H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD C& i^VfikwORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM March 20, 1958 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 March 19 increased $231 million to $18,930 million. Estimated required reserves increased $232 million; and estimated excess reserves decreased $1 million to $607 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $482 million, compared with $477 million the week before. The principal changes supplying average reserves were increases of $157 million in Federal Reserve float and $34 million in Federal Reserve holdings of U. S. Government securities which reflected average holdings of $50 million in certificates of indebtedness~-special series, and decreases of $222 million in Treasury deposits with Federal Reserve Banks and $49 million in money in circulation. The principal offsetting changes were a decrease of $74 million in gold stock, and increases of $92 million in Treasury cash holdings and $75 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $182 million. As of Wednesday, March 19, holdings of U. S. Government securities bought outright were $22 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $77 million lower, and member bank borrowings were $4 million higher. Member bank reserves, Averages of dally figures Reserve Bank credit, For week ending Change from week ending and related items March 19, 1958 March 12, 1958IMarch 20, 1957 (In millions of dollars) Reserve Bank credit; U. S. Government securities->• Bought outright—System account 23,430 - 2 + 366 Special certificates 50 + 50 + 50 Held under repurchase agreement 20 - 14 - 94 Acceptances--bought outright 40 - 3 + l6 Loans, discounts, and advances— Member bank borrowings 125 - 6 -632 Other 1 - 25 Float 973 +157 -200 Total Reserve Bank credit 24,638 +182 -520 Gold stock 22,541 - 74 +236 Treasury currency outstanding 5,178 + 4 + 98 52,357 +112 Money in circulation 30,592 - 49 + 3 Treasury cash holdings 804 + 92 - 7 Treasury deposits with F. R. Banks 257 -222 - 45 Foreign deposits with F. R. Banks 257 - 16 - 43 Other deposits with F. R. Banks 368 + 75 +169 Other F. R. accounts (net) 1,150 + 2 +12 33,426 Member bank reserves-- 18,930 +231 -274 Required reserves (estimated) 18,323 +232 -255 Excess reserves (estimated) 607 1 - 19 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 22,513 Treasury cash holdings 821 Treasury currency outstanding 5,179 Member bank) - Required (est.) 18,530 Money in circulation 30,521 reserves ) - Excess (est,) 442 On March 19, 1958, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $3,405 million, a decrease of $91 million for the week and a decrease of $330 million from the comparable date a Digitized for FRASER http://frayseera.strlo uaisgfeod..or g/ 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 19, March 12, March 20, 1958 1958 1957 A S S E TS Gold certificate account 21,060,392 - 100,002 + 295,998 Redemption fund for F. R. notes 857,698 3,141 + 3,302 Total gold certificate reserves 21,918,090 - 103,143 + 299,300 F. R. notes of other Banks 491,032 5,870 76,612 Other cash 490,069 + 405 + 40,050 Discounts and advances 230,840 + 3,864 - 661,899 Industrial loans 474 37 - 309 Acceptances—"bought outright 38,425 4,176 + 15,253 U. S. Government securities: Bought outright-- Bills 701,760 - 21,550 + 320,805 Certificates 19,946,105 -- +8;, 583,906 Notes -- -8,571,413 Bonds 2,789,257 -- - 12,493 Total bought outright 23,437,122 - 21,550 + 320,805 Held under repurchase agreement -- - 77,300 - 81,800 Total U. S. Government securities 23,437,122 - 98,850 + 239,005 Total loans and securities 23,706,861 - 99,199 - 407,950 Due from foreign banks 15 -- - 7 Uncollected cash items 6,512,926 +1,780,334 + 15,064 Bank premises 85,438 + 446 + 9,793 Other assets 160,893 + 3,898 + 28,024 TOTAL ASSETS 53,365,324 +1,576,871 + 60,886 L I A B I L I T I ES Federal Reserve notes 26,550,485 + 1,475 + 118,997 Deposits: Member bank reserves 18,971,740 + 159,734 + 128,102 U. S, Treasurer--general account 100,154 - 346,246 - 644,616 Foreign 242,961 - 37,981 - 57,127 Other 410,511 + 107,693 + 222,419 Total deposits 19,725,366 - 116,800 - 351,222 Deferred availability cash items 5,689,095 +1,680,510 + 241,107 Other liabilities and accrued dividends 16,569 518 1,312 TOTAL LIABILITIES 51,981,515 +1,564,667 + 77575 C A P I T AL A C C O U N TS Capital paid in 349,685 195 + 19,055 Surplus (Section 7) 809,198 + 61,605 Surplus (Section 13b) 27,543 Other capital accounts 197,383 + 12,009 27,344 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,365,324 +1,576,871 TOM Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 47.4$ Contingent liability on acceptances purchased for foreign correspondents 127,272 2,484 69,035 Industrial loan commitments __ 1,029 + 35 957 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 19, 1958 (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 228,016 127 11,417 55,200 16 days to 90 days 2,796 156 27,008 646,560 91 days to 1 year 28 86 20,285,201 Over 1 year to 5 years 105 1,035,304 Over 5 years to 10 years 56,610 Over 10 years 1,358,247 Total 230,840 %7% 38,425 23,437,122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 19, 1958 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (In thousands of dollars) A S S E TS Gold certificate account 21,060,392 953,524 6,190,651 1109,905 1827,919 1265,592 779,005 3776,692 826,635 401,009 853,157 723,874 2352,429 Redemption fund for F. R. notes 857,698 54,942 177,547 59,074 77,750 77,341 48,027 155,082 42,803 21,966 41,126 28,122 73,918 Total gold certificate reserves 21,918,090 1008,466 6,368,198 1168,979 1905,669 1342,933 827,032 3931,774 869,438 422,975 894,283 751,996 2426,347 F.R. notes of other Banks 491,032 23,909 130,833 32,170 47,849 38,775 73,994 38,175 11,974 18,312 5,335 33,122 36,584 Other cash 490,069 32,278 111,663 30,453 42,846 32,330 32,559 79,689 27,256 9,472 14,248 19,029 58,246 Discounts and advances 230,840 9,305 23,450 3,700 5,575 4,500 25,450 133,348 700 3,447 20,215 900 250 Industrial loans 474 327 127 20 Acceptances— Bought outright 38,425 38,425 £L S. Govt, securities; Bought outright— Bills 701,760 38,278 175,497 40,964 61,641 44,837 36,350 122,492 29,021 15,144 30,129 27,501 79,906 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 115522..114433 669977,,554400 116622,,881177 224455,,000033 117788..221144 114444,.447755 448866,,886688 111155,,335500 6600,,119922 111199,,775511 110099,,330088 331177,,559966 Total 23,437,122 1278,401 5,861,179 1368,095 2058,670 1497,468 1213,973 4090,973 969,242 505,773 1006,226 918,477 2668,645 Held under repurchase agreement Total U. S. Govt, sees. 23.437.122 1278.401 5.861.179 1368.095 2058.670 1497.468 1213.973 4090.973 969,242 505,773 1006.226 918,477 2668,645 Total loans & securities 23,706,861 1288,033 5,923,054 1371,922 2064,245 1501,968 1239,423 4224,321 969,942 509,240 1026,441 919,377 2668,895 Due from foreign banks 15 1 1 /4 1 1 1 1 2 1 2/ 1 11 Uncollected cash items 6,512,926 462,316 1,399,981 495,594 589,165 492,563 505,237 969,820 268,182 147,711 306,163 268,470 607,724 Bank premises 85,438 4,941 10,669 4,469 9,740 6,944 7,198 7,058 6,415 5,301 4,935 6,529 11,239 Other assets 160,893 8.451 41.020 9,014 13.805 9.944 8.227 28,821 6.322 3.399 7,129 7.050 17.711 TOTAL ASSETS 53,365,324 2828,395 13,985,422 3112,602 4673,320 3425,458 2693,671 9279,660 2159,530 1116,410 2258,535 2005,574 5826,747 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Lees than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) 1 1 OF COHDIT]CO N OF EACH FEDERAL RESERVE BANK ON MARCH 19, 195S Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco L I A B I L I T I ES Federal Reserve notes 26,550,485 1564,528 6,306,995 1662,987 2512,246 2083,660 1242,648 5159,4o8 1182,407 519,302 1049,027 712,990 2554,287 Deposits; Member bank reserves 18,971,740 781,480 5,499,803 886,445 1487,729 846,253 933,491 3066,569 678,416 417,960 682,380 964,601 2526,613 U.S.Treas.-gen.acct. 100,154 573 91,888 341 515 588 558 528 525 1,954 577 514 1,593 Foreign 242,961 13,452 1/73,513 16,284 21,004 12,036 10,620 33,748 8,732 5,664 9,204 12,272 26,432 Other 410,511 551 "355,481 10,455 1,357 3,532 2,117 855 757 594 1,353 1,329 32,130 Total deposits 19,725,366 796,056 6,020,685 913,525 1510,605 062,409 946,706 3101,700 688,430 426,172 893,514 978,716 2586,768 Deferred availability cash items 5,689,095 386,599 1,273,702 440,284 525,214 404,959 438,559 814,645 234,688 136,066 260,276 242,309 531,794 Other liabilities and accrued dividends 16,569 902 4,020 779 2,057 846 793 2,767 509 610 536 1,000 1,750 TOTAL LIABILITIES 51,981,515 2748,085 13,605,402 3017,575 4550,122 3351,874 2628,786 9078,520 2106,034 1082,150 2203,353 1935,015 5674,599 CAPITAL ACCOUNTS Capital paid in 349,685 17,821 102,933 21,405 32,956 15,884 17,109 47,755 11,790 7,548 14,150 19,707 40,627 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 2,140 >ther capital accounts 197,383 12,465 45,805 13,210 17,686 13,115 10,822 30,452 9,599 5,942 9,362 8,674 20,251 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,365,324 2828,395 13,985,422 3112,602 4673,320 3425,458 2693,671 9279,660 2159,530 1116,410 2258,535 2005,574 5826,747 lontiog. liab. on acceptances purchased for foreign correspondents 127,272 7,256 2/35,871 8,784 11,330 6,492 5,728 18,204 4,710 3,055 4,965 6,619 14,258 FEDERAL RESERVE AGENTS* ACCOUNTS RR.. nnootteess oouuttssttaannddiinngg 27,668,793 1650,204 6,650,612 1742,747 2611,340 2162,563 1303,603 5270,208 1224,142 536,383 1075,140 756,862 2684,989 lloollllaatt ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 12,193,000 700,000 3,270,000 640,000 1130,000 875,000 425,000 2500,000 430,000 i4o,ooo 300,000 283,000 1500,000 EElliiggiibbllee ppaappeerr 24,615 — — 3)Too ** * •• — — 700 "* *• 20,2x5 •• w w UU.. SS.. GGoovvtt,, sseeccuurriittiieess 17,145,000 1150,000 3,600,000 1200,000 1600,000 1350,000 1000,000 3100,000 875,000 425,000 820,000 525,000 1500,000 TToottaall ccoollllaatteerraall 29,362,615 1850,000 6,870,000 1843,700 2730,000 2225,000 1425,000 5600,000 1305,700 565,000 1140,215 808,000 3000,000 r*After deducting $91,401,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis