H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM March 10, 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 March 9 decreased $150 million to $17,951 million, which included a decrease of $69 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $88 million; and estimated excess reserves decreased $62 million to $376 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $219 million, compared with $355 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $198 million in member bank borrowings and an increase of $97 million in currency in circulation. The principal offsetting changes were increases of $113 million in Federal Reserve float and $58 million in Federal Reserve holdings of U. S. Government securities, and a decrease of $30 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $27 million. As of Wednesday, March 9, holdings of U. S. Government securities bought outright were $4l million higher than a week earlier, U. S. Government securities held under repurchase agreement were $34 million lower, and member bank borrowings were $71 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended 1 Reserve Bank credit, March 9, March 2, March 10, 1 and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 25,235 + 81 - 96 25,225 Held under repurchase agreement 35 - 23 — Acceptances-- Bought outright 36 + 1 + 1 32 Held under repurchase agreement - - - 2 Loans, discounts, and advances-- Member bank borrowings 595 -198 - 108 745 Other mm - 1 - 20 Float 1,174 +113 + 325 815 26,818 Total Reserve Bank credit 27,075 - 27 99 Gold stock 19,412 - 9 -1,036 19,409 Treasury currency outstanding 5,333 + 5 + 91 5,333 51,819 - 32 - 847 51,561 Currency in circulation 31,613 + 97 + 398 31,662 Treasury cash holdings 435 - 9 - 281 441 Treasury deposits with F. R. Banks 542 -- + 88 564 Foreign deposits with F. R. Banks 200 - 19 - 111 200 Other deposits with F. R. Banks 293 - 30 - 43 307 Other F. R. accounts (net) 1,007 - l - 205 1,006 34,088 + 37 - 156 357180 Member bank reserves: With Federal Reserve Banks 17,731 - 69 - 690 17,381 Cash allowed as reserves (estimated) 220 - 81 + 220 220 Total reserves held 17,951 -150 - 470 17,601 Required reserves (estimated) 17,575 - 88 - 293 17,468 Excess reserves (estimated) 376 - 62 - 177 133 On March 9, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,674 million, an increase 01 $82 million for the week and an increase of $778 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 March 9, March 2, March 10, I960 I960 1959 A S S E TS . Gold certificate account 18,158,642 10,000 774,250 Redemption fund for F. R. notes 962,468 - 2,681 + 39,524 Total gold certificate reserves 19,121,110 - 12,681 - 734,726 F. R. notes of other Banks 494,222 - 76,179 + 11,168 Other cash 465,043 - 30,016 + 25,647 Discounts and advances 745,374 + 71,496 + 239,149 Industrial loans -- -- - 333 Acceptance s - -"bought outright 32,394 - 2,508 - 2,236 U. S. Government securities: Bought outright— Bills 1,224,217 + 40,876 113,283 Certificates 8,506,993 -«• -10,142/733 Notes 13,010,298 +10,142,733 Bonds 2,483,771 Total "bought outright 25,225,279 + 40,876 - 113,263 Held under repurchase agreement — — - 33,500 - 15,000 Total U. S. Government securities 25,225,279 + 7,376 128,283 Total loans and securities 26,003,047 + 76,364 108,297 Due from foreign "banks 15 - — -- Cash items in process of collection 4,763,471 - 817,617 - 94,641 Bank premises 101,315 • 19 + 6,636 Other assets 210,725 + 20,097 76,549 TOTAL ASSETS 51,158,948 840,013 - 601,070 L I A B I L I T I ES Federal Reserve-notes- 27,440,356 + 34,813 + 397,025 Deposits: Member bank reserves 17,380,710 • 229,936 • 712,230 U. S. Treasurer—general account 564,050 + 113,380 173,985 Foreign 199,979 - 30,834 - 104,449 Other 307,417 + 14,136 • 34,998 Total deposits 18,452,156 - 133,254 • 677,692 Deferred availability cash items 3,948,625 - 763,008 - 197,559 Other liabilities and accrued dividends 33,245 + 2,294 6,137 TOTAL LIABILITIES 49,874,382 - 859,155 • 472,089 C A P I T AL A C C O U N TS Capital paid in 394,063 + 385 20,130 Surplus 774,808 - -> - 93,602 Other capital accounts 115,695 + 18,757 - 55,509 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,158,948 - 840,013 - 601,070 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.7# + .1* - 1-3% Contingent liability on acceptances purchased for foreign correspondents 111,622 - 5,847 + 49,917 Industrial loan commitments MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 9, 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 738,032 10,004 162,160 16 days to 90 days 7,263 22,390 864,007 91 days to 1 year 79 ~ 14,205,043 Over 1 year to 5 years .. 8,544,212 Over 5 years to 10 years -- — 657,084 Over 10 years .. -- 792,773 Total 745,374 32,394 25,225,279

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK CM MARCH 9, I960 E.4.1(b) Total Boston N ' e w 1 Yo r /i k n d P e h l il ph a i a Cl l e a v n - e L d - " 1 Ri c I hmond Atlanta Ch i R c ago 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 Fra S n a c n is co "fin thousands of dollars) A S S E TS 864,865 5,033,002 1043,630 1629,351 989,775 880,711 2984,768 687,638 363,278 678,622 606,922 2396,080 Gold certificate account 18,158,642 Redemption fund for 58,468 208,265 59,007 85,818 78,776 62,762 180,201 45,686 22,902 44,698 32,656 83,229 F. R. notes 962,468 Total gold certificate 19,121,110 923,333 5,241,267 1102,637 1715,169 1068,551 943,473 3164,969 733,324 386,180 723, 320 639,578 2479,309 reserves F.R. notes of other Banks 494,222 31,617 120,697 23,915 32,326 45,306 91,440 32,137 9,715 11,396 16,621 31,069 47,963 Other cash 465,043 30,151 85,386 27,136 40,932 31,748 33,718 84,886 26,017 11,128 15,830 15,235 62,876 Discounts and advances 745,374 42,581 75,060 44,175 76,800 56,532 54,205 192,002 22,950 28,088 76,587 61,994 14,400 Acceptances: Bought outright 32,394 32,394 U. S. Govt. securities: Bought outright— Bills 1,224,217 66,370 308,077 69,813 105,990 78,457 64,521 211,854 49,789 27,883 52,770 48,864 139,829 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 3,274,067 741,925 1126,406 833,804 685,695 2251,458 529,129 296,336 560,809 519,293 i486,023 99,137 283,694 Bonds 2,483,771 134,658 625/046 l4l!639 215!040 159,180 130,905 429,821 101,015 56,573 107,063 1367' 588 6,347/992 1438, 497 2183,954 1616,638 1329,473 4365, 285 1025,912 574,556 1087,336 1006,842 2881,206 Total 25,225,279 Held under repurchase agreement 1367,588 6,347,992 1438,497 2183,954 1616,638 1329,473 4365,285 1025,912 574,556 1087,336 1006,842 2881,206 Total U. S. Govt, sees. 25,225,279 1410,169 6,455,446 1482,672 2260,754 1673,170 1383,678 4557,287 1048,862 602,644 1163,923 1068,836 2895,606 Total loans & securities 26,003,047 1 1 /4 1 1 1 1 2 2 / 2/ 1 1 2 Due from foreign banks 15 Cash items in process % 1;S£ % 35 !;$ To,It % % % % % 1t| of collection 4,763,471 Bank premises 101,315 ll' 181 52,207 12,085 18,623 13,530 11,774 35,524 8,458 4,759 9,878 8, 517 24,189 Other assets 210,725 2772,289 12,860,956 2940,332 4463,276 3198,002 2895,764 8644,692 2040,756 1157,709 2168,136 1998,648 6018,388 TOTAL ASSETS 51,158,948 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 9, I960 H.4.1(c) Phila- Cleve- St. Minne- Kansas Dallas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Francisco (In thousands of dollars) L I A B I L I T I ES 6,420,510 1761,194 2514,285 2058,780 1552,304 5191,191 1202,086 598,596 1098,628 785,221 2685,504 Federal Reserve notes 27,440,356 1572,057 Deposits: Member bank reserves 17,380,710 759,746 3E 1:1 " II IS is I 1 1® If IS 1 8 1| U.S.Treas.-gen.acct. 564,050 41,390 Foreign 199,979 9,751 -PKQ 726 1,897 887 4*291 1,223 1,143 723 813 1,303 649 53,364 Other 307,417 398 '$,380', 14b 870,110 1499,864 779,274 913,7^0 2020,009 b4i,4fi 4i>,oij ojo,j>o 945,179 2736,1^ Total deposits 18,452,15b 811,285 Deferred availability 690,357 231,809 327,100 298,057 360,536 644,772 152,293 113,590 178,433 191,703 436,802 cash items 3,948,625 323,173 Other liabilities and 8,199 1,973 3,292 1,896 1,632 5,985 1,189 1,093 1,270 1*330 3,728 accrued dividends 33,245 1,658 TOTAL LIABILITIES 49,874,382 2708A73 .12,499,212 2865,086 4344,541 3238,007 2828,198 8462,557 1997,039 1128,292 2114,689 1926,433 5862,155 CAPITAL ACCOUNTS 112,793 23,039 36,570 17,620 20,683 54,539 13,260 9,052 16,343 22, ,922 Capital paid in 394,063 19,468 IrM 1:11 Surplus 774,808 % ^ 3^ 1S %% Other capital accounts 115,695 TOTAL LIABILITIES AND 2772.289 12,860.956 2940,332 4463,276 3198,002 2895,764 8644,692 2040,756 1157,709 2168,136 1??8,648 6018,388 CAPITAL ACCOUNTS 51,158,948 Conting. liab. on acceptances purchased for foreign correspondents 111,622 5,454 2/32,042 6,567 10,462 5,009 5,788 15,359 3,673 2,560 4,563 6,455 I&69C FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,567,010 1662,538 6,769,461 1814,189 2587,143 2125,183 1620,021 5327,459 1253,088 610,277 1125,351 837,417 2834,883 Collat. for F. R. notes: COQ COO 2.900,000 700,000 920,000 675,000 500,000 1900,000 430,000 180,000 300,000 250,000 1300,occ Gold certificate acct. 10,585,000 44,175 — — — — 22,950 — 76,452 Eligible paper 143,577 1250,000 4,000,000 1200,000 1750,000 1490,000 1200,000 3700,000 935,000 450,000 870,000 625,000 18C0,CC( U. S. Govt, securities 19,270,000 Total collateral 29,998,577 1780,000 6,900,000 1944,175 2670,000 2165,000 1700,000 5600,000 1387,950 630,000 1246,452 875,000 3100,CCC l/ After deducting $i42,2 85,000 participations of other Federal Reserve Banks, 2/ After deducting $79, 580,000 participations of other Federal Reserve Banks .