H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM February 4, 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 dally figures of total member bank reserves held during the week ended February 3 increased a net of $32 million to $18,487 million, which reflected in part an increase of $91 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $21 million; and estimated excess reserves increased $53 million to $381 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $427 million, compared with $445 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were a decrease of $84 million in currency in circulation and an increase of $35 million in member bank borrowings. The principal offsetting change was an increase of $22 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $36 million. As of Wednesday, February 3, holdings of U. S. Government securities bought outright were $21 million lower than a week earlier, TJ. S. Government securities held under repurchase agreement were $34 million higher, and member bank borrowings were $351 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Feb. 3, J" an. 27, Feb. 4, Feb. 3, ' : and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 25,442 8 150 25,415 Held under repurchase agreement 5 + 5 - 76 34 Acceptances—bought outright 4l 1 + 2 40 - Loans, discounts, and advances-- Member bank borrowings 808 + 35 + 393 800 Other 3 - 16 3 Float 1,108 + 5 + 162 813 Total Reserve Bank credit 27,406 + 36 + 314 27,104 Gold stock 19,445 . - 9 -1, 031 i 19,444 Treasury currency outstanding 5,318"1 + 3 83 1 5,319 52,16£1V + 30 - 634 | 51,667 Currency in circulation 31, 566-^ 84 446 i 31,545 * Treasury cash holdings 435- L- + 11 - 288 1 434 Treasury deposits with F. R. Banks 510 - 9 + 68 472 Foreign deposits with F. R. Banks 239 + 22 - 39 219 Other deposits with F. R. Banks 333 + 1 - 11 l 344 Other F. R. accounts (net) 834 - 2 - 312 I 832 33,918 60 137 ! 33,846 - Member bank reserves: With Federal Reserve Banks 18,252 + 91 - 497 1 18,021 Cash allowed as reserves (estimated) 235 - 59 235 I 235 Total reserves held 18,487 + 32 - 262 l 18,256 Required reserves (estimated) 18,106 - 21 239 1 18,090 Excess reserves (estimated) 381 + 53 23 166 - On February 3, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,466 million, a decrease of $6 million for the week and an increase of $751 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 Feb. 3, Jan• 27y Feb. 4, I960 i960 1959 A S S E TS Gold certificate account 18,180,643 - 9,999 « 777,248 Redemption fund for F. R. notes 970,366 3,494 + 36,260 - Total gold certificate reserves 19,151,009 - 13,493 - 740,988 F. R. notes of other Banks 669,470 - 39,571 + 42,697 Other cash 509,972 + 12,489 + 24,882 Discounts and advances 803,347 + 350,950 + 394,965 Industrial loans m mm •» — - 335 Acceptance s- -bought outright 39,603 983 + 2,970 • U. S. Government securities: Bought outright-- Bills 1,413,705 - 20,840 - 183,845 Certificates 10,506,993 - - -8 ,142,733 Notes 11,010,298 +8,142,733 - — Bonds 2,483,771 — — •» • Total bought outright 25,414,767 20,840 183,845 - - Held under repurchase agreement 34,000 + 34,000 29,850 - Total U. S. Government securities 25,448,767 + 13,160 - 213,695 Total loans and securities 26,291,717 + 363,127 + 183,905 Due from foreign banks 15 «• -» Cash items in process of collection 5,217,133 - 244,548 + 271,574 Bank premises 100,700 - 145 + 6,624 Other assets 355,764 + 19,096 + 213,836 TOTAL ASSETS 52,295,780 + 96,955 + 2,530 L I A B I L I T I ES Federal Reserve notes 2277,,554466,,991100 2244,,119955 + 442266,,880022 • Deposits: Member bank reserves 18,020,991 + 4ll,134 - 64l,306 U. S. Treasurer--general account 471,523 - 139,438 + 49,959 Foreign 219,188 8,903 67,971 - - Other 344,055 + 4,396 7,632 • Total deposits 19,055,757 + 267,189 - 666,950 Deferred availability cash items 4,404,513 161,884 + 374,690 Other liabilities and accrued dividends 24,201 - 2,231 + 689 TOTAL LIABILITIES 51,031,381 + 78,879 + 135,231 C A P I T AL A C C O U N TS Capital paid in 390,249 + 451 + 19,351 Surplus 774,808 — •» 93,602 Other capital accounts 99,342 4. 17,625 - 58,450 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,295,780 + 96,955 + 2,530 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4411..1100 .2$ 1.4$ - - Contingent liability on acceptances purchased for foreign correspondents 112255,,441177 + 11,,881199 + 6688,,336699 Industrial loan commitments -- -- - 960 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 3, 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 795,080 10,101 5,960,283 16 days to 90 days 8,189 29,502 784,840 91 days to 1 year 78 10,709,575 Over 1 year to 5 years 6,523,912 Over 5 years to 10 years 677,384 Over 10 years 792,773 Total 803,347 39,603 25,448,767

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 3, I960 H.4.l(b) Total Boston • N — ew 1 York P d Sh e ti l .l p a hi - a C l l a e n v d e . R i . c hmond Atlanta Chicago Louis M a i p n o n l e i - s Ka C n i s t a y s Dallas Fran S c a i n s co (In thousands of dollars) A S S E TS 869,324 4,833,082 1020,279 1585,995 1002,747 895,665 3264,244 688,030 364,046 710,164 630,284 2316,783 18,180,643 Gold certificate account Redemption fund for 44,901 30,820 83,735 F. R. notes 970,366 58,937 210,446 59,830 86,603 81,243 63,602 181,179 45,950 23,120 Total gold certificate 387,166 755,065 661,104 2400,518 reserves 19,151,009 928,261 5,043,528 1080,109 1672,598 1083,990 959,267 3445,423 733,980 F.R. notes of other Banks 669,470 49,905 151,537 37,386 48,903 75,091 89,755 53,744 20,117 21,650 19,931 44,957 56,494 Other cash 509,972 32,008 99,137 28,495 47,886 33,456 34,230 87,868 26,454 13,542 18,249 17,960 70,687 Discounts and advances 803,347 43,348 41,935 31,772 83,057 29,600 118,036 209,478 48,724 17,189 58,492 64,247 57,469 Acceptances: Bought outright 39,603 39,603 U. S. Govt, securities: Bought outright— B C i e l r l ti s f icates 1 1 0 , , 4 5 1 0 3 6 , , 7 9 0 9 5 3 5 7 6 6 9 , , 6 63 4 7 4 2,6 3 4 5 4 5 , , 1 7 0 6 6 2 5 8 9 0 9 , , 6 1 1 7 8 2 9 1 0 2 9 2 , ,3 6 9 7 6 4 6 9 7 0 3 , , 6 3 0 7 1 3 5 7 5 4 3 , , 5 7 0 6 8 0 2 1 4 8 4 1 , 8 6 , 4 2 5 5 6 4 5 2 7 7 , , 4 3 9 1 6 9 2 3 3 2 9 , , 1 3 9 1 9 8 4 6 5 0 2 , , 9 9 3 0 7 4 4 5 1 6 9 , , 4 3 2 7 7 6 1 1 6 2 1 0 , 0 4 ,0 72 9 8 N Bo o n t d e s s 1 2 1 , ,0 4 1 8 0 3 , , 2 7 9 71 8 1 5 3 9 4 6 . , 6 9 5 2 8 3 2,7 6 7 2 0 5 , . 7 0 6 4 3 6 6 14 2 1 7 , , 6 8 3 7 9 3 9 2 5 1 3 5 , , 2 0 5 4 0 0 7 1 0 59 5 , ,6 1 2 80 8 1 5 3 8 0 0 , ,2 9 8 05 7 4 1 2 9 9 0 , 5 8 , 2 3 1 5 4 1 4 0 4 1 7 , ,7 0 8 1 9 5 .. 2 . 5 56 0 , ,7 57 82 3, 4 1 7 0 4 7 , , 5 0 9 6 9 3 4 9 3 9 9 , , 1 4 3 6 7 5 2 12 8 5 3 7 ,6 ,5 94 8 5 57vj Of2 1095, 503 405 O'+y Total 25,414,76? 1377,862 6,395,677 1449,302 2200,360 1628,782 1339,460 4390,076 1033,619 Held under repurchase agreement 34,000 34,000 1377,862 6.429,677 1449.302 2200.360 1628,782 1339,460 4398,076 1033.619 578,872 1095,503 10l4,405 2902,849 Total U. S. Govt, sees. 25,448,767 596,061 1153,995 1078,652 2960,318 1421,210 6,511,215 1481,074 2283,417 1658,382 1457,496 4607,554 1082,343 Total loans & securities 26,291,717 2 / 1 12 Due from foreign banks 15 1 1/4 1 1 1 1 2 2/ Cash items in process 135,673 243,950 242,266 541,710 374,901 982,702 340,307 441,155 399,264 448,794 840,503 225,908 of collection 5,217,133 5,033 4,622 11,640 12,116 100,700 4,293 9,8l8 4,0l4 9,246 6,606 10,049 16,265 6,998 Bank premises 8.078 16.211 14.292 40,615 19.091 88.518 20,129 31.472 22,725 19,413 60.834—14,366 Other: assets 355,764 2829,670 12,886,479 2991,515 4534,678 3279,515 3019,005 9112,193 2110,166 1167,203 2212,024 2070,872 6082,460 TCTAL ASSETS 52,295,780 l/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

S.4.1(c) STATEMEMT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 3, I960 Phila- Cleve- Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago 1 L ouis apolis City Dallas Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,546,910 1576,282 6,436,290 1757,779 2519,462 2077,015 1567,174 5211,378 1212,476 600,086 1099,743 795,530 2693,695 Deposits: Member bank reserves 18,020,991 790,227 4,957,655 840,979 1428,582 769,026 960,417 2887,017 635,102 390,330 807,407 951,491 2602,758 U .8.Treas.-gen.acct. 471,523 32,510 68,288 21,986 49,559 27,696 26,359 68,936 23,732 24,885 44,459 31,468 51,645 Foreign 219,188 10,927 1/59,743 13,157 20,962 10,035 11,596 30,774 7,359 5,129 9,143 12,934 27,429 Other 344,055 359 271,669 1,563 1,227 3,977 3,086 8o4 1,219 898 1,268 1,531 56,454 Total deposits 19,055,757 834,023 5,357,355 877,685 1500,330 810,734 1001,458 2987,531 667,412 421,242 862,277 997,424 2738,286 Deferred availability cash items 4,404,513 355,010 730,797 280,359 394,773 331,719 382,809 730,269 186,470 116,236 196,891 205,904 493,276 Other liabilities and accrued dividends 24,201 1,199 5,698 1,276 2,673 1,275 1,249 4,182 867 974 951 854 3,003 TOTAL LIABILITIES 51,031,381 2766,514 12,530,140 2917,099 4417,238 3220,743 2952,690 8933,360 2067,225 1138,538 2159,862 1999,712 5928,260 CAPITAL ACCOUNTS Capital paid in 390,249 19,221 110,940 22,916 36,480 17,502 20,450 54,278 13,087 8,981 16,096 22,555 47,743 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 99,342 5,603 24.494 5,862 8,430 6,704 5.559 17,221 3,992 2,104 4,346 3,960 11,067 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,295,780 2829,670 12,886,479 2991,515 4534,678 3279,515 3019,005 9112,193 2110,166 1167,203 2212,084 2070,872 6082,460 Conting. liab. on acceptances purchased for foreign correspondents 125,417 6,145 2/35,756 7,399 11,768 5,643 6,521 17,305 4,138 2,884 5,l4l 7,273 15,424 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,935,231 1683,895 6,847,905 1833,359 2608,756 2162,509 1636,706 5400,907 1278,541 613,059 1131,932 848,763 2888,899 Collat. for F. R. notes: Gold certificate acct. 10,625,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 430,000 180,000 300,000 290,000 1300,000 Eligible paper 137,384 —— — 31,595 —- —— —— — 47,420 —— 58,369 -- - - U. S. Govt. securities 19,510,000 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 Total collateral 30,272,384 1780,000 7,100,000 1931,595 2670,000 2205,000 1700,000 5600,000 1412,420 630,000 1228,369 915,000 3100,000 l/ After deducting $159, 445,000 participations of other Federal Reserve Banks, 2/ After deducting $89, 661,000 participations of other Federal Reserve Banks.