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H.U.I BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For Immediate Release 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 d a i l y f i g u r e s of t o t a l member t a n k r e s e r v e s h e l d during t h e week ended November 30 i n c r e a s e d a net of $796 m i l l i o n t o $19,551 m i l l i o n . Cash allowed as r e s e r v e s i n c r e a s e d an estimated $1,494 m i l l i o n , l a r g e l y r e f l e c t i n g t h e permission granted t o a l l member "banks, e f f e c t i v e November 24, t o count as r e s e r v e s a l l currency and coin held i n t h e i r v a u l t s . Member bank r e s e r v e balances a t the Federal Reserve Banks decreased $698 m i l l i o n . Estimated r e q u i r e d r e s e r v e s increased $288 m i l l i o n , following an increase of an estimated $380 m i l l i o n i n the r e s e r v e requirements of country member banks, a l s o e f f e c t i v e on November 24; and estimated excess r e s e r v e s inc re ase d $508 m i l l i o n t o $1,110 m i l l i o n . Excess r e s e r v e s exceeded member bank borrowings a t the Federal Reserve Banks by $997 m i l l i o n , compared with t h e r e v i s e d f i g u r e of $503 m i l l i o n t h e week b e f o r e . The p r i n c i p a l changes reducing average r e s e r v e b a l a n c e s with Federal Reserve Banks were decreases of $208 m i l l i o n i n Federal Reserve h o l d i n g s of U. S. Government s e c u r i t i e s , $300 m i l l i o n i n Federal Reserve f l o a t , and $42 m i l l i o n i n gold stock, and i n c r e a s e s of $106 m i l l i o n i n currency i n c i r c u l a t i o n and $34 m i l l i o n in f o r e i g n d e p o s i t s with Federal Reserve Banks. T o t a l Reserve Bank c r e d i t decreased $516 m i l l i o n . As of bought o u t r i g h t s e c u r i t i e s held borrowings were Wednesday, November 30, holdings of U. S. Government s e c u r i t i e s were $197 m i l l i o n lower than a week e a r l i e r , U. S. Government under repurchase agreement were $32 m i l l i o n lower, and member bank $206 m i l l i o n lower. Averages of d a i l y f i g u r e s Member bank r e s e r v e s , Week ended Change from week ended Wednesday Dec. 2, Nov. 30, Reserve Bank c r e d i t , Nov. 30, Nov. 23; I960 and r e l a t e d items i960 i960 1959 (In m i l l i o n s of d o l l a r s ) Reserve Bank c r e d i t : U. S. Government s e c u r i t i e s — 27,486 + 764 Bought o u t r i g h t - - S y s t e m account 71 27,607 2 12 Held under repurchase agreement 16 137 Acceptances-+ 48 + 17 Bought o u t r i g h t 2 49 * Held under repurchase agreement 12 3 Loans, discounts, and advances— + Member bank borrowings 14 95 - 757 113 6 Other + 3 14 8 + 146 Float 1,095 300 1,232 28,731 Total Reserve Bank c r e d i t + 159 516 29,026 -1,611 17,910 Gold stock 42 17,957 + 86 - Treasury currency outstanding 5,391" ^ 5,392 52,033-6" -1,368 559 52,37*" Currency in c i r c u l a t i o n Treasury cash holdings Treasury d e p o s i t s with F . R. Banks Foreign d e p o s i t s with F. R. Banks Other d e p o s i t s with F . R. Banks Other F. R. accounts ( n e t ) Member bank r e s e r v e s : With Federal Reserve Banks Cash allowed as r e s e r v e s ( e s t i m a t e d ) Total r e s e r v e s h e l d Required r e s e r v e s ( e s t i m a t e d ) Excess r e s e r v e s ( e s t i m a t e d ) * Less than $500,000. 32,638-^ 416-4 460 258 391 1,071 35,234 17,141 2,410 19,551 18,441 1,110 + + - + + - + - 106 9 9 34 3 + 192 698 -1,255 +2,355 +1,100 + 356 + 744 2 i4o +1,494 + 796 + + 288 508 + - + - 6 87 89 36 170 112 32,618% 422- ic 512 252 390 , 1,06? , 35,264,5 16,770 2,543 19,313 18,521 792 On November 30, i960, U. S. Government s e c u r i t i e s h e l d in custody by t h e Federal Reserve Banks f o r f o r e i g n account were $5,430 m i l l i o n , a decrease of $57 m i l l i o n f o r t h e week and an i n c r e a s e of $1,0l4 m i l l i o n from t h e comparable date a year ago. H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( I n thousands of d o l l a r s ) Change since Nov. 23, Dec. 2, I960 1959 Nov. 30, I960 ASSETS Gold c e r t i f i c a t e account Redemption fund f o r F . R. n o t e s T o t a l gold c e r t i f i c a t e r e s e r v e s 16,593,645 1,016,467 17,610,112 F . R. n o t e s of o t h e r Banks Other cash 362,4ll 355,388 Discounts and advances Acceptances: Bought o u t r i g h t Held under repurchase agreement U. S . Government s e c u r i t i e s : Bought o u t r i g h t - Bills Certificates Notes Bonds T o t a l "bought o u t r i g h t Held under repurchase agreement T o t a l U. S. Government s e c u r i t i e s 100,589 3,170,313 9,172,743 12,537,298 2,606,071 27,486,425 1,500 27,487,925 T o t a l l o a n s and s e c u r i t i e s Due from f o r e i g n "banks Cash items i n p r o c e s s of c o l l e c t i o n Bank premises Other a s s e t s TOTAL ASSETS 27,636,620 15 5,733,712 107,033 156,470 51,961,761 81,997 422 81,575 + - 39,691* + 2,453^+ + - - 222,625 - 2 2,489 48,106 L I A B I L I T I E S Federal Reserve n o t e s Deposits: Member bank reserves U. S. Treasurer--general account Foreign Other Total deposits Deferred a v a i l a b i l i t y cash items Other l i a b i l i t i e s and accrued dividends TOTAL LIABILITIES 16,769,659 512,370 251,752 389,737 17,923,518 4,639,103 46,810 50,675,733 CAPITAL ACCOUNTS C a p i t E T p a i d In"" Surplus Other c a p i t a l accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS 406,703 774,808 io4,517 51,961,761 28,066,302 Ratio of gold c e r t i f i c a t e r e s e r v e s t o deposit and F. R. note l i a b i l i t i e s combined Contingent l i a b i l i t y on acceptances purchased f o r f o r e i g n correspondents t / -9-3 MACl , 196,900 - - + - + + 14,582 3,788 454,516 - 127,339 84 16,861 609,415 + 49,604 + 7,895 - 48,609 -1,734,696 — - - 520,690 196,900 32,500 229,400 —» r 10,641 6,699 + 126,908 -1,334,250 +1,527,000 + 122,300 +441,958 - 25,900 + 416,058 , - -1,714,997 + 47,909 -1,667,088 1,887 + 93,838 73,387 591,327 32,164 31,230 10,300 517,633 108,426 1,367 625,539 -1,436,839 - 89,026 - 66,473 + 46,950 -1,545,390 - 49,537 + 1,385 -1,520,155 + 215 + 15,909 609,415 + 21,756 - 93,602 - 142,695 -1,734,696 + + + - *• - 38.3# + .3# 2.3$> 226,566 + 4 + 155,141 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 30, i960 (Acceptances and s e c u r i t i e s h e l d under repurchase agreement a r e c l a s s i f i e d a s maturing w i t h i n 15 days i n accordance with maximum m a t u r i t y of t h e agreements.) Within 15 days 16 days t o 90 days 91 days t o 1 year Over 1 year t o 5 y e a r s Oyer 5 y e a r s t o 10 y e a r s Over 10 y e a r s Total Discounts and advances 93,769 6,806 14 100,589 Acceptances 57557 40,039 48,106 U. S. Government securities 220,050 5,383,633 9,740,738 10,693,647 1,178,574 271,283 27,487,925 E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, I960 ClevePhilaI St. Boston New York delphia land Richmond Atlanta Chicago 1 Louis Total ASSETS Gold c e r t i f i c a t e account Redemption fund for F. R. notes Total gold c e r t i f i c a t e reserves 16,593,645 Minneapolis Kansas City San Francisco Dallas 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 63,815 90,774 82,872 44,4l4 32,831 92,638 1,016,467 62,752 231,707 17,610,112 747,939 4,663,347 F.R. notes of other Banks Other cash 362,4ll 355,388 32,335 24,378 83,761 70,874 25,620 18,980 12,115 27,108 17,187 18,027 55,370 26,449 27,623 56,390 13,472 16,981 16,263 8,742 15,688 12,077 16,532 14,779 46,445 60,603 Discounts and advances Acceptances: Bought outright U. S. Govt, s e c u r i t i e s : Bought outright— Bills Certificates Notes Bonds ' Total Held under repurchase agreement 100,589 10,444 8,420 3,129 12,394 13,170 10,762 13,330 5,598 1,983 17,482 2,939 938 179,586 44,835 26,127 983,371 1502,863 1084,109 875,179 3152,397 663,624 326,039 812,786 637,515 2160,943 48,106 48,106 790,778 181,521 3,170,313 170,372 9,172,743 492,943 2,287,976 525,195 12,537,298 673,754 3,127,203 717,836 2,606,071 140,051 650,037 149,211 27,486,425 1477,120 6,855,994 1573,763 WOQ 64,116 —— l t 300 272,384 200,665 173,831 542,624 128,134 788,095 580,589 502,951 1077,167 793,548 687,433 223,905 164,951 142,893 2361,551 1739,753 1507,108 —— 73,566 136,073 127,764 372,601 1569,988 370,735 212,853 393,703 369,661 1078,054 2145,859 506,720 290,928 538,113 505,253 1473,484 446,051 105,330 60,475 111,856 105,025 306,286 4704,522 1110,919 637,822 1179,745 1107,703 3230,425 — «•» Total U. S. Govt, s e e s . 27,487,925 1477,120 Total loans & s e c u r i t i e s 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 Cash items in process of c o l l e c t i o n Bank premises Other a s s e t s TOTAL ASSETS 15 1 5,733,712 107,033 156,470 397,177 8,354 3,947 6.857.494 1571.763 2361.551 1719.751 1507,108 4704.522 1110.919 1 / 4 1 1 1 1,131,404 353,809 477,038 413,023 38,494 8.855 13,915 9,947 9,425 3,811 8,658 6,159 1 617.822 1179.745 1107.701 1210.425 2 (2) (2) 1 1 2 437,935 947,520 288,130 163,529 291,679 260,141 572,327 6.235 3.597 7.000 6.447 18.182 11,263 9,345 21,580 25,899 6,646 4,956 5,112 13,906 11,570 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 p a r t i c i p a t i o n s of other Federal Reserve Banks. 2 / Less than $500. E.4.l(c) Total L I A B I L I T I E S F e d e r a l Reserve notes Deposits: Member bank r e s e r v e s U.S.Treas.-gen.acct. Foreign Other Total deposits Deferred a v a i l a b i l i t y cash items Other l i a b i l i t i e s and accrued dividends TOTAL LIABILITIES STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, I960 St. ClevePhilaRichmond A t l a n t a Chicago Boston Nev York Louis delphia land (In thousands of d o l l a r s ) Minneapolis Kansas City Dallas San Francisco 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 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 2560,872 512,370 24,637 40,555 33,670 46,161 49,920 50,566 71,303 27,681 26,569 42,450 38,313 60,545 5,658 10,086 14,268 30,258 8,118 251,752 12,054 1/75,862 14,514 23,124 11,070 12,792 33,948 934 49,441 4o8 978 2,8o4 3,135 868 892 1,772 851 308 -327,346 389,737 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 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 2,248 11,936 2,637 4,581 2,681 2,481 7,727 1,683 1,276 1,924 1,850 5,786 46,810 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 Surplus Other c a p i t a l accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Conting. l i a b . on acceptances purchased f o r f o r e i g n correspondents T . R. notes outstanding C o l l a t . f o r F . R. n o t e s : Gold c e r t i f i c a t e a c c t . E l i g i b l e paper U. S . Govt, s e c u r i t i e s Total c o l l a t e r a l 406,703 774,808 104,517 20,069 38,332 5,304 114,171 220,905 25,959 23,652 45,638 5,447 37,620 72,530 8,205 18,648 34,566 6,958 21,686 57,495 40,306 107,334 6j6o6 l8,4o6 13,600 25,862 3,813 9,350 17,580 2,363 17,226 31,720 5,572 23,448 44,645 4,402 49,738 95,390 11,482 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 6101,635 226,566 11,103 29,319,889 1672,616 9,830,000 500,000 — 25,411 20,420,000 1250,000 30,275,411 1750,000 _l/ A f t e r deducting $175,890,000 p a r t i c i p a t i o n s _2/ A f t e r deducting $162,019,000 p a r t i c i p a t i o n s 2/64,547 13,369 21,300 10,197 11,783 31,271 7,478 FEDERAL RESERVE AGENTS' ACCOUNTS 6,854,632 1900.995 2701,821 2235,998 1677,776 5404,225 1262,058 5,212 9,291 667,500 1166,778 13,143 27,872 872,850 2902,640 2,400,000 650,000 920,000 700,000 500,000 1900,000 410,000 180,000 300,000 270,000 1100,000 *- 2,775 — — — — -- — — 5,400 -*• 17,236 "• ~— 4,600,000 1300,000 1830,000 1570,000 1200,000 3700,000 935,000 510,000 900,000 625,000 2000,000 7,000,000 1952,775 2750,000 2270,000 1700,000 5600,000 1350,400 690,000 1217,236 895,000 3100,000 of o t h e r F e d e r a l Reserve Banks. of o t h e r Federal Reserve Banks.
@FedFRASER