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 28, 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 27 decreased $509 million to $18,431 million, which included a decrease of $487 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $226 million; and estimated excess reserves decreased $283 million to $293 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $480 million, compared with $338 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $4l0 million in Federal Reserve float, $170 million in U. S. Government securities bought outright, and $l4l million in member bank borrowings. The principal offsetting change was a decrease of $260 million in currency in circulation. Total Reserve Bank credit decreased $728 million. As of Wednesday, January 27, holdings of U. S. Government securities bought outright were $76 million lower than a week earlier and member bank borrowings were $321 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, January 27, January 20, January 28, Jan. 27, and related items I960 I960 1959 I960 (] [n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 25, 450 -170 21 2255,,443366 - Held under repurchase agreement - 2 — - ~ Acceptances--Bought outright 42 - 3 + 1 4l Loans, discounts, and advances- Member bank borrowings 773 -l4l + 284 444499 Other 3 - 1 - 16 3 Float 1,103 -4l0 + 29 895 Total Reserve Bank credit 27,370 -728 + 276 26,824 Gold stock 19,454 - 1 -1, 061 19,454 Treasury currency outstanding 5,315 - 1 + 80 5,317 52,139 -730 705 51,594 - Currency in circulation 31,650 -260 + 500 31,538 Treasury cash holdings 424 290 433 - - - Treasury deposits with F. R. Banks 519 + 25 + 115 6ll Foreign deposits with F. R. Banks 217 - 14 81 228 - Other deposits with F. R. Banks 332 + 6 - 11 340 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 836 282 835 m. mm - 33,978 -243 49 33,985 - Member bank reserves: With Federal Reserve Banks 18,161 -487 - 656 17,610 Cash allowed as reserves (estimated) 270 - 22 + 270 270 Total reserves held 18,431 -509 - 386 17,860 Required reserves (estimated) 18,138 -226 286 18,120 - Excess reserves (estimated) 293 -283 - 100 - 240 On January 27, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4, 472 million, a decrease of $29 million for the week and an increase of $801 million from the comparable date a year ago.

H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since January 27, J^nuary~207 January 28, I960 I960 1959 A S S E TS Gold certificate account 18,190,642 • 1 - 807,251 Redemption fund for F. R. notes 973,860 - 168 + 39,446 Total gold certificate reserves 19,164,502 169 767,805 - - F. R. notes of other Banks 709,041 + 11,905 + 32,000 Other cash 497,483 + 27,250 + 7,285 Discounts and advances 452,397 W 320,772 - 43,067 Industrial loans -- - 335 Acceptances--bought outright 4o,586 1,252 + 3,954 - U. S. Government securities: Bought outright— Bills 1,434,545 75,600 2,605 - - Certificates 10,506,993 -8,, 142,733 Notes 11,010,298 +8,142,733 -- Bonds 2,483,771 -- mm Total bought outright 25,435,607 - 75,600 - 2,605 Held under repurchase agreement -- Total U. S. Government securities 25,435,607 - 75,600 - 2,605 . Total loans and securities 25,928,590 397,624 42,053 Due from foreign banks 15 -- -- Cash items in process of collection 5,461,681 813,510* + 374,371 - Bank premises 100,845 226 + 6,626 Other assets 336,668 + 19,257 + 139,038 TOTAL ASSETS 52,198,825 -1,153,117* 250,538 - L I A B I L I T I ES Federal Reserve notes 27,571,105 - 172,342 + 449,216 Deposits: Member bank reserves 17,609,857 669,226 879,391 - - U. S. Treasurer--general account 610,961 + 140,599 + 123,807 Foreign 228,091 + 12,727 - 92,228 Other 339,659 + 11,727 - 541 Total deposits 18,788,568 504,173 848,353 - - Deferred availability cash items 4,566,397 - 495,040* + 284,718 Other liabilities and accrued dividends 26,432 + 43 + 2,451 TOTAL LIABILITIES 50,952,502 -1,171,512* 111,96$ - C A P I T AL A C C O U N TS Capital paid in 389,798 713 + 21,381 •¥ Surplus 774,808 93,602 — *• - Other capital accounts 81,717 + 17,682 r 66,349 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,198,025 -1,153,117* 250,53# - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4411..33$$ + .6$ - 1.3# Contingent liability on acceptances purchased for foreign correspondents 112233,,559988 + 2,093 6633,,559944 960 Industrial loan commitments -- -- - * January 20 figures revised. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 27, 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 445,639 10/016 4bb, 100 16 days to 90 days 6,708 30,570 6,232,363 91 days to 1 year 50 — 10,743,075 Over 1 year to 5 years — — 6,523,912 Over 5 years to 10 years — -- 677,384 Over 10 years — ~ 792,773 Total 452,397 40,586 25,435,607

H.4.1(b) i § OF CONDITION OF EACH FEDERAL RESERVE BANK ON J rANUARY 27, I960 Phila- Cleve- 1 Q4- Minne- Kansas San Total Boston New York Richmond Atlanta Dallas delphia land | Louis apolis City Francisco A S S E TS Gold certificate account 18,190,642 816,273 4,811,026 1003,726 1583,390 1023,795 901,837 3259,213 715,994 379,623 743, 045 649,088 2303,632 Redemption fund for F. R. notes 973,860 59,138 211,125 60, l4o 86,946 81,996 63,957 181,518 46,031 23,221 44,981 30,891 83,916 Total gold certificate reserves 19,164,502 875,411 5,022,151 1063,866 1670,336 1105,791 965,794 3440,731 762,025 402,844 788,026 679,979 2387,548 F.R. notes of other Banks 709,04l 54,742 152,327 41,619 48,997 82,802 88,947 59,819 22,216 24,779 22,439 44,367 65,987 Other cash 497,483 31,755 96,369 28,944 44,173 34,117 34,411 84,465 26,628 13,198 17,850 17,865 67,708 Discounts and advances 452,397 22,419 61,584 30,067 30,882 40,265 80,373 60,794 33,924 15,339 39,676 30,255 6,819 Acceptances: Bought outright 40,586 40,586 U. S. Govt, securities: Bought outright-- Bills 1,434,545 77,773 361,006 81,807 124,200 91,936 75,606 248,252 58,343 32,674 61,836 57,259 163,853 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 25,435,607 1378,991 6,400,921 1450,491 2202,164 1630,117 1340,558 4401,683 1034,466 579,347 1096,402 1015,237 2905,230 Held under repurchase agreement Total U. S. Govt, sees. 25,435,607 1378,991 6,400,921 1450,491 2202,164 1630,117 1340,558 4401,683 1034,466 579,347 1096,402 1015,237 2905,230 Total loans & securities 25,928,590 1401,410 6,503,091 1480,558 2233,046 1670,382 1420,931 4462,477 1068,390 594,686 1136,078 1045,492 2912,049 Due from foreign banks 15 1 3/4 1 1 1 1 2 2 / 2/ 1 1 2 Cash items in process of collection 5,461,681 388,124 1,047,892 342,186 466,476 398,890 469,878 842,764 232,487 145,892 277,258 283,389 566,445 Bank premises 100,845 4,293 9,858 4,014 9,301 6,606 10,049 16,255 7,036 5,033 4,622 11,662 12,116 Other assets 336,668 18,155 84,111 18,821 29,587 21,598 18,392 57,174 13,558 7,639 15,432 13,726 38,475 TOTAL ASSETS 52,198,825 2773,891 12,915,803 2980,009 4501,917 3320,187 3008,403 8963,687 2132,340 1194,071 2261,706 2096,481 6050,330 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH JANUARY 2J, i960 H.4.1(c) Total Boston New York P de h l i p la h - ia C l l a e n v d e - Richmond Atlanta Chicago L S o t u . is M ap in o n l e is - K C an it s y a s Dallas Fra S n a c n i sco "(In thousands of dollars) L I A B I L I T I ES 1*78.398 6,455,921 1764,330 2526,570 2080,851 1559,860 5218,949 1214,034 600,077 1097,797 794,331 2679,987 Federal Reserve notes 27,571,105 Deposits: Member bank reserves 17,609,857 610,961 IS ' SI 18 IS si 1 1 1 3 1 1 1| ti 1 1 11 U.S.Treas.-gen.acct. 228,091 Foreign 536 280,861 1,219 1,067 3,732 1,266 883 254 286 1,698 1,135 46,722 339,659 Other "769,045 5,308,284 855,476 1458,310 835,574 973,080 2855,369 688,821 436,119 890,973 991,128 2725,789 Total deposits 18,788,568 Deferred availability 793,149 285,448 398,533 344,775 4c8,282 709,782 186,266 128,568 220,524 239,400 488,616 cash items 4,566,39 363,054 Other liabilities and 6,703 1,318 2,688 1,430 1,263 4,077 1,014 994 1,081 1,109 3,_597_ 26,432 1,158 accrued dividends 2711,655 12,564,057 2906,572 4386,101 3262,630 2943,085 8788,177 2090,135 1165,758 2210,375 2025,968 5897,989 TOTAL LIABILITIES 50,952,502 CAPITAL ACCOUNTS 19,215 Capital paid in 389,798 IE IE I I II m * li I I M M MM Surplus 774,808 38,332 4,689 Other capital accounts 81,717 TOTAL LIABILITIES AND 2773,891 12,915,803 2980,009 4501,917 3320,187 3008,403 8963,687 2132,340 1194,071 2261,706 2096,481 6050,330_ CAPITAL ACCOUNTS 52,198,825 Conting, liab. on acceptances purchased for 6,391 16,960 4,056 2,827 5,039 7,128 15,117 foreign correspondents 123,598 6,022 2/35,725 7,251 11,552 5,530 FEDERAL RESERVE AGENTS' ACCOUNTS 1689,288 6,868/014 1837,504 2614,257 210O7B14 1647,774 5417,299 1283,515 616,250 1135,633 853,093 2899,065 F. R. notes outstanding 29,042,506 Collat. for F. R. notes: 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 Gold certificate acct. 10,650,000 __ 12 890 -- — — — 31,3^5 — 39*553 Eligible paper 83,788 1250,000 4,200,000 1200^000 1750,000 1530,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 U» S, Govt, securities 19,510,000 Total collatex—ra- l— 3v0,24 3 1 ~788 — 'l — #0 J » 0 — 60 / " * T3607 / 6 ^ 00 1 ' 9i2,89 - 0^5707000 2230,000 1700,000 5"5OO,COO 1396,3^5 630,000 1209,553 915,000 3100,000 1/ After deducting"$15944g%000^arfcic.ipations of other Federal Reserve Banks. 2/ After deducting $87,873^000 participations of other Federal Reserve Banks.