H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM July 7, i 9 60 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AMD RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of dally figures of total member bank reserves held during the week ended July 6 decreased a net of $28 million to $18,315 million; cash allowed as reserves decreased $100 million and member bank reserve balances at the Federal Reserve Banks increased $72 million. Estimated required reserves increased $18 million; and estimated excess reserves decreased $46 million to $443 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $3 million, compared with the revised figure of $77 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of million in U. S. Government securities $ 3 62 bought outright, $62 million held under repurchase agreement, and $28 million in member bank borrowings, and a decrease of $23 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $128 million in Federal Reserve float and an increase of $288 million in currency in circulation. Total Reserve Bank credit increased $324 million. As of Wednesday, July 6, holdings of U. S. Government securities bought outright were $317 million higher than a week earlier, U.S. Government securities held under repurchase agreement were $104 million higher and member bank borrowings were $264 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, July 6, June 29, July 8, July 6, and related items 1959 i 9 60 I 9 60 I 9 60 (]En millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 26,491 + 26,536 + 3 62 2 36 Held under repurchase agreement + 17 104 62 + 62 Acceptances--bought outright 31 + 1 + 5 28 Loans, discounts, and advances-- Member bank borrowings 440 + 28 - 587 531 Other -- - - - 17 «• ep Float JL040 -128 + 92 1,019 Total Reserve Bank credit 28,063 +324 - 256 28,218' Gold stock 19,322 - 3 ~ 382 1 9 , 3 22 Treasury currency outstanding 5,356 •» — + 7,3 5,356 52,7^1 +321 565 52,896 - Currency in circulation 32,155 +288 + 50 32,358 Treasury cash holdings 4o6 - - - 6 4o8 Treasury deposits with F. R. Banks 517 + 12 + 1 325 Foreign deposits with F. R. Banks 2 26 - 23 - 52 2 67 Other deposits with F. R. Banks 399 - 16 + 39 371 Other F. R. accounts 958 - 13 - 225 957 34,662 +249 192 34,687 - Member bank reserves: With Federal Reserve Banks 1 8 , 0 79 + 72 • 373 18,209 Cash allowed as reserves (estimated) -100 + 236 236 2 36 Total reserves held 16,315 - 28 - 137 18,445 Required reserves (estimated) 1 7 , 8 72 + 18 - 145 17,846 Excess reserves (estimated) 443 - 46 + 8 599 On July 6, U. S. Government securities held in custody by the i 9 6 0, Federal Reserve Banks for foreign account were $5,072 million, a decrease of $7 million for the week and an increase of $1,04l million frcm 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 July 6, June 29, July 8, 1959 i 9 60 i 9 60 A S S E TS Gold certificate account 18,092,64l 1,000 - 392,502 Redemption fund for F. R. notes 936,380 + 1,000 + 7,627 Total gold certificate reserves 19,029,021 — — ~ 384,875 F. R. notes of other Banks 276,998 - 72,976 + 14,566 Other cash 344,527 - 21,360 + 1 , 8 28 Discounts and advances 530,745 + 263,498 500,850 - Industrial loans — - — — - 1 Acceptance s —bought outright 28,224 + 1 + 2,828 U. S. Government securities: Bought outright— Bills 2,535,267 + 317,400 + 2 8 1 , 3 67 Certificates 8,506,993 -10,, 142,733 - - Notes +10,142,733 1 3 , 0 1 0 , 2 98 - - Bonds 2,483,771 - - - - Total "bought outright 26,536,329 + 317,400 4* 2 8 1 , 3 67 Held under repurchase agreement 103,800 + + 14,800 1 0 3 , 8 00 Total U. S. Government securities 26,640,129 + 421,200 + 296,167 Total loans and securities 27,199,098 + 684,699 2 0 1 , 8 56 Due from foreign banks 15 -- — — Cash items in process of collection 5,163,712 - 335,770 + 86,888 Bank premises 104,742 - 1 78 + 8,927 Other assets 266,764 + 21,469 -r 6 6 , 8 08 TOTAL ASSETS 52,384,877 + 2757855 407,714 - L I A B I L I T I ES Federal Reserve notes 27,738,415 + 316,942 108,244 Deposits: Member hank reserves 18,209,199 + 681,l48 148,686 U. S. Treasurer--general account 325,043 - 170,019 - 135,737 Foreign 267,097 - 21,633 + 4,972 Other 371,382 - 51,269 4- 20,606 Total deposits 19,172,721 + 438,227 - 258,845 Deferred availability cash items 4,144,786 - 486,609 - 107,924 Other liabilities and accrued dividends 36,815 - 12,016 + 3,655 TOTAL LIABILITIES 51,092,737 "2557555 - 254,870 C A P I T AL A C C O U N TS Capital paid In" + 361 + 19,671 4 0 0 , 1 90 Surplus 774,808 93,602 - - - Other capital accounts 117,142 + 18,979 78,913 - TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,384,877 + 275,884 407,714 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.6$ - .6$ - •Tfo Contingent liability on acceptances purchased for foreign correspondents 179,039 - 2, 5 68 + 104,267 Industrial loan commitments -- - 3 60 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 6, i 9 60 (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 5,477 589,900 5 1 8 , 7 69 16 days to 90 days 11,884 22,747 6,746,546 91 days to 1 year 92 — 12,167,179 Over 1 year to 5 years — -- 5,686,647 Over 5 years to 10 years -- __ 1,178,574 Over 10 years -- __ 271,283 Total 530/755 28,224 26,640,129

S.4.1(b) STATEMENT OF CONDITION OP EACH FEDERAL RESERVE BANK ON JULY 6, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Franciscc (In thousands of dollars) A S S E TS Gold certificate account 866,499 978,757 799,733 3107,236 703,659 363,095 1 8 , 0 9 2 , 6 41 4 , 9 8 2 , 8 30 1 0 4 l , 2 8l 1 4 7 8 , 7 61 6 6 5 , 1 12 6 0 7 , 0 02 2 4 9 8 , 6 76 Redemption fund for F. R. notes 936,380 59,073 196,948 59,075 85,149 77,252 59,060 175,877 44,486 23,054 43,718 31,875 80,813 Total gold certificate reserves 19,029,021 925,572 5,179,778 1100,356 1 5 6 3 , 9 10 1 0 5 6 , 0 09 858,793 3283,113 748,145 386,149 7 0 8 , 8 30 6 3 8 , 8 77 2579,489 F.R. notes of other Banks 276,998 14,662 63,446 17,937 13,652 l4,017 59,151 13,638 9,796 9,867 16,589 17,520 26,723 Other cash 344,527 20,684 33,749 17,842 33,643 59,843 7,955 14,268 42,623 6 6 , 2 76 1 2 , 7 28 2 0 , 7 60 1 4 , 1 56 Discounts and advances 530,745 8,735 5,475 1 6 , 7 80 46,585 37,575 63,125 2 0 7 , 0 83 7,025 2 0 , 6 56 65,033 47,998 4,675 Acceptances: Bought outright 28,224 «• «•» 28,224 - — - • — — — — *•- -- U. S. Govt, securities: Bought outright— Bills 2, 535,267 136,245 632,377 145,159 217,823 160,470 139,010 433,932 102,469 58,830 108,816 102,171 297,965 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 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 1 3 , 0 1 0 , 2 98 Bonds 2,483,771 133,478 142,211 425,117 100,096 291,913 6 1 9 , 5 32 2 1 3 , 3 98 1 5 7 , 2 10 1 3 6 , 1 88 1 0 0 , 3 86 5 7 , 6 36 1 0 6 , 6 06 Total 26,536,329 1426,062 6,619,010 1519,364 2279,922 1679, 617 1455,013 4541,905 1072,519 615,775 1138,966 1069,414 3118,762 Held under repurchase agreement 103,800 103,800 Total U» S. Govt, sees. 26,640,129 1426,062 6 , 7 2 2 , 8 10 1519,364 2 2 7 9 , 9 22 1679,617 1455,013 4541,905 1072,519 6 1 5 , 7 75 1138,966 1069,4l4 3 1 1 8 , 7 62 Total loans & securities 27,199,098 1434,797 6,756,509 1536,144 2326,507 1717,192 1 5 1 8 , 1 38 4 7 4 8 , 9 88 1079,544 636,431 1203,999 1117,412 3123,437 Due from foreign "banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,163,712 337,834 i4l, 486 248,453 3 7 3 , 8 33 1 , 0 5 0 , 0 11 4 3 2 , 7 88 4 1 3 , 6 61 4 1 2 , 9 54 7 7 6 , 1 02 2 1 1 , 6 41 2 4 3 , 6 23 5 2 1 , 3 26 Bank premises 104,742 10,499 4,120 9 , 6 28 3 , 9 01 8 , 9 58 6 , 3 85 2 0 , 1 20 6 , 8 17 4 , 9 36 4 , 5 38 1 3 , 0 18 1 1 , 8 22 Other assets 266,764 14,845 65,296 15,333 23,223 16,756 15,308 44,873 10,601 6.111 12,309 10,764 31,345 TOTAL ASSETS 52,384,877 2788,514 13,190,948 3024,234 4402,788 3241,863 2908,487 8946,679 2087,304 1192,935 2208,875 2055,483 6 3 3 6 , 7 67 1/ 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 BAM ON JULY 6, i960 Phila- Cleve- St. Minne- Kansas San Total Boston Netr York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco ~ (15™ housands of dollars^ L I A B I L I T I ES 1620,457 6,462,146 1804,114 2505,441 2061,083 1575,652 5238,938 1192,938 606,423 1118,131 792,640 2760,452 Federal Reserve notes 27,738,415 Deposits: 951,913 2900,421 Member bank reserves 18,209,199 738,029 5,033,210 829,834 1371,721 774,374 881,597 2860,156 639,753 405,496 822,695 U.S.Treas.-gen.acct. 325,043 18,466 153,949 23,744 25,972 5,390 18,055 5,634 26,856 30,413 5,415 5,349 5,800 Foreign 267,097 11,858 1/94,067 14,278 22,748 10,890 12,584 33,396 7,986 5,566 9,922 14,036 29,766 371,382 518 314,124 1,481 2,515 2, oCO 1,038 718 354 306 1,006 608 46,114 Other Total deposits 19,172,721 768,571" 5,595,350 869,337 1422,95b 793,254 913,274 2099,904 074,949 441,701 039,030 971,906 29o27IOT Deferred availability cash items 4,144,786 333,075 758,313 273,479 352,285 325,573 349,611 618,813 174,361 113,891 196,107 216,809 432,469 Other liabilities and accrued dividends 36,815 2,122 9,468 1,845 3,568 2,062 1,978 6,490 1,388 1,113 1,408 1,426 3,947 TOTAL LIABILITIES 51,092,737 2724,525 12,825"277 2948,775 4284,250 3181,972 2840,515 8764,145 2043,636 1163,208 2154,684 1982,781 6178,969 CAPITAL ACCOUNTS Capital paid in 400,190 19,917 113,840 23,335 37,150 18,273 21,069 55,352 13,402 9,208 16,728 23,042 48,874 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 117,142 5,740 30,926 6,486 8,858 7,052 6,597 19,848 4,4o4 2,939 5,743 5,0.15 13,534 TOTAL LIABILITIES AND 52,384,877 2788,514 13,190,948 3024,234 4402,788 3241,863 2908,487 8946,679 2087,304 1192,935 2208,875 2055,483 6336,767 CAPITAL ACCOUNTS Conting. liab, on acceptances purchased for 8,771 2/51,054 10,561 16,826 8,055 9,308 24,702 5,907 4,117 7,339 10,382 22,017 foreign correspondents 179,039 FEDERAL RESERVE AGENTS' ACCOUNTS 1670,627 6,674,105 i8^T,*5O6~2592,I4I 21167922 1629,216 5334,040 1233,173 616,003 1145,930 030,313 2067,793 F. R. notes outstanding "28,552,277 Collat. for F. R. notes: 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 Gold certificate acct. 10,565,000 — 16,780 — -- -- -- 7,025 -- 64,933 88,738 Eligible paper 1250,000 1,900,000 1200*000 1750,000 1465,000 1200,000 3700,000 935,ooo 450,000 870,000 625,000 1800,000 U. S. Govt, securities 19,145,000 i7Bo7oo^6i^7ooolL^67W^o7o7oc^i4o,ooo 1700,ooo~555o,oob 1352,025" 630,000 1234,933 875,000 3100,"000 Total collateral 297798;738 1/ After deducting $173,030,000 participations of other Federal Reserve Banks. 2/ After deducting $127,985,000 participations of other Federal Reserve Banks.