H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4il OF THE FEDERAL RESERVE SYSTEM December 23, 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 for the six-day period ending December 22 increased $596 million to $19,405 million, which included an increase of $512 million in member ban kreserve balances at th eFederal Reserve Banks. Estimated required reserves increased $253 million; and estimated excess reserves increased $343 million to $8l6 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $250 million, compared with $483 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $665 million in Federal Reserve float and $110 million in member ban kborrowings. The principal offsetting changes were a decrease of $156 million in U. S. Government securities bought outright and an increase of $110 million in currency in circulation. Total Reserve Bank credit increased $64l million. As of Tuesday, December 22, holdings of U. S. Government securities bought outright were $232 million lower than on Wednesday, December 16, U. S. Government securities under under repurchase agreement were $23 million lower, and member bank borrowings were $185 million higher. NOTE: Next week's statement will be issued as usual on Thursday, December 31* Comparisons will be with December 23 figures and averages, rather than with the figures shown in this statement. Averages of daily figures MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss,,, 66 ddaayyss eennddiinngg Change from week ended TTTuuueeesssdddaaayyy,,, RRReeessseeerrrvvveee BBBaaannnkkk cccrrreeedddiiittt,,, DDeecc.. 2222,, Dec. 16, Dec. 24, DDDeeeccc'''... 222222,,, aaannnddd rrreeelllaaattteeeddd iiittteeemmmsss \\11995599 1959 1958 111999555999 \ (In millions of dollars) Reserve Bank credit: \ U. S. Government securities— X / Bought outright--System account 26, W -156 + 798' 26,909 Held under repurchase agreement + 9 4l - -- Acceptance s-- / Bought outright 4433\\ + 2 3 4444 Held under repurchase agreement 29 X + 12 / + 27 34 Loans, discounts, and advances- Member bank borrowings 1, 066 +110 + 441 712 Other 5 \ — - 1 5 Float 1,834 +665 110 1,763 - Total Reserve Bank credit 30,006 t64i +1,117 29,467 Gold stock 19,467 -,ii .1,069 19,467 Treasury currency outstanding 5,312 + ,1 + 81 5,313 54,785 +6k + 130 54,246 Currency in circulation 32,908 +110 + 375 33,023 Treasury cash holdings 387 / - 9 - 297 389 Treasury deposits with F. R. Banks 525 - 3 - .15 517 Foreign deposits with F. R. Banks 361 + 20 + 122 373 Other deposits with F. R. Banks 330 - 12 + 2 329 x + Other F. R. account s(net) 1,194 + 13 22 1,193 \ + 35,706 +119 210 35,825 Member bank reserves: With Federal Reserve Banks 19,079 +512 81 18,422 Cash allowed as reserves (estimated) / 326 + 84 326 32 6 Total reserves held 19,405 +596 + '245 18,748 Required reserves (estimated) 18,589 +253 + 4i 18,567 Excess reserves (estimated) 816 +343 + 204 181 On December 22, 1959, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,552 million, an increase of $129 million since last Wednesday and an increase of $733 millio nfrom December 24, Digitized for FR*A SE.R TX-c- 0ZK—e-CL-*—U-tX f "Kt-T "v. C.A_Lj.— , •d' v * http://fraser.stlo p u - isfe d & .or g/ ^ -rwwd. . 1 y 6 Federal Reserve Bank of St. Louis

H.4.1(a) STATipSi OF CONDITION OF THE TWELVE FEDBML RESERVE BANKS COMBINED (in thouslndti of dollars) since Dec. 22, Dec. 16, Dec. 24, 1959/ 1959 1958 A S S E TS . Gold certificate account 18,206/645 - 12,997 801,250 Redemption fund for F. R. notes i 967I083 l, 464 + 39,164 Total gold certificate reserves 19,173,728 - 14,461 762,086 F. R. notes of other Banks \ 336,970 - 34,312 + 4,014 Other cash 3m, 247 - 16,556 + 30,729 Discounts and advances 737,073 + 184,868 - 112,583 Industrial loans -- - 336 Acceptancesi Bought outright 143,657 + 2,152 + 3,920 Held under repurchase agreement 33,775 + 2,579 + 28,525 U. S* Government securities: Bought outright-- Sills ?08,305 - 231,800 + 712,455 Certificates 506,993 -8,142,733 Notes 910,298 +8,142,733 Bonds Total bought outright 231,800 + 712,455 Held under repurchase agreement 23,000 - liq&ot 0 Total U. S. Government securities 2b196^, 367 - 254,800 602,455 Total loans and securities 27 70^,872 65,201 + 521,981 Due from foreign "banks I \ 15 Cash items in process of collection 6|608^917 - 286,759 + 572,858 Bank premises ! 100,262 92 + 5,905 Other assets , 237,980 + 15,810 + 100, TOTAL ASSETS 54,472,^91 - 401,571 + 473, L I A B I L I T I ES Federal Reserve notes — 28,454,2^2 150,042 + 361,855 | Deposits: Member baink reserves 4,421,537 + U2> 425 656,288 U. S, Treasurer--general account 517,2& - 42, U33 + 32,525 Foreign 373,41% + 3,689 + 136,862 Other 328,89? + 8,169 + 16,592 Total deposits I?,64i,i3t + 11,850 - 470,309 Deferred availability cash items 4,846,033 - 578,178 + 453,217 Other liabilities and accrued dividends 42,863 - 2,283 + 8,737 TOTAL LIABILITIES 32,984,2661 418,569 + 353,500 C A P I T AL A C C O U N TS Capital""paid In" 386,888 ' + 457 + 24,370 Surplus 1 868,410 - - + 59,215 Other capital accounts 233,327 16,541 + 36,679 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54,472,891 - 401,571 + 473,764 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39.9# 1.5# Contingent liability on acceptances purchased for foreign correspondents 74,462 1,590 + 3,879 Industrial loan commitments 985 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 22, 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 705,973 41,218 262,600 16 days to 90 days 11,087 36,214 7,646,433 91 days to 1 year 13 — 11,006,265 Over 1 year to 5 years — -- 6,523,912 Over 5 years to 10 years — — 677,384 Over 10 years -- 792,773 Digitized for FRTAoStEaRl 717,073 77,432 26,909,367 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMEM & 8 | [ON OF EACH FEDERAL RESERVE BANK ON DECEMBER 22, 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 18,206,645 904,329 4,892,665 1041,455 1533,193 1016,932 917,320 3058,877 749,181 351,952 650,116 666,480 2424,145 Redemption fund for F. R. notes 967,083 59,652 213,325 60,965 87,708 79,240 59,628 177,357 45,241 23,410 45,167 31,037 84,353 Total gold certificate reserves 19,173,728 963,981 5,105,990 1102,420 1620,901 1096,172 976,948 3236,234 794,422 375,362 695,283 697,517 2508,498 F.R. notes of other Banks 336,970 25,215 67,667 19,126 15,161 4l,323 48,610 27,802 10,971 15,308 16,311 22,704 26,772 Other cash 311,247 16,176 54,232 15,987 26,489 20,086 21,741 53,983 21,775 10,4l4 13,681 13,627 43,056 Discounts and advances 717,073 22,577 75,720 41,815 32,145 32,225 112,385 191,537 44,885 9,377 79,632 67,515 7,260 Acceptances: Bought outright 43,657 43,657 -- — - - - Held under rep. agree. 33,775 -- 33,775 " -- -- -- U. S. Govt. securities: Bought outright— Bills 2,908,305 157,673 731,881 165,850 251,795 186,387 153,279 503,289 118,281 66,242 125,362 116,082 332,184 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 26,909,367 1458,891 6,771,796 1534,534 2329,759 1724,568 1418,231 4656,720 1094,404 612,915 H59,928 1074,060 3073,561 Held under rep. agree. Total U. S. Govt, sees. 26,909,367 1458,891 6,771,796 1534,534 2329,759 1724,568 l4l8,231 4656,720 1094,4o4 612,915 1159,928 1074,060 3073,561 Total -loans & securities 27,703,872 1481,468 6,924,948 1576,349 2361,904 1756,793 1530,616 4848,257 1139,289 622,292 1239,5601 141,575 3080,821 Due from foreign banks 15 1 1 /4 l l l 12 1 2/ 1 1 1 Cash items in process of collection 6,608,917 490,194 1,254,550 445,854 571,812 512,282 528,979 1086,386 282,415 179,431 313,850 277,830 665,334 Bank premises 100,262 4,362 9,900 4,036 9,563 6,689 9,641 15,594 7,074 5,060 4,636 11,361 12,346 Other assets 237,880 12,797 59,117 13,165 20,824 15,110 13,611 40,350 9,534 5,379 11,075 9,847 27,071 TOTAL ASSETS 54,472,891 2994,194 13,476,408 3176,938 4626,655 3448,456 3130,147 9308,608 2265,481 1213,246 2294,397 2174,462 6363,899 1/ After deducting $11,000 participations of other Federal Reserve Banks7" 2/ Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis a . i

Total Boston New York ^ h la ^ d' Richmond Atlanta Chicago ^ Dallas FraSsco LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS (In thousands of dollars) FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 28,454,232 1629,842 6,666,147 1819,355 2590,992 2153,824 1621,209 5354,426 1257,030 611,765 1123,790 825,021 2800,831 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 18,421,537 834,293 5,107,435 873,841 1405,795 739,494 960,467 2843,541 675,690 397,569 827,564 976,365 2779,483 UUUUU.....SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 517,288 38,789 2,574 33,583 48,508 65,258 46,270 59,519 45,433 32,803 42,548 43,411 58,592 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 373,415 19,745 1/114,935 23,694 32,310 17,950 16,873 53,132 13,283 8,616 14,001 18,668 40,208 OOOOOttttthhhhheeeeerrrrr 328,897 359 265,819 4,724 1,206 2,053 1,011 1,794 772 220 957 1,493 48,489 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 19,641,137 893,186 5,490,763 935,042 1407,019 024,755 1024,621 2957,906 735,170 439,200 005,070 1039,937 2926,772 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 4,846,032 385,531 904,355 322,010 410,519 390,029 409,613 766,934 214,230 124,602 223,835 230,801 463,573 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 42,865 2,205 10,953 2,206 3,939 2,324 2,231 7,062 1,504 1,395 1,765 1,982 5,299 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 52,984,266 2910,764 13,072,210 3079,413 4493,269 3370,932 3057,674 9006,400 2207,942 1176,970 2234,460 2097,741 6196,475 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 386,888 19,155 110,362 22,819 36,265 17,256 20,094 53,452 12,919 8,785 15,851 22,235 47,695 SSSSSuuuuurrrrrpppppllllluuuuusssss 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 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 233,327 14,159 54,926 15,099 20,478 15,422 12,905 36,589 10,874 6,706 11,151 11,050 23,968 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAAMMMMMDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 54,472,891 2994,194 13,476,408 3176,938 4626,655 3448,456 3130,147 9308,608 2265,481 1213,246 2294,397 2174,462 6363,899 CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 74,462 4,180 2/19,742 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 29,465,598 1695,484 6,961,988 1865,539 2644,074 2210,956 1604,013 5400,160 1300,206 622,044 1150,067 070,596 2947,663 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 165,622 — -- 4l,485 - - - — 44,700 —— 79,437 — - UU.. SS»» GGoovvtt,, sseeccuurriittiieess 19,430,000 1250,000 4,200,000 1200,000 1750,000 1550,000 1200,000 3600,000 935,000 450,000 870,000 625,000 1800,000 TToottaall ccoollllaatteerraall 30,345,622 1780,000 7,100,000 1941,405 2670,000 2250,000 1700,000 5600,000 1409,700 630,000 1249,437 915,000 3100,000 11 ii AA ""FFMM""AA MMii**--II dd??OOCCUU 1111 JA f\r\r\ L • of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis y i