H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM October 6, 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 October 5 increased a net of $98 million to $18,707 million; cash allowed as reserves decreased $153 million and member bank reserve balances at the Federal Reserve Banks increased $251 million. Estimated required reserves increased $21 million; and estimated excess reserves increased $77 million to $597 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $397 million, compared with the revised figure of $295 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $380 million in U. S. Government securities bought outright and $109 million held under repurchase agreement, and a decrease of $112 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $146 million in Federal Reserve float and $60 million in gold stock, and increases of $65 million in "other" deposits with Federal Reserve Banks and $42 million in currency in circulation. Total Reserve Bank credit increased $326 million. As of Wednesday, October 5; holdings of U. S. Government securities bought outright were $227 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $44 million higher, and member bank borrowings were $477 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Oct. 5, Sept. 28, I Oct. 7, Oct. 5, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,836 +380 + 273 26,900 Held under repurchase agreement 192 +109 + 164 150 Acceptances-- Bought outright 35 + 1 + 15 35 Held under repurchase agreement 7 + 7 4" 7 6 Loans, discounts, and advances-- Member bank borrowings 200 - 25 806 117 Other 19 — — + 18 20 Float 1,096 -146 91 1,013 Total Reserve Bank credit 28, 385 +326 • '238 28,241 Gold stock 18,671 - 60 - 820 18,632 Treasury currency outstanding 5,377 + 2 + 88 5,377 52,433 +269 970 52,250 - Currency in circulation 32,046^ + 42 + 113 32,131 Treasury cash holdings 4o6- 3 + 7 + 19 4ll Treasury deposits with F. R. Banks 467 -112 66 376 - Foreign deposits with F. R. Banks 213 + 13 - 87 194 Other deposits with F. R. Banks 443 + 65 + 23 387 Other F. R. accounts (net) 936 + 2 - 258 934 34,511 + 17 - 255 3k, ^33 Member bank reserves: With Federal Reserve Banks 17,922 +251 " - 714 17,817 Cash allowed as reserves (estimated) 785 -153 + 785 785 Total reserves held 18,707 + 98 + 71 18,602 Required reserves (estimated) 18,110 + 21 - .43 18,065 Excess reserves (estimated) 597 + 77 + 114 537 On October 5, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,527 million, an increase of $33 million for the week and an increase of $1,118 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 Oct. 5, Sept. 28, Oct. 7, i960 I960 1959 A S S E TS Gold certificate account 17,366,64l - 60,002 888,501 Redemption fund for F. R. notes 972,723 - 4,4o6 + 29,363 Total gold certificate reserves 15339:355 64,408 859,136 - - F. R. notes of other Banks 430,932 56,200 + 7,033 Other cash 394,825 9,412 + 31,417 - Discounts and advances 136,817 448800,,559922 449944,,770044 Acceptances: Bought outright 35,109 + 2,000 + 15,073 Held under repurchase agreement 5,839 + 5,839 + 55,,883399 U. S. Government securities: Bought outright— Bills 2,898,947 + 226,900 + 336,697 Certificates 14,006,993 +3,500,000 Notes 7,510,298 —— -3,500,000 Bonds 2,483,771 «»«. — — Total bought outright 26,900,009 4. 226,900 + 336,697 Held under repurchase agreement 150,200 + 43,700 + 100,100 Total U. S. Government securities 27,050,209 + 270,600 + 436,797 Total loans and securities 27,227,974 202,153 36,995 Due from foreign banks 15 «w — Cash items in process of collection 5,475,211 - 144,542 + 475,169 Bank premises 106,316 - 137 + 8,624 Other assets 293,067 + 20,437 + 55,323 TOTAL ASSETS 52,267,704 456,415 318,567 - - L I A B I L I T I ES Federal Reserve notes ~~ 2277,,669988,,112255 + 9999,,884400 9944,,118866 Deposits: Member bank reserves 17,817,213 - 240,978 • 234,042 U. S. Treasurer—general account 375,707 - 178,688 - 77,701 Foreign 194,243 4* 10,287 148,033 Other 387,323 + 5,729 • 13,262 Total deposits 18,774,486 • 403,650 w 473,038 Deferred availability cash items 4,461,817 - 171,038 + 256,566 Other liabilities and accrued dividends 42,402 + 1,157 + 4,630 TOTAL LIABILITIES 50,976,830 - 473,691 - 117,656 C A P I T AL A C C O U N TS Capital paid in 403,098 + 362 + 19,627 Surplus 774,808 mm mm • 93,602 Other capital accounts 112,968 + 16,914 - 126,936 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,267,704 - 456,415 - 318,567 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 3399..55## + ..22## mm 11..555566 Contingent liability on acceptances purchased for foreign correspondents 202,104 - 2,989 + 137,109 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, OCTOBER 5, 196(3 (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 112,844 15, 496 736,240 16 days to 90 days 22,834 25,452 6,316,44? 91 days to 1 year 1,139 — 12,861,018 Over 1 year to 5 years — — 5,686,647 Over 5 years to 10 years -- __ 1,178,574 Over 10 years -- 271,283 Total 136,817 40,948 27,050,209

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 5, i960 Total Boston New York Fhila Cleve- Richmond Atlanta Chicago St. Minne- Kansas Dallas San delphia land Louis apolis City Francisco (In thousands of dollars) A S S E TS Gold certificate account 17,366,641 785,327 4,515,329 1003,028 1518,016 1073,840 829,680 3132,148 684,374 311,562 691,034 620,107 2202,196 Redemption fund for F. R. notes 972,723 59,010 212,417 57,809 86,774 78,075 60,848 176,953 43,445 26,459 44,898 32,230 93,805 Total gold certificate reserves 18,339,364 844,337 4,727,746 1060,837 1604,790 1151,915 890,528 3309,101 727,819 338,021 735,932 652,337 2296,001 F.R. notes of other Banks 430,932 56,476 90,200 Other cash 394,825 27,876 71,748 Discounts and advances 136,817 10,780 Acceptances: Bought outright 35,109 Held under rep. agree. 5,839 U. S. Govt, securities: Bought outright— Bills 2,898,947 Certificates 14,006,993 Notes 7,510,298 Bonds 2,483,771 Total 26/900,009 Held under rep. agree. 150,200 Total U. S. Govt, sees. 27,050,209 Total loans & securities 27,227,974 Due from foreign banks 15 Cash items in process of collection 5,475,211 Bank premises 106,316 Other assets 293,067 TOTAL ASSETS 52,267,704 s&S VO CO 13,467 19,768 65,278 25,080 12,542 23,422 17,667 16,948 50,453 34,354 21,888 32,914 62,615 19,874 9,659 13,700 15,328 66,002 11,110 10,400 13,680 6,600 20,340 22,718 1,335 7,121 5,750 13,523 13,460 35,109 -- " -- -- 5,839 155,790 723,090 165,982 249,069 183,489 158,951 496,179 117,168 67,270 124,425 116,827 340,707 752,736 3,493,792 801,984 1203,439 886,573 768,017 2397,409 566,121 325,032 601,194 564,482 1646,214 403,603 1,873,309 430,010 645,262 475,364 411,798 1285,447 303,543 174,277 322,350 302,665 882,670 13..3,. 4-78 .619,532 142,2 1113 62,1138,8398 157,210 425,117 100,386 57,636 106,6c6 100,096 291,913 1445,607 6,709,723 1540,187 2311,16b 1702,636 1474,954 4604,152 1087,2l8 624,215 1154,575 1084,070 316^504 150^ 200 ••• ••• — — — — — — — • *«- — — — —«. «.«. 1445,607 6,859,923 1540,187 2311,168 1702,636 1474,954 4604,152 1087,218 624,215 1154,575 1084,070 3161,504 1456,387 6,911,981 1550,587 2324,848 1709,236 1495,294 4626,870 1088,553 631,336 1160,325 1097,593 3174,964 1 1 /4 l 1 1 1 2 (2) (2) 1 12 384,242 1,032,913 329,378 439,464 447,620 413,116 843,089 243,476 161,295 279,067 259,473 642,078 4,017 9,506 3,838 8,767 6,249 10,770 21,224 6,713 4,904 5,080 13,577 11,671 15,683 72,575 16,542 26,287 18,627 16,737 49,128 11,697 6,717 12,826 11,883 34,365 2789,019 12,916,673 3019,681 4451,978 3375,304 2924,638 8937,109 2110,674 1175,354 2224,598 2067,140 6275,536 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF C0NDIT]C ON OF EACH FEDERAL RESERVE BANK ON OCTOBER 5,, I960 Phila- Cleve- I . St. Minne- Kansas San Total Boston New York delphia land {Richmond Atlanta Chicago Louis apolis City Dallas Francisco L I A B I L I T I ES (in thousands of dollars) Federal Reserve notes 27,698,125 1592,248 6,423,152 1780,517 2510,045 2129,387 1580,490 5215,110 1192,002 591,712 1124,336 812,462 2746,664 Deposits: Member bank reserves 17,817,213 746,399 4,941,920 861,644 1388,392 761,732 879,434 2758,172 646,684 391,490 796,628 901,329 2743,389 U.S.Treas,-gen.acct. 375,707 24,284 33,390 18,765 33,076 35,216 31,773 40,928 26,284 21,492 22,963 40,854 46,682 Foreign 194,243 9,163 1/60,538 11,033 17,578 8,415 9,724 25,806 6,171 4,301 7,667 10,846 23,001 Other 387,323 570 325,348 1,799 981 4,677 962 998 1,264 201 2,584 601 47,338 Total deposits 18,774,486 780,416 5,361,196 093,241 1440,027 010,040 921,093 2825,904 680,403 417,404 0^9,o4'd 953,630 %oco,4io Deferred availability cash items 4,461,817 350,336 756,357 268,579 378,775 373,214 351,563 706,632 193,292 135,473 214,292 226,563 506,741 Other liabilities and accrued dividends 42,402 2,005 11,830 2,230 4,107 2,338 2,163 6,840 1,539 1,194 1,704 1,765 4,687 TOTAL LIABILITIES 50,976,830 2725,005 12,552,535 2944,567 4332,954 3314,979 2856,109 8754,486 2067,236 1145,863 2170,174 1994,420 6118,502 CAPITAL ACCOUNTS Capital paid in 403,098 19,971 113,995 23,497 37,400 18,430 21,552 56,032 13,471 9,269 17,109 23,201 49,171 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 112,968 5,711 29,238 5,979 9,094 7,329 6,671 19,257 4,105 2,642 5,595 4,874 12,473 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,267,704 2789,019 12,916,673 3019,681 4451,978 3375,304 2924,638 8937,109 2110,674 1175,354 2224,598 2067,140 6275,536 Conting. liab. on acceptances purchased for foreign correspondents 202,104 9,903 2/57,602 11,924 18,998 9,095 10,509 27,890 6,669 4,648 8,286 11,722 24,858 FEDERAL RESERVE AGENTS» ACCOUNTS F. R. notes outstanding 28,753,319|1675,463 6,673,502 1819,797 2621,961 2192,034 1638,000 5319,064 1240,234 670,921 1152,535 850,578 2899,230 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 14,825 —— —— 9,220 —— — — —— —— 675 —- 4,930 -- -- U. S. Govt~ securities 19,565,000 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 29,879,825 1780,000 6,800,000 1909,220 2670,000 2225,000 1700,000 5600,000 1345,675 690,000 1174,930 885,000 3100,000 1/ After deducting $133,705,000 participations of other Federal Reserve Banks. 2/ After deducting §144,502,000 participations of other Federal Reserve Banks.