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 12, 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 11 increased a net of $66 million to $18,311 million, which reflected in part an increase of $113 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $106 million; and estimated excess reserves increased $172 million to $500 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $49 million, compared with the revised figure of $224 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $14$ million in U. S. Government securities held under repurchase agreement and $59 million bought outright, and a decrease of $63 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $120 million in currency in circulation, and a decrease of $34 million in Federal Reserve float. Total Reserve Bank credit increased $172 million. As of Wednesday, May 11, holdings of U. S. Government securities bought outright were $25 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $108 million lower, and member bank borrowings were $196 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, May 11, May 4, May 13, May 11, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 25,6l6 + 59 - 324 25,623 Held under repurchase agreement 252 +149 + 182 182 Acceptances-- Bought outright 31 + 1 + 1 30 Held under repurchase agreement 1 - -- Loans, discounts, and advances— Member bank borrowings 549 - 3 - 160 768 Other 18 — — — — — — Float 924 - 34 + 129 819 Total Reserve Bank credit 27,371 +172 192 27,422 ~ Gold stock 19,359 - 1 - 892 19,359 Treasury currency outstanding 5,348 + 86 5,348 -- 52,078 +171 999 52,129 Currency in circulation 31,723 +120 + 218 31,741 Treasury cash holdings 419 + 1 - 291 412 Treasury deposits with F. R. Banks 504 - 63 • 17 505 Foreign deposits with F. R. Banks 184 85 172 Other deposits with F. R. Banks 314 + 3 • 69 335 Other F. R. accounts (net) 854 - 1 285 853 - 33,997 + 58 - 530 3344,,001177 Member bank reserves: With Federal Reserve Banks 18,081 +113 469 18,112 Cash allowed as reserves (estimated) 230 - 47 + 230 230 Total reserves held 18,311 TTZ Mf 239 18,342 Required reserves (estimated) 17,811 -106 285 17,761 Excess reserves (estimated) 500 +172 + 46 581 On May 11, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,880 million, a decrease of $2 million for the week and an increase of $1,267 million from the comparable date a year ago.

B.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since May 11, May V May 13, i960 i960 1959 A S S E TS Gold certificate account 18,122,643 + 9,998 632,249 Redemption fund for F. R notes 947,835 2,894 + 39,984 - Total gold certificate reserves 19,070,478 + 7,104 592,2S5 - F. R. notes of other Banks 403,903 40,169 + 59,327 - Other cash 374,046 21,618 + 10,279 - Discounts and advances 768,492 + 196,198 + 116,152 Industrial loans i, Acceptances - -"bought outright 29,866 + 883 -- U. S. Government securities: Bought outright-- Bills 1,621,667 + 25,000 354,633 Certificates 8,506,993 -10,142,733 -- Notes 13,010,298 +10,142,733 - - Bonds 2,483,771 — — — — Total "bought outright 25,622,729 + 25,000 354,633 - Held under repurchase agreement 182,400 107,700 + 74,800 - Total U. S. Government securities 25,605,129 62,700 279,833 - - Total loans and securities 26,603,487 + 113,498 162,802 Due from foreign "banks 15 - - Cash items in process of collection 5,396,284 36,756 44o,323 - - Bank premises 103,456 246 + 7,808 Other assets 383,145 + 19,756 + l4l, 527 TOTAL ASSETS 52,334,814 + 42,061 976,449 - L I A B I L I T I ES Federal Reserve notes" ~ 27,293,804 + 45,596 + 230,524 Deposits: Member bank reserves 18,112,410 104,218 440,370 U. S. Treasurer--general account 504,661 + 26,392* + 1,040 Foreign 172,343 + 2,332 82,675 - Other 334,536 + 31,4l8 52,820 - Total deposits 19,123,950 44,076* 574,825 - - Deferred availability cash items 4,577,672 + 21,513* 494,933 • Other liabilities and accrued dividends 4l,434 + 80 + 2,415 TOTAL LIABILITIES 51,036,860 + 23,113 836,819 - C A P I T AL A C C O U N TS Capital paid In" 397,739 + 80 + 20,093 Surplus 774,808 93,602 — — - Other capital accounts 125,407 + 18,868 - 66,121 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,334,814 + 42,061 976,449 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.1% .9# -- - Contingent liability on acceptances purchased for foreign correspondents 163,594 4,394 + 96,122 Industrial loan commitments 360 -- - * May 4 figures revised. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 11, 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 761,050 9,124 476.751 16 days to 90 days 7,288 20,742 867,566 91 days to 1 year 154 -- 14,466,743 Over 1 year to 5 years -- -- 8,544,212 Over 5 years to 10 years -- -- 1,178,574 Over 10 years -- — 271,283 Total 768,492 29,866 25,805,129

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH MAY 11, 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 18,122,643 840,254 5,123,313 1042,383 1558,952 1012,851 846,765 3065,446 686,453 335,566 656,746 576,612 2377,302 Redemption fund for F. R. notes 947,835 57,160 202,177 56,872 83,854 82,399 60,751 177,896 45,020 23,4io 44,147 32,242 81,907 Total gold certificate reserves 19,070,478 897,414 5,325,490 1099,255 1642,806 1095,250 907,516 3243,342 731,473 358,976 700,893 608,854 2459,209 F.R. notes of other Banks 403,903 26,824 113,745 21,849 21,605 28,746 75,644 20,716 10,649 7,690 16,236 20,804 39,395 Other cash 374,046 22,892 70,522 15,160 35,364 18,975 31,660 63,677 21,828 9,151 13,246 16,417 55,154 Discounts and advances 768,492 34,820 33,450 14,325 88,490 42,626 30,265 322,057 10,707 32,432 104,244 42,876 12,200 Acceptances: Bought outright 29,866 29,866 -- -- -• " - - - - -- -- -- " U. S. Govt, securities: Bought outright— Bills 1,621,667 87,148 404,496 92,850 139,329 102,644 88,917 277,562 65,544 37,630 69,603 65,353 190,591 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 1404,920 4365,535 1035,594 594, 575 1099,753 1032,596 3011,388 Held under repurchase agreement 182^00 182,400 Total U. S. Govt, sees. 25,805,129 1376,965 6,573,529 1467,055 2201,428 1621,791 l404,920 4385,535 1035,594 594,575 1099,753 1032,596 3011,388 Total loans & securities 26,603,48? 1411,785 6,636,845 1481,380 2289,918 1664,417 1435,185 4707,592 1046,301 627,007 1203,997 1075,472 3023,588 Due from foreign banks 15 1 1 /4 l 1 1 1 2 (2) (2) 1 12 Cash items in process of collection 5,396,284 396,565 953,508 378,390 452,352 443,783 467,804 839,262 252,855 156,483 266,552 230,365 558,365 Bank premises 103,456 4,189 9,702 3,946 9,056 6,476 10,254 18,652 6,892 4,990 4,566 12,806 11,927 Other assets 383,145 20,504 94,859 21,844 33,217 24,196 21,679 64,628 15,344 8,855 17,277 15,545 45,197 TOTAL ASSETS 52,334,814 2780,174 13,204,675 3021,825 4484,319 3281,844 2949,743 8957,871 2085,342 1173,152 2222,768 1980,264 6192,837 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 11, i960 " „ , I PMla- Cleve- St. Minne- Kansas San Total Boston Nev York [ Richmond AAttllaannttaa CChhiiccaaggoo Dallas delphia land. Louis apolis City- Francisco L I A B I L I T I ES Federal Reserve notes 27,293,804 1576,717 6,372,645 1770,023 2492,357 2028,574 1545,962 5163,196 1185,532 605,272 1097,979 776,984 2678,563 Deposits: Member bank reserves IB, 112,410 730,051 5,308,437 822,688 l4C0,06l 762,317 899,370 2793,974 612,302 378,173 8o4,4o4 888,144 2712,489 U.S-Treas.-gen.acct. 504,661 34,835 84,192 13,431 37,061 60,706 28,199 64,522 30,952 22,511 38,997 27,297 61,958 Foreign 172,343 8,183 1/52,938 9,853 15,698 7,515 8,684 23,046 5,511 3,841 6,847 9,686 20,541 Other 334,536 514 273,788 2,836 456 3,630 912 683 432 306 1,303 660 49,016 Total deposits 19,123,950 773,583 5,719,355 848,808 1453,276 834,168 937,165 2882,225 649,197 404,831 851,551 925,787 2844,004 Deferred availability cash items 4,577,672 363,475 734,555 324,983 415,862 357,011 396,190 721,315 205,074 131,575 217,386 202,738 507,508 Other liabilities and accrued dividends 41,434 2,-2 4-6 -10-,3-5-3 2,169 3,856 „ 2,323 2,180 7,039 1,3813,535 1,681 1,784 4,885 TOTAL LIABILITIES 51,036,860 2716,021 12,836,908 2945,983 4365,351 3222,076 2881,497 8773,775 2041,338 1143,061 2168,597 1907,293 6034,960 CAPITAL ACCOUNTS Capital paid in 397,739 19,518 113,683 23,252 36,665 17,733 20,890 55,086 13,311 9,182 16,646 22,969 48,804 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 125,407 6,303 33,179 6,952 9,773 7,469 7,050 21,676 4,831 3,329 5,805 5,357 13,683 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,334,814 2780,174 13,204,675 3021,825 4484,319 3281,844 2949,743 8957,871 2085,342 1173,152 2222,768 1980,264 6192,837 Conting. liab. on acceptances purchased for foreign correspondents 163,594 8,016 2/46,620 9,652 15,378 7,362 8,507 22,577 5,399 3,763 6,708 9,489 20,123 FEDERAL RESERVE AGENTS' ACCOUNTS e1. R. notes outstanding 28,250,939 1630,303 6,679,754 1815,578 2548,592 2099,615 1604,349 5266,200 1228,167 614,520 1125,115 816,868 2821,878 Collat. for F. R. notes: Gold certificate acct. 10,565,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 410,000 180,000 300,000 250,000 1300,000 Eligible paper 129,276 -- 14,325 -- — -- — 10,707 —— 104,244 —— —— U. S. Govt, securities 19.145.000 1250,000 3,900,000 1200,000 1750,000 1465,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 Total collateral 29,839,276 1780,000 6,800,000 1914,325 2670,000 2l40,000 1700,000 5600,000 1355,707 630,000 1274,244 875,000 3100,000 l/ After deducting $119,4 05,000 participations of other Federal Reserve Banks, 2/ After deducting $116,9 74,000 participations of other Federal Reserve Banks.