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H.U.I BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For Immediate Release February 18, 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 "bank r e s e r v e s h e l d d u r i n g t h e week ended February 17 d e c r e a s e d $6l m i l l i o n t o $1.8,219 m i l l i o n , which r e f l e c t e d i n p a r t a d e c r e a s e of $75 m i l l i o n i n member bank r e s e r v e b a l a n c e s a t t h e F e d e r a l Reserve Banks. E s t i m a t e d r e q u i r e d r e s e r v e s d e c r e a s e d $78 m i l l i o n ; and e s t i m a t e d excess r e s e r v e s i n c r e a s e d $17 m i l l i o n t o $440 m i l l i o n , Member bank borrowings a t t h e F e d e r a l Reserve Banks exceeded excess r e s e r v e s by $533 m i l l i o n , compared with $427 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 r e d u c i n g average r e s e r v e b a l a n c e s with F e d e r a l Reserve Banks were i n c r e a s e s of $ 1 7 8 m i l l i o n i n " o t h e r " d e p o s i t s with F e d e r a l Reserve Banks, $174 m i l l i o n i n T r e a s u r y d e p o s i t s w i t h F e d e r a l Reserve Banks, $62 m i l l i o n i n " o t h e r " F . R. accounts ( n e t ) , a n d $ 3 2 m i l l i o n i n c u r r e n c y i n c i r c u l a t i o n , and a d e c r e a s e of $34 m i l l i o n i n F e d e r a l Reserve h o l d i n g s of U. S . Government s e c u r i t i e s . The p r i n c i p a l o f f s e t t i n g changes were i n c r e a s e s of $314 m i l l i o n i n F e d e r a l Reserve f l o a t and $123 m i l l i o n i n member bank b o r r o w i n g s . T o t a l Reserve Bank c r e d i t i n c r e a s e d $1*00 m i l l i o n . As of Wednesday, February 17, h o l d i n g s of U. S. Government s e c u r i t i e s bought o u t r i g h t were $4l m i l l i o n lower t h a n a week e a r l i e r , U. S. Government s e c u r i t i e s h e l d under r e p u r c h a s e agreement were $ j 2 m i l l i o n h i g h e r , and member bank borrowings were $119 m i l l i o n h i g h e r . Holdings of c e r t i f i c a t e s d e c r e a s e d $2,000 m i l l i o n and n o t e s i n c r e a s e d a l i k e amount, r e f l e c t i n g t h e exchange of c e r t i f i c a t e s m a t u r i n g February 15 f o r 4 7 / 8 p e r c e n t n o t e s m a t u r i n g i n 1964. Member bank r e s e r v e s , Reserve Bank c r e d i t , and r e l a t e d items Reserve Bank c r e d i t : U. S. Government s e c u r i t i e s — Bought o u t r i g h t — S y s t e m account Held under r e p u r c h a s e agreement Acceptances-Bought o u t r i g h t Held under r e p u r c h a s e agreement Loans, d i s c o u n t s , and a d v a n c e s - Member bank borrowings Other Float T o t a l Reserve Bank c r e d i t Gold s t o c k Treasury c u r r e n c y o u t s t a n d i n g Currency i n c i r c u l a t i o n Treasury cash h o l d i n g s Treasury deposits with F . R. Banks Foreign d e p o s i t s w i t h F . R. Banks Other d e p o s i t s with F . R. Banks Other F . R. a c c o u n t s ( n e t ) Member bank r e s e r v e s : With Federal Reserve Banks Cash allowed a s r e s e r v e s ( e s t i m a t e d ) Total reserves held 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 ) Averages of d a i l y f i g u r e s Week ended Change from week ended Feb. 10, I Feb. 18, Feb. 17, I960 1 I960 1959 ( I n m i l l i o n s of d o l l a r s ) 25,300 55 38 - 55 + 21 - - + 1 - •» — 223 49 1 4 Wednesday, Feb. 17, I960 25,300 66 38 —— + 973 2 1,167 27,535 19,432 5,323 52,289 +123 - 1 +314 +400 - l + 2 +4oo 4c8 17 + 207 + 423 -1,043 485 - 536 1,041 27,187 19,432 5,323 51,942 31,631 451 591 224 522 + 32 + 426 290 193 89 131 318 52 31,548 456 464 212 338 1,008 34,027 588 17,916 245 18,161 17,802 359 896 34,315 17,974 245 18,219 17,779 440 + 8 +174 + 21 +178 + 62 +475 + - 75 + 14 + - - + - - + - 61 ~ 78 + 17 743 - - - 245 3^3 341 2 On February 17, i960, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $4,537 million, an increase of $69 million for the week and an increase of $737 million from the comparable date a year ago. H.4.1(a) STATEMENT OP CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( i n thousands of d o l l a r s ) A S S E T? S 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 Total gold c e r t i f i c a t e r e s e r v e s F . R. n o t e s of o t h e r Banks Other cash Discounts and advances Industrial loans 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 Total loans 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 L I A B I L I T I E S Federal Reserve n o t e s Deposits: Member hank r e s e r v e s U. S. T r e a s u r e r — g e n e r a l account Foreign Other Total d e p o s i t s 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 CAPITAL ACCOUNTS Capital p a i d i n Surplus Other c a p i t a l accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ratio of gold c e r t i f i c a t e r e s e r v e s t o d e p o s i t 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 I n d u s t r i a l loan commitments Change since Feb. 18, Feb. 10, I960 1959 Feb. 17> I960 16,170,643 963,379 19,134,022 595,443 494,604 743,079 m #* 3,815 + 3,815 12,948 1,134 117,009 1,000 37,606 - + + + - w •» mm + + - 787,249 35,490 751,759 38,079 31,852 261,604 333 1,972 5,000 1,298, 565 8,506,993 13,010,298 2,463,771 25,299,527 66.300 25,365,927 - 4o,550 170,385 - 2 , 0 0 0 , 0 0 0 -10,142,733 + 2 , 0 0 0 , 0 0 0 +10,142,733 26,146,612 15 6,573,234 + 40,550 32,300 8,250 + - 170,385 61,800 108,585 107,759 + 149,658 + 514,601 53,194,576 +1, 581,899 + 906 - 225,893 +1,446,774 + + 7,084 55,054 44,569 27,472,806 - + 424,530 17,915,557 + + - 677,114 101,596 149,052 464,366 211,956 338,286 18,930,165 5,532,698 31,642 51,967,311 392,749 774,808 59,710 53,194,578 + <m am 89,750 171,249 43,913 2,961 + 987 + 213,186 +1,373,466 + 5,036 +1,501,940 + + + - w + + + 1,885 - •» - 57,051 +1,446,774 + 4l.2g6 129,499 - + — - - .2% - 547 + - 68,609 116,490 14,188 739,183 543,766 6,507 235,620 20,440 93,602 117,889 44,569 1.4# 72,095 360 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 17, 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 as maturing within 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 Over 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 738,896 4,132 51 -— — 743,079 Acceptances 12,791 24,815 — -— — 37,606 U. S. Government securities 455,810 703,920 14,212,128 8,544,212 657,084 792,773 25,365,927 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 17, I960 St. ClevePhilaRichmond Atlanta Chicago Louis Boston Hew York land delphia (In thousands of dollars) a.4.1(b) Total A S S E T S Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves 18,170,643 861,884 963,379 58,623 19,134,022 920,507 F.R. notes of other Banks Other cash 595,443 494,6o4 44,032 31,781 Discounts and advances Acceptances: Bought outright U. S. Govt, securities: Bought outright— Bills Certificates Notes Bonds Total Held under repurchase agreement 743,079 27,283 4,748,884 1019,875 1547,473 1046,770 208,895 8,506,993 13,010,298 2,483,771 25,299,627 66,300 86,056 79,429 4,957,779 1079,121 1633,529 1126,199 Kansas City San Dallas Francisco 694,768 388,347 738,175 652,870 2464,272 180,548 45,761 22,962 44,755 970,755 3280,127 740,529 411,309 782,930 907,746 3099,579 63,009 30,706 83,389 683,576 2547,661 143,689 94,834 28,818 27,209 41,626 45,283 65,041 33,043 8 6 , 9 4 1 39,193 1 6 , 8 5 0 1 8 , 4 9 1 17,414 35,563 57,785 3 3 , 0 6 6 8 7 , 8 5 9 26,139 12,194 1 8 , 0 6 5 1 6 , 1 9 1 68,940 23,900 22,955 54,735 20,273 94,696 296,689 24,575 18,048 56,199 85,526 18,200 37,606 37,606 1,298,565 59,246 Minneapolis 70,401 461,207 705,353 134,658 137l)619 74,053 1 1 2 , 4 2 7 8 3 , 2 2 1 68,440 224,720 5 2 , 8 1 3 29,577 55,974 5 1 , 8 3 1 1 4 8 , 3 2 1 326,787 2,140,802 485,120 736,518 545,197 448,352 1472,152 345,979 193,764 3 6 6 , 6 9 4339,51*8 971,660 3,274,067 741,925 1126,406 833,804 6 8 5 , 6 9 5 2251,458 529,129 296,336 560,809 519,293 1486,023 99,137 283,694 56,573 107,063 625,046 141.639 215,040 159,180 130,905 429,821 101,015 6 , 3 ^ 702 1442^737 2190,391 1621,402 1333,392 4378,151 1028,93& 576,250 1090,540 1009,609 20*9,690 — 66,300 21 22 11 II II 11 II II II Total U. S. Govt, sees. 25,365,927 1 3 7 1 , 6 1 9 6.433,002 1442,737 2190,391 1 6 2 1 , 4 0 2 1333,392 4378,151 1028,936 576,250 1090,540 1009,809 2 8 8 Total loans & securities 26,146,612 1 3 9 8 , 9 0 2 6,494,508 1465,692 2245,126 l 6 4 l , 6 7 5 1428,088 4674,840 1 0 5 3 , 5 1 1 594,298 1146,739 1095,335 2 9 Due from foreign banks Cash items in process of collection Bank premises Other assets TOTAL ASSETS 15 6,573,234 101,596 149.052 1 1 / 4 1 1 1 1 2 2 / 2 / 1 1 2 455,101 1 , 3 1 8 , 8 1 1 422,657 580,169 498,105 540,508 1 1 1 3 , 2 8 2 276,766 1 5 8 , 8 1 1 314,396 280,923 4 2 9 3 9 , 8 1 8 4,014 9,233 6 , 6 0 5 10,148 1 6 , 8 1 9 6,997 5,033 4,608 1 1 , 9 1 2 1 2 , 1 1 8.061 36.614 8.446 13.075 9,475 8,519 24,865 5,942 3,353 7,324 6,271 17,10? 53,194,578 2862,678 13,056,057 3035,958 4568,042 3380,144 3078,026 9236,987 2126,734 1203,489 2291,477 2129,772 6225,214 1f After deducting $11,00*0 participations of other Federal Reserve Banks. 2/ Less than $500. a.4.i(c) Total L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U.S.Treas.-gen.acct. Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 17. 19&Q St. ClevePhilaRichmond Atlanta Chicago Louis Boston New York land delphia (In thousands of dollars) Minneapolis Kansas City Dallas San Francisco 27,472,806 1 5 7 0 , 9 6 5 6,419,238 1 7 5 8 , 0 0 6 2 5 1 2 , 1 5 5 2 0 6 6 , 0 5 0 1 5 5 9 , 9 9 0 5207,633 1 2 0 9 , 0 1 2 599,841 1097,559 789 17,915,557 738,418 4 , 8 8 6 , 5 8 3 8 4 0 , 2 6 9 1377,719 769,482 936,695 2 7 9 6 , 4 3 2 635,119 4 0 1 , 0 3 1 8 4 5 , 2 1 9 9 6 2 , 9 41,758 15,265 38,450 43,209 2 7 , 8 8 9 81,952 22,009 29,544 3 6 , 7 2 2 43,673 50,061 464,366 33,834 10,143 1/63,951 1 2 , 2 1 3 19,458 9,315 10,764 2 8 , 5 6 6 6 , 8 3 1 4,761 8,487 1 2 , 0 0 6 25,461 211,956 2 , 1 8 7 " 2 7 9 , 8 8 8 2 , 0 2 9 1 , 3 6 8 2,867 1,145 1,849 1,167 296 2,168 795 42,527 338,286 784,582 5 , 2 7 2 , 1 8 0 8 6 9 , 7 7 6 1436,995 824,873 976,493 2908,799 6 6 5 , 1 2 6 435,632 8 9 2 , 5 96 1019,38 18,930,165 5,532,698 444,388 1,009,728 334,374 502,017 431,093 475,398 943,127 210,036 138,782 249,260 249,657 544,838 31,642 51,967,311 1,588 7 , 9 9 8 1 , 7 7 6 2,929 1 , 7 3 2 1 , 6 2 6 5,325 1,075 1 , 0 8 6 1 , 2 2 9 1,355 3,923 2 8 0 1 , 5 2 3 1 2 , 7 0 9 , 1 4 4 2963,932 4454,096 3 3 2 3 , 7 4 8 3013,507 9 0 6 4 , 8 8 4 2085,249 1175,341 2 2 4 0 , 6 4 4 2 0 5 9 , CAPITAL ACCOUNTS Capital paid in Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS •Conting. liab. on acceptances purchased for foreign correspondents 392,749 774,808 59,710 53,194,578 129,499 19,422 38,332 3,401 112,332 220,905 13,676 22,962 36,520 17,559 20,546 54,422 13,204 9,025 ^ 16,233 3 22,642 1:^ 47,882 t l : 2862,678 13,056,057 3035,958 4568,042 3380,144 3078,026 9236,987 2126,734 1203,489 2291,477 2129,772 6225,214 6,345 2/36,907 7,640 12,173 5,827 6,734 17,871 4,273 2,979 5,310 7,511 15,929 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collat. for F. R. notes: Gold certificate acct. Eligible paper U. S. Govt, securities Total collateral 28,747,05^ 1674,664 6,796,873 1822,617 2596,990 2144,389 1629,278 5366,519 1266,264 611,161 1130,167 844,905 2863,217 10,585,000 5 3 0 , 0 0 0 2,900,000 700,000 920,000 675,000 500,000 1900,000 430,000 180,000 300,000 250,000 1300,000 22,955 — — — — 22,600 — 56,064 101,619 1 2 5 0 , 0 0 0 4 , 1 0 0 , 0 0 0 1 2 0 0 , 0 0 0 1 7 5 0 , 0 0 0 1 5 1 5 , 0 0 0 1 2 0 0 , 0 0 0 3 7 0 0 , 0 0 0 935,ooo 4 5 0 , 0 0 0 8 70,000 625,0001800,000 19,395,000 3 0 , 0 8 1 , 5 . 9 1 7 8 0 , 0 0 0 7 , 0 0 0 , 0 0 0 1 9 2 2 , 9 5 5 2670,000 2 1 9 0 , 0 0 0 1700,000 5 6 0 0 , 0 0 0 1 3 8 7 , 6 0 0 6 3 0 , 0 0 0 1 2 2 6 , 0 6 4 8 l/ After deducting $148,005,000 participations of other Federal Reserve Banks. 2/ After deducting $92,592,000 participations of other Federal Reserve Banks-
@FedFRASER