H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM August 4, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BAH 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 August 3 increased a net of $23 million to $18,575 million; cash allowed as reserves decreased $30 million and member bank reserve balances at the Federal Reserve Banks increased $53 million. Estimated required reserves increased $5 million; and estimated excess reserves increased $18 million to $486 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $171 million, compared with the revised figure of $117 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $238 million in U. S. Government securities bought outright and $93 million held under repurchase agreement. The principal offsetting changes were decreases of $197 million in Federal Reserve float. $44 million in gold stock, and $36 million in member bank borrowings. Total Reserve Bank credit increased $100 million. As of Wednesday, August 3, holdings of U. S. Government securities bought outright were $108 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $282 million higher, and member bank borrowings were $6 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, August 3, July 27, August 5, August 3, and related items I960 i960 1959 i960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 26,760 +238 +319 26,770 Held under repurchase agreement 170 + 93 + 62 304 Acceptances--bought outright 29 + 1 + 4 29 Loans, discounts, and advances— Member bank borrowings 315 - 36 -719 287 Other «. — «- — Float 890 -197 +100 743 Total Reserve Bank credit 28,165 +100 -234 28,133 Gold stock 19,147 - 44 -479 19,144 Treasury currency outstanding 5,356-* - 1 + 75 5,357 52,668- cl + 56 -638 52,634 Currency in circulation 32,044- 0 + 3 +122 32,062 Treasury cash holdings 4o 9- % + 4 + 6 413 Treasury deposits with F. R. Banks 466 - 22 - 37 378 Foreign deposits with F. R. Banks 221 + 19 - 56 230 Other deposits with F. R. Banks 371 - 2 + 31 358 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 884 mm w. -282 885 34,39^7 + 3 34,326 Member bank reserves: With Federal Reserve Banks 18,272 + 53 -424 18,308 Cash allowed as reserves (estimated) 303 - 30 +303 303 Total reserves held 18,575 + 23 -121 18,611 Required reserves (estimated) 18,089 + 5 -207 18,156 Excess reserves (estimated) 486 + 18 + 86 455 On August 3, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,313 million, an increase of $58 million for the week and an increase of $1,155 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 August 3, July 27, ~ August 5, ' I960 I960 1959 A S S E TS . Gold certificate account 17,880,641 20,000 515,501 Redemption fund for F. R. notes 954,910 - 2,993 + 20,646 Total gold certificate reserves 18,835,551 - 22,993 - 494,855 F. R. notes of other Banks 400,033 34,792 + 48,044 Other cash 407,190 + 7,340 + 26,583 Discounts and advances 286,575 4" 6,068 • 344,143 Acceptances—bought outright 29,113 + 1,000 + 4,613 U. S. Government securities: Bought outright— Bills 2,768,607 + 107,700 + 252,207 Certificates 8,506,993 — - 2,000,000 Notes 13,010,298 — *• + 2,000,006 Bonds 2,483,771 - - Total "bought outright 267769,6^9 + 107,700 4- 252,207 Held under repurchase agreement 304,500 + 282,500 + 268,600 Total U. S. Government securities 27,074,169 + 390,200 + 520,w Total loans and securities 27,389,857 397,268 4- 181,275 Due from foreign banks 15 -- -- Cash items in process of collection 5,118,031 99,431 + 308,589 - Bank premises 105,132 ~ 176 4- 8,976 Other assets 347,874 + 19,933 4- 155,321 TOTAL ASSETS 52,603,683 + 267,159 4- 233,933 L I A B I L I T I ES Federal Reserve notes 27,617,013 + 66,158 + 68,048 Deposits: Member bank reserves 18,307,874 + 267,606 4- 71,379 U. S. Treasurer— general account 378,105 - 122,289 - 8,806 Foreign 230,045 •f 26,492 - 47,020 Other 357,711 - 3,922 4* 23,644 Total deposits 19,273,735 + 167,887 4- 39,197 Deferred availability cash items 4,375,060 + 11,345 4r 278,961 Other liabilities and accrued dividends 45,562 + 2,847 8,684 4- TOTAL LIABILITIES 51,311,370 + ""2413723 7 4- 394,890 C A P I T AL A C C O U N TS Capital paid in 401,415 + 275 20,543 4- Surplus 774,808 — * - 93,602 Other capital accounts 116,090 + 18,637 - 87,898 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,603,683 4" 267,149 4- 233,933 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.2% - .2$ - 1.1$ Contingent liability on acceptances purchased for foreign correspondents 182,615 4,890 109,596 4- MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 3, 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 277,195 5,853 6,247,9^0 16 days to 90 days 9,251 23,260 1,414,336 91 days to 1 year 129 12,275,389 Over 1 year to 5 years 5,686,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 206,575 29,113 27,0757159

H.4.1(b) STATEMENT OF C0NDITC]O N OF EACH FEDERAL RESERVE BANK ON AUGUST 3, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City- Dallas Francisco A S S E TS Gold certificate account 17,880,641 876,172 4,563,616 1020,263 1661,796 1027,578 859,300 3139,156 722,329 356,935 713,951 672,820 2266,725 Redemption fund for F. R. notes 954,910 60,385 193,655 59,970 86,055 84,o4l 62,927 179,627 44,135 23,848 43,450 31,675 85,142 Total gold certificate reserves 18,835,551 936,557 4,757,271 1080,233 1747,851 1111,619 922,227 3318,783 766,464 380,783 757,401 704,495 2351,867 F.R. notes of other Banks 400,033 41,413 83,710 37,691 15,347 24,671 67,069 23,679 11,032 20,745 17,935 15,464 41,277 Other cash 407,190 30,456 78,359 20,661 37,816 19,761 37,615 65,403 24,928 8,588 14,714 14,110 54,779 Discounts and advances 286,575 7,000 3,300 5,170 5,665 13,876 23,966 145,099 4,180 7,782 49,015 15,914 5,608 Acceptances: Bought outright 29,113 - - 29>113 " " -- U.S. Govt, securities: Bought outright— Bills 2,768,607 148,785 690,579 158,519 237,870 175,239 151,805 473,870 111,900 64,245 118,831 111,575 325,389 Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456,040 334433,,882277 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 552255,,883377 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 26,769,669 1438,602 6,677,212 1532,724 2299,969 1694,386 1467,808 4581,843 1081,950 621,190 1148,981 1078,818 3146,186 Held under rep. agree. 304,500 Total U. S. Govt, sees, 27,074,169 1438,602 6,981,712 1532,724 2299,969 1694,386 1467,808 4581,843 1081,950 621,190 1148,981 1078,818 3146,186 Total loans & securities 27,389,857 1445,602 7,014,125 1537,894 2305,634 1708,262 1491,774 4726,942 1086,130 628,972 1197,996 1094,732 3151,794 Due from foreign banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,118,031 362,093 964,143 335,665 439,900 402,754 413,657 798,968 212,638 149,668 257,002 228,345 553,198 Bank premises 105,132 4,086 9,587 3,878 8,890 6,340 10,585 20,467 6,776 4,933 4,524 13,294 11,772 Other assets 347,874 18,591 85,805 19,784 30,433 21,977 19,782 58,747 13,960 8,028 15,851 14,103 40,813 TOTAL ASSETS 52,603,683 2838,799 12,993,004 3035,807 4585,872 3295,385 2962,710 9012,991 2121,928 1201,717 2265,424 2084,544 6205,502 JL./ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

E,4.1(c) STATEMc^!] OF CONDITION OF EACH FEDERAL RESERVE BANK OH AUGUST 3, 19&0 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond AAttllaannttaa Chicago Dallas delphia land Louis apolis City Franciscc L I A B I L I T I ES Federal Reserve notes 27,617,013 1608,080 6,424,554 1791,661 2506,419 2059,040 1571,740 5223,197 1188,057 599,028 1120,408 797,227 2727,602 Deposits: Member bank reserves 18,307,874 795,183 5,036,816 837,052 1495,405 781,853 922,388 2831,710 650,822 410,558 855,840 968,280 2721,967 U-S.Trees.-gen.acct. 378,105 21,249 45,563 27,145 50,180 41,652 18,840 43,211 16,377 24,247 27,678 31,979 29,984 Foreign 230,045 10,878 1/71,315 13,098 20,868 9,990 11,544 30,636 7,326 5,106 9,102 12,876 27,306 Other 357,711 423 299,365 2,279 1,403 3,303 1,161 669 992 593 1,777 706 45,040 Total deposits 19,273,735 "827,733 5,^53;059 B79,574 1567,056 036,79% 953,933 2906,226 675,517 440,504 894,397 1013,841 2824,297 Deferred availability cash items 4,375,060 336,241 735,392 287,242 388,461 336,745 366,671 693,865 213,155 131,358 194,860 199,165 491,905 Other liabilities and accrued dividends 45,562 2,341 15,123 2,110 3,946 2,279 2,190 7,116 1,525 1,245 1,702 1,595 4,390 TOTAL LIABILITIES 51,311,370 27747395" 12762ff;i28~29bO,507 4466,682 3234,862 2894,334 8030,404 2078,25%" 1172,135 2211,36? 2011,828 6048,194 CAPITAL ACCOUNTS Capital paid in 401,415 19,915 114,016 23,385 37,243 18,277 21,131 55,851 13,413 9,221 16,807 23,103 49,053 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 116,090 6,157 29,955 6,197 9,417 7,680 6,739 19,402 4,399 2,781 5,530 4,968 12,865 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,603,683 2838,799 12,993,004 3035,807 4585,872 3295,385 2962,710 9012,991 2121,928 1201,717 2265,424 2084,544 6205,502 Conting. liab. on acceptances purchased for foreign correspondents 182,615 8,947 2/52,056 10,773 17,164 8,217 9,495 25,199 6,026 4,200 7,487 10,591 22,460 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding " 287^357577 1676,141 6,6817532~185T,023 2606,947 2132,464 1639,265 5331,630 1237,988 614,821 1149,562 845,033 2879,071 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 58,265 —— —— 5,170 —— —— —— —— 4,180 — — 48,915 —— —- 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 29^6X255 1780,000 6,800,000 1905,170 2670,000 2175,000 1700,000 5600,000 1349",180 630,000 1218,915 875,000 3100,000 _l/ After deducting "^155","730000 participations of other Federal Reserve Banks! _2/ After deducting $130,559,000 participations of other Federal Reserve Banks.