H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM September 8, 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 September 7 decreased $178 million to $18,279 million. Cash allowed as reserves decreased $13 million, reflecting an estimated decrease at country member banks which was largely offset by the estimated increase in currency and coin that central reserve and reserve city member banks were permitted to count as reserves beginning September 1. Member bank reserve balances at the Federal Reserve Banks decreased $165 million. Estimated required reserves decreased $136 million, reflecting in part the reduction in reserve requirements at central reserve city member bankswhich became effective September 1; and estimated excess reserves decreased $42 million to million. Excess reserves exceeded member bank borrowings at the Federal $583 Reserve Banks by $322 million, compared with the revised figure of $352 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were increases of $194 million in currency in circulation and $28 million in "other" deposits with Federal Reserve Banks, and a decrease of $42 million in U. S. Government securities bought outright. The principal offsetting changes were increases of $73 million in Federal Reserve float and $38 million in U. S. Government securities held under repurchase agreement. Total Reserve Bank credit increased $59 million. As of Wednesday, September 7, U. S. Government securities held under repurchase agreement were $39 million lower than a week earlier and member bank borrowings were $230 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Sept. 7, Aug. 31, Sept. 9, Sept. 7, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,640 - 42 23 26,640 Held under repurchase agreement 144 + 38 + 53 83 Acceptances-- Bought outright 33 + 1 + 11 32 Held under repurchase agreement 1 1 - - - Loans, discounts, and advances-- Member bank borrowings 261 - 12 - 796 175 Other 1 + 1 2 -- Float 861 + 73 + 42 836 Total Reserve Bank credit 27,941 + 59 715 27,768 - Gold stock 18,999 - 7 - 524 18,990 Treasury currency outstanding 5,372 + 2 + 98 5,374 52,311 + 53 -1; 142 52,132 Currency in circulation 32,174 +194 + 67 32,310 Treasury cash holdings 399 + 3 - 2 402 Treasury deposits with F. R. Banks 477 - 10 + 47 518 Foreign deposits with F. R. Banks 233 + 8 - 42 195 Other deposits with F. R. Banks 412 + 28 + 71 376 Other F. R. accounts (net) 1,011 - 3 - 248 1,009 34,705 +219 - 108 34,809 Member bank reserves: With Federal Reserve Banks 17,607 -165 -1,033 17,322 Cash allowed as reserves (estimated) 672 - 13 + 672 672 Total reserves held 18,279 -175 - 361 17,994 Required reserves (estimated) 17,696 -136 - 386 17,676 Excess reserves (estimated) 583 - 42 + 25 318 On September 7, I960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,4-21 million, a decrease of $2 million for the week and an increase of $1,117 million frcm the comparable data a year ago.

H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since Sept. 7, Aug. 31, Sept. 9, i960 I960 1959 A S S E TS Gold certificate account 17,730,640 - 5,003 - 575,503 Redemption fund for F. R. notes SIP,.300 - 2,795. + 43,979 Total gold certificate reserves 18,700,940 - 7,798 - 531,524 F. R. notes of other Banks 380,149 _ 62,386 + 23,270 Other cash 387,910 40,932 + 43,293 - Discounts and advances 176,672 228,446 286,789 Acceptances: Bought outright 32,107 + 12,571 — — Held under repurchase agreement -- - 500 - 138 U. S. Government securities: Bought outright— Bills 2,639,407 — — - 2,293 Certificates 14,006,993 - — +3;, 500,000 Notes 7,510,298 — — -3,500,000 Bohds 2,483,771 - - Total bought outright 26,64o, 469 - - 2,293 Held under repurchase agreement 82,100 - 39,200 + 50,350 Total U. S. Government securities 26,722,569 - 39,200 + 48.057 Total lpans and securities 26,931,348 268,146 226,299 Due from foreign banks 15 — *• — mm Cash items in process of collection 4,614,276 - 302,329 23,375 Bank premises 105,510 + 9 + 8,944 Other assdts 227.214 + 20.022 + 49,455 TOTAL ASSETS 51,347,362 66l,560 609.486 - - L I A B I L I T I ES Federal Reserve notes™* 27,817,080 + 119955,,777799 + 4466,,881155 Deposits: Member bank reserves 17,322,312 - 412,964 - 464,637 U. S. Treasurer--general account 517,536 + 36,123 + 147,836 Foreign 194,786 - 9,612 113,525 Other , 376,073 , 55,747 2,495, Total deposits 18,410,707 - 442,200 - 427,831 Deferred availability cash items 3,777,780 - 431,634 • 39,938 Other liabilities and accrued dividends 41.467 - 83 + 1.482 TOTAL LIABILITIES 50,047,034 - 678,138 - 419,472 C A P I T AL A C C O U N TS Capital paid in 402,002 231 •f 19,344 Surplus 774,808 m m - 93,602 Other capital accounts 123,518 "I* 16,809 - 115.756 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,347,362 - 661.560 609,486 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined kkoo..%% + .2% .. .8 i Contingent liability on acceptances purchased for foreign correspondents 202,693 - 885 + 131,601 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 7, 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 170,952 11,078 419,460 16 days to 90 days 5,670 21,029 6,438,787 days to 1 year 91 50 -- 12,727,818 Over 1 year to 5 years — -- 5,686,647 Over 5 years to 10 years -- __ 1,178,574 Over 10 years __ 271,283 Total 176,672 32,107 26,722,569

H.4.1(b) STATEMENT OF C0NDITC]O N OF EACH FEDERA] RESERVE BANK ON SEPTEMBER 7, I960 Phila- Cleve- St. I Minne- Kansas San Total Boston NNeeww YYoorrkk RRiicchhmmoonndd Atlanta Chicago DDaallllaass delphia land Louis J apolis City Francisco ((IInn t11h ousands of dollars) AA SS SS EE TTSS Gold certificate account 17,730,640 837,401 4,764,207 925,296 1577,740 1048,725 874,292 3012,883 717,919 335,730 759,592 622,830 2254,025 Redemption fund for F. R. notes 970,300 59,668 215,445 58,850 85,862 80,849 61,830 178,262 43,781 23,639 45,166 32,459 84,489 Total gold certificate reserves 18,700,940 897,069 4,979,652 984,146 1663,602 1129,574 936,122 3191,145 761,700 359,369 880044,,775588 655,289 2338,514 F .R. notes of other Banks 380,149 47,233 71,525 42,286 11,475 21,454 65,170 24,240 11,146 21,703 17,777 14,424 31,716 Other cash 387,910 28,985 73,819 20,045 35,196 19,949 30,868 64,826 23,123 8,800 14,387 14,891 53,021 3 j Discount s and advance s 176,672 13,533 33,910 8,268 7,863 7,740 20,354 49,634 3,266 6,796 11,947 11,180 2,l8l Acceptances: Bought outright 32,107 32,107 -- -- - - -- — -- -- -- " -- II. Govt, securities: .Sought outright— Bills 2,639,407 141,842 658,352 151,122 226,770 167,061 114444,,772211 445511,,775566 106,678 6611,,224477 113,286 106,368 310,204 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 Motes 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 2266,,664400,,446699 1431,659 6,644,985 1525,327 2288,869 1686,208 1460,724 4559,729 1076,728 618,192 1143,436 1073,611 3131,001 Held under repurchase agreement Rp, 100 8822,,110000 mm mm mm m» mm mm mm mm «• w mm mm • mm mm Total U. S. Govt. sees. 26,722,569 1431,659 6,727,085 1525,327 2288,869 1686,208 1460,724 4559,729 1076,728 618,192 1143,436 1073,611 3131,001 Total loans & securities 26,931,348 1445,192 6,793,102 1533,595 2296,732 1693,948 1481,078 4609,363 1079,994 624,988 1155,383 1084,791 3133,182 Due from foreign banks 15 1 11// 44 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 4,614,276 309,525 870,525 302,865 363,009 383,516 353,882 757,029 195,664 138,523 234,025 239,389 466,324 Bank premises 105,510 4,051 9,547 3,861 8,833 6,295 10,623 20,965 6,738 4,927 4,510 13,438 11,722 Other assets 227,214 11,977 55,981 12,837 19,971 14,375 13,170 38,036 9,059 5,225 10,672 9,262 26,649 TOTAL ASSETS 51,347,362 2744,033 12,854,155 2899,636 4398,819 3269,112 2890,914 8705,606 2087,424 1163,535 2241,513 2031,485 6061,130 1/ After deducting $11,000 participab-ions of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDIT][O N OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 7, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond AAttllaannttaa CChhiiccaaggoo Louis apolis City DDaallllaass Francisco L I A B I L I T I ES (in thousands of dollars) Federal Reserve notes 27,817,080 1602,944 6,460,658 1788,557 2523,227 2102,486 1583,093 5241,395 1193,776 594,988 1129,315 810,874 2785,767 Deposits: Member bank reserves 17,322,312 747,023 4,844,400 767,765 1386,231 736,393 891,083 2602,913 644,893 339922,,669966 881100,,334400 887,723 2610,852 U.S.Treas.-gen.acct. 517,536 27,442 113,505 24,123 44,545 35,665 29,241 64,432 25,196 24,105 43,328 36,922 49,032 Foreign 194,786 9,212 1/60,366 11,092 17,672 8,460 9,776 25,944 6,204 4,324 7,708 10,904 23,124 Other 376,073 439 314,714 1,643 834 4,690 915 775 580 220 3,083 546 47,634 Total deposits 18,410,707 784,116 5,332,985 804,623 1449,282 785,208 931,015 2694,064 676,873 421,345 00 £ £ o\ 936,095 2730,642 Deferred availability cash items 3,777,780 289,912 682,695 228,614 302,448 318,296 306,140 578,860 171,392 111155,,994455 191,588 209,830 338822,,006600 Other liabilities and accrued dividends 41,467 2,433 11,061 2,168 3,962 2,336 2,069 6,688 1,497 1,557 1,563 1,673 4,460 TOTAL LIABILITIES 50,047,034 2679,405 12,487,399 2823,962 4278,919 3208,326 2822,317 8521,007 2043,538 1133,835 2186,925 1958,472 5902,929 CAPITAL ACCOUNTS Capital paid in 402,002 19,928 113,942 23,435 37,293 18,367 21,315 55,908 13,428 9,237 16,952 23,133 49,064 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 123,518 6,368 31,909 6,601 10,077 7,853 6,976 21,357 4,596 2,883 5,916 5,235 13,747 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 51,347,362 2744,033 12,854,155 2899,636 4398,819 3269,112 2890,914 8705,606 2087,424 1163,535 2241,513 2031,485 6061,130 Con ting .liab. on acceptances purchased for foreign correspondents 202,693 9,942 22//5577,,661199 11,971 19,073 9,130 10,551 28,000 66,,669966 44,,666677 88,,331199 1111,,776688 2244,,995577 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. mmootteess oouuttssttaannddiinngg 28,727,573 1682,357 6,680,929 1834,101 2622,028 2170,437 1650,266 5341,308 1237,301 611,051 1156,589 851,250 2889,956 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 23,215 —— — — 8,150 —— —— —— —— 3,200 — — 11,865 — — —— UU.. SS.. GGoovvtt,, sseeccuurriittiieess 19,305,000 1250,000 4,000,000 1200,000 1750,000 1525,000 1200,000 3700,000 935,000 450,000 870,000 625,000 1800,000 TToottaall ccoollllaatteerraall 29,793,215 1780,060 6,800,000 1908,150 2670,000 2200,000 1700,000 5600,000 1348,200 630,000 1181,865 875,000 3100,000 1/ After deducting $134,420,000 participations of other Federal Reserve Banks. 5/ After deducting $145,074,000 participations of other Federal Reserve Banks.