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 21, 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 20 increased $392 million to $l8,262 million, which included an increase of $378 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $4-50 million; and estimated excess reserves decreased $58 million to $408 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $153 million, compared with the revised figure of $205 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $48l million in Federal Reserve float, $173 million in U. S. Government securities held under repurchase agreement and $132 million bought outright, and a decrease of $53 million in "other" F. R. accounts (net). The principal offsetting changes were decreases of $110 million in member bank borrowings and $62 million in "other" loans, discounts, and advances, and increases of $195 million in Treasury deposits with Federal Reserve Banks and $99 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $617 million. As of Wednesday, April 20, holdings of U. S. Government securities bought outright were $74 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $58 million lower, and member bank borrowings were $19 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, April 20, April 13, April 22, April 20, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 25,417 +132 - 94 25,403 Held under repurchase agreement 284 +173 + 251 67 Acceptances-- Bought outright 31 - 2 + 1 30 Held under repurchase agreement 7 + 7 + 6 Loans, discounts, and advances— Member bank borrowings 561 -110 - 188 4oo Other mm - 62 - 18 — — Float 1,391 +481 + 261 1,107 Total Reserve Bank credit 27,690 +617 + 218 27,008 Gold stock 19,386 , - 8 -1,023 19,385 Treasury currency outstanding 5,345-1 + 2 + 91 5,345 52,420 +6ll 716 51,730 - Currency in circulation 31,828 + 1 + 496 31,686-7 Treasury cash holdings 420 + 3 285 421 - Treasury deposits with F. R. Banks 660 +195 + 204 519 Foreign deposits with F. R. Banks 188 - 12 - 98 206 Other deposits with F. R. Banks 448 + 99 + 86 247 Other F. R. accounts (net) 864 - 53 - 314 862 34,408 +233 + 89 33,9^1 Member bank reserves: With Federal Reserve Banks 18,012 +378 - 805 17,797 Cash allowed as reserves (estimated) 250 + 14 + 250 250 . Total reserves held 18,262 +392 555 18,047 Required reserves (estimated) 17,854 +450 - 453 17,946 Excess reserves (estimated) 4o8 - 58 - 102 101 On April 20, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,742 million, a decrease of $23 million for the week and an increase of $1,138 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 20, April 13, April 22, i960 i960 1959 A S S E TS Gold certificate account 18,137,643 - 9,999 - 692,248 Redemption fund for F. R. notes 953,827 + 5,459 + 39,599 Total gold certificate reserves 19,091,470 - 4; 540 - 652,649 F. R. notes of other Banks 451,605 + 49,869 + 36,373 Other cash 396,143 - 4,944 ~ 1,544 Discounts and advances 400,018 - 103,832 - 6l4,043 Industrial loans mm mm «M mm - 4 Acceptances—bought outright 3300,,44ll66 - 11,,228866 + 11,,443322 U. S. Government securities: Bought outright— Bills 1,401,867 + 73,750 - 160,433 Certificates 8,506,993 — — -10,142,733 Notes 13,010,298 - - +10,142,733 Bonds 2,483,771 - - - - Total "bought outright 25,402,929 + 73,750 - 160, 433 Held under repurchase agreement 67,000 - 57,500 + 67,000 Total U. S. Government securities 25,469,929 + 16,250 ~ 93,433 Total loans and securities 25,900,363 88,868 706,048 Due from foreign banks 15 — •» Cash items in process of collection 6,390,074 + 536,339 + 741,347 Bank premises 103,537 + 859 + 8,324 Other assets 323,414 + 20,924 + 121,004 TOTAL ASSETS 52,656,621 + 509,639 453,193 - L I A B I L I T I ES Federal Reserve notes 27,315,751 - 118,608 + 338888,,884455 Deposits: Member bank reserves 17,797,178 + 116,567 - 962,840 U. S. Treasurer—general account 519,187 + 246,395 + 23,647 Foreign 205,578 - 31,404 - 41,736 Other 246,810 ~ 97,286 - 86,139 Total deposits 18,768,753 + 234,272 - 1,067,068 Deferred availability cash items 5,282,699 + 362,148 + 4ll,591 Other liabilities and accrued dividends 49,057 + 12,979 + 19,179 TOTAL LIABILITIES 51,416,260 + 490,791 - 247,453 C A P I T AL A C C O U N TS Capital paid in 396,391 + 85 + 20,158 Surplus 774,808 - 93,602 Other capital accounts 69,162 + 18,763 132,296 •» TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,656,621 + 509,639 453,193 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.4# • .1$ M Contingent liability on acceptances purchased for foreign correspondents 165,251 - 4,236 + 108,341 Industrial loan commitments —- — — - 360 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, APRIL 20, 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 394,465 5,003 265,460 16 days to 90 days 5,546 25,413 796,907 91 days to 1 year 7 — 3.4,413,493 Over 1 year to 5 years -- -- 8,544,212 Over 5 years to 10 years -- -- 1,178,574 Over 10 years — -- 271,283 Total 400,018 30,416 25,469,929

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BAIiK OM APRIL" 20, I960 B.4.1(b) Total Boston New York P de h l i p la h - ia C l l a e n v d e - Richmond Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y a s Dallas Fra S n a c n i sco (In thousands of dollars) A S S E TS 18,137,643 818,754 4,877,033 1059,614 1659,997 1014,064 800,747 3140,535 665,972 323,958 750,916 685,782 2340,271 Gold certificate account Redemption fund for 953,827 57,457 203,655 57,365 84,290 83,988 61,195 178,415 45,164 23,510 44,275 32,345—82,168 F. R. notes Total gold certificate 876,211 5,080,688 1116,979 1744,287 1098,052 861,942 3318,950 711,136 347,468 795,191 718,127 2422,439 reserves 19,091>70 F.R. notes of other Banks 4 3 5 9 1 6 , , 6 1 0 4 5 3 2 2 3 2 , ,4 1 5 6 6 0 1 6 2 9 0 , , 3 7 2 3 5 4 2 1 3 6 , , 6 2 1 4 0 3 2 3 4 4 , , 7 9 6 3 7 0 3 2 3 1 , , 1 0 5 1 4 3 8 3 5 4 , , 4 6 1 8 7 2 2 7 7 0 , , 1 9 3 8 2 4 1 2 2 3 , , 2 8 7 4 6 7 1 1 1 1 , , 4 1 5 7 7 9 1 1 8 3 , , 5 6 6 3 1 5 2 17 3 , , 4 8 6 60 7 4 5 8 9 , ,6 1 7 81 8 Other cash Discounts and advances 400,018 22,813 95,620 13,355 21,950 18,407 63,927 55,113 16,670 35,062 36,591 8,860 11,650 Acceptances: 30,4l6 30,4l6 Bought outright U. S. Govt, securities: Bought outright— I SI IIIIII11! Hi I! i g 1,401,867 75,336 349,670 80,265 120,445 88,731 Bills 8,506,993 Certificates Notes 13,010,298 2,483,771 Bonds Total 257402,929 Held under repurchase agreement 67,000 67,000 25,469,929 1365,153 6,403,303 1454,470 2182,544 1607,878 1392,868 4347,915 1026,710 589,475 1090,319 1023,738 2985,556 Total U. S. Govt, sees. Total loans & securities 25,900,363 1387,966 6,529,339 1467,825 2204,494 1626,285 1456,795 4403,028 1043,380 624,537 1126,910 1032,598 2997,206 15 1 1 /4 1 1 1 1 2 2 / 2/ 1 1 2 Due from foreign banks 6 Cash items in process 1;$ % % % % % % % % 2;g 6,390,074 of collection Bank premises 103,537 17! 191 80,096 18,437 27,940 20,502 18,411 54,324 12,913 7,485 14,757 13,310—38,048 323,414 Other assets 2772,797 13,119,674 3063,095 4568,534 3304,031 3023,517 8908,138 2078,833 1164,923 2322,194 2130,189 6200,696 TOTAL ASSETS 52,656,621 1/ After deducting $11,000 participations of other "Federal Reserve Banks. 2/ Less than $500.

STATEMENT OF CONDITIO# OF EACH FEDERAL RESERVE- BANK ON APRIL £0, 19^0 H.4.1(c) St. Minne- Kansas San Phila- Cleve- Dallas Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis Cit] I Francisco (in thousands of dollars) ±J A B I L I T I ES 603,170 1093,413 781,030 2661,652 27,315,751 1577,596 6,387,667 1770,434 2498,931 2034,592 1542,733 5173,988 1190,545 Federal Reserve notes Deposits: 372,875 836,552 949,299 2679,642 Member bank reserves 17,797,178 18,163 38,494 40,729 77,353 U .S ,Treas. - gen. acct. 519,187 4,462 7,954 11,252 23,862 tlS Foreign 205,578 " • SS &S 6'S 308 1,265 972 44,411 246,810 Other 395,808 884,265 1002,252 2825,268 Total deposits 18,768,753 750,474 5,472,679 873,768 1494,073 799,348 951,316 2693,310 626,192 Deferred availability 5,282,699 377,195 893,037 343,861 457,482 4ll,48l 462,105 859,906 218,754 135,825 291,260 274,261 557,532 cash items Other liabilities and 13,590 2,346 3,830 2,341 2,139 6,855 1,^52 1,345 1,554 1,865 5,461 49,057 6,279 accrued dividends 2711*544 12,766^973 2990]409 4454^316 3247^762 2958,293 8734,059 2036,943 1136,148 2270,492 2059,408 6049,913 TOTAL LIABILITIES 51,416,260 CAPITAL ACCOUNTS 9,179 16,645 22,951 48,282 Capital paid in 396,391 1 3 9,5 ; 1 1 1 f 1 a 3, g 017 s 2 3 1 ,2 : 1 ^ 9 1 36,661 17,693 20,857 5 5, n 05 : 7 l8 1 3,319 17,580 31,720 44,645 95,390 i Surplus 774,808 2,016 3,337 3,185 7,111 69,162 Other capital accounts TOTAL LIABILITIES AMD 2772.797 13,119,674 3063,095 4568,534 3304,031 3023,517 8908,138 2078,833 1164,923 2322,194 2130,189 6200,696 CAPITAL ACCOUNTS 52,656,621 Conting. liab. on acceptances purchased for 3,802 6,777 9,587 20,332 8,100 2/47,061 9,753 15,538 7,439 8,596 22,811 5,455 165,251 foreign correspondents FEDERAL RESERVE AGENTS' ACCOUNTS 614,388 1127,698 823,120 2820,477 F. R. notes outstanding 28,392,185 1638,707 6,722,493 1824,480 2567,646 2104,172 1614,621 5293,170 1241,213 Collat. for F. R. notes: 180,000 300,000 250,000 1300,000 10,585,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 430,000 Gold certificate acct. 36,456 Eligible paper 66,481 13 355 — lb,070 450,000 870,000 625,000 1800,000 19,245,000 1250,000 4,000,000 1200,000 1750,000 1465,000 1200,000 3700,000 935,000 U. S. Govt, securities 630,000 1206,456 875,000 3100,000" 1780,000 6,900,000 1913,355 2670,000 2140,000 1700,000 5600,000 1381,670 ¥,: To : ta : l c o : l : la : te : r : al : g&2z9&,896s,48s 1 == s == cipations of other Federal Reserve Banks. l/ After deducting $138,710,000 part