H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOAfiD OF dbfERNORS For Immediate Release H.4.I OF THE FEDERAL RESERVE SYSTEM January 12, 1961 WEEKLY AVERAGES OF MEMBER EANK RESERVES, RESERVE BANK CREDIT, AMD RELATED ITEMS end STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total member bank reserves held during the week ended January 11 decreased $798 million to $19,1^5 million. Cash allowed as reserves decreased $201 million and member bank reserve balances at the Federal Reserve Banks decreased $597 million. Estimated required reserves decreased $302 million; and estimated excess reserves decreased $496 million to $507 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $456 million, compared with the revised figure of $827 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $253 million in U. S. Government securities held under repurchase agreement, $125 million in member bank borrowings, $460 million in Federal Reserve float, and $119 million in gold stock. The principal offsetting changes were decreases of $212 million in currency in circulation, $28 million in Treasury deposits with Federal Reserve Banks, and $121 million in other deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $850 million. As of Wednesday, January 11, holdings of U. S. Government securities bought outright were $7 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $208 million lower, and member bank borrowings were $29 million lower. Averages of daily figures Member bank reserves, Week ended Change from week. ended Wednesday Reserve Bank credit, J an .11, Jan. 4, J an »13, Jan. 11, and related items 1961 1961 I960 1961 (]i n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,986 + 2 + 647 26,991 Held under repurchase agreement 138 -253 + 82 13 Acceptances— 52 + 8 48 Bought outright Held under repurchase agreement 6 - 14 - 4 Loans, discounts, and advances-- Member bank borrowings 51 -125 - 860 61 Other 9 + 1 + 5 8 Float 1,356 -468 + 87 1,109 Total Reserve Bank credit 28,597 -658 - 36 28,230 Gold stock 17,629 -119 -1,826 17,615 Treasury currency outstanding 5,399 — - + 84 5,402 51,625 ^975 -1,779 51,247 Currency in circulation 32,637 -212 + 355 32,445 Treasury cash holdings 403 + 1 - 7 416 Treasury deposits with F. R. Banks 413 - 28 - 106 558 Foreign deposits with F. R. Banks 239 6 - 69 256 Other deposits with F. R. Banks 387 -121 + 55 379 Other F. R. accounts (net) 941 - 13 + 101 940 35,020 -379 + 330 34,994 Member bank reserves: With Federal Reserve Banks 16,605 -597 -2,108 16,252 Cash allowed as reserves (estimated)1 2,540 -201 +2,224 2,806 Total reserves held 19,145 -798 + 116 19,058 Required reserves (estimated) 18,638 -302 + 166 18,597 Excess reserves (estimated) 507 -496 - 50 461 On January 11, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,498 million, a decrease of $93 million for the week and an increase of $1,097 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 Jan. 11, Jan. 4, Jan. 13, 1961 1961 I960 A S S E TS Gold certificate account 16,252,642 63,999 -1,928,002 Redemption fund for F. R. notes 1,064 >97 1,110 + 86,171 Total gold certificate reserves 17,317A39 65,109 -1,841,831 F. R. notes of other Banks 609,324 + 72,700 - 22,584 Other cash 413,369 + 51,609 - 20,527 Discounts and advances 69,125 28,949 - 429,929 Acceptances: 48,104 1 + 4,595 Bought outright 14,113 Held under repurchase agreement U. S. Government securities: Bought outright-- Bills 2,907,173 7,000 + 743,208 Certificates 9,059,743 -1,447,250 +1,471,000 12,481,298 Notes 2,543,071 + 59,300 Bonds 26,991,205 + 7,000 '+ 826,258 Total bought outright 12,500 - 208,300 42,000 Held under repurchase agreement Total U. S. Government securities 27,003,705 - 201,300 + 704,258 Total loans and securities 27,121,014 - 244,363 + 358,924 Due from foreign banks 15 - 308,691 5,708,931 - 994,948 Cash items in process of collection 107,728 + 76 + 8,151 Bank premises 237,643 + 18,029 - 61,211 Other assets 51,515,163 -1,162,006 -1,887,769 TOTAL ASSETS L I A B I L I T I ES Federal Reserve notes 28,184,732 215,552 + 243,690 Deposits: 16,252,388 - 862,588 -2,016,188 Member bank reserves 557,802 + 245,423 + 64,695 U. S. Treasurer--general account Foreign 255,571 + 4,034 - 35,228 Other 379,323 1,183 + 44,886 17,445,004 - 614,314 -1,941,035 Total deposits 4,599,704 - 350,226 - 238,117 Deferred availability cash items 31,221 + 797 + 3,114 Other liabilities and accrued dividends 50,260,741 -1,179,295 -1,933,140 TOTAL LIABILITIES C A P I T AL A C C O U N TS Capital paid in 412,917 + 2,015 + 24,697 817,423 + 42,615 Surplus 24,082 + 15,274 - 21,933 Other capital accounts 51,515,163 -1,162,006 -1,807,769 TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ratio of gold certificate reserves to deposit 2.' and F. R. note liabilities combined 38.0% + '&P Contingent liability on acceptances purchased 221,221 - 4,269 + 128,453 for foreign correspondents MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 11, 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 62,460 14,399 540,553 16 days to 90 days 6,665 33,705 5,153,963 91 days to 1 year 9,171,765 Over 1 year to 5 years 10,679,647 Over 5 years to 10 years 1,178,574 271,283 Over 10 years Total 69,125 40,104 27,003,705

8.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON- JANUARY 11, 1961 Total Boston New York P d h e i l l p a h - ia Cl l e a v n e d - Richmond Atlanta Chicago L S o t ui . s M a i p n o n l e i - s Ka C n i s t a y s Dallas Fra S n a ci n s co (In thousands of dollars) A S S E TS Gold certificate account 16,252,642 785,982 3,891,466 949,401 1413,207 1015,46 1828,652 2847,09 6692,967 339,980 761,725 672,936 2053,769 Redemption fund for F. R. notes 1,064,49? 61,897 251,540 65.413 91,488 87,579 6.3,019 187.912 46,425 25,908 49,063 32,528 101,705. Total gold certificate 847,879 4,143,006 1014,834 1504,695 1103,040 891,671 3035,008 739,392 365,888 810,788 705,464 2155,474 reserves 17,317,139 F.R. notes of other Banks 609,324 59,778 153,362 45,092 34,035 41,914 71,439 54,488 22,149 19,093 19,389 29,365 59,220 8,273 16,294 15,782 66,432 Other cash 413,369 28,632 79,376 14,966 35,269 26,451 29,308 68,739 23,84? Discounts and advances 69,125 3,392 9,960 3,564 9,044 3,068 14,769 11,793 5,272 4,084 2,239 964 976 Acceptances: Bought outright 48,104 48,104 U. S. Govt, securities: Bought outright— Bills 2,907,173 II i ll 1 1 I I 1 1 I I I I I I I I I I 1 1 II Certificates 9,059,743 Notes 12,481,298 Bonds 2,543,071 Total 26,991,285 1450,512 6,732,490 1545,413 2319,010 1708,413 1479,959 4619,774 1090,907 626,333 1158,493 1087,749 3172,232 Held under repurchase agreement 12,500 12,500 -- -- — — -- 2] 22 2! II "" 1450,512 6,744,990 1545,413 2319,010 1708,413 1479,959 4619,774 1090,907 626,333 1158,493 1087,749 3172,232 Total U. S. Govt, sees. 27,003,785 1453,904 6,803,054 1548,977 2328,05 41711,481 1494,728 4631,567 1096,179 630,417 1160,73 21088,713 3173,208 Total loans & securities 27,121,014 1 1 /4 1 1 1 1 2 (2) (2) 1 1 2 Due from foreign banks 15 Cash items in process of collection 5,708,931 *<•% % % % % ^ 31:|3 % 1 ;| Bank premises 107,728 12,651 58,851 13,387 20,431 15,085 13,825 39,891 9,560 5,492 10,646 9,802 28,022 Other assets 237,643 2739,749 12,331,338 2987,928 4375,291 3360,687 3004,194 8756,19 12152,78 61200,663 2335,863 2134,148 6136,325 TOTAL ASSETS 51,515,163 1/ After deducting $11,000 participations of other Federal Reserve Banks. 2/ Less than $500.

gTATRMRNT QF CONDITION OF EACH FEDERAL RESERVE BANK OH JANUARY 11, 196l m .b * i(c) Total Boston New York P d h e i lp h l i a a - 1 i C l l a e n v d e Richmond Atlanta Chicago L S ou t i . s M a i p n o n l e i - s Ka C n i s t a y s Dallas Fran S c a i n s co (In thousands of dollars) L I A B I L I T I ES 1620,503 6,566,929 1851,329 2557,016 2163,148 1616,615 5260,169 1222,609 594,631 1147,176 828,444 2756,163 Federal Reserve notes 28,184,732 De M p e o m si b t e s r : bank reserves 16,252,388 670,897 4,245,679 726,403 1255,391 723,948 836,991 2470,058 632,954 399,524 827,094 944,977 2518,472 y.S.Treas.-gen.acct. 557,802 31,897 57,431 44,287 36,970 30,914 41,499 77,961 35,115 29,813 51,857 4 1 1 3 , , 6 8 3 0 4 4 7 2 8 9 , , 4 0 2 3 4 6 Foreign 255,571 11,662 1/84,211 13,804 22,134 10,948 12,614 33,558 8,092 5,474 10,234 Other 379,323 293 316,853 1,215 513 5,187 1,176 998 535 542 2,093 591 49,327 Total deposits 17,445,084 714,749 4,704,174 785,709 1315,008 770,997 892,280 2582,575 676,696 435,353 891,278 1001,006 2675,259 Deferred availability 140,904 242,802 232,115 547,418 341,074 702,087 275,968 384,501 366,724 426,839 729,231 210,041 cash items 4,599,704 Other liabilities and 1,023 1,249 1,110 3,642 1,659 7,964 1,744 2,829 1,830 1,506 5,450 1,215 accrued dividends 31,221 2677'985 11,981,154 2914,750 4259,354 3302,699 2937,240 8577,425 2110,561 1171,911 2282,505 2062,675 5982,482 TOTAL LIABILITIES 50,260,741 CAPITAL ACCOUNTS Capitaljpaid in 412,917 20,203 114,787 24,153 38,253 18,939 22,033 58,838 13,803 9,420 17,508 23,556 51,424 18,826 34,840 47,008 99,633 817,423 40,330 229,103 47,663 75,600 37,559 43,677 115,653 27,531 506 1,010 909 2,786 Other ca^btal accounts 24,082 1,231 6,294 1,362 2,084 1,490 1,244 4,275 891 JTCmL LIABILITIES AND 2739,749 12,331,338 2987,928 4375,291 3360,687 3004,194 8756,191 2152,786 1200,663 2335,863 2134,148 6136,325 CAHTAL ACCOUNTS 51,515,163 Conting. liab. on acdeptances purchased for foreign correspondents 221,221 10,839 2/61,957 12,829 20,571 10,175 11,724 31,189 7,521 5,088 9,512 12,830 26,986 FEDERAL RESERVE AGENTS' ACCOUNTS F. R« notes outstanding 29,635,016 1691,191 6,960,862 1928,846 2712,689 2260,681 1711,283 5444,161 1272,330 673,238 1178,901 878,263 2922,571 Collat. for F. R. notes: 180,000 300,000 275,000 1100,000 2,000,000 650,000 920,000 700,000 550,000 1800,000 410,000 Gold certificate acct. 9,385,000 500,000 1,895 3,100 — — — — 5,000 Eligible paper 9,995 510,000 900,000 625,000 2000,000 U. S. Govt, securities 21,065,000 1250,000 5,100,000 1325,000 1830,000 1590,000 1200,000 3800,000 935,000 % %% g a ss g£:ss; ZM &*>:«»> o K ao *>:<*>» m m* Total collateral 30,459,995 1750,000 1/ After deducting $171,360,000 participations of other Federal Reserve Banks, 2/ After deducting $159,264,000 participations of other Federal Reserve Banks.