H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM April 7, 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 April 6 decreased $3 million to $17,890 million, which reflected in part an increase of $50 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $59 million; and estimated excess reserves increased $56 million to $4l4 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $290 million, compared with the revised figure of $244 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $102 million in member bank borrowings, $45 million in Federal Reserve holdings of U. S. Government securities, and $25 million in "other" leans, discounts, and advances, and a decrease of $40 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were increases of $119 million in currency in circulation, $30 million in Treasury deposits with Federal Reserve Banks, and $29 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $172 million. As of Wednesday, April 6, U. S. Government securities held under repurchase agreement were $55 million higher than a week earlier and member bank borrowings were $90 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, April 6, March 30, I April 8, April 6, and related items i960 I960 1 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 25,264 + 30 - 220 25,264 Held under repurchase agreement 20 + 15 - 218 57 Ac ceptances--bought outright 33 - - + 2 32 Loans, discounts, and advances— Member bank borrowings 704 +102 + 32 725 Other 31 + 25 + 13 45 Float 898 l6 825 -- Total Reserve Bank credit 26,950 +172 - 407 26,949 Gold stock 19,406 - 2 -1,036 19,397 Treasury currency outstanding 5,341 „ + 1 + 91 5,342-1 51,698-- • +172 -1,351 51,687 Currency in circulation 31,653-^ +119 + 373 31,732-1 Treasury cash holdings 424-5 - 15 - 285 419 Treasury deposits with F. R. Banks 509 + 30 - 15 417 Foreign deposits with F. R. Banks 163 - 4o - 133 165 Other deposits with F. R. Banks 356 + 29 + 8 352 Other F. R. accounts (net) 942 - 3 - 238 942 34,04@-1 +122 - 289 3344,,002277 Member bank reserves: "With Federal Reserve Banks 17,650 + 50 -1,061 17,661 Cash allowed as reserves (estimated) 240 - 53 + 240 240 Total reserves held 17,890 - 3 - 821 17,901 Required reserves (estimated) 17,476 - 59 - 826 17,488 Excess reserves (estimated) 4l4 + 56 + 5 413 On April 6, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,750 million, an increase of $13 million for the week and an increase of $1,084 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 April 6, March 30, April 8, I960 I960 1959 A S S E T § Gold certificate account 18,158,643 + 1 778811,,224488 - Redemption fund for Ft R. noted 950,572 3,421 33,543 - Total gold certificate reserves 19,109,215 3,420 747,705 ~ - F. R. notes of other Banks 423,292 60, 560 + 12,192 - Other cash 436,469 23,662 + 35,290 - Discounts and advances 769,857 64,748 5,424 - - Industrial loans 5 •» «• -- - Acceptance s —bought outright 31,702 + 1 + 1,722 U. S. Government securities: Bought outright— Bills 1,263,417 228,583 - - - Certificates 8,506,993 -10,142,733 - - Notes 13,010,298 +10,142,733 - - Bonds 2,483,771 —- •* — Total bought outright 25,264,479 228, 583 —- - Held under repurchase agreement 57,000 + 55,000 175,900 - Total U. S. Government securities 25,321,479 + 55,000 404,483 - Total loans and securities 26,123,038 9/747 408,190 Due from foreign banks 15 - - Cash items in process of collection 4,984,467 163,051 + 283,517 - Bank premises 102,591 + 111 + 7,608 Other assets 282,767 + 20,635 + 105,615 TOTAL ASSETS 51,461,854 239,694 711,673 • - L I A B I L I T I ES Federal Reserve notes 27,380,827 + 78,437 + 380,660 Deposits: Member bank reserves 17,660,645 - 55,532 - 11,,0066ll,,6666ll U. S. Treasurer--general account 417,178 93,808 + 19,945 - Foreign 165,391 57,521 122,240 - - Other 351,525 + 35,862 + 7,814 Total deposits 18,594,739 170,999 1,156,142 - Deferred availability cash items 4,159,005 165,033 + 188,528 - Other liabilities and accrued dividends 34,868 - 793 5,551 TOTAL LIABILITIES 50,169,439 258,388 581,403 - - C A P I T AL A C C O U N TS Capital paid in 395,757 + 417 + 20,764 Surplus 774,808 93,602 - Other capital accounts 121,850 + 18,277 57,432 - TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,461,854 239,694 711,673 - - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.6# + .1 i .9% - Contingent liability on acceptances purchased for foreign correspondents 159,007 + 1122,,444477 + 9988,,772211 Industrial loan commitments 360 - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, APRIL 6, 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 717,248 9,877 252,950 16 days to 90 days 52,561 21,825 790,017 91 days to 1 year 48 -- 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 769,857 31,702 25,321,479

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH APRIL 6, i960 H.4.1(b) Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars! A S S E TS 18,158,643 870,532 5,013,705 1065,094 1664,771 1054,201 883,541 2949,802 693,853 331,976 687,006 623,769 2320,393 Gold certificate account Redemption fund for 950, 572 57,856 205,443 58,009 84,898 75,829 61,858 179,102 45,370 22,681 44,444 32,473 82,609 F. R. notes Total gold certificate 19,109,215 928,388 5,219,148 1123,103 1749,669 1130,030 945,399 3128,904 739,223 354,657 731,U50 656,242 2403,002 reserves 423,292 24,008 113,332 18,310 25,180 26,682 84,840 23,726 12,013 9,658 17,647 26,273 41,623 F.R. notes of other Banks 436,469 27,978 76,642 22,527 36,676 26,173 36,290 79,169 24,711 12,089 15,460 18,139 60,615 Other cash Discounts and advances 769,857 45,539 84,300 30,940 54,265 49,211 56,506 252,867 18,205 53,285 77,655 22,699 24,385 Acceptances: 31,702 Bought outright 31,702 U. S. Govt, securities: Bought outright— Bills 1,263,417 67,896 315,128 72,338 108,549 79,968 69,267 216,245 51,064 29,333 54,227 50,915 148,487 Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,040 343,827 197,405 365,129 342,832 999,810 Notes 13,010,298 699,173 3,245,185 744,918 1117,806 823,487 713,368 2226,816 525,837 301,904 558,415 524,315 1529,074 2,483,771 133,478 619,532 142I211 213! 398 157! 210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Bonds Total 25,264,479 1357/713 6,301! 761 .1.. J44 6r t' ^543 2170 ,A'64 8- 1'59 •9,11 A5.R 13« I5,270 4^324, 2ft10 1 V021, 1V 1t. 4^ 586,2 718 1AU0». 04IA,3I7U7 1018 T,C1Q5 oo0/C f2S96 9nQ,2h 04 Held under repurchase agreement 57,000 57,000 Total U. S. Govt, sees. 25,321,479 1357,713 6,358,761 1446,543 2170,648 1599,115 1385,270 4324,218 1021,114 586,278 1084,377 1018,158 2969,284 1403,252 6,474,763 1477,483 2224,913 1648,326 1441,776 4577,085 1039,319 639,563 1162,032 1040,857 2993,669 Total loans & securities 26,123,038 Due from foreign "banks 15 1 1/4 1 1 1 12 2 / 2/ 1 1 2 Cash items in process of collection 4,984,467 356,847 976,827 308,875 399,504 377,889 411,257 763,707 210,140 137,703 234,837 270,989 535,892 4,224 9,742 3,969 9,112 6,522 10,200 17,693 6,923 4,986 4,580 12,650 11,990 Bank premises 102,591 15,002 69,783 16,093 24,807 17,911 16,167 47,536 11,287 6,494 12,960 11,485 33,242 Other assets 282,767 51,461,854 2759,700 12,940,24 12970,361 4469,862 3233,53% 2945,930 8637,822 2043,616 1165,150 2178,967 2036,636 6080,035 TOTAL ASSETS 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.lfc) STATEMENT OF CONDIT[]O N OF EACH FEDERAL] RESERVE BANK ON APRIL 6, I]9 60 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco L I A B I L I T I ES Federal Reserve notes 27,380,827 1570,501 6,413,313 1763,103 2502,549 2050,359 1542,875 5178,460 1195,496 602,219 1096,350 779,523 2686,079 Deposits: Member bank reserves 17,660,645 760,176 5,043,608 832,735 1456,086 753,883 940,773 2532,225 606,227 387,799 801,297 902,805 2643,031 U.S.Treas.-gen.acct. 417,178 30,378 77,568 30,840 26,140 29,463 26,055 54,107 24,807 20,597 28,851 27,165 41,207 Foreign 165,391 7,742 1/52,421 9,322 14,852 7,110 8,216 21,804 5,214 3,634 6,478 9,164 19,434 Other 351,525 341 "288,078 1,274 1,568 4,384 1,259 1,117 331_ 417 1,301 1,348 50,107 Total deposits 18,594,739 798,637 5,461,675 074,171 1490,646 794,040 976,303 2609,253 <>36,579 412,447 037,927 940,402 2753,779 Deferred availability cash items 4,159,005 324,121 691,163 255,534 346,278 326,274 357,026 660,907 166,415 119,532 189,169 242,679 479,907 Other liabilities and accrued dividends 34,868 1,849 8,838 1,903 3,551 1,886 1,732 6,038 1,216 1,196 1,332 1,471 3,856 TOTAL LIABILITIES 50,169,439 2695,108 12,574,989 2894,711 4351,024 3173,359 2877,936 8454,658 1999,706 1135,394 2124,778 1964,155 5923,621 CAPITAL ACCOUNTS Capital paid in 19,509 112,981 36,590 17,660 20,813 54,724 13,295 9,171 16,637 22,938 48,220 Surplus 38,332 220,905 §;§38 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95,39p Other capital accounts 121,850 6,751 31,366 6,793 9,718 7,949 6,875 21,106 4,753 3,005 5,832 4,898 12,804 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,461,854 2759,700 12,940,241 2970,361 4469,862 3233,534 2945,930 8637,822 2043,616 1165,150 2178,967 2036,636 6080,035 Conting. liab. on acceptances purchased for foreign correspondents 159,007 7,791 2/45,322 9,381 14,946 7,155 8,268 21,942 5,247 3,657 6,519 9,222 19,557 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,388,452 1643,994 6,745,344 1812,846 2563,930 2106,922 1607,470 5284,879 1238,731 609,498 1121,298 826,120 2827,420 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 120,680 - — —— 28,285 - - -- - - 16,720 75,675 U. S. Govt, securities 19,245,000 1250,000 4,000,000 1200,000 1750,000 1465,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 Total collateral 29,950,680 1780,000 6,900,000 1928,285 2670,000 2l40,000 1700,000 5600,000 1381,720 630,000 1245,675 875,000 3100,000 1/ After deducting $112,970,000 participations of other Federal Reserve Banks. 2/ After deducting $113,685,000 participations of other Federal Reserve Banks;