H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOAfib bp GOVERNORS For immediate Release h.4.1 OF THE FEUDAL RESERVE SYSTEM November 17, 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 16 decreased a net of $76 million to $18,722 million; cash allowed as reserves increased $185 million and member bank reserve balances at the Federal Reserve Banks decreased $261 million. Estimated required reserves decreased $82 million; and estimated excess reserves increased $6 million to $613 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $4^5 million, compared with the revised figure of $471 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $59 million in U. S. Government securities held under repurchase agreement and $56 million in gold stock, and increases of $229 million in currency in circulation, $101 million in Treasury deposits with Federal Reserve Banks, and $288 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were increases of $149 million in U. S. Government securities bought outright, $323 million in Federal Reserve float, and $32 million in member bank borrowings. Total Reserve Bank credit increased $447 million. As of Wednesday, November 16, holdings of U. S. Government securities bought outright were $30 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $208 million lower, and member bank borrowings were $11 million lower. Holdings of certificates decreased $5,000 million and notes increased a like amount, reflecting an exchange of certificates maturing November 15 for new 3 l/4 per cent notes. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Nov. 16, Nov. 9, Nov. 18, Nov. 16, and related items I960 I960 1959 I960 (][ n millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 27,588 +149 + 995 27,605 Held under repurchase agreement 517 - 59 + 408 306 Acceptance s-- Bought outright 44 + 18 45 Held under repurchase agreement 10 + 1 + 10 12 Loans, discounts, and advances— Member bank borrowings 168 + 32 688 154 Other 22 «*» m + 14 22 Float 1,308 +323 + 143 1,2 88 +447 Total Reserve Bank credit 29,658 + 900 29,432 Gold stock 18,068 - 56 -1;, 515 18,006 Treasury currency outstanding 5,391 + 2 + 88 5,391 53,H7 +393 - 527 52,830 Currency in circulation 32,527 +229 + 292 32,455 Treasury cash holdings 402 + 4 - 12 4l4 Treasury deposits with F. R. Banks 519 +101 + 4l 635 Foreign deposits with F. R. Banks 230 - 20 - 74 211 Other deposits with F. R. Banks 740 +288 + 378 429 Other F. R. accounts (net) 914 + 50 - 290 1,075 35,333 +654 + 337 35,218 Member bank reserves: With Federal Reserve Banks 17,784 -261 863 17,612 Cash allowed as reserves (estimated) 938 +185 + 938 938 Total reserves held 18,722 - 76 + 75 18,550 Required reserves (estimated) 18,109 - 82 - 81 18,241 Excess reserves (estimated) 613 + 6 + 156 309 On November 16, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,467 million, a decrease of $103 million for the week and an increase of $1,049 million from the comparable date a year ago.

H.4.1(a) STATEMENT, OP CONDITION OF THE TWELVE FEESMl RESERVE BANKS COMBINED (In thousands of dollars) Change since Nov. 16, Now 9, Nov. 18, I960 i960 1959 A S S E TS Gold certificate account 16,699,644 • 124,999 -1,643,998 Redemption fund for F. R. notes 1,010,045 + 16,000 + 57,310 Total gold certificate reserves 17,709,689 108,999 -1758^689 - F. R. notes of other Banks 371,098 + 58,817 1,504 Other cash 371,711 + 5,228 + 7,083 Discounts and advances 176,055 - 10,757 506,911 Acceptances: Bought outright 45,107 + 2,998 + 19,564 Held under repurchase agreement 11,660 + 1,991 + 11,660 U. S. Government securities: Bought outright— Bills 3,327,713 + 30,000 + 754,683 Certificates 9,142,243 -5, 000,000 -1, 364,750 Notes 12,530,298 +5,000,000 *1,520,000 Bonds 2,605,071 — •» + 121,300 Total "bought outright 27,605,325 + 30,000 +1,031,233 Held under repurchase agreement 306,000 - 207,600 + 306,000 Total U. S. Government securities 27,911,325 - 177,600 +1,337,233 Total loans and securities 28,144,147 183,368 + 861,546 Due from foreign banks 15 -- M» «• Cash items in process of collection 7,4o4,488 +2,219,536 + 590,887 Bank premises 107,192 + 567 + 7,610 Other assets 122,121 - 265,285 - 44,859 TOTAL ASSETS 54,230,461 +1,726,496 165,925 - L I A B I L I T I ES Federal Reserve notes "* ~~ 27,924,064 + 3311,,224422 + 116622,,223399 Deposits: Member "bank reserves 17,611,715 + 75,189 - 820,375 U. S. Treasurer—general account 634,797 + 244,264 + 60,387 Foreign 210,789 - 47,209 - 110,745 Other 428,532 + 41,620 + 73,320 Total deposits 18,885,833 + 313,864 - 797,413 Deferred availability cash items 6,116,370 +1,434,365 + 735,449 Other liabilities and accrued dividends 50,302 + 615 + 10,197 TOTAL LIABILITIES 52,976,569 +1,780,086 + 110,472 C A P I T AL A C C O U N TS Capital paid in 4o6,204 + 1,430 + 21,619 Surplus 774,808 e. «• - 93,602 Other capital accounts 72,880 55,020 • 204,4l4 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 54,230,461 +1,726,496 165,925 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 3377..88$$ .5i 2.9# Contingent liability on acceptances purchased for foreign correspondents 220,698 + 4,871 + 151,818 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 16, 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 150,345 17,679 771,661 16 days to 90 days 25,694 39,088 1,674,029 91 days to 1 year 16 — 13,329,131 Over 1 year to 5 years -- -- 10,686,647 Over 5 years to 10 years — — 1,178,574 Over 10 years -- -- 271,283 Total 176,055 56,767 27,911,325

H. 4.1(b) STATEMENT OF CONDIT][ ON OF EACH FEDERAL RESERVE BANK OF II 0VEMBER 16, 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 16,699,644 768,104 4,073,302 922,090 1497,801 1052,395 799,712 2992,537 696,785 360,397 712,022 679,556 2144,943 Redemption fund for 180,265 F. R. notes 1,010,045 63,110 233,651 60,333 88*275 84,162 59,546 44,991 26,212 44,547 31,953 93,000 Total gold certificate reserves 17,709,689 831,214 4,306,953 982,423 1586,076 1136,557 859,258 3172,802 741,776 386,609 756,569 7U/509 2237,943 F.R. notes of other Banks 371,098 40,392 89,603 28,410 11,435 19,458 51,136 25,256 11,808 14,490 18,332 15,753 45,025 Other cash 371,711 26,246 70,698 19,295 30,313 19,527 28,146 60,351 17,858 9,391 12,341 14,338 63,207 Discounts and advances 176,055 20,723 34,940 6,148 12,568 19,115 19,519 29,600 1,226 5,651 16,483 7,376 2,706 Acceptances: Bought outright 45,107 -- 45,107 *- " -- Held under rep. agree. 11,660 11,660 -- -- - — U. S. Govt, securities: Bought outright— Bills 3,327,713 178,831 830,038 190,532 285,908 210,628 182,462 569,564 134,495 77,220 142,828 134,107 391,100 Certificates 9,142,243 491,304 2,280,368 523,448 785,474 578,658 501,278 1564,768 369,502 212,146 392,394 368,433 1074,470 Notes 12,530,298 673,378 3,125,457 717,435 1076,566 793,105 687,049 2144,661 506,437 290,765 537,813 504,971 1472,661 306,168 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 Total 27,605,325 1483,510 6,885,651 1580,570 2371,767 1747,279 1513,628 4724,872 1115,724 640,582 1184,848 1112,495 3244,399 Held under rep. agree. 306,000 306,000 —— —- —— —— —— —— Total U. S. Govt, sees. 27,911,325 1483,510 7,191,651 1580,570 2371,767 1747,279 1513,628 4724,872 1115,724 640,582 1184,848 1112,495 3244,399 7,283,358 1586,718 1766,394 4754,472 1116,950 3247,105 Total loans & securities 28,144,147 1504,233 2384,335 1533,147 646,233 1201,331 1119,871 Due from foreign banks 15 1 1/4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 7,404,488 517,766 1,366,089 464,554 630,943 607,288 564,546 1247,045 336,203 202,542 415,430 334,668 717,414 Bank premises 107,192 3,982 9,465 3,816 8,702 6,204 11,293 21,633 6,680 4,984 5,111 13,702 11,620 Other assets 122,121 6,512 30,248 6.818 10,551 7,743 7,436 20,001 4,739 2,777 5,489 5,268 14,539 2930,346 13,156,418 4662,356 3563,172 9301,562 2236,014 1267,026 2414,604 2215,110 6336,855 TOTAL ASSETS 54,230,461 3092,035 3054,963 1/ After deducting $11,000 participations of other Federal Reserve BanksT 2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEfmTm 1 igAn Total Boston HevTork Rl=h-md Atlanta |chi agp ^ ^ Dallas C (In thousands of dollars) LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,924,064 1601,791 6,474,316 1812,148 2532,003 2154,823 1592,313 5255,797 1209,337 590,533 1137,628 822,527 2740,848 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr bbbbbaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 17,611,715 765,893 4,739,201 782,479 1401,786 772,403 875,039 2721,478 653,167 430,500 860,915 970,534 2638,320 UUUUU.....SSSSS.....TTTTTrrrrreeeeeaaaaasssss.....-----gggggeeeeennnnn.....aaaaaccccccccccttttt..... 634,797 18,578 108,310 21,183 42,326 61,494 24,916 92,092 57,402 38,674 45,039 44,146 80,637 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 210,789 10,192 1/62,069 12,272 19,552 9,360 10,816 28,704 6,864 4,784 8,528 12,064 25,584 OOOOOttttthhhhheeeeerrrrr 428,532 798 358,647 2,080 917 3,135 1,586 1,352 685 2 4 2,533 545 56,020 3 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 18,885,833 795,461 5,268,227 818,014 1464,581 846,392 912,357 2843,626 710,118 474,192 917,015 1027,209 2000,561 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 6,116,370 468,753 1,045,411 386,422 546,052 501,065 481,001 1016,809 264,808 172,265 304,890 291,954 636,940 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 50,302 2,258 15,818 2,544 4,171 2,687 2,354 7,727 1,764 1,381 1,879 2,001 5,718 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 52,976,569 2868,263 12,803,772 3019,128 4546,807 3504,967 2988,025 9123,959 2194,027 1238,371 2361,412 2143,771 6184,067 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 406,204 20,048 114,205 23,609 37,457 18,616 21,655 57,465 13,544 9,300 17,189 23,361 49,755 .....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 72,880 3,703 17,536 3,660 5,562 5,023 4,977 12,804 2,581 1,775 4,283 3,333 7,643 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 54.2lo.46i 2910.146 11.156.418 3092,035 4662,356 3563,172 3054,963 9301,562 2236,014 1267,026 24l4,6o4 2215,110 6336,855 jjjjjGGGGGeeeeeaaaaa&&&&&tttttnnnnnggggg..... llllliiiiiaaaaabbbbb..... ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaassssseeeeeeeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr 220,698 fffffooooorrrrreeeeeiiiiigggggnnnnn,,,,, cccccooooorrrrrrrrrreeeeessssspppppooooonnnnndddddeeeeennnnntttttsssss 10,814 2/62,898 13,021 20,746 9,931 11,476 30,457 7,283 5,076 9,049 12,801 27,146 FEDERAL RESERVE AGENTS * ACCOUNTS FF•• RR•• nnootteess oouuttssttaannddiinngg 29,095,665 1681,895 6,781,263 1882,526 2664,395 2228,340 1661,346 5372,382 1250,127 665,531 1165,547 864,305 2878,008 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 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 EElliiggiibbllee ppaappeerr 20,931 4,850 -- — -- — 500 — 15,581 UU.. SS.. GGoovvtt.. sseeccuurriittiieess 20,300,000 1250,000 4,600,000 1200,000 1830,000 1550,000 1200,000 3700,000 935,000 510,000 900,000 625,000 2000,COO TToottaall ccoollllaatteerraall 30,120,931 1780,000 6,900,000 1904,850 2750,000 2250,000 1700,000 5600,000 1345,500 690,000 1215,581 885,000 3100,000 ±f Alter deducting .£14ti, f20,000 participations of other Federal Reserve Banks. 2/ After deducting $157,800,000 participations of other Federal Reserve Banks.