H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM February 18, 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 17 decreased $6l million to $1.8,219 million, which reflected in part a decrease of $75 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $78 million; and estimated excess reserves increased $17 million to $440 million, Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $533 million, compared with $427 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were increases of $178 million in "other" deposits with Federal Reserve Banks, $174 million in Treasury deposits with Federal Reserve Banks, $62 million in "other" F. R. accounts (net),and $32 million in currency in circulation, and a decrease of $34 million in Federal Reserve holdings of U. S. Government securities. The principal offsetting changes were increases of $314 million in Federal Reserve float and $123 million in member bank borrowings. Total Reserve Bank credit increased $1*00 million. As of Wednesday, February 17, holdings of U. S. Government securities bought outright were $4l million lower than a week earlier, U. S. Government securities held under repurchase agreement were $j2 million higher, and member bank borrowings were $119 million higher. Holdings of certificates decreased $2,000 million and notes increased a like amount, reflecting the exchange of certificates maturing February 15 for 4 7/8 per cent notes maturing in 1964. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 17, Feb. 10, I Feb. 18, Feb. 17, and related items I960 I960 1 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 25,300 - 55 - 223 25,300 Held under repurchase agreement 55 + 21 + 49 66 Acceptances-- Bought outright 38 - 1 1 38 Held under repurchase agreement 4 •» — - — — Loans, discounts, and advances-- Member bank borrowings 973 +123 + 4c8 743 Other 2 - 1 - 17 Float 1,167 +314 + 207 1,041 Total Reserve Bank credit 27,535 +400 + 423 27,187 Gold stock 19,432 - l -1,043 19,432 Treasury currency outstanding 5,323 + 2 4- 85 5,323 52,289 +4oo - 536 51,942 Currency in circulation 31,631 + 32 + 426 31,548 Treasury cash holdings 451 + 8 - 290 456 Treasury deposits with F. R. Banks 591 +174 + 193 464 Foreign deposits with F. R. Banks 224 + 21 - 89 212 Other deposits with F. R. Banks 522 +178 + 131 338 Other F. R. accounts (net) 896 + 62 - 318 1,008 34,315 +475 + 52 34,027 Member bank reserves: With Federal Reserve Banks 17,974 - 75 - 588 17,916 Cash allowed as reserves (estimated) 245 + 14 + 245 245 Total reserves held 18,219 - 61 3^3 18,161 Required reserves (estimated) 17,779 ~ 78 - 341 17,802 Excess reserves (estimated) 440 + 17 - 2 359 On February 17, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,537 million, an increase of $69 million for the week and an increase of $737 million from the comparable date a year ago.

H.4.1(a) STATEMENT OP CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since Feb. 17> Feb. 10, Feb. 18, I960 I960 1959 A S S E T? S Gold certificate account 16,170,643 787,249 m #* Redemption fund for F. R. notes 963,379 3 , 8 15 + 35,490 Total gold certificate reserves 19,134,022 3,815 - 751,759 F. R. notes of other Banks 595,443 - 12,948 + 38,079 Other cash 494,604 1,134 + 31,852 Discounts and advances 743,079 + 117,009 + 261,604 Industrial loans mm w •» - 333333 Acceptances: Bought outright 37,606 1,000 + 1,972 Held under repurchase agreement 55,,000000 - U. S. Government securities: Bought outright— Bills 1,298, 565 - 4o,550 - 170,385 Certificates 8,506,993 - 2 , 0 0 0 , 0 00 -10,142,733 Notes 13,010,298 + 2 , 0 0 0 , 0 00 +10,142,733 Bonds 2,463,771 Total bought outright 25,299,527 - 40,550 - 170,385 Held under repurchase agreement 66.300 + 32,300 + 61,800 Total U. S. Government securities 25,365,927 8,250 - 108,585 Total loans and securities 26,146,612 + 107,759 + 149,658 Due from foreign "banks 15 <m am Cash items in process of collection 6,573,234 +1, 581,899 + 5 1 4 , 6 01 Bank premises 1 0 1 , 5 96 + 906 + 7,084 Other assets 149,052 - 225,893 + 55,054 TOTAL ASSETS 53,194,576 +1,446,774 + 44,569 L I A B I L I T I ES Federal Reserve notes 27,472,806 - 89,750 + 424,530 Deposits: Member hank reserves 17,915,557 + 171,249 - 677,114 U. S. Treasurer—general account 464,366 + 43,913 + 6 8 , 6 09 Foreign 211,956 2,961 - 116,490 Other 338,286 + 987 - 14,188 Total deposits 18,930,165 + 213,186 739,183 w Deferred availability cash items 5,532,698 +1,373,466 + 543,766 Other liabilities and accrued dividends 31,642 + 5,036 + 6,507 TOTAL LIABILITIES 51,967,311 +1,501,940 + 235,620 C A P I T AL A C C O U N TS Capital paid in 392,749 + 1,885 20,440 Surplus 774,808 •» - - 93,602 Other capital accounts 59,710 - 57,051 - 117,889 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,194,578 +1,446,774 + 44,569 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 44ll..22gg66 ..22%% - 1.4# Contingent liability on acceptances purchased for foreign correspondents 112299,,449999 ++ 554477 + 72,095 Industrial loan commitments — -- - 360 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 17, 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 738,896 12,791 455,810 16 days to 90 days 4,132 24,815 703,920 91 days to 1 year 51 — 14,212,128 Over 1 year to 5 years -- -- 8,544,212 Over 5 years to 10 years — — 657,084 Over 10 years — — 792,773 Total 743,079 37,606 25,365,927

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 17, I960 a.4.1(b) Phila- Cleve- St. Minne- Kansas San Total Boston Hew York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) A S S E TS Gold certificate account 18,170,643 861,884 4,748,884 1019,875 1547,473 1046,770 907,746 3099,579 694,768 388,347 738,175 652,870 2464,272 Redemption fund for F. R. notes 963,379 58,623 208,895 59,246 86,056 79,429 63,009 180,548 45,761 22,962 44,755 30,706 83,389 Total gold certificate 920,507 4,957,779 1079,121 1633,529 1126,199 970,755 3280,127 740,529 411,309 782,930 683,576 2547,661 reserves 19,134,022 F.R. notes of other Banks 595,443 44,032 143,689 28,818 41,626 65,041 8 6 , 9 41 39,193 1 6 , 8 50 1 8 , 4 91 17,414 35,563 57,785 Other cash 494,6o4 31,781 94,834 27,209 45,283 33,043 3 3 , 0 66 8 7 , 8 59 26,139 12,194 1 8 , 0 65 1 6 , 1 91 68,940 Discounts and advances 743,079 2 7 , 2 83 23,900 2 2 , 9 55 5 4 , 7 35 2 0 , 2 73 9 4 , 6 96 2 9 6 , 6 89 2 4 , 5 75 1 8 , 0 48 5 6 , 1 99 8 5 , 5 26 1 8 , 2 00 Acceptances: Bought outright 37,606 37,606 U. S. Govt, securities: Bought outright— Bills 1 , 2 9 8 , 5 65 70,401 326,787 74,053 1 1 2 , 4 27 8 3 , 2 21 68,440 224,720 52,813 29,577 55,974 5 1 , 8 31 1 4 8 , 3 21 Certificates 8,506,993 461,207 2,140,802 485,120 736,518 545,197 448,352 1472,152 345,979 193,764 366,694 339,51*8 971,660 Notes 1 3 , 0 1 0 , 2 98 705,353 3,274,067 741,925 1126,406 833,804 685,695 2251,458 529,129 296,336 560,809 519,293 1486,023 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 137l)619 6 , 3^ 702 1442^737 2190,391 1621,402 1333,392 4378,151 1028,93& 576,250 1090,540 1009,609 20*9,690 Total 25,299,627 Held under repurchase agreement 66,300 — 66,300 21 22 11 II II 11 II II II 1 3 7 1 , 6 19 6.433,002 1442,737 2190,391 1 6 2 1 , 4 02 1333,392 4378,151 1028,936 576,250 1090,540 1009,809 2 8 8 9 , 6 98 Total U. S. Govt, sees. 25,365,927 Total loans & securities 26,146,612 1 3 9 8 , 9 02 6,494,508 1465,692 2245,126 l64l, 6 75 1428,088 4674,840 1 0 5 3 , 5 11 594,298 1146,739 1095,335 2 9 0 7 , 8 98 Due from foreign banks 15 1 1 /4 1 1 1 1 2 2 / 2/ 1 12 Cash items in process of collection 6,573,234 455,101 1 , 3 1 8 , 8 11 422,657 580,169 498,105 540,508 1 1 1 3 , 2 82 276,766 1 5 8 , 8 11 314,396 280,923 613,705 4 2 93 9 , 8 18 4,014 9,233 6 , 6 05 10,148 1 6 , 8 19 6,997 5,033 4,608 1 1 , 9 12 1 2 , 1 16 Bank premises 101,596 8.061 36.614 8.446 13.075 9,475 8,519 24,865 5,942 3,353 7,324 6,271 17,10? Other assets 149.052 2862,678 13,056,057 3035,958 4568,042 3380,144 3078,026 9236,987 2126,734 1203,489 2291,477 2129,772 6225,214 TOTAL ASSETS 53,194,578 1f After deducting $11,00*0 participations of other Federal Reserve Banks. 2/ Less than $500.

a.4.i(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 17. 19&Q Total Boston New York P d h e i l l p a hi - a Cl l e a v n e d - Richmond Atlanta Chicago L S ou t i . s 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) L I A B I L I T I ES 27,472,806 1 5 7 0 , 9 65 6,419,238 1 7 5 8 , 0 06 2 5 1 2 , 1 55 2 0 6 6 , 0 50 1 5 5 9 , 9 90 5207,633 1 2 0 9 , 0 12 599,841 1097,559 789,425 2682,932 Federal Reserve notes Deposits: Member bank reserves 17,915,557 738,418 4 , 8 8 6 , 5 83 8 4 0 , 2 69 1377,719 769,482 936,695 2 7 9 6 , 4 32 635,119 4 0 1 , 0 31 8 4 5 , 2 19 9 6 2 , 9 14 2 7 2 5 , 6 76 464,366 33,834 41,758 15,265 38,450 43,209 27,889 81,952 22,009 29,544 36,722 43,673 50,061 U.S.Treas.-gen.acct. 211,956 10,143 1/63,951 1 2 , 2 13 19,458 9,315 10,764 2 8 , 5 66 6 , 8 31 4,761 8,487 1 2 , 0 06 25,461 Foreign 338,286 2 , 1 87 " 2 7 9 , 8 88 2 , 0 29 1 , 3 68 2,867 1,145 1,849 1,167 2 96 2 , 1 68 795 42,527 Other 784,582 5 , 2 7 2 , 1 80 8 6 9 , 7 76 1436,995 824,873 976,493 2908,799 6 6 5 , 1 26 435,632 8 9 2 , 5 96 1 0 1 9 , 3 88 2843,725 Total deposits 18,930,165 Deferred availability cash items 5 , 5 3 2 , 6 98 444,388 1,009,728 334,374 502,017 431,093 475,398 943,127 210,036 138,782 249,260 249,657 544,838 Other liabilities and 1 , 5 88 7 , 9 98 1 , 7 76 2,929 1 , 7 32 1 , 6 26 5,325 1,075 1 , 0 86 1 , 2 29 1,355 3,923 accrued dividends 31,642 2 8 0 1 , 5 23 1 2 , 7 0 9 , 1 44 2963,932 4454,096 3 3 2 3 , 7 48 3013,507 9 0 6 4 , 8 84 2085,249 1175,341 2 2 4 0 , 6 44 2 0 5 9 , 8 25 6 0 7 5 , 4 18 TOTAL LIABILITIES 51,967,311 CAPITAL ACCOUNTS Capital paid in 392,749 19,422 112,332 22,962 36,520 17,559 20,546 54,422 13,204 9,025 16,233 22,642 47,882 774,808 38,332 220,905 Other capital accounts 59,710 3,401 13,676 ^ 31 :^ t l: TOTAL LIABILITIES AND 2862,678 13,056,057 3035,958 4568,042 3380,144 3078,026 9236,987 2126,734 1203,489 2291,477 2129,772 6225,214 CAPITAL ACCOUNTS 53,194,578 •Conting. liab. on acceptances purchased for 6,345 2/36,907 7,640 12,173 5,827 6,734 17,871 4,273 2,979 5,310 7,511 15,929 foreign correspondents 129,499 FEDERAL RESERVE AGENTS' ACCOUNTS 1674,664 6,796,873 1822,617 2596,990 2144,389 1629,278 5366,519 1266,264 611,161 1130,167 844,905 2863,217 F. R. notes outstanding 28,747,05^ Collat. for F. R. notes: Gold certificate acct. 10,585,000 5 3 0 , 0 00 2 , 9 0 0 , 0 00 7 0 0 , 0 00 9 2 0 , 0 00 6 7 5 , 0 00 5 0 0 , 0 00 1 9 0 0 , 0 00 4 3 0 , 0 00 1 8 0 , 0 00 3 0 0 , 0 00 2 5 0 , 0 00 1 3 0 0 , 0 00 22,955 — — — — 22,600 — 56,064 Eligible paper 101,619 1 2 5 0 , 0 00 4 , 1 0 0 , 0 00 1 2 0 0 , 0 00 1 7 5 0 , 0 00 1 5 1 5 , 0 00 1 2 0 0 , 0 00 3 7 0 0 , 0 00 935,ooo 4 5 0 , 0 00 8 7 0 , 0 00 6 2 5 , 0 00 1 8 0 0 , 0 00 U. S. Govt, securities 19,395,000 1 7 8 0 , 0 00 7 , 0 0 0 , 0 00 1 9 2 2 , 9 55 2670,000 2 1 9 0 , 0 00 1700,000 5 6 0 0 , 0 00 1 3 8 7 , 6 00 6 3 0 , 0 00 1 2 2 6 , 0 64 875,000 3100,000 Total collateral 30,081,5.9 l/ After deducting $148,005,000 participations of other Federal Reserve Banks. 2/ After deducting $92,592,000 participations of other Federal Reserve Banks-