H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF TfiE FEDERAL RESERVE SYSTEM October 13, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The1-average of daily figures of total member bank reserves held during the week ended October 12 decreased $139 million to $18,620 million; cash allowed as reserves decreased $57 million and member bank reserve balances at the Federal Reserve Banks decreased $82 million. Estimated required reserves decreased $216 million; and estimated excess reserves increased $77 million to $687 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $539 million, compared with the revised figure of $4l0 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks t-ere an increase of $230 million in currency in circulation, and decreases of $52 million in member bank borrowings and $56 million in gold stock. The principal offsetting change was an increase of $240 million in Uv 0. Covornmcat securities. Total .Reserve Bank credit increased $183 million,. •1 y^tvcttu."' 1 ti -fjUfUfedO • X'l<- Ci i 0 - As of 'Wednesday, October 12, holdings of U. S. Government securities bought outright were $348 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $128 million lower, and member bank borrowings were $6 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Oct. 12, Oct. 5, Oct. 14, Oct. 12, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 27,136 +300 +573 27,248 Held under repurchase agreement 132 - 60 + 58 22 Acceptances-- Bought outright 37 + 2 + 16 37 Held under'- repurchase agreement 6 - 1 + 4 3 Loans, discounts, and advances-- Member bank borrowings 148 - 52 -900 123 Other 20 + 1 + 17 20 Float 1,090 - 6 +134 1,239 Total Reserve Bank credit 28,565 +183 - 99 28,693 Gold stock 18,615 - 56 -874 18,6l4 Treasury currency outstanding 5,380 + 3 + 90 5,381 52,563 +130 -B83 52,668 Currency in circulation 32,276 +230 +180 32,334 Treasury cash holdings 408 + 2 + 21 4ll Treasury deposits with F. R. Banks 4?4 + 7 - » 454 Foreign deposits with F. R. Banks 202 - 11 -124 190 Other deposits with F. R. Banks 430 - 13 - 34 750 Other F. R. accounts (net) 932 - 4 -265 909 34,723 +212 -221 35, o4S Member bank reserves: With Federal Reserve Banks 17,840 - 82 -66l 17,639 Cash allowed as reserves (estimated) 780 - 57 +780 780 Total reserves held 18,620 -139 +119 18,419 Required reserves (estimated) 17,933 -216 - 79 17,898 Excess reserves (estimated) 687 + 77 +198 521 On October 12, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,578 million, an increase of $51 million for the week and an increase of $1,09*1- 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. 12, Oct. 5, Oct. 14, i960 i960 1959 A S S E TS Gold certificate account 17,339,643 - 26,998 - 905,498 Redemption fund for F. R. notes 980,381 + 7,658 + 29,502 Total gold certificate reserves 18,320,024 - 19;340 - 875,996 F. R. notes of other Banks 357,117 73,815 38,816 Other cash 378,326 16,499 + 16,800 - Discounts and advances 114433,,119988 + 66,,338811 331133,,110033 Acceptances: Bought outright 37,110 + 2,001 + 17,073 Held under repurchase agreement 22,,776644 - 33,,007755 + 22,,776644 U. S. Government securities: Bought outright— Bills 3,246,700 + 347,753 + 684,450 Certificates 14,006,993 -- +3,500,000 Notes 7,510,298 ~— -3, 500,000 Bonds 2,483,771 —«• «*— Total "bought outright 27,247,762 + 347,753 + 684,450 Held under repurchase agreement 22,500 127,700 - 12,600 Total U. S. Government securities 27,270,262 + 220,053 + 671,850 Total loans and securities 27,453,334 + 225,360 + 378,584 Due from foreign banks 15 mm mm Cash items in process of collection 5,762,302 + 287,091 - 402,506 Bank premises 106,566 + 250 + 8,872 Other assets 310,793 + 17,726 + 55,512 TOTAL ASSETS 52,688,477 + 420,773 857,550 z L I A B I L I T I ES Federal Reserve notes 27,805,436 + 110077,,331111 + 114433,,227777 Deposits: Member hank reserves 17,639,343 - 177,870 - 310,509 U. S. Treasurer--general account 454,003 + 78,296 + 17,056 Foreign 189,931 - 4,312 - 187,007 Other 749,893 + 362,570 + 348,589 Total deposits 19,033,170 + 258,684 131,871 Deferred availability cash items 4,523,034 + 61,217 647,845 Other liabilities and accrued dividends 43,681 + 1,279 + 4,812 TOTAL LIABILITIES 51,405,321 + 428, 491 631,627 - C A P I T AL A C C O U N TS Capital paid in 403,450 + 352 + 19,878 Surplus 774,808 m> — 93,602 Other capital accounts 104,898 - 8,070 - 152,199 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,688,477 + 420,773 - 857,550 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39.1# - .4% - 11..99## Contingent liability on acceptances purchased for foreign correspondents 220011,,668888 44ii66 + 137,315 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, OCTOBER 12, 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 121,054 12,027 660,840 16 days to 90 days 22,016 27,847 6,482,747 91 days to 1 year 128 12,990,171 Over 1 year to 5 years 5,686,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 143,198 39,874 27,270,262

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 12, i960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia, land Louis apolis City Francisc (In thousands of dollars) A S S E TS Gold certificate account 17,339,643 776,884 4,543,230 951,654 1419,580 1069,674 946,857 2940,205 713,790 328,255 766,928 697,002 2185,584 Redemption fund for F. R. notes 980,381 58,836 211,648 57,529 87,487 87,251 60,603 176,617 43,357 26,410 44,828 32,171 93,644 Total gold certificate reserves 18,320,024 835,720 4,754,878 1009,183 1507,067 1156,925 1007,460 3116,822 757,147 354,665 811,756 729,173 2279,228 F.R. notes of other Banks 357,117 45,988 77,284 29,292 9,684 17,341 51,963 18,470 11,518 19,390 17,590 15,119 43,478 Other cash 378,326 25,553 72,909 18,594 32,420 19,504 31,741 58,781 18,748 8,645 12,312 l4,653 64,466 Discounts and advances 143,198 20,680 11,600 3,410 17,180 2,850 24,015 40,071 1,050 510 6,054 11,818 3,96c Acceptances: Bought outright 37,110 37,110 Held under rep. agree. 2,764 2,764 -- -- -- - — -- " ,U. S. Govt. securities: Bought outright-- Bills 3,246,700 174,478 809,831 3-8s,893 278,947 205,500 178,019 555,699 131,223 75,339 139,351 130,842 381,578 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 1646,211) Notes 7,510,298 403,603 1,873,309 430,010 645,262 475,364 411,798 1285,447 303,543 174,277 322,350 302,665 882,67c Bonds 2,483,771 133,478 619,532 142,211 213,3.98 157,210 136,3 88 425,117 100,386 57,636 106,606 100,096 291,913 Total 27,247,762 1464,295 6, 796,464 1560,098 2341,046 1724,647 1494,022 4663, 672 1101,273 632,254 1169,501 1098,055 3202,375 Held under rep. agree. 22,500 22^ 500 •» — — — •» — — •» Total U. S. Govt, sees. 27,270,262 1464,295 6,818,964 1560,098 2341,046 1724,647 1494,022 4663,672 1101,273 632,284 1169,501 1098,085 3202,375 Total loans & securities 27,453,334 1484,975 6,870,438 1563,508 2358,226 1727,497 1518,037 4703,743 1102,323 632,794 1175,555 1109,903 3206,335 Due from foreign "banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 Cash items in process of collection 5,762,302 344,081 966,748 316,428 387,591 536,513 498,460 859,070 318,172 211,375 326,963 271,866 725,03: Bank premises 106,566 4,017 9,506 3,838 8,772 6,249 11,014 21,224 6,713 4,905 5,080 13,577 11,673 Other assets 310,793 16,891 76,895 17,531 27,586 19,517 17,681 52,254 12,429 7,205 13,637 12,666 36,503 TOTAL ASSETS 52,688,477 2757,226 12,828,662 2958,375 4331,347 3^83,547 3136,357 8830,366 2227,050 1238,979 2362,894 2166,958 6366,7^ 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H-.k-.JLCc) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BAM OH OCTOBER 12, i960 Total Boston j Neir York ^ ^ Ri=-ona Atlanta Chicago | ^ ^ Dallas (In thousands of dollars) LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,805,436 1599,276 6,440,575 1792,945 2525,378 2140,774 1577,237 5242,769 1196,648 592,737 1128,698 817,306 2751,093 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 17,639,343 761,618 4,874,073 816,421 1339,914 789,663 906,959 2646,908 657,204 391,159 825,934 926,823 2702,667 UUUUU-----SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 454,003 5,576 948 5,027 5,411 42,427 87,871 5,863 43,027 33,455 59,472 65,844 99,082 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 169,931 9,163 1/56,226 11,033 17,578 8,415 9,724 25,806 6,171 4,301 7,667 10,846 23,001 OOOOOttttthhhhheeeeerrrrr 749,893 ?82 "120,647 2,390 499 35,442 59,109 60,465 59,153 25,318 37,121 4o,4ll 108,956 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 19,033,170 776,739 5,251,894 834,871 1363,402 875,947 1063,603 2739,042 765,555 454,233 930,194 1043,924 2933,706 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 4,523,034 314,089 756,511 252,10b 317,893 407,348 426,962 655,643 221,637 162,312 249,582 233,265 525,686 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 43.681 2,248 11,069 2,347 4,193 2,479 2,367 7,039 1,682 1,283 1,821 1,823 5,330 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 51,405,321 2692,352 12,460,049W2,269'4216,866"34267548 30/0,229 8644,493 2185,522 1210,565 2310,295 2096,318 6215,815 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 403,450 19,981 114,016 23,519 37,393 18,433 21,560 56,294 13,480 9,274 17,127 23,202 49,171 SSSSSuuuuurrrrrpppppllllluuuuusssss 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 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 104,898 6,561 33,692 6,949 10,558 4,ooo 4,262 22,245 2,186 1,560 3,752 2,793 6,340 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 52,688,477 2757,226 12,828,662 2958,375 4331,347 3483,547 3136,357 8830,366 2227,050 1238,979 2362,894 2166,958 6366,716 CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 201.688 9,883 2/57,472 11,900 18,960 9,077 10,488 27,835 6,656 4,639 8,270 11,699 24,809 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 287802,903 16697956' 6,666,726 1826,544 2638,544 2204,452 1638,388 5341,258 1245,853 670,590 1156,026 864,661 2879,905 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 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 EElliiggiibbllee ppaappeerr 7,854 -- -- 2,230 -- -- — -- 390 — 5,234 UU.. SS.. GGoovvtt,, sseeccuurriittiieess 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 TToottaall ccoollllaatteerraall 29,872,854 1780,000 6,800,000 1902,230 2670,000 2225,000 1700,000 5600,000 1345,390 690,000 1175,234 885,000 3100,000 After deducting participations of other Federal Reserve Banks. 1/ $ 1 3 3 , 7 0 5 , 0 00 2/ After deducting $144,216,000 participations of other Federal Reserve Banks.