H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF dCVERNOBS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM July 21, 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 20 increased $391 million to $18,732 million, which included an increase of $381 million in member "bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $437 million; and estimated excess reserves decreased $46 million to $522 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $93 million, compared with the revised figure of $227 million the week before. The principal changes supplying average reserve "balances with Federal Reserve Banks were increases of $285 million in Federal Reserve float and $88 million in member "bank "borrowings, and decreases of $162 million in currency in circulation and $51 million in "other" F. R. accounts (net). The principal offsetting changes were an increase of $126 million in Treasury deposits with Federal Reserve Banks, and decreases of $57 million in Federal Reserve holdings of U. S. Government securities and $31 million in gold stock. Total Reserve Bank credit increased $317 million. As of Wednesday, July 20, holdings of U. S. Government securities bought outright were $84 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $84 million higher, and member bank borrowings were $528 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, July 20, July 13, jJuly 22, July 20, and related items i960 I960 I 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,4l6 -101 + 26 26,394 Held under repurchase agreement l4o + 44 + 81 120 Acceptances-- Bought outright 28 + 1 27 Held under repurchase agreement 2 + 2 4- 1 - - Loans, discounts, and advances-- Member bank "borrowings 429 + 88 - 483 981 Other w — - 17 ~ - Float 1,423 +285 + 124 1,183 Total Reserve Bank credit 28,437 +317 - 268 28,705 Gold stock 19,251 - 31 - 4l8 19,234 Treasury currency outstanding 5,357 + 1 + 74 5,357 53,045 +287 6ll 53,296 - Currency in circulation 32,199 -162 + 163 32,105 Treasury cash holdings 409 + 3 - 3 415 Treasury deposits with F. R. Banks 548 +126 + 88 621 Foreign deposits with F. R. Banks 209 - 5 - 46 203 Other deposits with F. R. Banks 374 6 + 40 364 Other F. R. accounts (net) 884 - 51 - 299 884 34,623 - 95 56 34, 592 - Member bank reserves: With Federal Reserve Banks 18,422 +381 - 554 18,705 Cash allowed as reserves (estimated) 310 + 10 + 310 310 Total reserves held 18,732 +391 - 244 19,015 Required reserves (estimated) 18,210 +437 - 278 18,154 Excess reserves (estimated) 522 - 46 + 34 861 On July 20, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,163 million, an increase of $21 million for the week and an increase of $1,068 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 20, July 13, July 22, I960 I960 1959 A S S E TS Gold certificate account 17,976,642 - 22,003 - 442244,, 550022 Redemption fund for F. R. notes 955,825 + 2,000 + 16,526 Total gold certificate reserves 18,932,467 20,003 - 407,976 F. R. notes of other Banks 397,820 + 44,448 + 29,828 Other cash 373,765 + 6,772 - 12,550 Discounts and advances 981,159 + 528,233 + 278,845 Acceptances- -bought outright 27,111 - 500 + 1,717 U. S. Government securities: Bought outright-- Bills 2,392,807 8844,,226600 - 1144,,009933 Certificates 8,506,993 -10,142,733 Notes 13,010,298 —— +10,142,733 Bonds 2,483,771 —— —«•» Total bought outright 26,393,869 - 84,260 - 14,093 Held under repurchase agreement 119,900 + 83,900 + 30,900 Total U. S. Government securities 26,513,769 - 360 + 16,807 Total loans and securities 27,522,039 + 527,373 + 297,369 Due from foreign banks 15 mm mm -- Cash items in process of collection 6,121,701 + 196,048 + 403,498 Bank premises 105,555 + 354 + 9,253 Other assets 307,338 + 19,104 + 80,532 TOTAL ASSETS 53,760,700 + 774,096 + 399,954 L I A B I L I T I ES Federal Reserve notes "™ ~™ 27,631,838 - 90,039 113,028 Deposits: Member bank reserves 1188,,770044,,997755 + 662222,,664422 + 6699,,886666 U. S. Treasurer--general account 620,982 + 145,564 + 170,423 Foreign 202,986 + 24,229 - 60,720 Other 364,451 - 8,209 + 25,907 Total deposits 19,893,394 + 784,226 + 205,476 Deferred availability cash items 4,938,615 + 55,989 + 289,355 Other liabilities and accrued dividends 42,336 + 4,963 6,436 TOTAL LIABILITIES 52,506,183 + 755,139 + 614,295 C A P I T AL A C C O U N TS Capital paid in 401,013 + 362 + 20,287 Surplus 774,808 - 93,602 Other capital accounts 78,696 + 18,595 - 141,026 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,760,700 + 774,096 + 399,954 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39-8# .7# 1.2# Contingent liability on acceptances purchased for foreign correspondents 181,177 10 108,150 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 20, 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 972,290 ^252 450,410 16 days to 90 days 8,797 21,869 6,763,676 91 days to 1 year 72 -- 12,163,179 Over 1 year to 5 years -- -- 5,686,647 Over 5 years to 10 years — — 1,178,574 Over 10 years *•- -- 271,283 Total 981,159 27,111 26,513,769

E.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 20, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (Inthousands of dollars) A S S E TS Gold certificate account 17,976,642 911,387 4,924,469 1006,278 1524,521 991,900 812,650 3029,518 696,437 365,459 755,961 643,408 2314,654 Redemption fund for F. R. notes 955,825 60,738 195,392 60,514 85,605 85,766 58,447 180,254 44,315 23,952 43,583 31,772 85,487 Total gold certificate reserves 18,932,467 972,125 5,119,861 1066,792 1610,126 1077,666 871,097 3209,772 740,752 389,411 799,544 675,180 2400,141 F.R. notes of other Banks 397,820 32,866 89,055 29,653 16,901 26,468 69,611 22,365 13,378 14,408 19,417 18,861 44,837 Other cash 373,765 25,498 75,773 8,668 35,716 19,721 35,174 62,983 22,792 7,604 14,434 14,139 51,263 Discounts and advances 981,159 28,275 93,880 38,210 118,925 34,290 95,336 443,396 9,835 6,725 42,611 33,342 36,334 Acceptances: Bought outright 27,111 27,111 U. S. Govt, securities: Bought outright— Bills 2,392,807 128,589 596,843 137,002 205,583 151,453 131,199 409,549 96,711 55,525 102,701 96,430 281,222 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 2,483,771 113,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 26,393,859 141b, 406 6,583,476 1511,207 2267,682 1670,600 1447,202 4517,522 lOSG/Tbl 612,470 llS^TTTo^p^ 3102,019 Held under repurchase agreement 119,900 -- 119,900 Total U. S, Govt, sacs. 26,513,769 l4l8,4o6 6,703,376 1511,207 2267,682 1670,600 1447,202 4517,522 1066,761 612,470 1132,851 1063,673 3102,019 Total loans & securities 27,522,039 1446,681 6,824,367 1549,417 2386,607 1704,890 1542,538 4960,918 1076,596 619,195 1175,462 1097,015 3138,353 Due from foreign tanks 15 1 1/4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,121,701 433,544 1,150,898 378,878 515,071 465,870 479,101 978,903 248,917 172,720 339,834 293,072 664,893 Bank premises 105,555 4,120 9,628 3,901 8,949 6,379 10,619 20,518 6,817 4,961 4,538 13,316 11,809 Other assets 307,338 16,378 75,748 17,504 26,659 19,368 17,551 51,648 12,279 7,098 14,121 12,695 36,289 TOTAL ASSETS 53,760,700 2931,213 13,345,334 3054,814 4600,030 3320,363 3025,692 9307,109 2121,531 1215,397 2367,351 2124,279 6347,587 1/ After deducting $11,000participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON Jru LY 20, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco L I A B I L I T I ES (In thousands of dollars) Federal Reserve notes 27,631,838 1617,633 6,426,864 1789,759 2511,855 2053,421 1569,556 5231,340 1190,067 603,212 1117,181 795,704 2725,246 Deposits: Member "bank reserves 18,704,975 803, 439 5,323,043 825,769 1470,894 760,900 937,697 2963,833 651,494 396,408 861,860 948,604 2761,034 U.S»Treas,-gen.acct. 620,982 41,334 94,074 45,295 45,354 44,882 26,417 90,742 27,412 36,636 44,572 44,266 79,998 Foreign 202,986 9,898 1/58,556 11,918 18,988 9,090 10,504 27,876 6,666 4,646 8,282 11,716 24,846 Other 1,611 310,332 _2 5_63 693 2,966 999 1,215 740 231 1.219 587 4l.?75 L Total deposits 19,893,39% 856/282 5,786,005 685,5i5 1535,929 817,838 975,617 3083,666 686,312 437,921 915,953 1005,173 2907,15f Deferred availability cash items 4,938,615 392,530 765,165 304,347 432,676 388,714 412,316 809,307 201,458 144,113 280,081 250,398 557,510 Other liabilities and accrued dividends 42,336 2,272 11,937 2,100 3,665 2,233 2,l4? 6,910 1,440 1.362 1.632 1.770 4.868 TOTAL LIABILITIES 52,506,183 2868,717 12,989,971 2981,751 4484,125 3262,206 2959,636 9131,223 2079,277 1186,608 2314,847 2053,045 6194,777 CAPITAL ACCOUNTS Capital paid in 4oi,013 19,913 113,942 23,363 37,234 18,267 21,100 55,769 13,406 9,214 16,768 23,098 48,939 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 78,696 4, 251 20,516 4,062 6,l4l 5.324 4.650 12.783 2.986 1.995 4.016 3.491 8.481 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 53,760,700 2931,213 13,345,334 3054,814 4600,030 3320,363 3025,692 9307,109 2121.531 1215.397 2367.351 2124.279 6347.587 Conting. liab. on acceptances purchased for foreign correspondents 181,177 8,879 2/51,619 10,691 17,033 8,154 9,422 25,005 5,980 4.167 7,429 10.510 22,288 FEDERAL RESERVE AGENTS' ACCOUNTS F,R» notes outstanding WTmTBW l6tf0,950~Vf09,2if4 1053,694 2610,850 2135,449 1649,77b 5347,769 1242,741 617,713 1153,859 044,132 2894,697 Collat. for F. R. notes: Gold certificate acct. 10,565,coo 530,000 2,900,000 700,000 920,000 675,000 500,0001900,000 410,000 180,000 300,000 250,000 1300,000 Eligible paper 73,556 -- -- 21,210 -- -- -- -- 9,835 -- 42,511 -- 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 29,818,556 1780,000 6,800,000 1921,210 2670,000 2175,000 1700,000 5600,000 1354,835 630,000 1212,511 875,000 3100,000 1/' After deducting $144,430,000 participations of other Federal Reserve Banks. 2I After deducting $129,558,000 participations of other Federal Reserve Banks.