H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release h.4.I OF THE FEDERAL RESERVE SYSTEM February 11, 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 February 10 decreased $220 million to $18,279 million, which included a decrease of $203 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $202 million; and estimated excess reserves decreased $18 million to $413 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $437 million, compared with $377 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $255 million in Federal Reserve float and $58 million in Federal Reserve holdings of U. S. Government securities, and an increase of $33 million in currency in circulation. The principal offsetting changes were an increase of $42 million in member bank borrowings, and decreases of $93 million in Treasury deposits with Federal Reserve Banks and $36 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $271 million. As of Wednesday, February 10, holdings of U. S. Government securities bought outright were $75 million lower than a week earlier and member bank borrowings were $176 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Feb. 10, Feb. 3, Feb. 11, Feb. 10, and related items i960 I960 1959 I960 (1C n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 25,355 - 87 - 266 2255,, 33^^00 Held under repurchase agreement 34 + 29 - 2 34 Acceptances--bought outright 39 - 2 + 2 39 Loans, discounts, and advances— Member bank borrowings 850 + 42 + 315 624 Other 3 w «•> - 16 2 Float 853 -255 - 34 832 Total Reserve Bank credit 27,135 -271 - 1 26,871 Gold stock 19,433 - 12 -1,043 19,433 Treasury currency outstanding 5,321 + 3 + 85 5,321 51,889 -280 959 51,625 - Currency in circulation 31,599 + 33 + 406 31,627 Treasury cash holdings 443 + 8 284 448 - Treasury deposits with F. R. Banks 417 - 93 + 53 420 Foreign deposits with F. R. Banks 203 - 36 - 101 215 Other deposits with F. R. Banks 344 + 11 + 11 337 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 834 — — - 351 833 33,840 - 78 - 266 33,881 Member bank reserves: With Federal Reserve Banks 18,049 -203 - 693 1177,,774444 Cash allowed as reserves (estimated) 230 - 17 + 230 230 Total reserves held 18,279 -220 - 463 17,974 Required reserves (estimated) 17,866 -202 - 323 17,767 Excess reserves (estimated) 413 - 18 l4o | 207 - On February 10, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,468 million, an increase of $2 million for the week and an increase of $675 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. 10, Feb. 3; Feb. 11, I960 I960 1959 A S S E TS Gold certificate account 18,170,643 - 10, 000 - 787,251 Redemption fund for F. R. notes 967,194 3,172 + 36,413 - Total gold certificate reserves 19,137,837 13,172 750,838 - - F. R. notes of other Banks 608,391 - 6l,079 + 57,375 Other cash 495,738 14,234 + 40,478 - Discounts and advances 626,070 177,277 + 270,447 - Industrial loans - - —* - 335 Acceptances--bought outright 38,606 997 + 1,974 - U. S. Government securities: Bought outright— Bills 1,339,115 - 74,590 - 202,835 Certificates 10,506,993 -8,142,733 -- Notes 11,010,298 +8,142,733 -»— Bonds 2,483,771 •»— — — Total bought outright 25,340,177 74,590 202,835 - Held under repurchase agreement 34,000 + , 19,000 —— Total U. S. Government securities 25,374,177 - 74,590 - 183,835 Total loans and securities 26,038,853 252,864 + 88,251 Due from foreign banks 15 — «. mm mm Cash items in process of collection 4,991,335 - 225,798 + 92, 034 Bank premises 100,690 - 10 + 6,502 Other assets 374,945 + 19,181 + 220,070 TOTAL ASSETS 51,747,804 547,976 246,128 - - L I A B I L I T I ES Federal Reserve notes 27,562,556 + 15,646 + 339999,,550022 Deposits: Member bank reserves 17,744,308 • 276,683 - 566,331 U. S. Treasurer--general account 420,453 - 51,070 - 6,434 Foreign 214,917 - 4,271 - 91,873 Other 337,299 6,756 + 6,832 • Total deposits 18,716,977 - 338,780 - 657,806 Deferred availability cash items 4,159,232 - 245,281 + 136,138 Other liabilities and accrued dividends 26,606 + 2,405 + 650 TOTAL LIABILITIES 50,465,371 566,010 121,516 - - C A P I T AL A C C O U N TS Capital paid in 390,864 + 615 + 19,399 Surplus 774,808 - 93,602 Other capital accounts 116,761 + 17,419 - 50,409 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,747,804 547,976 246,128 - - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4l.4% + ••33%% • 11--33## Contingent liability on acceptances purchased for foreign correspondents 128,952 + 3,535 + 71,787 Industrial loan commitments -- - 960 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 10, 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 619,507 9,388 5,964,693 16 days to 90 days 6,493 29,218 713,840 91 days to 1 year 70 — 10,701,575 Over 1 year to 5 years -- __ 6,523 912 Over 5 years to 10 years __ __ 677 384 Over 10 years -- __ 792,773 Total 626,0?0 38,606 25,374J177

H.U.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 10, 19&0 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) A S S E TS Gold certificate account 18,170,643 786,315 4,885,852 1019,057 1624,673 1022,607 901,225 3147,070 716,926 390,732 689,017 596,537 2390,632 Redemption fund for F. R. notes 967,194 58,788 209,690 59,575 86,376 80,393 63,365 180,899 45,868 23,054 44,838 30.767 83.581 Total gold certificate reserves 19,137,837 845,103 5,095,542 1078,632 1711,049 1103,000 964,590 3327,969 762,794 413,786 733,855 627,304 2474,213 F.R. notes of other Banks 608,391 44,176 136,4l8 29,624 44,297 72,374 86,832 48,893 17,168 18,384 19,191 37,579 53,455 Other cash 495,738 30,713 96,547 28,265 45,376 30,902 35,198 86,140 26,579 12,526 17,246 16,835 69,411 Discounts and advances 626,070 32,979 107,770 20,448 32,888 30,343 60,914 121,062 16,391 14,356 76,056 51,367 61,496 Acceptances: Bought outright 38,606 — — 38,606 •• —— —— -- -- -- -- U. S. Govt, securities: Bought outright— Bills 1,339,115 72,600 336,991 76,365 115,938 85,820 70,577 231,737 54,462 30,500 57,722 53,450 152,953 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 25,340,177 1373,818 6,376,906 1445,049 2193,902 1624,001 1335,529 4385,168 1030,585 577,173 1092,288 1011,428 2894,330 Held under repurchase agreement 34,000 — — •"» ** •**" Total U. S. Govt, sees. 25,374,177 1373.818 6,410,906 1445,049 2193,902 1624.001 1335,529 4385,168 1030,585 577.173 1092,288 1011,428 2894,330 Total loans & securities 26,038,853 1406,797 6,557,282 1465,497 2226,790 1654,344 1396,443 4506,230 1046,976 591,529 1168,344 1062,795 2955,826 Due from foreign banks 15 1 1 /4 1 1 1 1 2 2 / 2/ 1 12 Cash items in process of collection 4,991,335 353,962 909,149 311,222 411,315 409,354 451,010 813,584 229,976 135,786 251,368 234,157 480,452 Bank premises 100,690 4,293 9,818 4,014 9,248 6,605 10,049 16,265 6,998 5,033 4,608 11,643 12,116 Other assets 374,945 20,145 93.604 21.124 32.851 24.035 20,432 64.205 15,129 8,508 17.053 15.054 42.805 TOTAL ASSETS 51,747,804 2705,190 12,898,364 2938,379 4480,927 3300,615 2964,555 8863,288 2105,620 1185,552 2211,666 2005,368 6088,280 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDIT]C ON OF EACH FEDERAL RESERVE BANK ON FEBRUARY 10, i960 Phila- St. Minne- Kansas San Total Boston New York Cleve- IRichmond Atlanta Chicago Dallas delphia land 1 Louis apolis City Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,562,556 1573,612 6,448,330 1759,632 2518,380 2075,648 1570,516 5214,384 1212,098 600,849 1100,718 791,571 2696,818 Deposits: Member bank reserves 17,7#,308 703,703 4,989,556 799,979 1426,565 761,715 885,929 2751,419 640,636 420,859 809,983 879,468 2674,496 U.S.Treas.-gen.acct. 420,453 24,903 67,901 27,568 32,108 41,497 32,678 17,870 17,293 20,372 37,776 43,204 57,283 Foreign 214,917 10,682 1/59,047 12,862 20,492 9,810 11,336 30,084 7,194 5,014 8,938 12,644 26,8l4 Other 337;29? 469 276,635 1,705 893 3,707 1,313 835 1,064 310 2,227 1,208 46,933 Total deposits 1 0 8,716,977 739,757 5,393,139 842^114 1480,058 816,729 931^256 2800,208 666,187 #6,555 858,924 936,524 2805,526 Deferred availability cash items 4,159,232 326,489 689,293 259,827 360,972 346,935 394,408 662,260 182,685 107,759 197,999 204,394 426,211 Other liabilities and accrued dividends 26,606 1,251 6,658 1,394 2,702 l,4o6 1,162 4,324 948 1,324 1,053 949 3,435 TOTAL LIABILITIES 50,465,371 2641,109 12,537,420 2862,967 4362,112 3240,718 2897,342 8681,176 2061,918 1156,487 2158,694 1933,438 5931,990 CAPITAL ACCOUNTS Capital paid in 390,864 19,232 111,058 22,928 36,498 17,543 20,454 54,369 13,181 9,009 16,117 22,599 47,876 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 116,761 6,517 28,981 6,846 9,787 7,788 6,453 20,409 4,659 2,476 5,135 4,686 13,024 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 51,747,804 2705,190 12,898,364 2938,379 4480,927 3300,615 2964,555 8863,288 2105,620 1185,552 2211,666 2005,368 6088,280 -Conting. liab. on acceptances purchased for foreign correspondents 128,952 6,321 2/36,717 7,611 12,126 5,805 6,708 17,802 4,257 2,967 5,289 7,482 15,867 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,839,29611676,116 6,822,874 1825,907 2605,070 2156,679 1635,809 5385,983 1272,975 611,844 1130,598 846,667 2868,774 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 108,629 — 16,330 — — — 16,325 - 75,974 U. S. Govt, securities 19,395,000 1250,000 4,100,000 1200,000 1750,000 1515,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800^000 Total collateral 30,128,629 1780,000 7,000,000 1916,330 2670,000 2190,000 1700,000 5600,000 1381,325 630,000 1245,974 915,000 3100,000 1/ After deducting $155,870,000 participations of other Federal Reserve Banks, 5/ After deducting $92,235,000 participations of other Federal Reserve Banks.