H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release OF THE FEDERAL RESERVE SYSTEM April 28, i960 H.U.I 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 27 increased a net of $63 million to $18, 3^3 million, which reflected in part an increase of $71 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $15 million; and estimated excess reserves increased $78 million to $442 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $82 million, compared with the revised figure of $197 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were decreases of $246 million in currency in circulation, $173 million in "other" deposits with Federal Reserve Banks, and $107 million in Treasury deposits with Federal Reserve Banks, and an increase of $27 million in U• S. Government securities bought outright. The principal offsetting changes were decreases of $232 million in Federal Reserve float, $207 million in U. S. Government securities held under repurchase agreement, and $37 million in member bank borrowings. Total Reserve Bank credit decreased $456 million. As of Wednesday, April 27, holdings of U. S. Government securities,bought outright were $55 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $35 million lower, and member bank borrowings were $145 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, April 27, April 20, April 29, April 27, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 25,444 + 27 - 164 25, 458 Held under repurchase agreement 77 -207 + 77 32 Acceptances- Bought outright 30 - 1 30 Held under repurchase agreement - 7 Loans, discounts, and advances— Member bank borrowings 524 - 37 - 132 545 Other - 18 Float 1,159 -232 + 259 936 Total Reserve Bank credit 27, 234 ^55 + 22 27,C01 Gold stock 19,373 - 13 - 957 19,360 Treasury currency outstanding 5> 346 + 1 + 89 5,347 51,954 T-5%5 51,708 Currency in circulation 31, 582f -246 + 338 31, 516- Treasury cash holdings 417 - 3 - 288 4l8 Treasury deposits with F. R. Banks 553 -107 7 596 Foreign deposits with F. R. Banks 186 - 2 85 170 Other deposits with F. R. Banks 275 -173 - 58 299 Other F. R. accounts (net) 857 - 7 - 279 856 337571 -537 - 377 337555 Member bank reserves: With Federal Reserve Banks 18,083 + 71 - 468 17,853 Cash allowed as reserves (estimated) 260 - 8 + 260 260 Total reserves held 18, 343 TT3 18,113 Required reserves (estimated) 17,901 - 15 - 282 17,894 Excess reserves (estimated) 442 + 78 + 74 219 On April 27, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,8l8 million, an increase of $76 million for the week and an increase of $1,232 million ft*cm the comparable date a year ago.

8.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since April 27, April 20, April 29, I960 i960 1959 A S S E TS Gold certificate account 18,112,644 - 24,999 - 717,248 Redemption fund for F. R. notes 953,826 1 + 43,282 Total gold certificate reserves 19,066,470 - 25,000 673,966 - F. R. notes of other Banks 501,203 + 49,598 + 112,303 Other cash 413,530 + 17,387 + 19,467 Discounts and advances 545,307 + 145,289 + 11,539 Industrial loans 4 m mm «• — - Acceptances--bought outright 29,866 550 + 882 U. S. Government securities: Bought outright— Bills 1,457,167 + 55,300 - 164,733 Certificates 8,506,993 -- -10;, 142,733 Notes 13,010,298 +10,142,733 Bonds 2,483,771 -- - - Total bought outright 25,458,229 + 55,300 164,733 - Held under repurchase agreement 32,000 - 35,000 + 32,000 Total U. S. Government securities 25,490,229 + 20,300 132,733 - Total loans and securities 26,065,402 + 165,039 - 120,316 Due from foreign "banks 15 -- - - Cash items in process of collection 5,674,571 715, 503 + 319,237 - Bank premises 103,330 - 207 4- 8,087 Other assets 343,093 + 19,679 + 128,161 TOTAL ASSETS 52,167,614 - 489,007 - 207,027 L I A B I L I T I ES Federal Reserve notes- 27,207,791 107,960 + 286,132 - Deposits: Member hank reserves 17,853,078 + 55,900 - 525,157 U. S. Treasurer--general account 595,853 + 76,666 + 129,994 Foreign 169,870 - 35,708 - 103,645 Other 299,475 4" 52,665 - 35,489 Total deposits 18,918,276 + 149,523 - 534,297 Deferred availability cash items 4,738,761 543,938 + 184,675 - Other liabilities and accrued dividends 43,395 - 5,662 + 11,372 TOTAL LIABILITIES 50,908,223 - 508,037 - 52,118 C A P I T AL A C C O U N TS Capital paid in 396,753 + 362 + 19,352 Surplus 774,808 - - - 93,602 Other capital accounts 87,830 + 18,668 - 80,659 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,167,614 - 489,007 - 207,027 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.3# .1 <fo 1.3# • - Contingent liability on acceptances purchased for foreign correspondents 168,203 + 2,952 + 111,991 Industrial loan commitments MATURITY DISTRIBUTION OF LOANS AND SECURITIES, APRIL 27, 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. 6. Government advances Acceptances securities Within 15 days 537,505 7,362 308,050 16 days to 90 days 7,799 22,504 754,767 91 days to 1 year 3 14, 433,343 Over 1 year to 5 years 8, 544,212 Over 5 years to 10 years 1,178, 574 Over 10 years 271,283 Total 545,307 297B55 25, 490,229

H. 4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 27, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Franciscc (In thousands of dollars) A S S E TS Gold certificate account 18,112,644 870,807 5,198,405 1058,369 1594,444 982,377 831,305 3106,048 654,844 327,407 669,300 635,249 2184,089 Redemption fund for F. R. notes 953,826 57,457 203,655 57,365 84,290 83,988 61,194 178,415 45,164 23,510 44,275 32,345 82,168 Total gold certificate reserves 19,066,4?0 928,264 5,402,060 1115,734 1678,734 1066,365 892,499 3284,463 700,008 350,917 713,575 667,594 2266,257 F.R. notes of other Banks 501,203 35,671 128,337 26,822 28,938 37,013 91,542 28,584 14,884 12,046 18,863 27,051 51,452 Other cash 413,530 24,212 72,398 18,075 39,097 25,322 32,870 71,431 24,684 10,329 14,517 18,167 62,428 Discounts and advances 545,307 16,955 7,950 14,465 43,195 49,942 45,815 152,860 21,220 31,087 68,211 33,007 60,600 Acceptances: Bought outright 29,866 29,866 U. S. Govt, securities: Bought outright— Bills 1,457,167 78,308 363,464 83,431 125,196 92,232 79,897 249,406 58,895 33,813 62,543 58,724 171,258 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,040 343,827 197,405 365,129 342,832 999,810 Certificates 8,506,993 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 1529,074 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Bonds 2,483,771 /^r» I. rtiOr? iZlV 1 OrUT nnA IfiOR QliC SQA 7C# 1 fiQO AQ Q1 Total 25,458,229 1368', 125 6,350^097 14 t5-r-7v/636 218 7*r^\c295 1611,379 1395,900 h4O3C757 0,*7C3i79 1028,945 590,750 1092,693 10 2Of5\7,96 79 Q2OO9 92,055 Held under repurchase agreement 32,000 32,000 1368,125 6,382,097 1457,636 2187,2951611,379 1395,900 4357,379 1028,945 590,758 1092, 693 1025,967 2992,055 Total U. S. Govt, sees. 25,490,229 1385,080 6,419,913 1472,101 2230,490 1661,321 1441,715 4510,239 1050,165 621,845 1160,904 1058,974 3052,655 Total loans & securities 26,065,402 Due from foreign banks 15 1 1 /4 1 1 1 1 2 2 / 2/ 1 1 Cash items in process of collection 5,674,571 417,129 1,055,895 333,418 487,089 447,884 504,792 867,138 240,037 152,749 297,068 317,453 553,919 4,189 9,742 3,946 9,090 6,476 10,251 18,592 6,924 4,958 4,580 12,654 11,928 Bank premises 103,330 Other assets 343,093 18,332 84,695 19,668 29,783 21,615 19,444 57,651 13,716 7,947 15,620 14,066 40,556 TOTAL ASSETS 52,167,614 2812,878 13,173,044 2989,765 4503,222 3265,997 2993,114 8838,100 2050,418 1160,791 2225,128 2115,960 6039,197 After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

8.4.1(c) STATEMENT OF CONDITION OF EACH FEDERA RESERVE BANK ON APRIL 27, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco thousands of dollars) L I A B I L I T I ES 'ederal Reserve notes 27,207,791 1571,753 6,368,952 1767,743 2488,827 2028,604 1533,568 5156,275 1183,788 600,944 1086,943 777,005 2643,389 Deposits: Member bank reserves 17,853,078 743,396 5,285,411 819,500 1431,409 749,774 911,838 2642,948 592,952 371,088 801,806 926,229 2576,727 U .S .Treas.-gen.acct. 595,853 28,614 61,617 37,940 33,021 45,161 41,968 94,700 31,090 26,026 42,099 59,340 94,277 Foreign 169,870 m 8,684 23,046 5,511 3,841 6,847 9,686 20,541 Other 299.475 6'^ 1:8T1 t l# 967 654 706 354 906 558 43,652 Total deposits 18,918,276 780,747 5,641,972 870,076 1481,390 805,050 963,457 2761,348 630,259 401,309 851,658 995,813 2735,197 Deferred availability cash items 4,738,761 395,898 792,984 275,898 413,313 372,628 427,625 736,536 192,207 127,980 232,335 269,710 501,647 Other liabilities and accrued dividends 43,395 2,271 11,681 2,284 3,891 2,265 2,203 6,501 1,579 1,334 1,697 1,956 5,733 TOTAL LIABILITIES 50,908,223 2750,669 12,815,589 2916,001 4387,421 3208,547 2926,853 8660,660 2007,833 1131,567 2172,633 2044,484 5885,966 CAPITAL ACCOUNTS Capital paid in 396,753 19,512 113,018 23,222 36,661 3I'2M0,8 78 55,077 %-M 9,1§1 16,645 48,555 Surplus 774,808 38,332 220,905 45,638 72,530 40,306 107,334 17,580 31,720 95,390 Other capital accounts 87,830 4,365 23,532 4,904 6,610 5,155 5,077 15,029 3,401 2,463 4,130 3,878 9,286 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,167,614 2812,878 13,173,044 2989,765 4503,222 3265,997 2993,114 8838,100 2050,418 1160,791 2225,128 2115,960 6039,197 -Conting. liab. on acceptj-wxtsj-ga uuxuebpuitutiuuti -LOO ^ uUj OfCH-C. «-/11, ytu y, lijuy v, |-rv VV-*- J 7 v, IV ~ FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,312,047 1632,569 6,712,083 1817,790 2559,444 2104,678 1606,426 5278,295 1234,485 612,355 1125,060 818,879 2809,983 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 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 103,761 —— — — 14,465 •• »• —— 21,220 "• 68,076 "** "• UU.. SS.. GGoovvtt,, sseeccuurriittiieess 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 TToottaall ccoollllaatteerraall 29,933,761 1780,000 6,900,000 1914,465 2670,000 2140,000 1700,000 5600,000 1386,220 630,000 1238,076 875,000 3100,000 1/ After deducting $119,405,000 participations 2/ After deducting $120,263,000 participations of other Federal Reserve Banks.