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 28, i960 WEEKLY AVERAGES OF MEMBER BAKK 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 re serves held during the week ended July 27 decreased $233 million to $18, 529 million, which included a decrease of $203 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $l46 million; and estimated excess reserves decreased $87 million to $435 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $84 million, compared with $93 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $336 million in Federal Reserve float, $78 million in member bank borrowings, and $60 million in gold stock. The principal offsetting changes were decreases of $158 million in currency in circulation and $60 million in Treasury deposits with Federal Reserve Banks, and an increase of $43 million in Federal Reserve holdings of TJ. S. Government securities. Total Reserve Bank credit decreased $372 million. As of Wednesday, July 27, holdings of U. S. Government securities bought outright were $268 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $98 million lower, and member bank borrowings were $700 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, July 27, July 20, July 29, July 27, and related items I960 I960 1959 I960 (][ n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,522 +106 + 114 2266,,666622 Held under repurchase agreement 77 - 63 + 26 22 Acceptances— Bought outright 2288 + 1 2288 Held under repurchase agreement «. - - 2 -- Loans, discounts, and advances-" Member bank borrowings 351 - 78 - 539 228811 Other — •» -» — * - Float 1,087 -336 + 89 854 Total Reserve Bank credit 28,065 -372 - 309 27,846 Gold stock 19,191 - 60 - 445 19,164 Treasury currency outstanding 5,357 — — + 73 5,355 52,612 -433 - 682 52,366 Currency in circulation 32,04l -158 + 158 31,973 Treasury cash holdings 405 - 4 + 2 4o4 Treasury deposits with F. R. Banks 488 - 60 - 71 500 Foreign deposits with F. R. Banks 202 - 7 69 204 ~ Other deposits with F. R. Banks 373 - 1 + 33 362 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 884 253 883 - - - 34,393 -230 199 34,325 .. Member bank reserves: With Federal Reserve Banks 18,219 -203 - 483 1188,,004400 Cash allowed as reserves (estimated) 310 - 30 310 310 Total reserves held 18,529 -233 - 173 18,350 Required reserves (estimated) 18,094 -146 - 259 18,099 Excess reserves (estimated) 435 - 87 + 86 251 Cn July 27, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,255 million, an increase of $92 million for the week and an increase of $1,129 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 27, July 20, July 29, I960 I960 1959 A S S E TS Gold certificate~"account 17,900,641 76,001 505,500 Redemption fund for F. R. notes 957,903 + 2,078 + 21, o4l Total gold certificate reserves is; 856,544 - 73,923 - 484,459 F. R. notes of other Banks 434,825 + 37,005 + 46,840 Other cash 399,850 + 26,085 + 7,526 Discounts and advances 280,507 700,652 - 350,863 Acceptances—bought outright 28,113 + 1,002 + 2,716 U. S. Government securities: Bought outright— Bills 2,660,907 + 268,100 + 254,007 Certificates 8,506,993 - - -10, 142,733 Notes 13,010,298 - - +10,142,733 Bonds 2,483,771 — — Total bought outright 2b, 661,969 + 268,100 + 254,007 Held under repurchase agreement 22,000 97,900 - 29,000 Total U. S. Government securities 26,683,969 + 170,200 4* 225,007 Total loans and securities 26,992,589 - 529,450 ~ 123,140 Due from foreign banks 15 -- -• Cash items in process of collection 5,217,462 ~ 904,239 + 197,032 Bank premises 105,308 - 247 + 9,109 Other assets 327,941 + 20,603 + 86,980 TOTAL ASSETS 52,336,534 -lj,4 24,166 - 260,112 L I A B I L I T I ES Federal Reserve notes 27,550,855 80,983 + 96,367 - Deposits: Member bank reserves 18,040,268 664,707 104,653 U. S. Treasurer--general account 500,394 • 120,588 - 129,113 Foreign 203,553 + 567 - 77,597 Other 361,633 - 2,8l8 + 24,767 Total deposits 19,105,848 - 787,546 - 286,596 Deferred availability cash items 4,363,715 574,900 + 87,926 • Other liabilities and accrued dividends 42,715 + 379 + 6,697 TOTAL LIABILITIES 51,063,133 ~1,443,050 95,606 - C A P I T AL A C C O U N TS Capital paid in 401, l4o + 127 + 20,320 Surplus 774,808 «» — - 93,602 Other capital accounts 97,453 + 18,757 - 91,224 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,336,534 -1, 424,166 260,112 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.4% Contingent liability on acceptances purchased for foreign correspondents 177,725 3,452 + 103,104 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 27, 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 270,230 6,130 473,950 16 days to 90 days 10,207 21,983 6,832,036 91 days to 1 year 70 — 12,241,479 Over 1 year to 5 years -- — 5,686,647 Over 5 years to 10 years — — 1,178,57% Over 10 years -- — 271,283 Total 280,507 28,113 26,683,969

H.4.1(b) STATEMENT OF CGNDIT3CO N OF EACH FEDERAL RESERVE BANK ON JULY 27, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago , Dallas delphia land Louis apolis City- Francisco A S S E TS Gold certificate account 17,900,641 885,186 4,886,220 1014,377 1590,116 986,093 815,753 3016,686 652,643 337,118 730,594 648,836 2337,019 Redemption fund for F. R. notes 957,903 60,511 194,473 60,175 86,263 84,941 63,125 179,857 44,200 23,884 43,498 31,712 85,264 Total gold certificate reserves 18,858,544 945,697 5,080,693 1074,552 1676,379 1071,034 878,878 3196,543 696,843 361,002 774,092 680,548 2422,283 F.R. notes of other Banks 434,825 38,569 92,0l4 32,213 18,629 29,320 72,533 29,024 14,257 19,415 19,103 19,770 49,978 Other cash 399,850 28,672 78,866 18,305 35,954 19,638 36,701 64,919 24,852 7,914 14,756 14,188 55,085 Discounts and advances 280,507 6,200 16,210 11,065 19,245 21,330 28,836 69,846 7,020 16,100 29,553 23,035 32,067 Acceptances: Bought outright 28,113 28,113 U. S. Govt, securities: Bought outright— Bills 2,660,907 142,997 663,715 152,353 228,618 168,422 145,900 455,436 107,547 61,746 114,208 107,234 312,731 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 2,483,771 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 25", 661,9691 432,814 6,650,348" 1526,558 2290,717 1687,569 1461,903 4563,409 1077,597 618,691 1144,358 1074,477 3133,528 Held under repurchase agreement 22,000 " 22,000 Total U. S. Govt, sees. 26,683,969 1432,8l4 6,672,348 1526,558 2290,717 1687,569 1461,903 4563,409 1077,597 618,691 1144,358 1074,477 3133,528 Total loans & securities 26,992,589 1439,014 6,716,671 1537,623 2309,962 1708,899 1490,739 4633,255 1084,617 634,791 1173,911 1097,512 3165,595 Due from foreign banks 15 1 1/4 1 11 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,217,462 384,877 967,222 320,553 418,099 385,093 414,796 838,260 216,492 158,656 287,661 282,338 543,415 Bank premises 105,308 4,086 9,628 3,878 8,924 6,340 10,596 20,480 6,817 4,933 4,538 13,316 11,772 Other assets 327,941 17,666 81,076 18,712 28,541 20,795 18,631 55,132 13,099 7,559 14,991 13,440 38,299 TOTAL ASSETS 52,336,534 2858,582 13,026,174 3005,837 4496,489 3241,120 2922,875 8837,615 2056,977 1194,270 2289,053 2121,113 6286,429 l/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

E.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK PIT JULY 27, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,550,855 1608,316 6,416,954 1793,659 2507,543 2043,586 1565,256 5216,828 1183,935 599,225 1113,053 794,806 2707,694 Deposits: Member bank reserves 18,040,268 783,602 5,091,619 812,934 1435,308 740,959 878,787 2665,860 624,878 393,463 844,391 957,112 2811,355 U. S .Treas. -gen. acct. 500,394 31,269 78,536 34,602 44,660 53,352 35,704 49,108 24,540 31,291 38,346 34,136 44,850 Foreign 203,553 9,898 1/59,123 11,918 18,988 9,090 10,504 27,876 6,666 4,646 8,282 11,716 24,846 Other —361433 1,024 305,275 2,045 1,011 2,677 902 517 294 250 1,125 475 46,038 Total deposits 19,105,846 825,793 5,534,553 861,499 1499,967 806,078 925,897 2743,361 656, JJti 429,650 092,144 1003,439 2927,009 Deferred availability cash items 4,363,715 358,742 703,437 274,440 367,484 329,714 362,523 691,035 172,113 135,042 228,751 249,035 491,399 Other liabilities and accrued dividends 42,715 2,268 <1-19,066 2,086 3,978 2,4l4 2,131 7,111 f 1,577 J lf,l6l 1,8 1\7JJ- 1,88 0f J L5,22 6K JVJKS J) C)CUU *rJL*r fcf x jx f O-O-JL JLj f JLj XUX 9 CCU TOTAL LIABILITIES 51,063,133 2795,119 12,666,010 2931,684 4378,972 3181,792 2855,807 8658,335 2014,003 1165,078 2235,765 2049,160 6131,408 CAPITAL ACCOUNTS Capital paid in 401,140 19,915 113,957 23,375 37,242 18,271 21,108 55,821 13,407 9,221 16,772 23,092 48,959 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 97,453 5,216 25,302 5,l4o 7,745 6,491 5,654 16,125 3,705 2,391 4,796 4,216 10,672 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,336,534 2858,582 13,026.174 3005.837 4496.489 3241,120 2922,875 8837,615 2056.977 1194,270 2289,053 2121.Ill 6286,429 Conting. liab. on acceptances purchased for foreign correspondents 177,725 8.707 2/50.669 10.484 16.704 7.997 9.240 24.521 5.864 4.087 7.286 10.307 21.857 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 20,607,691 1681,041 6,689,263 1047,412 2612,260 2125,821 1642,004 5345,466 1241,260 616,200 1151,633 040,357 2006,014 Collat. for F. R. notes: Gold certificate acct. 10,565,000 530,000 2,900,000 700,000 920,000 675,000 500,0001900,000 410,000 180,000 300,000 250,0001300,000 Eligible paper 47, 538 -- -- 11,065 -- -- -- -- 7,020 -- 29,453 -- -— 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 29,792,538 1780,000 6,800,000 1911,065 2670,000 2175,000 1700,000 5600,000 1352,020 630,000 1199,453 875,000 3100,000 1/ After deducting $144,430,000 participations of other Federal Reserve Banks. 2/ After deducting $127,056,000 participations of other Federal Reserve Banks.