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 1% 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 tank reserves held during the week ended September 14 increased $211 million to $1.8, 573 million; cash allowed as reserves increased $142 million and member bank reserve balances at the Federal Reserve Banks increased $69 million. Estimated required reserves increased $13 million; and estimated excess reserves increased $198 million to $864 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $565 million, compared with the revised figure of $405 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $203 million in Federal Reserve float and $38 million in member bank borrowings, and decreases of $37 million in "other11 F. R. accounts (net), $29 million in foreign deposits with Federal Reserve Banks, and $26 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $117 million in currency in circulation,and decreases of $135 million in Federal Reserve holdings of U. S. Government securities and $24 million in gold stock. Total Reserve Bank credit increased $107 million. As of Wednesday, September 14, holdings of U. S. Government securities bought outright were $64 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $82 million lower, and member bank borrowings were $40 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Sept. 14, Sept. 7, I Sept. 16, Sept. 14, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 26,524 -116 - 119 26,577 Held under repurchase agreement 125 - 19 + 31 Acceptances-- Bought outright 33 — - + 13 32 Held under repurchase agreement — — - 1 * •» — Loans, discounts, and advances-- Member bank borrowings 299 + 38 - 760 135 Other 2 + 1 + 1 2 Float 1,064 +203 + 47 1, 227 Total Reserve Bank credit 28,048 +107 - 786 27,972 Gold stock 18,975 1 - 24 - 547 18,939 Treasury currency outstanding 5,374 + 2 + .100 5,375 +~B6 52,397 -1,233 52,285 Currency in circulation 32,291 +117 + 94 32,220 Treasury cash holdings 401 + 2 + 6 401 Treasury deposits with F. R. Banks 465 - 12 + 44 431 Foreign deposits with F. R. Banks 204 - 29 - 127 224 Other deposits with F. R. Banks 386 - 26 + 13 371 Other F. R. accounts (net) 974 - 37 - 286 929 + 16 256 3344,,772211 3344,,557766 Member bank reserves: With Federal Reserve Banks 17,676 + 69 - 977 17,709 Cash allowed as reserves (estimated) 897 +142 + 897 897 Total reserves held 18,573 +211 80 WZoS Required reserves (estimated) 17,709 + 13 - 461 17,792 Excess reserves (estimated) 864 +198 + 381 8l4 * Less than $500,000. i960, On September 14, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,371 million, a decrease of $50 million for the week and an increase of $1,063 million from the comparable date a year ago.

H.U.l(ei) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since Sept• 14, Sept. 7, Sept. 16> I960 I960 1959 A S S E TS Gold certificate account 17,675,642 - 54,998 - 6o4,500 Redemption fund for F. R. notes 971,648 4- 1,348 + 19,466 Total gold certificate reserves 18,647,290 - 53,650 - 585,034 F. R. notes of other Banks 422,757 4- 42,608 - 3,878 Other cash 392,204 + 4,294 + 29,754 Discounts and advances 136,537 - 40,135 - 292,575 Acceptances—bought outright 32,110 4- 3 + 12,076 U.S. Government securities: Bought outright-- Bills 2, 575,507 - 63,900 - 6666,,119933 Certificates 14,006,993 +3;, 500,000 — — Notes 7,510,298 -3,500,000 Bonds 2,483,771 - - Total bought outright 25757^5^9 - 63,900 - 66,193 Held under repurchase agreement - 82,100 - 155,400 Total U. S. Government securities 26,576,569 - 146,000 - 221,593 Total loans and securities 26,745,216 186,132 502,092 Due from foreign banks 15 -- Cash items in process of collection 6,417,347 +1,803,071 - 593,409 Bank premises 106,423 + 913 + 8,640 Other assets 244,407 + 17,193 + 59,430 TOTAL ASSETS 52,975,659 +1,628,297 -lj IV 00 L I A B I L I T I ES Federal Reserve notes 2277,,776699,,999900 - 47,090 + 77,144 Deposits: Member bank reserves 17,709, 349 + 387,037 - 850,190 U. S. Treasurer--general account 430,902 86,634 + 84,779 Foreign 224,063 + 29,277 - 92,344 Other 370,651 5,422 - 11,857 Total deposits 18,734,965 + 324,256 - 869,612 Deferred availability cash items 5,190,762 +1,412,982 - 526,123 Other liabilities and accrued dividends 4o,001 l, 466 241 TOTAL LIABILITIES 51,735,718 +1,688,684 -1,318,832 C A P I T AL A C C O U N TS Capital paid in — 402,093 + 0\ 1—I + 19,059 Surplus 774,808 — •» - 93,602 Other capital accounts 63,040 60,478 - 193,214 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,975,659 +1, 628,297 -1,586,589 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined kkOO..llffoo .4# ..66## Contingent liability on acceptances purchased for foreign correspondents 198,872 3,821 + 130,104 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER l4, 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 131,50k 9,667 387,096 16 days to 90 days 4,983 22, 443 6,326,951 91 days to 1 year 50 12,726,018 Over 1 year to 5 years 5,686,64 7 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 136,537 32,110 26,576,569

E.4.1M STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 14, 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 17,675,642 848,841 4,823,371 992,813 1537,522 1031,329 833,267 3109,316 697,701 364,536 735,453 631,227 2070,266 Redemption fund for F. R. notes 971,648 59,492 214,520 58,577 87,558 79,984 61,546 177,906 43,689 26,589 45,097 32,396 84,294 Total gold certificate reserves 18,647,290 908,333 5,037,891 1051,390 1625,080 1111,313 894,813 3287,222 741, 390 391,125 780,550 663,623 2154,560 F.R. notes of other Banks 422,757 49,456 89,153 36,892 11,445 27,299 64,589 24,126 13,879 21,941 17,669 14,787 Other cash 392,204 27,710 74,372 19,337 36,555 22,308 30,46l 64,273 21,006 8,571 13,388 15,817 Discounts and advances 136,537 7,973 20,660 1,778 3,338 7,340 23,054 41,931 1,366 3,166 12,571 12,879 481 Acceptances: Bought outright 32,110 32,110 — «• — — -- - - -- -- U. S. Govt, securities: Bought outright— Bills 2,575,507 138,408 642,414 147,463 221,280 163,017 l4l, 217 440,819 104,095 59,764 110,543 103,793 302,694 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 4n, 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 26,576,569 1428^225 6,629] 647 1521', 668 2283,379 1682,164 1457,220 4540,792 1074,145 616,709 1140,693 1071,036 3123,491 Held under repurchase agreement -Total U. S. Govt, sees. 26,576,569 1428,225 6,629,047 1521,668 2283,379 1682,164 1457,220 4548,792 1074,145 616,709 1140,693 1071,036 3123,491 Total loans & securities 26,745,216 1436,198 6,681,817 1523,446 2286,717 1689,504 1480,274 4590,723 1075,511 619,875 1153,264 1083,915 3123,972 Due from foreign banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,417,347 395,244 1,123,891 374,951 546,874 535,313 505,342 1086,137 302,8o4 202,714 338,150 301,492 704,435 Bank premises 106,423 4,051 9,547 3,861 8,833 6,295 10,802 20,965 6,738 4,927 5,094 13,595 11,715 Other assets 244,407 13,028 60,162 13,833 21,509 15,458 14,191 40,992 9,802 5,673 10,861 10.022 28,876 TOTAL ASSETS 52,975,659 2834,021 13,076,837 3023,711 4537,014 3407,491 3000,473 9114,440 2171,130 1254,826 2318,977 2103,252 6133,487 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 SEPTEMBER l4, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco L I A B I L I T I ES Federal Reserve notes 27,769,990 1600,566 6,442,929 1787,214 2523,497 2108,075 1583,794 5236,534 1194,192 595>89 1127,307 812,601 2757,792 Deposits: Member bank reserves 17,709,349 813,422 5,005,129 826,853 1369,370 7^4,205 882,579 2731,898 643,150 429,780 828,546 904,803 2529,614 U.S.Treas.-gen.acct. 430,902 26,587 65,084 20,093 35,750 46,636 26,973 67,921 31,629 22,665 33,322 31,906 22,336 Foreign 224,063 10,486 1/71,053 12,626 20,116 9,630 11,128 29,532 7,062 4,922 8,774 12,412 26,322 Other 0 370,651 403 308,815 1,600 628 4,756 1,067 727 1,376 522 2,574 666 47,517 Total deposits 18,734,955 850,898 5,450,081 851,172 1425,864 805,227 921,747 2830,0/8 683,217 457,889 873,21b 9^9,787 2625,789 Deferred availability cash items 5,190,762 318,728 822,778 301,095 469,127 434,769 427,105 867,961 250,575 171,582 264,483 268,4o6 594,153 Other liabilities and accrued dividends 40/001 2,362 9,984 2,005 3,865 2,324 2,113 6,177 1,565 1,423 1,706 1,767 4,710 TOTAL LIABILITIES 51,735,718 2772,554 127725,772 295l~5S6 4422,353 3350,395 2934,75 9 89^0,750 2129,5W1226,383"22567712'2032,561 5982,444 CAPITAL ACCOUNTS Capital paid in 402,093 19,930 113,945 23,446 37,295 21,324 55,931 13,458 18,367 9,244 16,956 23,133 49,064 Surplus 38,332 220,905 45,638 72,530 34,566 40,306 107,334 17,580 31,720 44,645 95,390 774,808 25,862 Other capital accounts 63,o4o 3,205 16,215 3,l4l 4,836 4,163 4,084 10,425 2,261 1,619 3,589 2,913 6,589 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,975,659 2834,021 13,076,837 3023,711 4537,014 3407,491 3000,473 9-114,440 2171,130 1254,826 2318,977 2103,252 6133,487 Conting. liab. on acceptances purchased for foreign correspondents 9,746 11,735 8,950 10,3^3 27,448 6,564 4,575 8,155 11,536 24,465 198,872 2/56,659 18,696 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,812,232 1676,785 6,681,190 1826,6o4 2641,707 2179,533 1648,983 5347,954 1237,680 654,970 1158,068 853,330 2905,428 Collat. for F. R. notes: Gold certificate acct. 10,490,000 530,000 2,800,000 700,000 920,000 700,000 500,000 1900,000 4io,oco 180,000 300,000 250,000 1300,000 Eligible paper 15,449 —— 12,489 — — — —— 1,060 — — —- •— —— 1,300 U. S. Govt. securities 19,365,000 1250,000 4,000,000 1200,000 1750,000 1525,000 1200,000 3700,000 935,000 510,000 870,000 625,000 1800,000 Total collateral =9,870,449 1780,000 6,800,000 1901,660 2670,000 2225,000 1700,000 5600,000 1346,300 690,000 1182,489 875,000 3100,000 17/ After deducting participations of other Federal Reserve Banks, §153,010,000 2/ After deducting $142,213,000 participationso f other Federal Reserve Banks.