H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM September 24, 1959 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 ended September 23 increased $166 million to $18,819 million. Estimated required reserves increased $96 million; and estimated excess reserves increased $70 million to $566 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $293 million, compared with $563 million the week before. The principal changes supplying average reserves were an increase of $482 million in Federal Reserve float, and decreases of $213 million in money in circulation and $33 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $200 million in member bank borrowings and $94 million in U. S. Government securities held under repurchase agreement, and increases of $211 million in Treasury deposits with Federal Reserve Banks and $47 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $182 million. As of Wednesday, September 23, holdings of U. S. Government securities bought outright were $20 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $155 million lower, and member bank borrowings were $317 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Sept. 23, Sept. 16, Sept. 24, Sept. 23, and related items 1959 1959 1958 1959 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,637 - 6 +1,744 26,623 Held under repurchase agreement -- - 94 — Acceptances-- Bought outright 21 + 1 8 20 - Held under repurchase agreement * Loans, discounts, and advances-- Member bank borrowings 859 -200 + 426 745 Other 1 — — + 1 1 Float 1,499 +482 + 296 1,107 Total Reserve Bank credit 29,016 +182 +2, 455 28,496 Gold stock 19,513 - 9 -1,382 19,495 Treasury currency outstanding 5,278 + 4 + 62 5,286 53,808 +178 +1,139 53,277 Money in circulation 31,984 -213 + 699 31,849 Treasury cash holdings 390 - 5 - 293 391 Treasury deposits with F. R. Banks 632 +211 + 124 905 Foreign deposits with F. R. Banks 298 - 33 - 10 310 Other deposits with F. R. Banks 420 + 47 + 100 423 Other F. R. accounts (net) 1,264 + 4 + 102 1,263 34,990 + 13 + 725 35,1^1 Member bank reserves-- 18,819 +166 + 415 18,135 Required reserves (estimated) Id,253 + 96 + 442 18,173 Excess reserves (estimated) 566 + 70 - 27 - 38 * Less than $500,000. On September 23, 1959, U. S. Government securities held in custody by Federal Reserve Banks for foreign account were $4,317 million, an increase of $9 million for the week and an increase of $783 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ 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 Sept. 23, Sept. 16, Sept. 24, 1959 1959 1958 A S S E TS Gold certificate account 18,230,143 49,999 1,185,749 Redemption fund for F. R. notes 972,884 + 20,702 + 100,453 Total gold certificate reserves 19,203,027 - 29,297 - 1,085,296 F. R. notes of other Banks 492,259 + 65,624 + 91,904 Other cash 384,703 + 22, 253 - 667 Discounts and advances 746,059 + 316,947 + 409,386 Industrial loans — -- - 340 Acceptances--"bought outright 20,035 + 1 8,067 • U. S. Government securities: Bought outright— Bills 2,621,750 19,950 + 1,762,940 Certificates 10,506,993 «" - -11,000,298 Notes 11,010,298 +11,000,298 - — Bonds 2,483,771 — — «• Total bought outright 26,622,812 - 19,950 + 1,762,940 Held under repurchase agreement -- - 155,400 mm mm Total U. S. Government securities 26,622,812 - 175,350 + 1,762,940 Total loans and securities 27, 388,906 + l4l, 598 4*2 ,163,919 Due from foreign "banks 15 — — •* Uncollected cash items 5,944,278 -1,O66,478 + 587,409 Bank premises 97,727 - 56 + 7,232 Other assets 203,706 + 18,729 + 50,388 TOTAL ASSETS 53,714,621 - 847,627 + 1,814,889 L I A B I L I T I ES Federal Reserve notes 27,538,869 - 153,977 + 694,950 Deposits: ? Member bank reserves 18,135,305 - 424,234 + 34,267 U. S. Treasurer--general account 904,927 + 558,804 + 415,204 Foreign 310,381 - 6,026 - 3, l4l Other 423,335 + 40,827 + 84,983 Total deposits 19,773,948 + 169,371 + 531,313 Deferred availability cash items 4,837,423 - 879,462 + 429,347 Other liabilities and accrued dividends 39,434 - 808 + 20,346 TOTAL LIABILITIES 52,189,674 - 864,876 + 1,675,956 C A P I T AL A C C O U N TS Capital paid in" 383,230 + 196 + 26,228 Surplus 868,410 -- + 59,215 Other capital accounts 273,307 + 17,053 + 53,490 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,714,621 847,627 + 1,814,889 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.6# • .11o - 3.4 $ Contingent liability on acceptances purchased for foreign correspondents 67,756 - 1,012 9,691 Industrial loan commitments 5 - - - 1,026 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 23, 1959 (Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts and U. S. Government advances Acceptances securities Within 15 days 737,327 67553 467,000 16 days to 90 days 8,610 13,692 6,397; 110 91 days to 1 year 122 11,764,633 Over 1 year to 5 years 6,523,912 Over 5 years to 10 years 410,385 Over 10 years 1,059,772 Total 746,059 20,035 26,622,812 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 SEPTEMBER 23, 1959 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 18,230,143 836,582 4,571,014 1029,365 1600,117 1080,291 863,219 3294,125 734,200 366,663 696,685 685,229 2472,653 Redemption fund for F. R. notes 972,884 58,254 225.079 59,491 85.139 86,178 56,807 175,165 43,515 23,100 43,791 30,520 85,845 Total gold certificate reserves 19,203,027 894,836 4,796,093 1088,856 1685,256 1166,469 920,026 3469,290 777,715 389,763 740,476 715,749 2558,498 F.R. notes of other Banks 492,259 50,332 95,324 37,074 23,241 47,670 62,528 32,842 14,020 31,765 24,309 18,925 54,229 Other cash 384,703 27,356 69,235 22,493 32,940 26,508 35,645 60,389 20,318 7,944 13,022 13,574 55,279 Discounts and advances 746,059 22,839 189,876 43,126 76,788 47,505 109,423 127,257 10,826 37,607 41,595 30,389 8,828 Acceptances— Bought outright 20,035 20,035 U. S. Govt, securities: Bought outright— Bills 2,621,750 142,138 659,769 149,508 226,986 168,022 138,176 453,700 106,627 59,715 113,010 104,645 299,454 Certificates 10,506,993 569,637 2,644,106 599,172 909,674 673,373 553,760 1818,256 427,319 239,318 452,904 419,376 1200,098 Notes 11,010,298 596,923 2,770,763 627,873 953,250 705,628 580,287 1905,354 447,789 250,782 474,599 439,465 1257,585 Bonds 2,483,771 134,658 625.046 l4l.639 215,040 159,180 130,905 429,821 101,015 56,573 107,063 99,137 283,694 Total 26,622,812 1443,356 6,699,684 1518,192 2304,950 1706,203 1403,128 4607,131 1082,750 606,388 1147,576 1062,623 3040,831 Held under repurchase agreement Total U. S. Govt, sees. 26,622,812 1443,356 6,699,684 1518,192 2304,950 1706,203 1403,128 4607,131 1082,750 606,388 1147,576 1062,623 3040,831 Total loans & securities 27,388,906 1466,195 6,909,595 1561,318 2381,738 1753,708 1512,551 4734,388 1093,576 643,995 1189,171 1093,012 3049,659 Due from foreign "banks 15 1 1/4 1 1 1 1 2 1 2f 1 11 Uncollected cash items 5,944,278 440,565 1,108,117 359,347 496,894 488,557 459,865 909,237 246,569 167,204 303,304 310,4o6 654,213 Bank premises 97,727 4,428 10,078 4,091 9,323 6,799 9,590 13,865 7,190 5,145 4,678 10,060 12,480 Other assets 203.706 11,983 50,251 11,218 17,764 12,837 11,795 34,074 8,ll4 4,588 9,605 8,437 23,040 TOTAL ASSETS 53,714,621 2895,696 13,038,697 3084,398 4647,157 3502,549 3012,001 9254,087 2167,503 1250,4o4 2284,566 2170,164 6407,399 1/ After deducting $11,000 participations of other Federal Reserve Banks." 2/ Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

K.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 23, 1959 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,538,869 1581,451 6,394,132 1725,798 2527,083 2095,919 1506,436 5256,280 1202,909 607,747 1101,179 801,767 2738,168 Deposits: Member bank reserves 18,135,305 759,607 4,902,748 868,157 1469,800 814,246 948,158 2830,369 637,381 411,390 790,134 932,857 2770,458 U.S.Treas.-gen.acct. 904,927 62,337 137,905 55,645 43,125 76,868 65,605 118,022 59,901 44,711 69,608 66,963 104,237 Foreign 310,381 16,775 1/90,781 20,130 27,450 15,250 14,335 45,140 11,285 7,320 11,895 15,860 34,160 Other 423,335 256 365,067 1,837 924 3,771 1,229 779 1,665 242 1,682 722 45,161 Total deposits 19,773,948 838,975 5,496,501 945,769 1541,299 910,135 1029,327 2994,310 710,232 463,663 873,319 1016,402 2954,016 Deferred availability cash items 4,837,423 387,157 723,047 311,136 438,268 414,386 400,161 769,254 194,037 140,688 247,074 272,977 539,238 Other liabilities and accrued dividends 39,434 2,746 9,941 1,951 3,700 2,148 2,037 6,164 1,436 1,216 1,592 1,870 4,633 TOTAL LIABILITIES 52,189,674 2810,329 12,623,621 2904,654 4510,350 3422,588 2937,961 9026,000 2108,614 1213,314 2223,164 2093,016 6236,055 CAPITAL ACCOUNTS Capital paid in 383,230 18,939 110,200 22,775 36,063 17,185 19,707 52,235 12.745 8,721 15,616 21,961 47,083 Surplus 868,410 50,116 238,902 59,607 76,643 44,846 39,474 132,159 33.746 20,785 32,935 43,436 95,761 Other capital accounts 273,307 16.312 65.974 17.362 24.101 17,930 14,859 43,685 12,398 7,584 12,851 11,751 28,500 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 53,714,621 2895,696 13,038,697 3084,398 4647,157 3502,549 3012,001 9254,087 2167,503 1250,4o4 2284,566 2170,164 6407,399 Con ting. liab. on acceptances purchased for foreign correspondents 67,756 3,707 2/19,228 4,448 6,066 3,370 3,168 9,975 2,494 1,617 2,629 3,505 7,549 Industrial loan commit. 1 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,620,768(1657,160 6,681,664 1780,972 2595,213 2160,546 1588,183 5372,760 1256,623 623,879 1136,979 843,271 2923,518 Collat. for F. R. notes: Gold certificate acct. 10,200,000 530,000 2,420,000 640,000 920,000 670,000 500,000 2000,000 430,000 200,000 300,000 290,000 1300,000 Eligible paper 95,447 — — 43,080 -- - - -- — 10,800 -- 41,567 U. S. Govt, securities 19,510,000 1200,000 4,500,000 1200,000 1750,000 1550,000 1200,000 3500,000 935,000 450,000 850,000 575,000 1800,000 Total collateral 29,805,447 1730,000 6,920,000 1883,080 26707000 2220,000 1700,000 5500,000 1375,000 650,000 1191,567 865,000 3100,000 •J After deducting $219,600,000 participations of other Federal Reserve Banks. _2/ After deducting $48,528,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis