H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS F6r Immediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM March 24, 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 23 increase^ a net of $60 million to $18,169 million, which reflected in part an increase of $8$ million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $129 million; and estimated excess reserves decreased $69 million to $439 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $148 million, compared with $218 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $251 million in Federal Reserve float, and decreases of $55 million in currency in circulation and $36 million in "other" F. R. accounts (net). The principal offsetting changes were decreases of $139 million in member bank borrowings, $98 million in U. S. Government securities held under repurchase agreement and $23 million bought outright. Total Reserve Bank credit decreased $8 million. As of Wednesday, March 23, holdings of U. S. Government securities "bought outright were $253 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $119 million lower, and member bank borrowings were $23 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, March 23, March 16, March 25, March 23, and related items I960 I960 1959 I960 (][n millions of dollars) Reserve Bank credit: t U. S. Government securities-- Bought outright--System account 25, 290 - 23 - 171 25,107 Held under repurchase agreement 33 - 98 - 16 Acceptances-- Bought outright 33 - 1 -- 32 Held under repurchase agreement - - * -- - - Loans, discounts, and advances-- Member bank borrowings 587 -139 - 13 362 Other mm mm •» * - 19 - — Float 1,245 +251 + 284 911 Total Reserve Bank credit 27,189 - 8 + 66 26,412 Gold stock 19,409 — w -1,033 19,409 Treasury currency outstanding 5,337 + 2 + 91 5,339 51,935 - 6 - 876 51,160 Currency in circulation 31,671 - 55 + 440 31,569 Treasury cash holdings 450 + 2 - 264 450 Treasury deposits with F. R. Banks 451 + 5 - 5 467 Foreign deposits with F. R. Banks 180 - 20 - 115 2 c6 Other deposits with F. R. Banks 305 + 12 - 34 306 Other F. R. accounts (net) 944 - 36 - 274 943 34,001 - 92 - 252 33,9^1 Member bank reserves: With Federal Reserve Banks 17,934 + 85 - 624 17,218 (fash allowed as reserves (estimated) 235 - 25 + 235 235 Total reserves held 18,169 + 60 - 389 17,453 Required reserves (estimated) 17,730 +129 - 370 17,655 Excess reserves (estimated) 439 - 69 - 19 -202 * Less than $500,000. On March 23, i960, U. S. Government securities held in custody "by the Federal Reserve Banks for foreign account were $4,753 million, a decrease of $4 million for the week and an increase of $943 million frcm 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 23, March 16, March 25, i960 i960 1959 A S S E TS Gold certificate account 18,158,643 1 781,251 Redemption fund for F. R. notes 958,519 - - + 37,643 Total gold certificate reserves 19,117,162 1 - 743,608 F. R. notes of other Banks 495,298 + 22,155 + 33,674 Other cash 451,909 + 4,999 + 27,116 Discounts and advances 361,887 - 23,165 - 227,249 C Industrial loans Acceptances--"bought outright 31,698 U. S. Government securities: Bought outright— Bills Certificates Notes Bonds Total bought outright Held under repurchase agreement Total U. S. Government securities Total loans and securities Due from foreign banks Cash items in process of collection Bank premises Other assets TOTAL ASSETS L I A B I L I T I ES Federal Reserve~~not es Deposits: Member bank reserves U. S. Treasurer--general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES C A P I T AL A C C O U N TS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ratio of gold certificate reserves to deposit and F. R. note liabilities combined Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 1 1 1 + 165 1,106,117 - 253,300 344,883 8,506,993 -- -10,142,733 13,010,298 +10,142,733 -- 2,483,771 -- 25,107,179 - 253,300 - 344,683 - 119,400 22,000 -- ~ 25,107,179 - 372,700 - 366,883 25,500,764 - 396,558 - 593,972 15 -- 5,727,033 - 893,199 + 597,417 102,697 + 451 + 7,675 242,599 + 20,289 91,444 51,637,477 -1,241,864 - 580,254 27,335,848 - 105,128 + 389,424 17,218,430 - 762,864 • 975,847 467,056 + 216,239 - 49,561 205,702 + 5,088 - 134,519 306,197 + 15,326 - 65,4l8 18,197,385 - 526,211 1,225,345 4,815,738 - 629,463 + 432,396 33,421 574 + 4,262 50,382,392 -1,261,376 - 399,263 395,138 + 594 + 20,696 774,808 — — - 93,602 85,139 + 18,918 - 108,085 51,637,477 -1,241,864 - 580,254 42.0# + .6# .8# - 126,500 + 15,965 + 65,794 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 23, 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 356,451 8,113 160,196 16 days to 90 days 5,376 23,585 729,371 91 days to 1 year 60 14,223,543 Over 1 year to 5 years 8, 544, 212 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 361,887 31,698 25,107,179

I960 B.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 23, Total Boston New York P d h e i l l p a h - ia C l l a e n ve d - . Richmond Atlanta Chicago Lou S i t s . M a i p n o n l e i - s Ka C n i s t a y s Dallas Fran Sa ci n s co (In thousands of dollars) A S S E TS Gold certificate account 18,158,643 809,126 4,883,985 1028,485 1635A31 1041,755 879,004 3033,015 682,100 339,752 727,526 620,049 2478,415 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 19,117,162 867,394 5,091,321 1087,165 1720,9381 119,569 9^1,435 3212,843 727,679 362,590 772,141 652,634 2561,453 F.R. notes of other Banks 495,298 32,472 128,927 22,807 29,537 37,671 93,789 27,742 12,763 10,934 17,709 31,285 49,662 Other cash 451,909 29,428 78,647 24,021 36,851 30,415 35,059 83,634 25,164 10,606 15,034 17,322 65,728 Discounts and advances 361,887 13,909 10,495 12,420 9,705 26,590 34,354 175,944 14,575 24,750 30,446 4,199 4,500 Acceptances: Bought outright 31,698 -- 31,698 -• -- ~ -- -- U. S. Govt, securities: Bought outright— Bills 1,106,117 59,967 278,357 63,078 95,765 70,888 58,297 191,4l6 44,986 25,193 47,679 44,150 126,341 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 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 Total 25,107,179 1361,185 6,318,272 1431,762 2173,729 1609,069 1323,249 4344,847 1021,109 571,866 1082,245 1002,128 2867,710 Held under repurchase agreement 1361.185 6.318.272 1431.762 2173.729 1609.069 1323.249 4344,84? 1021,109 571,866 1082,245 1002,128 2867,718 Total U. S. Govt, sees. 25,107,179 Total loans & securities 25,500,764 1375,094 6,360,465 1444,182 2183,434 1635,659 1357,603 4520,791 1035,684 596,616 1112,691 1006,327 2872,218 Due from foreign banks 15 1 1 / 4 1 1 1 1 2 2 / 2/ 1 12 Cash items in process 428,934 1,021,652 334,176 493,452 468,399 477,282 890,972 226,425 151,214 298,921 310,186 625,420 of collection 5,727,033 Bank premises 102,697 4,259 9,781 3,969 9,159 6,560 10,235 17,721 6,961 5,013 4,594 12,438 12,007 Other assets 242,599 12.917 60.500 13.695 21.303 15,532 13,445 40,812 9,692 5,528 11,321 10,001 27,853 2750,499 12,751,297 2930,016 4494,675 3313,806 2928,849 0794,517 2044,368 1142,501 2232,412 2040,194 6214,343 TOTAL ASSETS 51,637,477 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

3.4.1(c) STATEMENT OF CONDITION. OF EACH FEDERAL RESERVE' BANK OH iirrMvviiA..\\vvRss..Cuu..H ——VV2**3 , i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta CChhiiccaaggoo Louis apolis City Dallas Francisco L I A B I L I T I ES 1567,370 6,405,339 1762,088 2507,177 2050,828 1538,600 5181,769 1195,932 599,062 1092,174 781,819 2653,690 27,335,848 Federal Reserve notes Deposits: 17,218,430 674,711 4,815,886 778,177 1390,817 749,604 874,690 2553,081 590,486 358,479 813,155 880,294 2739,050 Member hank reserves 467,056 37,494 71,263 24,354 33,635 45,328 26,941 78,389 26,648 20,846 24,725 33,248 44,185 U.S.Treas.-gen.acct. 205,702 9,653 1/64,847 11,623 18^518 8,865 10,244 27,186 6,501 4,531 8,077 11,426 24,231 Foreign Other 306,197 244 251,067 2,696 1,377 3,384 1,423 1,001 786 469 827 532 42,391 Total deposits 18,197,385 722,102 5,203,063 816,850 1444,347 807,181 913,298 2659,657 624,421 384,325 846,784 925,500 2849,857 Deferred availability cash items 4,815,738 396,627 778,829 275,892 424,184 396,104 409,192 771,201 180,269 129,097 239,893 260,236 554,214 Other liabilities and accrued dividends 33,421 1,693 8,352 1,675 3,242 1,833 1,707 5,491 1,164 1,084 1,287 1,531 4,362 TOTAL LIABILITIES 50,382,392 2687,792 12,395,583 2856,505 4378,950 3255,946 2862,797 8618,118 2001,786 1113,568 2180,138 1969,086 6062,123 _ CAPITAL ACCOUNTS paid in 395,138 19,500 112,980 23,198 36,590 17,629 20,768 54,682 13,292 9,163 16,340 22,818 48,178 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 85,139 4,875 21,829 4,675 6,605 5,665 4,978 14,383 3,428 2,190 4,214 3,645 8,652 TOTAL LIABILITIES AND 2750,499 12,751,297 2930,016 4494,675 3313,806 2928,849 8794,517 2044,368 1142,501 2232,4l2 2040,194 6214,343 51,637,477 CAPITAL ACCOUNTS Conting. liab. on acceptances purchased for 126,500 6,198 2/36,053 7,463 11,891 5,692 6,578 17,457 4,174 2,910 5,187 7,337 15,560 foreign correspondents FEDERAL RESERVE AGENTS' ACCOUNTS 1648,085 6,761,165 1822,978 2581,324 2121,468 1609,595 5302,615 1249,426 609,574 1126,550 831,180 2826,634 E. R. notes outstanding 28,490,594 Collat. for F. R. notes: Gold certificate acct. 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 — -- 12,420 -- -- — — 14,575 ~~ 30,3H Eligible paper 57,306 1250,000 4,000,000 1200,000 1750,000 1490,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 U. S. Govt, securities 19,270,000 17007000^6,900,000 1912,420 2670,000 2165,000 1700,000 5600,000 1379,575 630,000 1200,311 #75,000 3100,000 Total collateral 29,912,306 1/ After deducting $140,855,000 participations of other Federal Reserve Banks, 2/ After deducting $90,447,000 participations of other Federal Reserve Banks.