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 l4, i960 WEEKLY 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 July 13 decreased a net of $l4 million to $18, 308 million; cash allowed as reserves increased $24 million and member bank reserve balances at the Federal Reserve Banks decreased $38 million. Estimated required reserves decreased $127 million; and estimated excess reserves increased $113 million to $551 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $210 million; the revised figure of excess reserves for the week before was $2 million less than member bank borrowings. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $99 million in member bank borrowings and $40 million in gold stock, and an increase of $206 million in currency in circulation. The principal offsetting changes were increases of $60 million in Federal Reserve holdings of U. 8. Government securities and $98 million in Federal Reserve float, and a decrease of $95 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $57 million. As of Wednesday, July 13, holdings of U. S. Government securities bought outright were $58 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $68 million lower, and member bank borrowings were $78 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, July 13, July 6, July 15, July 13, and related items i960 i960 1959 I960 (3i n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,517 + 26 + 134 26, 478 Held under repurchase agreement 96 + 34 15 36 Acceptances--bought outright 28 - 3 + 2 28 Loans, discounts, and advances— Member bank borrowings 341 - 99 661 453 Other - - — «• - 18 * ** Float 1,138 + 98 + 216 1,043 Total Reserve Bank credit 287120 + 57 - 3^2 28,038 Gold stock 19,282 - 40 - 413 19,253 Treasury currency outstanding 5,356 — — + 73 5,357 52,758" +~17 681 52,648 - Currency in circulation 32,361 +206 + 167 32,253 Treasury cash holdings 4o6 — — - 13 406 Treasury deposits with F. R. Banks 422 - 95 + 28 475 Foreign deposits with F. R. Banks 214 - 12 - 55 179 Other deposits with F. R. Banks 380 - 19 + 42 373 Other F. R. accounts (net) 935 - 23 - 250 879 34,718 +33 82 34,566 - Member bank reserves: With Federal Reserve Banks 18,o4l - 38 599 18,082 Cash allowed as reserves (estimated) 267 + 24 + 267 267 Total reserves held 18,308 - l4 - 332 18,349 Required reserves (estimated) 17,757 -127 472 17,768 - Excess reserves (estimated) 551 +113 + l4o 581 On July 13, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,142 million, an increase of $70 million for the week and an increase of $1,075 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 July 13, July 6, July 15, I960 i960 1959 A S S E TS Cold certificate account 17,998,645 „ 93,996 - 459,499 Redemption fund for F. R. notes 953,825 + 17,445 + 21,1.04 Total gold certificate reserves 18,952,470 - 76,551 - 438,395 F» R. notes of other Banks 353,372 + 76,374 + 45,281 Other cash 366,993 + 22,466 + 7,833 Discounts and advances 452,926 - 77,819 - 327,348 Acceptances--bought outright 27,611 613 + 2,215 - U. S. Government securities: Bought outright— Bills 2,477,067 58,200 + 95,167 Certificates 8, 506,993 -10,142,733 Notes 13,010,298 +10,142,733 Bonds 2,483,771 Total "bought outright 26,47"S7r29 - 58,200 + 957157 Held under repurchase agreement 36,000 - 67,800 + 500 Total U. 8. Government securities 26,5157129 - 126,000 95,667 Total loans and securities 26,994,666 - 204,432 - 229,466 Due from foreign banks 15 Cash items in process of collection 5,925,653 + 761,941 - 483,609 Bank premises 105,201 + 459 + 8,820 Other assets 288,234 + 21,470 + 74,921 TOTAL ASSETS 52,9557555 + 601,727 - "l, 014,615 L I A B I L I T I ES Federal Reserve notes 27,721,877 - 16,538 + 109,670 Deposits: Member bank reserves 18,082,333 - 126,866 - 417,296 U. S. Treasurer—general account 475,4l8 + 150,375 + 53,435 Foreign 178,757 - 88,340 61,191 Other 372,660 + 1,278 + 37,506 Total deposits 19,109,158 - 63,553 - 387,546 Deferred availability cash items 4,882,626 + 737,840 - 517,248 Other liabilities and accrued dividends 37,373 + 558 + 1,489 TOTAL LIABILITIES 51,751,655 + 658,307 - 793,635 C A P I T AL A C C O U N TS Capital paid in 400,651 + 461 + 20,025 Surplus 774,808 93,602 Other capital accounts 60,101 - 57,04l - 147,403 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,986,604 + 601,727 - 1,014,615 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined bo.% Contingent liability on acceptances purchased for foreign correspondents 181,187 2,148 107,094 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 13, 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 442,795 57558 457,610 16 days to 90 days 10,0$4 22,1^3 6,751* 036 91 days to 1 year 77 — 12,1°8,9f9 Over 1 year to 5 years — -- 5,686,647 Over 5 years to 10 years -- 1,178,574 Over 10 years -- ~~ 271,283 Total 452,926 27,611 26,514,129

H.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BARK ON JULY 13, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago DDaallllaass delphia land Louis apolis City Francisco (in thousands of dollars) A S S E TS Gold certificate account 17,998,645 960,650 4,530,074 998,746 1590,059 1039,623 904,084 3225,280 712,054 390,040 679,371 664,853 2303,811 Redemption fund for F. R. notes 953,825 58,738 195,392 60,514 85,605 85,766 58,447 180,254 44,315 23,952 43,583 31,772 85,487 Total gold certificate reserves 18,952,470 1019,388 4,725,466 1059,260 1675,664 1125,389 962,531 3405,534 756,369 413,992 722,954 696,625 2389,298 F.R. notes of other Banks 353,372 24,609 86,415 24,752 13,371 20,737 60,858 23,564 11,016 11,485 18,846 16,723 40,996 Other cash 366,993 23,432 74,395 16,768 32,369 17,697 35,619 61,259 21,389 7,714 13,814 14,051 48,486 Discounts and advances 452,926 9,850 187,205 19,875 33,540 10,381 39,025 98,528 2,050 15,956 15,811 18,971 1,734 Acceptances: Bought outright 27,611 27,611 U. S. Govt, securities: Bought outright— Bills 2,477,067 133,118 617,860 141,827 212,822 156,786 135,819 423,971 100,116 57,480 106,318 99,826 291,124 Certificates 8,506,993 457,166 2,121,91.6 487,076 730,895 538,450 466,447 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 2^83,771 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 26,478,129 1^22,935 ' 6,6o47493 "1516,032 2274,921 1675,933 1451,822 4531,944 1070,166 614,425 1136,468 1067,069 3111,921 Held under repurchase agreement 36,000 -- 36,000 Total U« S-. Govt, sees. 26,514,129 1422,935 6,640,493 1516,032 2274,921 1675,933 1451,822 4531,944 1070,166 6l4,425 1136,468 1067,069 3111,921 Total loans & securities 26,994,666 1432,785 6,855,309 1535,907 2308,461 1686,314 1490,847 4630,472 1072,216 630,381 1152,279 1086,040 3113,655 Due from foreign banks 15 1 1/ 4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,925,653 420,582 1,087,259 365,348 490,730 463,144 501,388 920,030 257,874 171,157 315,218 276,397 656,526 Bank premises 105,201 4,120 9,628 3,901 8,965 6,385 10,617 20,138 6,817 4,961 4,538 13,309 11,822 Other assets 288,234 15,317 70,944 16,365 25,336 18,211 16,430 48,501 11,474 6,659 13,327 11,704 33,966 TOTAL ASSETS 52,986,604 2940,234 12,909,420 3022,302 4554,897 3337,878 3078,291 9109,500 2137,155 1246,349 2240,977 2114,850 6294,751 1/ After deducting %L1,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF C0NDIT3CO N OF EACH FEDERAL RESERVE BANK ON JULY 13, IJ9 60 Phila- Cleve- St. Minne- Kansas _ .. | San Total Boston New York delphia land Richmond Atlanta |Chicago Louis apolis City Dallas |i? rGnc i SCC L I A B I L I T I ES Federal Reserve notes 27,721,877 1623,898 6,436,705 1802,725 2516,346 2061,086 1572,833 5238,578 1194,333 607,325 1121,236 795,414 2751,398 Deposits: Member bank reserves 18,082,333 821,685 4,951,863 803,450 1439,622 773,757 952,424 2815,795 651,539 44l,8l5 785,076 954,926 2690,381 U.8.Treas.-gen*acct. 475,418 38,767 40,660 34,126 33,598 41,176 40,693 54,085 30,465 19,121 28,985 32,155 81,587 Foreign. 178,757 8,330 1/57,207 10,030 15,980 7,650 8,84o 23,460 5,610 3,910 6,970 9,860 20,910 Other 372,660 696 313,247 1,356 666 4,407 1,475 818 321 301 708 770 47,895 Total deposits 19,109,168 "1&97478 5,362,977 34'3,902 1489,866 526,990 1003,432 2094,15b 607,935 465,147 021,739 997,711 2040,773 Deferred availability cash items 4,882,626 383,219 749,772 296,654 430,749 390,694 435,150 797,816 211,952 144,4o8 244,714 249,730 547,768 Other liabilities and accrued dividends 37,373 2,098 9,552 1,989 3,677 2,115 1,845 6,484 1,400 1,057 1,591 1,532 4,033 TOTAL LIABILITIES 51,751,044 2878,693 12,559,006 2950,330 4440,638 3280,885 3013,260 8937,036 2095,620 1217,937 2109,200 2044,307 6143,97% CAPITAL ACCOUNTS Capital paid in 400,651 19,919 113,850 23,353 37,220 18,262 21,084 55,670 13,403 9,212 16,739 23,048 48,891 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 60,101 3,290 15,659 2,981 4,509 4,165 3,641 9,460 2,270 1,620 3,238 2,770 6,498 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,986,604 2940,234 12,909,420 3022,302 4554,897 3337,878 3078,291 9109,500 2137,155 1246,349 2240,977 2114,850 6294,751 Conting. liab. on acceptances purchased for foreign correspondents 181,187 8,879 2/51,629 10,691 17,033 8,154 9,422 25,005 5,979 4,168 7,429 10,510 22,288 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,734,829 1664,666 6,709,461 1859,163 2617,190 2132,847 1640,126 5357,958 1238,798 619,830 1154,658 842,317 2897,815 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 37,636 -- -- 19,875 -- — - —— -- 2,050 - — 15,711 -- -- U. S. Govt, securities 19,180,000 1250,000 3,900,000 1200,000 1750,000 1500,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 Total collateral 29,7827535 1780,000 6,800,000"1919,875 2670,000 2175,000 1700,000 5600,000 1347,050 630,000 1185,711 875,000 3100,000 1/ After deducting *121,550,000 participations of other Federal Reserve Banks. 2/ After deducting $129,558,000 participations of other Federal Reserve Banks.