H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM December 1, 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 tank reserves held during the week ended November 30 increased a net of $796 million to $19,551 million. Cash allowed as reserves increased an estimated $1,494 million, largely reflecting the permission granted to all member "banks, effective November 24, to count as reserves all currency and coin held in their vaults. Member bank reserve balances at the Federal Reserve Banks decreased $698 million. Estimated required reserves increased $288 million, following an increase of an estimated $380 million in the reserve requirements of country member banks, also effective on November 24; and estimated excess reserves increased $508 million to $1,110 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $997 million, compared with the revised figure of $503 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $208 million in Federal Reserve holdings of U. S. Government securities, $300 million in Federal Reserve float, and $42 million in gold stock, and increases of $106 million in currency in circulation and $34 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $516 million. As of Wednesday, November 30, holdings of U. S. Government securities bought outright were $197 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $32 million lower, and member bank borrowings were $206 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Nov. 30, Nov. 23; Dec. 2, Nov. 30, and related items i960 i960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 27,607 71 + 764 27,486 - Held under repurchase agreement 16 137 12 2 - Acceptances-- Bought outright 49 + 2 + 17 4488 Held under repurchase agreement * 12 3 - Loans, discounts, and advances— Member bank borrowings 113 + 14 - 757 95 Other 8 14 + 3 6 - Float 1,232 - 300 + 146 1,095 Total Reserve Bank credit 29,026 - 516 + 159 28,731 Gold stock 17,957 - 42 -1,611 17,910 Treasury currency outstanding 5,392 - - + 86 5,391" ^ 52,37*" 559 -1,368 52,033-6" - Currency in circulation 32,638-^ + 106 + 192 32,618% ic Treasury cash holdings 416-4 + 9 + 6 422- Treasury deposits with F. R. Banks 460 9 - 87 512 - Foreign deposits with F. R. Banks 258 + 34 - 89 252 Other deposits with F. R. Banks 391 + 3 + 36 390 Other F. R. accounts (net) 1,071 - 2 - 170 , 1,06? , 35,234 + i4o - 112 35,264,5 Member bank reserves: With Federal Reserve Banks 17,141 - 698 -1,255 16,770 Cash allowed as reserves (estimated) 2,410 +1,494 +2,355 2,543 Total reserves held 19,551 + 796 +1,100 19,313 Required reserves (estimated) 18,441 + 288 + 356 18,521 Excess reserves (estimated) 1,110 + 508 + 744 792 * Less than $500,000. On November 30, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,430 million, a decrease of $57 million for the week and an increase of $1,0l4 million from the comparable date a year ago.

H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Nov. 30, Nov. 23, Dec. 2, I960 I960 1959 A S S E TS Gold certificate account 16,593,645 81,997 -1,714,997 Redemption fund for F. R. notes 1,016,467 + 422 + 47,909 Total gold certificate reserves 17,610,112 81,575 -1,667,088 - F. R. notes of other Banks 362,4ll + 39,691* + 10,641 Other cash 355,388 2,453^+ 6,699 - Discounts and advances 100,589 222,625 - 520,690 - Acceptances: Bought outright 48,106 2 + 14,582 Held under repurchase agreement 2,489 3,788 - U. S. Government securities: Bought outright-- Bills 3,170,313 196,900 + 126,908 Certificates 9,172,743 -1,334,250 Notes 12,537,298 — » +1,527,000 Bonds 2,606,071 + 122,300 , Total "bought outright 27,486,425 196,900 +441,958 - Held under repurchase agreement 1,500 r 32,500 - 25,900 Total U. S. Government securities 27,487,925 229,400 + 416,058 - Total loans and securities 27,636,620 - 454,516 - 93,838 Due from foreign "banks 15 — Cash items in process of collection 5,733,712 127,339 + 49,604 - Bank premises 107,033 84 + 7,895 - Other assets 156,470 + 16,861 - 48,609 TOTAL ASSETS 51,961,761 609,415 -1,734,696 - L I A B I L I T I ES Federal Reserve notes 28,066,302 + 1,887 + 73,387 Deposits: Member bank reserves 16,769,659 591,327 -1,436,839 U. S. Treasurer--general account 512,370 + 32,164 - 89,026 Foreign 251,752 + 31,230 - 66,473 Other 389,737 + 10,300 + 46,950 Total deposits 17,923,518 517,633 -1,545,390 - Deferred availability cash items 4,639,103 108,426 - 49,537 Other liabilities and accrued dividends 46,810 1,367 + 1,385 - TOTAL LIABILITIES 50,675,733 625,539 -1,520,155 *• C A P I T AL A C C O U N TS CapitETpaid In"" 406,703 + 215 + 21,756 Surplus 774,808 - 93,602 Other capital accounts io4,517 + 15,909 - 142,695 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,961,761 609,415 -1,734,696 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 38.3# + .3# 2.3$> Contingent liability on acceptances purchased for foreign correspondents 226,566 + 4 + 155,141 t / -9-3 MACl , MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 30, 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 93,769 57557 220,050 16 days to 90 days 6,806 40,039 5,383,633 91 days to 1 year 14 9,740,738 Over 1 year to 5 years 10,693,647 Oyer 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 100,589 48,106 27,487,925

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, I960 Phila- Cleve- I St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago 1 Louis apolis City Dallas Francisco A S S E TS Gold certificate account 16,593,645 685,187 4,431,64o 919,556 1412,089 1001,237 811,063 2972,811 618,789 299,912 768,372 604,684 2068,305 Redemption fund for F. R. notes 1,016,467 62,752 231,707 63,815 90,774 82,872 64,116 179,586 44,835 26,127 44,4l4 32,831 92,638 Total gold certificate reserves 17,610,112 747,939 4,663,347 983,371 1502,863 1084,109 875,179 3152,397 663,624 326,039 812,786 637,515 2160,943 F.R. notes of other Banks 362,4ll 32,335 83,761 25,620 12,115 17,187 55,370 27,623 13,472 16,263 15,688 16,532 46,445 Other cash 355,388 24,378 70,874 18,980 27,108 18,027 26,449 56,390 16,981 8,742 12,077 14,779 60,603 Discounts and advances 100,589 10,444 8,420 3,129 12,394 13,170 10,762 13,330 5,598 1,983 17,482 2,939 938 Acceptances: Bought outright 48,106 48,106 U. S. Govt, securities: Bought outright— Bills 3,170,313 170,372 790,778 181,521 272,384 200,665 173,831 542,624 128,134 73,566 136,073 127,764 372,601 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 Bonds 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 ' Total 27,486,425 1477,120 6,855,994 1573,763 2361,551 1739,753 1507,108 4704,522 1110,919 637,822 1179,745 1107,703 3230,425 Held under repurchase agreement WOQ — — l 300 — — — «•» t Total U. S. Govt, sees. 27,487,925 1477,120 6.857.494 1571.763 2361.551 1719.751 1507,108 4704.522 1110.919 617.822 1179.745 1107.701 1210.425 Total loans & securities 27,636,620 1487,564 6,914,020 1576,892 2373,945 1752,923 1517,870 4717,852 1116,517 639,805 1197,227 1110,642 3231,363 Due from foreign "banks 15 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 5,733,712 397,177 1,131,404 353,809 477,038 413,023 437,935 947,520 288,130 163,529 291,679 260,141 572,327 Bank premises 107,033 3,947 9,425 3,811 8,658 6,159 11,263 21,580 6,646 4,956 5,112 13,906 11,570 Other assets 156,470 8,354 38,494 8.855 13,915 9,947 9,345 25,899 6.235 3.597 7.000 6.447 18.182 TOTAL ASSETS 51,961,761 2701,695 12,911,329 2971,339 4415,643 3301,376 2933,412 8949,263 2111,605 1162,931 2341,570 2059,963 6101,635 l/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

E.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, I960 Phila- Cleve- St. Minne- Kansas San Total Boston Nev 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 28,066,302 1615,535 6,511,319 1832,826 2555,168 2158,867 1601,522 5273,473 1215,278 590,737 1143,127 826,724 2741,726 Deposits: Member bank reserves 16,769,659 629,053 4,773,617 723,244 1275,554 671,051 814,909 2611,282 582,717 376,328 869,091 881,941 2560,872 U.S.Treas.-gen.acct. 512,370 24,637 40,555 33,670 46,161 49,920 50,566 71,303 27,681 26,569 42,450 38,313 60,545 Foreign 251,752 12,054 1/75,862 14,514 23,124 11,070 12,792 33,948 8,118 5,658 10,086 14,268 30,258 Other 389,737 308 -327,346 1,772 851 2,8o4 3,135 868 892 4o8 978 934 49,441 Total deposits 17,923,518 666,052 5,217,380 773,200 1345,690 734,845 881,402 2717,401 619,4o8 408,963 922,605 935,456 2701,116 Deferred availability cash items 4,639,103 354,155 809,659 287,939 391,849 344,811 379,409 767,427 231,961 132,662 219,396 223,438 496,397 Other liabilities and accrued dividends 46,810 2,248 11,936 2,637 4,581 2,681 2,481 7,727 1,683 1,276 1,924 1,850 5,786 TOTAL LIABILITIES 50,675,733 2637,990 12,550,294 2896,602 4297,288 3241,204 2864,814 8766,028 2068,330 1133,638 2287,052 1987,468 5945,025 CAPITAL ACCOUNTS Capital paid in 406,703 20,069 114,171 23,652 37,620 18,648 21,686 57,495 13,600 9,350 17,226 23,448 49,738 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 104,517 5,304 25,959 5,447 8,205 6,958 6j6o6 l8,4o6 3,813 2,363 5,572 4,402 11,482 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,961,761 2701,695 12,911,329 2971,339 4415,643 3301,376 2933,412 8949,263 2111,605 1162,931 2341,570 2059,963 6101,635 Conting. liab. on acceptances purchased for foreign correspondents 226,566 11,103 2/64,547 13,369 21,300 10,197 11,783 31,271 7,478 5,212 9,291 13,143 27,872 FEDERAL RESERVE AGENTS' ACCOUNTS TT.. RR.. nnootteess oouuttssttaannddiinngg 29,319,889 1672,616 6,854,632 1900.995 2701,821 2235,998 1677,776 5404,225 1262,058 667,500 1166,778 872,850 2902,640 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 9,830,000 500,000 2,400,000 650,000 920,000 700,000 500,000 1900,000 410,000 180,000 300,000 270,000 1100,000 EElliiggiibbllee ppaappeerr 25,411 — *- 2,775 —— —— -- —— 5,400 -*• 17,236 "• ~— UU.. SS.. GGoovvtt,, sseeccuurriittiieess 20,420,000 1250,000 4,600,000 1300,000 1830,000 1570,000 1200,000 3700,000 935,000 510,000 900,000 625,000 2000,000 TToottaall ccoollllaatteerraall 30,275,411 1750,000 7,000,000 1952,775 2750,000 2270,000 1700,000 5600,000 1350,400 690,000 1217,236 895,000 3100,000 _l/ After deducting $175,890,000 participations of other Federal Reserve Banks. _2/ After deducting $162,019,000 participations of other Federal Reserve Banks.