H.4.1 Factors Affecting Reserve Balances of Depository Institutions

H.4.1 BOARD OF GOVERNORS OF TEE FEDERAL RESERVE SYSTEM (For Immediate Release) January 11, 1951 CONDITION OF TEE FEDERAL RESERVE BANKS Member Bank Reserves and Related Items During the week ended January 10, member bank reserves decreased $189 million. The principal changes reducing reserves were decreases of $644 million in Reserve Bank* credit and $160 million in gold stock. The principal offsetting changes were decreases of $273 million in Treasury deposits with Federal Reserve Banks, $270 million in Money in circulation, and $84 million in Foreign deposits with Federal Reserve Banks„ The decrease of $644 million in Reserve Bank credit resulted from decreases of $582 million in Reserve Bank float and $110 million in holdings of U. S. Government securities, and an increase of $46 million in Loans, discounts and advances * Holdings of U. S. Government securities reflected decreases of $106 million in notes and $54 million in bills, and an increase of $50 million in bonds. Changes since Member Bank Reserves Jan. 10, Jan. 3, Jan. 11 and Related Items 1951 1951 1950 (In millions of dollars) Reserve Bank credit: U. 8. Government securities 20,461 -110 +2,231 Loans, discounts and advances 76 + 46 2255 - Float * 697 -582 + 338844 Total 21,235 -644 +2 ,591 Gold stock 22,546 -160 -1, 880 Treasury currency outstanding 4,635 + 1 + 39 Money in circulation 27,415 -270 + 104 Treasury cash holdings 1,308 + 9 - 5 Treasury deposits with F. R. Banks 273 -273 + 18 Foreign deposits with F. R, Banks 858 - 84 + 21 Other deposits with F* R, Banks 315 + 7 - 230 Other F. R* accounts (net) 745 - 2 + 26 Member bank reserves 17,502 -189 + 816 Required reserves (estimated) 16,367 -118 + 774 Excess reserves (estimated) 1,135 - 71 + 42 Daily average excess reserves (estimated) 1,097 - 87 - 71 * Excess of uncollected cash items over deferred availability cash items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TWELVE FEDERA LRESERVE BANKS COMBINED H.4.1(a) (in thousands of dollars) Change since Jan. 10, Jan. 3, Jan. 11, 1951 1951 1950 A S S E TS 20,704,404 - 165,999 - 1,941,027 Gold certificates 588,815 + 1,587 + 40,742 Redemption fund for F. R. notes 21,293,219 - 164,412 - 1,900,205 Total gold certificate reserves + 24,081 Other cash 319,502 + 45,849 Discounts and advances 72,888 + 45,153 25,579 Industrial loans 3,287 715 + 1,241 U. S. Government securities: 1,111,864 53,607 - 3,055,616 Bills - 6,336,450 Certificates Notes 14,675,151 105,920 +14,114,451 Bonds 4,674,375 50,400 - 2,490,825 Total U. S. Government securities 20,461,390 109,127 + 2,231,560 Total loans and securities 20,537,565 63,259 + 2,207,222 24 14 Due from foreign banks 186,529 + 18,914 + 29,558 F. R. notes of other banks + 683,167 3,215,259 -1,086,384 Uncollected cash items 40,083 + 126 + 6,213 Bank premises 96,126 1,057 Other assets I — 6 4 29 45,688,307 -1,242,637 + 1,048.88s TOTAL ASSETS L I A B I L I T I ES 23,341,139 - 202,903 + 93,466 Federal Reserve notes Deposits: 17,502,212 - 188,730 + 816,536 Member bank—reserve accounts U. S. Treasurer—general account 272,604 - 273,839 + 17,816 857,590 - 84,442 + 21,254 Foreign . 315,090 + 6,844 - 230,094 Other 18,947,496 - 540,167 + 625,512 Total deposits Deferred availability cash items 2,518,097 - 504,917 + 299,362 6,445 + . Til - 2,877 Other liabilities and accrued dividends 44,813,177 -1,247,276 +'1,015,463 TOTAL LIABILITIES C A P I T AL A C C O U N TS Capital paid in 226,339 675 + 13,803 + 21,849 Surplus (Section 7) 510,022. Surplus (Section 13b) 27,543 + 3,964 2,230 Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS 45,66#,307 -1,242,637 + i,o48,b85 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 50.4# + .5# 5.4% Contingent liability on acceptances purchased for foreign correspondents 25,042 + 2,964 + 15,571 Industrial loan commitments 2,445 1,243 + 483 MATURITY DISTRIBUTION OF LOANS AND SECURITIES. JANUARY 10, 1951 (Callable Government securities classified according to nearest call date) Discounts and Industrial U. S. Government advances loans securities Within 15 days 70,960 169 L'Si x .| Over 1 year to 5 years — 1,5^9 qAi vnn Over 5 years to 10 years -- — nnn — l e j i s s— - w- s s t eo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 10, 1951 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Mpls. Kans.Cy. Dallas SanFran. Gold certificates 20,704,404 676,649 6,666,134 1194,171 1425,549 894,885 851,931 4211,028 615,233 378,916 786,495 555,667 2447,746 Redemption fund for F. R. notes 588,815 53,782 5500,,112299 5500,,113377 6677,,003377 5577,,884433 3399,,336611 110000,,003344 4400,,665511 21,432 3344,,996633 25,410 48,036 "Total gold certificate reserves 21,293,219 730,431 66,,771166,,226633 11224444,,330088 11449922,,558866 952,728 891,292 4311,062 655,884 400,348 821,458 581,077 2495,782 Other cash 319,502 33,243 63,201 23,394 25,644 23,298 21,805 44,730 14,983 7,322 12,366 14,065 35,451 Discounts and advances 72,888 1,550 45,525 3,770 17,164 75 122 1,295 1,700 372 315 — — 1,000 Industrial loans 3,287 — - - 26 2,191 1 130 7 188 744 10, S. Govt, securities: Bills 1,111,864 61,709 265,839 69,959 103,858 73,931 59,994 165,840 60,617 35,297 52,351 53,206 109,263 Notes 14,675 151 1041,628 3,281,555 923,360 1370,806 975,795 791,856 2188,872 800,075 465,877 690,965 702,235 1442,127 Bonds 4,674,375 331,782 1,045,251 294,112 436,633 310,813 252,225 697,207 254,842 148,393 220,088 223,678 459,351 3$a£al U.S. Government securities 20,461,390 1435,119 4,592,645 1287,431 1911,297 1360,539 1104,075 3051,919 1115,534 649,567 963,404 979,119 2010,741 Total loans and 4,638,196 1293,392 1928,462 1360,744 1104,204 3053,214 1117,234 securities 20,537,565 1436,669 650,127 963,719 979,119 2012,485 Due from foreign banks 24 2 1/ 7 2 2 1 1 3 1 1 l 1 2 F.R.notes of other banks 186,529 7,209 267390 8,450 12,331 41,128 21,001 20,959 8,687 5,598 7,681 9,210 17,885 -Uncollected cash items 3,215,259 260,961 578,244 194,725 295>03 265,297 218,354 559,020 143,702 97,170 181,949 145,349 275,085 Bank premises 40,083 1,073 7,657 2,920 4,794 2,883 1,810 5,062 3,509 1,114 2,623 677 5,961 Other assets 96,126 6,904 21,586 5,820 8,963 6,650 5,016 14,488 4,997 2,936 4,786 4,445 9,53.5 TOTAL ASSETS 45,688,307 2476,492 12,051,544 2773,011 3768,185 2652,729 2263,483 8008,538 1948,997 Il64,6l6 1994,583 1733,943 4852,186 l/ After deducting $17,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 10, 1951 H.4.1(c) (in thousands of dollars) Total Boston New York Phi la, Cleve. Rich. Atlanta Chicago St.Louis Mpls, Kans.Cy. Dallas SanFran, L I A B I L I T I ES Federal Reserve notes 23,341,139 1411,564 5,251,156 1650,586 2098,619 1596,697 1258,808 4519,254 1085,758 608,857 914,760 630,771 2314,309 Deposits: Member bank-reserve accts. 17,502,212 736,789 5,547,365 616,923 1258,591 727,460 727,126 2809,228 649,151 412,156 841,032 881,157 2095,234 U.S.Treasurer-general acct 272,604 14,259 52,202 14,874 26,349 15,754 15,192 31,288 17,519 19,713 19,987 18,350 27,117 Foreign 857,590 52,427 1/271,578 66,802 78,641 42,280 35,515 116,693 31,287 21,140 31,287 31,287 78,653 Other 315,090 6,637 *" 242,650 2,215 7,997 4,227 648 2,200 7,540 1,012 1,447 594 37,923 Total deposits 18,947,49^ 810,112 6,113,795 900,814 1371,578 789,721 778,481 2959,409 705,497 454,021 893,753 931,388 2238,927 Deferred avail, cash items 2,518,097 198,730 426,777 153,160 215,971 219,956 187,149 408,367 122,943 77,788 151,466 138,194 217,596 Other liabilities and accrued dividends 6,445 652 2,175 265 607 267 231 870 261 227 228 179 483 TOTAL LIABILITIES 44,813,177 2421,058 11,793,903 2704,825 3686,775 2606,641 2224,669 7887,900 1914,459 1140,893 1960,207 1700,532 4771,315 Capital paid in 226,339 12,227 73,482 15,766 22,146 9,933 9,148 28,987 7,428 5,160 8,393 9,637 24,032 Surplus (Section 7) 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Surplus (Section 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,l4o 5,615 10,180 Other capital accounts 111,226 7,950 23,550 8,221 10,244 7,639 6,535 14,877 6,294 4,322 5,799 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 45,688,307 2476,492 12,051,544 2773,011 3768,185 2652,729 2263,483 8008,538 1948,997 1164,616 1994,583 1733,943 4852,186 Contingent liability on acceptances purchased for foreign correspondents 25,042 1,553 2/7,686 1,978 2,329 1,252 1,052 3,456 927 626 927 927 2,329 Industrial loan commitments 2,445 — — 551 473 54 228 500 500 139 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 24,397,058 1493,965 5,477,246 1710,856 2195,131 1681,075 1348,721 4647,909 1130,242 621,346 949,261 679,122 2462,184 Collateral for F.R. notes: 440,000 4,570,000 750,000 865,000 600,000 625,000 2700,000 350,000 210,000 280,000 214,000 1700,000 Gold certificates 13,304,000 Eligible paper 54,307 1,550 45,521 —5 — ~r~ - X3,770 r-7r- — 75 — — 1,700 - - 1 Tr\f\ 372 "31 315 ^ —— 1 1, 0.0 00 0C U.S. Govt, securities 11,965,000 1100,000 1,100,000 1000,000 1350,000 1115,000 750,000 2000,000 900,000 450,000 700,000 5,00;000 1000,000 Total collateral 25,323,307 1541,550 5,715,525 1753,770 2615,000 1715,075 I375,ooo 4700,000 1251,700660,372980,315 7i4,ooo 2701,000 1/ After deducting $586,001,000 participations of other Federal Reserve Banks. 2/ After deducting $17,356,000 participations of other Federal Reserve Bd.nks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis