H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.4.1 (For Immediate Release) January 21, 1954 CONDITION OF THE FEDERAL RESERVE BANKS Member Bank Reserves and Related Items During the week ended January 20, Member bank reserves increased $646 million. The principal changes supplying reserves were decreases of $201 million in Money in circulation, $155 million in Other deposits with Federal Reserve Banks, $8l million in Treasury deposits with Federal Reserve Banks, and $57 million in Foreign deposits with Federal Reserve Banks, and an increase of $182 million in Reserve Bank credit. The principal offsetting change was a decrease of $24 million in Gold stock. The increase of $182 million in Reserve Bank credit resulted from increases of $223 million in Float and $46 million in U. S. Government securities bought outright, and a decrease of $87 million in Loans, discounts and advances. Holdings of U. S. Government securities bought outright reflected an increase of $323 million in special certificates issued to the Federal Reserve Banks and a decrease of $277 million in bills. Change since Member Bank Reserves Jan. 20, Jan. 13, Jan. 21, and Related Items 1954 1954 1953 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright 25,364 + 46 +1,330 Held under repurchase agreement -- Loans, discounts and advances 71 - 87 - 795 Float 977 +223 - 28 Total 26,412 +182 + 508 Gold stock 22,006 - 24 -1,082 Treasury currency outstanding 4,890 + 76 Money in circulation 30,083 -201 + 396 Treasury cash holdings 782 + 7 - 509 Treasury deposits with F. R. Banks 5 - 81 - 338 Foreign deposits with F. R. Banks 443 - 57 - 179 Other deposits with F. R. Banks 286 -155 - 62 Other F. R. accounts (net) 833 - 3 + 59 Member bank reserves 20,874 +646 + 133 Required reserves (estimated) 19,276 + 11 - 979 Excess reserves (estimated) 1,598 +635 +1,112 Daily averages for period-- Estimated excess reserves of member banks 1,343 ++558811 + 557 Member bank borrowings at F. R. Banks 70 - 61 -1,080 U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $2,567 million , an increase of $13 million for the week and an increase of $387 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Jan. 20, Jan. 13, Jan. 21, 1954 1954 1953 A S S E TS Gold certificates 20,429,102 , 23,999 691,000 Redemption fund for F. R. notes 892,780 - 4,152 + 128,778 Total.gold certificate reserves 21,321,882 - 28,151 - 562,222 OtBer cash 451,593 + 22,357 + 16,753 Discounts and advances 69,666 - 86,404 - 792,175 Industrial loans 1,701 - 102 2,110 U. S. Government securities: Bought outright-- Bills 2,319,412 276,900 +1,577,462 - Certificates: Special 323,000 + 323,000 + 323,000 Other 5,816,541 — — + 820,825 Notes 13,263,671 - 510,000 Bonds 3,641,150 880,825 Total bought outright 25,363,774 + 46,100 +1,330,462 Held under repurchase agreement Total U. S. Government securities 25,363,774 + 46,100 +1,330,462 Total loans and securities '' 25,435,141 40,406 + 536,177 Due from foreign hanks 22 w - 1 F. R, notes of other banks 230,827 8,565 - 17,073 Uncollected cash items 4,320,447 + 412,537 - 167,984 Bank premises 52,746 + 298 + 4,018 Other assets 178,445 + ,9?561 - 9,173 TOTAL ASSETS 51,991,103 + 367,631 199,505 L I A B I L I T I ES Federal Reserve notes ' 25,973,715 183,707 + 330,381 - Deposits: Member bank—reserve accounts 20,874,493 + 646,640 + 133,547 U. S. Treasurer—general account 5,029 - 81,362 - 337,479 Foreign 443,010 - 56,720 - 178,678 Other 286,348 - 155,013 - 61,675 Total deposits 21,608,880 + 353,545 - 444,285 Deferred availability cash items 3,343,924 + 190,426 - 139,341 Other liabilities and accrued dividends 17,583 292 + 1,356 TOTAL LIABILITIES 50,944,102 + 359,972 251,889 " C A P I T AL A C C O U N TS Capital paid in 266,786 + 447 + 12,609 Surplus (Section 7) 625,013 + 40,337 Surplus (Section 13b) 27,543 - - -- Other capital accounts 127,659 + 7,212 - 562 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,991,103 + 367,631 199,505 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 44,8# .2$ 1.1# - - Contingent liability on acceptances purchased for foreign correspondents 20,373 3,501 + 163 Industrial loan commitments 3,719 + 112 + 510 - , , W (Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts and Industrial U. S. Government advances loans securities Within 15 days 47,596 339 1,005,554 16 to 90 days 20,490 560 5,559*058 91 days to 1 year 1,580 723 9,855,241 Over 1 year to 5 years 79 6,154,664 Over 5 years to 10 years Over 10 years Total 69,666 1,701 25,363,774 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 20, 1954 (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 20,429,102 1049,6-17 5,582,331 1225,033 1759,972 901,240 931,08l 3741,651 800,379 464,790 791,398 766,935 2334,675 Redemption fund for F. R. notes 892,780 54,572 182,218 60,385 81,807 73,575 58,499 151,023 49,264 25,506 41,348 30,291 84,292 Total gold certificate reserves 21,321,882 no4,l89 5,764,549 1285,4i8 i84i,779 1054,815 989,580 3892,674 849,643 490,296 832,746 797,226 2418,967 Other cash 451,593 34,534 94,963 30,004 31,099 27,627 38,302 78,420 25,281 8,872 16,252 16,805 49,434 Discounts and advances 69,666 3,290 . 9,910 6,400 4,721 9,415 7,170 7,285 7,570 2,875 6,595 705 3,730 Industrial loans 1,701 -- -- 1,209 -- 50 322 -- -- 120 U. S. Govt, securities: Bought outright— Bills 2,319,412 127,716 597,081 139,754 196,892 137,542 118,636 400,869 97,580 57,245 101,087 92,134 252,876 Certificates 6,139,541 320,281 1,820,341 350,470 493,760 344,921 297,510 1005,285 244,709 143,558 253,501 231,051 634,154 Notes 13,263,671 730,351 3,414,440 799,189 1125,940 786,536 678,424 2292,387 558,015 327,360 578,071 526,873 1446,085 Bonds 3,641,150 200,497 937,334 219,394 309,094 215,919 186,241 629,306 153,186 89,868 158,693 144,637 396,981 Total 25,363,774 1378,045 6,769,196 1508,807 2125,686 1404,915 1280,811 4327,847 1053,490 618,031 1091,352 994,695 2730,096 Held under repurchase 6L^lT66II16Ilt; — — — •— —— —«— — — •• • — «— — —• — — «— — — — — — — — Total U. S. Government securities 25,363,774 1378,845 6,769,196 1508,807 2125,686 1484,918 1280,811 4327,847 1053,490 618,031 1091,352 994,695 2730,096 Total loans and securities 25,435,141 1382,135 6,779,106 1516,416 2130,407 1494,383 1288,303 4335,132 1061,060 621,026 1097,947 995,400 2733,826 Due from foreign banks 22 l l /6 2 2 1 1 3 1 1 1 1 2 F.R.notes of other banks 230,827 8,669 287229 11,166 13,379 43,206 30,475 28,577 13,687 10,981 9,240 10,549 22,669 uncollected cash items 4,320,447 346,553 827,134 265,597 391,644 328,250 319,844 755,797 186,699 108,747 209,669 174,348 406,165 Bank premises 52,746 6,232 7,393 4,734 5,227 4,720 3,985 6,448 2,898 1,024 2,235 587 7,263 Other assets 178,445 9,483 45,107 10,620 15,128 10,8l3 9,854 30,266 7,350 4,283 8,288 7,857 19,396 TOTAL ASSETS 51,991,103 2891,796 13,546,48? 3123,957 4428,665 2963,815 2680,344 9127,317 2146,619 1245,230 2176,378 2002,773 5657,722 Digitized for FRASER l/ After deducting $16,000 participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF "HE FEDERAL RESERVE BANKS ON JANUARY 20, 1954 H.4.1(c) (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 Mpls. Kans.Cy. Dallas SanFran. Federal Reserve notes 25,973,715 1603,100 5,779,319 1861,166 24l8,l46 1798,646 1378,919 5015,48? 1188,791 636,322 1001,493 721,290 2571,036 Deposits: Member bank-reserve accts. 20,874,493 894,985 6,493,265 9^8,00? 1572,871 845,851 9^1,277 3^08,4o8 7^3,515 474,481 957,735 1029,938 2564,160 U.S.Treasurer-general acct. 5,029 51^ 19 74 512 512 483 5^0 5^7 533 474 127 694 Foreign 443,010 26,437 1/135,278 32,072 39,873 22,103 18,636 60,243 16,469 10,835 16,469 20,370 44,225 Other 286,348 5,212 228,128 l,4l6 5,280 2,306 700 1,280 6,680 1,583 1,182 449 32,132 Total deposits 21.6o8.88o 927,148 6,856,690 981,569 1618,536 870,772 961,096 3^70,471 767,211 487,432 975,860 1050,884 2641,211 Deferred avail, cash items 3,343,924 295,632 610,402 202,664 294,625 238,045 292,007 493,264 147,986 93,050 157,195 180,987 338,067 Other liabilities and accrued dividends 17,583 911 6,007 882 1,589 818 734 2,684 583 465 557 667 1,686 TOTAL LIABILITIES 50,944,102 2826,791 13,252,418 3046,281 4332,896 2908,281 2632,756 8981,906 2104,571 1217,269 2135,105 1953,828 5552,000 capital paid in 266,786 14,473 82,036 18,138 25,553 11,821 11,482 35,214 9,222 5,988 10,192 13,304 29,363 Surplus (Section 7) 625,013 38,779 176,633 45,909 57,648 31,750 28,034 90,792 25,465 16,219 23,456 28,146 62,182 Surplus (Section 13b) 27,543 3,011 7,319 4,489 1,006 3,3^9 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 127,659 8,742 28,081 9,140 11,562 8,6l4 7,310 17,976 6,840 4,681 6,488 6,188 12,037 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,991,103 2891,796 13,546,48? 3123,957 4428,665 2963,815 2680,344 9127,317 2146,619 1245,230 2176,378 2002,773 5657,722 Contingent liability on acceptances purchased for foreign correspondents 20,373 1,244 2/5,889 1,510 1,877 1,040 877 2,836 775 510 775 959 2,08l Industrial loan commitments 3,719 — — 1,886 7^8 4? 131 27 — — 880 — — FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 27,457,630 1690,371 6,102,808 1973,15% 2549,305 1915,318 1473,731 5237,045 1255,496 657,356 1042,197 775,031 2785,818 Collateral for F.R. notes: Gold certificates 11,093,000 640,000 2,670,000 800,000 1050,000 625,000 435,000 2400,000 355,000 175,000 280,000 283,000 1380,000 Eligible paper 38,650 2,375 4,6lO 5,290 8,650 7,000 2,500 6,025 2,200 U. S. Govt, securities 17,420,000 1200,000 3,600,000 1200,000 1550,000 1350,000 1100,000 3000,000 975,000 500,000 800,000 525,000 1620,000 Total collateral 28,551,650 1842,375 6,274,610 2005,290 2600,000 1983,650 1535,000 5400,000 1337,000 677,500 1086,025808,000 3002,200 1/ After deducting $307,714,000 participations of other Federal Reserve Banks. 2j After deducting $14,484,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis