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 25, 1960 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 hank reserves held during the week ended February 24 decreased $183 million to $18,048 million, which included a decrease of $l8l million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $108 million; and estimated excess reserves decreased $75 million to $393 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves "by $227 million, compared with $505 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $353 million in member bank borrowings and $102 million in Federal Reserve holdings of U. S. Government securities, and an increase of $112 million in "other" F. R. accounts (net). The principal offsetting changes were an increase of $157 million in Federal Reserve float, and decreases of $83 million in "other" deposits with Federal Reserve Banks, $69 million in currency in circulation, and $62 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $300 million. As of Wednesday, February 24, holdings of U. S. Government securities bought outright were $121 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $66 million lower, and member bank borrowings were $310 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Feb. 2k, Feb. 17, Feb. 25, Fed. 24, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 25, 253 -- 4477 - iihhii 2255,,117788 Held under repurchase agreement - 55 5 Acceptances-- Bought outright 3388 + 1 3366 Held under repurchase agreement - 5 - - Loans, discounts, and advances-- Member bank borrowings 620 -353 + 116644 443333 Other - 2 19 — — - Float 1, 32k +157 + 274 926 Total Reserve Bank credit 21, 235 -300 + 270 26,572 Gold stock 19,423 - 9 -1,051 19,421 TTrreeaassuurryy ccuurrrreennccyy oouuttssttaannddiinngg 5,325 + 2 + 86 5,326 51,983 -306 695 51,320 - Currency in circulation 31,562 - 69 + 451 31,536 Treasury cash holdings 445 6 279 450 - Treasury deposits with F. R. Banks 529 - 62 + 86 544 Foreign deposits with F. R. Banks 206 - 18 102 210 - Other deposits with F. R. Banks 439 - 83 - 9 310 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,008 +112 247 1,008 - 34,190 -125 99 34,058 ifember bank reserves: "•'ilth Federal Reserve Banks 17,793 -l8l - 559966 1177,,226622 Cash allowed as reserves (estimated) 255 - 2 + 255 255 Total reserves held 18,048 -183 3^1 17,517 - Required reserves (estimated) 17,655 -108 324 17,657 - Excess reserves (estimated) 393 - 75 - 17 -140 Cn February 2k, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,603 million, an increaes of $66 million for the week, and an increase of $750 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. 24, Feb. 17, Feb. 25, I960 I960 1959 A S S E TS Gold certificate account 18,168,642 2,001 » 799,249 Redemption fund for F. R. notes 965,332 + 39,825 :— Total gold certificate reserves 19,1337975 - 759,424 F. R. notes of other Banks 585,302 10, l4i + 37,132 Other cash 485,207 9,397 + 22,364 Discounts and advances 432,542 • 310,537 - 128,277 Industrial loans > - 333 Acceptances: Bought outright 35,910 1,696 1,278 Held under repurchase agreement - 2,094 U. S.'. Government securities: Bought outright— Bills 1,177,341 - 121,224 - 159,609 Certificates 8,506,993 -10,, 142,733 Notes 13,010,298 -- +10,142,733 Bonds 2,483,771 -- Total bought outright 25,178,403 - 121,224 - 159,609 Held under repurchase agreement 66,300 - 4,000: Total U. S. Government securities 25,178,403 - 167,524 - 163,609 Total loans and securities 25,646,855 - 499,757 - 293,035 Due from foreign hanks 15 Cash items in process of collection 5,548,086 -1,025,148 + 466,037 Bank premises 101,545 51 + 7,009 Other assets 169,119 + 20,067 + 62,373 TOTAL ASSETS 51,670,103 -1,524,475 - 457,544 L I A B I L I T I ES Federal Reserve notes 27,443,282 - 29,524 4 429,108 Deposits: Member hank reserves 17,261,768 - 653,789 • 971,193 U. S. Treasurer—general account 544,103 + 79,737 + 88,787 Foreign 209,818 2,138 - 113,077 Other 309,987 - 28,299 - 31,991 Total deposits 18,325,676 - 604,469 -1 ;027,474 Deferred availability cash items 4,622,553 - 910,145 318,559 Other liabilities and accrued dividends 32,274 + 632 + 5,390 TOTAL LIABILITIES 50,423,785 -1,543,526 *• 274,416 C A P I T AL A C C O U N TS Capital paid in 393,170 + 421 + 20,566 Surplus 774,808 «• — - 93,602 Other capital accounts 78,340 + 18,630 - 110,090 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,670,103 -1,524,475 - 457,544 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.8# + .6# • 1.1# Contingent liability on acceptances purchased for foreign correspondents 126,206 3,293 + 64,281 Industrial loan commitments - 360 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 24, 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 427,961 16,437 266,736 16 days to 90 days 4,534 19,473 725,870 91 days to 1 year 47 14,191,728 Over 1 year to 5 years 8,544,212 Over 5 years to 10 years 657,084 Over 10 years 792,773 Total 432,542 35,910 25,178,403

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH FEBRUARY 24, 19^0 H.fr.ltb) Total Boston New York d P e h l i p la hi - a | C l l e a v n e d - {Richmond I Atlanta Chicago Lo S u 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} AS S E TS Gold certificate account 18,168,642 793,095 4,751,611 1028,816 1559,935 1000,634 927,220 3263,852 676,637 362,326 732,490 577,995 2494,031 Redemption fund for 58.618 208,870 59,243 86,054 79,428 63,007 180,545 45,761 22,958 44,754 32,706 83,388 F. R. notes 965,332 Total gold certificate reserves 19,133,974 851,713 4,960,481 1088,059 1645,989 1080, 062 990,227 3^44,397 722,398 385,284 777,244 610,701 2577,419 F.R. notes of other Banks 585,302 38,263 136,411 28,354 39,546 63,077 93,002 40,610 17,166 17,945 19,586 37,733 53,609 Other cash 485,207 31,016 92,573 27,023 43,219 32,618 33,655 84,447 27,524 11,671 18,717 16,362 66,382 Discounts and advances 432,542 20,915 27,510 21,580 15,140 32,148 59,323 120,785 23,675 37,475 47,220 21,021 5,750 Acceptances: Bought outright 35,910 35,910 U. S. Govt.securities: Bought outright— Bills 1,177,3k! 63,829 296,280 67,140 101,932 75,452 62,051 203,742 47,883 26,815 50,749 46,993 134,475 Certificates 8,506,993 461,207 2,140,802 485,120 736,518 545,197 448,352 1472,152 345,979 193,764 366,694 339,548 971,660 Notes 13,010,298 705,353 3,274,067 .74 1—,92 5, 1126, 4-0-6 833,804 685,695 -225 1., 4-58 529,129 296,336 560,809 519,293 1486,023 Bonds 2,483,771 134,658 625.046 141.639 215.040 159,180 130,905 429,821 101,015 562.573 107,063 3,137 283,694 Total 25,178,403 13% 047 6,33^195 lG%824 2179^96 1613,'633 132^ 003 4357^173 1024,'006 573,'^58 106^315 100^971 2875^52 Held under repurchase agreement Total U. S» Govt, sees. 25,178,403 1365.047 6,336.195 1435,824 2179.896 1613.633 1327,003 4357,173 1024,006 573.488 1085,315 1004,971 2875,852 Total loans & securities 25,646,855 1385,962 6,399,615 1457,404 2195,036 1645,781 1386,326 4477,958 1047,681 610,963 1132,535 1025,992 2881,602 Due frcai foreign banks • 15 1 1/4 1 1 1 1 2 2 / 2/ 1 12 Cash items in process of collection 5,548,086 413,836 1,233,954 373,514 418,808 409,577 402,434 900,807 211,013 128,944 272,320 234,828 548,051 Bank premises 101,545 4,259 9,818 3,991 9,233 6,572 10,137 16,820 6,999 5,033 4,608 12,014 12,061 Other assets 169,119 8.881 41,980 9.482 14.972 10.842 9.565 28.269 6,761 3.846 8.200 7,076 l?,24f TOTAL ASSETS 51,670,103 2733,931 12,874,836 2987,828 4366,804 3248,530 2925,347 8993,310 2039,542 1163,686 2233,211 1944,707 6158,371 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

k STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 24, I960 w Phila- Cleve- , , St. Minne- Kansas - ban Total Boston J Nev York aelphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,443?282 1571,767 6,422,601 1758,446 2511,326 2063,738 1553,316 5197,471 1204,479 597,452 1095,078 787,731 2679,877 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: 674,362 4,697,737 795,060 1348,358 718,458 925,072 2742,737 590,036 405,603 824,475 841,304 2698,566 MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 17,261,768 UUUUU.....SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 544,103 23,407 101,406 30,585 34,111 36,899 29,271 72,129 20,266 27,086 4l,8o4 33,544 93,595 209,818 10,143 1/61,813 12,213 19,458 9,315 10,764 28,566 6,831 4,761 8,487 12,006 25,461 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 437 "261,062 1,509 1,238 2,098 892 674 333 212 1,724 950 38,858 OOOOOttttthhhhheeeeerrrrr 309,987 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 18,325,676 708,349 5,122,018 839,367 1403,165 766,770 965,999 2844,106 617,466 437,662 876,490 887,804 2856,480 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy 390,126 970,495 315,219 333,638 358,632 338,833 770,892 174,175 98,915 208,610 196,965 466,053 cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 4,622,553 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd 1,568 8,038 1,687 3,149 1,794 1,652 5,301 1,182 1,083 1,283 .1,468 M62_ aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 32,274 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 50,423,785 2671,810 12,523,152 2914,719 4251,278 3190,934 2859,800 8817,770 1997,302 1135,112 2181,461 1873,968 6006,479 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 19,428 112,403 22,999 36,522 17,581 20,604 54,473 13,224 9,040 16,304 22,703 47,889 CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 393,170 38,332 220,905 45,638 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95,390 SSSSSuuuuurrrrrpppppllllluuuuusssss 774,808 4,361 18,376 4.472 6,474 5,449 4,637 13,733 3,154 1,954 3,726 3,391 8,613 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 78,340 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD 2733,931 12,874,836 2987,828 4366,804 3248,530 2925,347 8993,310 2039,542 1163,686 2233,211 1944,707 6158,371 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 51,670,103 CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 126,206 6,159 2/36,331 7,4l6 11,816 5,656 6,536 17,347 4,148 2,891 5,154 7,291 15,461 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,691,194 1670,306 6,788,704 1817,556 2590,112 2139,751 1627,361 5357,811 1261,369 611,152 1128,624 841,862 2856,586 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 10,585,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 430,000 180,000 300,000 250,000 1300,000 EElliiggiibbllee ppaappeerr 92,340 21,580 — - - - 23,675 — 47,085 -- - UU.. SS.. GGoovvtt,, sseeccuurriittiieess 19,295,000 11250.000 4.000,000 1200.000 1750,000 1515,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800*000 TToottaall ccoollllaatteerraall 29, 9 9 J 72, V 3 J' 4 V 0 1780,000 6,900,000 1921,580 2670,000 2190,000 1700,000 5600,000 1388,675 630,000 1217,085 875,000 3100,000 1/ After deducting $148,005,000 participations of other Federal Reserve Banks. 2/ After deducting $89,875,000 participations of other Federal Reserve Banks.