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 25, 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 24 decreased $178 million to $18,386 million, which included a decrease of $168 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $51 million; and estimated excess reserves decreased $127 million to $455 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $262 million, compared with the revised figure of $166 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $223 million in member bank borrowings and $49 million in Federal Reserve holdings of U. S. Government securities, and an increase of $112 million in "other" F. R. accounts (net). The principal offsetting changes were an increase of $38 million in Federal Reserve float and decreases of $97 million in currency in circulation and $70 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $224 million. As of Wednesday, August 24, holdings of U. S. Government securities bought outright were $135 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $186 million lower, and member bank borrowings were $238 million lower Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Aug. 24, Aug. 17, Aug. 26, Aug. 24, and related items I960 I960 1959 I960 (1[ n millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 26,772 - 4o 4- 254 26,697 Held under repurchase agreement 220 - 9 + 165 66 Acceptances-- Bought outright 34 + 3 + 13 32 Held under repurchase agreement 13 + 9 + 13 3 Loans, discounts, and advances-- Member bank borrowings 193 -223 - 747 238 i Other Float l,oi4 + 38 + 64 734 Total Reserve Bank credit 28,245 -224 • 246 27,770 Gold stock 19,026 - 13 - 574 19,026 Treasury currency outstanding 5,366 + 3 + 83 5,366 52,638 -233 - 731 52,163 Currency in circulation 32,087 - 97 + 136 31,982 Treasury cash holdings 400 - 9 + 5 402 Treasury deposits with F. R. Banks 485 - 70 • 79 519 Foreign deposits with F. R. Banks 195 + 5 - 62 228 Other deposits with F. R. Banks 380 6 + 59 383 Other F. R. accounts (net) 1,016 +112 - 278 1,014 3k, 563 - 65 219 34,527 - Member bank reserves: With Federal Reserve Banks 18,075 -168 511 17,636 Cash allowed as reserves (estimal ) 311 - 10 + 311 • 311 Total reserves held 18,386 -178 - 200 17,947 Required reserves (estimated) 17,931 - 51 - 218 17,868 Excess reserves (estimated) 455 -127 + 18 79 On August 24, i960, u. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,385 million, a decrease of $19 million for the week and an increase of $1,139 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. 24, Aug. 17, Aug. 26, I960 I960 1959 A S S E TS Gold certificate account 17,755,645 + 3,002 615,495 Redemption fund for F. R. notes 976,843 864 + 46,182 Total gold certificate reserves 18,732,488 + 2,138 - 569,313 F. R. notes of other Banks 454,733 + 47,113 + 34,958 Other cash 420,850 + 12,834 + 31,413 Discounts and advances 237,725 - 238,515 319,002 - Acceptances: Bought outright 32,106 3 + 106^ Held under repurchase agreement 3,231 - 13,870 - U. S. Government securities: Bought outright— 1 Bills 22,,669966,,440077 - 135,350 + 178,607 Certificates 14,006,993 +3,500,000 -- Notes 7,510,298 - - -3, 500,000 Bonds 2,483,771 — — ~ — Total bought outright 26,697,469 - 135,350 + 178,607 Held under repurchase agreement 65,200 - 185,900 + 65,200 Total U. S. Government securities 26,762,669 - 321,250 + 243,807 Total loans and securities 27,035,731 - 573,638 - 60,411 Due from foreign banks 15 -- - - Cash items in process of collection 4,984,610 -1,151,970 + 31,374 Bank premises 105,781 100 + 9,019 Other assets 189,326 + 18,554 + 48,799 TOTAL ASSETS 51,923,534 -1,645,069 474,161 - L I A B I L I T I ES Federal Reserve notes 27,598,721 - 100,473 + 88,227 Deposits: Member bank reserves 17,636,387 - 728,673 - 404,878 U. S. Treasurer--general account 518,509 28,866 15,025 - Foreign 227, 560 + 35,507 56,103 - Other 383,197 + 21,172 + 4l, 083 Total deposits 18,765,653 - 700,660 434,923 - Deferred availability cash items 4,250,206 - 860,175 + 58,406 Other liabilities and accrued dividends 42,352 671 + 3,630 TOTAL LIABILITIES 50,656,932 -1,662,179 284,660 - C A P I T AL A C C O U N TS Capital paid in 402,063 + 147 + 19,579 Surplus 774,808 — — - 93,602 Other capital accounts 89,731 + 16,963 - 115,478 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,923,534 -1,645,069 474,161 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined kO. k<f + 0 Contingent liability on acceptances purchased for foreign correspondents 197,802 + 3,271 + 124,669 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 24, 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 231,980 8, 573 373,500 16 days to 90 days 5,683 26,764 6,470,826 91 days to 1 year 62 12,781,839 Over 1 year to 5 years 5,686,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 237,725 35,337 26,762,669

1.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH AUGUST 24, 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) A S S E TS Gold certificate account 17,755,645 798,693 4,737,884 1006,145 1538,841 1017,152 858,586 3133,5^1 698,676 349,991 728,779 666,299 2221,058 Redemption fund for F. R. notes 976,843 59,968 217,084 59,341 86,387 82,467 62,322 178,910 43,949 23,733 Total .gold certificate reserves 18,732,488 858,661 354,968 1065,486 1625,228 1099,619 920,908 3312,451 742,625 373,724 774,087 698,865 2305,866 F.R. notes of other Banks 454,733 54,863 91,267 45,027 12,946 28,142 72,370 27,711 15,330 21,909 21, 544 16,867 46,757 Other cash 420,850 31,264 81,468 21,323 35,449 21,543 36,204 65,678 25,115 8,797 14,921 16,595 62,493 Discounts and advances 237,725 21,635 42,480 16,110 11,940 38,662 34,401 28,278 3,100 6,650 19,245 11,033 4,191 Acceptances: :: :: :: Bought outright 32,106 32,106 " " — — -- -- -- Held under rep. agree. 3,231 3,231 U. S. Govt, securities: Bought outright— Bills 2,696,407 14^,905 672,570 154,385 231,668 170,669 147,846 461,512 108,982 62,570 115,732 108,665 316,903 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 1646,214 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 03.3*4.78. 142,211 213,398 157,210 116.188 425.117 100.186 57.616 106.606 100.096 291.911 Total 26,697,469 1434,722 6,659,203 1528, 590 2293,767 1689,816 1463,849 4569,485 1079,032 619,5151145,882 1075,908 3137,700 Held under.rep. agree. 65,200 65< 200 —— — — —— —— Total U. S. Govt, sees. 26,762,669 I_4l4,722 6,724.403 1528.590 2291.767 l689.8l6 1461.849 4569,485 1079,032 619,515 1145.882 1075.908 1117.700 Total loans & securities 27,035,731 1456,357 6,802,220 1544,700 2305,707 1728,478 1498,250 4597,763 1082,132 626,165 1165,127 1086,941 3141,891 Due from foreign hanks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items In process of collection 4,984,610 323,959 905,835 297,753 407,369 400,479 407,005 766,031 204,067 158,902 302,950 267,090 543,170 Bank premises 105,781 4,086 9,587 3,856 8,887 6,307 10,658 20,956 6,776 4,954 4,524 13,460 11,730 Other assets 189,326 9,951 46.498 10.669 16.626 11.937 11.047 11.588 7.472 4.177 9.081 7.914 22.144 TOTAL ASSETS 51,923,534 2739,142 12,891,847 2988,815 4412,213 3296,506 2956,443 8822,180 2083,517 1198,828 2292,237 2107,753 6134,053 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 24, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York RRiicchhmmoonndd Atlanta Chicago DDaallllaass delphia land Louis apolis City Francisco L I A B I L I T I E S -Federal Reserve notes 27,598,721 1598,507 6,415,554 1786,882 2515,610 2070,593 1574,579 5220,435 1188,564 595,975 1120,186 804,298 2707,538 Deposits: Member bank reserves 17,636,387 726,458 4,911,729 832,572 1369,756 768,079 915,885 2660,177 638,102 395,355 831,262 945,477 2641,535 U.S-Treas.-gen.acct. 518,509 37,043 61,101 25,866 27,895 41,207 29,690 67,212 35,841 36,105 47,379 37,462 71,708 Foreign 227,560 10,339 1/76,695 12,449 19,834 9,495 10,972 29,118 6,963 4,853 8,651 12,238 25,953 Other 383,197 423 326,336 2,766 871 2,273 1,167 575 574 264 3,732 485 43,731 Total deposits 18,765,653 774,263 5,375,861 873,653 1418,356 821,054 957,714 2757,062 681,480 436,577 691,024 995,662 2782,927 Deferred availabilitycash items 4,250,206 300,988 731,202 252,474 357,301 343,747 355,172 659,394 169,290 135,999 226,126 234,136 484,377 Other liabilities and accrued dividends 42,352 2,467 11,166 2,110 3,902 2,406 2,161 6,602 1,577 1,301 1,784 1,934 4,942 TOTAL LIABILITIES 50,656,932 2676,225 12,533,783 2915,119 4295,169 3237,800 2889,62b 8643,513 2040,911 1169,852 2239,120 2036,030 5979,784 CAPITAL ACCOUNTS Capital paid in 402,063 19,925 114,215 23,4o4 37,277 18,337 21,313 55,875 13,430 9,230 16,864 23,136 49,057 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 89,731 4,660 22,944 4,654 7,237 5,803 5,198 15,458 3,314 2,166 4,533 3,942 9,822 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,923,534 2739,142 12,891,847 2988,815 4412,213 3296,506 2956,443 8822,180 2083,517 1198,828 2292,237 2107,753 6134,053 Conting. liab. on acceptances purchased for foreign correspondents 197,802 9,692 2/56,375 11,670 18,593 8,901 10,286 27,296 6,527 4,550 8,110 11,473 24,329 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,666,569 1685,436 6,670,392 1838,717 2625,131 2145,498 1642,102 5331,568 1233,665 611,012 1154,659 849,115 2879,274 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 38,405 —— l6,110 — -- «*- 3,100 19,195 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 29,783,405 1780,000 6,800,000 1916,110 2670,000 2175,000 1700,000 5600,000 1348,100 630,000 1189,195 875,000 3100,000 l/ After deducting $150,865,000 participations of other Federal Reserve Banks, 2/ After deducting $141,427,000 participations of other Federal Reserve Banks.