H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM December 19, 1957 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of member bank reserves for the week ending December 18 increased $456 million to $19,483 million. Estimated required reserves increased $252 million; and estimated excess reserves increased $204 million to $636 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $109 million, compared with $237 million the week before. The principal changes supplying average reserves were increases of $505 million in Federal Reserve float, $76 million in member bank borrowings, and $21 million in Federal Reserve holdings of U. S. Government securities, and a decrease of $30 million in "other" F. R. accounts (net). The principal offsetting changes were increases of $146 million in money in circulation, $21 million in Treasury deposits with Federal Reserve Banks, and $16 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $601 million. As of Wednesday, December 18, U. S. Government securities held under repurchase agreement were $9 million lower than a week earlier and member bank borrowings were $236 million lower. Member bank reserves, Averages of daily figures Reserve Bank credit, For week ending Change from week ending and related items Dec. 18, 1957 Dec. 11, 19571 Dec. 19, 1956 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 23,600 + 26 - 889 Held under repurchase agreement 307 - 5 + 11 Acceptances— Bought outright 27 + 2, 5 Held under repurchase agreement 8 - 1 6 Loans, discounts, and advances-- Member bank borrowings 745 + 76 + 218 Other 6 - 2 - 23 Float 1,525 +505 - 310 Total Reserve Bank credit 26,218 +601 -1,005 Gold stock 22,770 + 4 + 843 Treasury currency outstanding 5,143 + 1 + 79 54,130 +6o4 - 83 Money in circulation 31,973 +146 + 138 Treasury cash holdings 768 - 1 8 Treasury deposits with F. R. Banks 339 + 21 - 159 Foreign deposits with F. R. Banks 334 + 16 - 55 Other deposits with F. R. Banks 183 - 3 + 14 Other F. R. accounts (net) 1,050 - 30 + 39 34,648 +150 30 Member bank reserves-- 19,483 +456 - 52 Required reserves (estimated) 18,847 +252 - 75 Excess reserves (estimated) 636 +204 + 23 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 22,770 Treasury cash holdings 776 Treasury currency outstanding 5,144 Member bank) - Required (est.) 19,048 Money in circulation 32,002 reserves ) - Excess (est.) 577 On December 18, 1957, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $3,761 million, a decrease of $47 million for the week and an increase of $78 million from the comparable date a year Digitized for FRASER http://faragsoer..s tlouisfed.org/ Federal Reserve Bank of St. Louis

8.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Dec. 18, Dec. 11, Dec. 19, 1957 1957 1956 A SS E TS Gold certificate account 21,217,393 8,999 + 851,000 Redemption fund for F. R, notes 867,254 + 6,662 - 7,257 Total gold certificate reserves 22,084,647 2,337 + 843,743 F. R. notes of other Banks 351,987 + 6,643 + 60,007 Other cash 308,829 - 16,240 + 21,420 Discounts and advances 730,853 - 240,690 - 41,573 Industrial loans 507 + 9 309 Acceptances: Bought outright 26,312 + 455 5,452 Held under repurchase agreement 15,519 + 10,809 - 6,593 U.S. Government securities: Bought outright— Bills 864,273 - 815,497 Certificates 19,933,612 +9,000,913 Notes -9,153,913 Bonds 2,801,750 Total bought outright 23,599,635 - 968,497 Held under repurchase agreement 263,800 9,000 - 76,800 Total U. S. Government securities 83.B63.W5 9,000 -1,045.297 Total loans and securities 24,636,626 - 238,417 -1,099,224 Due from foreign banks 12 10 Uncollected cash items 6,497,394 +1,819,433 + 89,047 Bank premises 83,585 + 133 + 10,186 Other assets 195,036 6,022 - 38,246 TOTAL ASSETS 54,158,116 +1,563,193 - 113,077 L I A B I L I T I ES Federal Reserve notes ~ ~ 27,610,478 + 117,115 + 108,799 Deposits: Member bank reserves 19,625,048 + 411,117 - 210,627 U. S. Treasurer—general account 487,738 + 154,964 - 281,885 Foreign 344,069 + 13,922 - 61,278 Other 174,823 7,213 + 7,791 Total deposits 20,631,678 + 572,790 - 545,999 hm Deferred availability cash items 4,574,829 + 857,960 + 313,650 Other liabilities and accrued dividends 24,692 + 283 - TOTAL LIABILITIES 52,841,677 +1,548,148 - 128,256 C A P I T AL A C C O U N TS Capital paid"in" 343,643 1,493 + 18,794 Surplus (Section 7) 747,593 + 53,981 Surplus (Section 13b) 27,543 Other capital accounts 197,660 + 13,552 - 57,596 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54,158,116 +1,563,193 - 113,077 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 45.8# 2.256 Contingent liability on acceptances purchased for foreign correspondents 68,367 303 17,14% Industrial loan commitments 1,095 29 1,065 MATURITY DISTRIBUTION OF LOANS AND SECURITIES. DECEMBER 18, 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 721,418 60 22,394 331,200 16 days to 90 days 9,409 29 19,437 6,303,866 91 days to 1 year 26 285 14,439,112 Over 1 year to 5 years 133 1,374,400 Over 5 years to 10 years 56,610 mMM Over 10 years Digitized for FRTAoSEtRa l 730,853 507 41,831 http://fraser.stlouisfed.org/ • Federal Reserve Bank of St. Louis

S.4.l(b) STATEMEN' OF CONDITION OF EACH FEDERAL RESERVE BANK OH DECEMBER 18, 1957 Total Boston New York Phila- Cleve- Richmond Atlanta Chicago St. Minne- Kansas Dallas San delphia land Louis apolis City Francisco (In thousands of dollars) A S S E TS Gold certificate account 21,217,393 1048,189 5,923,691 1162,309 1954,804 1331,526 843,110 3795,727 840,944 346,037 784,056 734,686 2452,314 Redemption fund for F. R. notes 867,254 56,044 182.497 58,901 79,561 73.569 48,919 157,090 43,349 22.172 41.597 28.495 75.060 Total gold certificate reserves 22,084,647 1104,233 6,106,188 1221,210 2034,365 1405,095 892,029 3952,817 884,293 368,209 825,653 763,181 2527,374 F.R. notes of other Banks 351,987 28,211 82,665 26,294 15,643 32,116 52,236 29,374 10,542 16,506 6,788 15,631 35,981 Other cash 308,829 17,653 58,825 16,180 20,571 21,137 23,686 52,359 22,655 8,384 11,396 10,873 45,110 Discounts and advances 730,853 17,439 224,136 33,445 122,445 22,577 30,298 141,931 11,604 13,253 59,462 26,722 27,541 Industrial loans 507 285 198 24 Acceptances: Bought outright 26,312 26,312 Held under rep. agree. 15,519 15,519 U. S. Govt, securities: Bought outright— Bills 864,273 47,143 216,138 50,450 75,916 55,221 44,766 150,860 35,742 18,651 37,106 33,870 98,410 Certificates 19,933,612 1087,299 4,985,018 1163,585 1750,929 1273,618 1032,502 3479,432 824,355 430,167 855,809 781,178 2269,720 Notes Bonds 2.801.750 .152,824 700.664 163.547 246.100 179.012 145.122 489.048 115.866 60.462 120,288 10Q.7Q8 nQ.mo Total 23,599,635 1287,266 5,901,820 1377,582 2072,945 1507,851 1222,390 4119,340 975,963 509,280 1013,203 924,846 2687,149 Held under rep. agree. 261.800 263.800 Total U. S. Govt, sees. 1287,266 6,165,620 1377,582 2072,945 1507,851 1222,390 4119,340 975,963 509,280 1013,203 924,846 2687,149 Total loans & securities 24,636,626 1304,990 6,431,587 1411,225 2195,390 1530,428 1252,688 4261,271 987,567 522,557 1072,665 951,568 2714,690 Due from foreign banks 12 1 1 /3 1 1 1 1 2 2 / 2 / 2/ 1 1 Uncollected cash items 6,497,394 506,885 1,295,661 457,277 558,279 486,048 496,419 1060,516 275,554 169,214 311,142 270,535 609,864 Bank premises 83,585 5,045 10,653 4,536 9,648 7,042 6,330 6,827 6,017 5,309 4,908 6,301 10,969 Other assets 195,036 10,526 47,964 11,053 17,093 12,202 10,100 35,610 7,847 4,193 8,208 8,422 21,818 TOTAL ASSETS 54,158,116 2977,544 14,033,546 3147,776 4850,990 3494,069 2733,489 9398,776 2194,475 1094,372 2240,760 2026,512 5965,807 1/ After deducting $9,000 participations of other Federal Reserve Banks, 2/ Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 3

H.4.1(c) STATEMENT OF CONDIT]C ON OF EACH FEDERAL RESERVE BANK ON DECEMBER 18, 1957 Phila- Cleve- St. Minne- Kansas San Total Boston J New York delphia land Richmond Atlanta 1 Chicago Louis apolis City Dallas Francisc< (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,610,478 1644,957 6,503,440 1743,508 2639,299 2206,517 1309,760 5346,470 1230,236 492,084 1079,438 745,483 2669,286 Deposits: Member bank reserves 19,625,048 854,155 5,728,125 938,398 1593,399 846,582 929,699 3094,681 716,051 435,626 901,866 975,910 2610,556 U.S.Treas.-gen.acct. 487,738 535 479,656 248 528 508 520 565 521 2,171 518 501 1,467 Foreign 344,069 19,662 1/100,328 23,730 30,510 17,289 15,255 48,138 12,543 8,136 12,882 17,628 37,968 Other 174,823 687 " 117,156 10.934 1,252 2,600 1,320 463 960 226 1.599 1,401 Total deposits 20,631,678 875,039 6,425,265 973,310 1625,689 866,979 946,794 3143,847 730,075 446,159 916,865 995,440 26 Deferred availability cash items 4,574,829 379,535 733,875 338,369 466,030 349,898 4l4,635 715,618 182,537 122,433 191,205 217,463 463,211 Other liabilities and accrued dividends 24,692 1.121 . 7.78.1. 77 41 .825396 2.741 1.112 993 3,843 745 1.168 2.319 TOTAL LIABILITIES 52,841,677 2900^652 13,670,'361 3056^443 4733^759 3424,506 2672,182 9209,778 2143,593 1061,450 2188,367 1959,554 5821,032 CAPITAL ACCOUNTS Capital paid in 343,643 17,583 101,6l8 21,210 32,364 15,624 16,494 46,448 11,576 7,407 13,746 19,343 40,230 Surplus (Section 7) 747,593 43,948 208,002 52,301 66,393 37,594 33,179 110,421 29,331 18,520 27,983 37,508 82,413 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,l40 Other capital accounts 197,660 12,350 46,246 13,333 17,468 12,996 10,872 30,700 9,454 5,922 9,527 8,800 19,992 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54.158,116 2977,544 14,033,546 3147,776 4850,990 3494,069 2733,489 9398,776 2194,475 1094,372 2240,760 2026,512 5965.807 Conting. liab. on acceptances purchased for foreign correspondents 68,367 3,967 2/19,188 4,788 6,156 3,488 3,078 9,713 2,531 l,64l 2,599 3,557 7,66l __ —— j_ 00 —• —— uv - - — — yn\J —— —— Industrial loan commit. 1,095 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,602,757 1709,057 6,745,23? 1799,584 2709,663 2274,586 1368,837 5471,615 1274,169 534,242 1107,874 790,648 2817,245 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: XX55oolldd cceerrttiiffiiccaattee aacccctt.. 12,273,000 700,000 3,270,000 640,000 1130,000 945,000 425,000 2500,000 450,000 130,000 300,000 283,000 1500,000 EElliiggiibbllee ppaappeerr 103,513 —— 33,060 — —— -— —— 11,400 -— 59,053 -— — 1150,000 3,600,000 1200,000 1600,000 1350,000 1000,000 3100,000 895.000 425.000 820,000 525,000 1500,000 UU.. SS.. GGoovvtt,, sseeccuurriittiieess 17,165,000 TToottaall ccoollllaatteerraall 29.541.513 1850.000 "6.870.000 1873.060 2730.000 2295.000 1425.000 5600.000 1356.400 555.000 1179.053 808.000 1000.000 l/ After deducting $243,7 41,000 participations 2/ After deducting $49, 179,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 x