H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM January 7, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF TEE FEDERAL RESERVE BANKS The average of daily figures of total member tank reserves held during the week ended January 6 increased a net of $130 million to $19, l60 million, which reflected in part an increase of $171 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $70 million; and estimated excess reserves increased $60 million to $545 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $468 million, compared with $443 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were decreases of $374 million in currency in circulation, $352 million in "other" F. R. accounts (net), and $39 million in foreign deposits with Federal Reserve Banks, and an increase of $85 million in member bank borrowings. The principal offsetting changes were decreases of $202 million in Federal Reserve float and $180 million in U. S. Government securities bought outright, and increases of $220 million in "other" deposits with Federal Reserve Banks and $45 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $311 million. As of Wednesday, January 6, holdings of U. S. Government securities bought outright were $l4l million lower than a week earlier, U. S. Government securities held under repurchase agreement were $6 million lower, and member bank borrowings were $915 million higher. Averages of daily figures MMeemmbbeerr bbaannkk rreesseerrvveess,, WWeeeekk eennddeedd Change frcm week ended WWeeddnneessddaayy RReesseerrvvee BBaannkk ccrreeddiitt,, JJaannuuaarryy 66,, December 30, January 7, JJaannuuaarryy 66,, aanndd rreellaatteedd iitteemmss II996600 1959 1959 II996600 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,607 -l80 + 517 26,607 Held under repurchase agreement 35 - 7 - 59 24 Acceptances— Bought outright 44 + 1 4444 - - Held under repurchase agreement 29 - 5 4- 26 22 Loans, discounts, and advances— Member bank borrowings 1,013 + 85 + 387 1,281 Other 5 — — - 13 4 Float l, 586 -202 + 185 1,475 Total Reserve Bank credit 29,318 -311 +1,043 29,456 Gold stock 19,456 -1,078 19,456 — — Treasury currency outstanding 5,314-4 + 1 + 80 5,314 54,089- % -309 + 46 54,226 Currency in circulation 32, 519 W -374 + 511 32,402 Treasury cash holdings 415 o'j + 20 - 288 410 Treasury deposits with F. R. Banks 582 + 45 + 136 650 Foreign deposits with F. R. Banks 348 - 39 + 69 335 Other deposits with F. R. Banks 553 +220 + 197 346 Other F. R. accounts (net) 843 -352 279 840 35,25» ' -48o + 346 34,984 Member bank reserves: With Federal Reserve Banks 18,831 +171 300 19,243 - Cash allowed as reserves (estimated) 329 - 4i + 329 315 Total reserves held 19,160 +130 + 29 19,558 Required reserves (estimated) 18,615 + 70 + 27 18,546 Excess reserves (estimated) 545 + 60 + 2 1,012 On January 6, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,4l6 million, a decrease of $227 million for the week and an increase of $696 million frcm the comparable date a year ago..,.; y, r ^ i . 94

H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since January 6, December 30, January 7, i960 1959 1959 A S S E TS Gold certificate-account 18,185,643 822,249 Redemption fund for F. R. notes 978,085 + 1 + 35,289 Total gold certificate reserves 19,163,728 1 - 786,960 F. R. notes of other Banks 560,570 + 78,574 - 8,021 Other cash 383,399 + 47,465 + 11,901 Discounts and advances 1,285,104 + 913,924 + 502,909 Industrial loans -- ~ 336 Acceptances: Bought outright 43,510 + 6 + 222 Held under repurchase agreement 22,204 8,969 + 21,919 • U. S. Government securities: Bought outright— Bills 2,605,765 141,300 602,715 Certificates 10,506,993 -- -8,142,733 Notes 11,010,298 » •* +8,142,733 Bonds 2,483,771 •• m Total bought outright 26,606,827 - 141,300 + 602,715 Held under repurchase agreement 24,000 - 6,000 - 13,000 Total U. S. Government securities 26,630,827 - 147,300 + 589,715 Total loans and securities 27,981,645 + 757,661 +1,114,429 Due from foreign "banks ~~~ 15 •» • Cash items in process of collection 6,062,921 ~ 354,892 + 901,309 Bank premises 99,591 - 326 + 5,951 Other assets 278,434 18,518 + 117,853 TOTAL ASSETS 54,530,303 + 547,001 +1,356,462 L I A B I L I T I ES Federal Reserve notes 28,150,221 - 164,164 t 481,871 Deposits: Member bank reserves 19,242,922 +1,282,826 + 328,331 U. S. Treasurer—general account 649,871 + 131,374 + 82,716 Foreign 334,758 - 48,175 + 59,316 Other 346,095 3,491 + 12,689 Total deposits 20,573,646 +1,369,516 + 483,052 Deferred availability cash items 4,588,345 - 320,835 + 548,608 Other liabilities and accrued dividends 28,138 - 17,426 + 6,770 TOTAL LIABILITIES 5.3,340,350 + 867,091 +1,520,301 C A P I T AL A C C O U N TS Capital"paid In" ~ 387,720 + 403 + 21,416 Surplus 774,808 - 93,602 - 93,602 Other capital accounts 27,425 - 226,891 - 91,653 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54,530,303 + 547,001 +1,356,462 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39.3% - 1.0# - 2.5# Contingent liability on acceptances purchased for foreign correspondents 92,794 + 10,496 + 26,281 Industrial loan commitments -- -- - 975 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 6, I960 (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 1,276,663 32,512 775,330 16 days to 90 days 8,428 33,202 6,964,663 91 days to 1 year 13 — 10,896,765 Over 1 year to 5 years — — 6,523,912 Over 5 years to 10 years -- -- 677,384 Over 10 years -- __ 792,773 Total 1,285,104 65,714 26,630,827

E.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 6, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Franciscc (In thousands of dollars) A S S E TS Gold certificate account 18,185,643 892,020 4,768,992 1049,377 1503,790 1040,118 898,379 3052,155 664,220 377,344 68l,4io 738,875 2518,963 Redemption fund for F. R. notes 978,085 59,652 213,325 60,965 87,708 79,240 64,629 182,357 46,241 23,410 45,167 31,037 84,354 Total gold certificate reserves 19,163,728 951,672 4,982,317 1110,342 1591,498 1119,358 963,0083234,512 710,461 400,754 726,577 769, 912 2603,317 F.R. notes of other Banks 560,570 4o,ll8 103,188 4l,492 38,629 70,763 71,765 47,941 20,462 20,247 20,175 37,075 Other cash 383,399 21,831 64,728 19,229 34,892 27,264 29,326 69,955 24,176 12,067 15,191 16,636 Discounts and advances 1,285,104 24,045 88,875 25,889 39,960 23,155 179,843 490,347 104,048 32,467 115,399 82,578 Acceptances: Bought outright 43,510 43,510 -- - - -- -- -- -- - - Held under rep. agree. 22,204 22,204 U. S. Govt, securities: Bought outright— Bills 2,605,765 141,271 655,746 148,597 225,602 166,997 137,334 450,934 105,977 59,351 112,321 104, OCT 297,628 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 26,606,827 1542,"589 6,695,661 1517,281 2303,566 1705,178 1402,286 4604,365 1082,100 606,024 1146,887 1061,985 3039,005 Held under rep. agree. 24,000 —— COO — — - ** Total U. S. Govt, sees. 26,630,827 1442,489 6,719.661 1517.281 2303.566 1705.178 1402.286 46o4.365 1082,100 606.024 1146.887 1061.985 3019.005 Total loans & securities 27,981,645 1466,534 6,874,250 1543,170 2343,526 1728,333 1582,129 5094,712 1186,148 638,491 1262,286 1144,563 3117,503 Due from foreign tanks 15 1 1 /4 1 1 1 12 1 2/ 1 11 Cash items in process of collection 6,062,921 423,288 l, 149,891 320,245 527,800 446,546 530,811 889,492 270,451 159,326 327,775 320,704 696,592 Bank premises 99,591 4,328 9,858 4,036 9,315 6,651 9,542 15,613 7,036 5,059 4,636 11,339 12,178 Other assets 278,414 15.035 68,996 15.658 23,898 17.716 15.857 47,513 11.243 6,346 12.997 11.320 31.855 TOTAL ASSETS 54,530,303 2922,807 13,253,232 3054,173 4569,559 3416,632 3202,439 9399,740 2229,978 1242,290 2369,638 2311,550 6558,265 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 6, i960 Total Boston New York [Richmond Atlanta Chicago ^ Minne- Kansas Dallas ^ a n^ LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS (In thousands of dollars) FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 28,150,221 1610,632 6,600,594 1800,859 2563,807 2125,477 1591,032 5308,845 1241,184 606,723 1116,105 8l4,468 2770,495 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 19,242,922 802,968 5,135,818 847,073 1440,642 795,001 1067,712 3041,946 702,678 431,014 894,468 1113,642 2969,960 UUUUU.....SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 649,871 55,931 94,838 48,931 37,247 49,744 46,479 89,396 27,659 35,913 55,605 51,444 56,684 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 334,758 20,020 1/72,678 24,024 32,760 18,200 17,108 53,872 13,468 8,736 14,196 18,928 40,768 OOOOOttttthhhhheeeeerrrrr 346,095 388 285,588 3,074 1,447 3,893 1,344 859 1,362 310 1,129 1,615 45,086 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 20,573,646 879,307 5,588,922 923,102 1512,096 666,638 1132,643 3186,073 745,167 475,973 965,39% 1105,629 3112,490 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy----cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 4,588,345 372,048 719,064 258,576 380,116 368,700 415,014 734,394 202,619 131,324 238,073 242,333 526,084 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 28,138 1,392 7,192 1,435 2,486 1,588 1,522 4,982 1,092 1,252 1,258 999 2,940 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 53,340,350 2863,379 12,915,772 2983,972 4458,505 3362,603 3140,211 9234,294 2190,062 1215,272 2320,634 2243,429 6412,017 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 387,720 19,177 110,480 22,824 36,321 17,298 20,197 53,735 12,951 8,798 15,881 22,338 47,720 SSSSSuuuuurrrrrpppppllllluuuuusssss 774,808 38,332 220,905 45,638 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95,390 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 27,425 1,919 6,075 1,739 2,203 2,165 1,725 4,377 1,103 64o 1,203 1,138 3,138 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 54,530,303 2922,807 13,253,232 3054,173 4569,559 3416,632 3202,439 9399,740 2229,978 1242,290 2369,638 2311,550 6558,265 CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 92,794 5,104 2/25,978 6,125 8,352 4,640 4,361 13,734 3,434 2,227 3,619 4,826 10,394 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 29,413,097 1699,714 6,953,709 1863,510 2643,853 2217,474 1677,661 5475,602 1302,416 623,200 1154,139 OV(,i61 2934,2j6 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 10,650,000 530,000 2,900,000 700,000 920,000 700,000 500,000 1900,000 430,000 180,000 300,000 290,000 1300,000 EElliiggiibbllee ppaappeerr 244,768 —— —— 25,625 —— —— — — —*• 103,900 — — 115,243 UU.. SS.. GGoovvtt,, sseeccuurriittiieess 19,530,000 1250,000 4,200,000 1200,000 i75o,coo 1550,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 TToottaall ccoollllaatteerraall 30,424,768 1780,000 7,100,000 1925,625 2670,000 2250,000 1700,000 5600,000 1468,900 630,000 1285,243 915,000 3100,000 _1/ After deducting $262,060,000 participations of other Federal Reserve Banks. 2/ After deducting $66,816,000 participations of other Federal Reserve Banks.