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 29, 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 hank reserves held during the week ended September 28 increased a net of $49 million to $18,683 million; cash allowed as reserves increased $107 million and member bank reserve balances at the Federal Reserve Banks decreased $58 million. Estimated required reserves decreased $46 million; and estimated excess reserves increased $95 million to $608 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $383 million, compared with the revised figure of $4-34 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $146 million in member bank borrowings and a decrease of $167 million in currency in circulation. The principal offsetting changes were decreases of $285 million in Federal Reserve float and $97 million in gold stock. Total Reserve Bank credit decreased $130 million. As of Wednesday, September 28, holdings of U. S. Government securities bought outright were $291 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $107 million higher, and member bank borrowings were $522 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Sept. 28, Sept. 21, I Sept. 30, Sept. 28, and related items I960 i960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,456 - 39 - 107 2266,,667733 Held under repurchase agreement 83 + 37 + 83 107 Acceptances—bought outright 34 -- + 14 33 Loans, discounts, and advances-- Member bank borrowings 225 +146 496 593 - Other 19 + 12 + 18 24 Float 1,242 -285 + 144 987 Total Reserve Bank credit 28,059 -130 - 344 28,417 Gold stock 18,731 - 97 - 762 18,697 Treasury currency outstanding 5,375 - 1 + 88 5,375 52,164 -228 -1,019 52,490 Currency in circulation 32,004 -167 + 193 31,972 Treasury cash holdings 399 - 4 + 11 4o4 Treasury deposits with F. R. Banks 579 + 28 - 102 554 Foreign deposits with F. R. Banks 200 - 24 110 184 - Other deposits with F. R. Banks 378 - 1 - 25 382 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 934 - 2 - 262 936 34,494 -170 - 295 34,432 Member bank reserves: With Federal Reserve Banks 17,671 - 58 723 18,058 - Cash allowed as reserves (estimated) 1,012 +107 +1,012 1,012 Total reserves held + 49 + 289 19,070 Required reserves (estimated) 18,075 - 46 - 99 18,072 Excess reserves (estimated) 608 + 95 + 388 998 On September 28, i960, U. S. Government securities held in custody by the Federal. Reserve Banks for foreign account were $5,494 million, an increase of $91 million for the week and an increase of $1,148 million from the comparable date a year ago.

H.4.1(a) STATEMENT 0^ COAlTIbN OF THE TWELVE FEDERAL pSWti BANKS COMBINED (in thoui^MI Of dollars) Change since Sept. 28, Sept. 21, Sept. 30, I960 I960 1959 A S S E TS Gold certificate-account 17,426,643 - 59,997 - 803,501 Redemptibn fitnd for F. R. notes 977,129 300 + 4,244 Total gold certificate reserves 18,403,772 - 60,297 - 799,257 F. R. notes of other Banks 487,132 + 15,419 + 3,563 Other cash 404,237 + 3,119 + 20,745 Discounts and advances 617,409 + 527,827 + 287,377 Acceptance s--bought outright 33,109 + 999 + 13,074 U. S. Government securities: Bought outright— Bills 2,672,047 + 291,000 + 109,797 Certificates 14,006,993 — — +3j, 500,000 Notes 7,510,298 .3,500,000 - - Bonds 2,483,771 -- -- Total bought outright 26,673,109 + 291,000 + 109,797 Held under repurchase agreement 106,500 + 106,500 + 106,500 Total U. S. Government securities 26,779,609 + 397,500 + 216,297 Total loans and securities 27,430,127 + 926,326 + 516,748 Due from foreign banks 15 -- -- Cash items in process of collection 5,619,753 -1,533,513 + 182,422 Bank premises 106,453 - 187 + 8,811 Other assets 272,630 + 17,612 + 52,331 TOTAL ASSETS 52,724,119 631,521 14,637 - - L I A B I L I T I ES Federal Reserve notes 27,598,285 68,833 + 82,943 - Deposits: Member bank reserves 18,058,191 + 717,679 + 298,377 U. S. Treasurer—general account 554,395 - 20,771 - 149,l4l Foreign 183,956 - 13,916 - 127,877 Other 381,594 + 3,199 - 66,162 Total deposits 19,178,136 + 686,191 44,803 - Deferred availability cash items 4,632,855 -1,267,458 + 146,720 Other liabilities and accrued dividends 41,245 + 1,716 + 1,439 6m, m TOTAL LIABILITIES 51,450,521 + 186,299 - C A P I T AL A C C O U N TS Capital paid in 402,736 + 375 + 19,370 Surplus 774,808 - 93,602 Other capital accounts 96,054 + 16,488 126,704 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,724,119 631,521 14,637 - - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39-3# - .7# - 1-836 Contingent liability on acceptances purchased for foreign correspondents 205,093 + 92 + 138,514 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 28, 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 592,983 6,312 507,276 16 days to 90 days 23,284 26,797 6,376,311 91 days to 1 year l,l42 -- 12,759,518 Over 1 year to 5 years — — 5,686,647 Over 5 years to 10 years -- -- 1,178,574 Over 10 years -- -- 271,283 Total 617,409 33,109 26,779,609

E.4.1(b) STATEMENT OP CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 28, 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 17,426,643 779,901 4,902,416 994,451 1461,740 1012,824 813,840 3030,968 643,645 318,089 679,203 585,795 2203,771 Redemption fund for F. R. notes 977,129 59,209 213,524 58,147 87,117 79,259 61,103 177,367 43,548 26,519 44,985 32,318 94,033 Total gold certificate reserves 18,403,772 839,110 5,115,940 1052,598 1548,857 1092,083 874,943 3208,335 687,193 344,608 724,188 618,113 2297,804 F.R. notes of other Banks 487,132 62,896 100,181 41,968 15,912 26,513 67,830 30,721 16,137 27,216 20,021 19,215 58,522 Other cash 4o4,237 28,497 71,897 19,552 36,313 23,179 33,582 64,647 20,842 8,767 14,300 15,278 67,383 Discounts and advances 617,409 11,381 104,525 3,761 63,686 24,355 36,818 207,295 22,752 30,898 41,684 45,667 24,587 Acceptances: Bought outright 33,109 33,109 U. S. Govt, securities: Bought outright— Bills 2,672,047 143,596 666,494 152,991 229,575 169,127 146,510 457,343 107,997 62,004 114,687 107,683 314, O4O 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 2,483,771 133,478 619,532 142,211 213,398 157,210 136,188 425,117 100,386 57,636 106,606 100,096 291,913 Total 26,673,109 1433,413 6,653,127 1527,196 2291,674 1608,274 1462,513 4565,316 1078,047 618,949 1144,837 1074,926 3134,837 Held under repurchase agreement 106,500 — — 106 j 500 — — — — - — — — — — — — — — — — Total U. S. Govt, sees. 26,779,609 1433,413 6,759,627 1527,196 2291,674 1688,274 1462,513 4565,316 1078,047 618,949 1144,837 1074,926 3134,837 Total loans & securities 27,430,127 1444,794 6,897,261 1530,957 2355,360 1712,629 1499,331 4772,611 1100,799 649,847 1186,521 1120,593 3159,424 Due from foreign banks 15 1 1/4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,619,753 381,590 1,062,304 316,030 470,489 449,783 417,785 900,323 245,043 169,826 299,739 276,084 630,757 Bank premises 106,453 4,017 9,547 3,838 8,800 6,249 10,769 21,213 6,752 4,904 5,094 13,599 11,671 Other assets 272,630 14,793 67,071 15,469 23,904 17,206 15,657 45,722 10,900 6,336 12,028 11,325 32,219 TOTAL ASSETS 52,724,119 2775,698 13,324,205 2980,413 4459,636 3327,643 2919,898 9043,574 2087,666 1211,504 2261,892 2074,208 6257,782 1/ After deducting $lT%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 28, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Franciscc (In thousands of dollars) L I A B I L I T I ES Federal Reserve notes 27,598,285 1586,593 6,408,490 1780,137 2508,934 2114,043 1571,032 5202,592 1185,810 591,673 1118,172 809,860 2720,949 Deposits: Member bank reserves 18,058,191 745,001 5,253,990 800,794 1379,667 723,957 872,865 2805,633 630,315 416,943 802,439 908,955 2717,632 y.S.Treas.-gen.acct. 554,395 26,554 105,948 43,031 35,463 44,374 33,981 70,415 20,530 25,546 47,730 31,987 68,836 Foreiga 183,956 8,673 1/57,401 10,443 16,638 7,965 9,204 24,426 5,841 4,071 7,257 10,266 21,771 Other 381,594 1,322 321,627 1,709 994 4,235 969 650 164 197 4,190 575 44,962 Total deposits 19,178,136 781,550 5,738,966 855,977 1432,762 780,531 917,019 2901,124 656,850 446,757 861,616 951,783 2853,201 Deferred availability cash items 4,632,855 342,479 806,359 268,085 396,504 371,582 362,018 753,949 200,548 142,587 226,618 238,596 523,530 Other liabilities and accrued dividends 41,245 1,898 10,769 2,056 3,888 2,345 2,170 6,321 1,606 1,333 1,798 1,974 5,087 TOTAL LIABILITIES 51,450,521 2712,520 12,964,584 2906,255 4342,088 3268,501 2852,239 8863,986 2044,814 1182,350 2208,204 2002,213 6102,767 CAPITAL ACCOUNTS jfiapxtal-paid i 402,736 19,971 113,990 23,479 37,333 18,378 21,525 55,968 13,472 9,259 17,044 23,151 49,l66 n 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 96,054 4,875 24,726 5,0^1 7,685 6,198 5,828 16,286 3,518 2,315 4,924 4,199 10,459 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,724,119 2775,698 13,324,205 2980,413 4459,636 3327,643 2919,898 9043,574 2087,666 1211,504 2261,892 2074,208 6257,782 Canting, liab. on acceptances purchased for foreign correspondents 205,093 10,050 2/58,447 12,101 19,279 9,230 10,665 28,304 6,768 4,717 8,409 11,896 25,227 FEDERAL RESERVE AGENTS' ACCOUNTS F. R- motes outstanding 28,791,823|l677,234 6,684,768 1826,690 2631,753 2184,999 1637,747 5323,443 1241,431 671,643 1153,511 855,310 2903,294 Collat. for F. R. notes: . Gold certificate acct. 10,300,000 530,000 2,800,000 700,000 920,000 700,000 500,000 1900,000 410,000 180,000 300,000 260,000 1100,000 Eligible paper 65,670 — — 2,64o — — — — 22,125 — 40,905 tJ. S. Govt, securities 19,565,000 1250,000 4,000,000 1200,000 1750,000 1525,000 1200,000 3700,000 935,ooo 510,000 870,000 625,000 2000,000 Total collateral 29~9307^76 1780^000 "67800,000 1902,640 2670,000 2225,000 1700,000 5600,000 1367,125 690,000 1210,905 885,000 3100,000 1/ After deducting $126,555,000 participations of other Federal Reserve Banks, 2/ After deducting $146,646,000 participations of other Federal Reserve Banks.