H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM November 10, 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 9 decreased a net of $78 million to $18,782 million; cash allowed as reserves decreased $192 million and member bank reserve balances at the Federal Reserve Banks increased $114 million. Estimated required reserves decreased $110 million; and estimated excess reserves increased $32 million to $584 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $448 million, compared with the revised figure of $363 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $493 million in U. S. Government securities bought outright and $209 million held under repurchase agreement, and a decrease of $24 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $28l million in gold stock, $113 million in Federal Reserve float, and $53 million in member bank borrowings, and an increase of $196 million in currency in circulation. Total Reserve Bank credit increased $549 million. As of Wednesday, November 9, holdings of U. S. Government securities bought outright were $530 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $82 million lower, and member bank borrowings were $236 million lower. Outright holdings of bills, certificates, notes, and bonds increased by $327 million, $123 million, $15 million, and $65 million, respectively. All securities purchased had maturities of less than 13 months. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 9, Nov. 2, Nov. 11, Nov. 9, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 27,439 +493 + 865 27,576 Held under repurchase agreement 576 +209 + 387 513 Acceptances-- Bought outright 44 + 4 + 18 42 Held under repurchase agreement 9 + 9 + 9 10 Loans, discounts, and advances-- Member bank borrowings 136 - 53 - 772 165 Other 22 + 14 22 Float 985 -113 + 38 503 Total Reserve Bank credit 29,211 +5^9 + 560 28,830 Gold stock 18,124 -281 -1,46l 18,116 Treasury currency outstanding 5,389 + 2 + 88 5,391 52,724 +270 - 813 52,337 Currency in circulation 32,298 +196 + 193 32,502 Treasury cash holdings 398 - 7 - 16 400 Treasury deposits with F. R. Banks 4l8 - 24 4o 391 Foreign deposits with F. R. Banks 250 - 4 - 63 258 Other deposits with F. R. Banks 452 - 4 + 56 387 Other F. R. accounts (net) 864 - 1 264 863 * 34,679 +155 134 3344,,880011 MMeemmbbeerr bbaannkk rreesseerrvveess:: With Federal Reserve Banks 18,045 +114 679 17,537 Cash allowed as reserves (estimated) 737 -192 + 737 737 Total reserves held 18,782 - 78 + 58 18,274 Required reserves (estimated) 18,198 -110 4 18,088 Excess reserves (estimated) 584 + 32 + 62 186 On November 9, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,570 million, a decrease of $58 million for the week and an increase of $1,l8l million from the comparable date a year ago.

5.4.1(a) STATEmMp OF CONDITION OF TH3B TVJEtyE FEliSi, RESERVE BANKS COMBINED (in ttiStiisMds of dollars) Change since Nov. 9; Nov. 2, Nov. 11, ii996600 i960 1959 A S S E TS Gold certificate account 16,824,643 231,002 -1,523,999 - Redemption fund for F. R. notes 994,045 + 11,055 + 46,204 Total gold certificate reserves 17,818,588 219,947 -1,477,795 - „ F. R. notes of other Banks 312,281 121,169 - 47,329 Other cash 366,483 29,722 + 2,594 - Discounts and advances 186,812 235,986 - 322,067 Acceptances: Bought outright 42,109 + 1,999 ++ 1166,,556699 Held under repurchase agreement 9,669 + 6,669 + 9,669 U. S. Government securities: Bought outright-- Bills 3,297,713 + 326,800 ++ 669966,,556633 Certificates 14,142,243 + 123,250 +3,635,250 Notes 7,530,298 + 15,000 -3,480,000 Bonds 2,605,071 + 64,800 + 121,300 Total bought outright 27,575,325 + 529,850 + 973,113 Held under repurchase agreement 513,600 82,100 + 338,100 - Total U. S. Government securities 28,088,925 + 447,750 +1,311,213 Total loans and securities 28,327,515 + 220,432 +1,015,384 Due from foreign banks 15 -- — Cash items in process of collection 5,184,952 652,250 - 320,742 - Bank premises 106,625 + 34 + 7,775 Other assets 387,406 + 21,401 + 61,296 TOTAL ASSETS 52,503,965 781,221 - 758,817 - L I A B I L I T I ES Federal Reserve notes 27,892,822 + 215,718 + 152,888 Deposits: Member tank reserves 17,536,526 - 846,357 - 513,641 U. S. Treasurer—general account 390,533 - 17,381 - 100,972 Foreign 257,998 4,945 - 62,060 - Other 386,912 + 1,725 - 529,980 Total deposits 18,571,969 - 866,958 -1,206,653 Deferred availability cash items 4,682,005 150,281 + 490,112 - Other liabilities and accrued dividends 49,687 + 2,762 + 9,872 TOTAL LIABILITIES 51,196,483 798,759 - 553,781 - C A P I T AL A C C O U N TS Capital~paid In - - - - 404,774 + 295 + 20,225 Surplus 774,808 - 93,602 Other capital accounts 127,900 + 17,243 - 131,659 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,503,965 781,221 - 758,817 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 38*3$ — - 2.3$ Contingent liability on acceptances purchased for foreign correspondents 215,82? + 7,015 + 152,423 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 9, 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 159,630 14,826 5,918,690 16 days to 90 days 27,164 36,952 1,683,100 91 days to 1 year 18 — 13,244,831 Over 1 year to 5 years — -- 5,792,447 Over 5 years to 10 years — — 1,178,574 Over 10 years — -- 271,283 Total 186,812 51,77# 28,088,925

H.4,i(t>) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 9, 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 16,824,643 832,312 3,947,982 1013,861 1500,218 1123,677 822,987 3041,042 703,017 343,907 685,910 650,420 2159,310 Redemption fund for F. R. notes 994,045 58,110 223,651 60,333 87,275 84,162 59,546 180,265 44,991 26,212 44,547 31,953 93,000 Total gold certificate reserves 17,818,688 890,422 4,171,633 1074,194 1587,493 1207,839 882,533 3221,307 748,008 370,119 730,457 682,373 2252,310 F.R. notes of other Banks 312,281 36,569 65,451 22,860 11,363 15,926 50,679 17,411 7,929 15,982 15,812 13,715 38,584 Other cash 366,483 27,093 62,328 18,591 32,906 20,001 29,960 57,998 16,409 9,930 12,704 14,392 64,171 Discounts and advances 186,812 9,903 45,370 4,023 36,668 3,190 22,404 22,744 1,626 2,701 27,626 7,551 3,006 Acceptances: Bought outright 42,109 -- 42,109 ' -- Held under rep. agree. 9,669 9,669 -- U. S. Govt, securities: Bought outright— Bills 3,297,713 177,219 822,555 188,815 283,330 208,729 180,817 564,429 133,283 76,523 l4l, 541 132,898 387,574 Certificates 14,142,243 760,004 3,527,528 809,728 1215,059 895,133 775,433 2420,558 571,587 328,171 606,999 569,933 1662,110 Notes 7,530,298 404,678 1,878,297 431,155 646,981 476,630 412,894 1288,871 304,352 174,740 323,208 303,471 885,021 Bonds 2,605,071 139,997 649,788 149,155 223,819 164,888 142,839 445,879 105,290 60,451 111,813 104,984 306,168 Total ,27,575,325 1581,89% 6,078,160 1570,853 2369,109 1745,3301 511,903 4719,737 1114,512 639,005 1103,561 1111,2003 240,073 Held under rep. agree. 513,600 513,600 -- — — Total U. S. Govt, sees. 28,088,925 1481,898 7,391,768 1578,853 2369,189 1745,380 1511,983 4719,737 1114,512 639,885 1183,561 1111,286 3240,873 Total loans & securities 28,327,515 1491,801 7,488,916 1582,876 2405,857 1748,570 1534,387 4742,481 1116,138 642,586 1211,187 1118,837 3243,879 Due from foreign "banks 15 1 1/4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,184,952 364,231 875,039 349,901 420,351 432,726 429,671 862,194 243,774 171,787 268,491 235,184 531,603 Bank premises 106,625 3,982 9,465 3,816 8,716 6,204 10,983 21,427 6,678 4,921 5,111 13,701 11,621 Other assets 387,4o6 20,877 96,316 22,014 33,708 24,410 22,003 65,457 15,467 8,917 16,922 15,754 45,561 TOTAL ASSETS 52,503,965 2834,976 12,769,152 3074,253 4500,395 3455,677 2960,217 8988,277 2154,403 1224,242 2260,685 2093,957 6187,731 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDIT][ ON OF EACH FEDERAL RESERVE BANK ON It oVEMBER 9, I960 Phila- Cleve- St. Minne- Kansas San Total Boston Net/ York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars L I A B I L I T I ES Federal Reserve notes 27,892,822 1587,599 6,491,714 1806,462 2517,730 2151,708 1581,261 5248,726 1206,308 590,914 1138,284 819,84l 2752,275 Deposits: Member bank reserves 17,536,526 816,705 4,657,709 811,207 1437,4o6 773,671 899,747 2641,496 634,521 434,345 802,420 935,884 2691,415 U.S.Treas.-gen.acct. 390,533 32,871 22,796 18,361 37,679 51,689 46,533 618 4o,l46 21,019 23,955 47,981 46,885 Foreign 257,998 12,397 1/77,103 14,927 23,782 11,385 13,156 34,914 8,349 5,819 10,373 14,674 31,119 Other 386^12 571 -328,017 1,341 204 3,331 987 525 361, 201 1,091 653 49,130 0 Total deposits 18,571,9^9 862,544 5,085,625 845,836 1499,571 840,076 960,423 2677,553 683,377 461,384 837,839 999,192 2818,549 Deferred availability cash items 4,682,005 317,751 808,651 343,414 358,340 399,833 346,304 868,737 218,907 140,797 227,199 199,685 452,387 Other liabilities and accrued dividends 49^682 2,199 15.612 2.471 4,412 2,648 2,444 7.547 1.791 1.278 1,864 1,871 5,546 TOTAL LIABILITIES 51,196,483 2770,093 12,401,602 2998,183 4380,053 3394,265 2890,432 8802,5632 110,385 1194,373 2205,186 2020,591 6028,757 CAPITAL ACCOUNTS Capital paid in 404,774 20,045 114,174 23,569 37,395 18,602 21,634 56,724 13,528 9,286 17,180 23,340 49,297 Surplus 774,808 38,332 220,905 72,530 25,862 17,580 31,720 44,645 95,390 Other capital accounts 127.900 6,506 32,471 1 -M 10,417 ,628 3,003 6,599 5,381 14,287 TOTAL LIABILITIES AMD - CAPITAL ACCOUNTS 52,503,965 2834,976 12,769,152 3074,253 4500,395 3455,677 2960,217 8988,277 2154,403 1224,242 2260,685 2093,957 6187,731 Conting. liab. on acceptances purchased for foreign correspondents 215,827 10,574 2/61,530 12,732 20,285 9,711 11,222 29,781 7,122 4,963 8,848 12,516 26,543 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,900,89111667,264 6,714,825 1852,336 2639,840 2206,526 1651,058 5352,974 1246,874 665,570 1163,773 859,996 2879,855 Collat. for F. R. notes: Gold certificate acct. 9,800,000 530,000 2,300,000 700,000 920,000 700,000 500,000 1900,000 410,000 180,000 300,000 260,000 1100,000 Eligible paper 30,249 -- 2,625 -- 900 -— 26,724 -- -- 510,000 870,000 625,000 2000,000 U. S. Govt, securities 20,170,000 1250,000 4,500,000 1200,000 1830,000 1550,000 1200,000 3700,000 935,000 Total collateral 1700,000 0,000,QUO 1902,025 2750,000 2250,000 1700,000 5600,000 1345,900 690,000 1196,724 885,000 3100,000 l/ After deducting $180,895,000 participations of other Federal Reserve Banks, 2/ After deducting $154,297,000 participations of other Federal Reserve Banks.