81+1+2,619 2176,169 1325,965 2171,137 1873,885 5276,813 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 BANES ON DECEMBER 15, 19^8 (In thousands of dollars) L I A B I L I T I E S. Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas SanFran. Federal Reserve notes 21i,209,531 11*55,9i*5 5,5UU,831 1672,070 2153,026 1668,1+63 1357,569 h598,007 111*5,126 652,5l;l 9Uo,l73 628,758 2U5li,839 Deposits: i.ember bank-reserve acct. 20,1*55,11*7 879,081; 6,729,579 968,270 lli67,5lU 85U.023 81*9,829 5118,653 757,371 50h,697 959,121 967,657 2379,569 U.S.Treasurer-general acct. 969,211 69,262 177,1*51* 63,921* 57,2914 67,186 77,572 90,hdk 72,02k 81,171+ 76,958 85,553 50,1+06 Foreign 531,160 52,532 1/182,175 1*1,569 U7.21JU 25,lli7 2l,0l+l 69,795 18,1*75 12,830 17,962 17,1*1+9 ^5,173 Other 1-62.722 5,613 592,909 1,855 5,657 2,350 1,638 2,358 6,017 1,555 757 1*15 1*5,61+0 Total deposits 22,398,21*0 981*, 29I 7,1+81,915 1075,596 1577,679 91*8,686 950,080 5281,190 855,887 600,256 105l+,798 1071,071+ 2518,788 Deferred availability items 2 930,511 21*5,719 51*8,088 192,759 293,991 255,155 209,290 1*51,529 11+5,517 71,521 11*5,058 11*5,887 230,1+39 Other liabilities including accrued dividends 15,025 831; It, 559 892 1,1*92 671+ 602 2,1*21* 60I+ 1+23 533 619 1,369 TOTAL LIABILITIES 1+9,553,107 2661*,787 15,579,595 291*1,297 1*026,188 2870,976 2i*97,5la 8555,150 2iU*,95l+ i5ol*,5Ui 2ii*o,5l+7 181*1*,518 5205,1*55 200,805 11,557 69,293 il*,68l* 19,01*6 8,655 7,81*8 25,29!* 6,668 1*,1*55 6,91!* 7,80l* 18,827 Capital paid in Surplus (Section 7) 1*1+8,189 28,117 158,596 5355,,555500 1*2,175 2211,,221100 19,110 66,217 16,972 11,233 16,11+8 li+,m 58,952 Surplus (Section 13b) 27,&5 3,011 7,319 1+,1*89 1,006 3,51*9 762 1,1+29 521 1,075 1,157 1,507 2,lU0 Other capital accounts 125,051 8,831 26,870 9,1*27 11,81*6 8,59l+ 7,002 16,529 7,071* i+,665 6,591 6,51+5 11,1+59 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,3514,695 2716,103 13,821,1*71 3005,21*7 1*100,259 2912,76!* 2532,263 81*1*2,619 2176,169 1525,965 2171,157 1875,885 5276,815 Contingent liability on bills purchased for foreign correspondents 3,361 212 2/1,075 272 509 165 158 1*57 121 81* 118 Hi* 296 Commitments to make industrial loans 6,062 75 251 98I 155 288 1*81 5,750 105 F. R. notes outstanding 25,059,659 11+90,892 5,71*7,71*6 1721*,9*+5 2223,311 1729,160 139^,085 1*700,253 1186,753 61+8,756 965,81+2 660,965 2586,961 Collateral for F. R. notes held by F.R.Agents: Gold certificates 13,38!*,000 i*60,000 !*,82o,000 550,000 755,000 625,000 575,000 2650,000 515,000 210,000 280,000 181*,000 2000,000 Eligible paper 50,706 1*,655 22,390 6,095 1,590 2,360 275 11,065 2, 500 U.S.Govt, securities 12,300,000 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 "athin 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 266,593 81,632 1*5,11*7 51,1*55 88,359 Industrial loans 888 752 65 2 2 1*6 15 8 U.S. Govt, securities 22,993,588 ,515,799 1,279,579 1,207,282 2,211,006 859,71*5 1*.21*5,626 581,900 ,052,1*15 9,060,058 l/After deducting $51+8,-976,000 participations of other Federal Reserve Banks. 2"/After deducting $2,286,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis