H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD ot1 GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL BStiilEVE SYSTEM May 19, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, Aim 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 18 decreased $77 million to $18,23O million, which reflected in part a decrease of $120 million in member hank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $4l million; and estimated excess reserves decreased $36 million to $462 million. Member "bank "borrowings at the Federal Reserve Banks exceeded excess reserves Toy $93 million, compared with the revised figure of $51 million the week "before. The principal changes reducing average reserve "balances with Federal Reserve Banks were a decrease of $118 million in U. S. Government securities held under repurchase agreement, and increases of $104 million in Treasury deposits with Federal Reserve Banks, $51 million in currency in circulation, and $35 million in "other" deposits with Federal Reserve Banks. The principal offsetting change was an increase of $209 million in Federal Reserve float. Total Reserve Bank credit increased $109 million. As of Wednesday, May 18, holdings of U. S. Government securities bought outright were $32 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $124 million lower, and member bank borrowings were $502 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Reserve Bank credit, May 18, May 11, May 20, and related items I960 I960 1959 (]C n millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 25,627 4 11 299 Held under repurchase agreement 134 -118 + 125 Acceptances--bought outright 31 + 2 Loans, discounts, and advances-- Member bank borrowings 555 + 6 298 Other «• — - 18 Float l, 133 +209 - 22 Total Reserve Bank credit 27,480 +109 - 509 Gold stock 19,359 - ~ - 838 Treasury currency outstanding 5,349 + 1 4- 85 52,187 +109 -1,263 Currency in circulation 31,774 + 51 + 259 Treasury cash holdings 413 - 6 - 297 Treasury deposits with F. R. Banks 608 +104 + 104 Foreigi deposits with F. R. Banks 195 + 11 - 85 Other deposits with F. R. Banks 3^9 + 35 - 18 Other F. R. accounts (net) 887 + 33 - 358 34,226 +229 • 395 Member bank reserves: With Federal Reserve Banks 17,961 -120 - 868 Cash allowed as reserves (estimated) 269 + 43 + 269 Total reserves held 18,230 - 77 - 599 Required reserves (estimated) 17,768 - 41 - 459 Excess reserves (estimated) 462 - 36 - 140 On May 18, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,790 million, a decrease of $90 million for the week and an increase of $1,1$4 million from the comparable date a year ago.

E.4.1(a) STa'i^jEm' OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since May 18, May 11; May 20, I960 i960 1959 A S S E TS Gold certificate account 18,120,643 - 2,000 - 571,250 Redemption fund for F. R. notes 945,917 - 1,918 + 29;600 Total gold certificate reserves 19,066,560 3,918 - 541,650 F. R. notes of other Banks 4o6,054 2,151 + 53,067 Other cash 371,151 ~ 2,895 + 6,354 Discounts and advances 265,616 - 502,876 - 110,863 Industrial loans 2 W •» «• — - Acceptances—bought outright 29,366 - 500 + 1,590 U. S. Government securities: Bought outright— Bills 1,653,667 + 32,000 249,833 ~ Certificates 8,506,993 - - -10,142,733 Notes 13,010,298 -- +10,142,733 Bonds 2,483,771 — — —— Total bought outright 25,654,729 + 32,000 - 249,833 Held under repurchase agreement 58,600 123,800 + 58,600 - Total U. S. Government securities 25,713,329 - 91,800 - 191,233 Total loans and securities 26,008,311 595,176 300,508 Due from foreign "banks 15 «•» «• Cash items in process of collection 6,363,243 + 966,959 + 464,264 Bank premises 103,648 + 192 + 7,744 Other assets 146,409 - 236,736 + 16,799 TOTAL ASSETS 52,465,391 + 130,577 - 293,930 L I A B I L I T I ES Federal Reserve~"notes~~ 27,257,102 • 36,702 + 222,838 Deposits: Member "bank reserves 17,566,366 - 546,044 - 556,427 U. S. Treasurer—general account 593,891 + 89,230 125,644 Foreign 235,239 + 62,896 - 60,272 Other 302,667 - 31,869 - 82,225 Total deposits 18,698,163 - 425,787 - 573,280 Deferred availability cash items 5,226,057 + 648,385 + 259,852 Other liabilities and accrued dividends 42,677 + 1,243 + 4,648 TOTAL LIABILITIES 51,223,999 + 187,139 - 85,942 C A P I T AL A C C O U N TS Capital""paid in" 397,919 + 180 + 20,065 Surplus 774,808 W — - 93,602 Other capital accounts 68,665 - 56,742 - 134,451 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,465,391 + 130,577 293,930 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4411..55%% + ..bbiioo - Contingent liability on acceptances purchased for foreign correspondents 116611,,221177 - 2,377 + 8888,,008811 Industrial loan commitments 360 — - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 18, 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 257,520 10,191 348,671 16 days to 90 days 7,978 19,175 6,386,846 91 days to 1 year 118 — 11,841,308 Over 1 year to 5 years -- 5,686,647 Over 5 years to 10 years -- 1,178,574 Over 10 years -- -- 271,283 Total 265,616 29,366 25,713,329

H.4.1(b) STATEMENT S 8 | CON OF EACH FEDERAL RESEWE BANK ON MAY l8, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (In thousands A S S E TS Gold certificate account 18,120,643 821,142 4,860,873 1026,005 1530,551 1011,189 852,778 3312,790 675,467 331,847 749,514 647,060 2301,427 Redemption fund for F. R. notes 9^5,917 56,976 201,247 58,552 83,542 81,422 60,429 177,536 44,922 23,342 44,064 32,175 81,710 Total gold certificate reserves 19,066,560 873,118 5,062,120 1084,557 1614,093 1092,611 913,207 3490,326 720,389 355,189 793,578 679, 235 2383,137 F.R. notes of other Banks 4o6,054 28,316 114,920 21,723 22,340 28,802 75,113 21,834 10,965 7,841 15,628 22,163 36,409 Other cash 371,151 22,995 74,482 15,338 33,378 17,713 30,727 60,041 21,487 9,249 14,232 15,692 55,817 Discounts and advances 265,616 27,990 10,665 14,175 13,770 18,233 36,490 42,420 4,730 19,380 33,380 30,533 13,850 Acceptances: Bought outright 29,366 29,366 U. S. Govt, securities: Bought outright— Bills 1,653,667 88,868 412,477 94,682 142,078 104,669 90,672 283,039 66,837 38,373 70,977 66,643 194,352 Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,040 343,827 197,405 365,129 342,832 999,810 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 57,636 106,606 100,096 291,93^L Total 25,654,729 1376,685 6,599,110 1463,887 2204,177 1623,816 1406,675 4391,012 1036,867 595,318 1101,127 1033,886 3015A49 Held under repurchase agreement 58,600 — 58,600 Total U. S. Govt, sees. 25,713,329 1378,685 6,457,710 1468,887 2204,177 1623,816 14Q6,675 4391,012 1036,887 595,318 1101,127 1033,886 3015,149 Total loans & securities 26,008,311 l4o6,675 6,497,741 1483,062 2217,947 1642,049 1443,165 4433,432 1041,617 614,698 1134,507 1064,419 3028,999 Due from foreign banks 15 1 1 /4 l 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,363,243 454,275 1,158,760 419,090 564,156 490,015 518,063 1019,077 258,769 170,773 327,507 299,702 683,056 Bank premises 103,648 4,189 9,702 3,946 9,068 6,476 10,430 18,652 6,893 4,969 4,566 12,809 11,948 Other assets 146,409 7,622 35,864 8,482 12,683 9,312 8,697 24,024 5,746 3,367 7,105 6,202 17,305 TOTAL ASSETS 52,465,391 2802,191 12,953,593 3036,199 4473,666 3286,979 2999,403 9067,388 2065,866 1166,086 2297,124 2100,223 6216,673 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 BAM ON MAY 18, i960 Richmond Atlanta j Total Boston | Nei, York ^elpMa °iZT Chicago apSis ^ity" Dallas p^isco (In thousands of dollars) LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,257,102 1573,283 6,368,005 1767,903 2489,360 2025,287 1544,362 5160,814 1183,169 604,770 1097,573 775,262 2667,314 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 17,566,366 709,293 4,979,857 805,660 1337,114 722,997 899,113 2754,284 592,822 355,636 835,743 922,798 2651,049 UUUUU.....88888.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 593,891 46,170 63,414 36,725 49,057 55,821 13,174 93,903 35,318 26,819 41,897 62,481 69,112 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 235,239 10,584 1/80,799 12,744 20,304 9,720 11,232 29,808 7,128 4,968 8,856 12,528 26,568 OOOOOttttthhhhheeeeerrrrr 302,667 812 246,449 l,4l6 896 2,403 1,091 751 598 306 1,827 797 45,321 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 18,395,153 766,859 5,370,519 856,545 1407,371 790,941 924,610 2878,746 635,866 387,729 888,323 998,6c4 2792,050 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 5,226,057 398,755 850,740 337,039 459,008 412,094 462,989 846,966 203,571 143,646 257,494 253,648 600,107 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 42,677 2,256 10,989 2,287 3,846 2,361 2,219 7,053 1,484 1,285 1,644 1,939 5,314 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 51,223,999 2741,153 12,600,253 2963,774 4359,585 3230,683 2934,180 8893,579 2024,090 1137,430 2245,034 2029,453 6064,785 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 397,919 19,518 113,711 23,252 36,667 17,832 20,906 55,094 13,330 9,182 16,648 22,964 48,815 SSSSSuuuuurrrrrpppppllllluuuuusssss 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 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 68,665 3,188 18,724 3,535 4,884 3,898 4,011 11,381 2,584 1,894 3,722 3,161 7,683 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 52,465,391 2802,191 12,953,593 3036,199 4473,666 3286,979 2999,403 9067,388 2065,866 1166,086 2297,124 2100,223 6216,673 CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 161,217 7,899 2/45,959 9,511 15,153 7,254 8,382 22,245 5,319 3,708 6,609 9,350 19,828 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,288,559 1633,546 6,699,311 1823,955 2547,782 2095,626 1612,757 5276,004 1229,796 615,351 1124,273 816,329 2813,829 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 10,565,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 4io,ooo i8o,ooo 300,000 250,000 1300,000 EElliiggiibbllee ppaappeerr 52,285 — 14,175 — -- -- -- 4,730 -- 33,380 — UU»» SS.. GGoovvtt,, sseeccuurriittiieess 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 TToottaall ccoollllaatteerraall 29,762,285 1780,000 6,800,000 1914,175 2670,000 2140,000 1700,000 5600,000 1349,730 630,000 1203,380 875,000 3100,000 _l/ After deducting $154,440,COO participations of other Federal Reserve Banks. 2/ After deducting $115,258,000 participations of other Federal Reserve Banks.