H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release a.4.i OF THE FEDERAL RESERVE SYSTEM January l4, i960 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 January 13 decreased $118 million to $19,028 million, all of which was in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $192 million; and estimated excess reserves increased million to $583 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $328 million, compared with $504 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $317 million in Federal Reserve float, $247 million in Federal Reserve holdings of U. S. Government securities, and $102 million in member bank borrowings. The principal offsetting changes were decreases of $237 million in currency in circulation, $221 million in "other" deposits with Federal Reserve Banks, $63 million in Treasury deposits with Federal Reserve Banks, and $40 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $685 million. As of Wednesday, January 13, holdings of U. S. Government securities bought outright were $442 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $31 million higher, and member bank borrowings were $786 million lower. Averages of daily figures MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss,,, WWeeeekk eennddeedd Change from week ended WWWeeedddnnneeesssdddaaayyy RRReeessseeerrrvvveee BBBaaannnkkk cccrrreeedddiiittt,,, JJaannuuaarryy 1133,, January 6, January 14, JJJaaannn... 111333,,, aaannnddd rrreeelllaaattteeeddd iiittteeemmmsss II996600 I960 1959 III999666000 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 26,339 -268 + 522 26,165 Held under repurchase agreement 56 + 21 - kk99 5555 Acceptances-- Bought outright 44 «• — mm w 44 Held under repurchase agreement 10 - 19 4- 9 mm mm Loans, discounts, and advances-- Member bank borrowings 911 -102 + 198 495 Other 4 - 1 - l4 4 Float 1,269 -317 + 258 1,180 Total Reserve Bank credit 28,633 -685 + 925 27,942 Gold stock 19,455 - 1 -1,071 19,455 Treasury currency outstanding 5,315 + 1 4- 81 5,315 53,404 -685 64 52,712 - Currency in circulation 32,282 -237 + 572 32,070 Treasury cash holdings 4l0 - 3 - 294 4l6 Treasury deposits with F. R. Banks 519 - 63 + 129 493 Foreign deposits with F. R. Banks 308 - 40 + 11 291 Other deposits with F. R. Banks 332 -221 - 13 334 Other F. R. accounts (net) 840 - 3 - 281 839 34,690 -568 + 123 34,444 Member bank reserves: With Federal Reserve Banks 18,713 -118 188 18,269 Cash allowed as reserves (estimated) 315 — — + 315 315 Total reserves held 19,028" -ll8 + 127 18,584 Required reserves (estimated) 18,445 -192 + 105 18,48o Excess reserves (estimated) 583 + 74 + 22 104 On January 13, i960, U. S. Government securities held ifi custody by the Federal Reserve Banks for foreign account were $4,401 million, a decrease of $15 million for the week an an increase of $786 million from the comparable date a year ago.

H.4.1(a) , |!TM'3Etel\iT OF CONDITION OF THE TVikLVB FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since January 13, January 6, January 1% I960 I960 1959 A S S E TS Gold certificate account 18,180,644 4,999 ~ 807,247 Redemption fund for F. R. notes 978,326 + 241 + 37,853 Total gold certificate reserves 19,158,970 4,758 - 769,394 F. R. notes of other Banks 631,908 + 71,338 + 2,691 Other cash 433,896 + 50,497 + 10,053 Discounts and advances 499,054 - 786,050 23,790 - Industrial loans 336 -- - Acceptances: Bought outright 4433,,550099 1 + 219 Held under repurchase agreement - 22,204 1,148 -- - U. S. Government securities: Bought outright-- Bills 2,163,965 -- 4444ll,, 880000 + 349,915 Certificates 10,506,993 - - "8;, 142,733 Notes 11,010,298 - +8,142,733 Bonds 2,483,771 • ** Total "bought outright 26,165,027 - 441,800 + 349,915 Held under repurchase agreement 54,500 + 30,500 31,700 Total U. S. Government securities 26,219,527 - 411,300 + 318,215 Total loans and securities 26,762,090 -1,219,555 + 293,160 Due from foreign banks 15 m Cash items in process of collection 6,017,622 - 45,299 + 201,160 Bank premises 99,577 14 + 5,783 Other assets 298,854 + 20,420 + 125,450 TOTAL ASSETS 53,402,932 -1,127, 371 131,097 L I A B I L I T I ES Federal Reserve notes ~* 27,941,042 - 209,179 + 474,4l4 Deposits: Member "bank reserves 1188,,226688,,557766 - 974,346 - 444444,,333333 U. S. Treasurer—general account 493,107 - 156,764 + 68,064 Foreign 290,799 - 43,959 - 12,975 Other 334,437 - 11,658 » 25,488 Total deposits 19,366,919 -1,186,727 - 4i4,732 Deferred availability cash items 4,837,821 + 249,476 - 39,977 Other liabilities and accrued dividends 28,107 31 + 4,225 TOTAL LIABILITIES 52,193,889 -1,146,461 4- 23,930 C A P I T AL A C C O U N TS Capital paid"in" 388,220 + 500 + 21,^It- Surplus 774,808 — - 93,602 Other capital accounts 46,015 + 18,590 - 82,919 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,402,932 -1,127,371 - 131,097 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.5$ + 1.2$ - 1.7$ Contingent liability on acceptances purchased for foreign correspondents 92,768 - 26 + 27,690 Industrial loan commitments -- -- - 960 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 13, 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 493,716 9,272 674,790 16 days to 90 days 5,327 34,237 6,704,203 91 days to 1 year 11 10,846,465 Over 1 year to 5 years 6,523,912 Over 5 years to 10 years 677,384 Over 10 years 792,773 Total 499,054 %3l5^ 26,219,527

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE . BANK OK JANUARY 13. I960 Ehila Cleve St. Minne- Kansas San Total Boston New York Richmond Atlanta I Chicago Dallas delphia land Louis apolis City Franciscc (In thousands of dollars) A S S E TS Gold certificate account 18,180,644 796,959 4,841,095 1013,463 1602,110 986,172 878,716 3149,526 725,470 391,879 720,408 654,710 2420,136 Redemption fund for F. R. notes 978,326 59,399 212,180 60,538 87,334 83,080 64,295 181,913 46,127 23,315 4$,077 30,953 84,115 Total gold certificate reserves 19,158,970 856,358 5,053,275 1074,001 1689,444 1069,252 943,011 3331,439 771,597 415,194 765,485 685,663 2504,251 F.R. notes of other Banks 631,908 46,109 131,119 46,237 40,365 77,505 75,432 56,511 20,303 20,485 21,754 40,269 55,819 Other cash 433,896 25,584 80,613 22,390 37,748 30,029 32,921 77,377 24,746 12,502 16,858 16,952 56,176 Discounts and advances 499,054 22,154 25,890 31,851 40,501 22,120 80,513 110,050 18,697 8,717 43,987 66,732 27,842 Acceptances: Bought outright 43,509 43,509 U. S. Govt* securities: Bought outright— Bills 2,163,965 117,319 544,566 123,403 187,352 138,683 114,050 374,479 88,009 49,288 93,277 86,373 247,166 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 26,165,027 1418,537 6,504,481 1492,007 2265,316 1676,864 1379,002 4527,910 1064,132 595,961 1127,043 1044,351 2988,543 Held under repurchase agreement 54,500 5 00 mm tm am mm m* we Total U. S. Govt, sees. 26,219,527 1418,537 6,638,981 1492,087 2265,316 1676,864 1379,002 4527,910 1064,132 595,961 1127,843 1044,351 2988,543 Total loans & securities 26,762,090 1440,691 6,708,380 1523,938 2305,817 1698,984 1459,515 4637,960 1082,829 604,678 1171,830 1111,083 3016,385 Due from foreign banks 15 1 1 /4 1 1 1 1 2 2/ 2/ 1 1 2 Cash items in process of collection 6,017,622 418,433 1,077,655 370,386 512,651 475,835 540,215 982,670 268,570 159,095 296,426 285,277 630,409 Bank premises 99,577 4,328 9,858 4,036 9,315 6,651 9,542 15,613 7,036 5/059 4,622 11,339 12,178 Other assets 298,854 16,037 74,533 16,741 25,851 19,086 16,881 50,820 12,065 6,801 13,791 12,075 34,173 TOTAL ASSETS 53,402,932 2807,541 13,135,437 3057,730 4621,192 3377, 343 3077,518 9152,392 2187,146 1223,814 2290,767 2162,659 6309,393 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(e) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OK JANUARY 1. i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta jChicago Dallas delphia land Louis apolis City Francisco l i a b i l i t i es (In thousands of dollars) Federal Reserve notes 27,941,042 1600,368 6,529,324 1789,825 2555,277 2112,301 1575,728 5275,019 1231,993 605,134 1111,644 809,126 2745,303 Deposits: Member bank reserves 18,268,576 715,376 5,078,188 860,767 1456,650 758,768 934,455 2841,687 655,450 423,824 831,883 975,975 2735,553 U. S. Treas.- gen.acct. 493,107 36,311 75,559 27,259 43,979 37,398 29,803 41,763 30,657 25,713 48,304 40,908 55,453 Foreign 290,799 13,769 1/89,884 16,579 26,4l4 12,645 14,612 38,778 9,273 6,463 11,521 16,298 34,563 Other 334,437 516 273,889 1,283 1,160 4,107 1,711 761 761 438 1,066 1,836 46,909 Total deposits 19,355", 919 765,972 5,517,520 905,080 1528,203 012,918 980,581 2922,989 696,141 456,438 892,774 1035,017 2872,478 Deferred availability cash items 4,837,821 378,949 738,558 289,278 422,637 395,346 456,621 780,842 217,314 133,868 235,560 248,633 540,215 Other liabilities and accrued dividends 28,107 1,862 7,720 1,437 2,434 1,536 1,228 4,668 1,027 942 1,124 985 3,144 TOTAL LIABILITIES 52,193,889 2747,151 12,793,122 2986,428 4508,551 3322,101 3014,158 8983,518 2146,475 1196,382 2241,102 2093,761 6l6l,l40 CAPITAL ACCOUNTS & Capital paid in 388,220 19,193 110,538 22,855 36,340 20,333 53,806 12,971 8,803 15,929 22,360 47,723 Surplus 774,808 38,332 220,905 45,638 72,530 40,306 107,334 25,862 17,580 31,720 44,645 95,390 Other capital accounts 46,015 2,865 10,872 2,809 3,771 3,307 2,721 7,734 1,838 1,049 2,016 1,893 5,140 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,402,932 2807,541 13,135,437 3057,730 4621,192 3377,343 3077,518 9152,392 2187,146 1223,8l4 2290,767 2162,659 6309,393 Conting. liab. on acceptances purchased for foreign correspondents 92,768 4,547 <2/26,416 5,475 8,723 4,176 4,826 12,807 3,063 2,134 3,805 5,382 ll,4l4 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,338,68311694,949 6,934,186 1858,046 2636,631 2210,609 1672,543 5465,793 1298,433 621,155 1147,513 064,321 2934,504 Collat. for F. R. notes: Gold certificate acct. 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 Eligible parser 88,003 -- 25,615 -- —— - — 18,565 — 43,823 —- -- U. S. Govt, securities 19,530,000 1250,000 4,200,000 1200,000 i75o,ooo 1550,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 Total collateral 30,268,003 1780,000 7,100,000 1925,615 2670,000 2250,000 1700,000 5600,000 1383,565 630,000 1213,823 915,000 3100,000 1/ After deducting $200,915,000 participations of other Federal Reserve Banks. 2/ After deducting $66,352,000 participations of other Federal Reserve Banks.