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 31, 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 30 decreased $338 million to $17,8$0 million, which included a decrease of $334 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $176 million; and estimated excess reserves decreased $162 million to $291 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $311 million, compared with $134 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $347 million in Federal Reserve float and $84 million in Federal Reserve holdings of U. S. Government securities, and an increase of $28 million in Treasury deposits with Federal Reserve Banks. The principal offsetting change was a decrease of $137 million in currency in circulation. Total Reserve Bank credit decreased $4ll million. As of Wednesday, March 30, holdings of U. S. Government securities bought outright were $157 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $2 million higher, and member bank borrowings were $453 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, March 30, March 23, | April 1, March 30, and related items I960 I960 | 1 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 25,234 - 56 - 228 25,264 Held under repurchase agreement 5 - 28 - 27 2 Acceptances--bought outright 33 + 3 32 Loans, discounts, and advances— Member bank borrowings 602 + 15 10 815 Other 6 + 6 - 12 20 Float 898 -347 - 100 823 Total Reserve Bank credit 26,778 -411 - 373 26,956 Gold stock 19,408 - 1 -1,034 19,408 TTrreeaassuurryy ccuurrrreennccyy oouuttssttaannddiinngg 5,340 +, 3 + 93 5,340 51,526 -409 -1,314 51,704 Currency in circulation 31,534^ -137 + 305 31,558 Treasury cash holdings 439 - 11 - 270 436 Treasury deposits with F. R. Banks 479 + 28 44 511 Foreign deposits with F. R. Banks 203 + 23 - 161 223 Other deposits with F. R. Banks 327 + 22 - 185 316 Other F. R. accounts (net) 945 „ + 1 - 236 945 33,926- . - 75 - 591 33,988 Member bank reserves: With Federal Reserve Banks 17,600 -334 - 723 17,716 Cash allowed as reserves (estimated) 250 - 4 + 250 250 Total reserves held 17,850 -338 - 473 17,966 Required reserves (estimated) 17,559 -176 - 296 17,545 Excess reserves (estimated) 291 -162 - 177 421 On March 30, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,737 million, a decrease of $16 million for the week and an increase of $1,131 million from the comparable date a year ago.

H.4.1(a) STA'l'EMEM1 OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since March 30, March 23, April 1, I960 I960 1959 A S S E TS Gold certificate account 18,158,642 1 781,248 - - Redemption fund for F. R. notes 953,993 - 4,526 + 33,406 Total gold certificate reserves 19,112,635 - 4,527 - 747,842 F. R. notes of other Banks 483,852 - 11,446 + 35,990 Other cash 460,131 + 8,222 + 42,104 Discounts and advances 834,605 + 472,718 + 477,340 Industrial loans —-. - 5 Acceptances—bought outright 31,701 + 3 + 1,720 U. S. Government securities: Bought outright— Bills 1,263,417 + 157,300 - 213,583 Certificates 8,506,993 —•» -10,142,733 Notes 13,010,298 +10,142,733 —— Bonds 2,483,771 Total bought outright 25,264,479 + 157,300 213,583 - Held under repurchase agreement 2,000 + 2,000 + 2,000 Total U. S. Government securities 25,266,479 + 159,300 211,583 - Total loans and securities 26,132,785 + 632,021 + 267,472 Due from foreign banks 15 -- -- Cash items in process of collection 5,147,518 - 579,515 - 77,977 Bank premises 102,480 217 + 7,560 - Other assets 262,132 + 19,533 + 98,433 TOTAL ASSETS 51,701,548 + 64,071 374,260 - L I A B I L I T I ES Federal Reserve notes 27,302,390 - 33,458 + 333399,,660055 Deposits: Member bank reserves 17,716,177 + 497,747 - 376,250 U. S. Treasurer—general account 510,986 + 43,930 22,881 - Foreign 222,912 + 17,210 - 74,378 Other 315,663 + 9,466 - 64,333 Total deposits 18,765,738 + 568,353 - 537,842 Deferred availability cash items 4,324,038 491,700 48,052 - - Other liabilities and accrued dividends 35,661 + 2,240 + 9,507 TOTAL LIABILITIES 50,427,827 + 45,435 236,782 - C A P I T AL A C C O U N TS Capital paid in 395,340 + 202 20,550 Surplus 774,808 - - - 93,602 Other capital accounts 103,573 + 18,434 64,426 - TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,701,548 + 64,071 374,260 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.5* - •5* - 11..44** Contingent liability on acceptances purchased for foreign correspondents 146,560 + 20,060 + 86,097 Industrial loan commitments 360 -- - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 30, 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 804,695 10,174 76,736 16 days to 90 days 9,840 21,527 911,231 91 days to 1 year 20,070 — 14,284,443 Over 1 year to 5 years -- 8,544,212 Over 5 years to 10 years __ __ 1,178,574 Over 10 years — 271,283 Total 834,605 31,701 25,266,479

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH MARCH 30, I960 5.4.1(b) Phila- Cleve- St. Minne- Kansas San Total Boston Hew York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollarsJ A S S E TS Gold certificate account 18,158,642 799,521 5,221,911 1059,490 1680,784 987,138 854,058 2816,216 671,727 342,807 668,605 660,923 2395,462 Redemption fund for F. R. notes 953,-993 58,019 206,313 58,282 85,142 76,745 62,071 179,396 45,454 22,744 44,512 32,539 82,776 Total gold certificate 857,540 5,428,224 1117,772 1765,926 1063,883 916,129 2995,612 717,181 365,551 713,117 693,462 2478,238 19,112,635 reserves F.R. notes of other Banks 483,852 31,388 119,560 20,546 30,660 30,420 94,175 28,642 13,793 12,457 18,307 31,214 52,690 460,131 29,607 78,221 25,045 40,791 31,905 34,169 83,574 25,120 11,853 16,866 18,100 64,880 Other cash 834,605 48,019 33,550 19,475 32,240 70,453 73,030 312,514 42,985 46,605 109,181 31,993 14,560 Discounts and advances Acceptances: Bought outright 31,701 31,701 U. S. Govt, securities: Bought outright— 1,263,417 68,496 317,942 72,048 109,384 80,969 66,587 218,638 51,383 28,776 54,459 50,428 144,307 Bills 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, ^ 04 6 56 ,154713,639 215,040 159,180 130,905 429,821 101,015 107,063 99,137 283,694 136% 714 6", 557'857 1440/732 218^340 lbl9A50 1331^539 437^0b9 1027,50b 575,449 1009,025 100B,40b 2005,bo4 Total 25,264,"¥79 Held under repurchase 2,000 2,000 " " H II II II II II II agreement 1369,714 6,359,857 1440,732 2187,348 1619,150 1331,539 4372,069 1027,506 575,449 1089,025 1008,406 2885,684 Total U. S. Govt, sees. 25,266,479 622,054 1198,206 1040,399 2900,244 Total loans & securities 26,132,785 1417,733 6,425,108 1460,207 2219,588 1689,603 1404,569 4684,583 1070,491 2 / 1 12 Due from foreign "banks 15 1 1/4 1 1 1 1 2 2/ Cash items in process 135,474 236,116 240,836 534,162 of collection 5,147,518 356,804 954,789 317,560 453,287 389,625 440,394 862,792 225,679 Bank premises 102,480 4,224 9,783 3,969 9,144 6,522 10,200 17,708 6,923 4,985 4,594 12,438 11,990 Other assets 262,132 14,159 64,904 14,893 23,162 16,698 14,469 44,294 10,501 5,942 12,121 10,715 30,274 2711,456 13,080,593 2959,993 4542,559 3228,657 2914,106 8717,207 2069,688 1158,316 2199,328 2047,165 6072,480 TOTAL ASSETS 51,701,548 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 30, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City DDaallllaass Francisco (In thousands of dollars} L I A B I L I T I ES Federal Reserve notes 27,302,390 1566,709 6,400,972 1759,183 2499,035 2049,978 1535,412 5170,912 1193,346 597,273 1091,740 779,613 2658,217 Deposits: Member hank reserves 17,716,177 711,337 5,151,790 812,246 1459,670 734,903 872,181 2584,104 600,755 386,666 808,479 932,469 2661,577 U.S.Treas.-gen.acct. 510,986 21,413 65,953 35,830 46,734 60,207 44,115 40,633 42,896 24,426 43,731 39,953 45,095 Foreign 222,912 10,535 1/69,187 12,685 20,210 9,675 11,180 29,670 7,095 4,945 8,815 12,470 26,445 Other 315,663 331 "262,608 2,097 1,460 3,345 1,106 1,063 197 179 1,068 1,023 41,186 Total deposits 18,765,738 743,616 5,549,538 862,858 1528,074 808,130 928,582 2655,470 650,943 416,216 862,093 985,915 2774,303 Deferred availability cash items 4,324,038 335,664 761,361 261,617 394,638 309,562 381,212 705,242 180,790 114,308 190,938 208,057 480,649 Other liabilities and accrued dividends 35,661 1,794 8,337 1,774 3,527 1,942 1,902 5,756 1,296 l,l6o 1,479 1,691 5,003 TOTAL LIABILITIES 50,427,827 2647,783 12,720,208 2885,432 4425,274 3169,612 2847,108 8537,380 2026,375 1128,957 2146,250 1975,276 5918,172 CAPITAL ACCOUNTS Capital paid in 395,340 19,506 112,980 23,214 36,590 17,641 20,771 54,698 13,295 9,168 16,350 22,933 48,194 Surplus 774,808 38,332 220,905 45,638 72,530 34,566 40,306 307,334 25,862 17,580 31,720 44,645 95,390 Other capital accounts 103,573 5,835 26,500 5,709 8,165 6,838 5,921 17,795 4,156 2,611 5,008 4,311 10,724 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,701,548 2711,456 13,080,593 2959,993 4542,559 3228,657 2914,106 8717,207 2069,688 1158,316 2199,328 2047,165 6072,480 Conting. liab. on acceptances purchased for foreign correspondents 146,560 7,183 2/41,741 8,649 13,780 6,597 7,623 20,231 4,838 3,372 6,011 8,503 18,032 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,438,402 1641,293 6,754,370 1820,183 2571,214 2133,548 1599,653 5296,123 1244,746 607,753 1122,393"8 29,069 2838,057 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 Eligible paper 168,846 -- 18,295 -• -- 42,325 108,226 U. S. Govt, securities 19,245,000 1250,000 4,000,000 12.00,000 1750,000 1465,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 Total collateral _ 29,9957855 1780,000 6,900,000 1918,295^70,000 2140,000 1700,000 5600,000 1407,325 630,000 1278,226 875,000 3100,000 1/ After deducting $153,725,000 participationso f other Federal Reserve Banks, 2/ After deducting $104,819,000 participationso f other Federal Reserve Banks.