H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF TEE FEDERAL RESERVE SYSTEM February 16, 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 February 15 decreased a net of $53 million to $18,896 million. Cash allowed as reserves increased $168 million and member bank reserve balances at the Federal Reserve Banks decreased $221 million. Estimated required reserves decreased $173 million; and estimated excess reserves increased $120 million to $687 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $494 million, compared with the revised figure of $388 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $19 million in U. S. Government securities bought outright, $224 million in Federal Reserve float, and $19 million in gold stock, and an increase of $125 million in currency in circulation. The principal offsetting change was an increase of $166 million in U. S. Government securities held under repurchase agreement. Total Reserve Bank credit decreased $62 million. As of Wednesday, February 15, holdings of U. S. Government securities bought outright were $64 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $164 million higher, and member bank borrowings were $55 million lower. Outright holdings of bills increased $9 million; holdings of notes increased $3, 510 million, while holdings of certificates decreased $3,583 million, reflecting an exchange of certificates maturing Fedruary 15 for new 3-l/4 per cent notes maturing August 15, 1962, and outright sales of $73 million of notes. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 15, Feb. 8, Feb. 17, Feb. 15, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,653 - 19 +1,353 26,625 Held under repurchase agreement 354 +166 + 299 536 Acceptances-- Bought outright 48 + 1 + 10 46 Held under repurchase agreement 1 + 1 + 1 5 Discounts and advances-- Member bank borrowings 193 + 14 780 462 Other 9 7 9 Float 829 -224 168 907 Total Reserve Bank credit 28,086 + 721 28,589 Gold stock 17,410 - 19 -2, 022 17,398 Treasury currency outstanding 5,404 + 1 + 81 5,405 50,900 - 79 -1, 220 51,391 Currency in circulation 31,930 +125 299 31,909 Treasury cash holdings 417 + 4 34 427 Treasury deposits with F. R. Banks 526 + 3 65 545 Foreign deposits with F. R. Banks 185 - 11 39 194 Other deposits with F. R. Banks 4oi + 18 + 48 405 Other F. R. accounts (net) 1,022 + 4 + 126 1,097 34,480 +152 ~33? 3*7577 Member bank reserves: With Federal Reserve Banks 16,420 -221 -1,554 16,8l4 Cash allowed as reserves (estimated) 2,476 +168 +2,200 2,686 Total reserves held 18,896 - 53 +~W6 19,500 Required reserves (estimated) 18,209 -173 + 467 18,244 Excess reserves (estimated) 687 +120 + 179 1,256 On February 15, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,934 million, an increase of $68 million for the week and an increase of $1,397 million from the comparable date a year ago.

UUWSULiJJATEl) bTAXJlMJSHT vr vvujjj-j. j- 'ii B.4.1(a) OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since Feb. 15, Feb. 8, Feb. 17, 1961 1961 I960 A S S E TS Gold certificate account 16,054 17 -2,117 Redemption fund for F. R. notes 1,053 2 + 90 Total gold certificate reserves 17,107 19 -2,027 Cash (565) 488 18 6 Discounts and advances 471 55 - 272 Acceptances: 46 + 8 Bought outright Held under repurchase agreement 5 + 5 U. S. Government securities: Bought outright-- 2, 628 + 9 +1,329 Bills Certificates 5,462 -3,583 -3,045 Notes 15,994 +3,510 +2,984 2,541 57 Bonds Total bought outright 267525 - " 64 +1,325 Held under repurchase agreement 536 + 164 + 470 27,161 + 100 +1,795 Total U. S. Government securities Total loans and securities 27,683 + 50 +1, 536 Cash items in process of collection (987) 5,0C6 + 988 4 108 1 6 Bank premises 114 - 110 35 Other assets TOTAL ASSETS (1, 552) 50,506 + 890 530 L I A B I L I T I ES + 25 + 252 Federal Reserve notes (565) 27,129 Deposits: Member hank reserves 16,8l4 - 224 -1,102 U. S. Treasurer--general account 545 + 96 + 81 194 1 - 18 Foreign 405 + 21 + 67 Other Total deposits 17795% - 165 - 972 Deferred availability cash items (987) 4,ioc +1,011 + 131 Other liabilities and accrued dividends , 35 1** TOTAL LIABILITIES (1,552) 49,222 + 927** T -# C A P I T AL A C C O U N TS Capital paid in 4l8 __ •** + 25 Surplus 817 + 42 11 Other capital accounts 49 - 37 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,552) 50,506 + 890 - 530 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 37.5 io Contingent liability on acceptances purchased for foreign correspondents . 190 6l * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on following pages. ** February 8 figures revised. • —— MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 15, 196l (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 oTO Within 15 days """ 461 15 1.6 days to 90 days 10 36 4,398 11,143 91 days to 1 year 9,260 Over 1 year to 5 years 1,179 Over 5 years to 10 years 271 Over 10 years 27,161 Tntml %7l 51

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH FEBRUARY 15, 19&1 HJul(b) San Total Boston N Yo e r w k d P e h l i p l h a i - a d l e a v n e d R m i o c n h d - Atlanta Chicago Lo S u t i , e M a i p n o n l e i - s Ka C n i s t a y s Dallas F c r i a s n c - o (In millions of dollars} A S S E TS Gold certificate account 16,054 733 3,939 956 1,322 997 806 2,863 711 284 729 618 2,096 Redemption fund for F. B. notes 1,053 62 249 64 92 84 62 186 46 26 49 32 101 Total gold certificate reserves 17,107 795 4,188 1,020 1,414 1,081 m 3,049 757 310 778 650 2,197 F. R. notes of other Banks 565 54 146 31 45 30 75 55 15 18 16 28 52 Other cash 488 34 101 27 44 30 31 85 27 10 15 16 68 Discounts and advances 4?1 9 47 7 39 17 7 269 21 3 48 1 3 Acceptances: Bought outright 46 46 Held under repurchase agreement 5 5 U. S. Government securities: Bought outright— 2,628 l4l 656 150 226 166 144 450 106 6l 113 106 309 B C i e l r l ti s f icates 5,462 294 1,362 313 470 345 300 935 220 127 234 220 642 B N o o n t d e s s 15 2, , 5 9 4 9 1 4 8 13 6 6 0 3, 6 9 3 8 4 9 9 1 1 4 6 5 1, 2 3 1 7 8 4 1, 1 01 6 3 1 8 1 7 3 7 9 2,7 43 3 5 7 6 1 4 0 7 3 37 5 1 9 6 1 8 0 7 9 6 10 4 3 4 1, 2 8 9 7 9 9 Total 1,4^1 6,641 W 2,288 1,605 1,460 4,557 1,07b 610 1,143 1,073 3,129 Held under repurchase agreement 536 536 Total U» S. Government securities 27,161 1,431 7,177 1,524 2,288 1,685 1,460 4,557 1,076 618 1,143 1,073 3,129 Total loans and securities 27,683 1,440 7,275 1,531 2,327 1,702 1,467 4,826 1,097 621 1,191 1,074 3,132 Cash items in process of collection 5,993 397 1,195 402 488 460 478 1,047 206 225 309 237 549 B Ot a h n e k r p a r s e s m e i t se s s 1 1 0 14 8 6 4 2 9 8 6 4 8 9 6 7 1 7 2 2 2 2 0 7 4 2 5 6 5 1 5 4 1 1 2 4 TOTAL ASSETS 52,058 2,730 12,942 3,021 4,335 3,316 2,938 9,104 2,113 1,191 2,320 2,024 6,024

H.4.1(C) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 15, 19&1 San Net 7 Phila- Cleve- Rich- St. Minne- Kansas Total Boston York delphia land mond AAttllaannttaa CChhiiccaaggoo Louis apolis City DDaallllaass Francisco L I A B I L I T I ES (In millions of dol]La rs) Federal Reserve notes 27,694 1,599 6,460 1,826 2,508 2,126 1,582 5,170 1,196 587 1,129 811 2,700 Deposits: Member bank reserves l6,8l4 682 4,619 721 1,243 676 862 2,688 625 407 849 911 2,531 U.S. Treasurer-general account 545 13 , 81 18 9 82 18 121 29 22 4l 19 92 Foreign 194 9 1/ 60 11 17 9 10 26 6 4 8 11 23 Other 405 * 341 3 1 3 1 3 1 1 3 1 47 Total deposits 17,958 704 5,101 753 1,270 770 891 2,030 661 434 901 942 2,693 Deferred availability cash items 5,087 362 1,013 366 435 359 393 907 212 l4o 235 197 468 Other liabilities and accrued dividends 35 3 12 1 3 2 2 5 1 * 1 X 1, TOTAL LIABILITIES 50,774 2,668 12,50b 2,946 4,216 3,257 2,0b0 0,920 2,070 1,161 2,2 bb 1,951 5,065 CAPITAL ACCOUNTS Capital paid in 4l8 20 116 24 39 19 23 60 14 10 17 24 52 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 ICO Other capital accounts 49 2 11 3 5 3 3 8 2 1 2 2 7 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,058 2,730 12,942 3,021 4,335 3,316 2,938 99,,110044 2,113 1,191 2,320 22,,002244 66,,002244 Contingent liability on acceptances purchased for foreign / correspondents 190 9 20/ 53 11 1188 9 10 27 7 4 88 1111 2233 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,040 1,668 6,031 1,094 2,665 2,201 1,650 5,342 1,243 665 1,156 056 2, obi Collateral for F. R. notes: Gold certificate account 9,245 475 2,000 650 870 670 525 1,800 44iioo 170 300 275 1,100 Eligible paper 74 6 -- -- -- 20 48 -- - - U. S. Government securities 21,130 1,275 5,100 1,325 1,880 1,580 1,200 3,800 935 510 900 625 2, COO Total collateral 30,449 1,750 7,100 1,981 2,750 2,250 1,725 5,600 1,365 680 1,248 900 3,100 1/ After deducting $134 million participations of 2/ After deducting $137 million participations of other Federal Reserve Banks. * Less than $500,000.