H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GCVEIiNOES For lurediate Release H.4.1 OF TEE FEDERAL RESERVE SYSTEM August 11, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK 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 10 decreased a net of $84 million to $18, 509 million; cash allowed as reserves decreased $91 million and member bank reserve balances at the Federal Re erve Banks increased $7 million. Estimated required reserves decreased $90 million; and estimated excess reserves increased $6 million to $499 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $206 million, compared with the revised figure of $178 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $123 million in U. S. Government securities held under repurchase agreement and $46 million bought outright, and a decrease of $29 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $68 million in Federal Reserve float, $49 million in gold stock, and $22 million in member bank borrowings, and an increase of $85 million in money in circulation. Total Reserve Bank credit increased $8l million. )C As of Wednesday, August holdings of U. S. Government securities bought outright were $38 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $169 million lower, and member bank borrowings were $73 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Aug. 10, Aug. 3, Aug. 12, Aug. 10, and related items I960 I960 I960 1959 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 26,806 + 46 + 209 26,808 Held under repurchase agreement 293 +123 + 285 136 Acceptances-- Bought outright 31 + 2 + 7 30 Held under repurchase agreement 1 + 1 + 1 — Loans, discounts, and advances— Member bank borrowings 293 - 22 780 214 - Other Float 822 - 68 51 728 4- Total Reserve Bank credit 28, 246 + 81 227 27,91% - Gold stock 19,098 - 49 - 521 19,082 Treasury currency outstanding 5,359 + 3 + 77 5,362 52,704 + 36 669 52,360 - Currency in circulation 32,129 + 85 + 58 32, l4l Treasury cash holdings 4o4 - 5 + 3 409 Treasury deposits with F. R. Banks 452 - 14 23 431 - Foreign deposits with F. R. Banks 192 - 29 65 177 - Other deposits with F. R. Banks 363 - 8 + 20 373 Other F. R. accounts (net) 894 — — - 319 881 34,424" + 28 327 34,413 - Member bank reserves: With Federal Reserve Banks 18,279 + 7 - .343 17,948 Cash allowed as reserves (estimated) 230 - 91 + 230 230 Total reserves held 18,509 T-SS 113 18,178 Required reserves (estimated) 18,010 - 90 70 17,964 - Excess reserves (estimated) 499 + 6 43 214 - On August 10, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,367 million, an increase of $54 million for the week and an increase of $1,196 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 Aug. 10, U. S. Government securities: Bought outright— Bills Certificates Notes Bonds Total bought outright Held under repurchase agreement Total U. S. Government securities 1 Aug. 12, I960 i960 1959 A S S E TS Gold certificate account 17,804,643 - 75,998 - 566,499 Redemption fund for F. R. notes 979,909 + 24,999 + 47,154 Total gold certificate reserves 1^754,552 - 50,999 519,345 - F. R. notes of other Banks 388,579 - 11,454 + 35,175 Other cash 401,151 6,039 + 23,698 Discounts and advances 213,537 - 73,038 - 377,727 Acceptances--"bought outright 30,115 + 1,002 + 7,868 2,807,057 38,450 + 211,357 8,506,993 -2,000,000 13,010,298 +2,000,000 4 4 § m ti 25B087119 38,450 + 211,357 136,000 - 168,500 + 134,500 26,944, 119 - 130,050 r iM Total loans and securities 27,187,771 202,086 . 2k, 002 Due from foreign "banks 15 —— — w • Cash items in process of collection 5,039,625 78,4o6 351,717 - - Bank premises 105, 303 + 171 4* 9,118 Other assets 368,188 + 20,314 + 158,199 TOTAL ASSETS 52,275,184 328,499 6b'876T4 - - L I A B I L I T I ES Federal Reserve notes 27,680,814 + 63,801 + 7799,,664400 Deposits: Member hank reserves 17,947,507 360,367 78,835 - - U. S. Treasurer—general account 431,462 + 53,357 - 82,900 Foreign 176,579 • 53,466 - 98,410 Other 372,561 + 14,850 + 4,686 Total deposits 18,928,109 345,626 255,459 - - Deferred availability cash items 4,311,558 63,502 338,563 - - Other liabilities and accrued dividends 43,152 2,410 + 4,291 • TOTAL LIABILITIES 50,963,633 347,737 510,091 - - C A P I T AL A C C O U N TS Capital paid in 401,703 + 288 + 20,675 Surplus 774,808 93,602 - - - Other capital accounts 135,040 + 18,950 85,856 - TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,275,184 328,499 668 874 - - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.3 $ Contingent liability on acceptances purchased for foreign correspondents 183,730 1,115 + 112,932 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 10, 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 206,193 8,222 6,103,090 16 days to 90 days 7,245 21,893 1,436,136 91 days to 1 year 99 -- 12,268,389 Over 1 year to 5 years -- -- 5,686,647 Over 5 years to 10 years -- -- 1,178,574 Over 10 years -- — 271,283 Total 213,537 30,115 26,944,119

H.4.l(t) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH AUGUST 10, I960 Fhila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisc (in thousands of dollars) A S S E TS Gold certificate account 17,804,643 878,554 4,603,721 1040,734 1575,942 1042,373 889,518 3107,305 708,202 351,632 751,996 600,140 2254,526 Redemption fund for F. R. notes 979,909 60,385 218,655 59,970 86,055 84,040 62,927 179,627 44,135 23,848 43,450 31,675 85,142 Total gold certificate reserves 18,784,552 938,939 4,822,376 1100,704 1661,997 1126,413 952,445 3286,932 752,337 375,480 795,446 631,815 2339,668 F.R, notes of other Banks 388,579 4l,562 83,6ll 39,150 10,690 24,222 66,887 22,555 11,554 17,606 19,212 13,516 38,014 Other cash 401,151 29,755 79,858 20,531 36,032 17,913 36,616 64,537 23,814 8,300 13,898 13,285 56,612 Discounts and advances 213,537 9,050 25,665 5,465 16,495 11,910 21,336 73,419 3,930 16,197 13,090 14,922 2,058 Acceptances: Bought outright 30,115 30,115 U. S. Govt, securities: Bought outright— Bills 2,807,057 150,851 700,170 160,721 241,174 177,673 153,913 480,451 113,454 65,137 120,481 113,124 329,908 Certificates 8,506,993 457,166 2,121,916 487,076 730,895 538,450 466,447 1456, o4o 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 26,808,119 1440,668 6,686,803 1534,926 2303,273 1696,820 1469,916 4588,424 1083,504 622,082 1150,631 1080,367 3150,705 Held under repurchase agreement 136.000 136,000 — — —— — — - — — - „ _ w Total U. S. Govt, sees. 26.944.119 1440,668 6,822,803 1534,926 2303,273 1696,820 1469,916 4588.424 1083,504 622.082 1150,631 1080,367 3150,705 Total loans & securities 27,187,771 1449,718 6,878,583 1540,391 2319,768 1708,730 1491,252 4661,843 1087,434 638,279 1163,721 1095,289 3152,763 Due from foreign "banks 15 1 1/4 1 1 1 1 2 (2) (2) 1 1 Cash items in process of collection 5,039,625 347,534 934,998 327,119 398,074 415,426 414,090 783,293 227,079 158,675 264,766 232,439 536,132 Bank premises 105,303 4,086 9,587 3,878 8,902 6,340 10,586 20,467 6,776 4,933 4,524 13,452 11,772 Other assets 368.188 19,734 91,179 20.929 31,992 23.319 20,856 62,255 14,771 8.506 16.714 14.942 42.991 TOTAL ASSETS 52,275,184 2831,329 12,900,196 3052,703 4467,456 3322, 364 2992,733 8901,884 2123,765 1211,779 2278,282 2014,739 6177,954 1/ After deducting $11,000 participations of other Federal Reserve Banks7" 2/ Less than $500.

H.4.1(g) STATEMEN! OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 10, 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) ~ L I A B I L I T I ES Federal Reserve notes 27,680,814 1608,722 6,423,757 1793,146 2517,300 2067,615 1582,123 5228,766 1192,881 599,366 1125,548 802,381 2739,209 Deposits: Member bank reserves 17,947,507 793,265 4,951,594 860,473 1420,582 786,824 925,134 2728,833 673,957 423,166 820,973 887,075 2675,631 U.S.Treas.-gen.acct. 431,462 19,589 76,282 22,425 24,225 42,914 38,598 41,058 17,091 20,386 46,967 32,162 49,765 Foreign 176,579 8,771 1/48,594 10,561 16,826 8,055 9,308 24,702 5,907 4,117 7,339 10,382 22,017 Other 372,551 892 "305,043 2,081 772 3,017 1,194 2,134 702 350 6,409 939 49,028 Total deposits 18,928,109 822,517 5,381,513 895,5^0 1462,405~ 840,810 974,23^ 2796,727 697,657 448,019 881,688 930,558 2796,441 Deferred availability cash items 4,311,558 332,391 711,965 285,565 363,199 349,902 365,071 683,674 187,290 133,165 214,489 206,628 478,219 Other liabilities and accrued dividends M 4S ,301 13,033 2^146 3,836 2,351 2,105 6,632 1,532 1,252 1,670 1,698 4,590 TOTAL LIABILITIES 50,963,633 2765,937 12,530,268 2976,397^346,7*40 3260,678 2923,533 8715,799 2079,360 1181,802 2223,395 1941,265 6018,459 CAPITAL ACCOUNTS Capital paid in 401,703 19,915 114,198 23,395 37,247 18,285 2i,i64 55,860 13,421 9,221 16,809 23,133 49,055 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 135,040 7,145 34,825 7,273 10,939 8,835 7,730 22,891 5,122 3,176 6,358 5,696 15,050 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,275,184 2831,329 12,900,196 3052,703 4467,456 3322,364 2992,733 8901,884 2123,765 1211,779 2278,282 2014,739 6177,954 Conting. liab. on acceptances purchased for foreign correspondents 183,730 9,001 2/52,385 10,838 17,268 8,266 9,552 25,351 6,062 4,225 7,532 10,655 22,595 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 23,624,923 1674,335 6,672,003 1833,525 2617,510 2132,985 1644,834 5329,602 1233,948 614,398 1152,568 839,868 2879,347 Collat. for F. R. notes: Gold certificate acct. 10,465,000 530,000 2,800,000 700,000 920,000 675,000 500,000 1900,000 410,000 180,000 300,000 250,000 1300,000 Eligible paper 22,385 5,465 — -- — -- 3,930 — 12,990 U. S. Govt, securities 19,280,000 1250,000 4,000,000 1200,000 1750,000 1500,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 Total collateral 29,767,385 1780,000 Z } 800,000 1905,465 2670,000 2175,000 1700,000 5600,000 1348,930 630,000 1182,990 875,000 3100,000 _l/ After deducting $127,985,000 participations of other Federal Reserve Banks. 2/ After deducting $131,345,000 participations of other Federal Reserve Banks.