H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOABi) OF GOVERNORS For Immediate Release H.4.I OF THE FEDERAL RESERVE SYSTEM April l4, 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 13 increased a net of $5 million to $17,874 million, which reflected in part a decrease of $16 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $56 million; and estimated excess reserves increased $6l million to $503 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $168 million, compared with the revised figure of $262 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were increases of $174 million in currency in circulation and $37 million in foreign deposits with Federal Reserve Banks, and a decrease of $33 million in member bank borrowings. The principal offsetting changes were increases of $91 million in U. S. Government securities held under repurchase agreement and $21 million bought outright, and $31 million in "other" loans, discounts, and advances, and decreases of $44 million in Treasury deposits with Federal Reserve Banks, and $25 million in "other" F. R. accounts (net). Total Reserve Bank credit increased $123 million. As of Wednesday, April 13, holdings of U. S. Government securities bought outright were $65 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $68 million higher, and member bank borrowings were $306 million lower. Averages of daily figures MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss,,, WWeeeekk eennddeedd Change from week ended WWWeeedddnnneeesssdddaaayyy,,, RRReeessseeerrrvvveee BBBaaannnkkk cccrrreeedddiiittt,,, AApprriill 1133,, April 6, April 15, AAAppprrriiilll 111333,,, aaannnddd rrreeelllaaattteeeddd iiittteeemmmsss II996600 I960 1959 iii999666000 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 25,285 + 21 - 260 25,329 Held under repurchase agreement 111 + 91 - 133 125 Acceptances—bought outright 33 - - + 2 32 Loans, discounts, and. advances— Member bank borrowings 671 - 33 - 32 441199 Other 62 + 31 + 44 85 Float 910 + 12 + 94 933 Total Reserve Bank credit 27,073 +123 - 284 26,922 Gold stock 19,394 - 12 -1,046 19,386 Treasury currency outstanding 5,343.2 + 2 + 90 5,343 51,809 +111 -1, 240 51,652 Currency in circulation 31,823^ +174 + 462 31,839* Treasury cash holdings 417 - 7 - 295 426 Treasury deposits with F. R. Banks 465 - 44 6 273 Foreign deposits with F. R. Banks 200 + 37 - 79 237 Other deposits with F. R. Banks 349 - 7 + 6 344 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 917 - 25 - 264 852 34,175 +127 - 176 33,971 Member bank reserves: With Federal Reserve Banks 17,634 - 16 -1,064 17,681 Cash allowed as reserves (estimated) 240 + 21 + 240 240 Total reserves held 17,874 + 5 - 824 17,921 Required reserves (estimated) 17,371 - 56 - 883 17,481 Excess reserves (estimated) 503 + 61 + 59 440 On April 13, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,765 million, an increase of $15 million for the week and an increase of $1,101 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 13, April 6, April 15, I960 I960 1959 A S S E TS Gold certificate account 18,147,642 - 11,001 - 782,250 Redemption fund for F. R. notes 948,368 2,204 + 34,139 - Total gold certificate reserves 19,096,010 - 13, 205 - 748,111 F. R. notes of other Banks 401,736 - 21, 556 + 10,289 Other cash 401,087 - 35,382 4- 8,673 Discounts and advances 503,850 - 266,007 - 4l4,351 Industrial loans 4 — — — — - Acceptances—bought outright 31,702 + 2,720 U. S. Government securities: Bought outright— Bills 1,328,117 + 64,700 259,083 - Certificates 8,506,993 -10,142,733 - — Notes 13,010,298 - - +10,142,733 Bonds 2,483,771 - - Total bought outright 25,329,179 + 64,700 - 259,083 Held under repurchase agreement 124,500 + 67, 500 88,400 - Total U. S. Government securities 25,453,679 + 132,200 - 347,483 Total loans and securities 25,989,231 133,807 759,118 Due from foreign banks 15 — — - - Cash items in process of collection 5,853,735 + 869,268 - 286,851 Bank premises 102,678 + 87 + 7,501 Other assets 302,490 + 19,723 + 112,822 TOTAL ASSETS 52,146,982 + 685,120 1,654,795 L I A B I L I T I ES Federal Reserve notes 27,434,359 + 53,532 + 427,860 Deposits: Member bank reserves 1177,,668800,,661111 + 1199,,996666 1,231,995 ~ U. S. Treasurer—general account 272,792 - 144,386 - 226,622 Foreign 236,982 + 71,591 20,280 - Other 344,096 - 7,429 + 1,207 Total deposits 18,534,481 60,258 1,477,690 - - Deferred availability cash items 4,920,551 + 76l,546 - 397,494 Other liabilities and accrued dividends 36,078 + 1,210 + 5,922 TOTAL LIABILITIES 50,925,469 756,030 1,441,402 c a p i t al a c c o u n ts Capital paid in 396,306 + 549 + 20,230 Surplus 774,808 93,602 - Other capital accounts 50,399 - 71,451 - 140,021 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,146,982 + 685,128 1,654,795 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.5% - ..11## - .7# Contingent liability on acceptances purchased for foreign correspondents 116699,,448877 10,480 + 111,395 Industrial loan commitments 360 -- -- - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, APRIL 13, 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 412,78? 7,160 362,660 16 days to 90 days 91,015 24,542 788,307 91 days to 1 year 48 -- 14,308,643 Over 1 year to 5 years — — 8,544,212 Over 5 years to 10 years -- -- 1,178,574 Over 10 years -- — 271,283 Total 503,850 31,702 25,453,679

B.4.1(b) SIA.TEMEMT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 13, 3-960 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 Gold certificate account 18,147,642 831,120 4,875,778 1062,704 1633,054 1041,124 885,355 3089,581 690,618 315,183 691,495 612,127 2419,503 Redemption fund for F. R. notes 948,368 57,708 204,675 57,766 84,669 74,987 61,598 178,859 45,295 23,604 44,378 32,420 82,409 Total gold certificate reserves 19,096,010 888,828 5,080,453 1120,470 1717,723 1116,111 946,953 3268,440 735,913 338,787 735,873 644,547 2501,912 F.R. notes of other Banks 401,736 21,782 115,062 15,868 20,334 25,719 82,023 20,059 10,124 10,016 16,583 23,060 41,106 Other cash 401,087 24,951 70,618 l6 270 37,291 22,361 33,030 73,538 22,400 10,815 14,038 18,280 57,495 ; Discounts and advances 503,850 27,980 59,395 14,64o 30,990 33,032 53,870 125,097 17,705 50,030 47,620 14,911 28,580 Acceptances; Bought outright 31,702 31,702 U. S. Govt, securities: Bought outright— Bills 1,328,117 71,373 331,275 76,042 114,108 84,063 72,821 227,319 53,679 30,819 57,004 53,523 156,091 Certificates 8, 506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456, o4o 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 Bonds 2,483,771 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 25,329,179 1361,190 6,317,908 1450,247 2176,207 1603, 210 1308,024 4335,292 1023,729 587,764 1007,154 1020,766 2976",W Held under repurchase agreement 124,500 - - 5OO - - -- -- Total U. S. Govt, sees. 25,453,679 1361,190 6,442,408 1450,247 2176,207 1603,210 1388,824 4335,292 1023,729 587,764 1087,154 1020,766 2976,888 Total loans & securities 25,989,231 1389,170 6,533, 505 1464,887 2207,197 1636,242 1442,694 4460,389 I04i, 434 637,794 1134,774 1035,677 3005,468 Due from foreign banks 15 1 1 /4 1 1 1 1 2 2 / 2/ 1 1 2 Cash items in process of collection 5,853,735 395,776 1,090,621 352,624 488,577 466,, 819 581,799 916,274 254,014 156,602 284,342 289,583 576,704 Bank premises 102,678 4,224 9,742 3,969 9,096 6,522 10,284 17,711 6,924 4,986 4,580 12,650 11,990 Other assets 302,490 16,163 74,633 17,206 25,985 19,131 17,294 51,033 12,118 6,992 13,893 12,316 35,726 TOTAL ASSETS 52,146,982 2740,895 12,974,638 2991,295 4506,204 3292,906 3114,078 8807,446 2082,927 1165,992 2204,084 2036,114 6230,403 l/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

g.4.l(c) STATEMENT OF CONDITION OF EACH FEDERA RESERVE BANK ON APRIL 13, I960 Total Boston Mew York P de M lp la h - la C l l a e n v d e - Richmond Atlanta Chicago L S o t u . is M ap in o n l e is - K C an it s y a s Dallas Fra S n a c n i sco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,434,359 1576,546 6,416,733 1779,365 2506,813 2048,583 1545,605 5191,452 1195,818 605,699 1096,617 781,251 2689,877 Deposits: Member bank reserves 17,680,611 710,260 4,868,164 825,139 1423,553 768,271 963,427 2611,114 619,052 382,307 815,372 905,167 2788,785 U.S.Treas.-gen.acct. 272,792 5,284 212,905 5,701 5,250 5,743 5,569 4,986 5,888 5,367 5,201 5,457 5,441 Foreign 236,982 11,466 1/69,672 13,806 21,996 10,530 12,168 32,292 7,722 5,382 9,594 13,572 28,782 Other 344,096 1.554 273,501 2,496 1.136 5.583 2.680 5,851 1.625 sol 2.226 2.244 44,693 Total deposits 18,534,481 728,564 5,424,242 847,142 1451,935 790,127 983,844 2654,247 634,287 393,559 832,393 926,440 2867,701 Deferred availability cash items 4,920,551 373,511 776,160 291,327 431,761 397,174 518,513 785,419 210,342 137,150 222,766 256,869 519,559 Other liabilities and accrued dividends 36,078 1,977 9,724 1,840 3,018 1,928 1,885 5,574 1,174 1,245 l,4oo 1,676 4,637 TOTAL LIABILITIES 50,925,469 2680^598 12,626,859 2919,674 4393,527 3237,812 3049,847 8636,692 2041,621 1137,653 2153,176 1966,236 6081,774 CAPITAL ACCOUNTS Capital paid in 396,306 19,511 113,002 23,219 36,640 17,670 20,832 55,087 13,307 9,175 16,643 22,938 48,282 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 50,399 22,M45b4 13*87123,872 22',,776644 33,,550077 22,,885588 33,,009933 8,3383,333 2,1327,137 1,5814,584 2,5425,545 2,2925,295 4,9547, 957.. TOTAL LIABILITIES CAPITAL ACCOUNTS 52,146,982 2740,895 12,974,638 2991,295 4506,204 3292,906 3114,078 8807,446 2082,927 1165,992 2204,084 2036,114 6230,403 Conting. liab. on acceptances purchased for foreign correspondents 169,487 8,305 2/48,295 10,000 15,933 7,627 8,8l4 23,391 5,593 3,899 6,950 9,831 20,849 FEDERAL RESERVE AGENTS' ACCOUNTS 6C — FF.. RR.. nnootteess oouuttssttaannddiinngg jj 28,404,722 1638,780 6,732,207 1817,006 2559,810 2101,871 1605,578 5308,733 1243,964 615,804 1119,614 825,479 2835,876 CCoollllaatt.. ffoorr FF.. RR.. nnootteess::// Z/7.%, f Z C GGoolldd cceerrttiiffiiccaattee aaccccttJJ 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 EElliiggiibbllee ppaappeerr \\ 68,525 __ —— 9,625 —— —- —— 14,900 44,000 UU.. SS.. GGoovvtt,, sseeccuurriittiieess -18 >32$, 000-1250,000 4.000,000 12.00,000 83O y OO0/1465,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 TToottaall ccoollllaatteerraall 1780,000 6,900,000 1909,625 175%66€L£i4o,000 1700,000 5600,000 1379,900 630,000 1214,000 875,000 3100,000 l/ After deducting $167,3- L0,000 participations of other Federal Reserve Banks .A 2/ After deducting $121,If )2,000 participations of other Federal Reserve Banks. 3 •? >