H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD 01' GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM August 18, 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 August 17 remained unchanged at $18,524 million; cash allowed as reserves increased $36 million and member bank reserve balances at the Federal Reserve Banks decreased $36 million. Estimated required reserves decreased $32 million; and estimated excess reserves increased $32 million to $534 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $118 million, compared with the revised figure of $209 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $64 million in U. S. Government securities held under repurchase agreement and $59 million in gold stock, and increases of $103 million in Treasury deposits with Federal Reserve Banks and $55 million in currency in circulation. The principal offsetting changes were increases of $154 million in Federal Reserve float and $123 million in member bank borrowings. Total Reserve Bank credit increased $223 million. As of Wednesday, August 17, holdings of U. S. Government securities bought outright were $25 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $115 million higher, and member bank borrowings were $262 million higher. Holdings of notes decreased $5,500 million and certificates increased a like amount, reflecting an exchange of notes maturing August 15 for the new 3 l/8 per cent certificates. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Aug. 17, Aug. 10, Aug. 19, Aug • 17, and related items I960 I960 1959 I960 ((]][ n millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 26,812 + 6 +287 26,833 Held under repurchase agreement 229 - 64 +223 251 Acceptances— Bought outright 31 + 9 32 Held under repurchase agreement 4 + 3 + ^ 17 Loans, discounts, and advances— Member bank borrowings 4l6 +123 -529 447766 Other w mm — — — «•» — - Float 976 +154 - 89 1,026 Total Reserve Bank credit 28,469 +223 - 93 28,636 Gold stock 19,039 - 59 -562 19,032 Treasury currency outstanding 5,363 + 4 + 81 5,364 52,871 +167 -57^ 53,031 Currency in circulation 32,184 + 55 +133 32,138 Treasury cash holdings 409 + 5 + 12 410 Treasury deposits with F. R. Banks 555 +103 - 83 547 Foreign deposits with F. R. Banks 190 - 2 - 66 192 Other deposits with F. R. Banks 386 + 23 + 37 362 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 904 + 20 -342 1,016 34,628 4- OJ O 34,628 -309 34,606 Member bank reserves: With Federal Reserve Banks 18,243 - 36 -266 18,365 Cash allowed as reserves (estimated) 281 + 36 +281 281 + 15 10,646 Total reserves held -- Required reserves (estimated) 17,990 - 32 - 88 18,029 Excess reserves (estimated) 534 + 32 +103 617 On August 17, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,4o4 million, an increase of $37 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. I?, Aug. 10, Aug. 19, I960 I960 1959 A S S E TS Gold certificate account 17,752,643 52,000 618,499 - - Redemption fund for F. R. notes 977,707 - 2,202 + 46,913 Total gold certificate reserves 18,730,350 - 54,202 - 571,586 F. R. notes of other Banks 407,620 + 19,041 + 24,209 Other cash 408,016 + 6,865 + 21,635 Discounts and advances 476,240 + 262,703 47,852 - Acceptances: Bought outright 32,109 + 1,994 + 11,555 Held under repurchase agreement 17,101 + 17,101 + 17,101 U. S. Government securities: Bought outright— Bills 2,831,757 + 24,700 + 339,557 Certificates 14,006,993 +5 ,500,000 +3, 500,000 Notes 7,510,298 -5, 500,000 -3,500,000 Bonds 2,483,771 - — Total bought outright 26,832,819 + 24,700 + 339,557 Held under repurchase agreement 251,100 + 115,100 + 208,200 Total U. S. Government securities 27,083,919 + 139,800 + 547,757 Total loans and securities 27,609,369 + 421,598 + 528,561 Due from foreign banks 15 -- Cash items in process of collection 6,136,580 +1,096,955 + 404,447 Bank premises 105,881 •4* 578 + 8,939 Other assets 170,772 - 197,416 47,869 TOTAL ASSETS 53,568,603 +1,293,419 + 464,074 L I A B I L I T I ES Federal Reserve notes 27,699,194 + 18,380 + 122,288 Deposits: Member bank reserves 18,365,060 + 417,553 + 247,608 U. S. Treasurer—general account 547,375 + 115,913 + 30,437 Foreign 192,053 + 15,474 66,738 - Other 362,025 10,536 + 17,470 - Total deposits 19,466,513 + 538,404 + 228,777 Deferred availability cash items 5,110,381 + 798,823 + 345,963 Other liabilities and accrued dividends 43,023 - 129 + 5,443 TOTAL LIABILITIES 52,319,111 +1,355,478 + 702,471 C A P I T AL A C C O U N TS Capital paid in 401,916 + 213 + 20,109 Surplus 774,808 — — - 93,602 Other capital accounts 72,768 - 62,272 - 164,904 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,568,603 +1,293,419 + 464,074 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39-7$ M 7 0 1.: Contingent liability on acceptances purchased for foreign correspondents 194,531 + 10,801 + 120,116 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 17, 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 470,109 25,105 690,650 16 days to 90 days 5,959 24,105 6,467,876 91 days to 1 year 92 — 12,788,889 Over 1 year to 5 years -- -- 5,686,647 Over 5 years to 10 years — — 1,178,574 Over 10 years — -- 271,283 Total 476,240 49,210 27,083,919

H.4,1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 17, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land IRichmond Atlanta Chicago Louis apolis City DDaallllaass Francisco A S S E TS Gold certificate account 17,752,643 914,719 4,484,962 996,358 1541,148 979,171 875,986 3237,360 708,493 370,525 758,546 692,936 2192,439 Redemption fund for F. R. notes 977,707 60,128 217,735 59,592 86,658 83,084 62,572 179,204 44,022 23,782 43,368 32,609 84,953 Total gold certificate reserves 18,730,350 974,847 4,702,697 1055,950 1627,806 1062,255 938,558 3416,564 752,515 394,307 801,914 725,545 2277,392 F.R. notes of other Banks 407,620 46,409 88,883 38,639 13,678 24,703 67,675 20,928 12,096 18,412 19,874 12,783 43,540 Other cash 408,016 30,165 80,670 20,413 36,173 19,420 35,802 64,775 24,313 7,706 13,657 14,214 60,708 Discounts and advances 476,240 11,975 128,035 8,525 39,300 46,252 36,050 136,539 4,300 10,582 29,730 11,806 13,146 Acceptances: Bought outright 32,109 32,109 Held under rep. agree. 17,101 17,101 — U. S. Govt, securities: Bought outright— Bills 2,831,757 152,179 706,331 162,135 243,296 179,236 155,267 484,679 114,452 65,711 121,541 114,120 332,810 Certificates 14,006,993 752,736 3,493,792 801,984 1203,439 886,573 768,017 2397,409 566,121 325,032 601,194 564,482 1646,2l4 Notes 7,510,298 403,603 1,873,309 430,010 645,262 475,364 411,798 1285,447 303,543 174,277 322,350 302,665 882,670 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 26,832,819 1441,996 6,692,964 1536,340 2305,395 1698,383 1471,270 4592,652 1004,502 622,656 1151,691 1001,363 3153,607 Held under rep. agree. 251,100 251,100 Total U. S. Govt, sees. 27,083,919 1441,996 6,944,064 1536,340 2305,395 1698,383 1471,270 4592,652 1084,502 622,656 1151,691 1081,363 3153,607 Total loans & securities 27,609,369 1453,971 7,121,309 1544,865 2344,695 1744,635 1507,320 4729,191 1088,802 633,238 1181,421 1093,169 3166,753 Due from foreign banks 15 1/ 4 (2) (2) Cash items in process of collection 6,136,580 416,555 1,185,085 374,080 513,748 485,098 489,329 964,267 249,811 183,528 322,427 288,228 664,424 Bank premises 105,881 4,086 9,587 3,878 8,903 6,340 10,658 20,955 6,777 4,954 4,524 13,456 11,763 Other assets 170,772 9,123 41,787 9,594 14,832 10,717 10,017 28,392 6,772 3,965 8,273 7,195 20,105 TOTAL ASSETS 53,568,603 2935,157 13,230,022 3047,420 4559,836 3353,169 3059,360 9245,074 2i4l,o86 1246,110 2352,091 2154,591 6244,687 1/ After deduc?Llng $11,00b participations* of"other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITC]O N OF EACH FEDERAL RESERVE BAMC ON AUGUST 17,, I960 Phila- Cleve- J. . St. Minne- San Total Boston New York delphia land {Richmond Atlanta Chicago Louis apolis Francisco L I A B I L I T I ES FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,699,194 1605,238 6,427,700 1791,854 2523,886 2072,643 1584,255 5238,649 1193,976 599,114 1125,777 806,253 2729,849 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 18,365,060 831,479 5,093,064 835,103 1410,065 766,153 946,461 2912,387 672,447 429,993 862,875 962,5# 2642,509 UUUUU.....SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 547,375 32,629 108,088 20,721 38,491 36,939 28,801 65,983 27,824 29,679 51,202 44,168 62,850 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 192,053 8,771 1/64,068 10,561 16,826 8,055 9,308 24,702 5,907 4,117 7,339 10,382 22,017 OOOOOttttthhhhheeeeerrrrr 362,025 2,649 "300,588 1,611 1,312 2,692 1,131 1,759 778 323 4,406 808 43,968 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 19,466,513 875,528 5,565,808 867,996 1466,694 813,839 985,701 3004,831 706,956 464,112 925,822 1017,882 2771,344 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 5,110,381 389,975 870,022 312,802 450,015 406,731 421,321 819,429 196,732 152,755 246,4l4 257,573 586,612 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 43,023 2,362 12,822 2,036 3,663 2,341 2,199 6,517 1,482 1,523 1,674 1,815 4,589 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 52,319,111 2873,103 12,876,352 2974,688 4444,258 3295,554 2993,476 9069,426 2099,146 1217,504 2299,667 2063,523 6092,394 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 401,916 19,925 114,212 23,404 37,248 18,292 21,266 55,864 13,428 9,228 16,856 23,136 49,057 SSSSSuuuuurrrrrpppppllllluuuuusssss 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 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 72,768 3,797 18,553 3,690 5,800 4,757 4,312 12,450 2,650 1,798 3,828 3,287 7,846 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 53,568,603 2935,157 13,230,022 3047,420 4559,836 3353,169 3059,360 9245,074 2141,086 1246,110 2352,091 2154,591 6244,68? CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 194,531 9,530 2/55,464 11,475 18,283 8,752 10,114 26,841 6,4l8 4,474 7,975 11,281 23,924 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,679,339 1680,560 6,667,299 1834,932 2623,761 2140,676 1645,716 5340,228 1234,967 613,416 1154,656 052,708 2090,340 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 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 EElliiggiibbllee ppaappeerr 42,505 —— —— 8,525 —— —— -— —— 4,300 —— 29,680 —— —— UU.. SS.. GGoovvtt,, sseeccuurriittiieess 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 TToottaall ccoollllaatteerraall 29,787,505 1780,000 6,800,000 1908,525 2670,000 2175,000 1700,000 5600,000 1349,300 630,000 1199,660 875,000 3100,000 l/ After deducting $127,$3 5,000 partL:c ipations of other Federal Reserve Banks. 2/ After deducting $139,0157 ,000 partL:e ipations of other Federal Reserve Banks.