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BOARD OF GOVERNORS OF ;THE FEDERAL RESERVE SYSTEM (Released for Publication Friday morning , December 12* 1&7) H.l+.l December 11, 19^4-7 CONDIJIQN^OF THE FEDERAL RSSEIIVE BM KS During the week ended December 10, member bank reserve balances increased $?ii.,000,000» Additions1 to member bank reserves arose from decreases of SJ22fOuOfOOO in;Treasury deposits with Federal Reserve Banks-and $I1,CCO,000 in Treasury cash and increases of $28,000,000 in gold stock and $3,000,000 in Treasury currency, offset in part by a decrease of $213#000*000 in. Reserve Bank credit and an increase of $57*000,000 in money in circulation* Excess reserves of member banks on Depember 10 were estimated to be approximately $960,000,000. Holdings of ..loans, discounts and advances decreased $12,000,000 and of United States Government securities $155,GOO,000* The decrease in holdings of United States Government securities reflects decraases of $272 .,000,000 in bills and $1+3^000,000 in certificates and increases of $135,000,000 in bonds and $1*5,000,000 in notes* Changes in member bank reserve balances and related items during the week and the year -ended December 10, 19^7* were as follows? Increase or decrease since December 10, December 3* 19kl 192*7 '• December 11, 19U6 (In millions of d o l l a r s ) U. S* Government securities Loans, discounts and advances Other Reserve Bank credit 21,985 251+ Jotal Reserve Bank credit Gold, stock Treasury currency 22,617 22,708 Member bank reserve balances Money in circulation Treasury cash Treasury deposits with Ff R# Banks Nonmember deposits and other F. R. accounts 17,132 28,874 1,331 93k 1,610 378 4,556 _ - 135 12 66 + 2,11+3 37 1 _ 213 28 3 . + + 2,179 2,258 5 9k + 57 11 322 •r 653 72 939 308 134 + + + + «?» - — «» + + STATEMENT" OF SCQWElEE<3S ... OF TH3,TVffiLV£ PSjDEEaL S ' | S 1 > E BANKS COMBIIJED (Iii "thousands of' d o l l a r s ) Hj*.l(a) I n c r e a s e or decrease since Deoember 10, l'9kl [December 3» 19^7 December 1 1 , 1916 290 + 33,000 + | 16 + 33,016 + 1,179 - 12,998 V + 8U6 * 113 +3,262,991*'' - ib7,5'UQ. +3,155,U5U ,5,715 iio,567 + • 3,358 + 290 12,2U9,016 7,023,605 1,500,750 1,211,803 -271,527 -. U2,;800 + 10;,500 +135,170 -2,800,3U3 - U06,U07 + 605,650^ + vh58tkX3 21,985,17U -13U,657 -2,12*2,687 22,239,337 9$ 116,718 •2,612,, 191 33,301 8ii,'26ti -12*6,922 + 5,273 -158,128 + 133 + 8,500 -2,179,606 7 10,737 + 22*2,052 + I 765 +"• 30,388 U6,789,.30U -256,92*9 +1,232,591* 2U,761,080 + 52*, 589 - 17,132,158 933,611 '516,902; 1*7^,736 .19,057>i|09 + 652,969 + 308,013 53,297 + 170,369 +1,078,052* 2,23*1,807 + 93,659 -322,2*30 + 50,508 - 2*2*, 52*0 -222,803 - 91,952 20,665 U6,073,961 + 2*39 -259,727 + 5,710 +1,189,996 19ii,85l . ,, 2*39*823 I < 27,2*55 53,212* 1*6,789,302* + + 9,$93 + 81,U68. + 27 1*8,2*90 +1,232,591; A 3 S E T,S Gold certificates Redemption fund for•F. R, notes Total gold certificate reserves Other cash ' Discounts and advances Industrial loans Acceptancas purchased U. S. Govt, securitiesj Bills . Certificates Notes Bonds T o t a l U, S . Government ~ securities T o t a l loans: and s e c u r i t i e s " Due f r o m , f o r e i g n banks F # R. n o t e s of o t h e r banks U n c o l l e c t e d items Bank premises Other a s s e t s TOTAL ASSETS 20,767,170 ' 68j,g8lt 2i,U5i,'o5li 2$2r3kk 2U9,383 L I A B I L I T I E S F e d e r a l Reserve n o t e s Deposits: Member b a n k - r e s e r v e account U . S . T r e a s u r e r - g e n e r a l account Foreign Other Total deposits Deferred a v a i l a b i l i t y items Other l i a b i l i t i e s i n c l u d i n g accrued' dividends TOTAL LIABILITIES C A P I T A L A C C 0 U N; T S C a p i t a l paid i n Surplus ( S e c t i o n 7) Surplus ( S e c t i o n 13t>) Other c a p i t a l accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS R a t i o of gold c e r t i f i c a t e r e s e r v e s t o d e p o s i t and F . R. note l i a b i l i t i e s combined Contingent l i a b i l i t y on b i l l s purchased for f o r e i g n c o r r e s p o n d e n t s Commitments t o make i n d u s t r i a l loans 1*9,0>t 2,762 7,561 121 -*.. mmm r + 2,657 -256,92*9 + 135,101 22*1,62*3 .356 6.3$ 79 118 3,709 80ii H.l+.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON DECEMBER 1 0 , 19i*7 (In thousands of d o l l a r s ) A £ £[ jBJT £ Total Gold c e r t i f i c a t e s 2o,y67,170 Boston New York Phila. Cleve, Rich. Atlanta Chicago St^Louis 735*512 -6,107,1+51 1025,885 1577,502 1086,1+65 1017,911 1+288,692 Minn. Kans.Cy. 618,558 1+55,052 71+9,885 Dallas San Fran. 519,570 2787,511 Redemption fund f o r F. R. notes 685.881+ 56,506 21,1*51,051+ 789,618 252.314+ 21+9.385 i+,1+90 290 26,782 12,51+2 121.691+ 61,051 71+.975 59,781 1+0,700 86,51+1 1+6,782 . 22,913 35,691 26,257 51,1+55 Total gold c e r t i f i c a t e reserves 6,229,125 1086,911+ H+52,277 111+6,21*6 1058,611 1+575,055 665,31+0 ;J+77,965 785,571+ 51+5,607 2838,71+1+ Other cash Discounts and advances Industrial loans ioceptances purchased u. S. Govt, securities: Bills Certificates Notes Bonds 12,21*9,016 879,150 7,025,605 1+52,282 1,500,750 96,659 1,211,805 78,055 .3,1*66,51+6 859,518 1119,225 688,515 575,106 1556,003 626,990 321,763 ."562,296 1*1*9,191 111*5,153 1.509*790 1*78,1*99 668,231 510,081* 1+15,257 988,255, l+10s889 235,771+; 358.572 58/+.551 651,1+1+5 82,165 151+.922 322,601 102,21*2 11*2,781 108,990 88,729 211,163: 67,795 50,579 ! -72,31*1* 66,51+5 108,91+5 260,1+89 88,006 71.6U5 170,507. 7q>"892 ,1+Q.,679: 58,1+1582,556 115,291 Total U.S. Government securities 2l,9?85,l7i+ 1506,081+ 5,559,1+26 1522,615 2d*5,528 1595,595 1150,757 2925,926 1196,566 Total loans and securities 22,239,337 1518,626 5,611,829 1535,525 2o67,l+&+ 11*17.71+1 H 7 L 5 5 0 291*0,902 1216,261* 651,1*90 301*5,150 995,979 2069,019 ASSETS 290 10,886 9,51+0 1,568 20,026 21,956 15,756 22,517 29 20,555 17,520 3,093 36,283 H+,976 12,952 19,698 — «•«• 5,502 2,895 — 8,657 15.525 ••«• 61*8,595 3051,627 13,770 13,71+7 tmtm 56.659 1+8,5^6 — 982,252 2o2o,l*i*5 5 1+ 9 5 1+ 11+ 8 1+ 1/26 5 ,9 16,1*17 1*,082 8,122 6,791 i+,676 7,028. 12,967 16,691 12,511 17,015 6,889 71,975 159,680 109,185 218,590 529,252 170,521* 255,953, 21*5,105 170,382 39CU661+ 127,067 801 1,719 5,200 .2,61*5 5,159 ; 3,01+6 1,976 1,211 2,1*56 1,562 8,257 8,072 7,623^ 6,01*9 5,595 5,285 2,705 - 1*,08I^ i+,91+9 .I2;o67 17,922 1*6,789,501* 2551,900 12,1*58,182 2818,351 3795,1+19 28l*l*,532 21*59,721*'777i+.700 2035,659 1215,327 2992,610 1673.9H 5189,029 l / After deducting $69,000 p a r t i c i p a t i o n s of other Federal Reserve Banks. Due from f o r e i g n banks 6 '"95 F.R. notes of other banks 5,729 116,718 Uncollected items 2,612,191 206,258 Bank premises 1,269 55,501Other a s s e t s 5,652 8i*,26ii. TOTAL l+!+,756 52,115 H.4.1(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON DECEMBER 10, 1947 ( I n thousands of d o l l a r s ) New York Phi l a . Clsve.; Rich. A t l a n t a Chicago S t . Louis Minn. Kans.Cy. T o t a l - . Boston D a l l a s SanFran. 5.681,977 1683,829 2136,663 1753.888 l4o4,328 4628,367 1139.482 626,522 9^6.734 24.761,080 li|68,822 629,253 2661,215 L I A B I L I T I E S F e d e r a l Reserve n o t e s Deposits: kiimber b a n k - r e s e r v e a c c t . 17.132.158' 745,042 5,325.166 811,182 1255.417 U.S.Treasurer-general acct, 933,611 68,577 81,773 82,766 ,201,265 foreign 5l6,904 • 28,926 y 210,177' 36,523 41.934 Other 474,736 ': -3.367 4o8,4o7 1,866 7,337 Total deposits 19,057,409 845,912 6,145.035 931*344 1387,454 Deferred a v a i l a b i l i t y items 2,234,807 190,048 4o?,583 144,ic4 203,312 Other l i a b i l i t i e s i n c l u d i n g accrued dividends 20,665 1,286 5,975 1,356 1,911 TOTAL, LIABILITIES 46,Of3,96l 2506,068 12,235,570 C a p i t a l paid i n 194,851 11,230 '68,476 Surplus ( S e c t i o n 7) 27.557 136,549 439,823 Surplus ( S e c t i o n 13"o) 3.012 27,455 7,253 Other c a p i t a l a c c o u n t s 10,334 53,2l4 4,033 TOTAL LIABILITIES AND 46,789,304 2551,900 12,458,182 CAPITAL ACCOUNTS Contingent l i a b i l i t y on b i l l s purchased £/884 for foreign correspondents 2,762 177.. Commitments' t o make i n d u s t r i a l leans -•-: 7,561 25,500,660 1515,644 5,860,127 F. R. n o t e s o u t s t a n d i n g C o l l a t e r a l for F. R. n o t e s h e l d by F.R.Agentsj l2.749.ooo-46o,ooo 3,570.000 Gold c e r t i f i c a t e s 39,180 Eligible paper 154.183 • 10,123 U.S.Govt, securities 13.450,000 1100,000 2,4co,ooo 2760,633 3729,340 18,942 14,362 34,720 4i,394 1,007 4,489 4,127 4,736 762.053 761,397 2557.686 55.888 100,987 5L257 18,487 61,322 22.094 1,152 2.289 1.954 837,358 836,924 272^,284 216,130 167,263 3?4.672 662.376 438,343 830,347 852,6o4 2130,485 70,548 60,622 52,070 56,915 50,923 15.782 11,273 14,880 39.725 15,781 5.509 _ 1,239 1,545 38,160 1,911 754,215 511,477' "898,96?" 921,159 2265,285 58,020 119.481 97,453 197,255 114,486 898 3,H7 870 1,H6 857 553 733 1.993 2808,492 24o9,4l3 7678,440 2009,053 1196,572 1966,034 1648,598 5125,748 6,360 4,281 7,470 23,736 8,187 6,496 18,036 7,275 20,676 65,078 38,106 18,663 16,577 10,997 15,729 13,777 762 521 2,l4o 1,429 1,307 3,325 1,073 1,137 3,4i6 3,148 6,017 2,4o4 3,832 3,214 2,954 4,999 2818,331 3795.419 2844,512 2439.724 7774,700 2035,659 1215,327 1992,610 1673,911 5189,029 224 257 135 113 97 375 97 69 91 887 1,365 84 4oo 352 580 1733.177 2205.340 1794.454 1454,905 4716,927 1183,068 639,359 3,750 143 972,896 656,666 2768,097 550,000 715,000 675,000 675,000 304Q,000 515,000 200,000 6,640 — 20,465 — -18,375 1.950 1200,000 1500,000 1150,000 800,000 1700,000 950,000 450,000 280,000 12,200 169,000 2100,000 700,000 500,000 1000,000 45,250 MATURITY DISTRIBUTION OF LOANS AND?SECURITIES Discounts and advances Industrial loans Acceptances purchased U.S. Govt, securities Total Within 15 days' 249,383 4,490 208,937 4,420 2O;0 21,985,174 ?90 2 . 2 1 7 , 438 243 50 days 23,692 29 31 t o 60 days 8,518 1 61 t o 90 days 3,193 3,9?1,253 5,oo4,5i8 3,938,487 16 t o 1 t O rc 2 t o \5 years • 6- months t o 1 y e___ ar __ years 2 4 11 23 824,954 5,074,821 22,000 137,140 91 days t o 6 months __ 1/ After d e d u c t i n g $306,612,000 p a r t i c i p a t i o n s of o t h e r F e d e r a l Reserve Banks. 2/ After d e d u c t i n g $1,878,000 p a r t i c i p a t i o n s of o t h e r F e d e r a l Reserve Banks. Over 5 years 844,563
@FedFRASER