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H.U.I BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (For Immediate Release) January 4, 1951 CONDITION OF THE FEDERAL RESERVE BAMS Member Bank Reserves and Related Items During the week ended January 3> member bank reserves increased $517 million. The principal changes supplying reserves were decreases of $240 million in Treasury deposits with Federal Reserve Banks, $231 million in Money in circulation, and $13 million in Other F, R, accounts, and an increase of $159 million in Reserve Bank credit. The principal offsetting changes were a decrease of $ 8 9 million in Gold stock and increases of $22 million in Foreign deposits with F. R, Banks and $13 million in Other deposits with F. R. Banks, The increase of $159 million in Reserve Bank credit was made up of increases of $23^ million in holdings of U. S. Government securities and $200 million in Reserve Bank float, offset in part by a decrease of $273 million in holdings of Loans, discounts and advances. Holdings of Government securities reflected increases of $2,237 million in notes, $ 2 9 6 million in bills, and $35 million in bonds, and a decrease of $2,33^ million in certificates, NOTE. In the interest of improved statistical analysis, beginning this week the tabulation below will show Reserve Bank float, foreign deposits, and "other" deposits with F, R, Banks, separately, and required and excess reserves of member banks• Some changes are also being made in arrangement and captions of the statement, the only one of substance being in the maturity distribution of loans and securities, in which the number of groups has been reduced and callable securities will be classified on the basis of earliest call date. Member Bank Reserves and Related Items Jan. 3, 1951 Changes since Jan. 4 Dec. 27, 2959 1950 (In millions of dollars) Reserve Bank credit: U. S, Government securities Loans, discounts and advances Float * Total Gold stock Treasury currency outstanding 20,571 30 1,279 21,879 22,706 4,634 Money in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F, R. Banks Other deposits with F. R, Banks Other F. R, accounts (net) 27,685 1,299 546 942 Member bank reserves Required reserves (estimated) Excess reserves (estimated) Daily average excess reserves (estimated) +234 -273 +200 +159 - 89 + 3 -231 k + - 67 + 734 +2,4o8 -1,721 + 37 + 134 20 1 + 184 747 308 -240 + 22 + 13 - 13 - 238 + 28. 17,691 +517 + 636 16,485 1,206 +101 +4l6 - 252 1,184 +302 + * Excess Of uncollected cash items, over deferred-Availability cash items, +1,742 + 888 53 H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Jan. 3, 1951 ASSETS Gold certificates Redemption fund for F. R. notes Total gold certificate reserves Other cash 20,870,403 587,228 21,457,631 + 273,653 + - Discounts and advances Industrial loans U. S. Government securities: Bills Certificates ' Notes Bonds Total U. S. Government securities 14,781,071 4,623,975 20,570,517 Total loans and securities Due from foreign banks F. R. notes of other banks Uncollected cash items Bank premises Other assets TOTAL ASSETS 20,600,824 24 167,615 4,301,643 39,957 89,597 46,930,944 + + + 23,544,042 - LIABILITIES Federal Reserve notes Deposits: Member bank--reserve accounts U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ratio of gold certificate reserves to deposit and F. R. note liabilities combined Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 27,735 2,572 + 1,165,471 + 17,690,942 546,443 942,032 308,246 19,487,663 3,023,014 5,734 46,060,453 225,664 510,022 27,543 107,262 46,930,944 - 102,003 : -1,759,928 11,700 + 35,297 90,303 -1,714,731 47,053 + 11,155 273,102 175 + 67,539 517 295,585 -2,334,195 +2,236,995 + 34,700 + 233,085 - + -3,613,776 -6,275,450 +14,218,871 - 2,588,225 + 1,741,420 39,842 + 1,674,398 14 8,351 19,779 + 571,421 + 1,308,350 6,224 35 + 2,414 28,415 479,728 + 1,291,319 163,107 + 4- 517,137 239,630 21,486 + + 13,581 + 312,574 + 371,852 104,012 + - - + + + + - 22,078 + - 635,825 413 + 183,666 677 + 21,849 + 13,918 21,849 + + 237,671 581,407 574,248 6,969 3,509 514,350 + 1,256,158 — ~ - 49.9% 3,688 Change since Jan. 4, Dec. 2r7, 1950 1950 — — 606 57,148 479,728 + 1,291,319 4.8# .356 431 + 2 + 12,270 1,733 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 3, 1951 (Callable Government securities classified according to nearest call date) Discounts and advances Within 15 days 16 to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years Total 25,616 2,006 113 27,735 Industrial loans U. S. Government securities 306,820 50 239 1,419 864 12,235,923 3,675,823 2,572 2,511,600 20,570,517 858,651 981,700 H.4.1(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 3, 1951 (In thousands of dollars) ASSETS Total Gold certificates Redemption fund for F. R. notes 587,228 Other cash Discounts and advances Industrial loans U. S. Govt, securities: Bills ' New York Phila. Cleve. Rich. Atlanta Chicago St.Louis 20,870,403 769,242 6 , 7 0 1 , 3 0 3 1257,271 I4l8,6l2 9 3 6 , 1 2 6 Total gold certificate reserves 21,457,631 Notes Bonds Boston 53,980 50,911 50,563 67,289 53,788 8 5 4 , 1 6 3 4106,673 633,105 396,717 7 8 8 , 7 3 5 39,541 1 0 0 , 2 7 6 40,725 823,222 6,752,214 1307,834 1485,901 989,914 893,704 4206,949 6 7 3 , 8 3 0 273,653 27,735 2,572 29,342 525 — 1,165,471 73,137 53,058 7,780 27 270,202 19,545 3,570 2,218 24,245 2,549 1 73,332 1 0 8 , 8 6 6 14,781,071 1049,145 3,305,239 930,025 1 3 8 0 , 7 0 0 4,623,975 328,206 1 , 0 3 3 , 9 8 1 2 9 0 , 9 4 0 4 3 1 , 9 2 5 Mpls. Kans.Cy. 19,809 375 130 18,981 4,125 7 35,301 296 —- 14,002 2,700 --- 77,495 62,887 173,836 63,540 9 8 2 , 8 3 8 797,572 2204,671 8 0 5 , 8 4 9 307,462 2 4 9 , 5 0 5 6 8 9 , 6 8 9 2 5 2 , 0 9 5 21,46? 35,034 4l8,l84 8 2 3 , 7 6 9 -Dallas SanFran. 5 6 5 , 7 2 2 2442,734 25,464 48,190 5 9 1 , 1 8 6 2490,924 6,c48 5,000 189 10,630 815 11,458 31,234 36,999 54,875 55,771 114,531 469,240 695,952 707,304 1 4 5 2 , 5 3 6 146,793 2 1 7 , 7 1 5 221,266 4 5 4 , 3 9 8 "Total U.S.Government securities 2 0 , 5 7 0 , 5 1 7 1450,488 4,609,422 1294,297 1921,491 1367,795 1109,964 3 0 6 8 , 1 9 6 1121,484 6 5 3 , 0 3 2 968,542 9 8 4 , 3 4 1 2021,465 Total loans and securities 20,600,824 1 4 5 1 , 0 1 3 969,357 984,341 2021,465 Due from foreign banks 24 2 39,957 89,597 1,073 6,572 F.R.notes of other banks 1 6 7 , 6 1 5 5,364 Uncollected cash items 4,301,643 394,740 Bank premises Other assets TOTAL ASSETS 4,617,229 1 3 0 0 , 0 8 5 1924,041 1 3 6 8 , 3 0 0 1114,096 3068,492 1124,184 6 5 8 , 2 2 1 1/ 7 2 7,657 19,766 2,920 5,478 22%96o 1 0 , 5 5 8 924,151 2 6 1 , 0 7 8 2 1 1 3 1 4,794 8,436 2,871 6,099 1,720 4,734 5,062 13,501 3,509 4,686 10,632 34,621 18,512 19,101 8,878 399,858 366,575 2 8 9 , 9 9 6 6 9 2 , 6 5 3 1 9 2 , 9 8 3 1 1 1 2 1,114 2,753 2,623 4,450 677 4,214 5,937 8,908 5,663 8,421 8,746 1 4 , 1 5 9 105,844 2 1 9 , 6 2 7 184,799 2 6 9 , 3 3 9 46,930,944 2711,328 12,397,042 2907,500 3857,909 2788,190 2341,744 8041,062 2022,073 1197,828 2038,878 1785,422 4841,968 l/ After deducting $17,000 participations of other Federal Reserve Banks. H.4.1(c) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 3, 1951 (in thousands of dollars) L I A B I L I T I E S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Mpls, Kans.Cy. Dallas SanPran Federal Reserve notes 23,544,042 1425,571 5,313,447 1 6 6 5 , 1 2 2 2 1 1 2 , 2 0 8 1 6 1 7 , 5 6 1 1273,030 4546,112 1095,460 610,156 918,536 641,378 2325,46: Deposits: Member bank-reserve accts.17,690,942 814,020 5 , 6 6 7 , 7 9 1 8 3 2 , 2 0 6 1 2 7 9 , 6 1 1 7 2 8 , 9 8 5 719,332 2746,682 680,772 425,277 848,576 8 7 2 , 5 6 7 2 0 7 5 , 1 2 U.S.Treasurer-general acct. 546,443 45,826 81,673 62,533 51,935 36,539 42,593 58,619 40,542 29,511 29,910 31,136 35,62( Foreign 942,032 58,647 1/303,421 74,472 84,712 46,545 3 9 , 0 9 8 128,464 33,512 23,273 34,443 3 2 , 5 8 2 82,86' Other 308,246 4,328 236,477 2,440 8,789 2,992 877 2,889 7,278 1,209 2,154 1,407 37.40( Total deposits 19,487,663 Deferred avail, cash items 3,023,014 Other liabilities and accrued dividends 5,734 922,821 6,289,362 971,651 1425,04? 815,061 8 o > , 9 0 0 2 9 3 6 , 6 5 4 307,236 535,828 202,666 239,137 309,614 2 2 8 , 1 9 4 437,477 616 1,695 200 527 200 168 830 762,104 130,006 190 479,270 915,083 937,692 223l,0i; 84,211 170,965 173,025 204,65: 664 180 130 331 TOTAL LIABILITIES 46,060,453 2 6 5 6 , 2 4 4 12,140,332 2 8 3 9 , 6 3 9 3776,919 2742,436 2 3 0 3 , 2 9 2 7921,073 1 9 8 7 , 7 6 0 1 1 7 4 , 3 0 1 2004,764 1752,225 476l,46( Capital paid in 225,664 12,225 73,422 15,687 22,105 9,863 8,998 28,946 7,407 5,087 8,318 9,616 23,99c 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 1 6 , 8 5 2 4 4,515 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 2,14( Other capital accounts 107,262 7,602 22,679 7,975 9,865 7,375 6,323 14,269 6,090 4,199 5,612 5 , 4 2 2 9 ,85] TOTAL LIABILITIES AND CAPITAL ACCOUNTS 46^930,944 2711,328 12^397,042 2907,500 3857,909 2 7 6 8 , 1 9 0 2 3 4 1 , 7 4 4 8o4l,o62 2022,073 1 1 9 7 , 8 2 8 2 0 3 8 , 8 7 8 1 7 8 5 , 4 2 2 4841,966 Contingent liability on acceptances purchased for foreign correspondents 22,078 1,391 2/6,932 1,766 2,009 1,104 927 3,047 817 795 552 1,965 773 Industrial loan commitments 3,688 — — 527 458 54 242 500 l,4oi 500 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 24,518,331 1 4 9 5 , 2 9 5 Collateral for F.R. notes: Gold certificates 1 3 , 4 0 4 , 0 0 0 44o,ooo Eligible paper 20,315 525 U.S. Govt, securities 1—.1— , 8, 6( 5" ,''0 0 0' 1 1• 0v-0•, 0 0 0 Total collateral 25,289,315 ly4o,525 f 5 , 5 0 3 , 4 1 1 1 7 2 4 , 0 2 7 2204,077 1 6 9 4 , 8 8 5 1 3 6 0 , 5 4 6 4 6 6 4 , 8 3 1 1 1 3 7 , 9 1 5 623,207 4,570,000 750,000 865,000 700,000 625,000 2700,000 350,000 7,630 3,570 -75 — — 2,700 1 , 1 0 0 , 0 ^0 0 1 0 0 0 , ;0 0 0 1 3^5 0 ,>0 0 0 1 0 1 5 , 0 0 0 7 5 0 , 0 0 0 2 0 0 0 , j0W0 0W 9 0 0 , 0 0 0 5 ^ 7 7 , 6 3 0 1753,570 2215,000 1715,075 1375,000 4700,000 1252,700 2 1 0 , 0 0 0 2 8 0 , 0 0 0 214,000 1700,00C 5,000 815 4 5< 0y , 0 0W 0W 7 0(0\JKJy 1 v u . v u v 1000,00C J- v v u , u u , 0 0v 0v v 500,000 665,000 980,815 714,000 2700,00c 1/ After deducting $ 6 3 8 , 5 9 7 , 0 0 0 participations of other Federal Reserve Banks. 2/ After deducting $15,146,000 participations of other Federal Reserve Banks. f 955,567 685,157 2469,41:
@FedFRASER