H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.li.l OF THE FEDERAL RESERVE SYSTEM January 19, 1961 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 total member bank reserves held during the week ended January l8 decreased a net of $18 million to $19,208 million; cash allowed as reserves decreased $75 million and member bank reserve balances at the Federal Reserve Banks increased $57 million. Estimated required reserves decreased $131 million; and estimated excess reserves increased $113 million to $693 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $658 million, compared with the revised figure of $529 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $52 million in Federal Reserve float and a decrease of $350 million in currency in circulation• The principal offsetting changes were decreases of $157 million in Federal Reserve holdings of U. S. Government securities and $35 million in gold stock, and an increase of $115 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $126 million. As of Wednesday, January 18, holdings of U. S• Government securities bought outright were $80 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $13 million lower, and member bank borrowings were $4 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 18, Jan. 11, Jan. 20, Jan. 18, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,948 - 38 +1,328 26,912 Held under repurchase agreement 19 -119 + 17 - w Acceptances— Bought outright 51 - 1 + 6 48 Held under repurchase agreement - 6 -- Loans, discounts, and advances-- Member bank borrowings 35 - 16 - 879 57 Other 9 — — + 5 9 Float 1,408 + 52 - 105 1,259 Total Reserve Bank credit 28,471 -126 + 373 28,285 Gold stock 17, 594 - 35 -l,86l 17,510 Treasury currency outstanding 5,401 + 2 + 85 5,401 51,466 -159 -1,403 51,196 Currency in circulation 32,287 -350 + 377 32,122 Treasury cash holdings 412 + 9 12 415 Treasury deposits with F. R. Banks 528 +115 + 34 382 Foreign deposits with F. R. Banks 248 + 9 + 17 241 Other deposits with F. R. Banks 389 + 2 + 63 387 Other F. R. accounts (net) 940 - 1 + 104 941 34,804 -2l6 + 583 34,488 Member bank reserves: With Federal Reserve Banks 16,662 + 57 -1,986 16,708 Cash allowed as reserves (estimated) 2,546 - 75 +2,231 2,692 Total reserves held 19,208 : 18 + 245 19,400 Required reserves (estimated) 18,515 -131 + 147 18,577 Excess reserves (estimated) 693 +113 + 98 823 On January 18, 1961, U. S. Government, securities held in custody by the Federal Reserve Banks for foreign account were $5,617 million, an increase of $119 million for the week and an increase of $1,116 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. 18, Jan. 11, Jan. 20, 1961 1961 I960 A S S E TS Gold certificate account 16,145,641 . 107,001 -2,045,002 Redemption fund for F. R. notes 1,062,445 - 2,052 + 88,417 Total gold certificate reserves 17,208,006 - 109,053 -1,956,585 F. R. notes of other Banks 664,946 + 55,622 - 32,190 Other cash 456,914 + 43,545 - 13,319 Discounts and advances 66,205 2,920 - 706,964 Acceptances—"bought outright 48,103 1 + 6,265 - U. S. Government securities: Bought outright— Bills 2,827,473 79,700 +1,317,328 Certificates 9,059,743 -- -1,447,250 12,481,298 +1,471,000 Notes *• - Bonds 2,543,071 + 59,300 - - Total bought outright 26,911,585 - 79,700 +1,400,378 12,500 Held under repurchase agreement - - Total U. S. Government securities 26,911,585 92,200 +1,400,378 - Total loans and securities 27,025,893 - 95,121 + 699,679 Due from foreign banks 15 Cash items in process of collection 6,513,998 + 805,067 + 238,807 Bank premises 107,731 + 3 + 6,660 Other assets 254,727 + 17,084 - 62,684 TOTAL ASSETS 52,232,310 + 717,147 -1,119,632 L I A B I L I T I ES Federal Reserve notes 27,956,287 228,445 + 212,840 - Deposits: Member bank reserves 16,707,678 + 455,290 -1,571,405 U. S. Treasurer--general account 381,986 175,816 - 88,376 - Foreign 240,658 14,913 + 25,294 - Other 386,936 + 7,613 + 59,004 Total deposits 17,717,258 + 272,174 -1,575,463 Deferred availability cash items 5,255,271 + 655,567 + 193,834 Other liabilities and accrued dividends 33,146 + 1,925 + 6,757 TOTAL LIABILITIES 50,961,962 + 701,221 -1,162,052 C A P I T AL A C C O U N TS Capital paid in 413,701 + 784 + 24,616 Surplus 817,423 + 42,615 • •» Other capital accounts 39,224 + 15,142 - 24,811 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,232,310 + 717,147 -1,119,632 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined 37.7# - •3$ 3.0% Contingent liability on acceptances purchased for foreign correspondents 219,935 - 1,286 + 98,430 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 18, 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 56,962 dVO * 18,925 479,463 16 days to 90 days 9,243 , 29,178 5,155,803 91 days to 1 year — -- 9,146,815 Over 1 year to 5 years — — 10,679,64? Over 5 years to 10 years — -- 1,178,574 Over 10 years — -- 271,283 Total 66,205 48,103 26,911,585

E'TATSM5iv3T OF CONDITION OF EACH FEDERAL RESERVE BANK OK t "ANUARY 18, 1961 E.4.1(b) Phila- Cleve- St. Minne- Kansas Dallas San Total Boston Hew York delphia land Richmond Atlanta Chicago Louis apolis City Francisco (In thousands of dollars) A S S E TS 809,358 4,018,429 913,051 1400,725 974,375 808,278 2864,670 674,606 332,376 743,823 688,713 1917,237 16, 145,64l Gold certificate account Redemption fund for 61,627 250,779 64,973 93,116 86.553 62,744 187.499 46,328 25,850 48,988 12,46l—lOl^L 1,062, 445 F. R. notes Total gold certificate 870,985 4,269,208 978,024 1493,841 1060,928 871,022 3052,169 720,934 358,226 792,811 721,174 2018,764 17,208,086 reserves 664, 946 65,020 167, 507 51,790 43,134 43,928 78,734 59,591 23,188 21,264 18,349 30,862 61,579 F O . t R h . e r n o ca te s s h of other Banks 456,914 31,868 92,336 16,992 38,439 29,299 30,481 76,231 25,325 9,151 17,352 16,606 72,834 2,522 959 4,477 9,579 2,906 1,657 4,982 622 1,098 Discounts and advances 66,205 10,841 5,130 21,432 Acceptances: 48,103 48,103 Bought outright U. S. Govt, securities: Bought outright— m SI II11II l l il II t i ll 81SS 2,827,473 Bills Certificates 9,059,7*3 Notes 12,481,298 1%. 665 6i4, ! .buo z_io»s J.ov,yo 1 ± ^ • • •— Bonds I54o>2^ 57712,6io~l54o,850 2312,163 1703,369 1475,589 4606,133 1087,685 624,483 1155,072 1084,537 3162,865 Total 267911,585 Held under repurchase agreement 1446.229 6.712,610 1540.850 2312,3.63 1701,369 1475,589_46o6,133 1087,685 624,483 1155,072 1084,517 3162,.865 Total U. S. Govt, sees. 26,93.1, 585 1457,070 6,765,843 1562,282 2314,685 1704,328 1480,066 4615,712 1090,591 626,140 1160,054 1085,159 3163,963 Total loans & securities 27,025,893 1 1 /4 1 1 1 1 2 (2) (2) 1 12 Due from foreign "banks 15 Cash items in process 51 10 18 7 ^ f IS « f*% % t$ tlfs of collection 6,513,993 3 Bank premises 107,731 1^573 62! 978 14:'<68 22:065 16.121 14.737 42,799 10,247, 5,851 IW&l 2,0*664—29,977 Other assets 2879,857 12,620,456 3003,408 4438,428 3377,333 3016,419 8937,616 2144,347 1209,546 2359,564 2l8l,88l 6063,455 TOTAL ASSETS 52,232,310 1/ After deducting~|ll,000 participations of other Federal Reserve Banks. 2/ Less than $500.

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 18, 196l E.lt.l(c) Total Boston Hew York P de h l i p la h - ia C l l a e n v d e - Richmond Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y a s Dallas Fra S n a c n is co (In thousands of dollars) l i a b i l i t i es 1609,670 6,511,988 1835,830 2541,175 2144,886 1603,589 5227,660 1213,311 590,855 1136,067 822,630 2718,626 Federal Reserve notes 27,956,287 Deposits: Member bank reserves 16,707,678 782,300 4,456,595 733,653 1293,230 715,604 846,027 2555,971 637,494 410,029 840,970 971,441 2464,364 U.S.Treas.-gen.acct. 3 2 8 4 1 0 , ,6 9 5 8 8 6 1 1 2 1 , , 5 2 0 7 6 0 1/7 5 5 1 , , 0 11 5 5 8 2 1 6 3 , , 0 3 9 4 2 0 2 2 3 1 , , 4 3 4 9 2 0 2 1 9 0 , , 5 5 3 8 4 0 2 1 2 2 , , 4 19 7 0 9 3 3 2 7 , , 4 5 3 2 0 6 2 7 4 ,8 ,7 2 4 0 0 1 5 8 ,2 ,1 9 5 0 3 30,2 9 5 , 2 890 37, 1 2 3 1 , 1 340 68, 2 9 8 3 , 6 0 60 Foreign 386,936 689 "325,093 1,548 1,064 3,311 1,047 l,l4l 308 377 1,314 535 50,509 Other 8o57T65 5",907,861 774,633 1339,126 759,029 881,743 2627,068 670,362 433,849 882,426 1022,527 2611,869 Total deposits 17,717,258 Deferred availability 837,920 317,101 437,721 412,575 461,493 895,615 216,632 154,655 285,801 263,327 573,286 cash items 5,255,271 399,145 Other liabilities and x,— 8,348 1,787 3,115 1,888 1,735 5,633 1,189 1,121 l,26l 1,329 4,024 accrued dividends 33,146 1,7f 16 2811,296 12,266,117 2929,351 4321,137 3318,378 2948,560 8755,976 2101,494 1180,480 2305,555 2109,813 5907,805 TOTAL LIABILITIES 50,961,962 CAPITAL ACCOUNTS Capital paid in 413,701 20,217 115,047 24,165 38,281 18,958 22,146 58,998 13,868 9,426 17,559 23,582 51,454 Surplus 817,423 40,330 229,103 47,663 75,600 37,559 43 2 , ,0 6 3 77 6 1 6 1 ,9 5 8 ,6 9 53 2 1 7 ,4 ,5 5 3 4 1 8 1 l 8 4 ,826 3 1 4 ,6 ,8 1 4 0 0 4 1 7 ,4 ,0 7 0 8 8 9 4 9 , , 5 6 6 3 3 3 Other capital accounts 39,224 2.014 10,189 2,229 3,410 2,438 TOTAL LIABILITIES AMD 2879,857 12,620,456 3003.408 4438,428 3377,333 3016,419 8937,616 2144,347 1209,546 2359,564 2181,881 6063,455 CAPITAL ACCOUNTS 52,232,310 Conting. liab* on acceptances purchased for 10,780 2/61,535 12,760 20,460 10,120 11,660 31,020 7,480 5,060 9,46o 12,760—26,840 foreign correspondents 219,935 FEDERAL RESERVE AGENTS' ACCOUNTS 1686,801 b,933,^59 1920,491 2704,701 2245,780 1703,074 5422,491 1265,295 670,134 1172,4/3 873,130 2902,349 F. R. notes outstanding 29,499,9^6 Collat. for F. R. notes: 500,000 2,000,000 650,000 870,000 700,000 550,000 1800,000 410,000 180,000 300,000 275,000 1100,000 Gold certificate acct. 9,335,000 __ 20 910 -- -- -- 2,600 595 " Eligible paper 28,105 1250,000 5,100,000 1325'oco 1880,000 1590,000 1200,000 3800,000 935,000 510,000 900,000 625,000 2000,000 U. S. Govt, securities 21,115,000 ' " ^ r>/>ri iOniterne: ODD OOn x I(1(1.(1(1(1 1750^000 7^100^000 1995,910 2750,000 2290,000 1750,000 5600,000 1347,600 690,000 1204,595 900,000 3100,000 Total collateral 30,478,105 1/ After deducting $165,600,000 participations of other Federal Reserve Banks, 2/ After deducting $158,400,000 participations of other Federal Reserve Banks.