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 28, 1954 CONDITION OF TEE FEDERAL RESERVE BANKS Member Bank Reserves and Related Items During the week ended January 27, Member bank reserves decreased $1,015 million. The principal changes reducing reserves were a decrease of $917 million in Reserve Bank credit and increases of $231 million in Treasury deposits with Federal Reserve Banks, $50 million in Foreign deposits with Federal Reserve Banks, and $13 million in Treasury cash holdings. The principal offsetting change was a decrease of $183 million in Money in circulation. The decrease of $917 million in Reserve Bank credit resulted from decreases of $703 million in U. S. Government securities bought outright and $255 million in Float, and an increase of $4l million in Loans, discounts and advances. Holdings of U. S. Government securities bought outright reflected decreases of $380 million in bills and $323 million in certificates. The decrease in certificates represents the retirement in full of last week's holdings of the special series issued to the Federal Reserve Banks. Change since Member Bank Reserves Jan. 27, Jan. 20, Jan. 28 and Related Items 1954 1954 1953 (in millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright 24,661 703 + 691 - Held under repurchase agreement Loans, discounts and advances 112 4l -1,199 Float 722 255 6 - Total 25,495 917 - 514 - Gold stock 22,006 -1,030 -• Treasury currency outstanding 4,890 -• + 75 Money in circulation 29,900 183 + 308 - Treasury cash holdings 795 + 13 - 503 Treasury deposits with F. R. Banks 236 4- 231 - 509 Foreign deposits with F. R. Banks 493 + 50 - 119 Other deposits with F. R. Banks 278 8 58 - Other F. R. accounts (net) 831 2 + 56 - Member bank reserves 19,859 -i,, 015 - 643 Required reserves (estimated) 19,229 - 47 866 Excess reserves (estimated) 630 968 + 223 - Daily averages for period-- Estimated excess reserves of member banks 1,123 220 + 528 Member bank borrowings at F. R. Banks 76 + 6 -1,107 U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $2,574 million, an increase of $7 million for the week and an increase of $399 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION H.4.1(a) OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Jan. 27, Jan. 20, Jan, 28. 1954 1954 1953 A S S E TS Gold certificates 20,429,102 651,001 Redemption fund for F. R. notes 890,118 2,662 + _ 129,851 Total gold certificate reserves 21,319,220 2,662 5^1,lyv Other cash 467,496 + 15,903 + 30,250 Discounts and advances 110,466 + 40,800 -1,196,573 Industrial loans 1,895 + 194 1,679 U. S. Government securities: Bought outright— Bills 1,939,000 - 380,412 +1,260,746 Certificates: Special - 323,000 am Other 5,816,541 -- + 820,825 Notes 13,263,671 — - - 510,000 Bonds 3,641,150 w - 880,825 - Total bought outright 24,660,362 - 703,412 + 690,746 Held under repurchase agreement Total U. S. Government securities 24,660,362 - 703,412 + 690,746 Total loans and securities 24,772,723 - 662,418 - 507,506 Due from foreign banks 22 — <- - 1 F. R. notes of other banks 219,444 - 11,383 - 9,886 Uncollected cash items 3,892,209 - 428,238 + 66,908 Bank premises 52,890 + 144 + 4,201 Other assets 187,299 + 8,854 10,272 - TOTAL ASSETS 50,911,303 -1,079,800 947,456 L I A B I L I T I ES Federal Reserve notes 25,805,092 - 168,623 + 259,160 Deposits: Member bank—reserve accounts 19,858,992 -1,015,501 • 642,609 U. S. Treasurer--general account 235,729 + 230,700 - 509,220 Foreign 492,600 + 49,590 - 119,600 Other . 277,903 - 8,445 - 58,454 Total deposits 20,865,224 - 743,656 -1,329,883 Deferred availability cash items 3,169,923 - 174,001 + 72,976 Other liabilities and accrued dividends 16,725 861 - 2,099 TOTAL LIABILITIES 49,856,961 -1,087,141 - 999,846 C A P I T AL A C C O U N TS Capital paid in 267,183 + 397 + 12,597 Surplus (Section 7) 625,013 - - + 40,337 Surplus (Section 13b) 27,543 - - -- Other capital accounts 134,603 + 6.944 - 544 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,911,303 -1,079,800 - 947,456 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 45.7% + .9# " Contingent liability on acceptances purchased for foreign correspondents 18,267 2,106 3,401 Industrial loan commitments 3,513 206 + 127 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 27, 1954 (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 89,641 331 482,000 l6 to 90 days 20,825 588 5,379,200 91 days to 1 year 898 9,855,241 Over 1 year to 5 years 78 6,154,664 Over 5 years to 10 years 1,374,400 Over 10 years 1,414,857 Total 110,466 1,895 24,660,362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 27, 1954 H.4.1(b) (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 20,429,102 977,205 5,857,339 1242,868 1739,358 965,580 874,696 3728,770 802,035 458,439 789,016 723,770 2270,026 Redemption fund for F. R. notes 890,118 54,388 181,843 60,016 81,596 72,652 58,372 150,815 49,208 25,482 41,302 30,250 84,194 Total gold certificate - reserves 21,319,220 1031,593 6,039,182 1302,884 1820,954 1038,232 933,068 3879,585 851,243 483,921 830,318 754,020 2354,220 Other cash 467,496 35,339 98,147 31,177 36,032 28,282 38,776 78,430 26,639 8,806 16,833 18,734 50,301 Dig-counts and advances 110,466 5,360 12,720 4,520 12,171 13,415 18,970 10,935 4,670 11,375 7,745 5,605 2,980 Industrial loans 1,895 — — 1,413 -- 50 312 — — 120 — -- -- U. S. Govt, securities: Bought outright-- , Bills 1,939,000 106,769 499,153 116,832 164,599 114,983 99,178 335,122 81,576 47,856 84,508 77,023 211,401 Certificates 5,816,541 320,281 1,497,341 350,470 493,760 344,921 297,510 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 2292,387 558,015 327,366 578,071 526,873 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 24,660,362 1357,898 6,348,268 1485,885 2093,393 1462,359 1261,353 4262,100 1037,486 608,642 1074,773 979,584 2688,621 Held ufider repurchase . agreement -- -- 21 L2. ~~ ZZ II ZZ II ~~ Total U. S. Government • securities" 24,660,362 1357,898 6,348,268 1485,885 2093,393 1462,359 1261,353 4262,100 1037,486 608,642 1074,773 979,584 2688,621 Total loans and securities- " 24,772,723 1363,258 6,360,988 1491,818 2105,564 1475,824 1280,635 4273,035 1042,156 620,137 1082,518 985,189 2691,601 Due from foreign hanks.. 22 1 1/ 6 2 2 1 1 3 1 1 1 1 2 F.R.riotes of other banks 219,444 3,473 25%l47 9,321 11,544 46,602 27,851 30,504 10,215 10,974 8,217 l4,84l 20,755 Uncollected cash it^ms 3,892,209 288,402 689,942 236,396 364,868 310,090 307,351 637,003 175,007 103,463 199,205 195,376 385,106 Bank premises 52,890 6,198 7,444 4,752 5,219 4,697 3,972 6,443 2,897 1,024 2,236 587 7,421 Other assets 187,299 10,092 46,835 11,051 16,174 11,198 10,203 31,939 7,790 4,535 8,785 8,168 20,529 TOTAL ASSETS 50,911,303 2738,356 13,267,691 3087,401 4360,357 2914,926 2601,857 8936,942 2115,948 1232,861 2148,113 1976,916 5529,935 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 TEE FEDERAL RESERVE BANKS ON JANUARY 27, 1954 HA.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 25,805,092 1590,601 5,737,677 1850,660 2405,407 1784,550 1366,134 4998,990 1176,584 633,513 996,470 712,829 2551,677 Deposits: Member bank-reserve accts. 19,858,992 784,198 6,092,093 928,794 1502,360 796,120 904,985 3247,718 738,638 460,978 924,797 1019,382 2458,929 U.S.Treasurer-general acct 235,729 588 227,857 294 540 583 577 563 585 590 591 587 2,374 Foreign 492,600 29,329 1/151,214 35,579 44,234 24,521 20,674 66,831 18,270 12,020 18,270 22,598 49,060 Other 4,339 221,342 2,220 3,011 2,976 991 834 7,121 2,040 904 467 31,658 Total deposits 20,865,224 818,454 6,692,506 966,887 1550,145 824,200 927,227 3315,946 764,614 475,628 944,562 1043,034 2542,021 Deferred avail, cash items 3,169,923 263,232 536,715 190,880 306,800 249,358 259,742 472,760 131,752 94,800 164,870 171,101 327,913 Other liabilities and accrued dividends 16,722 741 4,759 831 1,596 874 819 2,474 665 780 619 727 1,837 TOTAL LIABILITIES 49,856,961 2673,028 12,971,657 3009,258 4263,948 2858,982 2553,922 8790,170 2073,615 1204,721 2106,521 1927,691 5423,448 Capital paid in 267,183 14,489 82,144 18,192 25,588 11,834 11,501 35,278 9,244 5,999 10,209 13,316 29,389 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 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 134,603 9,049 29,938 9,553 12,167 9,011 7,638 19,273 7,103 4,849 6,790 6,456 12,776 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,911,303 2738,356 13,267,691 3087,401 4360,357 2914,926 2601,857 8936,942 2115,948 1232,861 2148,113 1976,916 5529,935 Contingent liability on acceptances purchased for foreign correspondents 18,267 1,116 2/ 5,274 1,354 1,684 933 787 2,544 695 458 695 860 1,867 Industrial loan commitments 3,513 1,682 748 47 129 27 880 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 27,300,847 1685,918 6,054,291 1966,142 2534,024 1894,931 1468,826 5214,589 1245,836 655,852 1039,276 768,313 2772,849 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 51,300 4,445 7,070 3,410 12,650 4,100 11,000 7,175 1,450 U. S. Govt, securities 17,320,000 1200,000 3,600,000 1200,000 1550,000 1350,000 1100,000 2900,000 975,000 500,000 800,000 525,000 1620,000 Total collateral 28,464,300 1844,445 6,277,070 2003,410 2600,000 1987,650 1535,000 5300,000 1334,100 686,000 1087,175 808,000 3001,450 1/ After deducting $341,368,000 participations of other Federal Reserve Banks. 2/ After deducting $12'993'000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis