H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM December 8, i960 WEEKLY AVERAGES OF MEMBER BAM 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 December 7 decreased $871 million to $18,812 million. Cash allowed as reserves decreased $288 million and member bonk reserve balances at the Federal Reserve Banks decreased $$83 million. Estimated required reserves decreased $295 million, including an estimated decrease of $250 million in the reserve requirements of central reserve city banks effective December 1; and estimated excess reserves decreased $576 million to $625 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $565 million, compared with the revised figure of $1,088 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $202 million in Federal Reserve holdings of U. S. Government securities, $175 million In Federal Reserve float, and $53 million in member bank borrowings, and increases of $84 million in currency in circulation and $83 million in "other" deposits with Federal Reserve Banks. The principal offsetting change was an increase of $17 million in gold stock. Total Reserve Bank credit decreased $432 million. As of Wednesday, December 7, holdings of U. S. Government securities bought outright were $91 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $2 million lower, and member bank borrowings were $20 million lower. Outright holdings of bills, certificates, notes, and bonds decreased $6l million, $14 million, $5 million, and $11 million, respectively. All securities sold had maturities of less than 15 months. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Dec. 7, Nov. 30, Dec. 9, Dec. 7, and related items I960 I960 1959 I960 (][ n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 27,421 -186 + 291 27,395 Held under repurchase agreement * - 16 64 -•* Acceptances— Bought outright 50 + 1 + 13 4488 Held under repurchase agreement * 3 -- -- Loans, discounts, and advances— Member bank borrowings 60 - 53 - 851 75 Other 7 - 1 + 2 6 Float 1,057 -175 + 54 874 Total Reserve Bank credit 28,594 -432 - 559 28,399 Gold stock 17,974 + 17 -1,531 18,177 Treasury currency outstanding 5,391 - l + 81 5,392 51,960 -4i4 -2,007 51,967 Currency in circulation 32,722 + 84 + 121 32,905 Treasury cash holdings 413 - 3 + 8 4l8 Treasury deposits with F. R. Banks 473 + 13 14 383 Foreign deposits with F. R. Banks 253 - 5 - 109 256 Other deposits with F. R. Banks 474 + 83 + 136 691 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,066 - 5 - 178 1,061 35,402 +168 - 36 35,715 Member bank reserves: With Federal Reserve Banks 16,558 -583 -1,971 16,252 Cash allowed as reserves (estimated) 2,254 -288 +1,986 2,486 Total reserves held 18,812 -871 + 15 18,738 Required reserves (estimated) 18,187 -295 - 95 18,169 Excess reserves (estimated) 625 -576 + 110 569 * Less than $500,000. On December 7, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,5^3 million, an increase of $113 million for the week and an increase of $l,l4l million from the comparable date a year ago.

H»4.l(a) STATEMENT Of CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (Ih thousands of dollars) Change since Dec. 7, Nov. 30, Dec. 9, I960 I960 1959 A S S E TS Gold certificate account 16,866,643 + 272,998 -1,380,001 Redemption fund for F. R. notes 1,014,541 - 1,926 + 43,984 Total gold certificate reserves 17,881,184 + 271,072 -1,336,017 F. R. notes of other Banks 350,607 11,804 + 12,888 Other cash 337,860 17,528 + 8,240 - Discounts and advances 80,999 - 19,590 - 499,430 Acceptances: Bought outright 48,105 - l + 11,601 Held under repurchase agreement •»"» 44,,442211 U. S. Government securities: Bought outright— Bills 3,109,213 - 61,100 - 42,892 Certificates 9,158,743 - 14,000 -1,348,250 Notes 12,532,298 - 5,000 +1,522,000 Bonds 2,595,071 11,000 + 111,300 - Total "bought outright 27,395,325 - 91,100 + 242,158 Held under repurchase agreement 1,500 49,000 — - Total U. S, Government securities 27,395,325 - 92,600 + 193,158 . Total loans and securities 27,524,429 112,191 - 299,092 Due from foreign banks 15 «•» — Cash items in process of collection 5,282,025 - 451,687 + 269,282 Bank premises 107,085 + 52 + 7,931 Other assets 178,258 + 21,788 - 45,461 TOTAL ASSETS 51,661,463 300,298 -1,382,229 - L I A B I L I T I ES Federal Reserve notes 2288,,332244,,992277 + 225588,,662255 ++ 112222,,442233 Deposits: Member bank reserves 16,251,764 - 517,895 -1,719,337 U. S. Treasurer-•*general account 383,443 - 128,927 - 43,995 Foreign 255,924 + 4,172 84,092 Other 691,203 + 301,466 + 343,961 Total deposits 17,582,334 - 341,184 -1,503,463 Deferred availability cash items 4,407,953 - 231,150 + 219,671 Other liabilities and accrued dividends 44,326 mm 2,484 2,944 TOTAL LIABILITIES 50,359,540 - 316,193 -1,164,313 C A P I T AL A C C O U N TS Capital paid in 406,867 + 164 + 21,801 Surplus 774,808 93,602 Other capital accounts 120,248 + 15,731 - 146,115 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,661,463 300,298 -1,382,229 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 39,0# + ..773366 11..66$$ Contingent liability on acceptances purchased for foreign correspondents 238,768 + 12,202 + 158,515 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 7, 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 71,967 7,496 408,550 16 days to 90 days 9,032 40,609 5,264,933 91 days to 1 year 9,583,338 Over 1 year to 5 years 10,688,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 80,999 48,105 27,395,325

H,4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 7, I960 Phi la< Cleve- St. Minne- Kansas San Total Boston Net 7 York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco (in thousands of dollars) A S S E TS Gold certificate account 16,866,643 763,259 4,551,784 935,983 1441,572 1052,967 845,992 2813,680 699,738 337,849 729,129 613,349 2081,341 Redemption fund for F. R. notes 1,014,541 62,497 230,232 65,460 91,430 81,940 63,813 179,066 44,714 26,070 44,298 32,732 92,289 Total gold certificate reserves 17,881,184 825,756 4,782,016 1001,443 1533,002 1134,907 909,805 2992,746 744,452 363,919 773,427 646,081 2173,630 F.R. notes of other Banks 350,607 32,927 89,988 22,161 12,071 16,629 52,797 23,143 11,139 14,067 15,637 19,172 40,876 Other cash 337,860 25,323 62,816 16,666 25,254 17,281 25,404 57,842 16,845 8,190 11,534 14,850 55,855 Discounts and advances 80,999 2,994 5,660 4,764 11,094 3,870 18,362 6,553 5,598 3,883 11,035 3,948 3,238 Acceptances: Bought outright 48,105 48,105 U. S. Govt, securities: Bought outright— Bills 3,109,213 167,089 775,538 178,022 267,135 196,798 170,481 532,166 125,664 72,149 133,450 125,302 365,419 Certificates 9,158,743 492,191 2,284,483 524,393 786,892 579,703 502,183 1567,592 370,169 212,529 393,102 369,097 1076,409 Notes 12,532,298 673,486 3,125,956 717,549 1076,737 793,232 687,158 2145,003 506,518 290,812 537,899 505,052 1472,896 Bonds 2,-595,071 139,459 647,294 148,583 222,960 164,254 142,291 444,168 104,886 60,218 111,384 104,580 304,994 Total 27,395,325 1472,225 6,933,271 1568,547 2353,724 1733,987 1502,113 4600,929 1107,237 035,705 1175,835 1104,031 3%i9,Yio Held under rep. agree. Total U.S. Govt, sees. 27,395,325 1472,225 6,833,271 1568,547 2353,724 1733,987 1502,113 4688,929 1107,237 635,708 1175,835 1104,031 3219,718 Total loans & securities 27,524,429 1475,219 6,887,036 1573,311 2364,818 1737,857 1520,475 4695,482 1112,835 639,591 1186,870 1107,979 3222,956 Due from foreign banks 15 1/ (2) (2) Cash items in process of collection 5,282,025 360,960 938,050 347,207 424,898 419,456 428,497 828,951 245,484 158,687 292,713 284,847 552,275 Bank premises 107,085 3,947 9,425 3,811 8,677 6,158 11,263 21,580 6,645 4,956 5,147 13,907 11,569 Other assets 178,258 9,771 47,042 9,800 15,358 10,937 10,287 28,851 6,906 4,008 7,715 7,129 20,454 TOTAL ASSETS 51,661,463 2733,904 12,816,377 2974,400 4384,079 3343,226 2958,529 8648,597 2144,30 61193,418 2293,044 2093,966 6077,617 ij After deducting $11,000 participations of other Federal Reserve Banks. --2/ Less than $500.

H.4.1(c) STATEMENT OF CONDITC]O N OF EACH FEDERAl RESERVE BAM ON DECEMBER 7, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York Richmond Atlanta Chicago Dallas delphia land Louis apolis City Francisco LI A B I I IT IE S Federal Reserve notes 28,324,927 1624,287 6,584,313 1846,409 2573,713 2184,444 1628,717 5299,151 1229,318 593,804 1153,245 833,119 2774,407 Deposits: Member bank reserves 16,251,764 671,374 4,375,121 729,345 1273,288 713,072 847,277 2373,493 642,212 405,291 815,410 886,972 2518,909 U.S.Treas.-gen.acct. 383,443 24,269 36,704 14,190 27,451 28,842 25,996 46,671 25,786 23,848 36,454 41,096 52,136 Foreign 255,924 12,054 1/80,034 14,514 23,124 11,070 12,792 33,948 8,118 5,658 10,086 14,268 30,258 Other 691,203 551 633,914 1,482 778 3,714 1,163 1,382 742 352 1,031 639 45,455 Total deposits 17,582,334 708,248 5,125,773 759,531 1324,641 756,698 887,228 2455,494 676,858 435,149 862,981 942,975 2646,758 Deferred availability cash items 4,407,953 33^,685 729,944 290,430 361,588 338,376 370,738 700,696 192,669 133,471 219,778 242,974 492,604 Other liabilities and accrued dividends 44,326 2,169 11,241 2,100 4,358 2,545 2,392 7,265 1,595 1,385 1,811 1,845 5,320 TOTAL LIABILITIES 50,359,540 2669,389 12,451,271 2898,770 4264,300 3282,063 2889,075 8462,606 2100,440 1163,809 2237,515 2020,913 5919,089 CAPITAL ACCOUNTS Capital paid in 406,867 20,080 114,192 23,658 37,633 18,652 21,721 57,492 13,604 9,360 17,231 23,448 49,796 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 120,248 6,103 30,009 6,334 9,616 7,945 7,427 21,165 4,400 2,669 6,278 4,960 13,342 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,661,463 2733,904 12,816,377 2974,400 4384,079 3343,226 2958,529 8648,597 2144,306 1193,4l8 2293,044 2093,966 6077,617 Conting. liab. on acceptances purchased for foreign correspondents 238,768 11,701 2/68,026 14,089 22,447 10,746 12,418 32,955 7,881 5,492 9,791 13,850 29,372 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,501,604 1678,723 6,919,597 1932,011 2712,393 2255,343 16$4,b92 5408,346 1271,281 670,033 1180,976 879,662 2898,553 Collat. for F. R. notes: Gold certificate acct. 9,855,000 500,000 2,400,000 650,000 920,000 700,000 525,000 1900,000 410,000 180,000 300,000 270,000 1100,000 -- 10,789 Eligible paper 20,599 —— 4,410 -- -• "• "• 5}400 U. S. Govt, securities 20,440,000 1250,000 4,600,000 1300,000 1830,000 1590,000 1200,000 3700,000 935,000 510,000 900,000 625,000 2000,000 Total collateral 1750,000 7,000,000 1954,410 2750,000 2290,000 1725,000 5600,000 1350,400 690,000 1210,789 895,000 3100,000 30,315,599 1/ After deducting $175,890,000 participations of other Federal Reserve Banks, 2/ After deducting $170,742,000 participations of other Federal Reserve Banks.