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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.U.I For Immediate Release March IP, ]>„9 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 member bank reserves for the week ended March 11 increased $46 million to $18,421 million. Estimated required reserves decreased $77 million; and estimated excess reserves increased $123 million to $475 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $228 million, compared with $177 million the week before. The principal changes supplying average reserves were an increase of $174 million in member bank borrowings and a decrease of $80 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $102 million in Federal Reserve float and $31 million in gold stock, and an increase of $89 million in money in circulation. Total Reserve Bank credit increased $84 million. As of bought outright securities held bank borrowings Wednesday, March were $50 million under repurchase were $28 million 11, holdings of U. S. Government securities higher than a week earlier, U. S. Government agreement were $19 million lower, and member lower. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securities— Bought outright—System account Held under repurchase agreement Acceptances— Bought outright Held under repurchase agreement Loans, discounts, and advances-Member bank borrowings Other Float Total Reserve Bank credit Gold stock Treasury currency outstanding Averages of daily figures Week ended Change from week ended Wednesday, March 4, March 12, March 11, March 11, 1959 1958 1959 1959 (in millions of dollars) 25,331 35 35 2 + 37 - 26 +1,899 + 1 25,339 15 + + 8 2 35 1 1 703 20 849 26,976 20,448 +174 + 1 -102 + 84 - 31 + 572 + 19 + 33 +2,520 -2,167 + 68 + 421 488 19 712 26,607 20,443 5 >^43 52,293 Money in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F. R. Banks Other deposits with F. R. Banks Other F. R. accounts (net) 31,215 716 454 311 336 1,212 34,244 + 89. + + + 13 - 3 - 2 + 9 574 4 25 4- 38 + 43 64 + + 698 31,230 722 390 304 342 1,212 34,200 Member bank reserves-Required reserves (estimated) Excess reserves (estimated) 18,421 17,9^6 475 + 46 - 77 +123 278 18,093 18,050 43 + 2 - 8 - 80 • - 150 128 On March 11, 1959, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $3,896 million, an increase of $63 million for the week and an increase of $400 million from the comparable date a year ago. HA.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Change since March 4, March 12, 1959 1958 March 11, 1959 A S S E T S Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves F. R. notes of other Banks Other cash Discounts and advances Industrial loans Acceptances—bought outright U. S. Government securities: Bought outright-- 18,932,892 922,944 19,855,836 483,054 439,396 506,225 333 34 630 ' 1,337,500 18,649,726 2,867,565 2,483.771 25,338,562 15,000 25,353,562 + Certificates Bonds Total bought outright Held under repurchase agreement Total U. S. Government securities Total loans and securities Due from foreign banks Uncollected cash items Bank premises Other assets TOTAL ASSETS - 34,999 2,563 frfife 4? 381 24,044 28,418 __ 1 „ 49,800 IJOoo 18.700 31,100 62 qoo +1,617,590 + 2,681 +2,088,690 + + - 386,184 217 13,294 478 979 + + - 125,520 94,679 134,176 51,76o.©lS 25,894,750 15 4,858,112 + -2,227.502 + 62,105 -2,165!397 13 848 50,268 + 279,249 . ^8 - 7 971 + T~ + 614,190 -1,296,379 +2 867 565 - 305,486 +1,879,890 9,687 22,819 '28 435 L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer'-general account Foreign „ Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES 27,043,331 + 27,302 + 494,321 18,092,940 390,065 304,428 342,415 19,129,848 4,146,184 27,108 50,346,471 59,931 - 268,960 + 14,423 4,003 - 318 471 - 201,278 + 1 680 - 49^767 - 719,066 56,335 + + 23,486 39.597 lS 137 599 10*021 70^377 C A P I T A L A C C O U N T S Capital~paid in" Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS 373,933 868,410 171,204 51,760,018 + + - + + : 631 + — l/+ 11,157 ~ 478,979 - 24,443 31,669 14,170 28,435 Ratio of gold certificate reserves to deposit ' and F. R. note liabilities combined 43,0# + ,256 4,5# Contingent liability on acceptances purchased for foreign correspondents 61,705 424 68 051 Industrial loan commitments 360 534 1/ Net change after"elimination of Sec. 13b surplus of $27,543,000 on Sept. 2, 1958. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MARCH 11, 1959 (Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years OverJLO years Total Discounts and advances 499,597 6,525 103 — 506,225 Industrial loans 228 11 40 54 333 Acceptances 10,381 24,249 -__ 34,630 U. S. Government securities 124,200 1,028,800 18,849,226 3,881,179 206 495 1,263,662 25,353,562 H.'t.l(b) Total A S S E T S STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 11, 1959 St. ClevePhilaRichmond Atlanta Chicago New York Boston Louis land delphla (In thousands of dollars) Kansas City Minneapolis San Francisco Dallas 18,932,892 828,267 922,944 54,589 19,855,836 882,856 F.R. notes of other Banks Other cash 483,054 439,396 31,132 35,243 118,412 21,984 25,385 41,600 25,865 55,673 83,192 31,239 38,705 79,121 9,200 28,576 10,827 12,590 7,787 13,676 29,001 16,075 42,230 50,777 Discounts and advances Industrial loans ^Acceptances— Bought outright S. Govt, securities: Sought outright— Bills Certificates Notes Bonds Total Held under repurchase agreement 506,225 333 60,631 37,679 23,228 37,752 28,401 45,510 164,043 20,852 6,139 59,922 12,868 9,200 76,885 118,402 87,061 68,056 233,634 28,137 392,334 57,089 164,839 142.777 253,851 186,655 54,562 760,797 116,979 101,323 Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves 5,082,066 984,505 1591,397 1056,161 949,563 3266,530 763,790 463,169 786,119 739,908 2421,417 193,659 58,574 86,166 5,275,725 1043,079 1677,563 79,249 34,911 80,642 55,977 170.834 44,094 21,922 43,089 29,501 83,897 1136,803 1005,540 3437,364 807,884 485,091 829,208 769,409 2505,314 327 6 34,630 34,630 72,824 1,337,500 18,649,726 1015,440 2,867,565 156,134 2,483,771 135,236 25,338,562 1379^34 337,275 4,702,864 723,109 1072,061 1650,967 1213,948 948,954 3257,734 145,910 500,907 60,325 122,396 52,391 151,184 730,529 2108,072 112,325 324,135 97,292 280,753 992,537 2864,144 992,537 2864,144 796,026 626,327 219,876 161,674 126,382 433,865 52,251 106,015 6,389,^575 1^56'562 2243J096 1649^338 1289,'302 4426,140 1033,661 533,047 1081,526 15,000 15,000 Total U. S. Govt, sees. 25,353,562 1379,634 6,404,575 1456.562 2243,096 1649,338 1289,302 4426,140 1033,661 533,047 1081,526 Total loans & securities 25,894,750 1440,592 6,476,884 1479,790 2280,848 1677,739 1334,812 4590,183 1054,513 539,192 1141,448 1005,405 2873,344 Due from foreign banks Uncollected cash items Bank premises Other assets TOTAL ASSETS 15 4,858,112 94,679 134,176 1 339,861 4,636 6,994 1/4 1 1 1 2 1 2/ 1 1 1 51,760,018 2741,315 12,892,406 2882,544 4475,694 3301,616 2900,800 8944,604 2126,661 1180,863 2252,425 2065,095 5995,995 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500. 1 898/747 300,735 419,318 389,909 428,823 764,337 213,879 125,185 248,969 231,665 496,684 10,243 4,201 9,354 6,884 9,318 12,377 6,958 5,199 4,757 8,169 12,583 33.142 7,369 12,099 8.742 7.875 22.515 5,650 2,779 6,579 5,374 15,062 In thousands of dollars, 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 27,0^3,331 1565,744 6,294,080 1688,209 2488,467 2049,607 1445,704 5167,939 1200,098 597,731 1087,692 774,654 2683,466 HI 18,092,9^0 390,065 304,428 342,415 19,129,848 785,672 5,494'/l(^ 847,363 1498,334 843,195 1014,679 2893,073 698,993 436,945 899,600 1013,353 2704,025 308,891 710,588 252,121 358,293 334,048 371,456 669,532 171,783 110,541 207,418 203,396 448,117 27,108 2661^87 50,346,471 12,506^287 2789^093 4347^870 3 2 2 ^ ^ 8 2833^094 8735A51 2071/879 1146,198 2195^62 1992>»7 5«3«,595 4,146,184 CAPITAL ACCOUNTS ^Capital paid in Surplus Other capital accounts TOTAL LIABILITIES A M ) CAPITAL ACCOUNTS 373,933 868,410 171,204 S3 IS S3 #§ # # 11 II If 51,760,018 2741,315 12,892,406 2882.544 4475.694 3301,616 2900,800 8944,604 2126,661 1180,863 2252,425 2065,095 ^995,995. Conting. liab. on acceptances purchased for foreign correspondents Industrial loan commit. 3,394 2/17,281 4,072 5,553 3,085 2,900 9,132 2,283 • 20 1,481 2,406 >0 3,208 6,910 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collat. for F. R. notes: Gold certificate acct. Eligible paper U. S. Govt, securities Total collateral 28,172,214 1659,085 6,613,277 1758,100 2561,094 2134,221 1511,819 5305,896 1246,296 610,795 1117,275 823,731 2830,o25 920,000 700,000 475,000 2100,000 430,000 200,000 300,000 290,000 1300,000 10,875,000 600,000 2,920,000 640,000 op npo ---20,1(5 y / y duo 101,403 18.685.000 29,661,403 1/ After deducting $209,520,000 participations of other Federal Reserve Banks. 2/ After deducting $44,424,000 participations of other Federal Reserve Banks ££
@FedFRASER