H.4.1 Factors Affecting Reserve Balances of Depository Institutions

£0A8D dk GOVERNORS F6r Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM February 21, 1957 WEEKLY AVERAGES OF MEMBER BAM RESERVES, RESERVE BANK CREDIT, AM) RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of dally figures of member ban kreserves for the week ending February 20 increased $87 million to $18,895 million. Estimated required reserves increased $53 million; and estimated excess reserves increased $34 million to $505 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves "by $47 million, compared with $24 5million the week before. The principal changes supplying average reserves were increases of $226 million in Federal Reserve float and $51 million in gold stock, and decreases of $204 million in Treasury deposits with Federal Reserve Banks, $73 million in "other" deposits with Federal Reserve Banks, and $59 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $295 million in Federal Reserve holdings of U. S. Government securities and $164 million in member ban kborrowings, and an increase of $109 million in "other" F.R. accounts (net). Total Reserve Bank credit decreased $233 million. As of Wednesday, February 20, holdings of U. S. Government securities bought outright were $250 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $74 million lower, and member bank borrowings were $324 million higher. Holdings of certificates increased $448 million and notes decreased $555 million, largely reflecting the exchange of $500 mil lion notes maturing April 1, 1957, for a like amount of new certificates maturing February 14, 1958. Member bank reserves, Averages of daily figures Reserve Bank credit, For week ending Change from week ending and related items Feb. 20, 1957 Feb. 13, 1957 I Feb. 22,. (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 22,958 -232 -375 Held under repurchase agreement 11 - 63 - 45 Acceptances—bought outright 29 - 1 + 13 Loans, discounts, and advances— Member bank borrowings 552 -164 - 70 Other 26 + 25 Float 1,188 +226 -145 Total Reserve Bank credit 24,764 -233 -596 Gold stock 22,303 + 51 +609 Treasury currency outstanding 5,071 + 1 + 60 52,138 -181 + 73 Money in circulation 30,605 - 36 +395 Treasury cash holdings 815 - 5 + 21 Treasury deposits with F. R. Banks 173 -204 -384 Foreign deposits with F. R. Banks 307 - 59 - 55 Other deposits with F. R. Banks 226 - 73 -l4o Other F. R. account s(net) 1,116 +109 + 90 33,242 -269 - 74 Member bank reserves-- 18,895 + 87 +146 Required reserves (estimated) 18,390 + 53 +215 Excess reserves (estimated) 505 + 34 - 69 For Wednesday Federal Reserve figures see STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED - attached. Latest Wednesday figures for other items appearing above are, in millions of dollars: Gold stock 22,303 Treasury cash holdings 815 Treasury currency outstanding 5,072 Member bank) - Required (est.) 18,424 Money in circulation 30,571 reserves ) - Excess (est.) 6l0 On February 20, 1957, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $3,764 million, an increase of $19 million for the week and a decrease of $6 million from the comparable date Digitized for FRASER a year ago. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ib4*l(a) i STATEMENT Of tiOMnTION OF THE TWELVE FEDERA LRESERVE BANKS COMBINED (In thousands of dollars) Change since Feb. 20, Feb. 13, Feb. 22, 1937 1957 1956 A S S E TS Gold certificate account 20,764,391 + 60,000 + 608,039 Redemption fund for F. R. notes 861,900 - 1,618 + 7,128 Total gold certificate reserves 21,626,291 + 58,382 + 615,167 F. R. notes of other Banks 469,411 - 12,418 + 135,597 Other cash 470,686 + 12,167 + 29,331 Discounts and advances 843,566 + 324,061 + 209,250 Industrial loans 790 - 13 + 135 Acceptances--bought outright 27,238 1,594 + 12,254 - CL S. Government securities: Bought outright-- Bills 141,275 - 142,700 - 308,925 Certificates 11,366,199 + 447,500 +5,445,500 Notes 8,574,913 - 554,750 -5,591,000 Bonds 2,801,750 Total bought outright 22,884,137 - 249,950 - 454,425 Held under repurchase agreement - 74,000 - 27,900 Total U. S. Government securities 22,884,137 - 323,950 - 482,325 Total loans an dsecurities 23,755,731 1,496 - 260,686 Due from foreign banks 22 Uncollected cash items 5,363,929 + 340,366 + 292,354 Bank premises 74,885 + 308 + 11,973 Other assets 92,859 - 116,889 - MI TOTAL ASSETS 51,853,814 + 280,420 798,759 L I A B I L I T I ES Federal Reserve notes 26,577,314 - 67,803 + 497,329 Deposits: Member bank reserves 19,034,488 + 529,917 + 645,317 U. S. Treasurer—general account 150,515 - 130,334 - 410,420 Foreign 295,071 8,434 - 69,912 Other 197.382 - 44,151 - 477,351 Total deposits 19,677,456 + 346^998 - 312,366 Deferred availability cash items 4,297,816 8,922 + 518,600 Other liabilities and accrued dividends 14,476 883 + 224 TOTAL LIABILITIES 50,567,062 + 269,390 + 703,787 C A P I T AL A C C O U N TS Capital paid in 329,280 491 + 21,189 Surplus (Section 7) 747,593 + 53,981 Surplus (Section 13b) 27,543 Other capital accounts 182,336 10,53% +_ 19,802 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,853,814 + 280,420 + 798,759 Ratio of gold certificat ereserves to deposit and F. R. not eliabilities combined 46.8# .1% + .2 # Contingent liability on acceptances purchased for foreign correspondents 63,267 + 943 + 30,454 Industrial loan commitments 2,304 + 7 192 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 20, 1957 (Acceptances and 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 Acceptances securities Within 15 days 812,401 35 13,04% 134,000 16 days to 90 days 6,165 81 14,190 7,275 91 days to 1 year 25,000 445 19,941,112 Over 1 year to 5 years 229 373,279 Over 5 years to 10 years 1,013,614 Over 10 years 1-^.857 Total 843,566 790 27,236 22,Bt*,137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERA LRESERVE" BANK ON FEBRUARY 20' ,1957 H.4.1(b) Total Boston New York d P e h l i p l h a i - a Cl la e n v d e , R , i chmond Atlanta Chicago L S o t ui . s M a i p n o n l e i - s Ka C n i s t a y s Dallas Fra S n a ci n s co (In thousands of dollars) A S S E TS Gold certificate account 20,764,391 944,461 5,876,294 1019,303 1911,636 1328,6777 87,980 3666,271 836,780 307,744 865,699 670,241 2549,305 Redemption fund for , F, R. notes 861.900 56.325 180.824 61.896 76,758 67,366 50.606 154,827 43,478 22,836 41,349 25,972 79,663 Total gold certificate 838,586 3821,098 880,258 330,580 907,048 696,213 2628,968 reserves 21,626,291 1000,786 6,057,118 1081,199 1988,39 41396,043 F.R* notes of other Banks 469,411 28,438 80,036 30,971 41,772 40,545 92,805 44,210 9,751 16,109 6,900 37,640 40,234 Other cash 470,686 37,057 111,078 27,159 42,327 26,510 33,512 70,652 22,918 11,024 14,329 17,760 56,360 Discounts and advances 843,566 35,881 163,300 73,550 84,275 60,350 68,122 211,180 17,735 39,825 28,607 20,291 40,450 416 39 Industrial loans 790 335 Acceptances— Bought outright 27,238 -- 27,238 • - ™ - -- - - -- — • U. S. Govt, securities: Bo B ug i h ll t s o utright— 141,275 7,764 35,556 8,490 12,219 8,697 7,264 24,649 5,898 3,191 6,122 5,615 15,810 Certificates 11,366,199 624,755 2,860,622 683,006 983,097 699,806 584,439 1983,083 474,539 256,728 492,497 451,738 1271,889 B N o o n t d e s s 8 ^ 0 • , O 5 Q U r 7 X r 4 j i i , _ 9 L 7 1 2 5 3 y 0 4 1 7 5 1 4 , . 3 0 2 0 9 1 2,1 70 5 = 8 5 , . 1 1 H 7 Q 1 5 6 15 8 , . 2 1 7 6 5 0 7 2 4 4 1 2 , . 6 3 7 3 0 2 1 5 7 2 2 7, . 9 5 4 0 9 1 4 1 4 4 0 4 , . 9 0 1 6 3 3 1 4 4 8 9 8 6 . , 8 0 2 8 7 2 3 1 5 1 8 6 , . 0 9 0 7 3 3 1 6 9 3 3 , , 2 68 8 2 3 3 1 7 2 1 1 , . 5 4 5 0 1 0 3 1 4 1 0 1 , , 8 35 0 3 1 3 9 1 5 3 9 . , 5 5 1 4 8 1 Total 22,884,137 1257,849 5,759,434 1375,131 1979,318 1408,953 1176,679 3992,6419 55,413 516,884 991,570 909,507 2560,758 Held under repurchase agreement Total U. S. Govt, sees. 00 AAL XV7 1257.849 5.759.434 1175.131 1979.318 1408.953 1176.67 93992,641 95^13 516,884 991,570 909.507 2560,758 Total loans & securities 23,755,731 1294,065 5,949,972 1449,097 2063,593 1469,30 31244,801 4203,821 973,148 556,748 1020,177 929,798 2601,208 Due from foreign banks 22 1 1/6 2 2 1 1 3 1 1 1 1 2 B U O n a t c n h o e k l r l p e r a c e s t m s e i e d s t e s c s a sh items 5,3 7 9 6 4 2 3 , . , 8 8 9 8 5 2 5 9 9 436 4 5 , . , 2 8 3 0 2 5 3 1 0 95 2 0 1 9 , , , 1 5 9 0 3 6 4 7 2 35 4 1 5 , , . 0 7 2 6 5 1 5 9 2 5 7 7 0 , , 7 8 8 , 8 9 9 3 0 1 9 39 7 3 5 , , , 3 2 6 7 8 3 3 6 7 440 4 5 , . , 6 7 2 4 3 2 9 6 7 8 1 5 9 8 , 7 , 8 0 , 6 6 0 2 3 2 4 212 4 3 , , , 4 6 6 1 4 5 2 0 8 12 4 2 7 , , , 0 8 9 5 7 8 4 4 8 254 4 3 , , , 7 4 8 9 5 4 3 6 1 270 4 4 , , , 1 2 5 9 7 3 3 8 9 5 1 1 2 0 0 2 , , , 6 4 1 9 8 9 9 1 6 2806,721 13,179,813 2949,464 4659,780 3338,698 2660,317 9060,742 2106,786 1049,378 2211,545 1960,422 5870,148 TOTAL ASSETS 51,853,814 1/ After deducting $16,000 participation sof other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERA LRESERVE BANK ON FEBRUARY 20 ,1957 H. 4.1(c) Total Boston New York d P e h l i p l h a i - a C? l - a e n V d ® " 1 1 RichmonAdt lanta Chicago Lo S u t i . s M a i p n o n l e i - s K C a i n t sa y s Dallas Fra S n a ci n s co (In thousands of dollars) L I A B I L I T I ES 1568,045 6*233,405 1694,268 2524,092 2099,962 1302,073 5131,820 1179,040 483,325 1048,478 683,905 2628,901 Federal Reserve notes 26,577,314 Dep F M U O o o e . t s m r S T h i b . e o e t e T i t r s r g a r e : n l a b s d a . e n - p k g o e r s n e i . s t e s r a v c e c s t . 1 1 9 9 , , 2 1 0 1 6 9 5 3 7 9 5 0 4 7 7 , , , , , 5 4 0 4 3 1 5 8 7 8 5 b 8 1 2 7 8 9 1 1 5 3 6 , , , 8 5 6 5 7 9 6 1 5 0 8 5 0 3 4 5 5 " 1 , , / 8 5 1 1 7 1 4 3 9 8 3 1 6 , 7 , , . 5 , 7 8 0 9 9 1 6 3 2 7 5 7 6 4 8 2 9 5 9 8 0 1 2 , 3 , 4 7 9 , 1 , 2 6 6 2 5 0 2 3 0 4 3 0 0 1 2 5 1 6 5 5 5 5 5 6 , 0 4 0 0 7 9 , , 2 3 4 0 5 6 5 5 8 0 1 3 2 3 4 , 0 9 , 1 , , 6 9 5 0 8 0 2 9 8 b 4 9 9 0 2 1 5 0 1 2 , . , , 6 5 4 9 6 6 6 5 6 5 7 8 7 0 2 3 4 4 3 1 0 8 0 0 , 1 , 5 4 2 1 8 3 2 , 9 , 0 1 9 6 1 0 0 0 1 5 6 l 7 0 3 , 9 0 , 3 7 3 9 6 5 , , 5 3 g 0 6 3 7 1 0 4 4 1 2 6 9 7 , , , 4 4 9 5 3 8 8 0 1 0 3 l 2 4 0 5 5 8 1 9 0 , 8 0 0 2 5 , 4 2 8 , 9 , 6 5 4 3 5 2 5 4 8 3 6 2 9 9 2 1 1 0 6 , , 4 4 5 5 6 , , 1 , 6 9 0 8 7 1 7 4 2 6 4 5 2 3 3 2 5 4 2 6 7 , , 4 7 3 2 5 , 7 8 , 0 1 2 1 9 6 1 0 Deferred availability 167,366 105,496 209,022 226,420 452,762 cash items 4,297,816 348,698 710,996 249,972 431,378 331,012 377,051 687,643 Other liabilities and accrued dividends 14,476 667 657 1,509 668 653 2,756 415 525 509 714 1,428 2731,075 12,827^968 2859,127 4544',444 3270,668 2600,429 8876;i27 2056,699 1016,726 2160,365 1095,003 5720,351 TOTAL LIABILITIES 50,567,052 CAPITAL ACCOUNTS Capital paid in 329,280 .17,098 94,394 20,942 31,740 15,083 15,836 44,944 11,249 7,246 13,225 18,322 39,201 S S u u r r p p l l u u s s ( ( S S e e c c t t i i o o n n 7 13 ) b ) 7 2 4 7 7 , , 5 5 4 9 3 3 43 3, , 0 9 1 4 1 8 20 7 8 , , 3 0 1 0 9 2 5 4 2 , , 4 3 8 0 9 1 66 1 , ,0 3 0 9 6 3 37 3 , ,3 5 4 9 9 4 33, 7 1 6 7 2 9 110 1 , ,4 4 2 2 9 1 29, 5 3 2 3 1 1 1 1 8 , , 0 5 7 2 3 0 2 1 7 , , 1 9 3 8 7 3 3 1 7 , , 3 5 0 0 7 8 8 2 2 , , 1 41 40 3 Other capital accounts 182,336 11,589 42,130 12,605 16,197 12,004 10,111 27,821 8,986 5,813 8,835 8,202 18,043 TOTAL LIABILITIES AMD 2806,721 13,179,813 2949,464 4659,780 3338,698 2660,317 9060,742 2106,786 1049,378 2211,545 1960,422 5870,148. CAPITAL ACCOUNTS 51,853,814 Conting. liab. on acceptances purchased for foreign correspondents 63,267 3,671 2/ 17,754 4,431 5,697 3,228 2,849 8,989 2,342 1,519 2,405 3,292 7,090 28, 2.128 Industrial loan commit. 2,304 ~ — 15 63 zz — FEDERAL RESERVE AGENTS' ACCOUNTS 1228,403 543,199 1074,500 742,370 2792,455 F. R- notes outstanding 27,818,115 1643,138 6,528,931 1820,294 2611,332 2191,220 1378,940 5263,333 Collat. for F. R. notes: Gold certificate acct. 11,868,000 580,000 3,170,000 640,000 1130,000 915,000 450,000 2300,000 450,000 150,000 300,000 283,000 1500,000 16,810 - 27,657 Eligible paper 116,267 71,800 U. S. Govt. securities 17,090,000 1150 000 3,600,000 1200,000 1550,000 1310,000 1000,000 3100,000 875,000 460,000 820,000 525.000 1500,000 1730',000 6,770,000 1911,800 2680,000 2225,000 1450,000 5400,000 i34i,8io 610,000 1147,657 808,000 3000,000 Total collateral 29,074,267 1/ After deducting $207,072,000 participations of other Federa lReserve Banks 2/ After deducting $45,513,000 participations, of other Federa lReserve Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis