H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.I OF THE FEDERAL RESERVE SYSTEM November 3, 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 November 2 increased $3.43 million to $18,855 million, which included an increase of $142 million in member bank reserve "balances at the Federal Reserve Banks. Estimated required reserves increased $65 million; and estimated excess reserves increased $78 million to $589 million. Excess reserves exceeded member "bank borrowings at the Federal Reserve Banks by $400 million, compared with the revised figure of $271 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $265 million in U. S. Government securities bought outright and $288 million held under repurchase agreement, and a decrease of $104 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $259 million in Federal Reserve float, $147 million in gold stock, and $51 million in member bank borrowings, and an increase of $8l million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $245 million. As of Wednesday, November 2, holdings of U. S. Government securities bought outright were $389 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $300 million higher, and member bank borrowings were $527 million lower. Outright holdings of bills, certificates, notes, and bonds increased by $315 million, $12 million, $5 million, and $57 million, respectively. The longest maturities among the securities purchased were 2-l/2$ bonds maturing November 15, 1961. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Nov. 2, Oct. 26, Nov. 4, Nov. 2, and related items I960 I960 1959 i960 (][n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,946 +265 + 402 27,046 Held under repurchase agreement 367 +288 + 225 595 Acceptances— Bought outright 40 + 2 + 15 4o Held under repurchase agreement * * - 1 3 Loans, discounts, and advances— Member bank borrowings 189 - 51 637 4oi Other 22 — *» + 14 22 Float 1,098 -259 + 201 1,005 Total Reserve Bank credit 28,662 +245 + 219 29,112 Gold stock 18,405 -147 -1,180 18,334 Treasury currency outstanding 5,387 + 4 + 88 5,388 52,454 +102 874 52,834 - Currency in circulation 32,102- - 18 + 178 32,124 Treasury cash holdings 405 y + 2 + 1 407 Treasury deposits with F. R. Banks 442 -io4 - 29 408 Foreign deposits with F. R. Banks 254 - 3 - 39 263 Other deposits with F. R. Banks 456 + 81 + 59 385 Other F. R. accounts (net) 865 + 3 - 262 864 34,524 0 - 39 - 93 34,451 Member bank reserves: With Federal Reserve Banks 17,931 +142 780 18,383 Cash allowed as reserves (estimated) 924 + 1 + 924 924 Total reserves held 18,855 +143 + 144 19,307 Required reserves (estimated) 18,266 + 65 - 45 18,361 Excess reserves (estimated) 589 + 78 + 189 946 * Less than $500,000. On November 2, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,628 million, a decrease of $80 million for the week and an increase of $1,238 million from the comparable date a year ago.

H.4.1(a) statement of mmtion OF THE TWELVE FEDERAL BANKS COMBINED (In thousands of 'dollars) since Nov. 2, Oct. 2E7 Nov. 4, I960 I960 1959 A S S E TS Gold certificate account 17,055,645 . 139,997 -1,285,996 Redemption furid for F. R. notes 982,990 + 1,999 34,993 Total gold certificate reserves 18,038,635 - 137,995 -1,251,003 F. R. notes of other Banks 433,450 22,681 + 2,690 Other cash 396,205 - 8,072 + 11,489 Discounts and advances 422,798 - 527,2l4 - 222,573 Acceptances: Bought outright 40,110 + 2,000 4- 15,571 Held under repurchase agreement 3,000 + 3,000 + 3,000 U. S. Government securities: Bought outright— Bills 2,970,913 + 315,263 + 419,263 Certificates 14,018,993 + 12,000 +3, 512,000 Notes 7,515,298 + 5,000 -3,495,000 Bonds 2,540,271 + 56,500 + 56,500 Total bought outright 27,045,475 + 388,763 + 492,763 Held under repurchase agreement 595,700 4* 300,100 + 34o,ioo Total U. S. Government securities 27,641,175 + 688,863 + "1532,863 Total loans and securities 28,107,083 + 166,649 628,861 Due from foreign hanks 15 — Cash items in process of collection 5,837,202 + 227,043 + 545,109 Bank premises 106,591 - 194 + 8,208 Other assets 366,005 + 19,313 + 57,784 TOTAL ASSETS 53,265,106 + 244,060 + 3,138 L I A B I L I T I ES Federal Reserve notes 27,677,104 + 55,220 + 73,421 Deposits: Member bank reserves 18,382,883 + 29,040 - 31,886 U. S. Treasurer--general account 407,914 - 111,285 - 45,216 Foreign 262,943 - 5,881 - 44,829 Other 385,187 + 10,079 + 50,507 Total deposits 19,430,927 - 78,04? - 71,424 Deferred availability cash items 4,832,286 + 247,719 + 197,304 Other liabilities and accrued dividends 46,925 + 2,423 + 8,639 TOTAL LIABILITIES 51,995,242 + 227,315 + 207,940 C A P I T AL A C C O U N TS Capital paid in 404,479 + 85 + 20,424 Surplus 774,808 ••• - 93,602 Other capital accounts 110,657 + 16,660 131,624 • TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,285,106 + 244,060 + 3,130 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 38.3# - •3% - 2.6# Contingent liability on acceptances purchased for foreign correspondents 208,812 + 11,821 + 146,168 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 2, 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 397,054 12,547 6,146,590 16 days to 90 days 25,723 30,563 1,375,000 91 days to 1 year 21 12,933,581 Over 1 year to 5 years 5,736,147 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 422,798 43,110 27,641,175

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 2, 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 17,055,645 848,118 4,250,444 1011,611 1500,535 1048,556 821,651 2999,650 675,030 357,105 743,552 706,985 2092,408 Redemption fund for F. R. notes 982,990 58,426 210,032 58,859 87,806 85,534 60,010 180,861 45,151 26,296 44,674 32,051 93,290 Total gold certificate reserves 18,038,635 906,544 4,460,476 1070,470 1588,341 1134,090 881,661 3180,511 720,181 383,401 788,226 739,036 2185,698 F.R. notes of other Banks 433,450 60,239 99,152 37,151 19,457 22,526 55,072 27,643 13,329 20,424 14,994 16,263 47,200 Other cash 396,205 28,775 75,050 19,102 33,127 22,661 30,448 62,318 18,606 9,459 13,534 16,089 67,036 Discounts and advances 422,798 23,028 29,690 5,307 57,498 18,480 35,994 189,531 12,826 4,656 30,591 8,561 6,636 Acceptances: Bought outright 40,110 40,110 " Held under rep. agree. 3,000 3,000 -- -- " -- U. S. Govt, securities: Bought outright— Bills 2,970,913 159,657 741,04l 170,103 255,252 188,044 162,898 508,495 120,075 68,940 127,515 119,728 349,165 Certificates 14,018,993 753,381 3,496,785 802,672 1204,470 887,332 768,675 2399,463 566,606 325,311 601,709 564,965 1647,624 Notes 7,515,298 403,872 1,874,556 430,296 645,692 475,681 412,071 1286,303 303,746 174,392 322,564 302,867 883,258 Bonds 2,540,271 136,514 633,625 145,445 218,252 160,786 139,286 434,788 102,670 58,947 109,031 102,373 298,554 Total 27,045,475 1453,424 6,746,00? 1548,516 2323,666 1711,843 1482,930 4629,049 1093,097 627,590 1160,019 jLUO^j 933 3-*- * 0; DUl Held under rep. agree. 595,700 595,700 Total U. S. Govt, sees. 27,641,175 1453,424 7,341,707 1548,516 2323,666 1711,843 1482,930 4629,049 1093,097 627,590 1160,819 1089,933 3178,601 Total loans & securities 28,107,083 1476,452 7,414,507 1553,823 2381,164 1730,323 1518,924 4818,580 1105,923 632,246 1191,410 1098,494 3185,237 Due from foreign "banks 15 1 y % 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,837,202 415,747 1,094,933 346,723 454,577 456,321 449,602 985,127 267,285 177,228 294,007 245,516 650,136 Bank premises 106,591 3,982 9,465 3,816 8,712 6,204 10,983 21,420 6,672 4,921 5,096 13,700 11,620 Other assets 366,005 19,554 91,057 20,787 31,847 23,260 20,822 61,735 14,727 8,436 15,957 14,878 42,945 TOTAL ASSETS 53,285,186 2911,294 13,244,644 3051,873 4517,226 3395,386 2967,513 9157,336 2146,723 1236,115 2323,225 2143,977 6189,874 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL HESEBVE BAM OH NOVEMBER 2, I960 Cleve- St. Minne- Kansas San Total Boston Heir York | ™ : a land Richmond Atlanta Chicago Louis apolis City Dallas Francisco L I A B I L I T I ES FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,677,104 1584,196 6,4.12,893 1785,274 2511,449 2139,867 1570,447 5212,653 1197,280 589,537 1127,246 814,289 2731,973 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: 852,113 5,122,294 864,522 1411,836 786,101 902,423 2864,443 657,676 432,735 863,163 994,607 2630,970 MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 18,382,883 UUUUU.....SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn»»»»»aaaaaccccccccccttttt..... 407,914 26,522 49,111 24,870 40,210 28,107 29,163 41,686 20,570 24,318 32,995 33,409 56,953 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 262,943 12,250 1/84.193 14,750 23,500 11,250 13,000 34,500 8,250 5,750 10,250 14,500 30,750 OOOOOttttthhhhheeeeerrrrr 38=5.187 276 "322,728 2,672 812 3,826 912 715 686 256 1,022——682 50,580 891,l6l~~5,578,326 906>i4 1476,358 829,284 945,498 2941,364 687,182 463,059 907,430 1043,198 2769,253 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 19>38,927 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy 369,871 875,562 282,183 406,327 363,471 380,466 813,504 217,295 152,669 232,081 212,182 526,675 cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 4,832,286 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd 2,051 14,997 2,491 4,217 2,428 2,208 7,128 1,576 1,377 1,757 1,692 5,003 aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 46,925 2847,279 12,881,778 2976,762 4398,351 3335,050 2898,619 8974,649 2103,333 1206,642 2268,514 2071,361 6032,904 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 51,995,242 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 4o4,479 20,045 114,068 23,563 37,396 18,592 21,636 56,677 13,519 9,278 17,174 23,249 49,282 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 5,638 27,893 5,910 8,949 7,178 6,952 18,676 4,009 2,615 5,817 4,722 12,298 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 110,657 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAAMMMMMDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 53,285,186 2911,294 13,244,644 3051,873 4517,226 3395,386 2967,513 9157,336 2146,723 1236,115 2323,225 2143,977 6189,874 CCCCCooooonnnnntttttiiiiinnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 208,812 1 10.236 2/59,448 12,325 19,637 9,400 10,863 28,828 6,894 4,805 8,565 12,116 25,695 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,834,010 1674,800 6,694,858 1842,337 2650,626 2211,604 1639,438 5332,467 1243,102 667,700 1153,072 857,399 2866,607 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 4,009 — — — — 12,100 — 29,689 EElliiggiibbllee ppaappeerr 45,798 UU.. SS.. GGoovvtt,, sseeccuurriittiieess 19,670,000 1250,000 4,000,000 1200,000 1830,000 1550,000 1200,000 3700,000 935,000 510,000 870,000 625,000 2000,000 Tf8o",'oo6" '6;8oo,ooo 1904,009 2750,000 2250,000 1700,000 5600,000 1357,100 690,000 1199,689 885,000 3100,000 TToottaall ccoollllaatteerraall 30,015,798 JL/ HX UtSA U-GU-Uu OJLI.l££ 1 pu UUU J^7cLX UXV JLjJcL UJLUllC) U UiCi i cuwaux xx^wjv-j. p KJX v ^ • 2/ After deducting $149,364,000 participations of other Federal Reserve Banks.