H.4.1 Factors Affecting Reserve Balances of Depository Institutions

t BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM June l6, i960 MEEKLY 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 15 increased a net of $4 million to $18,157 million; cash allowed as reserves increased $42 million and member bank reserve balances at the Federal Reserve Banks decreased $38 million. Estimated required reserves increased $33 million; and estimated excess reserves decreased $29 million to $432 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $58 million, compared with the revised figure of $6l million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were increases of $59 million in currency in circulation arid $45 million in Treasury deposits with Federal Reserve Banks, and a decrease of $26 million in member bank borrowings. The principal offsetting changes were increases of $42 million in Federal Reserve holdings of U. S. Government securities and $18 million in Federal Reserve float, and a decrease of $33 million in "other" F. R. accounts (net). Total Reserve Bank credit increased $34 million. As of Wednesday, June 15, holdings of U. S. Government securities bought outright were $7 million lower than a week earlier and member bank borrowings were $204 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, June 15, June 8, I June 17, June 15, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 26,176 + 58 + 232 2266,,115555 Held under repurchase agreement — - 16 -- - "" Acceptance s--bought outright 29 - 1 + 2 29 Loans, discounts, and advances— Member bank borrowings 374 - 26 - 602 352 ' Other 1 + 1 - 16 -- Float 1,029 + 18 - - 1,308 Total Reserve Bank credit 27,609 + 34 - 385 27,845 Gold stock 19,351 - 1 - 785 19,351 Treasury currency outstanding 5,353 + 3 + 73 5,354 52,313 + 36 -1,096 52,550 Currency in circulation 31,976 + 59 + 100 31,937 Treasury cash holdings 415 - 9 - 300 421 Treasury deposits with F. R. Banks 490 + 45 + 54 535 Foreign deposits with F. R. Banks 206 + 7 53 184 - Other deposits with F. R. Banks 365 + 4 + 4 ' 375 OOtthheerr// FF.. RR.. aaccccoouunnttss ((nneett)) 1,001 - 33 W 225 970 34,4$4 + 7k - 419 34,422 Member bank reserves: With Federal Reserve Banks 17,859 - 38 - 678 18,128 Cash allowed as reserves (estimated) 298 + 42 + 298 298 Total reserves held 18,157 + 4 - 380 18,426 Required reserves (estimated) 17,725 + 33 - 356 17,825 Excess reserves (estimated) 432 - 29 - 24 601 On June 15, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,04l million, an increase of $117 million for the week and an increase of $1,l4? 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 15, June 8, June 17, I960 I960 1959 A S S E TS Gold certificate account 18,111,643 3,001 523,251 - - Redemption fund for F. R. notes 938,353 + 502 + 24,325 Total gold certificate reserves 19,049,996 2,499 498,926 - - F. R. notes of other Banks 349,812 + 5,605 + 30,322 Other cash 352,106 + 1,176 60 - Discounts and advances 352,478 203,840 779,001 - - Industrial loans - — - 1 Acceptances- -bought outright 28,866 + 2,470 U. S. Government securities: Bought outright— Bills 2,154,167 - 6,500 + 210,767 Certificates 8,506,993 - • -10,142,733 Notes 13,010,298 +10,142,733 Bonds 2,483,771 - - Total "bought outright 2^155,229 6,500 + 210,767 - Held under repurchase agreement -- -- — Total U. S. Government securities 26,155,229 6,500 210,767 - Total loans and securities 26,536,573 210,340 565,765 Due from foreign banks 15 • - «• w Cash items in process of collection 6,763,097 +1,730,426 - 354,386 Bank premises 104,669 + 472 + 8,608 Other assets 205,006 - 866 + 44,563 TOTAL ASSETS 53,361,274 +1, 523,974 - 1,335,644 L I A B I L I T I ES Federal Reserve notes 27,404,265 - 2,8l4 + 51,475 Deposits: Member bank reserves 18,127,848 + 247,985 - 774400,,886644 U. S. Treasurer—general account 534,871 + 55,427 + 156,419 Foreign 184,062 22,787 93,768 - - Other 375,445 + 27,574 74,249 - Total deposits 19,222,226 + 308,199 752,462 - Deferred availability cash items 5,454,748 +1,281,839 421,369 - Other liabilities and accrued dividends 45,593 - 344 + 6,300 TOTAL LIABILITIES 52,126,832 +1,586,880 1,116,056 - C A P I T AL A C C O U N TS Capital paid in 398,589 + 345 + 19,601 Surplus 774,808 - 93,602 Other capital accounts 61,045 - 63,251 • 145,587 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,361,274 +1- , 523,974 - 1,335,644 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.9% .2$ .4# - Contingent liability on acceptances purchased for foreign correspondents 118811,,669944 + 9,529 + 110011,,666677 Industrial loan commitments 360 —— — — - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 15, 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 344,134 " 9,590 385,296 16 days to 90 days 8,268 19,276 6,648,750 91 days to 1 year 76 — 11,984,679 Over 1 year to 5 years — -- 5,686,647 Over 5 years to 10 years — — 1,178,574 Over 10 years -- -- 271,283 Total 352,478 28,866 26,155,229

H.4.1(h) STATEMENT OF C0NDIT]C ON OF EACH FEDERAL RESERVE BANK ON JR JNE 15, 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 E TS Gold certificate account 18,111, 643 807,174 5,021,812 1022,271 1620,754 1005,675 841,108 3043,505 696,000 377,278 720,498 631,867 2323,701 Redemption fund for F. R. notes 938,353 59,380 198,488 57,569 83,605 78,675 59,485 176,429 44,632 23,143 43,838 31,976 81,133 Total gold certificate reserves 19,049,996 866,554 5,220,300 1079,840 1704,359 1084,350 900,593 3219,934 740,632 400,421 764,336 663,843 2404,834 F.R. notes of other Banks 349,812 19,100 97,496 22,941 18,967 20,181 63,301 21,367 10,730 5,457 19,321 15,848 35,103 Other cash 352,106 23,068 70,585 15,145 32,265 17,350 31,743 60,706 18,306 8,122 13,752 13,230 47,834 Discounts and advances 352,478 13,307 12,795 18,465 18,190 11,595 17,625 167,020 5,511 17,537 35,744 21,039 13,650 Acceptances: Bought outright 28,866 28,866 U. S. Govt, securities: Bought outright— Bills 2,154,167 115,765 537,318 123,339 185,080 136,348 118,114 368,704 87,066 49,987 92,458 86,813 253,175 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 26,155,229 1405'502 6,523/951 1497! 544 2247'179 1655^ 495 1434] 117 4476^677 1057,'lib 606/932 1122^608 1054^056 3073/972 Held under repurchase agreement Total U. S. Govt, sees. 26,155,229 1405,582 6,523,951 1497,544 2247,179 1655,495 1434,117 4476,677 1057,116 606,932 1122,608 1054,056 3073,972 Total loans & securities 26,536,573 1418,889 6,565,612 1516,009 2265,369 1667,090 1451,742 4643,697 1062,627 624,469 1158,352 1075,095 3087,622 Due from foreign banks 15 1 1/4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,763,097 454,246 1,325,943 404,719 604,935 540,970 534,032 1154,832 300,516 186,085 327,366 295,163 634,290 Bank premises 104,669 4,155 9,668 3,923 9,023 6,431 10,529 19,648 6,856 4,964 4,552 13,036 11,884 Other assets 205,006 10,803 50,362 11,623 17,792 13,036 11,925 34,160 8,167 4,750 9,682 8,532 24,174 TOTAL ASSETS 53,361,274 2796,816 13,339,970 3054,201 4652,711 3349,409 3003,866 9154,346 2147,834 1234,268 2297,362 2084,748 6245,743 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2f Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 15, i960 , , I 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 27,404,265 1582,585 6,383,115 1783,182 2492,501 2035,887 1562,252 5183,371 1185,249 604,513 1108,609 784,206 2698,795 Deposits: Member bank reserves 18,127,848 701,810 5,174,405 838,049 1477,901 751,515 877,974 2779,121 640,315 410,956 832,770 929,101 2713,931 U.S.Trees.-gen.acct. 534,871 27,343 122,262 24,985 35,202 71,668 32,184 60,655 26,084 26,731 33,692 30,765 43,300 Foreign 184,062 9,016 1/52,502 10,856 17,296 8,280 9,568 25,392 6,072 4,232 7,544 10,672 22,632 Other 375,445 677 "322,326 1,845 554 2,018 1,345 892 525 228 1,510 719 42,806 Total deposits 19,222,225 ' 738,846 5,671 495 875,735 1530,953 833,481 921,071 2866,060 672,996 442,147 975,516 971,257 2822,669 Deferred availability cash items 5,454,748 412,125 922,232 320,730 511,812 421,443 453,270 924,698 246,544 157,862 259,707 256,713 567,612 Other liabilities and accrued dividends 45,593 2 ,472 11,830 2,449 3,986 2,553 2,318 7,696 1,625 1,285 1,810 2,069 5,500 TOTAL LIABILITIES 52,126,83^ 2736", 025 12,900,672 2952,096 4539,252 3293,364 2935,911 8901,025 2106,414 1205,007 2245,642 2014,245 6094,576 CAPITAL ACCOUNTS Capital paid in 398,589 19,587 113,802 23,275 36,748 17,865 21,022 55,274 13,318 9,188 16,684 22,996 48,830 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 6.1,045 2,869 16,591 3,192 4,181 3,614 3,627 9,913 2,240 1,693 3,316 2,862 6,947 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,361,274 2796,816 13,339,970 3054,201 4652,711 3349,409 3003,866 9154,346 2147,834 1234,268 2297,362 2084,748 6245,743 Conting. liab. on acceptforeign correspondents 101,694 0,903 (fO JLU, fCU -L(,UOV v,-Lf 1 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,383,250 1635,485 6,648,099 1831,733 2566,333 2102,154 1626,330 5294,921 1236,140 616,636 1139,408 829,990 2856,021 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: OOoolldd cceerrttiiffiiccaattee aacccctt.. 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 EElliiggiibbllee ppaappeerr 59,720 18,465 — — — — 5,511 — 35,744 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 29,769,720 1780,000' "6,SCO,000 1918,465 2670,000 2140,000 1700,000 5600,000 1350,511 630,000 1205,744 575,000 3100,000 1/ After deducting $131,5*60,000 participations of other Federal Reserve Banks 2/ After deducting $129,916,000 participations of other Federal Reserve Banks.