H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release B.4.1 OF THE FEDERAL RESERVE SYSTEM December 3, 1959 WEEKLY AVERAGES OP MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total member bank reserves held during the week ended December 2 decreased $123 million to $18,440 million, reflecting a decrease of $167 million in member bank reserve balances at the Federal Reserve Banks and an estimated $44 million of currency and coin that country member banks were permitted to count as reserves beginning December 1. Estimated required reserves decreased $53 million; and estimated excess reserves decreased $70 million to $355 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $515 million, compared with $397 million the week before. The principal changes reducing the total of average reserves were a decrease of $225 million in Federal Reserve float, and increases of $175 million in currency in circulation, $32 million in Treasury deposits with Federal Reserve Banks, and $32 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were increases of $191 million in U. S. Government securities bought outright and $48 million in member bank borrowings ,and a decrease of $56 million in "other" F. R. accounts (net). Total Reserve Bank credit increased $10 million. As of Wednesday, December 2, holdings of U. S. Government securities bought outright were $351 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $1 million lower, and member bank borrowings were $20 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 2, Nov. 25, Dec. 3, Dec. 2, and related items 1959 1959 1958 1959 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,843 +191 + 810 27,044 Held under repurchase agreement 28 - 2 82 28 - Acceptances-- Bought outright 32 - 2 34 Held under repurchase agreement 3 -- + 3 4 Loans, discounts, and advances— Member bank borrowings 870 + 48 + 291 616 Other 5 - 2 + 3 5 Float 1,086 -225 - 1 995 Total Reserve Bank credit 28,867 + 10 +1,023 28,726 Gold stock 19, 568 - 14 -l, o4i 19,565 Treasury currency outstanding 5,306 + 2 + 78 5,309 53,742 - 1 + 61 53,600 Currency in circulation 32,444^ +175 + 387 32,481 Treasury cash holdings 4i^"c? - 3 - 281 409 Treasury deposits with F. R. Banks 547 + 32 82 601 Foreign deposits with F. R. Banks 347 + 32 + 125 318 Other deposits with F. R. Banks 355 - l4 - 46 343 Other F. R. accounts (net) 1,241 - 56 + 138 1,242 +167 35,346 + 405 35,39V Member bank reserves: With Federal Reserve Banks 18,396 -167 344 18,206 Cash allowed as reserves (estimated) 44 + 44 + 44 155 Total reserves held 18,440 -123 - 300 18,361 Required reserves (estimated) 18,085 18,158 - 53 - 147 Excess reserves (estimated) 355 - 70 - 153 203 On December 2, 1959, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,4l6 million, a decrease of $20 million for the week and an increase of $594 million from the comparable Digitized for FRASER date a year ago. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) STATEMENT OF CONDITION OP THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Dec. 2, Nov. 25, Dec. 3, 1959 1959 1958 A S S E TS Gold certificate account 18,308,642 ~ 15,999 - 790,252 Redemption fund for P. R. notes 968,558 + 854 + 50,009 Total gold certificate reserves 19, 277, 200 - 15,145 - 740,243 F. R. notes of other Banks 351,770 + 27,021 + 54,807 Other cash 348,689 - 9,337 + 25,091 Discounts and advances 621,279 - 19,279 + 292,276 Industrial loans -- — 337 Acceptances: Bought outright 3333,,552244 + 3,012 11,,667755 Held under repurchase agreement 3,788 - 523 + 3,788 U. S. Government securities: Bought outright— Bills 33,,004433,,440055 + 335500,,887755 ++ 992244,,005555 Certificates 10,506,993 -- -8,142,733 Notes 11,010,298 +8,142,733 Bonds 2,483,771 - - — Total "bought outright 27,044,467 + 350,875 + 924,055 Held under repurchase agreement 27,400 1,350 + 15,000 ~ Total U. S. Government securities 27,071,867 + 349,525 + 939,055 Total loans and securities 27,730,458 + 332,735 +1,233,107 Due from foreign banks 15 - - Cash items in process of collection 5,684,108 + 105,245 + 435,664 Bank premises 99,138 - 207 + 5,667 Other assets 205,079 + 19,020 + 82,466 TOTAL ASSETS 53,696,457 + 459,332 +1,096,559 L I A B I L I T I ES Federal Reserve notes ~~ 27,992,915 + 73,816 + 382,593 Deposits: Member bank reserves 18,206,498 + 66,866 - 111166,,443344 U. S. Treasurer—general account 601,398 + 165,976 + 131,960 Foreign 318,225 - 17,995 + 85,007 Other 342,787 + 16,092 - 911 Total deposits 19,468,908 + 230,939 + 99,622 Deferred availability cash items 4,688,640 + 132,122 + 475,120 Other liabilities and accrued dividends 45,425 + 3,293 + 11,811 TOTAL LIABILITIES 52,195,888 + 440,170 + 969,146 C A P I T AL A C C O U N TS Capital~paid In" 384,947 229 + 26,234 Surplus 868, 4lO + 59,215 Other capital accounts 247,212 + 18,933 + 41,964 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,696, 457 + 459,332 +1,096,559 Ratio of gold certificate reserves to deposit and P. R. note liabilities combined 40.6$ - .3% - 2.0$ Contingent liability on acceptances purchased for foreign correspondents 71,425 + 1,008 - 2,417 Industrial loan commitments — — - 995 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 2, 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 605,94l 9,850 382,160 16 days to 90 days 15,283 27,462 7,676,073 91 days to 1 year 55 -- 11,019,565 Over 1 year to 5 years — -- 6,523,912 Over 5 years to 10 years -- 410,385 Over 10 years -- -- 1,059,772 Digitized for FRASER Total 621,279 37,312 27,071,867 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH DECEMBER 2, 1959 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Franciscc (In thousands of dollars) A S S E TS Gold certificate account 18, 308,642 900,086 4,599,127 1026,594 1572,794 1081,753 878,942 3269,860 752,406 392,115 651,310 723,751 2459,904 Redemption fund for F. R. notes 968,558 60,112 215,299 61,698 85,418 81,227 60,257 178.160 44,469 23,609 43,356 30,170 84,783 Total gold certificate reserves 19,277,200 960,198 4,814,426 1088,292 1658,212 1162,980 939,199 3448,020 796,875 415,724 694,666 753,921 2544,687 F.R. notes of other Banks 351,770 22,283 71,609 20,743 16,007 36,369 ... 51,910 27,324 10, 347 20,612 15,904 22,604 Other cash 348,689 19,783 58,776 23,029 29,772 19,933 27,698 62,130 20,903 11,098 13,815 16,049 Discounts and advances 621,279 29,182 122,750 37,225 36,285 29,000 128,050 93,034 35,135 11,227 62,716 29,365 7,310 Acceptances: Bought outright 33,524 33,524 -- — - - - -- Held under rep. agree. 3,788 3,788 U. S. Govt, securities: Bought outright— Bills 3,043,405 164,998 765,879 173,554 263,492 195,045 160,399 526,668 123,775 69,319 131,186 121,475 347,615 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 2,483,771 134,658 625,046 141,639 215,040 159,180 130,905 429,821 101,015 56.573 107,063 99,137 283,694 Total 27,044,467 1466,216 6,805,794 1542,238 2341,456 1733,226 1425,351 4680,099 1099,898 615,992 1165,752 1079,453 3088,992 Held under rep. agree. 27,400 ** »«• •• «•»— • mm tm • «. •» •» Total U. S. Govt, sees. 27,071,867 1466,216 6,833,194 1542,238 2341,456 1733,226 1425,351 4680,099 1099,898 615,992 1165,752 1079.453 3088.992 Total loans & securities 27,730,458 1495,398 6,993,256 1579,463 2377,741 1762,226 1553,401 4773,133 1135,033 627,219 1228,468 1108,818 3096,302 Due from foreign banks 15 1 1/4 1 l 1 12 1 2/ 1 11 Cash items in process of collection 5,684,108 409,318 1,061,515 363,742 508,269 432,217 447,606 946,364 252,662 160,668 259,344 291,038 551,365 Bank premises 99,138 4,324 9,971 4,052 9,230 6,703 9,666 15,012 7,074 5,085 4,636 11,016 12,369 Other assets 205,079 11,072 50,893 11,376 18,129 13,000 11,907 34,783 8,204 4.624 9,606 8.224 23.261 TOTAL ASSETS 53,696,457 2922,377 13,060,450 3090,698 4617,361 3433,429 3041,388 9306,768 2231,099 1245,030 2226,440 2211,671 6309,746 l/ 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

H.4.I(C) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 2, 1959 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 w thousands of dollars) Federal Reserve notes 27,992,915 1603,059 6,548,037 1780,721 2545,033 2122,497 1570,030 5288,637 1237,877 604,672 1113,280 812,095 2766,977 Deposits: Member bank reserves 18,206,498 796,312 4,822,331 844,816 1442,923 809,596 955,953 2883,003 688,642 429,509 790,692 1010,510 2732,211 U.S.Treas.-gen.acct. 601,398 37,815 90,184 48,121 38,303 41,268 43,376 82,906 35,856 27,452 46,258 38,499 71,360 Foreign 318,225 17,105 1/94,305 20,526 27,990 15,550 14,617 46,028 11,507 7,464 12,129 16,172 34,832 Other 342,787 379 283,755 1,532 1,296 3,255 1,318 1,711 588 282 1,364 946 46,361 Total deposits 19,468,908 851,611 5,290,575 914,995 1510,512 869,669 1015,264 3013,648 736,593 464,707 850,443 1066,127 2084,764 Deferred availability cash items 4,688,640 381,102 801,430 294,233 422,846 360,441 380,703 773,265 197,045 137,778 200,432 255,058 484,307 Other liabilities and accrued dividends 45,425 2,556 12,172 2,445 4,345 2,453 2,309 7,575 1,712 1,243 1,910 1,824 4,881 TOTAL LIABILITIES 52,195,888 2838,328 12,652,214 2992,394 4482,736 3355,060 2960,306 9083,125 2173,227 1200,400 2166,065 2135,104 6140,929 CAPITAL ACCOUNTS Capital paid in 384,947 19,116 110,256 22,801 36,155 17,218 19,941 52,421 12,855 8,759 15,782 22,172 47,471 .Surplus 868,4-10 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 247,212 14,817 59,078 15,896 21,827 16,305 13,667 39,063 11,271 7,086 11,658 10,959 25,585 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,696,457 2922,377 13,060,450 3090,698 4617,361 3433,429 3041,388 9306,768 2231,099 1245,030 2226,440 2211,671 6309,746 Gonting. liab. on acceptances purchased for foreign correspondents 71,425 3,927 2/20,017 4,712 6,426 3,570 3,356 10,567 2,642 1,713 2,785 3,713 7,997 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,991,593 1663,034 6,870,867 1832,900 2608,547 2178,685 1635,317 5401,899 1282,823 617,096 1139,198 861,752 2899,475 Collat. for F. R. notes: Gold certificate acct. 10,590,000 530,000 2,800,000 640,000 920,000 700,000 500,000 2000,000 430,000 180,000 300,000 290,000 1300,000 Eligible paper 134,241 36,895 — -- — -- 34,950 62,396 U. S. Govt, securities 19,260,000 1200,000 4,200,000 1200,000 1750,000 1550,000 1200,000 3500,000 935,000. 450,000 850,000 625,000 1800,000 Total collateral 29,984,241 1730,000 7,000,000 1876,895 2670,000 2250,000 1700,000 5500,000 1399,950 630,000 1212,396 915,000 3100,000 l/ After deducting $223,9 20,000 participations of other Federal Reserve Banks, 2/ After deducting $51, 408,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis