H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GtiVERNORS For Trrmediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM January 21, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AMD 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 20 decreased $111 million to $18,923 million, which included a decrease of $65 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $8l million; and estimated excess reserves decreased $30 million to $538 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $376 million, compared with $3^3 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $719 million in U. S. Government securities bought outright and $54 million held under repurchase agreement. The principal offsetting changes were an increase of $244 million in Federal Reserve float, and decreases of $372 million in currency in circulation and $77 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $535 million. As of Wednesday, January 20, holdings of U. S. Government securities bought outright were $654 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $55 million lower, and member bank borrowings were $275 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Jan. 20, Jan. 13, Jan. 21, Jan. 20, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 25,620 -719 + ho 25,511 Held under repurchase agreement 2 - 54 + 2 Acceptances-- Bought outright 45 + 1 + 2 42 Held under repurchase agreement - 10 w. - - — — — Loans, discounts, and advances-- Member bank borrowings 914 + 3 + 476 770 Other 4 — — - 15 3 Float 1,513 +244 4- 225 1,214 Total Reserve Bank credit 28,098 -535 4- 730 27,540 Gold stock 19,455 -1,060 19,455 Treasury currency outstanding 5,316 + 1 + 82 5,317 52,869 -535 247 52,311 - Currency in circulation 31,910 -372 + 525 31,764 Treasury cash holdings 424 + 14 288 4i8 - Treasury deposits with F. R. Banks 494 - 25 + 93 470 Foreign deposits with F. R. Banks 231 - 77 - 126 215 Other deposits with F. R. Banks 326 - 6 - 47 328 Other F. R. accounts (net) 836 - 4 282 836 - 34, 221 -469 126 34,032 - Member bank reserves: With Federal Reserve Banks 18,648 - 65 - 121 18,279 Cash allowed as reserves (estimated) 275 - 46 + 275 275 Total reserves held 18,923 -ill + 154 18,554 Required reserves (estimated) 18,385 - 81 + 151 ! 1 18,297 Excess reserves (estimated) 538 - 30 + 3 ! 257 On January 20, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4, 501 million, an increase of $100 million for the week and an increase of $916 million from the comparable date a year ago.

H.4.1(a) Of, CONDITION OF THE TWELVE! FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since Jan. 20, Jan. 13, Jan. ^1, I960 I960 1959 A S S E TS Gold certificate account 18,190,643 + 9,999 807,249 Redemption fund for F. R. notes 974,028 - 4,298 + 33,555 Total gold certificate reserves 19,164,671 + 5,701 - 773,694 F. R. notes of other Banks 697,136 + 65,228 + 24,606 Other cash 470,233 + 36,337 + 2,064 Discounts and advances 773,169 + 274,115 + 349,034 Industrial loans - 335 Acceptances—bought outright 41,838 1,671 + 1,762 - U. S. Government securities: Bought outright— . Bills 1,510,145 653,820 21,005 Certificates 10,506,993 W- -81, 142,733 Notes 11,010,298 +8,142,733 Bonds 2,483,771 Total bought outright 25,511,207 - 653,820 - 21,005 Held under repurchase agreement 54,500 - - - Total U. S. Government securities 25,511,207 708,320 21,005 - - Total loans and securities 26,326,214 435,876 + 329,456 Due from foreign banks 15 5 — — «•» w Cash items in process of collection 6,274^824 + 257,202 + 485,074 Bank premises 101,071 + 1,494 + 6,695 Other assets 317,4ll + 18,557 + 132,479 TOTAL ASSETS 53,351,57% 51,357 + 206,680 - L I A B I L I T I ES Federal Reserve note's ~~ 27,743,447 197,595 + 462,757 Deposits: Member bank reserves 18,279,083 10,507 - 610,292 U. S. Treasurer--general account 470,362 22,745 + 125,110 Foreign 215,364 75,435 - 117,873 Other 327,932 .A505 - 19,969 Total deposits 19,292,741 94,178 - 623,024 Deferred availability cash items 5,061,070-' 223,249 + 509,249 Other liabilities and accrued dividends 26,389 TOTAL LIABILITIES 52,1237647, - 70,242 + 353,287 h-oH C A P I T AL A C C O U N TS CapTtaTpaid in 389,085 + 865 + 21,478 Surplus 774,808 - 93,602 Other capital accounts 64,035 + 18,020 - 74,483 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,351,575 51,357 + Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.7# 1.5$ Contingent liability on acceptances purchased for foreign correspondents 121,505 + 28,737 + 58,428 Industrial loan commitments 960 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 20, 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 768,183 7,841 369,150 16 days to 90 days 4,936 33,997 6,381,913 91 days to 1 year 50 — 10,766,075 Over 1 year to 5 years -- __ 6,523,912 Over 5 years to 10 years -- __ #77,384 Over 10 years __ 792,773 Total 773,169 41,838 25,511,207

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH JANUARY 20, i960 Fhila- 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 18,190,643 856,357 4,878,845 964,809 1583,457 1000,324 888,489 3205,409 702,361 384,005 693,227 640,196 2393,164 Redemption fund for F. R. notes 974,028 59,144 211,166 60,145 86,962 82,009 63,973 181,537 46,039 23,226 44,998 30,898 83,931 Total gold certificate reserves 19,164,671 915,501 5,090,011 1024,954 1670,419 1082,333 952,462 3386,946 748,400 407,231 738,225 671,094 2477,095 F.R. notes of other Banks 697,136 52,479 151,537 48,357 46,657 81,091 84,388 57,917 21,272 24,870 20,724 45,737 62,107 Other cash 470,233 29,125 88,110 26,609 42,642 34,387 32,870 80,754 25,488 12,887 17,460 17,671 62,230 Discounts and advances 773,169 25,260 54,440 59,357 79,117 30,260 102,196 143,561 48,334 6,989 61,486 64,300 97,869- Acceptances: Bought outright 41,838 41,838 U. S. Govt, securities: Bought outright— Bills 1,510,145 81,872 380,031 86,118 130,745 96,781 79,591 261,334 61,4l8 34,396 65,095 60,276 172,488 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 25,511,207 1303,090 6,419,946 1454,002 2208,709 1634,962 1344,543 4414,765 1037,541 581,069 1099,661 1018,254 2913,865 Held under repurchase agreement Total U. S. Govt, sees. 25,511,207 1383,090 6,419,946 1454,802 2208,709 1634,962 1344,543 4414,765 1037,541 581,069 1099,661 1018,254 2913,865 Total loans & securities 26,326,214 1408,350 6,516,224 1514,159 2287,826 1665,222 1446,739 4558,326 1085,875 588,058 Il6l,l47 1082,554 3011,734 Due from foreign banks 1 1 /4 1 1 1 12 2 / 2/ 1 12 "Cash items in process frtl '/3c . of. collection 6,274324 450,760 1,249,850 374,609 521,516 477,082 548,769 979,671 260,363 161,321 301,363 302,909 646,611 Bank premises 101,071 4,328 9,858 4,036 9,317 6,644 10,083 16,255 7,036 5,061 4,622 11,662 12,169 Other assets 317,4ll 17,140 79,090 17,775 27,592 20,308 17,429 54,103 12,781 7,199 14,581 13,030 36,383 TOTAL ASSETS 53,351,575 2877,684 13,184,684 3010,500 4605,970 3367,068 3092,741 9133,974 2161,215 1206,627 2258,129 2144,658 6308,331 1/ After deducting $11,000 participations of other Federal Reserve Banks, y/.d . --tr- ^cc/j g/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BAEjK ON JANUARY 20, I960 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 (In thousands of dollars) Federal Reserve notes 27,743,447 1588,459 6,492,626 1777,521 2537,275 2093,989 1568,600 5246,369 1222,635 603,366 1103,588 803,352 2705,667 Deposits: Member bank reserves 18,279,083 781,110 5,060,647 815,110 1447,250 772,587 979,362 2802,175 659,954 408,342 818,136 974,765 2759,645 -G.S.Treas.-gen.acct« 470,362 22,829 54,350 24,514 34,184 41,277 14,022 63,017 29,108 23,865 38,770 51,988 72,438 Foreign 215,364 10,437 1/63,069 12,567 20,022 9,585 11,076 29,394 7,029 4,899 8,733 12,354 26,199 Other 327,932 370 266,482 2,059 1,276 3,234 1,371 1,147 l,04l 261 1,108 1,381 48,202 Total deposits 19,292,741 014,746 5)444,548 854,250 1502,732 826,683 1005,«31 2895,733 697,132 437,367 866,747 1040,488 2906,48f Deferred availability *37 W/ cash items 5,061,07© 411,889 893,775 305,031 449,208 388,533 452,581 815,073 199,101 137,091 236,254 230,053 542,481 Other liabilities and accrued dividends 26,389 1,275 6,489 1,318 2,565 1,456 1,375 4,518 928 986 1,027 1,094 3,358 TOTAL LIABILITIES 52,1237647 2816,369 12,837,438 2938,120 4491,780 3310,661 3028,387 8961,693 2119,796 1178,810 2207,616 2074,987 6157,990 CAPITAL ACCOUNTS Capital paid in 389,C85 19,202 110,891 22,879 36,354 17,434 20,375 53,980 13,013 8,827 16,002 22,394 47,734 Surplus 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 Other capital accounts 64,035 3,781 15,450 3,863 5,306 4,407 3,673 10,967 2,544 l,4l0 2,785 2,632 7,217 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,351,575 2877,684 13,184,684 3010,500 4605,970 3367,068 3092,741 9133,974 2161,215 1206,627 2258,123 2144,658 6308,331 Conting. liab. on acceptances purchased for foreign correspondents 121,505 5,953 2/34,632 7,168 11,421 5,467 6.318 16,767 4,010 2.795 4.982 7.047 14.945 F i e o x a? 4/7-5 ceo cats F. R. notes outstanding 29,205,414 1688,422 6,902,093 1848,123 2627,283 2195,994 1666,460 5447,430 1290,363 618,230 1142,015 859,417 2919,584 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 paper 158,778 -- - — 49,180 — - —- — 48,235 —- 61,363 - — U. S. Govt, securities 19,510,000 1250,000 4,200,000 1200,000 1750,000 1530,000 1200,0C0 3700,000 935,000 450,000 870,000 625,000 1800,COO Total collateral 30,318,778 1780,000 7,100,000 1949,180 2670,000 2230,000 1700,000 5600,000 1413,235 630,000 1231,363 915,000 3100,000 1/ After deducting $152,2 95,000 participationso f other Federal Reserve Banks, 2/ After deducting $86, 873,000 participationso f other Federal Reserve Banks.