H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM June 2, 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 June 1 decreased a net of $59 million to $18,107 million, which reflected in part a decrease of $62 million in member bank reserve "balances at the Federal Reserve Banks. Estimated required reserves decreased $29 million; and estimated excess reserves decreased $30 million to $415 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $21 million; the week before they were $43 million (revised from $21 million) less than excess reserves. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $168 million in Federal Reserve float, and increases of $127 million in currency in circulation and $100 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were increases of $223 million in U. S. Government securities bought outright and $34 million in member bank borrowings, and a decrease of $79 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $89 million. As of Wednesday, June 1, holdings of U. S. Government securities bought outright were $319 million higher than a week earlier and member bank borrowings were $54 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, June 1, May 25, June 3, June 1, and related items I960 I960 19 L 9 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 25,941 +223 + 36 26,037 Held under repurchase agreement 27 + 27 -- -- Acceptances—bought outright 30 -e. + 3 29 Loans, discounts, and advances— Member bank borrowings 436 + 34 - 413 321 Other «•» — - 1 - 17 — — Float 993 -168 + 140 854 Total Reserve Bank credit 27,427 + 89 - 223 27,240 Gold stock 19,352 - 1 - 836 19,352 Treasury currency outstanding 5,349 - 1 + 77 5,349 52,128 + 87 - 982 51,941 Currency in circulation 3i,8i-r 3. +127 + 166 31,905 Treasury cash holdings 415- M" - 286 430 Treasury deposits with F. R. Banks 468 - 79 - 80 460 Foreign deposits with F. R. Banks 206 + 4 - 91 214 Other deposits with F. R. Banks 390 +100 + 14 360 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,033 - 1 - 186 1,031 34,322 +149 464 34,400 - Member bank reserves: With Federal Reserve Banks 17,806 - 62 518 17,541 - Cash allowed as reserves (estimated) 301 + 3 + 301 301 Total reserves held 18,107 - 59 - 217 17,842 Required reserves (estimated) 17,692 - 29 - 329 17,737 Excess reserves (estimated) 415 - 30 + 1:2 105 On June 1, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,864 million, an increase of $43 million for the week and an increase of $1,103 million from the comparable date a year ago.

H.4.1(a) STATEMENT OP CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since June 1, May 25, June 3> I960 i960 1959 A S S E TS Gold certificate account 18,115,645 + 2 576,249 - Redemption fund for F. R. notes 943,060 + 30,008 - — Total gold certificate reserves 19,058,705 + 2 546,241 - F. R. notes of other Banks 342,933 - 61,926 + 47,295 Other cash 346,486 29,395 6,924 - - Discounts and advances 320,927 53,943 410,344 - - Industrial loans - «• - 2 Acceptances--bought outright 28,866 + 2,471 -- U. S. Government securities: Bought outright-- Bills 22,,003355,,556677 + 318,700 + 113322,,006677 Certificates 8,506,993 -10,142,733 — - Notes 13,010,298 +10,142,733 - - Bonds 2,483,771 mm -m • •» Total "bought outright 26,036,629 4* 318,700 + 132,067 Held under repurchase agreement 300 - -- Total U. S. Government securities 26,036,629 + 318,400 + 132,067 Total loans and securities 26,386,422 + 264,457 275,808 Due from foreign banks 15 -- Cash items in process of collection 5,132,268 124,903 + 124,018 - Bank premises 104,192 •» 274 + 8,566 Other assets 187,811 + 22,016 4- 33,211 TOTAL ASSETS 51,558,832 + 69,977 615,883 - L I A B I L I T I ES Federal Reserve notes- 27,382,324 + 171,572 + 190,523 Deposits: Member bank reserves 1177,,55^^11,,002266 1133,,000066 557,738 - - U. S. Treasurer—general account 460,051 43,941 14,291 - • Foreign 213,748 3,194 140,226 - - Other 359,819 + 67,637 30,980 ~ Total deposits 18,574,644 + 7,496 - 7^3,235 Deferred availability cash items 4,278,767 128,848 + 81,660 - Other liabilities and accrued dividends 44,506 + 1,020 + 6,128 TOTAL LIABILITIES 50,280,241 + 51,240 464,924 - C A P I T AL A C C O U N TS Capital paid in" ' 398,079 + 148 + 19,771 Surplus 774,808 93,602 - - - Other capital accounts 105,704 + 18,589 77,128 - TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,558,832 + 69,977 615,883 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 4411..55## - .1# - .7% Contingent liability on acceptances purchased for foreign correspondents 116622,,552299 66,,008877 + 8822,,889966 - Industrial loan commitments 360 -- " - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 1, 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 309,115 6,300 284,060 16 days to 90 days 11,695 22,566 6,681,846 91 days to 1 year 11? — 11,934,219 Over 1 year to 5 years -- -- 5,686,647 Over 5 years to 10 years -- -- 1,178,574 Over 10 years -- -- 271,283 Total 320,927 28,866 26,036,629

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH JUKE 1, i960 11 I Phila- Cleve- St. Minne- Kansas San Total Boston New York | delphia land Richmond Atlanta Chicago Louis apolis City DDaallllaass Francisco (In thousands of dollars) A S S E TS Gold certificate account 18,115,645 816,947 5,152,444 966,106 1488,489 979,219 831,014 3235,498 679,366 318,981 684,934 555,482 2407,165 Redemption fund for F. R. notes 943,060 56,837 200,502 58,335 83,326 80,659 60,215 177,298 44,860 23,294 44,016 32,128 81,590 Total gold certificate reserves 19,058,705 873,784 5,352,946 1024,4411 571,815 1059,878 891,229 3412,796 724,226 342,275 728,950 587,610 2488,755 F.R. notes of other Banks 342,933 18,045 95,165 17,566 21,710 24,867 72,468 20,567 10,186 7,988 14,538 15,763 24,070 Other cash 346,486 22,317 67,984 15,568 32,667 18,725 29,701 56,668 19,342 9,027 14,036 13,386 47,065 Discounts and advances 320,927 19,570 25,515 19,850 6,350 28,843 51,159 64,950 8,494 19,904 43,338 19,104 13,850 Acceptances: Bought outright 28,866 -- 28,866 -- -- — - - - -- -- -- -- - — U. S. Govt, securities: Bought outright— Bills 2,035,567 109,392 507,736 116,548 174,890 128,841 111,611 348,404 82,273 47,235 87,368 82,033 239,236 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 57,636 106,606 100,096 291,913 Total 2^ 036; 6291 399,209 6,494,369 1490,753 2236,989 1647,988 1427,614 4456,377 1052,323 604,180 1117,518 1049,276 3060,033 Held under repurchase agreement Total U. S. Govt, sees. 26,036,629 1399,209 6,494,369 1490,753 2236,989 1647,988 1427,6l4 4456,377 1052,323 6o4,l8o 1117,518 1049,27 63060,033 Total loans & securities 26,386,422 1418,779 6,548,750 1510,603 2243,339 1676,831 1478,773 4521,327 1060,817 624,084 1160,856 1068,380 3073,883 Due from foreign banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,132,268 385,012 1,078,546 337,834 483,651 4ll,l43 343,557 812,494 209,884 l4o, 517 255,591 188,706 485,333 Bank premises 104,192 4,154 9,661 3,923 9,023 6,431 10,396 19,586 6,853 4,941 4,552 12,787 11,885 Other assets 187,811 9,833 47,317 10,485 16,465 11,793 10,851 31,018 7,417 4,284 8,823 7,569 21,956 TOTAL ASSETS 51,558,832 2731,925 13,200,373 2920,421 4378,671 3209,669 2836,976 8874,458 2038,725 1133,116 2187,347 1894,202 6152,949 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

8.4.1(c) STATEMENT OF CONDITION OP EACH FEDERAL RESERVE BAKK' "O KolME 1, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,382,324 1577,931 6,411,269 1777,295 2489,193 2034,430 1546,349 5181,553 1183,090 603,856 1102,072 775,484 2699,802 Deposits: Member bank reserves 17,541,026 698,234 5,081,771 755,459 1316,194 733,864 895,017 2724,440 604,259 359,832 789,lv7 838,664 2744,105 U.8.Treas.-gen.acct. 460,051 25,290 85,611 27,303 36,490 30,897 29,377 66,502 22,933 13,9# 23,718 39,174 58,812 Foreign 213,748 10,486 1/60,738 12,626 20,116 9,630 11,128 29,532 7,062 4,922 8,774 12,412 26,322 Other 359,819 911 305,340 1,173 1,039 2,869 1,588 771 558 349 1,891 783 42,547 Total deposits 18,574,644 734,921 5,533,460 796,561 1373,839 777,260 937,110 2821,24 5634,812 379,04? 823,570 891,033 2871,786 Deferred availability cash items 4,278,767 353,581 881,421 269,650 394,180 336,829 283,993 683,740 176,000 119,292 206,299 153,581 420,201 Other liabilities and accrued dividends 44,506 2.479 11,281 2,419 4,253 2,523 2,309 7,593 1,617 1,374 1,823 1,856 4,979 TOTAL LIABILITIES 50,280,241 2668,912 12,837,431 2845,925 4261,465 3151,042 2769,761 8694,131 1995,519 1103,569 2133,764 1821,954 5996,768 CAPITAL ACCOUNTS Capital paid in 398,079 19,581 113,738 23,270 36,661 17,861 20,902 55,108 13,311 9,186 16,657 22,986 48,818 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 105,704 5,100 28,299 5,588 8,015 6,200 6,007 17,885 4,033 2,781 5,206 4,617 11,973 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,558,832 2731,925 13,200,373 2920,421 4378,671 3209,669 2836,976 8874,458 2038,725 1133,116 2187,347 1894,202 6152,94g_ Conting. liab. on acceptances purchased for foreign correspondents 162,529 7,962 2/46,342 9,587 15,275 7,312 8,450 22,425 5,362 3,738 6,663 9,425 19,988 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,298,336 1628,977 6,681,337 1824,806 2552,820 2089,440 1609,542 5296,828 1223,090 614,091 1129,804 821,248 2826,353 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 71,682 —— 19,850 —— —— —— —— 8,494 -- 43,S38 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 29,781,682 1780,000 6,800,000 1919,850 2670,000 2l40,000 1700,000 5600,000 1353,494 630,000 1213,338 875,000 3100,000 1/ After deducting $153,01 0,000 participationso f other Federal Reserve Banks, 2/ After deducting $116,1 87,000 participationso f other Federal Reserve Banks.