H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM January 5, 1961 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BAM 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 January 4 increased a net of $352 million to $19,810 million, which reflected an increase of $374 million in member hank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $144 million; and estimated excess reserves increased $208 million to $909 million. Excess reserves exceeded member hank borrowings at the Federal Reserve Banks by $733 million, compared with the revised figure of $652 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $38 million in U. S. Government securities bought outright and $263 million held under repurchase agreement, and $127 million in member bank borrowings, and decreases of $346 million in currency in circulation, $8l million in Treasury deposits with Federal Reserve Banks, and $65 million in "other" F. R. accounts (net). The principal offsetting changes were decreases of $348 million in Federal Reserve float and $134 million in gold stock, and an increase of $96 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $97 million. As of Wednesday, January 4, holdings of U. S. Government securities bought outright were $36 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $56 million lower, and member bank borrowings were $19 million higher. Averages of daily figures MMeemmbbeerr bbaannkk rreesseerrvveess,, Week ended Change from week ended Wednesday, Reserve Bank credit, J an. 4, Dec. 28, Jan . 6, Jan. 4, and related items 1961 I960 I960 1961 (] [n millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 26,984 + 38 + 377 26,984 Held under repurchase agreement 391 +263 + 356 221 Acceptances-- Bought outright 52 + 2 + 8 48 Held under repurchase agreement 20 + 15 - 9 14 Loans, discounts, and advances-- Member bank borrowings 176 +127 - 837 90 Other 8 + 1 + 3 8 Float 1,824 -348 + 238 1,754 Total Reserve Bank credit 29,455 + 97 4- 137 29,119 Gold stock 17,748 -134 -1,708 17,670 Treasury currency outstanding 5,39ff. + 1 + 86 5,399 52,601 - 36 -1,487 52,188 Currency in circulation 32,849^3 • -346 + 325 32,785 Treasury cash holdings Mozsqq 4 + 1 • 5 403 Treasury deposits with F. R. Banks 441 - 81 - l4i 312 Foreign deposits with F. R. Banks 245 - 15 - 103 252 Other deposits with F. R. Banks 508 + 96 • 45 381 Other F. R. accounts (net) 954 - 65 * 111 940 35,39# -4io + 142 3355,,007733 Member bank reserves: With Federal Reserve Banks 17,202 +374 -1,629 17,115 Cash allowed as reserves (estimated) 2,608 - 22 +2,298 2,649 Total reserves held 19,810 +352 + 669 19,764 Required reserves (estimated) 18,901 +144 + 281 18,879 Excess reserves (estimated) 909 +208 + 388 885 On January 4, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,591 million, a decrease of $270 million for the week and an i^cje&^g.pf $1,175 million from the comparable date a year ago. • > ' • ' 1 • - , .... i

H.4.1(a) STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) since J an • 4, Dec. 28, Jan. 6, 1961 I960 I960 A S S E TS Gold certificate account 16,316,64i 192,002 -1,869,002 Redemption fund for F. R. notes 1,065,607 + 24,8l4 + 87,522 Total gold certificate reserves 17,382,248 167,188 -1,781,480 - F. R. notes of other Banks 536,624 + 108,252 - 23,946 Other cash 361,760 43, ikb - 21,639 Discounts and advances 98,074 + 20,296 -1,187,030 Acceptances: Bought outright 48,105 + 1 + 4,595 Held under repurchase agreement 14,113 - 2,852 8,091 U. S. Government securities: Bought outright— Bills 2,900,173 + 36,000 + 294,408 Certificates 9,059,743 -• -1,447,250 Notes 12,481,298 +1,471,000 Bonds 2,543,071 + 59,300 Total bought outright 26,984,285 + 36,000 + 377,458 Held under repurchase agreement 220,800 56,300 + 196,800 • Total U. S. Government securities 27,205,085 - 20,300 + 574,258 Total loans and securities 27,365,377 - 2,855 - 616,268 Due from foreign banks 15 m - - - Cash items in process of collection 6,703,879 + 235,531 + 640,958 Bank premises 107,652 - 198 + 8,061 Other assets 219,6l4 + 17,362 - 58,820 TOTAL ASSETS 52,677,169 + 234,048 -1,853,134 L I A B I L I T I ES Federal Reserve notes 28,400,284 174,899 + 250,063 - Deposits: Member bank reserves 17,114,976 + 530,629 -2,127,946 U. S. Treasurer--general account 312,379 - 104,084 - 337,492 Foreign 251,537 - 13,4o6 - 83,221 Other 380,506 - 40,295 + 34,411 Total deposits 18,059,398 + 372,844 -2,514,248 Deferred availability cash items 4,949,930 + 97,609 + 361,585 Other liabilities and accrued dividends 30,424 14,237 + 2,286 - TOTAL LIABILITIES +2817317 C A P I T AL A C C O U N TS Capital-paid In" 410,902 + 2,386 23,182 Surplus 817,423 + 42,615 42,615 Other capital accounts 8,808 92,270 18,617 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,677,169 234,048 17553,134 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 37*4$ l.S Contingent liability on acceptances purchased for foreign correspondents 225#490 6,694 132,696 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 4, 1961 (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 91,809 ~ 30,639 7397953 16 days to 90 days 6,265 31,579 5,149,873 91 days to 1 year 9,185,765 Over 1 year to 5 years 10,679,647 Over 5 years to 10 years 1,178,574 Over 10 years 271,283 Total 98,074 62,218 27,205,005

E,4.1(b) STATEMEZC OF CONDITION OF EACH FEDERAL RESERVE BANK ON Jr ANUARY 4, 1961 Phila- Cleve- St. Minne- Kansas San Total Boston T New York delphia land Richmond Atlanta Chicago Louis apolis City Dallas Francisco (In thousands of dollars) A S S E TS Gold certificate account 16,316,641 762,906 4,343,306 898,992 1461,766 1003,721 817,010 2785,534 617,384 331,534 678,413 604,832 2011,243 Redemption fund for F. R. notes 1,065,607 62,350 254,558 66,245 92,216 81,209 63,610 188,746 46,637 26,021 49,231 32.674 102.110 Total gold certificate reserves 17,382,248 825,256 4,597,864 965,237 1553,982 1084,930 880,620 2974,280 664,021 357,555 727,644 637,506 2113,353 F.R. notes of other Banks 536,624 54,089 128,334 37,682 30,760 39,689 64,873 41,757 23,305 19,655 19,583 25,502 51,395 Other cash 361,760 24,877 61,806 10,356 31,901 22,275 26,219 63,816 23,331 7,834 15,915 14,688 58,742 Discounts and advances 98,074 1,042 2,730 2,677 752 2,710 27,266 47,729 4,6l4 1,684 3,022 2,864 984 Acceptances: Bought outright 48,105 48,105 - - Held under rep. agree. 14,113 14,113 -- -- -- -- -- -- U. S. Govt= securities: Bought outright— Bills 22,,990000,,117733 155,856 723,395 166,052 249,174 183, 566 159,019 496,388 117,217 67,298 124,479 116,877 340,852 Certificates 99,,005599,,774433 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 1122,,448811,,229988 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 1?.6,665 634,324 145,606 219,493 160,963 139,440 435,266 102/783 59,013 ..109,150 102ji86 298.882 Total 2266,,993344,,228855 1450,136 6,730,744 1545,012 2318,409 1707,970 1479,575 4618,576 1090,624 626,170 1158,193 1087,467 3171,409 Held under rep. agree. 222200,,880000 220,800 Total U. S. Govt, sees. 27,205,08511 445500,,113366 6,951,544 1545,012 2318,409 1707,970 1479,575 46l8,576 1090,624 626,170 1158.193 1087.467 1171.409 Total loans & securities 27,365,377 11445511,,117788 7,016,492 1547,689 2319,161 1710,680 1506,841 4666,305 1095,238 627,854 1161,215 1090,331 3172,393 Due from foreign "banks 15 l 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Cash items in process of collection 6,703,879 465,012 1,407,688 401,858 611,095 509,998 592,919 979,537 302,374 166,812 325,232 278,581 662,773 Bank premises 107, 652 3,913 9,386 3,791 8,617 6,113 11,428 22,159 6,625 4,974 5,133 13,900 11,613 Other assets 219,614 11.7-sd 54.173 12,358 18,732 13,309 12,848 ___37^52_ 8,809 5,078 9.911 9,107 25,599 TOTAL ASSETS >2,677,169 2856,064 13,275,747 2978,972 4574,249 3387,495 3095,749 8785,308 2123,703 1189,762 2264,634 2069,616 6095,670 1 ——————— y After deducting $11/000"participations of other Federal Reserve Banks 2/ Less than $500.

U • *r • «L V / I Phila- Cleve- ^ St. Minne- Kansas _ 1 San QG Total Boston New York ] aelphia land Richmond Atlanta Chicago apolis City Dallas [prancisco Louis (In thousands of dollars) LL II AA BB II LL II TT II EESS FFeeddeerraall RReesseerrvvee nnootteess 28,400,284 1627,840 6,638,390 1863,288 2573,809 2181,849 1631,165 5295,639 1230,116 595,660 1150,733 833,730 2778,065 DDeeppoossiittss:: MMeemmbbeerr bbaannkk rreesseerrvveess 17,114,976 720,776 4,978,209 704,449 1326,365 697,409 874,199 2536,731 587,416 410,475 779,289 917,898 2581,760 UU..88..TTrree&&ss..--ggeenn..aacccctt.. 312,379 18,980 50,021 19,359 23,248 27,129 25,751 34,064 15,539 19,726 20,091 31,048 27,423 FFoorreeiiggnn 251,537 12,250 1/72,787 14,750 23,500 11,250 13,000 34,500 8,250 5,750 10,250 14,500 30,750 OOtthheerr 180.506 583 119.611 6.225 1.076 1.258 1.200 745 470 395 2,240 886 43,_797 TToottaall ddeeppoossiittss 18,059,398 752,589 5,420,648 744,783 1374,189 739,046 914,150 2606,040 611,675 436,346 811,870 964,332 2683,730 DDeeffeerrrreedd aavvaaiillaabbiilliittyy ccaasshh iitteemmss 4,949,930 393,196 861,862 297,234 509,077 407,965 482,803 703,469 239,184 128,246 248,136 199,702 479,056 OOtthheerr lliiaabbiilliittiieess aanndd aaccccrruueedd ddiivviiddeennddss 30,424 1,481 8,772 1,648 2,649 1,730 1,595 5,090 1,094 1,084 1,245 1,017 3,019 TTTOOOTTTAAALLL LLLIIIAAABBBIIILLLIIITTTIIIEEESSS 51,440,036 2775,106 12,929,672 2906,953 4459,724 3330,590 3029,713 8610,230 2002,069 1161,336 2211,904 1990,701 5943,070 CCCAAAPPPIIITTTAAALLL AAACCCCCCOOOUUUNNNTTTSSS CCCaaapppiiitttaaalll pppaaaiiiddd iiinnn 410,902 20,181 114,652 23,861 38**65 l8,8o4 21,909 57,850 13,772 9,415 17,445 23,517 51,331 SSSuuurrrpppllluuusss 817,423 40,330 229,103 47,663 75,600 37,559 43,677 115,653 27,531 18,826 34,840 47,008 99,633 OOOttthhheeerrr cccaaapppiiitttaaalll aaaccccccooouuunnntttsss 8,808' 447 2,320 495 760 542 450 1,567 331 185 365 110 1,036 TTTOOOTTTAAALLL LLLIIIAAABBBIIILLLIIITTTIIIEEESSS AAANNNDDD CCCAAAPPPIIITTTAAALLL AAACCCCCCOOOUUUNNNTTTSSS 52,677,169 2836,064 13,275,747 2978,972 4574,249 3387,495 3095,749 8785,308 2123,703 1189,762 2264,634 2069,616 6095,870 CCCooonnntttiiinnnggg... llliiiaaabbb... ooonnn aaacccccceeepppttt--aaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnndddeeennntttsss 225,490 11,049 2/64,257 13,304 21,197 10,147 11,726 31,119 7,442 5,187 9,246 13,079 27,737 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 29,711,572 1690,380 6,988,623 1934,603 2719,956 2266,223 1719,115 5448,258 1276,950 673,608 1183,870 881,907 2928,079 CCoollllaatt.. ffoorr FF.. RR.. nnootteess:: GGoolldd cceerrttiiffiiccaattee aacccctt.. 9,385,000 500,000 2,000,000 650,000 920,000 700,000 550,000 1800,000 410,000 180,000 300,000 275,000 1100,000 EElliiggiibbllee ppaappeerr 9,249 — - - - 2,205 — - —— - — —— 4,350 — - 2,694 ~ - - - UU.. SS.. GGoovvtt,, sseeccuurriittiieess 21,065,0001 250,000 5,100,000 1325,000 1830,000 1590,000 1200,000 3800,000 935,000 510,000 900,000 625,000 2000,000 TToottaall ccoollllaatteerraall 30,459,249 1750,000 7,100,000 1977,205 2750,000 2290,000 1750,000 5600,000 1349,350 690,000 1202,694 900,000 3100,000 1/ After deducting $178,750,000 participations of other federal Reserve Banks. 2/ After deducting $161,233,000 participations of other Federal Reserve Banks.