H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM September 22, 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 21 increased $121 million to $18,702 million; cash allowed as reserves increased $68 million and member hank reserve balances at the Federal Reserve Banks increased $53 million. Estimated required reserves increased $318 million; and estimated excess reserves decreased $197 million to $622 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $5^3 million, compared with the revised figure of $520 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $463 million in Federal Reserve float and a decrease of $120 million in currency in circulation. The principal offsetting changes were decreases of $220 million in member bank borrowings, $147 million in gold stock, and $108 million in Federal Reserve holdings of U. S. Government securities, and an increase of $86 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $l4l million. As of Wednesday, September 21, holdings of U. S. Government securities bought outright were $194 million lower than a week earlier and member bank borrowings were $63 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Sept. 21, Sept. 14, Sept. 23, Sept. 21, and related items i960 i960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,495 - 29 142 26,382 Held under repurchase agreement 46 - 79 + 46 -- Acceptances--bought outright 34 + 1 4" 13 32 Loans, discounts, and advances-- Member bank borrowings 79 -220 780 72 Other 7 + 5 + 6 18 Float 1,527 +463 + 28 1,253 Total Reserve Bank credit 28,189 +i4i - 827 27,757 Gold stock 18,828 -147 - 685 18,758 Treasury currency outstanding 5,376 + 2 4- 98 5,376 52,392 - 5 -1,416 51,891 Currency in circulation 32,171 -120 + 187 32,061 Treasury cash holdings 403 + 2 + 13 4o4 Treasury deposits with F. R. Banks 551 + 86 - 81 575 Foreign deposits with F. R. Banks 224 + 20 - 74 198 Other deposits with F. R. Banks 379 - 7 - 4l 378 Other F. R. accounts (net) 936 - 38 - 328 935 34,664 - 57 - 326 34,551 Member bank reserves: With Federal Reserve Banks 17,729 + 53 -1,090 17,341 Cash allowed as reserves (estimated) 973 + 68 + 973 973 Total reserves held 157702 +121 - 117 18,314 Required reserves (estimated) 18,080 +318 - 217 18,130 Excess reserves (estimated) 622 -197 + 100 184 On September 21, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,403 million, an increase of $32 million for the week and an increase of $1,086 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 Sept. 21, Sept. 14, Sept. 23, I960 I960 1959 A S S E TS Gold certificate account 17,486,640 189;002 - 743,503 Redemption fund for F. R. notes 977,429 + 5,781 + 4,545 Total gold certificate reserves 18,464,069 - 183,221 - 738,958 F. R. notes of other Banks 471,713 + 48,956 - 20,546 Other cash 401,118 + 8,914 + 16,415 Discounts and advances 89,582 - 46,955 - 656,477 Acceptances—bought outright 32,110 + 12,075 U. S. Government securities: Bought outright— Bills 2,381,047 194,460 - 240,703 Certificates 14,006,993 -- +3,500,000 Notes 7,510,298 -3,500,000 Bonds 2,483,771 «. •» • - Total bought outright 26,382,109 194,460 - 240,703 — Held under repurchase agreement Total U. S. Government securities 26,382,109 194,460 - 240,703 - Total loans and securities 26,503,801 - 241,415 - 885,105 Due from foreign banks 15 -- Cash items in process of collection 7,153,266 + 735,919 +1,208,988 Bank premises 106,640 + 217 + 8,913 Other assets 255,018 + 10,611 + 51,312 TOTAL ASSETS 53,355,640 + 379,981 - 358,981 L I A B I L I T I ES Federal Reserve notes 27,667,118 102,872 + 128,249 - Deposits: Member bank reserves 17,340,512 368,837 - 794,793 U. S. Treasurer—general account 575,166 + 144,264 - 329,761 Foreign 197,872 ~ 26,191 - 112,509 Other 378,395 + 7,744 44,940 Total deposits 18,491,945 - 243,020 -1,282,003 Deferred availability cash items 5,900,313 + 709,551 +1,062,890 Other liabilities and accrued dividends 39,529 - 472 + 95 TOTAL LIABILITIES 52,098,905 + 363,187 - 90,769 C A P I T AL A C C O U N TS Capital paid in 402,361 + 268 + 19,131 Surplus 774,808 — - - 93,602 Other capital accounts 79,566 + 16,526 - 193,741 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,355,640 + 379,981 - 358,981 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 40.0# .1# - .6$ Contingent liability on acceptances purchased for foreign correspondents 205,001 6,129 + 137,245 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 21, 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 67,516 5,532 313,336 16 days to 90 days 21,937 26,578 6,223,751 91 days to 1 year 129 12,708,518 Over 1 year to 5 years 5,686,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 59,5% 32,110 26,362,109

H.4.1(b) STATEMENT OF CONDIT]C ON OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 21, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City- Francisco A S S E TS Gold certificate account 17,486,640 769,084 4,928,446 971,035 1463,052 1048,397 810,100 3091,506 668,768 322,407 725,458 672,915 2015,472 Redemption fund for F. R. notes 977,429 59,223 213,584 58,163 87,137 79,282 61,133 177,418 43,567 26,527 45,002 32,329 94,064 Total gold certificate reserves 18,464,069 828,307 5,142,030 1029,198 1550,189 1127,679 871,233 3268,924 712,335 348,934 770,460 705,244 2109,536 F.R. notes of other Banks 471,713 56,331 97,857 42,063 13,810 29,359 66,655 28,902 15,521 24,600 21,185 17,888 57,542 Other cash 401,118 27,789 72,210 19,303 35,003 22,601 32,537 66,418 21,623 9,210 14,308 16,125 63,991 Discounts and advances 89,582 2,107 6,880 4,472 5,442 5,235 14,336 20,728 2,069 4,034 8,898 13,167 2,214 Acceptances: Bought outright 32,110 -- 32,110 -- — - -- " " -- U. S. Govt, securities: Bought outright— Bills 2,381,047 127,958 593,909 136,329 204,573 150,709 130,554 407,536 96,236 55,252 102,196 95,956 279,839 Certificates 14,006,993 752,736 3,493,792 801,984 1203,439 886,573 768,017 2397,409 5^6,121 325,032 601,194 564,482 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 2,483,771 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 26,382,109 1417,775 6,580,542 1510,534 2266,672 1669,056 1446, 557 4515,509 1066,206 612,197 1132,346 1063,199 3100,636 Held under repurchase agreement Total U. S. Govt, sees. 26,382,109 1417,775 6,580,542 1510,534 2266,672 1669,856 1446,557 4515,509 1066,286 612,197 1132,346 1063,199 3100,636 Total loans & securities 26,503,801 1419,882 6,619,532 1515,006 2272,114 1675,091 1460,893 4536,237 1068,355 616,231 1141,244 1076,366 3102,850 Due from foreign hanks 15 1 yk 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 7,153,266 508,042 1,382,815 461,319 626,854 613,281 534,274 1090,551 270,079 195,634 386,108 321,315 762,994 Bank premises 106,640 4,051 9,547 3,838 8,819 6,288 10,793 21,251 6,752 4,932 5,094 13,596 11,679 Other assets 255,018 13,855 62,847 14,381 22,211 16,189 14,717 42,744 10,178 5,906 11,295 10,658 30,037 TOTAL ASSETS 53,355,640 2858,258 13,386,842 3085,109 4529,001 3490,489 2991,103 9055,029 2104,843 1205,44? 2349,695 2161,193 6138,631 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500. V

E.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH SEPTEMBER 21, 19^0 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (In thousands of dollars) L I A B I LI T I ES Federal Reserve notes 27,667,118 1593,115 6,429,503 1783,417 2517,622 2105,746 1573,842 5219,608 1190,277 593,907 1121,143 810,358 2728,580 Deposits: Member bank reserves 17,340,512 710,675 4,967,647 802,513 1301,706 749,090 838,442 2686,577 621,542 390,166 823,303 934,281 2514,570 U.S.Treas.-gen.acct. 575,166 20,204 151,185 25,983 35,192 55,221 34,101 52,015 21,623 23,989 39,712 49,268 66,673 Foreign 197,872 9,408 1/60,592 11,328 18,048 8,640 9,984 26,496 6,336 4,4l6 7,872 11,136 23,616 Other 8,2% J22 -JILIOI 1,972 655 3.770 1,014 971 306 568 4.700 -651 48.156 Total deposits 18,491,945 740,810 5i,,449944,,5!3 3 841,796 1355,601 816,721 883,541 2766,059 649,807 419,139 875,587 995,336 2653,015 Deferred availability cash items 5,900,313 459,673 1,097,416 384,753 536,039 507,631 465,086 886,419 221,099 162,279 298,355 282,279 599,284 Other liabilities and accrued dividends 39,529 2,348 10,040 1,966 3,633 2,273 2,018 6,294 1,442 1,328 1,626 1,869 4,692 TOTAL LIABILITIES 52,098,905 2795,946 13,031,492 3011,932 4412,895 3432,371 2924,487 8878,380 2062,625 1176,653 2296,711 2089,842 5985,571 CAPITAL ACCOUNTS Capital paid in 402,361 19,936 113,968 23,446 37,306 18,368 21,370 55,956 13,465 9,250 17,009 23,151 49,136 Surplus 774,808 220,905 45,638 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95,390 Other capital accounts 79,566 20,477 4,093 6,270 5,184 4,940 13,359 2,891 1,964 4,255 3,555 8,534 TOTAL LIABILITIES AM) 2858,258 13,386,842 3085,109 4529,001 3490,489 2991,103 9055,029 2104,843 1205,44? 2349,695 2161,193 6138,631 CAPITAL ACCOUNTS 53,355,640 Conting. liab. on acceptances purchased for foreign correspondents 205,001 10,045 2/58,426 12,095 19,270 9,225 10,660 28,290 6,765 4,715 8,405 11,890 25,215 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,833,958 l634,Ol4 6,679,462 1826,809 2634,146 2180,336 1643,610 5345,627 1243,086 674,131 1156,507 852,108 2914,122 Collat. for F. R. notes: Gold certificate acct. 10,290,000 530,000 2,800,000 700,000 920,000 700,000 500,000 1900,000 410,000 180,000 300,000 250,000 1100,000 Eligible paper 13,045 3,410 -- -- -- -- 1,475 -- 8,160 U. S. Govt, securities 112^65^000 1250.000 4.000.000 1200.000 1750.000 1525,000 1200,000 3700,000 935,000 510.000 870.000 625.000 2000,000 Total collateral 29,858,045 1780,000 6,800,000 1903,410 2670,000 2225,000 1700,000 5600,000 1346,475 690,000 1178,160 875,000 3100,000 1/ After deducting $137,280,000 participations of other Federal Reserve Banks, 2/ After deducting $146,575,000 participations of other Federal Reserve Banks,