H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.4.1 (For Immediate Release) March 18, 195^ CONDITION OF THE FEDERAL RESERVE BANKS Member Bank Reserves and Related Items During the week ended March 17, Member bank reserves increased $667 million. The principal changes supplying reserves were decreases of $396 million in Treasury deposits with Federal Reserve Banks, $155 million in Other deposits with Federal Reserve Banks, and $101 million in Money in circulation, and an increase of $66 million in Reserve Bank credit. The principal offsetting changes were increases of $4l million in Foreign deposits with Federal Reserve Banks and $12 million in Other F. R. accounts (net). The increase of $66 million in Reserve Bank credit resulted from an increase of $312 million in Float and decreases of $146 million in Loans, discounts and advances and $100 million in U. S. Government securities bought outright. The decrease of $100 million in U. S. Government securities bought outright was entirely in bills. Change since Member Bank Reserves March 17, March 10, March Id and Related Items 1954 1954 1953 ((IInn millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright 24,582 -100 + 6lQ Held under repurchase agreement — - •» — Loans, discounts and advances 267 -146 746 - Float 855 +312 348 - Total 25,704 + 66 - 474 Gold stock 21,964 + 1 648 - Treasury currency outstanding 4,920 + 3 + 94 Money in circulation 29,769 -101 + 61 Treasury cash holdings 823 + 3 482 - Treasury deposits with F. R. Banks 51 -396 + 43 Foreign deposits with F. R. Banks 528 + 41 + 32 Other deposits with F. R. Banks 191 -155 - 190 Other F. R. accounts (net) 919 + 12 + 67 Member bank reserves 20,307 +667 558 - Required reserves (estimated) 19,198 +338 _ 804 Excess reserves (estimated) 1,109 +329 + 246 Daily averages for period- Estimated excess reserves of member banks 740 +134 + 107 Member bank borrowings at F. R. Banks 170 - 66 "I. 129- U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $2,727 million, a decrease of $14 million for the week and an increase of $529 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 March 17, March 10, March 18, 1954 1954 1953 A S S E TS Gold certificates 20,399,101 275,001 Redemption fund for F. R. notes 873,039 - 2,427 + 123,894 Total gold certificate reserves 21,272,140 - 2,427 - 151,107 Other cash 429,493 + 3,117 + 49,642 Discounts and advances 265,313 - 146,029 - 743,665 Industrial loans 1,539 121 2,256 U. S. Government securities: Bought outright-- Bills 1,860,975 100,000 +1, 300,021 - Certificates: Special . «• — — 110,000 Other 6,051,191 - - +1,055,475 Notes 13,029,021 744,650 - - - Bonds 3,641,150 880,825 - - - Total bought outright 24,582,337 100,000 + 620,021 Held under repurchase agreement Total U. S. Government securities 24,582,337 - 100,000 + 620,021 Total loans and securities 24,849,189 - 246,150 - 125,900 Due from foreign banks 22 — — - 1 F. R. notes of other banks 159,852 - 11,880 - 7,703 Uncollected cash items 5,457,085 +1,940,618 + 169,330 Bank premises 52,842 - — + 3,317 Other assets 149,142 - 4,901 ~ 21,064 TOTAL ASSETS 52,369,765 +1,678,377 83,486 - L I A B I L I T I ES Federal Reserve notes 25,570,238 112,378 + 24,615 - Deposits: Member bank--reserve accounts 20,307,266 + 666,938 558,010 U. S. Treasurer--general account 51,190 - 396,293 + 42,723 Foreign 527,993 + 41,146 + 31,583 Other 190,572 - 155,612 190,045 Total deposits 21,077,021 + 156,179 - 673,749 Deferred availability cash items 4,601,837 +1,627,895 + 516,706 Other liabilities and accrued dividends 16,877 + 37 - 205 TOTAL LIABILITIES 51,265,973 +1,671,733 132,633 - C A P I T AL A C C O U N TS Capital paid in 269,952 + 203 + 13,143 Surplus (Section 7) 625,013 — - + 40,337 Surplus (Section 13b) 27,543 — — Other capital accounts 181,284 + 6,441 - 4,333 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,369,765 +1,678; 377 83,486 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined . 45.6# - V$o + -3$ Contingent liability on acceptances purchased for foreign correspondents 9,192 180 18,746 Industrial loan commitments 3,204 + 36 + 580 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 17, 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 240,508 557 445,000 16 to 90 days 24,805 17 3,102,341 91 days to 1 year 919 12,277,575 Over 1 year to 5 years 46 6,307,260 Over 5 years to 10 years 1,035,304 DigitizOedv eforr F R1A0S EyRe ars 1.414,857 http://fraser.stloTuoistfeadl.o rg/ 265,313 1,539 24,582,337 Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MARCH 17, 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 20,399,101 1002,698 5,605,563 1253,352 1802,629 1008,549 856,743 3769,028 815,978 455,605 785,025 701,724 2342,207 Redemption fund for F. R. notes 873,039 53,538 178,800 58,560 80,601 65,474 57,583 149,720 48,874 25,307 41,034 30,004 83,544 Total gold certificate reserves 21,272,140 1056,236 5,784,363 1311,912 1883,230 1074,023 914,326 3918,748 864,852 480,912 826,059 731,728 2425,751 Other cash 429,493 32,407 81,556 27,789 32,586 22,575 39,560 77,943 25,485 9,333 13,816 17,603 48,840 Discounts and advances 265,313 5,88l 118,295 6,405 7,232 17,140 18,045 58,890 5,370 7,675 8,575 880 10,925 Industrial loans 1,539 1,248 6 172 113 U. S. Govt, securities: Bought outright— Bills 1,860,975 102,473 479,067 112,131 157,976 110,357 95,187 321,636 78,293 45,931 81,107 73,923 202,894 Certificates 6,051,191 333,203 1,557,746 364,609 513,680 358,836 309,512 1045,839 254,580 149,349 263,729 240,371 659,737 Notes 13,029,021 717,429 3,354,035 785,050 1106,020 772,621 666,422 2251,833 548,144 321,569 567,843 517,553 1420,502 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 24,582,337 1353,602 6,32b,152 1481,184 2086,770 1457,733 1257,362 4246,614 1034,203 606,717 1071,372 976,484 2600,114 Held under repurchase agreement Total U. S. Government securities 24,582,337 1353,602 6,328,182 1481,184 2086,770 1457,733 1257,362 4248,6l4 1034,203 606,717 1071,372 976,484 2680,114 Total loans and securities 24,849,189 1359,483 6,446,477 1488,837 2094,002 1474,879 1275,579 4307,504 1039,573 614,505 1079,947 977,364 2691,039 Due from foreign banks 22 1 1/6 2 2 1 1 3 1 11 l 2 F.R. notes of other banks 159,852 2,520 19,039 6,801 7,961 28,566 28,978 16,499 8,052 10,299 5,695 6,197 19,245 Uncollected cash items 5,457,085 369,108 1,478,805 330,415 532,721 353,558 385,584 777,468 202,246 120,552 265,891 190,500 450,237 Bank premises 52,842 6,165 7,488 4,796 5,177 4,683 3,958 6,410 2,887 1,019 2,205 581 7,473 Other assets 149,142 7,959 37,480 8,854 12,688 8,922 8,369 24,970 6,060 3,700 7,113 6,713 16,314 TOTAL ASSETS 52,369,765 2833,879 13,855,214 3179,406 4568,367 2967,207 2656,355 9129,545 2149,156 1240,321 2200,727 1930,687 5658,901 l/ After deducting $16,000 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 MARCH 17, 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 25,570,238 1571,942 5,680,369 1829,095 2377,816 1756,067 1358,576 4951,540 1161,666 633,196 992,196 706,661 2551,114 Deposits: Member bank-reserve accts. 20,307,266 828,896 6,311,835 941,233 1572,095 828,167 892,028 3311,377 719,250 458,354 922,524 973,146 2548,361 U.S.Treasurer-general acct. 51,190 572 45,142 516 514 578 593 475 501 516 533 268 982 Foreign 527,993 31,415 1/162,324 38,110 47,380 26,265 22,145 71,585 19,570 12,875 19,570 24,205 52,549 Other 190,572 3,179 121,833 1,760 5,934 2.706 2,402 1,379 7,641 1,474 8,897 2,282 31.085 Total deposits 21,077,021 864,062 6,641,134 981,619 1625,923 857,716 917,168 3384,816 746,962 473,219 951,524 999,901 2632,977 Deferred avail, cash items 4,601,837 329,219 1,218,582 286,763 462,470 293,983 329,546 634,928 195,838 104,230 212,883 172,276 361,119 Other liabilities and accrued dividends 16,877 853 5,218 916 1,805 770 701 2,816 523 460 568 772 1.475 TOTAL LIABILITIES 51,265,973 2766,076 13,545,303 3098,393 4468,014 2908,536 2605,991 8974,100 2104,989 1211,105 2157,171 1879,610 5546,685 Capital paid in 269,952 14,629 83,282 18,307 25,823 11,970 11,621 35,561 9,329 6,033 10,260 13,475 29,662 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, l4o Other capital accounts 181,284 11,384 42,677 12,308 15,876 11,602 9,947 27,663 8,852 5,891 8,703 8,149 18,232 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,369,765 2833,879 13,855,214 3179,406 4568,367 2967,207 2656,355 9129,545 2149,156 1240,321 2200,727 1930,687 5658,901 Contingent liability on acceptances purchased for foreign correspondents 9,192 561 2/2,660 681 846 469 396 1,279 350 230 350 432 938 Industrial loan commitments 3,204 1,392 748 47 127 25 865 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 26,772,288 1645,145 5,925,835 1945,924 2496,950 1851,922 1440,4l8 5105,134 1217,756 649,304 1023,702 744,869 2725,329 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 170,081 4,966 113,945 5,295 — 16,375 — 4,8oo 7,300 8,005 9,395 U. S. Govt, securities 17,155,000 1200,000 3,600,000 1200,000 1550,000 1300,000 1100,000 2800,000 960,000 500,000 800,000 525,000 1620,000 Total collateral 28,418,081 1844,966 6,383,945 2005,295 2600,000 1941,375 1535,000 5200,000 1319,800 682,300 1088,005 808,000 3009,395 1/ After deducting $365,650,000 participations of other Federal Reserve Banks. 2/ After deducting $6,532,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis