H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BCAtib feCSVEFNQRS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM December 15, i960 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS end STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total member bank reserves held during the week ended December l4 increased a net of $40 million to $18,957 million. Cash allowed as reserves increased $264- million and member bank reserve balances at the Federal Reserve Banks decreased $224 million. Estimated required reserves increased $25 million; and estimated excess reserves increased $15 million to $716 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $646 million, compared with the revised figure of $64l million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were increases of $316 million in currency in circulation, $206 million in "other" deposits with Federal Reserve Banks, and $49 million in Treasury deposits with Federal Reserve Banks, and a decrease of $40 million in U. S. Cover- ; nment securities bought outright. The principal offsetting changes were increases of $215 million in Federal Reserve float and $109 million in gold stock, and a decrease of $29 million in "other" F. R. accounts (net). Total Reserve Bank credit increased $184 million. As of Wednesday, December 14, holdings of U. S. Government securities bought outright were $43 million lower than a week earlier and member bank borrowings were $10 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Dec. 14, Dec. 7, Dec. 16, Dec. 14 and related items I960 I960 1959 I960 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 27,381 - 40 + 239 27,353 Held under repurchase agreement -- * - 34 — Acceptances-- Bought outright 4499 - 1 + 8 4488 Held under repurchase agreement -- - 17 -- Loans, discounts, and advances-- Member bank borrowings 70 + 10 - 886 85 Other 6 - 1 + 1 6 Float 1,272 +215 + 103 1,802 Total Reserve Bank credit 28,778 +i84 - 587 29,293 Gold stock 18,083 +109 -1,395 17,973 Treasury currency outstanding 5,396 + 5 + 85 5,396 52,257 +297 -1,897 52,662 Currency in circulation 33,038 +316 + 240 33,126 Treasury cash holdings 410 - 3 + 14 421 Treasury deposits with F. R. Banks 522 + 49 6 608 Foreign deposits with F. R. Banks 237 - 16 - 104 212 Other deposits with F. R. Banks 680 +206 + 338 672 Other F. R. accounts (net) 1,037 - 29 - 144 997 35,923 +521 + 336 36,036 Member bank reserves: With Federal Reserve Banks 16,334 -224 -2,233 16,626 Cash allowed as reserves (estimated) 2,623 +264 +2,318 2,853 Total reserves held 18,957 + 4o + 85 19,479 Required reserves (estimated) 18,241 + 25 - 188 18,447 Excess reserves (estimated) 716 + 15 + 273 1,032 * Less than $500,000. On December l4, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,827 million, an increase of $284 million for the week and an increase of $1, 404 million from the comparable date a year ago.

H. 4.1(a) , OF CONDITION Of THi tWfefcVB FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since Dec. 14, Dec, 7, Dec. 16, I960 i960 1959 A S S E TS Gold certificate-account 16,640,644 225,999 -1,578,998 Redemption fund for F. R. notes 1,033,793 + 19,252 + 65,246 Total gold certificate reserves 17,674,437 206,747 -1,513,752 F. R. notes of other Banks 327,135 - 23,472 - 44,147 Other cash 315,602 22,258 - 12,201 - Discounts and advances 90,999 + 10,000 - 441,206 Acceptances: Bought outright 48,105 - - + 6,600 Held under repurchase agreement - 31,196 U. S. Government securities: Bought outright— Bills 3,066,463 42,750 ~ 73,642 Certificates 9,158,743 -- -1,348,250 Notes 12,532,298 -- +1,522,000 Bonds 2,595,071 - » + 111,300 Total bought outright 27,352,575 - 42,750 + 211,408 Held under repurchase agreement -- — •» - 23,000 Total U. S. Government securities 27,352,575 42,750 + 188,408 - Total loans and securities 27,491,679 - 32,750 - 277,394 Due from foreign banks 15 Cash items in process of collection 6,189,712 + 907,687 - 705,964 Bank premises 107,079 - 6 + 6,725 Other assets 192,018 + 13,760 - 30,052 TOTAL ASSETS 52,297,677 636,214 -2,576,785 L I A B I L I T I ES Federal Reserve notes ~ 28,494,769 + 169,842 + 190,579 Deposits: Member bank reserves 16,626,486 + 374,722 -1,752,626 U. S. Treasurer--general account 608,124 + 224,681 + 48,403 Foreign 212,269 ~ 43,655 - 157,457 Other 671,566 - 19,637 + 350,838 Total deposits 18,118,445 + 536,111 -1,510,842 Deferred availability cash items 4,388,000 - 19,953 -1,036,210 Other liabilities and accrued dividends 44,745 + 419 403 TOTAL LIABILITIES 51,045,959 + 686,419 -2,356,876 C A P I T AL A C C O U N TS Capital paid in 407,136 + 269 + 20,705 Surplus 774,808 - 93,602 Other capital accounts 69,774 - 50,474 - 147,012 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,297,677 4" 636,214 -2,576,785 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 37-9% 1.] 2.: Contingent liability on acceptances purchased for foreign correspondents 237,148 1,620 + 161,096 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER l4, 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 83,535 8,115 434,736 16 days to 90 days 7,464 39,990 5,219,797 91 days to 1 year 9,559,538 Over 1 year to 5 years 10,688,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 90,999 48,105 27,352,575

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH DECEMBER 14, I960 Total Boston New York Fhila Cleye Richmond Atlanta Chicago St. Minne- Kansas Dallas San delphia land Louis apolis City Francisco A S S E TS (In thousands of dollars) Gold certificate account 16,640,644 686,6l4 4,481,805 918,125 1422,780 983,110 863,599 2741,999 671,947 331,348 735,291 636,480 2167,546 Redemption fund for F. R. notes 1,033,793 62,354 229,584 65,251 91.224 81,220 63,624 183,793 46,646 26,033 49,237 32,693 102,134 Total gold certificate reserves 17,674,437 748,968 4,711,389 983,376 1514,004 1064,330 927,223 2925,792 718,593 357,381 784,528 669,173 2269,680 F.R. notes of other Banks 327,135 27,505 69,170 16,516 12,416 20,057 48,360 26,747 11,733 12,995 19,867 16,562 45,207 Other cash 315,602 23,082 52,355 12,573 24,270 16,375 24,364 57,471 16,554 7,690 11,896 13,585 55,387 Discounts and advances 90,999 17,059 7,235 19,654 4,739 1,820 13,412 12,928 1,098 4,533 7,035 748 738 Acceptances: Bought outright 48,105 48,105 -- -- -- -- -- -- -- -- U. S. Govt, securities: Bought outright— Bills 3,066,463 164,791 764,875 175,574 263,462 194,092 168,137 524,849 123,936 71,158 131,615 123,580 360,394 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 27,352,575 1469,927 6,822,608 1566,099 2350,051 1731,281 1499,769 4601,612 1105,5^9 634,717 1174,000 1102,309 3214,693 Ifield under repurchase agreement Total U. S. Govt, sees. 27,352,575 1469,927 6,822,608 1566,099 2350,051 1731,281 1499,769 4681,612 1105,509 634,717 1174,000 1102,309 3214,693 Total loans & securities 27,491,679 1486,986 6,877,948 1585,753 2354,790 1733,101 1513,181 4694,540 1106,607 639,250 1181,035 1103,057 3215,431 Due from foreign banks 15 1 1/ 4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of. collection 6,189,712 333,199 1,102,793 382,336 521,397 479,730 510,295 1066,617 322,240 189,478 323,623 301,581 656,423 Bank premises 107,079 3,947 9,425 3,813 8,668 6,159 11,260 21,580 6,646 4,956 5,147 13,909 11,569 Otherassets 192.018 10,770 47,028 10,884 16,386 12,075 11,156 32,815 7,595 4,408 8,497 7,833 22,571 TOTAL ASSETS 52,297,677 2634,458 12,870,112 2995,252 4451,932 3331,828 3045,840 8825,564 2189,968 1216,158 2334,594 2125,701 6276,270 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less jfchan $500.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL.RESERVE BANK OK DECEMBER14, i960 . J „ . „ , Phlla- Cleve- 1 St. Minne- Kansas San Total Boston J New York Richmond Atlanta [Chicago city Dallas delphia l a n4 LoujLs a p o l is Franclsco (In thousands of dollars) LLL III AAA BBB III LLL III TTT III EEESSS FFFeeedddeeerrraaalll RRReeessseeerrrvvveee nnnooottteeesss 28,494,769 1 6 3 7 , 9 22 6 , 6 5 6 , 9 61 1 8 6 1 , 4 53 2 5 8 7 , 2 17 2 1 9 0 , 7 22 1 6 4 4 , 5 52 5 3 0 9 , 9 30 1 2 3 6 , 6 83 596,738 1 1 5 6 , 7 22 837,055 2 7 7 8 , 8 14 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 16,626,486 6 9 1 , 7 05 4,462,853 773,462 1 2 7 8 , 9 37 6 9 4, 2 82 868,694 2 4 4 9 , 4 52 6 1 8 , 0 22 398,399 8 2 5 , 3 87 8 9 8 , 0 90 2 6 6 7 , 2 03 UUU...SSS...TTTrrreeeaaasss...---gggeeennn...aaaccccccttt... 608,124 38,468 95,475 4 1, 5 04 44,030 39,921 39,236 8 1 , 1 92 34,576 3 0 , 3 85 4 1 , 9 32 5 0 , 2 65 71,140 FFFooorrreeeiiigggnnn 212,269 9,947 1/67,124 11,977 1 9 , 0 82 9 , 1 35 10,556 2 8, 0 14 6 , 6 99 4 , 6 69 8 , 3 23 11,774 24,969 OOOttthhheeerrr 671,566 253 604,428 6,495 498 3,093 1,318 844 593 303 1,555 433 51,753 TTToootttaaalll dddeeepppooosssiiitttsss 18,118,445 740,373 5 , 2 2 9 , 8 80 8 3 3 , 4 38 1342,547 746,431 919,804 2 5 5 9 , 5 02 6 5 9 , 8 90 4 3 3 , 7 56 877,197 9 6 0 , 5 62 2 8 1 5 , 0 65 DDDeeefffeeerrrrrreeeddd aaavvvaaaiiilllaaabbbiiillliiitttyyy cccaaassshhh iiittteeemmmsss 4,388,000 192,105 620,897 2 2 5 , 1 73 4 0 2 , 6 64 3 3 4 , 2 80 4 1 2 , 4 80 7 7 0 , 7 34 249,752 1 5 5 , 6 26 245,589 2 5 4 , 6 76 5 2 4 , 0 24 OOOttthhheeerrr llliiiaaabbbiiillliiitttiiieeesss aaannnddd aaaccccccrrruuueeeddd dddiiivvviiidddeeennndddsss 44,745 2,229 11,737 2 , 4 28 3,949 2,511 2 , 2 50 7,371 1 , 6 46 1 , 3 68 . 1 , 9 18 1,977 5 , 3 61 TTTOOOTTTAAALLL LLLIIIAAABBBIIILLLIIITTTIIIEEESSS 51,045,959 2 5 7 2, 6 29 12,519,475 2 9 2 2, 4 92 4336,377 3273,944 2 9 7 9 , 0 86 8647,537 2147,971 1187,488 2281,426 2054,270 6123,264 CCCAAAPPPIIITTTAAALLL AAACCCCCCOOOUUUNNNTTTSSS CCCaaapppiiitttaaalll pppaaaiiiddd iiinnn 407,136 20,095 114,216 23,684 37,651 18,652 21,746 57,537 13,606 9,364 17,347 23,424 49,814 SSSuuurrrpppllluuusss 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 OOOttthhheeerrr cccaaapppiiitttaaalll aaaccccccooouuunnntttsss 69,774 3,402 15,516 3,438 5,374 4,666 4,702 13,156 2,529 1,726 4,101 3,362 7,802 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 52,297,677 2 6 3 4 , 4 58 1 2 , 8 7 0 , 1 12 2 9 9 5 , 2 52 4 4 5 1 , 9 32 3 3 3 1 , 8 28 3 0 4 5 , 8 40 8 8 2 5 , 5 64 2 1 8 9 , 9 68 1 2 1 6 , 1 58 2 3 3 4 , 5 94 2 1 2 5 , 7 01 6 2 7 6 , 2 70 --CCooaaaattiinngg.. lliiaabb.. oonn aacccceepptt-aanncceess ppuurrcchhaasseedd ffoorr ffoorreeiiggnn ccoorrrreessppoonnddeennttss 237,148 11,623 2/67,550 13,995 22,297 10,674 12,334 32,733 7,827 5,456 9,725 13,758 29,176 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 29,719,310 1686,144 6,989,814 1 9 3 1 , 2 72 2 7 2 2 , 0 11 2259,067 1 7 1 8 , 5 28 5438,691 1283,859 674,050 1188,337 890,640 2 9 3 6 , 8 97 CCoollllaattee ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 9 , 9 8 0 , 0 00 5 0 0 , 0 00 2 , 5 0 0 , 0 00 6 5 0 , 0 00 9 2 0 , 0 00 7 0 0 , 0 00 5 5 0 , 0 00 1 9 0 0 , 0 00 4 1 0 , 0 00 1 8 0 , 0 00 3 0 0 , 0 00 2 7 0 , 0 00 1 1 0 0 , 0 00 EElliiggiibbllee ppaappeerr 2 6 , 9 89 —— — — 19,300 —— —— — — — — 900 —— 6,789 —— —— UU.. SS.. GGoovvtt,, sseeccuurriittiieess 20,440,000 1 2 5 0 , 0 00 4 , 6 0 0 , 0 00 1 3 0 0 , 0 00 1 8 3 0 , 0 00 1 5 9 0 , 0 00 1 2 0 0 , 0 00 3 7 0 0 , 0 00 9 3 5, 0 00 5 1 0 , 0 00 9 0 0 , 0 00 6 2 5 , 0 00 2 0 0 0 , 0 00 TToottaall ccoollllaatteerraall 30,446,989 1 7 5 0 , 0 00 7 , 1 0 0 , 0 00 1 9 6 9 , 3 00 2 7 5 0 , 0 00 2 2 9 0 , 0 00 1 7 5 0 , 0 00 5 6 0 0 , 0 00 1 3 4 5 , 9 00 690,000 1 2 0 6 , 7 89 8 9 5 , 0 00 3 1 0 0 , 0 00 1/ After deducting $145,145,000 participations of other Federal Reserve Banks. 2/ After deducting $169,598,000 participations of other Federal Reserve Banks.