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 17, 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 total member bank reserves held during the week ended December l6 increased $48 million to $l8,809 million, which included an increase of $38 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $118 million; and estimated excess reserves decreased $70 million to $470 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $486 million, compared with $371 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $166 million in Federal Reserve float and $45 million in member bank borrowings, and a decrease of $63 million in "other" F. R. accounts (net). The principal offsetting changes were increases of $197 million in currency in circulation and $4l million in Treasury deposits with Federal Reserve Banks, and a decrease of $27 million in gold stock. Total Reserve Bank credit increased $212 million. As of Wednesday, December 16, holdings of U. S. Government securities bought outright were $12 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $26 million lower, and member bank borrowings were $48 million lower. NOTE: Next week's statement will be issued on Wednesday, December 23, as of Tuesday, December 22. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Dec. 16, Dec. 9, Dec. 17, Dec. 16, and related items 1959 1959 1958 1959 UI n millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 27,142 + 12 + 919 27, l4l Held under repurchase agreement 34 - 30 58 23 - Acceptances- Bought outright 4l + 4 + 4 42 Held under repurchase agreement 17 + 14 + 16 31 Loans, discounts, and advances- Member bank borrowings 956 + 45 + 440 527 Other 5 - - + 2 5 Float 1,169 +166 270 1,471 - Total Reserve Bank credit 29,365 +212 +1;054 29, 241 Gold stock 19,478 - 27 -1,098 19, 477 Treasury currency outstanding 5,311 + 1 + 82 5,311 54,154 +187 + 37 54,029 Currency in circulation 32,798 +197 + 404 32,812 Treasury cash holdings 396 - 9 - 297 394 Treasury deposits with F. R. Banks 528 + 4l + 100 560 Foreign deposits with F. R. Banks 341 - 21 + 78 370 Other deposits with F. R. Banks 342 + 4 + 7 321 Other F. R. accounts (net) 1,181 - 63 + 20 1,194 35,567 +149 + 314 35,650 Member bank reserves: With Federal Reserve Banks 18,567 + 38 277 18,379 Cash allowed as reserves (estimated) 242 + 10 + 242 302 Total reserves held 18,809 + 48 - 35 18,681 Required reserves (estimated) 18,339 +118 - 35 18,576 Excess reserves (estimated) 470 - 70 105 On December 16, 1959, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,423 million, an increase of $21 million for the week and an increase of $552 million from the comparable date Digitized for FRASER a year ago. 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 Dec. 16, Dec. 9, Dec. 17, 1959 1959 1958 A S S E TS . Gold certificate"account 18,219,642 27,002 856,251 Redemption fund for F. R. notes 968,547 - 2,010 + 51,941 Total gold certificate reserves 19,168,189 - 29,012 - 804,310 F. R. notes of other Banks 371,282 + 33,563 + 30,132 Other cash 327,803 - 1,817 + 25,276 Discounts and advances 532,205 - 48,224 ~ 36,051 Industrial loans -- - 336 Acceptances: Bought outright 41,505 + 5,001 + 4,308 Held under repurchase agreement 31,196 + 26,775 + 31,196 U. S# Government securities: Bought outright-- Bills 3,140,105 12,000 + 946,855 Certificates 10,506,993 -8., 142,733 Notes 11,010,298 +8,142,733 • — Bonds 2,483,771 •» — *» *. Total bought outright 27,141,167 - 12,000 + 946,855 Held under repurchase agreement 23,000 - 26,000 • 54,900 Total U. S. Government securities 27,164,167 38,000 + 891,955 ~ Total loans and securities 27,769,073 54,448 + 891,072 • Due from foreign banks 15 - - ' Cash items in process of collection 6,895,676 +1,882,933 - 35,947 Bank premises 100,354 + 1,200 + 6,509 Other assets 222,070 - 1,649 + 96,734 TOTAL ASSETS 54,874,462 +1,830,770 + 209,466 L I A B I L I T I ES Federal Reserve notes " 28,304,190 + 101,686 + 373,086 Deposits: Member bank reserves 18,379,112 + 4o8, Oil 737,625 U. S. Treasurer—general account 559,721 + 132,283 + 56,273 Foreign 369,726 + 29,710 + 117,802 Other 320,728 - 26,514 - 15,681 Total deposits 19,629,287 + 543,490 - 579,231 Deferred availability cash items 5,424,210 +1, 235,928 + 289,227 Other liabilities and accrued dividends 45,148 - 2,122 + 11,296 TOTAL LIABILITIES 53,402,835 +1,878,982 + 94,378 C A P I T AL ACCOUNTS Capital paid"in" 386,431 + 1,365 + 26,010 Surplus 868,4l0 + 59,215 Other capital accounts 216,786 - 49,577 + 29,863 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54,874,462 +1,630,770 + 209,466 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.0# - .6$ - 1.5# Contingent liability on acceptances purchased for foreign correspondents 76,052 - 4,201 + 3,770 Industrial loan commitments MATURITY DISTRIBUTION OF LOANS AND SECURITIES ,DECEMBER l6, 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 520,413 ' 37,866 426,100 16 days to 90 days 11,753 34,835 7,699,033 91 days to 1 year 39 -- 11,044,965 Over 1 year to 5 years -- -- 6,523,912 Over 5 years to 10 years — 677,384 Over 10 years __ __ 792,773 Digitized for FTRAoStEaRl 5327205 72,701 27,164,167 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4.1(b) STATEMENT 0PC0NDIT][ ON OF EACH FEDERAL RESERVE BANK ON DECEMBER 16, 1959 Phila- Cleve- St, Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco A S S E TS Gold certificate account 18,219,642 904,558 4,646,105 1060,428 1564,621 1072,958 894,544 3123,4o8 740,090 351,333 715,117 680,164 2466,316 Redemption fund for F. R- notes 968,547 59,887 -214,407 61,333 87,069 80,295 59,953 177,768 45,364 23,508 43,271 31,106 84,586 Total gold certificate reserves 19,188,189 964,445 4,-860,512 1121,761 1651,690 1153,253 954,497 3301,176 785,454 374,841 758,388 711,270 2550,902 F.R. notes of other Banks 371,282 26,600 79,777 23,744 15,099 40,813 49,627 30,728 9,153 15,489 18,321 22,852 39,079 Other cash 327,803 17,511 52,580 18,977 26,684 19,577 24,929 59,625 22,189 11,306 13,665 15,192 45,568 Discounts and advances 532,205 16,138 47,225 26,805 25,910 12,259 72,085 203,057 19,935 8,072 70,694 24,565 5,460 Acceptances: Bought outright 41,505 4l,505 -- -- Held under rep. agree. 31,196 -- 31,196 -- -- -- U. S. Govt, securities: Bought outright— Bills 3,140,105 170,241 790,214 179,068 271,864 201,242 165,496 543,402 127,708 71,521 135,354 125,335 358,660 Certificates 10,506,993 569,637 £,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 27,141,167 1471,459 6,830,129 1547,752 2349,828 1739,423 1430,448 4696,833 1103,831 618,194 1169,920 1083,313 3100,037 Held under rep. agree. 23,000 23^ 000 •• ••• *— Total U. S. Govt, sees. 27,164,16? 1471,459 6,853,129 1547,752 2349,828 1739,423 1430,448 4696,833 1103.831 618,194 1169,920 1083,313 3100,037 Total loans & securities 27,769,073 1487,597 6,973,055 1574,557 2375,738 1751,682 1502,533 4899,890 1123,766 626,266 1240,6l4 1107,878 3105,497 Due from foreign "banks 15 1 1 /4 l 1 1 12 1 2 / 1 11 Cash items in process of collection 6,895,676 465,973 1,333,179 401,032 613,585 532,356 574,696 1122,688 316,640 195,308 329,698 309,795 700,726 Bank premises 100,354 4,362 9,900 4,058 9,563 6,703 9,653 15,594 7,074 5,060 4,636 11,361 12,390 Other assets 222,070 11,995 55,260 12.292 19,315 14,093 12,739 37,446 8,875 5.029 10,374 9,166 25,486 TOTAL ASSETS 54,874,462 2978,484 13,364,267 3156,422 4711,675 3518,478 3128,675 9467,149 2273,152 1233,299 2375,697 2187,515 6479,649 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

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER l6, 1959 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 28,304,190 1624,101 6,623,893 1806,365 2581,712 2146,364 1606,375 5325,993 1252,731 609,009 1123,294 821,355 2782,998 Deposits: Member bank reserves 18,379,112 791,180 4,897,759 882,318 1418,153 797,661 930,334 2932,888 679,705 393,080 890,563 959,739 2805,732 U.S.Treas.-gen.acct. 559,721 49,427 81,990 35,368 47,094 50,271 26,347 59,647 31,896 32,497 44,354 46,191 54,639 Foreign 369,726 19,745 1/111,246 23,694 32,310 17,950 16,873 53,132 13,283 8,616 14,001 18,668 40,208 Other 320,728 514 261,569 2,388 941 2,483 1,312 1,566 457 321 1,754 1,657 45,766 Total deposits 19,629,207 860,866 5,352,564 943,768 1498,498 868,365 974,866 3047,233 725,341 434,514 950,672 1026,255 2946,345 Deferred availability cash items 5,424,210 4o8,661 975,700 307,231 495,493 424,904 473,669 867,103 236,691 152,485 240,721 261,839 579,713 Other liabilities and accrued dividends 45,148 2,255 12,265 2,462 3,975 2,393 2,240 7,593 l,6ll 1,333 1,810 2,102 5,109 TOTAL LIABILITIES 53,402,835 2895^883 12,964,422 3059,826 4579,678 3442,026 3057,150 9247,922 2216,374 1197,341 2316,497 2111,551 6314,165 CAPITAL ACCOUNTS •Capital paid in 386,431 19,154 110,359 22,815 36,243 17,239 20,004 53,422 12,880 8,777 15,817 22,225 47,496 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 216,786 13,331 50,584 14,174 19,111 14,367 12,047 33h,f6 4"6 10,152 6,396 10,448 10,303 22,227 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54,874,462 2978,484 13,364,267 3156,422 4711,675 3518,478 3128,6759467^49 2273,152 1233,299 2375,697 2187,515 6479,649 Conting. liab. on acceptances purchased for foreign correspondents 76,052 4,180 2/21,332 5,016 6,840 3,800 3,572 11,248 2,812 1,824 2,964 3,952 8,512 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 1692,115 6,973,423 1853,902 2644,849 2216,637 1668,450 5^2,885 1294,581 621,087 1158,951 873,408 2941,463 29,391,751 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 10,750,000 530,000 2,900,000 700,000 920,000 700,000 500,000 2000,000 430,000 180,000 300,000 290,000 1300,000 EElliiggiibbllee ppaappeerr 116,624 26,475 — — — — 19,750 — 70,399 UU.. SS.. GGoovvtt,, sseeccuurriittiieess 19,410,000 1250,000 4,200,000 1200,000 1750,000 1550,000 1200,000 3600,000 935,000 450,000 850,000 625,000 1800,000 TToottaall ccoollllaatteerraall 30,276,624 1780,000 7,100,000 1926,475 2670,000 2250,000 1700,000 5600,000 1384,750 630,000 1220,399 915,000 3100,000 l/ After deducting $258,480,000 partj Lcipations of other Federal Reserve Banks. ~ —Y< - y v z, - 2/ After deducting $54,720,000 participations of other Federal Reserve Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1

F. R. 3^0 (Rev. 12-59) CHANGES IN WEEKLY AVERAGES OF: MEMBER BANK RESERVES, Worksheet RESERVE BANK CREDIT AND RELATED ITEMS for H>4.1 (In mi: Llions of dollars) Averages for Change since: Wednesday Member hank reserves, Reserve week ended (Week ago) (Year ago) &4-*/. Bank credit, and Related items 1(0. 1 ^ 5kz,<).4-. Reserve Bank credit: U. S. Government securities-- Bought outright—System account 9 1 0 - H 5k SSppeecciiaall cceerrttiiffiiccaatteess HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeenntt 3-1 + 3 - 41 Acceptances— Bought outright +!> 4^3 H-H- Held under repurchase agreement 3o 3-1 . Loans, discounts, and advances-- Member bank borrowings A 80 *3.4- 4 - ur mm Other r -1 r Float 1 2 1 3 f WJ -1 zlLP Other i/ Total Reserve Bank credit A i m* f w 5W /H-~) Gold stock 1 <?. 1 - 11 "i <=> L> °l i Treasury currency outstanding 6 - 3 ,% 4-1 + 3 1 r i x !) •£ 4-. L> 2. -hS~^o $ * 1 CCuurrrreennccyy iinn cciirrccuullaattiioonn f 1 A L>' f 3CM "33 a a/ Treasury cash holdings 3 #! -1 32 f Treasury deposits with F. R. Banks - ±~ T io Foreign deposits with F. R. Banks f 4- 1 % 3 9 3, Other deposits with F. R. Banks 3 3, - II f-3 3 3 *-f- Other F. R. accounts (net) / i 9r -hi<4s r. - i ^ r- + I 32''^ a r * M -r MMeemmbbeerr bbaannkk rreesseerrvveess:: WWiitthh FFeeddeerraall RReesseerrvvee BBaannkkss . 9 4- 3 lo - a a3 (5 0 2 (0 Cash allowed as reserves (estimated) f 34- 4- 3*9. b 3 a 6, Total reserves held 4-<4-S"4- f io3 ($ M-f Required reserves (estimated) is.trs r "b 4 iS.fkiT Excess reserves (estimated) (pid f cR 0 $ 4-4-L - ^3 On 7S A 'i 1 9JT9 > U. S. Government securities held in cus- (date) 7 tody by the Federal Reserve Banks for foreign account were $'•/;L>o~% million, o.f^J lA/Jirease of $ iSo million for the week and a^yJ vv-»rease of $ "1&H— million from the comparable date a year ago. l/ This or a specific caption or captions to he used only when other Reserve Bank credit (Due from foreign hanks, Municipal warrants, or Federal Intermeditate Credit Bank debentures) amounts to $500,000 or more. Digitized for FRASER http://fraser.stlouisfed.org/ p- " r Federal Reserve Bank of St. Louis

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