H.4.1 Factors Affecting Reserve Balances of Depository Institutions

W b0VEto0RS For Immediate Release H.U.I OF TSE fipERAL RESERVE SYSTEM October 20, 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 19 increased $206 million to $18,84? million; cash allowed as reserves increased $137 million and member bank reserve balances at the Federal Reserve Banks increased $69 million. Estimated required reserves decreased $3 million; and estimated excess reserves increased $209 million to $900 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $826 million, compared with the revised figure of $543 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $363 million in Federal Reserve float, and decreases of $68 million in "other" F. R. accounts (net) and $37 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $100 million in U. S. Government securities bought outright and $132 million held under repurchase agreement, $74 million in member bank borrowings, and $29 million in gold stock, and an increase of $28 million in currency in circulation. Total Reserve Bank credit increased $53 million. As of Wednesday, October 19, holdings of U. S. Government securities bought outright were $473 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $23 million lower, and member bank borrowings were $58 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Oct. 19, Oct. 12, I Oct. 21, Oct. 19, and related items i960 i960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 27,036 -100 + 634 26,775 Held under repurchase agreement -- -132 -- Acceptances-- Bought outright 38 + 1 + 17 37 Held under repurchase agreement 6 - — Loans, discounts, and advances-- Member bank borrowings 74 - 74 - 745 65 Other 21 + 1 + 16 22 Float 1,453 +363 + 36 1,391 Total Reserve Bank credit 28,621 + 53 43 28,290 - Gold stock 18, 586 - 29 - 902 18, 58I Treasury currency outstanding 5,382 + 2 + 89 5,382 52,589 + 26 655 52,253 - Currency in circulation 32,304 + 28 + 278 32,196 Treasury cash holdings 413 + 5 + 22 413 Treasury deposits with F. R. Banks 489 + 15 - 29 499 Foreign deposits with F. R. Banks 215 + 13 - 79 239 Other deposits with F. R. Banks 393 - 37 + 49 377 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 864 - 68 - 329 862 34,680 - 43 - 55 34,585 - Member bank reserves: With Federal Reserve Banks 17,909 + 69 770 17,668 w Cash allowed as reserves (estimated) 938 +137 + 938 938 Total reserves held 18,847 +206 + 168 18,606 Required reserves (estimated) 17,947 - 3 - 226 18,031 Excess reserves (estimated) 900 +209 + 394 575 On October 19, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,551 million, a decrease of $27 million for the week and an increase of $963 million from the comparable date a year ago.

H.4.1(a) STATEMENT OF (SEDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Change since Oct. 19, Oct. 12, Oct. 21, I960 I960 1959 A S S E TS Gold cert ificate—account 17,305,644 - 33; 999 - 939,497 Redemption fund for F. R. notes 980,407 + 26 + 33,069 Total gold certificate reserves 18,286,051 33,973 906,428 - - F. R. notes of other Banks 415,256 + 58,139 - 44,897 Other cash 388,716 + 10,390 + 14,319 Discounts and advances 8866,,66oo44 56,594 783,288 Acceptances: Bought outright 37,111 + 1 + 16,572 Held under repurchase agreement 2,764 - — - -- U. S. Government securities: Bought outright— Bills 2,773,550 473,150 + 4io,600 - Certificates 14,006,993 +3j, 500,000 -- Notes 7,510,298 -3,500,000 - - Bonds 2,483,771 -— - - Total bought outright 26,774,612 473,150 + 410,600 - Held under repurchase agreement 22,500 mm «w • Total U. S. Government securities 26,774,612 - 495,650 + 410,600 . Total loans and securities 26,898,327 555,007 356,116 Due from foreign "banks 15 *• •» Cash items in process of collection 6,599,637 + 837,335 + 557,805 Bank premises 106,849 + 283 + 8,129 Other assets 329,863 + 19,070 + 56,344 TOTAL ASSETS 53,024,714 + 336,237 670,844 - L I A B I L I T I ES Federal Reserve notes 2277,,773355,,112222 70,314 + 180,929 • Deposits: Member tank reserves 17,667,864 + 28,521 - 909,259 U. S. Treasurer--general account 499,329 + 45,326 - 3,494 Foreign 238,523 + 48,592 - 53,881 Other 376,539 - 373,354 + 34,926 Total deposits 18,782,255 - 250,915 - 931,708 Deferred availability cash items 5,208,479 + 685,445 + 344,591 Other liabilities and accrued dividends 42,998 683 + 5,504 TOTAL LIABILITIES 51,768,854 + 363,533 - 400,684 C A P I T AL A C C O U N TS Capital paid in 403,949 499 + 20,203 Surplus 774,808 •» - 93,602 Other capital accounts 77,103 - 27,795 - 196,761 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,024,714 + 336,237 670,844 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 3399..33## + ..22$$ - 1.3# Contingent liability on acceptances purchased for foreign correspondents 200,921 767 + 137,839 - MATURITY DISTRIBUTION OF LOANS AND SECURITIES, OCTOBER 19, 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 61,304 7,491 344,100 16 days to 90 days 25,182 29,620 6,479,987 91 days to 1 year 118 12,814,021 Over 1 year to 5 years 5,686,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 37, HI 26,774,612

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 19, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) A S S E TS Gold certificate account 17,305,644 769,459 4,666,373 997,784 1517,038 1034,523 828, 734 2962,981 703,207 308,986 777,974 614,993 2123,592 Redemption fund for F. R. notes 980,407 58.695 210.961 59,266 88,233 86,463 60,379 176,339 43,292 26,365 44,774 32,128 93,512 Total gold certificate reserves 18,286,051 828,154 4,877,334 1057,050 1605,271 1120,986 889,113 3139,320 746,499 335,351 822,748 647,121 2217,104 F.R. notes of other Banks 415,256 52,264 104,105 35,852 14,002 20,587 53,197 25,351 12,521 18,691 16,510 16,213 45,963 Other cash 388,716 26,945 77,399 18,350 31,769 21,751 31,440 59,195 18,285 8,635 12,788 15,549 66,610 Discounts and advances 86,604 1,778 7,990 4,693 8,868 6,750 21,894 9,267 926 2,786 7,251 11,695 2,706 Acceptances: Bought outright 37,111 37,111 U. S. Govt, securities: Bought outright— Bills 2,773,550 149,051 691,812 158,802 238,295 175,552 152,076 474,716 112,099 64,360 119,043 111,774 325,970 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 vBonds 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 26,774,612 1438,868 6,678,445~1533,007 2300,394 1694,699 1468,079 4582,689 1082,149 621,305 1149,193 1079,017 3146,767 Held under repurchase agreement "Total U. S. Govt, sees. 26,774,612 1438.868 6,678.445 1533.007 2300,394 1694.699 1468,079 4582.689 1082,149 621.305 1149,193 1079,017 3146.767 Total loans & securities 26,898,327 1440,646 6,723,546 1537,700 2309,262 1701,449 1489,973 4591,956 1083,075 624,091 1156,444 1090,712 3149,473 Due from foreign "banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,599,637 446,619 1,176,852 379,955 521,495 510,740 496,759 1094,572 284,984 195,273 370,682 310,243 811,463 Bank premises 106,849 4,017 9,506 3,838 8,756 6,249 11,017 21,457 6,713 4,947 5,101 13,577 11,671 Other assets 329,863 17.881 81.839 19.118 28.668 20.8l8 18.724 55,403 13.175 7.583 14,356 13,618 38,680 TOTAL ASSETS 53,024,714 2816,527 13,050,585 3051,864 4519,224 3402,581 2990,224 8987,256 2165,252 1194,571 2398,630 2107,034 6340,966 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BAM ON OCTOBER 19, 1966 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 L I T I ES Federal Reserve notes 27,735,122 1590,910 6,416,232 1787,494 2526,639 2136,942 1570,205 5235,962 1196,931 591,931 1128,935 817,069 2735,872 Deposits: Member bank reserves 17,667,864 721,945 4,990,263 809,850 1358,631 746,271 875,362 2609,180 656,931 377,482 872,474 902,644 2746,831 U.S.Treas.-gen.acct. 499,329 29,700 74,976 36,080 46,742 34,087 34,749 49,434 35,330 27,084 41,085 37,823 52,239 Foreign 238,523 11,809 1/66,208 14,219 22,654 10,845 12,532 33,258 7,953 5,543 9,881 13,978 29,643 Other 376,539 624 310,481 1,358 899 4,072 1,064 910 879 264 1,152 729 54,107 Total deposits 18,702,255 764,078 5,441,928 861,507 1420,9% 795,275 923,707 2692,702 701,093 416,373 924,592 955,174 2902,020 Deferred availability cash items 5,208,479 397,096 827,196 327,127 443,672 409,828 426,989 875,046 223,515 162,322 290,061 261,547 564,080 Other liabilities and accrued dividends 42,998 2,187 11,092 2,543 4,002 2,441 2,245 6,924 1,537 1,168 1,706 1,896 5,257 TOTAL LIABILITIES 51,768,854 2754,271 12,696,448 2970,671 4403,239 3344,406 2923,146 0010,714 2123,07b 1165,794 2345,294 2035,606 6100,029 CAPITAL ACCOUNTS Capital paid in 403,949 19,998 114,067 23,527 37,403 18,481 21,622 56,480 13,513 9,277 17,162 23,247 49,172 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 77,103 3.926 19,165 4,028 6,052 5,048 5,150 12,728 2,801 1,920 4,454 3,456 8,375 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,024,714 2816,527 13,050,585 3051,864 4519,224 3402,581 2990,224 8987,256 2165,252 1194,571 2398,630 2107,034 6340,966 Conting; liab. on acceptances purchased for foreign correspondents 200,921 9,844 2/57,277 11,853 18,885 9,040 10,447 27,724 6,630 4,621 8,237 11,652 24,711 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,898,844 1675,649 6,7i0,404 1837,104 2659,476 2210,257 1635,223 5349,133 1244,359 660,100 1162,126 065,429 2001,496 Collat. for F. R. notes: Gold certificate acct. 10,300,000 530,000 2,800,000 700,000 920,000 700,000 500,000 1900,006 410,000 180,000 300,000 260,000 1100,000 Eligible paper 9,944 3,395 200 — 6,349 — -- U. S. Govt, securities 19,590,000 1250,000 4,000,000 1200,000 1750,000 1550,000 1200,000 3700,000 935,000 510,000 870,000 625,000 2000,000 Total collateral 29,899,944 1780,000 6,000,000 1903,395 2670,000 2250,000 1700,000 5600,000 1345,200 690,000 1176,349 885,000 3100,000 1/ After deducting $172,315,000 participations of other Federal Reserve BanksT" 2/ After deducting $143,644,000 participations of other Federal Reserve Banks.