H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.I OF THE FEDERAL RESERVE SYSTEM June 9, i960 WEEKLY AVERAGES OF MEMBER BAH RESERVES, RESERVE BAEC 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 8 decreased a net of $10 million to $18,109 million, which reflected in part an increase of $91 million in member bank reserve "balances at the Federal Reserve Banks. Estimated required reserves decreased $11 million; and estimated excess reserves increased $1 million to $443 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $4-3 million, compared with the revised figure of $6 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $166 million in Federal Reserve holdings of U. S. Government securities and $18 million in Federal Reserve float, and decreases of $23 million in Treasury deposits with Federal Reserve Banks and $29 million in "other" deposits with Federal Reserve Banks. The principal offsetting change was an increase of $106 million in currency in circulation and a decrease of $36 million in member bank borrowings. Total Reserve Bank credit increased $148 million. As of Wednesday, June 8, holdings of U. S. Government securities bought outright were $125 million higher than a week earlier and member bank borrowings were $235 million higher. Averages of daily figures MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss,,, WWeeeekk eennddeedd Change from week ended WWeeddnneessddaayy RRReeessseeerrrvvveee BBBaaannnkkk cccrrreeedddiiittt,,, JJuunnee 88,, June 1, I June 10, June 8, aaannnddd rrreeelllaaattteeeddd iiittteeemmmsss II996600 I960 1 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 26,118 +177 + 179 26,162 Held under repurchase agreement 16 - 11 + 16 — mm Acceptances—bought outright 30 WW + 3 29 Loans, discounts, and advances- Member bank borrowings 400 - 36 - 579 556 Other mm mm - 17 Float 1,011 +"18 + 237 860 Total Reserve Bank credit 27,575 +148 - 161 27,607 Gold stock 19,352 — W - 789 19,351 Treasury currency outstanding 5,350 + 1 + 75 5,353 52,277 +149 874 52,310 - Currency in circulation 31,917 +106 + 114 31,947 Treasury cash holdings 424 + 9 - 292 4l6 Treasury deposits with F. R. Banks 445 - 23 - 31 479 Foreign deposits with F. R. Banks 199 - 7 - 61 207 Other deposits with F. R. Banks 361 - 29 - 3 348 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,034 + l - 184 1,033 34,380 + 58 - 457 34,430 Member bank reserves: With Federal Reserve Banks 17,897 + 91 • 417 17,880 Cash allowed as reserves (estimated) 212 -101 + 212 212 Total reserves held 18,109 - 10 - 205 18,092 Required reserves (estimated) 17,666 - 11 - 220 17,656 Excess reserves (estimated) 443 + 1 + 15 436 On June 8, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,924 million, an increase of $60 million for the week and an increase of $1,066 million from 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 June 8, June 1, June 10, i960 I960 1959 A S S E TS Gold certificate account 18,114,644 1,001 522,248 - - Redemption fund for F. R. notes 937,851 5,209 + 25,823 - Total gold certificate reserves 19,052,495 6,210 "%9&T%25 - - F. R. notes of other Banks 344,207 + 1,274 + 47,190 Other cash 350,930 + 4,444 + 5,048 Discounts and advances 556,318 + 235,391 349,382 - Industrial loans M mm «• W - 2 Acceptances—bought outright 2288,,886666 — — + 2,472 U. S. Government securities: Bought outright— Bills 2,160,667 + 125,100 221177,,226677 Certificates 8,506,993 -10,142,733 — Notes 13,010,298 +10,142,733 Bonds 2,483,771 - - -- Total bought outright 26,161,729 + 125,100 + 217,267 Held under repurchase agreement -- -- -- Total U, S. Government securities 26,161,729 + 125,100 217,267 Total loans and securities 26,746,913 + 360,491 129,645 Due from foreign banks 15 Cash items in process of collection 5,032,671 99,597 + 155,528 - Bank premises 104,197 + 5 + 8,024 Other assets 205,872 + 18,06l + 38,643 TOTAL ASSETS 51,837,300 + 278,468 371,637 - L I A B I L I T I ES Federal Reserve notes 2277,,440077,,007799 + 2244,,775555 + 8811,,223311 Deposits: Member bank reserves 1177,,887799,,886633 + 333388,,883377 332200,,669922 - U. S. Treasurer—general account 479,444 + 19,393 + 65,353 Foreign 206,849 - 6,899 - 51,172 Other 347,871 - 11,948 - 4,485 Total deposits 18,914,027 + 339,383 - 310,996 Deferred availability cash items 4,172,909 - 105,858 - 4,646 Other liabilities and accrued dividends 45,937 + 1,431 + 6,955 TOTAL LIABILITIES 50,539,952 + 259,711 227,456 - C A P I T AL A C C O U N TS Capital paid in 398,244 + 165 + 19,539 Surplus 774,808 93,602 — — ~ Other capital accounts 124,296 + 18,592 - 70,118 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,837,300 + 278,468 371,637 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined kl.l$ .4$ •9# - - Contingent liability on acceptances purchased for foreign correspondents 117722,,116655 + 99,,663366 + 91,130 Industrial loan commitments 360 — -- - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 8, 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 54?,1?4 6,988 390,360 16 days to 90 days 9,066 21,878 6,667,886 91 days to 1 year 78 — 11,966,979 Over 1 year to 5 years -- -- 5,686,647 Over 5 years to 10 years — — 1,178,574 Over 10 years -- -- 271,283 Total 556,318 28,866 26,161,729

H.4.1(b) I § J8 [ON OF EACH FEDERA] RESERVE BANK ON JUNE 8, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta | Chicago Dallas delphia land Louis apolis City Francisco A S S E TS Gold certificate account 18,114,644 881,852 5,113,989 972,921 1577,643 1019,706 869,908 3075,765 676,290 369,634 652,032 656,819 2248,085 Redemption fund for F. R. notes 937,851 56,525 199,037 57,798 83,832 79,205 59,708 176,685 44,700 23,190 43,889 32,016 81,266 Total gold certificate reserves 19,052,495 938,377 5,313,026 1030,719 1661,475 1098,911 929,616 3252,450 720,990 392,824 695,921 688,835 2329,351 F.R. notes of other Banks 344,207 16,844 98,516 19,167 19,816 23,143 65,215 19,898 9,904 7,678 16,073 15,323 32,630 Other cash 350,930 21,767 71,922 15,555 33,707 18,281 30,242 59,823 17,176 7,696 13,367 13,851 47,543 Discounts and advances 556,318 15,732 65,850 67,395 20,565 20,692 42,613 146,810 8,496 25,337 88,146 23,982 30,700 Acceptances: Bought outright 28,866 28,866 U. S. Govt, securities: Bought outright- Bills 2,160,667 116,114 538,939 123,711 185,638 136,760 118,471 369,816 87,329 50,138 92,737 87,075 253,939 Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,040 3*6,827 197,405 365,129 342,832 999,810 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 26,161,729 1505,931 6,525,572 1497,916 2247,737 1655,907 1434,474 4477,709 1057,379 607,083 1122,007 1054,310 3074,736 Held under repurchase agreement Total U. S. Govt, sees. 26,161,729 1405,931 6,525,572 1497,916 2247,737 1655,907 1434,474 4477,789 1057,379 607,083 1122,887 1054,318 3074,736 Total loans & securities 26,746,913 1421,663 6,620,288 1565,311 2268,302 1676,599 1477,087 4624,599 1065,875 632,420 1211,033 1078,300 3105,436 Due from foreign banks 15 1 1 /4 l l l 1 2 (2) (2) l 1 2 Cash items in process of collection 5,032,671 350,363 922,539 315,231 423,842 410,649 413,221 803,432 224,641 150,569 263,134 235,621 519,429 Bank premises 104,197 4,155 9,663 3,923 9,025 6,430 10,396 19,586 6,853 4,943 4,552 12,787 11,884 Other assets 205,872 10,922 50,279 11,659 18,229 12,981 11,989 34,511 8,234 4,735 9,738 8,412 24,183 TOTAL ASSETS 51,837,300 2764,092 13,086,237 2961,566 4434,397 3246,995 2937,767 8814,301 2053,673 1200,865 2213,819 2053,130 6070,458 1/ After deducting $11,000 participations of other Federal Reserve Banks. ]§/ Less than $500.

h.4.i(C) STATEMENT OF CONDITC]O N OF EACH FEDERAL RESERVE BANK ON Jru NE 8, i960 Phila- Cleve- 1 , , St. Minne- Kansas San Total Boston New York delphia land |Rlchmond Atlanta Chicago Louis apolis City Dallas Francisco L I A B I L I T I ES Federal Reserve notes 27,407,079 1581,952 6,391,196 1780,545 2488,752 2037,067 1560,215 5183,294 1184,811 606,301 1107,301 781,386 2704,259 Deposits: Member bank reserves 17,879,863 740,730 5,223,145 797,337 1414,619 763,908 904,382 2664,725 612,261 403,210 796,256 937,606 2621,684 U. S. Treas.-gen.acct. 479,444 34,622 74,132 27,875 28,980 37,635 32,972 59,961 26,127 27,943 34,301 42,262 52,634 Foreign 206,849 9,947 1/61,704 11,977 19,082 9,135 10,556 28,014 6,699 4,669 8,323 11,774 24,969 Other 347,871 1,157 292,758 1,914 716 3,011 840 785 622 166 881 484 44,537 Total deposits 18,914,027 1S57456 5,651,739 839,103 1463,397 813,689 940,750 2753,485 645,709 435,988 839,761 992,126 2743,824 Deferred availability cash items 4,172,909 329,208 664,202 263,849 359,036 333,948 358,047 686,231 177,563 127,220 210,483 204,436 458,686 Other liabilities and accrued dividends 45,937 2,507 11,452 2,501 4,428 2,511 2,428 7,698 1,675 1,382 1,800 2,204 5,351 TOTAL LIABILITIES 50,539,952 2700,123 12,7137539 25B5,99#"%315,613 3187,215 2669,440 6630,708 2009,758 1170,091 2159,345 1980,152 5912,120 CAPITAL ACCOUNTS Capital paid in 398,244 19,587 113,749 23,272 36,665 17,860 21,019 55,114 13,311 9,186 16,666 22,990 48,825 Surplus 774,608 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 124,296 6,050 32,994 6,658 9,589 7,354 7,002 21,145 4,742 3,208 6,088 5,343 14,123 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS ^83L300 2764,092 13,086,237 2961,566 4434,397 3246,995 2937,767 8814,301 2053,673 1200,865 2213,819 2053,130 6070,458 Conting. liab. on acceptances purchased for foreign correspondents 172,165 8,438 2/49,042 10,160 16,187 7,749 8,954 23,764 5,683 3,961 7,060 9,987 21,180 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,319,593 1633,969 6,664,600 1823,883 2568,861 2098,170 1614,605 5286,425 1219,131 614,997 1137,727 819,614 2037,611 Collat. for F. R. notes: 180,000 300,000 250,000 1300,000 Gold certificate acct. 10,565,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 410,000 Eligible paper 164,037 -- -- 67,395 -- —- —- 8,496 -— 88,146 — * —- 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 29,8747037 T780J000 6,800,000 1967,395 2670,000 2140,000 1700,"000*5^00,00 01353,496 630,000 1250,146 075,000 3100,000 l/ After deducting $145,145,000 participations of other Federal Reserve Banks. 2/ After deducting $123,123,000 participations of other Federal Reserve Banks,