H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.I OF THE FEDERAL RESERVE SYSTEM March 3, I960 WEEKLY AVERAGES OF MEMBER BANK RESERVE^, SfiSERVE 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 March 2 decreased a net of $11 million to $18,035 million, which reflected in part an increase of $7 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $20 million; and estimated excess reserves decreased $31 million to $339 million. Member "bank borrowings at the Federal Reserve Banks exceeded excess reserves by $454 million, compared with $250 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $173 million in member bank borrowings, and decreases of $116 million in "other" deposits with Federal Reserve Banks and $46 million in currency in circulation. The principal offsetting changes were decreases of $263 million in Federal Reserve float and $4l million in Federal Reserve holdings of U. S. Government securities. Total Reserve Bank credit decreased $133 million. As of Wednesday, March 2, holdings of U. S• Government securities bought outright were $6 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $34 million higher, and member bank borrowings were $24l million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, March 2, Feb. 24, March 3, March 2, and related items I960 I960 1959 I960 (] En millions of dollars) Reserve Bank credit: U. S. Government securities-- . Bought outright—System account 25,154 - 99 l4o 25,184 Held under repurchase agreement 58 + 58 - 3 34 Acceptances-- Bought outright 35 - 3 - l 35 Held under repurchase agreement -- - l - - - - Loans, discounts, and advances-- Member bank borrowings 793 +173 + 264 674 Other 1 + 1 - 18 Float 1,061 -263 + 110 869 Total Reserve Bank credit 27,102 -133 + 210 26,796 Gold stock 19,421 - 2 -1,058 19,420 Treasury currency outstanding 5,328 + 3 + 87 5,330 51755^ -132 - 760 51,547 Currency in circulation 31,516-* - 46 + 387 31,520 Treasury cash holdings 44LR - 1 - 277 437 Treasury deposits with F. R. Banks 542 + 13 + 8 451 Foreign deposits with F. R. Banks 219 + 13 - 79 231 Other deposits with F. R. Banks 323 -116 - 16 293 Other F. R. accounts (net) 1,008 mm «— - 20 6 1,004 34,051 -139 - i64 33,936 Member bank reserves: With Federal Reserve Banks 17,800 + 7 - 575 17,611 Cash allowed as reserves (estimated) 235 - 18 + 235 235 Total reserves held 18,035 - 11 - 340 17,846 Required reserves (estimated) 17,696 + 20 - 261 17,708 Excess reserves (estimated) 339 - 31 - 79 138 On March 2, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,592 million, a decrease of $11 million for the week and an increase of $759 million from the comparable date a year ago.

H.4.1(a) STATEMENT OF CONDITION OF THE TViELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since March 2, Feb. "24, March ? -j, I960 i960 1959 A S S E TS Gold certificate account 18,168,642 799,249 Redemption fund for F. R. notes 965,1^9 183 + 39,642 Total gold certificate reserves 19,133,791 183 - 759,607 F. R. notes of other Banks 570,401 - 14,901 39,966 Other cash 495,059 + 9,852 + 31,619 Discounts and advances 673;878 + 241,336 + 139,235 Industrial loans — - 333 Acceptances -- bought outright 34,902 - 1, 008 + 271 U. S. Government securities: Bought outright-- Bills 1,183,341 + 6,000 104,359 Certificates 8,506,993 -10; ,142,733 Notes 13,010,298 +10,142,733 Bonds 2, 483, 771 Total bought outright 25,184,403 + 6, COO - 104,359 F^ld under repurchase agreement 33,500 + 33,500 - 200 Total U. S. Government securities 25,217,903 + 39,500 - 104,559 Total loans and securities 25,926, 683 4- 279,828 + 34,614 Due from foreign banks 15 Cash items in process of collection 5,58l,088 + 33,002 + 336,792 Bank premises 101,296 - 249 4- 6,834 Other assets 190,628 + 21,509 + 69,746 TOTAL ASSETS 51,99^79^1 + 328,858 - 240,036" L I A B I L I T I ES Federal Reserve notes 27,405,543 - 37,739 + 389,514 Deposits: Member bank reserves 17,610,646 + 348,878 - 542,225 U. S. Treasurer--general account 450,670 - 93,433 - 2C8,355 Foreign 230,813 + 20,995 - 59,192 Other 293,281 - 16,706 - 53,137 Total deposits 1875857^10 + 259,73% - 862,909 Deferred availability cash items 4,711,633 + 89,080 + 364,171 Other liabilities and accrued dividends 30,951 - 1,323 + 5,523 TOTAL LIABILITIES 50,733,537 + 309,752 - 103,701 C A P I T AL A C C O U N TS Capital-paid In- 393,678 + 5C8 20,376 Surplus 774,808 — «. - 93,602 Other capital accounts 96/938 + 18,598 - 63,109 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,998,951 + 328,858 - 240,036 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4l.6% - .2<jo - 1.2 i Contingent liability on acceptances purchased for foreign correspondents 117,469 - 8,737 55,340 Industrial loan commitments MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 2, 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 666,962 14, Oil 194,160 16 days to 90 days 6,767 20,891 854,131 91 days to 1 year 149 14,175, 543 Over 1 year to 5 years 8, 544, 212 Over 5 years to 10 years 657,084 Over 10 years 792,773 Total 5737878 3%,902 25,217,903

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 2, I960 H.4.1(b) Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta [Chicago Louis apolis City DDaallllaass Franciscc (in thousands of dollars) A S S E TS 18,168,642 846,558 4,893,306 1059,053 1632,523 1013,263 870,714 3144,593 686,299 369,3^4 690,385 647,48o 2315,124 Gold certificate account Red F e . m p R t . i o n n o t f e u s n d for 965,149 58,611 208,843 59,232 86,032 79,408 62,981 180,515 45,754 22,955 44,749 32,699 83,370 Total gold certificate 19,133,791 905,169 5,102,149 1118,285 1718,555 1092,671 933,695 3325,108 732,053 392,299 735,134 680,179 2398,494 reserves 570,401 39,849 133,438 29,056 39,232 52,604 95,299 36,559 16,244 16,643 16,148 35,152 60,177 F.R. notes of other Banks 30,863 91,580 28,590 45,457 35,481 33,472 87,366 27,115 11,567 18,289 15,843 69,436 Other cash 495,059 673,878 12,551 36,000 26,475 34,755 37,532 103,769 172,601 25,900 30,700 83,992 44,703 64,900 Discounts and advances Acceptances: 34,902 Bought outright 34,902 U. S. Govt, securities: Bought outright— 1,183,341 64,155 297,790 67,482 102,451 75,837 62,367 204,780 48,127 26,952 51,008 47,232 135,160 Bills 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 Certificates 13,010,298 705,353 3,274,067 741,925 1126,406 833,804 685,695 2251,458 529,129 296,336 560,809 519,293 1486,023 Notes 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 Bonds 1365^73 6,337^705 1436^166 2180^415 1614,'01« 1327,319 4355,211 1024,250 573,625 1085,574 1005,210 2876,537 25,104,403 Total Held under repurchase 33,500 33,500 agreement 1365,373 6,371,205 1436,166 2180,415 l6l4,018 1327,319 4358,211 1024,250 573,625 1085,574 1005,210 2876,537 Total U. S. Govt, sees. 25,217,903 .25,926,683 1377,924 6,442,107 1462,641 2215,170 1651,550 1431,088 4530,812 1050,150 604,325 1169,566 1049,913 2941,437 Total loans & securities 11/4 1 1 1 1 2 2 / 2/ 1 12 15 Due from foreign "banks Cash items in process 389,403 1,045,600 351,268 478,721 417,027 454,198 925,545 221,433 145,736 275,697 263,246 613,214 5,581,088 of collection 4,259 9,781 3,991 9,175 6,560 10,152 16,768 6,961 5,011 4,594 11,992 12,052 101,296 Bank premises 10,265 47,020 10,810 17,075 12,115 10,698 31,965 7,690 4,324 9,077 7,774 21,815 190,628 Other assets 51,998,961 2757,733 12,871,679 3004,642 4523,386 3268,009 2968,603 8954,125 2061,646 1179,905 2228,506 2064,100 6116,627 TOTAL ASSETS 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

fl.it.T/e) STATEMENT OP CONDITION OP EACH'FEDERAL RESERVE EAHK OK MAECB 2, I96G Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago city Dallas Francisco de1t)h1a land Louls apolis (In thousands of dollars) LLLL IIII AAAA BBBB IIII LLLL IIII TTTT IIII EEEESSSS FFFFeeeeddddeeeerrrraaaallll RRRReeeesssseeeerrrrvvvveeee nnnnooootttteeeessss 27,405,543 1568,480 6,411,927 1757,142 2508,782 2060,938 1553,110 5190,380 1203,094 596,758 1096,179 785,222 2673,531 DDDDeeeeppppoooossssiiiittttssss:::: MMMMeeeemmmmbbbbeeeerrrr bbbbaaaannnnkkkk rrrreeeesssseeeerrrrvvvveeeessss 17,610,646 706,176 4,894,586 854,960 1416,513 761,942 912,885 2700,084 620,479 400,226 810,664 929,253 2602,878 UUUU....SSSS....TTTTrrrreeeeaaaassss....----ggggeeeennnn....aaaacccccccctttt.... 450,670 33,511 79,908 16,156 33,113 22,984 22,650 58,722 17,265 23,208 42,005 38,607 62,533 FFFFoooorrrreeeeiiiiggggnnnn 230,813 11,025 1/69,938 13,275 21,150 10,125 11,700 31,050 7,425 5,175 9,225 13,050 27,675 293,281 424 "234,917 1,803 1,517 4,374 1,114 1,628 563 265 1,465 932 44,279 OOOOtttthhhheeeerrrr TTTToooottttaaaallll ddddeeeeppppoooossssiiiittttssss 18,585,410 751,136 5,279,349 886,194 1472,293 799,425 948,357 2791,484 645,732 428,874 863,359 981,842 2737,365 DDDDeeeeffffeeeerrrrrrrreeeedddd aaaavvvvaaaaiiiillllaaaabbbbiiiilllliiiittttyyyy ccccaaaasssshhhh iiiitttteeeemmmmssss 4,711,633 373,363 815,801 285,408 421,934 347,127 398,915 788,108 168,778 124,115 215,234 224,381 548,469 OOOOtttthhhheeeerrrr lllliiiiaaaabbbbiiiilllliiiittttiiiieeeessss aaaannnndddd aaaaccccccccrrrruuuueeeedddd ddddiiiivvvviiiiddddeeeennnnddddssss 30,951 1,622 7,773 1,725 3,188 1,717 1,645 5,376 1,084 1,167 1,214 1,204 3,236 TTTTOOOOTTTTAAAALLLL LLLLIIIIAAAABBBBIIIILLLLIIIITTTTIIIIEEEESSSS 50,733,537 2694,601 12,514,850 2930,469 4406,197 3209,207 2902,027 8775,348 2018,688 1150,914 2175,986 1992,649 5962,601 CCCCAAAAPPPPIIIITTTTAAAALLLL AAAACCCCCCCCOOOOUUUUNNNNTTTTSSSS CCCCaaaappppiiiittttaaaallll ppppaaaaiiiidddd iiiinnnn 393,678 19,467 112,626 23,015 36,530 17,612 20,643 54,518 13,226 9,048 16,340 22,749 47,904 SSSSuuuurrrrpppplllluuuussss 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 OOOOtttthhhheeeerrrr ccccaaaappppiiiittttaaaallll aaaaccccccccoooouuuunnnnttttssss 96,938 5,333 23,298 5,520 8,129 6,624 5,627 16,925 3,870 2>363 4,46o 4,057 10,732 TTTTOOOOTTTTAAAALLLL LLLLIIIIAAAABBBBIIIILLLLIIIITTTTIIIIEEEESSSS AAAANNNNDDDD CCCCAAAAPPPPIIIITTTTAAAALLLL AAAACCCCCCCCOOOOUUUUNNNNTTTTSSSS 51,998,961 2757,733 12,871,679 3004,642 4523,386 3268,009 2968,603 8954,125 2061,646 1179,905 2228,506 2064,109 6116,627 Conting. liab. on acceptances purchased for foreign correspondents 117.469 5.757 2/33.456 6.932 11,045 5,287 6,110 16,215 3,878 2,703 4,8l8 6.815 14.453 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,616,300 1670,077 6,773,106 1811,340 2585,055 2135,977 1619,391 5341,643 1257,095 608,896 1125,579 837,593 2850,548 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 10,585, *~'00 530,000 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 136,232 26,475 -- -- — — 25,900 — 83,857 1250,000 4,000,000 1200,000 1750,000 1490,000 1200,000 3700,000 935,000 450,000 870,000 625,eco 1800,oco UU.. SS.. GGoovvtt,, sseeccuurriittiieess 19,270,000 TToottaall ccoollllaatteerraall 29,991,232 1780,000 6,900,000 1926,475 2670,000 2165,000 1700,000 5600,000 1390,900 630,000 1253,857 875,000 3100,003 1/ After deducting $160,875,000 participations of other Federal Reserve Banks. 2/ After deducting $84,013,000 participations of other Federal Reserve Banks.