H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM March 6, 1958 WEEKLY AVERAGES 0? MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERA LRESERVE BANKS The average of daily figures of member ban kreserves for the week ending March 5 decreased $235 millio nto $18,674 million. Estimated required reserves decreased $332 million, partly reflecting the reduction in reserve requirements which became effective during the week; and estimated excess reserves increased $97 million to $551 million. Excess reserves exceeded member ban kborrowings at the Federal Reserve Banks by $433 million, compared with $301 millio nthe week before. The principal changes reducing average reserves were decreases of $124 million in Federal Reserve holdings of U. S. Government securities, $60 million in Federal Reserve float, $35 million in member ban kborrowings, and $28 million in gold stock, and increases of $44 million in "other" deposit swith Federal Reserve Banks and $20 million in money in circulation. The principal offsetting changes were decreases of $42 million in "other" F. R. accoun t(snet) and $22 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $218 million. As of Wednesday, March 5# holdings of U. S. Government securities bought outright were $94 million lower than a week earlier ,U. S. Government securities held under repurchase agreement were $15 million higher, an dmember bank borrowings were $77 million lower. Member bank reserves, Averages of daily figures Reserve Bank credit, For week ending Change from week ending and related items March 5» 1958 Feb. 26, 19581 March 6,~1957 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 23,251 -329 +356 Held under repurchase agreement 5 + 5 - 13 Acceptances--bought outright 42 + 18 Loans, discounts, an dadvances— Member bank borrowings 118 - 35 -612 Other l + 1 - 25 Float 892 - 60 -287 Total Reserve Bank credit 24,309 :2i5 -562 Gold stock 22,686 - 28 +382 Treasury currency outstanding 5,168 + 3 + 91 52,164 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. account s(net) Member bank reserves-- Required reserves (estimated) Excess reserves (estimated) I CVl 13 - 87 30,562 + 20 - 4 702 + 7 -111 486 - 22 + 7 270 - 14 - 59 320 + 44 +108 1,151 - 42 + 20 33,490 - 7 ^5o 18,674 -235 - 47 18,123 -332 -108 551 + 97 + 61 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 22,686 Treasury cash holdings 710 Treasury currency outstanding 5,169 Member bank) - Required (est.) 18,114 Money in circulation 30,580 reserves ) - Exces s(est.) 594 On March 5, 1958, U. S. Government securities held in custody b ythe Federal Reserve Banks for foreign account were $3,532 million, a decrease of $87 million for the week and a decrease of $131 millio nfrom the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5.4.1(a) ^TAiBKEKT OF CONDITION OF THE TWELVE FEDERA LRESERVE BAMS COMBINED (In thousands of dollars) Change since March 5, Feb. March 6, 1958 1958 1957 A S S E TS Gold certificate account 21,235,393 10,000 + 471,002 Redemption fund for F. R. notes 861,068 7,265 + 2,468 Total gold certificate reserves 22,096,461 2,735 + 473,470 F. R. notes of other Banks 511,398 34,004 + 64,506 Other cash 508,239 13,368 + 43,145 Discounts and advances 107,003 76,734 690,024 Industrial loans 491 21 30$ Acceptances—bought outright 42,600 897 19,685 U. S. Government securities: Bought outright— Bills 580,260 93,763 + 414,505 Certificates 19,946,105 +8,583,906 Notes -8,571,413 Bonds 2,789,257 - 12,493 Total bought outright 23,315,522 93,763 + 414,505 Held under repurchase agreement 15,000 + 15,000 Total U, S, Government securities 23,3307622 78,763 + 429,505 Total loans and securities 23,480,716 - 154,621 - 241,139 Due from foreign banks 15 7 Uncollected cash items 4,616,278 - 10,352 + 39,402 Bank premises 84,751 + 171 + 9,937 Other assets 141,289 + 16,821 + 20,973 TOTAL ASSETS 51,439,147 - 198,085 + 410,287 L I A B I L I T I ES Federal Reserve notes 26,550,866 + 40,696 + 10,724 Deposits: Member bank reserves 18,708,416 - 171,353 + 163,879 U. S. Treasurer--general account 385,688 - 20,676 - 20,537 Foreign 286,495 + 12,539 - 33,011 Other 308,825 + 11,024 + 98,360 Total deposits 19,689,424 - 168,466 + 208,691 Deferred availability cash items 3,824,089 - 81,754 + 141,727 Other liabilities and accrued dividends 15,739 914 963 TOTAL LIABILITIES 50,080,118 - 210,438 + 360,179 C A P I T AL A C C O U N TS Capital paid in 349,087 263 + 18,803 Surplus (Section 7) 809,198 + 61,605 Surplus (Section 13b) 27,54-3 Other capital accounts 173,201 + 12,087 30,300 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,439,147 - 198,088 410,287 Ratio of gold certificat ereserves to deposit and F. R. not eliabilities combined 47«8$ • JL70+ Contingent liability on acceptances purchased for foreign correspondents 133,462 9,280 + Industrial loan commitments 1.076 i ?^95 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 5, 1958 (Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximu mmaturity of the agreements.) Discounts and Industrial U. S. Government advances loans Acceptances securities Within 15 days 103,272 128 17,440 78,710 16 days to 90 days 3,632 163 25,160 516,550 91 days to 1 year 99 87 19,946,105 Over 1 year to 5 years 113 1,374,400 Over 5 years to 10 years 56,610 Over 10 years 1,358,247 Total 107,003 m 42,600 23,330,622 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E.4.l(b) STATEMENT OF CONDITION OF EACH FEDERA LRESERVE BANK ON MARCH 5 .1958 Total Boston New York Phi la 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 21,235,393 1030,127 5,811,038 1138,557 1888,081 1303,279 804,326 3856,878 856,314 424,441 864,427 733,671 2524,254 Redemption fund for F. R, notes 861,068 55,111 178,309 59,344 78,027 78,266 48,180 155,400 42,888 22,008 41,208 28,198 74,129 Total gold certificate reserves 22,096,461 1085,238 5,989,347 1197,901 1966,108 1381,545 852,506 4012,278 899,202 446,449 905,635 761,869 2598,383 F.R. notes of other Banks 511,398 27,985 132,715 32,750 51,380 36,328 74,631 44,584 12,032 20,809 5,269 34,191 38,724 Other cash 508,239 29,293 114,549 29,611 45,592 34,416 36,202 83,368 28,973 9,064 15,626 20,545 61,000 Discounts and advances 107,003 8,020 5,275 7,475 3,410 5,440 3,855 45,295 2,580 3,130 17,073 5,050 400 Industrial loans 491 327 143 21 Acceptances-- Bought outright 42,600 42,600 U. S. Govt, securities: Bought outright-- Bills 580,260 31,651 145,112 33,872 50,969 37,074 30,056 101,284 23,996 12,522 24,913 22,740 66,071 Certificates 19,946,105 1087,980 4,988,142 1164,314 1752,026 1274,417 1033,148 3481,613 824,871 430,437 856,346 781,668 2271,143 Notes Bonds 2,789,257 152,143 697,540 162,817 245,003 178,214 144,475 486,868 115,350 60,192 119,751 109,308 317,596 Total 23,315,622 1271,774 5,830,794 1361,003 2047,998 1489,705 1207,679 4069,765 964,217 503,151 1001,010 913,716 2654,810 Held under repurchase agreement 15,000 — 15,000 Total U, S. Govt, sees# 23,330,622 1271,774 5,845,794 1361,003 2047,998 1489,705 1207,679 4069,765 964,217 503,151 1001,010 913,716 2654,810 Total loans & securities 23,480,716 1280,121 5,893,669 1368,621 2051,408 1495,145 1211,534 4115,060 966,797 506,302 1018,083 918,766 2655,210 Due from foreign banks 15 1 1/4 1 1 1 1 2 1 2/ l l 1 Uncollected cash items 4,616,278 331,546 853,380 281,049 400,338 363,620 389,758 755,216 190,789 126,607 261,870 217,924 444,181 Bank premises 84,751 4,941 10,629 4,469 9,710 6,943 6,935 6,848 6,353 5,301 4,935 6,495 11,192 Other assets 141,289 7,530 34,188 7,889 12,764 8,884 7,394 26,307 5,626 3,020 5,879 6,179 15,629 TOTAL ASSETS 51,439,147 2766,655 13,028,481 2922,291 4537,301 3326,882 2578,961 9043,66 32109,773 1117,552 2217,298 1965,970 5824,320 1/ After deducting $11,000 participation sof other Federa lReserve Banks. 2/ Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERjM RESERVE BANK ON MARCH 5 ,1958 Phila- Cleve- Minne- Kansas San Total Boston New York Richmond Atlanta Chicago J ^ Dallas delphia land L e apolis City Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 26,550,866 1567,354 6,253,857 1666,078 2519,609 2098,979 1244,226 5167,630 1186,399 513,629 1051,203 714,233 2567,669 Deposits: Member bank reserves 18,708,416 766,687 5,413,187 884,206 1481,286 800,016 902,073 2964,855 676,336 433,624 841,130 960,159 2584,857 U.S. Treas.-gen acct. 385,688 33,782 17,959 16,604 32,902 39,465 19,510 47,604 26,435 19,143 46,072 24,213 61,999 Foreign 286,495 15,105 1/96,225 18,285 23,585 13,515 11,925 37,895 9,805 6,360 10,335 13,780 29,660 Other 308,825 487 241,828 9,.899 2,039 4,534 4,095 1,047 1,507 1,174 1,373 1,558 39,284 Total deposits 19,689,424 816,061 5,769,199 928,994 1539,812 857,530 937,603 3051,401 714,083 460,301 898,910 999,710 2715,820 Deferred availability cash items 3,824,089 303,357 628,099 232,845 354,414 297,497 332,796 625,404 156,237 109,203 212,507 181,648 390,082 Other liabilities and accrued dividends 15,739 3,658 770 2,463 795 773 2,627 540 635 523 7l8 1,399 TOTAL LIABILITIES 50,080,118 2687,610 12,654,813 2828,687 4416,298 3254,801 2515,398 8847,062 2057,259 1083,768 2163,143 1896,309 5674,970 CAPITAL ACCOUNTS Capital paid in 349,087 17,820 102,784 21,403 32,910 15,875 16,967 47,630 11,749 7,543 14,UO 19,692 40,574 Surplus (Section 7) 809,198 47,013 223,963 55,923 71,550 41,236 36,192 121,504 31,586 19,697 30,533 40,871 89,130 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 173,201 11,201 39,602 11,789 15,537 11,621 9,642 26,038 8,658 5,471 8,345 7,791 17,506 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,439,147 2766,655 13,028,481 2922,291 4537,301 3326,882 2578,961 9043,663 2109,773 1117,552 2217,298 1965,970 5824,320 Conting. liab. on acceptances purchased for jforeign correspondents 133,462 7,609 2/37,609 9,211 11,881 6,808 6,008 19,091 4,940 3,204 5,207 6,942 14,952 Industrial loan commit. 1,076 —— —— 22 52 —— — — 62 940 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 27,704,083 1659,774 6,608,853 1750,922 2625,633 2177,988 1307,381 5293,291 1231,663 535,678 1074,381 760,927 2677,592 Collat. for F. R. notes: Gold certificate acct. 12,193,000 700,000 3,270,000 640,000 1130,000 875,000 425,000 2500,000 430,000 140,000 300,000 283,000 1500,000 Eligible paper 27,128 —— 7,475 —- — — —— -- 2,580 -- 17,073 —• -— U. S. Govt, securities 17,145,000 1150,000 3,600,000 1200,000 1600,000 1350,00 01000,000 3100.000 875.000 425.000 820,000 525.000 1500,000 Total collateral 29,3557128" 1050,000 6,870,000 1847,475 2730,000 2225,000 1425,000 5600,000 1307,580 565,000 1137,073 868,000 3000,000 l/ After deducting $190,2 70,000 participations of other Federal Reserve Banks. 2/ After deducting $95, 853,000 participations of other Federa lReserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis