H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OP GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM November 25, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREtilT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total member hank reserves held during the week ended November 23 increased a net of $46 million to $18,777 million, which reflected in part an increase of $55 million in member hank reserve "balances at the Federal Reserve Banks. Estimated required reserves increased $64 million; and estimated excess reserves decreased $18 million to $592 million. Excess reserves exceeded member hank borrowings at the Federal Reserve Banks by $493 million, compared with the revised figures of $442 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $90 million in U. S. Government securities bought outright and $224 million in Federal Reserve float, and decreases of $50 million in Treasury deposits with Federal Reserve Banks and $352 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $364 million in U. S. Government securities held under repurchase agreement, $69 million in member bank borrowings, and $69 million in gold stock, and an increase of $159 million in "other" F. R. accounts (net). Total Reserve Bank credit decreased $116 million. As of Wednesday, November 23, holdings of U. S. Government securities bought outright were $78 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $272 million lower, and member bank borrowings were $147 million higher. Outright holdings of bills, certificates, notes, and bonds increased by $40 million, $30 million, $7 million, and $1 million, respectively. All securities purchased had maturities of not more than 15 months. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 23, Nov. 16, Nov. 25, Nov. 23, and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 27,678 + 90 +1,026 27,683 Held under repurchase agreement 153 -364 + 123 34 Acceptances- Bought outright 47 + 3 + 15 48 Held under repurchase agreement 12 + 2 + 9 2 Loans, discounts, and advances— Member bank borrowings 99 - 69 - 723 301 Other 22 — * + 15 22 Float 1,532 +224 + 221 1,114 Total Reserve Bank credit 29,542 -ll6 + 685 29,205 Gold stock 17,999 - 69 -1,583 17,986 Treasury currency outstanding 5,392 + 1 + 88 5,392 52,933 -184 - 810 52,582 Currency in circulation 32,532 + 5 + 263 32,658 Treasury cash holdings 407 + 5 - 8 412 Treasury deposits with F. R. Banks 469 - 50 - 46 480 Foreign deposits with F. R. Banks 224 6 - 91 221 Other deposits with F. R. Banks 388 -352 + 19 379 Other F. R. accounts (net) 1,073 +159 - 224 1,071 35,094 -239 - 85 35,221 Member bank reserves: With Federal Reserve Banks 17,839 + 55 - 724 17,361 Cash allowed as reserves (estimated) 938 - 9 + 938 938 Total reserves held 18,777 + 46 + 214 18,299 Required reserves (estimated) 18,185 + 64 + 55 18.164 Excess reserves (estimated) 592 - 18 + 159 135 On November 23, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5* 487 million, an increase of $20 million for the week and an increase of $1,051 million from the comparable date a year ago.

E.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Nov. 23, Nov. 16, Nov. 25, I960 i960 1959 A S S E TS Gold certificate account 16,675,642 - 24,002 -1,648,999 Redemption fund for F. R. notes 1,016,045 + 6,000 + 48,341 Total gold certificate reserves 17,691,687 18,002 -1,600,658 - F. R. notes of other Banks 322,24?1'!- , 48,851 2,502 Other cash 358^4-1,^ > 3 l 1 13,397 + 288 Discounts and advances 323,214 + 147,159 317,344 Acceptances: Bought outright 48,108 + 3,001 + 17,596 Held under repurchase agreement 2,489 - 9,171 - 1,822 U. S. Government securities: Bought outright-- Bills 3,367,213 + 39,500 + 674,683 Certificates 9,172,743 + 30,500 •1;, 334,250 Notes 12,537,298 + 7,000 +1,527,000 Bonds 2,606,071 + 1,000 + 122,300 Total bought outright 27,683,325 + 78,000 + 989,733 Held under repurchase agreement 34,000 ~ 272,000 + 5,250 Total U. S. Government securities 27,717,325 - 194,000 + 994,983 Total loans and securities 28,091,136 53,oii + 693,41$ -T Due from foreign banks 15 Cash items in process of collection 5,861,051 -1,543,437 + 282,188 Bank premises 107,117 - 75 + 7,772 Other assets 139,609 + 17,488 - 46,450 TOTAL ASSETS 52,571,176 -1,659,285 - 665,949 L I A B I L I T I ES Federal Reserve notes ~ ~ 2288,,006644,,441155 + 114400,,335511 + 114455,,331166 Deposits: Member bank reserves 17,360,986 - 250,729 * 778,646 U. S. Treasurer--general account 480,206 - 154,591 + 44,784 Foreign 220,522 + 9,733 - 115,698 Other 379,437 - 49,095 + 52,742 Total deposits 18,441,151 444,682 - 796,818 Deferred availability cash items 4,747,529 -1,368,841 + 191,011 Other liabilities and accrued dividends 48,177 - 2,125 + 6,045 TOTAL LIABILITIES 51,301,272 -1,675,297 454,446 - C A P I T AL A C C O U N TS Capital paid in 406,488 + 284 + 21,770 Surplus 774,808 — — 93,602 Other capital accounts 88,608 + 15,728 - 139,671. TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,571,176 -1), 659,285 665,949 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 38.0# + ,2$ - 22..99## Contingent liability on acceptances purchased for foreign correspondents 226,562 + 5,864 + 156,145 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 23, 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 299,433 11,562 ' 422,061 " 16 days to 90 days 23,767 39,035 5,360,322 91 days to 1 year l4 9,790,638 Over 1 year to 5 years 10,693,64? Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 323,214 50,597 27,717,325

1.4.1(b) STATEMENT OF CONDIT][ ON OF EACH FEDERAL RESERVE BANK ON II 0VEMBER 23, i960 Phila- Cleve- St. Minne- Kansas San Total Boston 1 New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco A S S E TS old certificate account 16,675,642 740,385 4,329,918 955,277 1424, 432 1005,594 835,857 2909,238 661,052 350,642 670,820 686,626 2105,801 Redemption fund for F. R. notes 1,016,045 63,110 233,651 64,333 89,275 84,162 59,546 180,265 44,991 26,212 44,547 32,953 93,000 Total gold certificate reserves 17,691,687 803,495 4,563,569 1019,610 1513,707 1089,756 895,403 3089,503 706,043 376,854 715,367 719,579 2198,801 F.R. notes of other Banks 322,247 32,506 73,601 20,426 9,621 19,706 51,282 22,675 12,632 13,813 15,955 18,012 32,43# Other cash 358r33# 24,736 66,884 18,834 28,873 19,773 27,128 59,257 18,491 9,043 12,107 14,954 1, Wl T&/ Discounts and advances 323,214 16,368 34,040 19,563 48,718 16,915 25,794 51,273 9,226 3,151 49,484 7,976 4o, 706 Acceptances: Bought outright 48,108 48,108 - - -- -- -- " -- - - Held under rep. agree. 2,489 2,489 B«- S. Govt, securities: Sought outright— 3,367,213 180,954 839,891 192,794 289,301 213,128 184,627 576,325 136,092 78,136 144,524 135,699 395,742 Certificates 9,172,743 492,943 2,287,976 525,195 788,095 580,589 502,951 1569,988 370,735 212,853 393,703 369,661 1078,054 Notes 12,537,298 673,754 3,127,203 717,836 1077,167 793,548 687,433 2145,859 506,720 290,928 538,113 505,253 1473,484 2,606,071 140,051 650,037 149,211 223,905 164,951 142,893 446,051 105,330 60,475 111,856 105,025 306,286 _3Tofcal 27,683,325 1487,702 6,905,107 1585,036 2378,468 1752,216 1517,904 4730,223 1118,677 642,392 1188,196 1115,638 3253,566 ZSeM uader rep. agree. 34,000 34,000 Total U. S. Govt. sees. 27,717,325 1487,702 6,939,107 1585,036 2378,468 1752,216 1517,904 4738,223 1118,877 642,392 1188,196 1115,638 3253,566 Total loans & securities 28,091,136 1504,070 7,023,744 1604,599 2427,186 1769,131 1543,698 4789,496 1128,103 645,543 1237,680 1123,614 3294,272 Due_£rom foreign banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process *of collection 5,861,051 417,756 1,073,091 358,585 471,544 463,209 474,351 929,727 254,071 180,246 341,343 289,606 607,522 Bank premises 107,117 3,982 9,465 3,808 8,717 6,171 11,285 21,633 6,680 4,984 5,112 13,702 11,578 Other assets 139.609 7.577 34,370 7,738 12,335 8,777 8,4g6 23,037 5.479 3,197 6,255 5,998 16.420 TOTAL ASSETS 52,571,176 2794,123 12,844,728 3033,601 4471,984 3376,524 3011,574 8935,330 2131,499 1233,680 2333,820 2185,466 6218,84? 1f After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

5.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OK NOVEMBER 23, i960 Phila- Cleve- St. Minne- Kansas San Total Boston Nev 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 28,064,415 1611,408 6,528,705 1830,914 2545,848 2154,238 1595,622 5281,863 1210,954 589,941 1137,349 824,155 2753,418 Deposits: Member bank reserves 17,360,986 688,032 4,770,743 789,163 1335,762 728,531 882,303 2596,004 642,909 437,619 844,245 971,785 2673,890 U.8.Treasgen.acct. 480,206 30,545 49,832 21,874 46,883 35,329 43,262 66,014 24,945 24,472 31,835 52,798 52,417 Foreign 220,522 10,486 1/67,512 12,626 20,116 9,630 11,128 29,532 7,062 4,922 8,774 12,412 26,322 Other A2I 327 320,844 1,527 549 2,534 1,343 850 890 203 1,153 645 48,572 Total deposits 05^1,151 729,390 5,208,931 825,190 1403,310 776,024 938,036 2692,400 675,806 467,216 886,007 1037,640 2801,201 Deferred availability cash items 4,747,529 388,033 737,990 301,163 401,300 384,352 407,549 772,926 200,341 146,227 254,556 249,543 503,549 Other liabilities and accrued dividends 48,177 2,400 12,426 2,505 4,513 2,692 2,607 7,748 1,825 1,306 2,017 2,182 5,956 TOTAL LIABILITIES 51,301,272 2731,231 12,480,052 2959,772 4354,971 3317,306 2943,014 0754,937 2000,92b 1204,690 2279,929 2113,$£>0 6064,124 CAPITAL ACCOUNTS Capital paid in 406,488 20,059 114,171 23,641 37,609 18,646 21,656 57,488 13,556 9,327 17,214 23,366 49,755 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 88,608 4,501 21,600 4,550 6,874 6,006 5,798 15,571 3,155 2,083 4,957 3,935 9,578 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,571,176 2794,123 12,844,728 3033,601 4471,984 3376,524 3011,574 8935,330 2131,499 1233,680 2333,820 2185,466 6218,84? Conting. liab. on acceptances purchased for foreign correspondents 226,562 11,103 2/64,543 13,369 21,300 10,197 11,783 31,271 7,478 5,212 9,291 13,143 27,872 FEDERAL RESERVE AGENTS' ACCOUNTS £. R. notes outstanding 29,222,363 1669,663 6,837,174 1893,976 2678,488 2223,733 1665,778 5394,061 1261,804 667,828 1170,170 075,897 2883,791 Collat. for F. R. notes: Gold certificate acct. 9,860,000 530,000 2,400,000 650,000 920,000 700,000 500,000 1900,000 410,000 180,000 300,000 270,000 1100,000 Eligible paper 75,347 —— —— 18,265 —— —— —— —— 8,500 —— 48,582 —— —— U. S. Govt, securities 20,400,000 1250,000 4,600,000 1300,000 1830,000 1550,000 1200,000 3700,000 935,000 510,000 900,000 625,000 2000,000 Total collateral 30,335,34? 1/00,000 7,000,000 1968,265 2750,000 2250,000 1700,000 5600,000 1353,500 690,000 1248,502 095,000 3100,000 1/ After deducting $153,010,000 participations of other Federal Reserve Banks. 2/ After deducting $162,019,000 participations of other Federal Reserve Banks.