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 22, 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 December 21 increased $474 million to $19, 403 million, which included an increase of $448 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $422 million; and estimated excess reserves increased $52 million to $757 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $683 million, compared with the revised figure of $635 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $879 million in Federal Reserve float and a decrease of $237 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $347 million in Federal Reserve holdings of U. S. Government securities and $126 million in gold stock, and increases of $136 million in currency in circulation and $70 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $538 million. As of Wednesday, December 21, holdings of U. S. Government securities bought outright were $427 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $135 million higher, and member bank borrowings were $11 million lower. Outright holdings of bills, certificates, notes, and bonds decreased $225 million, $99 million, $51 million, and $52 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 Reserve Bank credit, Dec. 21, Dec. 14, Dec. 23, and related items i960 I960 1959 (]C n millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 27,010 -371 + 40 26,925 Held under repurchase agreement 24 + 24 13 135 - Acceptances— Bought outright 50 + 1 4- 7 48 Held under repurchase agreement 1 + 1 29 5 - Loans, discounts, and advances-- Member bank borrowings 74 + 4 906 74 Other 6 -»— + 1 6 Float 2,151 +879 333 2,349 Total Reserve Bank credit 29,316 +538 567 29,543 ~ Gold stock 17,957 -126 510 17,925 Treasury currency outstanding 5,396 — * + 84 5,396 52,669 +135 -1,993 52,865 Currency in circulation 33,174 +136 250 33,219 Treasury cash holdings 4l4 + 4 + 27 422 Treasury deposits with F. R. Banks 592 + 70 + 69 492 Foreign deposits with F. R. Banks 246 + 9 119 275 - Other deposits with F. R. Banks 443 -237 112 430 Other F. R. accounts (net) 1,018 - 19 - 177 1,018 35,887 - 36 + 162 35,857 Member bank reserves: With Federal Reserve Banks 16,782 +448 -2,155 17,008 Cash allowed as reserves (estimated) 2,621 + 26 +2,284 2,860 Total reserves held 197503 +4?4 + 129 19,868 Required reserves (estimated) 18,646 +422 + 11 18,693 Excess reserves (estimated) 757 + 52 + 118 1,175 On December 21, i960, U. S. rernment securities held in custody by the Federal Reserve Banks for foreign account were $5,920 million, an increase of $93 million for the week and an increase of $1,317 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 Dec . 21, Dec. 14, Dec-. 23, I960 I960 1959 A S S E TS Gold certificate account 16,593,643 - 47,001 -1,602,999 Redemption fund for F. R. notes 1,040,794 4- 7,001 + 63,711 Total gold certificate reserves 17,634,437 40,000 -1,539,288 - F. R. notes of other Banks 361,468 + 34,333 4,394 Other cash 304,268 11,334 2,473 - Discounts and advances 80,459 • 10,540 - 389,149 Acceptances: Bought outright 48,105 + 4,601 ~ - Held under repurchase agreement 4,501 + 4,501 - 32,670 U. S. Government securities: Bought outright-- Bills 2,841,373 225,090 - 29,432 - Certificates 9,059,743 99,000 -l, 447,250 - Notes 12,481,298 51,000 +1,471,000 - Bonds 2,543,071 52,000 + 59,300 - Total bought outright 26,925,485 427,090 + 53,618 - Held under repurchase agreement 135,000 + 135,000 + 135,000 Total U. S. Government securities 27,060,485 292,090 + 188,618 - Total loans and securities 27,193,550 . 298,129 - 228,600 Due from foreign banks 15 — — «* •» Cash items in process of collection 7,943,293 +1,753,581 +1,409,827 Bank premises 107,239 + 160 + 7,054 Other assets 185,091 - 6,927 - 55,711 TOTAL ASSETS 53,729,361 +1,431,684 - 413,585 L I A B I L I T I ES Federal Reserve notes ~~ 28,619,619 + 124,850 + 145,874 Deposits: Member bank reserves IT,008,Oil + 381,525 -1,077,542 U. S. Treasurer—general account 491,64l - 116,483 - 18,131 Foreign 275,433 + 63,164 - 116,273 Other 430,365 - 241,201 + 96,373 Total deposits 18,205,450 + 87,005 -1,115,573 Deferred availability cash items 5,593,919 +1,205,919 + 785,398 Other liabilities and accrued dividends 41,611 3,134 7,074 TOTAL LIABILITIES 52,460,599 +1,414,640 - 191,375 C A P I T AL A C C O U N TS Capital paid in" 407,984 + 848 21,048 Surplus 774,808 93,602 Other capital accounts 85,970 + 16,196 149,656 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,729,361 +1,431,684 413,585 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 37.7# .2# - 2.4$ Contingent liability on acceptances purchased for foreign correspondents 235,494 1,654 + 161,465 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 21, 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 75,067 16,616 ~ 6857586 16 days to 90 days 5,392 35,990 4,967,707 91 days to 1 year -- — 9,276,788 Over 1 year to 5 years — -- 10,679,647 Over 5 years to 10 years -- -- 1,178,574 Over 10 years — — 271,283 Total 80,459 52,606 27,060,485

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 21, I960 Phila- Cleve- St. Minne- Kansas San Total Boston New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) A S S E TS Gold certificate account 16,593,643 725,825 4,438,622 896,092 1461,466 976,561 876,225 2796,531 635,931 303,904 709,416 697,928 2075,142 Redemption fund for F. R. notes 1,040.794 62,354 229.584 66,251 92.224 81.220 63,625 188,793 46.646 26.033 49.217 32,693 102,134 Total gold certificate reserves 17,634,437 788,179 4,668,206 962,343 1553,690 1057,781 939,850 2985,324 682,577 329,937 758,653 730,621 2177,276 F.R. notes of other Banks 361,468 29,203 87,921 18,586 14,296 20,605 52,315 27,624 14,812 14,193 18,117 17,973 45,823 Other cash 304,268 21,958 50,547 9,215 22,882 16,461 22,300 54,688 17,188 7,402 12,032 13,772 55,823 Discounts and advances 80,459 6,394 17,640 3,594 4,164 1,870 7,262 19,708 8,098 2,583 7,060 1,348 738 Acceptances: Bought outright 48,105 48,105 Held under rep. agree. 4,501 4,501 U. S. Govt, securities: Bought outright-- Bills 2,841,373 152,695 708,729 162,686 244,122 179,845 155,795 486,324 n4,84o 65,934 121,955 114,507 333,941 Certificates 9,059,743 486,870 2,259,790 518,725 778,386 573,437 496,754 1550,648 366,167 210,231 388,854 365,108 1064,773 Notes 12,481,298 670,745 3,113,235 714,629 1072,356 790,004 684,362 2136,274 504,457 289,628 535,710 502,996 1466,902 Bonds 2,543,071 136,665 6l4. %4 145.606 218.493 160.961 119.440 415.266 102.783 59.013 109.150 102.486 298.882 Total 26,925,485 1446,975 6,716,078 1541,646 2313,357 1704,249 1476,351 4608,512 1088,247 624,806 1155,669 1085,097 3164,498 Held under rep. agree. 135.000 115.000 -- -- -- " -- -- . Total. U. S. Govt, sees. 27.060,485 1446.975 6.851.078 1541.646 2111.157 1704.249 1476.151 4608.512 1088.247 624.806 1155.669 1085.097 1164.498 Total loans & securities 27,193,550 1453,369 6,921,324 1545,240 2317,521 1706,119 1483,613 4628,220 1096,345 627,389 1162,729 1086,445 3165,236 Due from foreign hanks 15 1 1/ 4 (2) (2) Cash items in process of collection 7,9-3,293 548,089 1,657,851 576,896 660,849 592,864 568,795 1242,427 334,561 207,180 407,891 342,489 803,401 Bank premises 107,239 3,947 9,425 3,790 8,614 6,152 11,435 21,582 6,648 4,956 5,147 13,922 11,621 Other assets 185,091 10.046 45.647 10.480 16.112 11.611 10.872 10.858 7.114 4.254 8.268 7,539 21,72$ TOTAL ASSETS 53,729,361 2854,792 13,440,925 3126,551 4593,985 3411,616 3089,181 8990,725 2159,465 1195,311 2372,838 2213,062 6280,910 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

H.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 21, i960 Phila Cleve- "STT Minne- Kansas San Total Boston New 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 28,619,619 1646,927 6,696,038 1878,367 2595,878 2202,163 1656,694 5328,936 1239,307 597,969 1157,298 839,966 2780,076 Deposits: Member bank reserves 17,008,011 678,677 4,771,470 772,905 1323,731 687,180 874,945 2544,913 603,024 391,363 808,799 966,794 2584,210 U.S.Treas.-gen.acct. 491,641 26,904 64,270 33,535 32,201 30,596 32,907 76,560 19,905 24,658 44,408 42,396 63,301 Foreign 275,433 13,524 1/78,093 16,284 25,944 12,420 14,352 38,088 9,108 6,348 11,316 16,008 33,948 Other 430,365 2,621 -371,276 3,395 2,072 2,033 1,306 858 683 308 892 . 396 44,525 Total deposits 18,205,450 721,726 5,285,109 826,119 1383,948 732,229 923,510 2660,419 632,720 422,677 865,415 1025,594 2725,984' Deferred availability cash items 5,593,919 421,345 1,093,478 346,013 493,293 416,002 439,103 813,741 243,377 144,411 294,611 273,429 615,116 Other liabilities and accrued dividends 41,611 2,100 11,245 2,177 3,853 2,289 2,194 6,584 1,426 1,287 l, 609 2,013 4,834 TOTAL LIABILITIES 52,460,599 2792,098 13,085,870 3052,676 4476,972 3352,683 3021,501 8809,680 2116,830 1166,344 2318,933 2141,002 6126,010 CAPITAL ACCOUNTS Capital paid in 407,984 20,120 114,391 23,871 37,710 18,721 21,818 57,671 13,629 9,376 17,398 23,463 49,816 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 85,970 4,242 19,759 4,366 6,773 5,646 5,556 l6,o4o 3,144 2,011 4,787 3,952 9,694 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,729,361 2854,792 13,440,925 3126,551 4593,985 3411,616 3089,181 8990,725 2159,465 1195,311 2372,838 2213,062 6280,910 Conting. liab. on acceptances purchased for foreign correspondents 235,494 11,539 2/67,112 13,894 22,137 10,598 12,246 32,499 7,772 5,417 9,655 13,659 28,966 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,749,227 1695,317 6,965,081 1943,170 2732,686 2269,381 1722,285 5459,531 1278,491 676,357 1184,990 887,071 2934,867 Collat. for F. R. notes: Gold certificate acct. 9,885,000 500,000 2,500,000 650,000 920,000 700,000 550,000 1800,000 410,000 180,000 300,000 275,000 1100,000 Eligible paper 17,954 — 3,240 -- — -- -- 7,900 — 6,8l4 —— —- U. S. Govt, securities 20,565,000 1250,000 4,600,000 1325,000 1830,000 1590,000 1200,000 3800,000 935,000 510,000 900,000 625,000 2000,000 Total collateral 1750^000 7,100,000 1978,240 2750,000 2290,000 1750,000 5600,000 1352,900 690,000 1206,814 900,000 3100,000 1/ After deducting $197,340,000 participations of other Federal Reserve Banks. 2/ After deducting $168,382,000 participations of other Federal Reserve Banks.