H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Releese H.4.I OF THE FEDERAL RESERVE SYSTEM June 23, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BAEC CREDIT, AH) RELATED ITEMS end STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total member bank reserves held during the week ended June 22 increased $469 million to $18,623 million, which included an increase of $456 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $305 million; and estimated excess reserves increased $164 million to $589 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $39 million, compared with the revised figure of $51 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $515 million in Federal Reserve float and $176 million in member bank borrowings, and decreases of $49 million in currency in circulation and $31 million in "other" F. R. accounts (net). The principal offsetting changes were a decrease of $165 million in U. S. Government securities bought outright, and increases of $60 million in Treasury deposits with Federal Reserve Banks and $72 million in "other" deposits with Federal Reserve Banks. $526 Total Reserve Bank credit increased million. As of Wednesday, June 22, holdings of U. S. Government securities bought outright were $172 million lower than a week earlier and member bank borrowings $387 were million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended WWeeddnneessddaayy,, Reserve Bank credit, June 22, June 15, June 24, June 22, and related items i960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,011 -165 + 75 25,983 Held under repurchase agreement «»«» w - - 34 -- Acceptances—bought outright 29 -- + 2 28 Loans, discounts, and advances— +176 Member bank borrowings 550 -326 739 Other - 1 - 18 — — Float 1,544 +515 +288 l,06l Total Reserve Bank credit 28,135 +526 T~l2 27,811 Gold stock 19,3^6 - 5 -671 19,339 Treasury currency outstanding 5,354 + 1 + 74 5,355 -609 52,835 +522 52,504 Currency in circulation 31,927 - 49 +120 31,852 Treasury cash holdings 412 - 3 -214 408 + 60 Treasury deposits with F. R. Banks 550 + 35 578 - 58 Foreign deposits with F. R. Banks 225 + 19 275 Other deposits with F. R. Banks 437 + 72 + 88 397 968 Other F. R. accounts (net) 970 - 31 -268 -298 34,520 7T6~ 34,478 Member bank reserves: With Federal Reserve Banks 18,315 +456 -312 18,026 Cash allowed as reserves (estimated) 308 + 13 +308 308 Total reserves held 18,623 +469 - 4 18,334 -136 18,029 Required reserves (estimated) 18,034 +305 +132 Excess reserves (estimated) 589 +164 305 i960, On June 22, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,977 million, a decrease of $64 million for the week and an increase of $1,068 million from the comparable date a year ago.

H.4.l(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (in thousands of dollars) Change since June 22, June 15, June 24, I960 I960 1959 A S S E TS Gold certificate account 18,110,643 1,000 - 450,499 14,636 Redemption fund for F. R. notes 936,424 1,929 + 435,863 Total gold certificate reserves 19,047,057 2,929 - 23,449 F. R. "notes of other Banks 374,317 + 24,505 + Other cash 367,099 + 14,993 + 149 Discounts end advances 738,678 + 386,200 170,558 - Industrial loans - 1 2,82 6 Acceptances—bought outright 28,223 643 + U. S. Government securities: Bought outright— 1,981,867 + 63,667 Bills - 172,300 Certificates 8,506,993 -10,142,733 Notes 13,010,298 +10,142,733 Bonds 2,483,771 63,667 Total "bought outright 25,952;929 172,300 + Held under repurchase agreement Total U. S. Government securities 25,982,929 - 172,300 63,667 Total loans and securities 26,749,830 + 213,257 104,066 Due from foreign banks 15 Cash items in process of collection 6,542,341 - 220,756 + 963,595 Bank premises 105,134 + 465 + 9,038 Other assets 225,203 + 20,197 4- 52,225 TOTAL ASSETS 537511,005 + 59,732 + 508,527 L I A B I L I T I ES Federal Reserve notes 27,354,867 49,398 47,350 Deposits: Member bank reserves 18,025,564 102,284 162,465 U. S. Treasurer—general account 577,736 + 42,865 45,727 Foreign 275,046 + 90,984 62,428 Other 397,342 + 21,897 33,764 Total deposits 19,2751588 53,^62 145,402 Deferred availability cash items 5,481,630 + 26,882 + 813,901 Other liabilities and accrued dividends 45,931 + 338 5,974 TOTAL LIABILITIES 52,158,116 + 31,284 + 721,823 C A P I T AL A C C O U N TS Capital paid in 398,827 + 238 19,351 Surplus 774,808 93,602 Other capital accounts 79,255 + 18,210 139,045 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,411,006 49,732 + 508,527 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.8# .1# Contingent liability on acceptances purchased 106,365 for foreign correspondents 183,799 2,105 Industrial loan commitments 360 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 22, 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 727,761 117280 3037395 16 days to 90 days 10,782 16,943 6,558,350 91 days to 1 year 135 11,984,679 Over 1 year to 5 years 5,686,647 Over 5 years to 10 years 1,178,574 271,283 Over 10 years 25,982,929 Total 738,678 28,223

H,4.1(b) STATEMENT OF C0NDIT[3O N OF EACH FEDERAL RESERVE BANK ON JUNE 22, I]9 60 Phila- Total Boston New York delphia 1O 1 St. Minne- Kansas San Richmond Atlanta Chicago Dallas Louis apolis City Francisco (in thousands of dollars) A S S E TS Gold certificate account 18,110,643 846,238 5,143,548 1005,313 1537,o84 1002,910 834,928 3047,138 669,992 339,665 659,695 651,800 2372,332 Redemption fund for J?. R. notes 936,424 59,233 197,749 57,333 84,378 77,985 59,257 176,170 44,558 23,096 43,778 31,927 80,960 Total gold certificate reserves 19,047,067 905,471 5,341,297 1062,646 1621,462 1080,895 894,185 3223,308 714,550 362,761 703,473 683,727 2453,292 F.R. notes of other Banks 374,317 21,896 102,339 24,287 20,600 21,659 67,612 21,192 11,616 9,964 16,671 17,612 38,869 Other cash 367,099 24,186 72,828 14,825 35,297 19,052 32,730 61,663 18,720 7,625 14,751 15,470 49,952 Discounts end advances 738,678 10,315 115,305 49,990 51,450 23,683 64,475 270,799 20,350 22,155 53,386 36,085 20,685 Acceptances: Bought outright 28,223 28,223 U. S. Govt, securities: Bought outright— Bills 1,981,867 106,506 494,341 113,474 170,276 125,442 108,667 339,213 80,102 45,989 85,063 79,869 232,925 Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,04 0343,827 197,405 365,129 342,832 999,810 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 25,982,929 139^323^^0,*974 i4S7"7579~2232,375^44,5H9~l524,67 04447,18 61050,152 602,934 1115,213 1047,112 3053,722 Held under repurchase agreement Total U. S. Govt, sees. 1396,323 6.480,974 1487,679 2232,375 1644,589 1424,670 4447,186 1050,152 602,934 1115,213 1047,112 3053,722 Total loans & securities 26,749,830 1406,638 6,624,502 1537,669 2283,825 1668,272 1489,145 4717,985 1070,502 625,089 1168,599 1083,197 3074,407 Due from foreign "banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,542,341 460,773 1,463,377 334,261 578,780 508,586 514,001 957,561 262,431 178,663 342,029 310,067 631,812 Bank premises 105,134 4,155 9,668 3,901 9,023 6,424 10,528 20,172 6,856 4,964 4,552 13,036 11,855 Other assets 225,203 12,012 55,179 12,8 19,651 14,194 13,039 37,646 8,962 5,232 10,552 9,365 26,487 TOTAL ASSETS 53,411,006 2835,132 13,669,194 2990,474 4568,639 3319,083 3021,241 9039,529 2093,637 1194,298 2260,628 2132,475 6286,676 _l/ 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 JUNE 22, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousandso f Hollars) L I A B I L I T I ES Federal Reserve notes 27,354,867 1579,853 6,372,771 1781,693 2488,598 2032,119 1552,733 5181,168 1182,970 604,775 1105,866 783,486 2688,835 Deposits: Member bank reserves 18,025,564 741,516 5,130,155 784,150 1417,782 742,768 933,861 2743,974 645,854 377,306 774,409 958,839 2774,950 U.S.Trees.-gen.acct. 577,736 25,346 216,556 12,o4l 42,097 44,386 17,382 62,483 3,409 22,480 44,911 36,182 50,463 12,936 1/86,286 15,576 24,8l6 11,880 13,728 6,072 10,824 32,472 Foreign 275,046 36,432 8,712 15,312 Other 397,342 621 346,048 5,178 390 1,431 892 688 521 189 801 631 39,952 Total deposits 19,275,688 780,419 5,779,045 816,945 1485,085 800,465 965,863 2843,577 658,496 4o6,o47 830,945 1010,964 2897,837 Deferred availability cash items 5,481,630 410,588 1,149,917 316,306 475,802 426,728 434,235 831,332 208,378 153,273 269,425 264,618 541,028 Other liabilities and accrued dividends 45,931 2,537 11,448 2,343 4,182 2,486 2,438 7,561 1,634 1,316 1,803 2,142 6,04l TOTAL LIABILITIES 55,156,116 WttTWl 13,313,18TT9I7,207 4453,667 3261,79b 2955,269 0863,638 2051,47b 1165,411 2206,039 2061,210 6133,741 CAPITAL ACCOUNTS Capital paid in 398,827 19,587 113,808 23,299 36,749 17,966 21,037 55,304 13,321 9,190 16,705 23,030 48,831 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 79,255 3,816 21,300 4,250 5,693 4,753 4,629 13,253 2,976 2,117 4,164 3,590 8,714 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,411,006 2835,132 13,669,194 2990,474 4568,639 3319,083 3021,241 9039,529 2093,637 1194,298 2260,628 2132,475 6286,676 Conting. liab. on acceptances purchased for 9,006 2/52,382 10,844 8,271 9,558 25,365 6,066 7,536 10,660 foreign correspondents 183,799 17,277 4,227 22,607 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,343,736 1629,628 6,635,406 1824,730 2578,945 2101,836 1620,846 5291,707 1231,127 616,806 1134,424 827,242 2851,039 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 123,726 —— 49,990 —- -— * — -- 20,350 — 53,386 —— U. S. Govt, securities 19,14.^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 colla_t_er_a_l_ .29,833,726 1780,000 6,800,000 19^9,990 2670,000 2140,000 1700,000 5608,000 1365,350 630,000 12237356 875,000 3100,000 1/ After deducting $iS8,76O,OW participations of other Federal Reserve Banks. 2/ After deducting $131,417,000 participations of other Federal Reserve Banks.