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 30, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AMD 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 29 decreased a net of $279 million to $18, 322 million, which reflected in part a decrease of $308 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $189 million; and estimated excess reserves decreased $90 million to $469 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $57 million, compared with the revised figure of$9 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $376 million in Federal Reserve float and $138 million in member bank borrowings, and an increase of $24 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $118 million in U. S. Government securities bought outright, and decreases of $60 million in currency in circulation and $45 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $396 million. As of Wednesday, June 29, holdings of U. S. Government securities bought outright were $236 million higher than a week earlier and member bank borrowings were $472 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, June 29, June 22, 1 July 1, June 29, i960 and related items I960 I960 1 1959 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,129 +118 + 111 26,219 Held under repurchase agreement 27 -- • — -- Acceptances—bought outright 30 + 1 + 3 28 Loans, discounts, and advances— Member bank borrowings 412 -138 - 509 267 Other mm mm «•> - 17 -»— Float 1,168 -376 + 136 868 Total Reserve Bank credit 27,739 -396 - 303 27,383 Gold stock 19,325 - 21 - 387 19,322 Treasury currency outstanding 5,356 + 2 + 73 5,356 52,420 -415 617 52,061 - Currency in circulation 31,867 - 60 + 15 31,950 Treasury cash holdings 4o6 - 6 1 405 - Treasury deposits with F. R. Banks 505 - 45 - 47 495 Foreign deposits with F. R. Banks 249 + 24 47 289 - Other deposits with F. R. Banks 415 - 22 + 62 423 Other F. R. accounts (net) 971 + 1 - 219 971 34,413 -107 238 34,532 - Member bank reserves: With Federal Reserve Banks 18,007 -308 - 379 17,528 Cash allowed as reserves (estimated) 315 + 29 + 315 315 Total reserves held 18,322 -279 64 17,843 * Required reserves (estimated) 17,853 -189 - 216 17,869 Excess reserves (estimated) 469 - 90 + 152 -26 On June 29, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,079 million, an increase of $102 million for the week and an increase of $1,184 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 29, June 22, July 1, I960 I960 1959 A S S E TS Gold certificate account 18,093,64l 17,002 400,504 - - Redemption fund for F. R. notes 935,380 1,044 + 13,431 - Total gold certificate reserves 19,029,021 - 18,046 - 387,073 F. R. notes of other Banks 349,974 - 24,343 + 59,435 Other cash 365,887 1,212 + 4,683 Discounts and advances 267,247 - 471,431 - 336,175 Industrial loans — - *• — - 1 Acceptances—bought outright 28,223 + 2,827 -- U. S. Government securities: Bought outright— Bills 2,217,867 + 236,000 + 119,967 Certificates 8,506,993 -10,142,733 -— Notes 13,010,298 +10,142,733 - - Bonds 2,483,771 •» — Total bought outright 26,218,929 + 236,000 + 119,967 Held under repurchase agreement — **• — - 18,750 Total U. S. Government securities 26,218,929 + 236,000 + 101,217 Total loans and securities 26,514,399 235,431 232,132 Due from foreign banks 15 — ••* Cash items in process of collection 5,499,482 -1,042,859 - 192,651 Bank premises 104,920 - 214 -> 9,129 Other assets 245,295 + 20,092 59,140 'b TOTAL ASSETS 52,108,993 -1,302,013 679,469 - L I A B I L I T I ES Federal Reserve notes ~~ 27,421,473 66,606 - 38,320 Deposits: Member bank reserves 17,528,051 - 449977,,551133 - 228844,,442288 U. S. Treasurer--general account 495,062 - 82,674 - 71,977 Foreign 288,730 + 13,684 + 663 Other 422,651 + 25,309 + 36,215 Total deposits 18,734,494 - 541,194 - 319,527 Deferred availability cash items 4,631,395 - 850,235 - 180,303 Other liabilities and accrued dividends 48,831 + 2,900 18,242 TOTAL LIABILITIES 50,836,193 -1, 321,923 519,908 - C A P I T AL A C C O U N TS Capital paid in 399,829 + 1,002 + 19,877 Surplus 774,808 93,602 -- - Other capital accounts 98,163 + 18,908 85,836 - TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,108,993 -1, 302,013 679,469 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 41.2$ + - Contingent liability on acceptances purchased for foreign correspondents 181,607 2,192 + 105,822 - Industrial loan commitments 360 - — - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 29, 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 254,281 8,663 266,836 16 days to 90 days 12,846 19,560 6,731,910 91 days to 1 year 120 -- 12,083,679 Over 1 year to 5 years — — 5,686,647 Over 5 years to 10 years — — 1,178,574 Over 10 years — — 271,283 Total 267,24? 28,223 26,218,929

H.4.l(b) STATEMENT OF CONDIT][ ON OF EACH FEDERAL RESERVE BANK ON JUNE 29, J I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta |Chicago Dallas delphia land Louis apolis City Francisc< (In thousands of dollars) A S S E TS Gold certificate account 18,093,641 824,267 5,113,945 998,634 1502,530 991,281 821,534 3208,559 682,574 318,037 667,002 607,151 2358,12' Redemption fund for F. R. notes 935,380 59,073 196,948 59,075 84,149 77,252 59,060 175,877 44,486 23,054 43,718 31,875 80,8i: Total gold certificate reserves 19,029,021 883,340 5,310,893 1057,709 1586,679 1068,533 880,594 3384,436 727,060 341,091 710,720 639,026 2438,94( F.R. notes of other Banks 349,974 16,470 84,844 21,268 20,114 20,447 67,346 23,096 11,886 12,316 17,583 18,055 36,54< Other cash 365,887 23,327 68,611 14,574 34,557 17,787 34,984 62,121 20,836 8,540 14,947 15,886 49,71' Discounts and advances 267,247 13,545 14,255 28,705 9,475 19,166 29,425 44,383 4,955 30,674 38,246 27,353 7,06; Acceptances: Bought outright 28,223 — — 28,223 «•» «• mm — *» ** •B mm U. S. Govt, securities: Bought outright— Bills 2,217,867 119,188 553,207 126,986 190,553 140,380 121,607 379,606 89,64l 51,465 95,193 89,380 260,66] Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,040 343,827 197,405 365,129 342,832 999,8% 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 1529,071 Bonds 2,483,771 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,91; Total 26,218,929 1409,005 6,539,840 1501,191 2252,652 1659,527 1437,610 4487,579 1059,55T 60b,410 1125,343 1056,623 3001,45* Held under repurchase agreement Total U« S. Govt, sees. 26,218,929 1409,005 6,539,840 1501,191 2252,652 1659,527 1437,610 4487,579 1059,691 6c8,410 1125,343 1056,623 3081,45* Total loans & securities 26,514,399 1422,550 6,582,318 1529,896 2262,127 1678,693 1467,035 4531,962 1064,646 639,084 1163,589 1083,976 3088,52: Due from foreign "banks 15 1 1 /4 l 1 1 1 2 (2) (2) 1 1 Cash items in process of collection 5,499,482 419,433 1,012,595 363,975 490,950 456,707 426,809 854,748 232,625 153,148 271,332 238,479 578,68: Bank premises 104,920 4,120 9,668 3,901 8,983 6,412 10,499 20,172 6,819 4,936 4,552 13,036 11,82! Other assets 245,295 13,045 60,265 14,178 21,523 15,567 14,101 41,105 9,713 5,659 11,403 10,096 28,64< TOTAL ASSETS 52,108,993 2782,286 13,129,198 3005,502 4424,934 3264,147 2901,369 8917,642 2073,585 1164,774 2194,127 2018,555 6232,87 1j After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

3.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 29, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphla 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 27,421,473 1595,662 6,390,414 1762,515 2488,922 2044,339 1559,161 5177,306 1184,908 602,956 1107,321 784,965 2703,004 Deposits: Member bank reserves 17,528,051 677,162 5,109,807 796,799 1323,110 724,056 860,826 2692,834 614,020 374,452 782,350 906,584 2666,051 U.S.Treas.-gen.acct. 495,062 37,737 41,714 21,623 36,538 61,932 29,669 68,878 37,119 21,329 21,682 28,328 88,513 Foreign 288,730 13,328 1/94,250 16,048 25,568 12,240 14,144 37,536 8,976 6,256 11,152 15,776 33,456 Other 422,651 357 362,301 2,510 654 1,732 959 1,007 352 269 854 527 51,129 Total deposits 18,734,494 728,584 5,608,072 836,980 1385,870 799,960 905,598 2800,255" 660,467 402,306 816,038 951,215 2839,149 Deferred availability cash items 4,631,395 392,363 757,941 309,152 428,722 358,488 367,171 752,882 183,490 128,652 215,391 208,100 529,043 Other liabilities and accrued dividends 48,831 2,645 12,054 2,599 4,619 2,726 2,479 7,987 -- 1,761 1,522 1,983 - 2,283 6,173 TOTAL LIABILITIES 50,836,193 2719,254 12,768,481 2931,246 4308,133 3205,513 2834,409 8738,430 2030,626 1135,436 2140,733 1946,563 6077,369 CAPITAL ACCOUNTS Capital paid in 399,829 19,939 113,829 23,305 37,049 18,165 21,040 55,323 13,399 9,201 16,709 23,033 48,837 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 98,163 4,761 25,983 5,313 7,222 5,903 5,6l4 16,555 3,698 2,557 4,965 4,314 11,278 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,108,993 2782,286 13,129,198 3005,502 4424,934 3264,14? 2901,369 8917,642 2073,585 1164,774 2194,127 2018,555 6232,874 Conting. liab. on accepttoreign correspondents JLQJL} DU 1 OjOyO Zll (OJ (J/* J- 1 > V (V KJ,.L(G. Cp,UUJL 1 1 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,407,701 l64l,o6o 6,659,435 1831,190 2585,975 2108,045 1622,703 5292,484 1235,198 614,699 1138,144 833,284 2845,484 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 10,565,000 530,000 2,900,000 700,000 920,000 675,000 500,000 1900,000 410,000 180,000 300,000 250,000 1300,000 EElliiggiibbllee ppaappeerr 71,456 —- - - 28,355 -- 4,955 ~ — 38,l46 - — - — 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 29,731,456 1780,000 0,866,000 1928,355 2670,000 2140,000 1700,000 5600,000 1349,955 630,000 1208,146 875,000 3100,000 S"%" xxvr :Tj 2/ After deducting $129,844,000 participations of other Federal Reserve Banks.