H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM February 23, l$6l 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 22 increased $218 million to $19,073 million. Cash allowed as reserves increased $51 million and member bank reserve balances at the Federal Reserve Banks increased $167 million. Estimated required reserves increased $97 million; and estimated excess reserves increased $121 million to $775 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $668 million, compared with the revised figure of $46l million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $497 million in Federal Reserve float and decreases of $73 million in currency in circulation and $30 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $64 million in U. S. Government securities bought outright and $203 million held under repurchase agreement, $86 million in member bank borrowings and $25 million in gold stock, and an increase of $71 million in"other"F. R. accounts (net). Total Reserve Bank credit increased $146 million. As of Wednesday, February 22, holdings of U. S. Government securities bought outright were $39 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $421 million lower, and member bank borrowings were $157 million lower. Outright holdings of bills, certificates, and notes decreased $32 million, $5 million, and $3 million, respectively; and holdings of bonds increased $1 million. Changes during the week in the maturity distribution of holdings of U. S. Government securities are shown in the table at the bottom of the next page. Averages of daily figures MMeemmbbeerr bbaannkk rreesseerrvveess,, WWaaeekk eennddeedd Change frcm week ended RReesseerrvvee BBaannkk ccrreeddiitt,, FFeebb.. 2222,, Feb. 15, Feb. 24, aanndd rreellaatteedd iitteemmss 11996611 1961 I960 (]Cn millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 2266,, 558899 -- 6644 ++11,,333366 Held under repurchase agreement 151 -203 + 151 Acceptances-- Bought outright 4466 - 2 ++ 88 Held under repurchase agreement 4 + 3 + 4 Discounts and advances— Member bank borrowings 107 - 86 - 513 Other 9 + 9 Float 1,326 +497 + 106 Total Reserve Bank credit 25,232 +1,101 Gold stock 17,385 - 25 -2,038 Treasury currency outstanding 5,405 + 1 + 80 51,022 +122 - 857 Currency in circulation 31,857 - 73 + 295 Treasury cash holdings 424 + 7 - 21 Treasury deposits with F. R. Banks 496 - 30 Foreign deposits with F. R. Banks 172 - 13 - 34 Other deposits with F. R. Banks 392 - 9 + 57 Other F. R. accounts (net) 1,093 + 71 + 85 3%7W + 349 Member bank reserves: With Federal Reserve Banks 16, 587 +167 -1,206 Cash allowed as reserves (estimated) 2,486 + 51 +2,218 Total reserves held 19,073 +215 +1,012 Required reserves (estimated) 18,298 + 97 + 662 Excess reserves (estimated) 775 +121 + 350 On February 22, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,880 million, a decrease of $54 million for the week and an increase of $1,277 million frcm the comparable date a year ago.

H . 4 . 1 ( a ) C O N S O L I D A T ED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Feb. 22, Feb. 15, Feb. 247 1961 1961 I960 A S S E TS Gold certificate account 16,029 - 25 -2,140 Redemption fund for F. R. notes 1,050 - 3 + §5 Total gold certificate reserves 17,079 - 28 -2,055 — * Cash (562) 490 + 2 +5 Discounts and advances 314 - 157 - 119 Acceptances: Bought outright 46 -- + 10 Held under repurchase agreement 4 1 +4 U. S. Government securities: Bought outright— Bills 2,596 - 32 +1,419 Certificates 5,457 - 5 -3,050 Notes 15,991 - 3 +2,981 Bonds 2,542 + 1 + 58 Total bought outright 26,586 - 39 +1,408 Held under repurchase agreement 115 - 421 + 115 Total U. S. Government securities 26,701 - 460 +1,523 Total loans and securities 27,065 - 618 +1,4i8 Cash items in process of collection (1,168) 4,453 - 553 + 171 Bank premises 109 + 1 + 7 Other assets 133 + 19 - 36 TOTAL ASSETS (1,730) 49,329 -1,177 - 490 L I A B I L I T I ES Federal Reserve notes (562) 27,083 - 46 + 225 Deposits: Member bank reserves 1166,,557755 - 239 - 668877 U. S. Treasurer—general account 539 - 6 - 5 Foreign 172 - 22 - 38 Other (291) 452 + 47 + 142 Total deposits (291) 17,738 - 220 - 588 Deferred availability cash items (877) 3,175 - 925 - 181 Other liabilities and accrued dividends 1 1 3 C . 37 + 2 + 5 TOTAL LIABILITIES (V±68) 48,033 -1,189 - 539 C A P I T AL A C C O U N TS Capital paid in 419 + 1 + 2266 Surplus 817 -- + 42 Other capital accounts 60 + 11 - 19 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (l, 730) 49,329 -1;, 177 - 490 Ratio of gold certificate reserves to deposit end F. R. note liabilities combined (computed from figures as show on the following pages--not consolidated) 37 »4$ >- .1$ - 4.4$ Contingent liability on acceptances purchased for foreign correspondents 187 3 + 6l * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on following pages. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. FEBRUARY 22, 1961 (Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities Discounts and Changes advances Acceptances Holdings during week Within 15 days 305 17 407 -503 16 days to 90 days 9 33 4,474 + 76 91 days to 1 year -- -- 11,097 - 46 Over 1 year to 5 years -- -- 9,267 + 7 Over 5 years to 10 years — -- 1,185 + 6 Over 10 years -- — 271

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 22, 1961 San Total Boston New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas DDaallllaass Fran- York delphia land mond Louis apolis City cisco (In millions of doU Lars) A S S E TS Gold certificate account 16,029 819 3,965 890 1,280 983 868 2,782 616 348 735 686 2,057 Redemption fund for F. R. notes 1,050 62 248 64 92 83 61 186 46 26 49 32 101 Total gold certificate reserves 17,079 titil 4,213 954 1,372 1,066 929 2,968 662 374 784 718 2,158 F. R. notes of other Banks 562 51 152 29 4l 29 85 53 17 17 15 30 43 Other cash 490 32 106 27 42 29 32 83 28 10 15 21 65 Discounts and advances 314 19 26 27 36 11 12 122 9 2 42 7 1 Acceptances: Bought outright 4466 •»- 4466 -- —— -- —- —- — — «-«• Held under repurchase agreement 4 -- 4 — - — — — - — - — — — — — — U. S. Government securities: Bought outright— Bills 2,596 140 647 149 223 164 143 444 105 60 111 105 305 Certificates 5,457 293 1,361 312 469 346 299 934 221 127 234 220 64l Notes 15,991 859 3,989 915 1,374 1,012 877 2,737 646 371 687 644 1,880 Bonds 2,542 137 634 146 218 161 139 435 103 59 109 102 299 Total 26,586 1,429 6,631 1,522 2,284 1,683 1,458 4,550 1,075 617 1,141 1,071 3,125 Held under repurchase agreement 115 -- 115 -- -- " • — " — — Total U.S. Government securities 26,701 1,429 6,746 1,522 2,284 1,683 1,458 4,550 1,075 617 1, l4l 1,071 3,125 Total loans and securities 27,065 1,448 6,822 1,549 2,320 1,694 1,470 4,672 1,084 619 1,183 1,078 3,126 Cash items in process of collection 5,621 370 1,197 377 432 352 483 802 276 194 334 320 484 Bank premises 109 4 9 4 9 6 12 22 7 5 5 14 12 Other assets 133 7 33 8 12 9 8 22 5 3 5 6 15 TOTAL ASSETS 51,059 2,793 12,532 2,948 4,228 3,185 3,019 8,622 2,079 1,222 2,341 2,187 5,903

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 22, 1961 San Total Boston N Yo ev r k d P e h l i p l h a i - a Cl l e a v n e d - R m i o c n h d - 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 F c r i a s n c - o (In millions of dol]L ars) L I A B I L I T I ES Federal Reserve notes 27,645 1,598 6,444 1,823 2,507 2,123 1,570 5,168 1,192 585 1,127 808 2,700 Deposits: Member bank reserves 16,575 753 4,494 722 1,205 672 863 615 392 837 922 2,536 U. S. Treasurer-general account 539 28 72 23 29 40 55 40 31 71 63 Foreign 172 8 1/51 10 15 8 9 24 1 4 7 10 20 Other 743 * -326 2 1 3 121 1 35 47 61 95 51 Total deposits 18,029 789 4,943 757 1,250 723 1,048 2,657 675 483 936 1,098 2,670 Deferred availability cash items 4,052 341 775 291 348 277 328 605 168 123 222 206 368 Other liabilities and accrued dividends 37 2 10 2 4 2 2 6 1 1 1 2 4 TOTAL LIABILITIES 49,763 2,730 12,172 2,873 4,109 3,125 2,948 8,436 2,036 1,192 2,286 2,114 5,742 CAPITAL ACCOUNTS Capital paid in 419 20 116 24 39 19 S 60 14 10 18 24 52 Surplus 817 40 229 48 75 37 116 27 19 35 47 100 Other capital accounts 60 3 15 3 5 4 4 10 2 1 2 2 9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,059 2,793 12,532 2,948 4,228 3,185 3,019 8,622 2,079 1,222 2,341 2,187 5,903 Contingent liability on acceptances purchased for foreign correspondents 187 9 2/53 11 17 9 10 26 6 4 8 11 23 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2b,978 1,670 6,809 1,090 2,661 ""2; 201 " 1,652 '5,326 1,240 662 ' 1,156 053 2,858 Collateral for F. R. notes: Gold certificate account 9,255 475 2,000 650 870 670 525 1,800 410 180 300 275 1,100 Eligible paper 77 27 9 41 U. S. Government securities 21,130 1,275 5,100 1,325 1,880 1,580 1,200 3,800 935 510 900 625 2,000 Total collateral 30,462 1,750 7,100 2,002 2,750 2,250 1,725 5,600 1,354 690 l,24l 900 3,100 1/ After deducting $121 million participations of other Federal Reserve Banks. * Less than $500,000. 2/ After deducting $134 million participations of other Federal Reserve Banks.