H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD bF GOVERNORS Foir Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM Match 17, 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 M&rch 16 increased $133 million to $18,074 million, which included an increase of $il8 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $12 million; and estimated excess reserves increased $121 million to $486 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $240 million, compared with $230 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $78 million in U. S. Government securities bought outright, $96 million held under repurchase agreement,and $131 million in member bank borrowings, and a decrease of $96 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $180 million in Federal Reserve float and an increase of $113 million in currency in circulation. Total Reserve Bank credit increased $122 million. As of Wednesday, March 16, holdings of U. S. Government securities "bought outright were $135 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $119 million higher, and member bank borrowings were $360 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, March 16, March 9, March 18, March 16, and related items I960 I960 1959 I960 Reserve Bank credit: U. S. Government securities- Bought outright--System account 25, 313 + 78 - 106 Held under repurchase agreement 131 + 96 + 79 Acceptances- Bought outright 34 - 2 — — Held under repurchase agreement * * * Loans, discounts, and advances- Member bank borrowings 726 +131 + 201 Other mm - W - 19 Float 994 -180 6 Total Reserve Bank credit 27,197 +122 + 149 Gold stock 19,409 - 3 -1,033 Treasury currency outstanding 5,335 + 2 + 91 51,941 +122 - 793 Currency in circulation 31,726 +113 + 439 Treasury cash holdings 448 + 13 - 279 Treasury deposits with F. R. Banks 446 - 96 + 9 Foreign deposits with F. R. Banks 200 90 — — Other deposits with F. R. Banks 293 — *• - 47 Other F. R. accounts.(net) 980 - 27 - 234 34,093 + 5 - 202 Member bank reserves: With Federal Reserve Banks 17,849 +118 - 590 Cash allowed as reserves (estimated) 225 + 15 + 225 Total reserves held 18,074 +133 - 365 Required reserves (estimated) 17,588 + 12 - 463 Excess reserves (estimated) 486 +121 + 98 On March 16, 1960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,757 million, an increase of $83 million for the week and an increase of $756 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 16, March 9, March lb, I960 I960 1959 A S S E TS Gold certificate account 18,158,644 + 2 - 777711,,224477 Redemption fund for F. R. notes 958,519 - 3,949 + 34,787 Total gold certificate reserves 19,117,163 - 3,947 - 736,460 F. R. notes of other Banks 473,143 - 21,079 + 17,191 Other cash 446,910 - 18,133 + 18,268 Discounts and advances 385,052 - 360,322 - 600,698 Industrial loans — - 332 Acceptance s- -bought outright 32,391 - 3 - 298 U. S. Government securities: Bought outright- Bills 11,,335599,,441177 + 135,200 - 5588,,778833 Certificates 8,506,993 - — -10,142,733 Notes 13,010,298 -- +10,142,733 Bonds 2,483,771 —— Total "bought outright 25,360,479 + 135,200 - 58,783 Held under repurchase agreement 119,400 119,400 4l,4oo + + Total U. S. Government securities 25,479,879 + 254,600 - 17,383 Total loans and securities 25,897,322 105,725 618,711 Due from foreign banks 15 — Cash items in process of collection 6,620,232 +1,856,761 - 55,214 Bank premises 102,246 931 7,450 + • + Other assets 222,310 11,585 84,096 + + TOTAL ASSETS 52,879,341 +1,720,393 1,283,380 - L I A B I L I T I ES Federal Reserve noteF ~ 27,440,976 620 418,726 + + Deposits: Member bank reserves 17,981,294 + 660000,,558844 - 998888,,553322 U. S. Treasurer—general account 250,817 - 313,233 - 172,026 Foreign 200,614 635 68,225 + • Other 290,871 - 16,546 - 53,782 Total deposits 18,723,596 + 271,440 - 1,282,565 Deferred availability cash items 5,445,201 +1,496,576 - 237,715 Other liabilities and accrued dividends 33,995 750 7,146 + + TOTAL LIABILITIES 51,643,768 +1,769,386 1,094,406 - C A P I T AL A C C O U N TS Capital paid in 394,544 481 20,436 + + Surplus 774,808 — - 93,602 Other capital accounts 66,221 - 49,474 • 115,808 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,879,341 +1,720,393 1,283,380 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4411..44%% - ..33## - M Contingent liability on acceptances purchased for foreign correspondents 110,535 - 1,087 + 50,230 Industrial loan commitments 360 -- - - - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH l6, 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 379,057 7,818 356,996 16 days to 90 days 5,935 24,573 903,271 91 days to 1 year 60 -- 14,225,543 Over 1 year to 5 years -- — 8,544,212 Over 5 years to 10 years — — 1,178,574 Over 10 years — — 271,283 Total 385,052 32,391 25,479,079

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 16, i960 Total Boston New York Phila- Cleve- Richmond Atlanta Chicago St. Minne- Kansas Dallas San delphia land Louis apolis City Franciscc (In thousands of dollars) A S S E TS Gold certificate account 18,158,644 854,506 4,780,011 1065,118 1625,943 1005,540 903,261 3120,367 660,080 358,100 720,055 587,192 2478,471 Redemption fund for F. R. notes 958,519 58,268 207,336 58,680 85,507 77,814 62,431 179,828 45,579 22,838 44,615 32,585 83,038 Total gold certificate reserves 19,117,163 912,774 4,987,347 1123,798 1711,450 1083,354 965,692 3300,195 705,659 380,938 764,670 619,777 2561,509 F.R. notes of other Banks 473,143 30,667 122,622 20,847 28,110 38,991 88,283 26,097 9,363 10,441 17,628 30,769 49,325 Other cash 446,910 28,937 83,136 24,079 39,012 30,826 30,969 82,629 23,869 10,674 15,123 14,669 62,987 Discounts and advances 385,052 24,275 31,231 17,080 9,820 11,703 36,944 158,828 14,200 23,500 29,416 24,355 3,700 Acceptances: Bought outright 32,391 32,391 U. S. Govt, securities: Bought outright— Bills 1,359,417 73,700 342,100 77,523 117,695 87,121 71,647 235,251 55,288 30,963 58,597 54,260 155,272 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 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 25,360,479 1374,91tf 6,302,015 1446,207 2195,659 1625,302 1336,599 4368,662 1031,411 577,636 1093,163 1012,238 2896^649 Held under repurchase agreement 119,400 119,400 Total U. S. Govt, sees. 25,479,879 1374,918 6,501,415 1446,207 2195,659 1625,302 1336,599 4388,682 1031,411 577,636 1093,163 1012,238 2896,649 "Total loans & securities 25,897,322 1399,193 6,565,037 1463,287 2205,479 1637,005 1373,543 4547,510 1045,611 601,136 1122,579 1036,593 2900,349 Due from foreign banks 15 1 1 /4 l 1 1 1 2 2 / 2/ 1 1 2 Cash items in process of collection 6,620,232 461,209 1,331,123 396,988 599,748 501,293 578,282 1047,412 276,155 161,017 293,325 284,113 689,567 Bank premises 102,246 4,259 9,781 3,991 9,159 6,567 10,154 17,720 6,961 5,013 4,594 11,995 12,052 Other assets 222,310 11,958 55,205 12,543 19,455 14,149 12,4l4 37,437 8,891 5,082 10,453 9,207 25,516 TOTAL ASSETS 52,879,341 2848,998 13,154,255 3045,534 4612,4l4 3312,186 3059,338 9059,002 2076,509 1174,301 2228,373 2007,124 6301,307 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

8.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 16, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco L I A B I L I T I ES (Inthousands of dollars) Federal Reserve notes 27,440,976 1574,882 6,425,956 1765,355 2514,375 2062,558 1546,920 5194,961 1202,178 599,791 1096,707 784,543 2672,750 Deposits: Member bank reserves 17,981,294 768,512 4,918,572 872,006 1440,830 751,450 940,028 2763,606 615,122 392,866 848,147 888,944 2781,211 U.S.Treas.-gen.acct. 250,817 5,900 189,193 5,075 5,276 5,972 5,678 5,682 5,411 5,867 5,204 5,245 6,314 Foreign 200,614 9,751 1/58,329 11,741 18,706 8,955 10,348 27,462 6,567 4,577 8,159 11,542 24,477 Other 290,871 2,514 232,075 1,564 _ 658 4,206 1,332 1,793 329 232 1,493 565 44.110 Total deposits W723,595 786,677 5,398,159 890,386 1465,470 770,583 957,336 2798,543 627,429 403,542 863,003 906,296 2856,11? Deferred availability cash items 5,445,201 423,942 970,091 315,711 515,392 420,534 488,228 887,164 203,973 l4l,4?2 215,941 244,4l8 618,335 Other liabilities and accrued dividends 33,995 _1,800 9,202 1,790 3,085 1,843 1,738 5,549 1,157 1,103 1,280 1,474 3,974 TOTAL LIABILITIES 51,643,768 2787,301 12,803,418 2973,242 4498,322 3255,518 2994,272 8886,217 2034,737 ll45,9C8 2176,931 1936,731 6151,171 CAPITAL ACCOUNTS Capital paid in 394,544 19,470 112,921 23,033 36,576 17,621 20,736 54,594 13,267 9,054 16,342 22,810 48,120 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 66,221 3,895 17,011 3,621 4,986 4,481 4,024 10,857 2,643 1,759 3,380 2,938 6,626 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 52,879,341 2848,998 13,154,255 3045,534 4612,4l4 3312,186 3059,338 9059,002 2076,509 1174,301 2228,373 2007,124 6301,307 Conting. liab. on acceptances purchased for foreign correspondents 110,535 5,444 2/31,098 6,555 10,444 5,000 5,777 15,332 3,666 2,555 4,555 6,444 13,665 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,517,456 1655,555 6,755,436 1014,747 2580,188 2127,Il6~l620,210 5315,664 1248,766 610,703 1128,169 833,424 2827,478 Collat. for F. R. notes: Gold certificate acct. 10,585,000 530,000 2,900,000 700,000 920,000 675,000 500,000 i90o,ooo 430,000 180,000 300,000 250,000 1300,000 Eligible paper 60,561 —— —— 17,080 —— —— —— — — l4,200 —— 29,28l —— —— U. S. Govt, securities 19,270,000 1250,000 4,000,000 1200,000 1750,000 1490,0001200,000 3700,000 935,000 450,000 870,000 625.000 l800,000 Total collateral 29,915,5^1 1780,000 67900,000 1917,080 2670,000 2165,006 1700,000 5600,000 1379,200 630,000 1199,281 875,000 3100,000 l/ After deducting $142,285,000 participations of other Federal Reserve Banks. 2/ After deducting $79A37*OCO participations of other Federal Reserve Banks.