H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM May 5, 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 May 4 decreased $172 million to $18,218 million, which included a decrease of $115 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $18 million; and estimated excess reserves decreased $154 million to $323 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $229 million, compared with the revised figure of $47 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $201 million in Federal Reserve float and $13 million in gold stock, and increases of $22 million in currency in circulation and $36 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were increases of $113 million in U. S. Government securities bought outright, $26 million held under repurchase agreement, and $28 million in member bank borrowings. Total Reserve Bank credit decreased $35 million. As of Wednesday, May 4, holdings of U. S. Government securities bought outright were $l40 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $258 million higher, and member bank borrowings were $27 million higher. Averages of daily figures Member bank reserves, Week ended Change frcm week ended Wednesday, Reserve Bank credit, May 4, April 27, May 6, May 4, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 25,557 +113 149 25, 598 - Held under repurchase agreement 103 + 26 + 1 290 Acceptances--bought outright 30 30 - - - - Loans, discounts, and advances— Member bank borrowings 552 + 28 - 123 572 Other 18 * — mm mm - — — Float 958 -201 + 65 877 Total Reserve Bank credit 27,199 - 35 - 225 27,367 Gold stock 19,360 - 13 - 902 19,360 Treasury currency outstanding 5,348-/ + 2 + 89 5,348 51,90 fu - 47 -1,037 52,074 Currency in circulation 31,603-^ + 22 + 235 31,629 Treasury cash holdings 4ir 1 + 1 - 293 423 Treasury deposits with F. R. Banks 567 + 14 + 25 478 Foreign deposits with F. R. Banks 184 - 2 72 170 - Other deposits with F. R. Banks 311 + 36 - 49 303 Other F. R. accounts (net) 855 - 2 - 281 854 33,939-% rw - 434 33,858 Member bank reserves: With Federal Reserve Banks 17,968 -115 - 603 18,217 Cash allowed as reserves (estimated) 250 - 57 + 250 250 Total reserves held 18,218 -172 - 353 18,467 Required reserves (estimated) 17,895 -18 - 318 17,926 Excess reserves (estimated) 323 -154 - 35 541 On May 4, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,882 million, an increase of $64 million for the week and an increase of $1, 384 million frcm 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 May 4, April 27; May 6, I960 i960 1959 A S S E TS Gold certificate account 18,112,645 + 1 - 642,247 Redemption fund for F. R. notes 950,729 - 3,097 + 42,877 Total gold certificate reserves 19,063,374 - 3,096 599,370 F. R. notes of other Banks 444,072 - 57,131 + 92,058 Other cash 395,664 - 17,866 + 16,876 Discounts and advances 572,294 + 26,987 - 290,379 Industrial loans w am mm 4 Acceptances--bought outright 2299,,886666 mm mm + 882 U. S. Government securities: Bought outright-- Bills 1,596,667 + 139,500 - 230,933 Certificates 8,506,993 -10,142,733 -- Notes 13,010,298 — — +10,142,733 Bonds 2,483,771 — - — — Total bought outright 25,597,729 + 139,500 - 230,933 Held under repurchase agreement 290,100 + 258,100 178,300 Total U. S. Government securities 25,887,829 + 397,600 - 52,633 Total loans and securities 26,489,989 + 424,587 342,134 Due from foreign banks 15 Cash items in process of collection 5,433,040 - 241, 531 + 435,937 Bank premises 103,210 - 120 + 8,042 Other assets 363,389 + 20,296 + 134,909 TOTAL ASSETS 52,292,753 + 125,139 253,682 - L I A B I L I T I ES Federal Reserve notes 27,248,208 + 44oo,, 441177 + 223311,,883300 Deposits: Member bank reserves 18,216,628 „ 4* 363,550 - 422,960 U. S. Treasurer--general account 478,198*' - 117,655 - 63,410 Foreign 170,Oil + l4l - 93,036 Other 303,118 + 3,643 - 87,781 Total deposits 19,167 249,679 667,187 • Deferred availability cash items 4,556,236-itf- 182,531 + 322,453 Other liabilities and accrued dividends 4l, 354 - 2,04l + 6,172 TOTAL LIABILITIES 51,013,747 + 105, 524 106,732 - C A P I T AL A C C O U N TS Capital paid in 397,659 + 906 + 20,099 Surplus 774,808 — — - 93,602 Other capital accounts 106,539 + 18,709 - 73,447 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,292,753 + 125,139 253,682 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4l .l<?o - ..22%% .9# Contingent liability on acceptances purchased for foreign correspondents 167,988 - 221155 + 109,696 Industrial loan commitments 360 -- - MATURITY DISTRIBUTION OF LOANS MP SECURITIES, MAY 4, 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 ^3 00> 57092 596,290 16 days to 90 days * <j'a$b 3@r5^3- 21,774 835,227 91 days to 1 year 4 14,462,243 Over 1 year to 5 years 8,544,212 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 5727294 297555 25,887,829

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 4, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (In thousands of dollars) A S S E TS Gold certificate account 18,112,645 834,694 5,117,364 1072,974 1628,439 984,059 834,417 3129,287 650,474 324,899 645,555 626,293 2264,190 Redemption fund for F. R. notes 950,729 57,322 202,822 57,127 84,095 83,111 61,006 178,169 45,093 23,461 44,204 32,283 82,036 Total gold certificate reserves 19,063,374 892, 016 5,320,186 1130,101 1712,534 1067,170 895,423 3307,456 695,567 348,360 689,759 658,576 2346,226 F.R. notes of other Banks 444,072 33,360 117,727 24,997 25,986 30,247 86,107 25,357 11,470 10,603 15,832 21,937 40,449 Other cash 395,664 23,635 70,607 17,297 37,016 21,588 35,080 68,067 23,667 10,029 13,373 18,263 57,042 Discounts and advances 572,294 31,655 20,975 9,725 52,700 40,076 46,665 139,100 24,007 36,060 82,199 31,942 57,190 Acceptances: Bought outright 29,866 29,866 U. S. Govt, securities: Bought outright— Bills 1,596,667 85,805 398,260 91,419 137,181 101,061 87,546 273,283 64,533 37,050 68,530 64,346 187,653 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 113333,,447788 661199,,553322 114422,,221111 221133,,339988 115577,,221100 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 25,597,729 1375,622 6",3 8"4, 8~9 3~ 1465,624 2199,280 1620,208 1403,549 4381,2561 034,583 593,995 1098,680 1031,589 3008, 450 Held under repurchase agreement 290,ICQ 290.100 Total U. S. Govt, sees. 25,887,829 1375,622 6,674,993 1465,624 2199,280 1620,208 1403,549 4381,256 1034,583 593,995 1098,680 1031,589 3008,450 Total loans & securities 26,489,989 1407,277 6,725,834 1475,349 2251,980 1660,2841 450,214 4520,356 1058,590 630,055 1180,879 1063,531 3065,640 Due from foreign banks 15 1 1 /4 1 l 1 1 2 2/ 2/ 1 1 2 Cash items in process of collection 5,433,040 392,205 947,092 356,884 475,974 422,302 466,481 856,880 242,589 148,244 284,127 243,713 596,549 Bank premises 103,910 4,189 9,702 3,945 9,056 6,476 10,251 18,623 6,884 4,958 4,566 12,632 11,928 Other assets 363^52 19.362 89,814 20,644 31,688 22,993 20,559 61, 310 14,537 8.407 16.498 14.739 42.838 TOTAL ASSETS 52,292,753 2772,045 13,280,966 3029,218 4544,235 3231,061 2964,116 8858,051 2053,304 1160,656 2205,035 2033,392 6160,674 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

1.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 4, i960 Total Boston New York ^phia |Richmond Atlanta Chicago ^- apSis Dallas FranSsco L s (In thousands of dollars) LLL III AAA BBB III LLL III TTT III EEESSS fffeeedddeeerrraaalll RRReeessseeerrrvvveee nnnooottteeesss 27,248,208 1574,466 6,373,688 1765,554 2488,054 2029,175 1541,603 5150,334 1185,105 601,217 1093,237 776,770 2669,005 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 18,216,628 751,496 5,427,196 848,846 1468,494 739,545 916,121 2722,314 609,284 376,662 788,327 929,925 2638,418 UUU...SSS...TTTrrreeeaaasss...---gggeeennn...aaaccccccttt... 478,198 ^17,309 59,544 18,580 38,780 40,807 23,269 61,589 22,62?% 23,597 39,799 30,256 102,041 FFFooorrreeeiiigggnnn 170,011 8,183 1/50,606 9,853 15,698 7,515 8,684 23,046 5,511 3,841 6,847 9,686 20,541 OOOttthhheeerrr 303,118 494 246,647 1,822 1,089 3,731 1,310 673 1.462 343 1.165 1.212 43.170 TTToootttaaalll dddeeepppooosssiiitttsss 19,l67r95& 777,482 5,783,993 879,101 1524,061 791,598 949,384 2807,622 638,884 404,443 836,138 971,079 2804,170 S 5b DDDeeefffeeerrrrrreeeddd aaavvvaaaiiilllaaabbbiiillliiitttyyy 0% cccaaassshhh iiittteeemmmsss 4,556,^1 354,683 749,386 307,568 410,776 349,414 403,741 712,332 184,573 123,982 220,739 211,615 527,421 OOOttthhheeerrr llliiiaaabbbiiillliiitttiiieeesss aaannnddd aaaccccccrrruuueeeddd dddiiivvviiidddeeennndddsss 41,354 2,223 11,057 2,209 3,959 2,282 2,131 6,993 1,445 1,360 1,612 1,684 4,399 TTTOOOTTTAAALLL LLLIIIAAABBBIIILLLIIITTTIIIEEESSS 51,013,747 2708,854 12,918,124 2954,432 4426,850 3172,469 2896,859 8677,281 2010,007 1131,002 2151,726 1961,148 6004,995 CCCAAAPPPIIITTTAAALLL AAACCCCCCOOOUUUNNNTTTSSS CCCaaapppiiitttaaalll pppaaaiiiddd iiinnn 397,659 19,518 113,637 23,252 36,665 17,730 20,890 55,084 13,311 9,181 16,645 22,963 48,783 BBBtttiiizzzpppllluuusss 774,808 38,332 220,905 45,638 72,530 34,566 4O,306 107,334 25,862 17,580 31,720 44,645 95,390 OOOiiidddaaaeeerrr cccaaapppiiitttaaalll aaaccccccooouuunnntttsss 106,539 5,341 28,300 5,896 8,190 6,296 6,06l 18,352 4,124 2,893 4,944 4,636 11,506 SSOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 52,292,753 2772,045 13,280,966 3029,218 4544,235 3231,061 2964,116 8858,051 2053,304 1160,656 2205,035 2033,392 6160,674 CCooaattiinngg,, lliiaabb.. oonn aacccceepptt-aanncceess ppuurrcchhaasseedd ffoorr ffoorreeiiggnn ccoorrrreessppoonnddeennttss 167,988 8,232 2/47,868 9,912 15,792 7,560 8,736 23,184 5,544 3,864 6,888 9,744 20,664 FEDERAL RESERVE AGENTS' ACCOUNTS FF,, RR--.. nnootteess oouuttssttaannddiinngg 28,252,233 1637,952 6,696,697 1809,363 2549,849 2091,729 1601,986 5275,102 1229,060 610,467 1120,225 820,073 2809,730 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 115,796 —— •- 9,725 •• ** •• — — 24,007 -• 82,o64 -* — * 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 29,945,796 1780,000 6,900,000 1909,725 2670,000 2140,000 1700,000 5600,000 1389,007 630,000 1252,064 875,000 3100,000 1/ After deducting $119,405,000 participations of other Federal Reserve Banks. 2/ After deducting $120,120,000 participations of other Federal Reserve Banks.