H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.4.1 (For Immediate Release) July 12, 1951 C1 OIN 'DITION OF THE FEDER 7llA>L" rR * E1 S"E 1R1V E BANKS Member Bank Reserves and Related Items During the period ended July 11, 1951, Member bank reserves increased $175 million. The principal changes supplying reserves were an increase of $297 million in Reserve Bank credit, and a decrease of $55 million in Money in circulation. The principal offsetting changes were increases of $74 million in Treasury deposits with Federal Reserve Banks, $55 million in Foreign deposits with Federal Reserve Banks, and $38 million in Other deposits with Federal Reserve Banks. The increase of $297 million in Reserve Bank credit resulted from increases of $127 million in Float, $115 million in U. S. Government securities, and $55 million in Loans, discounts and advances. Holdings of U. S. Government securities reflected increases of $115 million in bills and $1,000 million in notes, and a decrease of $1,000 million in bonds. During the period $1,000 million of 2-3A per cent Treasury bonds, Investment Series B-1975-80, were exchanged for a like amount of 1-1/2 per cent Treasury notes due April 1, 1956. This exchange was made as a step toward providing a better balanced distribution of maturities in the System Open Market Account. Change since Member Bank Reserves July 11, July 3, July 12 and Related Items 1951 1951 ,1?50 (In millions of dollars) Reserve Bank credit: U. S. Government securities 23,092 +115 +4 ,798 Loans, discounts and advances 242 + 55 + 174 Float 933 +127 + 537 Total 24,267 +297 +5, 510 Gold stock 21,757 + 1 -2> 50 Treasury currency outstanding 4,656 + 2 + 50 Money in circulation 27,893 - 55 + 724 Treasury cash holdings 1,296 + 9 - 13 Treasury deposits with F. R. Banks 253 + 74 - 130 Foreign deposits with F. R. Banks 910 + 55 - 270 Other deposits with F. R. Banks 197 + 38 - 80 Other F. R. accounts (net) 768 + 4 - 36 Member bank reserves 19,364 +175 +2 ,916 Required reserves (estimated) 18,440 -137 +2 ,896 Excess reserves (estimated) 924 +312 + 20 Daily average excess reserves (estimated) 82 6 +220 - 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

B.4.l(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (la thousands of dollars) Change sineft July 11, July 3, July 12, 11995511 1951 1950 A S S E TS Gold certificates 19,845,401 - 13,000 - 2,585,027 Redemption fund for F. R. notes 666,035 + 12,657 + 139,503 Total gold certificate reserves 20,511,436 - 343 - 2,445,524 Other cash 304,248 + 13,531+ + 79,960 Discounts and advances 236,307 + 55,217 + 171,464 Industrial loans 5,665 - 39 + 2,994 U. S. Government securities: Bills 637,550 + 115,000 - 3,195,025 Certificates 3,193,792 — + 362,742 Notes 13,439,248 +1, 000,000 + 7,220,548 Bonds 5,822,102 -1 ,000,000 + 410,702 Total U. S. Government securities 23,092,692 + 115,000 + 4,798,967 Total loans and securities 23,331+,664 + 170,178 + 4,973,425 Due from foreign banks 38 — + 14 F. R. notes of other banks 139,014 21,190 + 15,927 Uncollected cash items 3,298,995 - 20,575 + 369,116 Bank premises 41,768 + 150 + 6,455 Other assets 162,376 + 4,199 80,275 TOTAL ASSETS 47,792,539 + 188,333 + 3,079,648 L I A B I L I T I ES Federal Reserve notes 23,730,214 - ii+,725 + 776600,,885511 Deposits: Member bank—reserve accounts 1199,,336644,,224466 + 117744,,777733 + 2,915,759 U. S. Treasurer--general account 252,504 + 73,929 - 130,204 Foreign 910,377 + 55,875 - 269,51+9 Other 196,939 + 37,884 - 80,359 Total deposits 20,724,066 + 345,461 + 2,435,647 Deferred availability cash items 2,366,359 - 147,322 - 167,424 Other liabilities and accrued dividends 13,590 + 867 + 3,567 TOTAL LIABILITIES 46,834,229 + 181,281 + 3,032,641 C A P I T AL A C C O U N TS Capital paid in 231,971 + 203 + 12,205 Surplus (Section 7) 510,022 — + 21,849 Surplus (Section 13b) 27,51+3 -- — Other capital accounts 188,774 + 6,81# + 12,953 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 47,792,539 + 188,335 + 3,079,648 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4466..11## - ..WWoo 9*5% Contingent liability on acceptances purchased for foreign correspondents 27,537 - 552 + 21,696 Industrial loan commitments 3,704 + 323 + 2,313 MATURITY DISTRIBUTION OF LOANS AND SECURITIES. JULY 11, 1951 (Callable Government securities classified according to nearest call date) Discounts and Industrial U. S. Government advances loans securities Within 15 days 220,563 271 269,513 l6 to 90 days 15,680 1,015 1,973,620 91 days to 1 year 64 3,725 11,828,909 Over 1 year to 5 years 651+ 4,878,166 Over 5 years to 10 years .1,031,904 Over 10 years 3,110,580 Total 236,307'. 37555" 23,092,692 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 JULY 11, 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 . 19,845,401 635,257 6,567,776 1136,905 1424,682 821,752 811,185 4l4l,8l8 483,841 305,697 681,021 452,932 2382,535 Redemption fund for F. R. notes 666,035 60,669 58,398 56,242 75,849 63,863 48,683 111,945 46,445 23,931 36,037 28,483 55,490 Total gold certificate reserves 20,511,436 695,926 6,626,174 1193,147 1500,531 885,615 859,868 4253,763 530,286 329,628 717,058 481,415 2438,025 other cash 304,248 32,597 51,044 17,149 21,893 16,129 25,731 57,535 15,446 7,218 11,199 14,205 34,102 Discounts and advances 236,307 11,778 125,375 19,485 15,850 6,880 755 3,500 2,971 1,475 5,735 2,276 4o,227 Industrial loans 5,665 — 25 3,899 444 125 234 — --- 150 — 4o 748 U. S. Govt, securities: Bills 637,550 8,479 215,409 37,787 56,097 39,932 32,405 89,575 22,771 19,065 28,276 28,738 59,016 Certificates 3,193,792 226,692 714,174 200,953 298,332 212,365 172,334 476,370 174,122 101,390 150,377 152,829 313,854 Notes 13,439,248 953,904 3,005,191 845,597 1255,361 893,616 725,168 2004,531 732,695 426,642 632,773 643,095 1320,675 Bonds 5,822,102 413,247 1,301,897 366,327 543,842 387,129 314,155 868,396 317,415 184,829 274,128 278,599 572,138 Total U. S. Government securities 23,092,692 1602,322 5,236,671 1450,664 2153,632 1533,042 1244,062 3438,872 1247,003 731,926 1085,554 1103,261 2265,683 Total loans and securities 23,334,664 l6l4,100 5,362,071 1474,o48 2169,926 1540,04? 1245,051 3442,372 1249,974 733,551 1091,289 1105,577 2306,658 Due from foreign banks 38 2 l/ 12 3 4 2 2 5 1 1 1 1 4 F.R.notes of other banks 139,014 4,682 25,534 9,128 6,432 22,858 13,529 14,134 8,076 6,010 7,543 7,099 14,989 Uncollected cash items 3,298,995 297,362 625,157 191,317 277,495 261,269 212,074 588,439 148,205 99,799 166,847 137,710 293,321 Bank premises 41,768 1,045 7,574 2,887 4,717 3,462 2,409 5,834 3,394 1,099 2,527 664 6,156 Other assets 162,376 11,906 36,187 9,993 15,310 10,790 8,585 24,227 8,553 5,078 7,979 7,628 16,140 TOTAL ASSETS 47,792,539 2657,620 12,732,753 2897,672 3996,308 2740,172 2367,249 8386,309 1963,935 1182,384 2004,443 1754,29$ 5109,395 1/ After deducting $26,000 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 JULY 11, 1951 (in thousands of dollars) E.4.1(c) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Mple. Kans.Cy. Dallas SanFran. L I A B I L I T I E S Federal Reserve notes 23,730,214 1470,115 5,313,330 1677,639 2154,301 1595,685 1277,640 4596,107 1083,176 609,765 921,079 639,210 2392,167 Deposits: Member bank-reserve accts. 19,364,246 843,430 6,295,751 907,923 1434,799 809,903 810,817 3092,397 676,806 423,756 868,252 909,H7 2291,295 U.S.Treasurer-general acct. 252,504 15,260 45,923 10,068 24,402 19,851 20,476 32,150 15,298 23,138 17,674 15,909 12,355 Foreign 910,377 55,992 1/284,516 71,345 83,988 45,155 37,930 124,628 33,415 22,578 33,415 33,415 84,000 Other 196.939 4,574 129,098 2.429 5.203 5,840 2.556 2.908 6,488 1,688 2,019 489 33,647 20,724,066 919,256 6,755,288 991,765 1540,392 880,749 871,779 3252,083 732,007 471,160 921,360 958,930 2421,297 Total deposits Deferred avail, cash items 2,366,359 205,883 383,572 153,810 203,706 211,620 173,962 403,354 109,123 74,664 123,127 117,648 205,890 Other liabilities and accrued dividends 13,590 1,363 3,954 719 1,144 703 630 1,971 624 457 477 495 1,053 1156,046 1966,043 1716,283 5020,407 TOTAL LIABILITIES 46,834,229 2596,617 12,456,144 2823,933 3907,543 2688,757 2324,011 8253,515 1924,930 Capital paid in 231,971 12,335 74,816 16,387 22,212 10,156 9,509 29,589 7,866 5,263 8,730 10,506 24,602 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 2,140 Other capital accounts 188,774 13,411 4l,l84 13,153 17,533 12,743 10,598 26,431 10,323 6,834 9,486 9,351 17,727 TOTAL LIABILITIES AND 47,792,539 2657,620 12,732,753 2897,672 3996,308 2740,172 2367,249 8386,309 1963,935 1182,384 2004,443 1754,299 5109,395 CAPITAL ACCOUNTS Contingent liability on acceptances purchased for foreign correspondents 27,537 1,707 2/8,453 2,176 2,561 1,377 1,157 3,800 1,019 688 1,019 1,019 2,561 Industrial loan commitments 3,704 — — 1,027 974 48 489 470 696 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 24,783,395 1520,018 5,600,649 1753,931 2272,027 1664,577 1372,497 4676,175 1144,378 623,224 954,077 686,928 2514,914 Collateral for F.R. notes: Gold certificates 12,184,000 350,000 4,470,000 700,000 775,000 480,000 510,000 2560,000 250,000 150,000 280,000 159,000 1500,000 Eligible paper 212,891 11,778 125,075 19,485 — 6,280 — -- 2,971 1,475 5,600 — 40,227 U.S. Govt, securities 13,225,000 1200,000 1,200,000 1100,000 1500,000 1215,000 900,000 2200,000 975,000 490,000 700,000 545,000 1200,000 Total collateral 25,621,091 1561,770 5,795,075 1819,405 2275,000 1701,280 1410,000 4760,000 1227,971 651,475™ 905,600 704,000 2740,227 l/ After deducting $625,848,000 participations of other Federal Reserve Banks. 2/ After deducting $19,084,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis