H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.I OF THE FEDERAL RESERVE SYSTEM March 2, 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 March 1 decreased a net of $60 million to $18,976 million. Cash allowed as reserves increased $69 million and member bank reserve balances at the Federal Reserve Banks decreased $129 million. Estimated required reserves increased $8 million; and estimated excess reserves decreased $68 million to $647 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $597 million, compared with the revised figure of $608 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $34 million in Federal Reserve holdings of U. S. Government securities, $57 million in member bank borrowings, and $32 million in Federal Reserve float, and increases of $35 million in Treasury deposits with Federal Reserve Banks and $27 million in foreign deposits with Federal Reserve Banks. The principal offsetting change was a decrease of $91 million in currency in circulation. Total Reserve Bank credit decreased $123 million. As of Wednesday, March 1, holdings of U. S. Government securities bought outright were $8l million higher than a week earlier, U. S. Government securities held under repurchase agreement were $115 million lower, and member bank borrowings were $258 million lower. Outright holdings of notes and bonds increased $65 million and $16 million, respectively; holdings of bills and certificates were unchanged. 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 Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 1, Feb. 22, March 2, March 1, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,621 + 32 +1,467 26,667 Held under repurchase agreement 85 - 66 + 27 — Acceptances-- Bought outright 4488 + 2 + 13 4466 Held under repurchase agreement 2 - 2 + 2 -- Discounts and advances— Member bank borrowings 50 - 57 - 743 47 Other 9 - - + 8 9 Float 1,294 - 32 + 240 981 Total Reserve Bank credit 28,109 -123 +1; 014 27,750 Gold stock 17,373 - 12 -2, c48 17,373 Treasury currency outstanding 5,405 — — 4- 77 5,405 50,686 -136 958 50,528 - Currency in circulation 31,7 W - - 91 + 248 31,740 Treasury cash holdings b30l • + 15 - 3 442 Treasury deposits with F. R. Banks 531 + 35 , 11 406 Foreign deposits with F. R. Banks 199 + 27 20 211 • Other deposits with F. R. Banks 400 + 8 + 83 424 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,093 «* — + 85 1,087 34,428 - 6 + 384 34,311 Member bank reserves: With Federal Reserve Banks 16,458 -129 -1,342 16,217 Cash allowed as reserves (estimated) 2, 518 + 69 +2,213 2,638 Total reserves held 18,976 - 60 + 871 18,855 Required reserves (estimated) 18,329 + 8 + 665 18,371 Excess reserves (estimated) 647 - 68 + 206 484 On March 1, 1961, U. 8. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,862 million, a decrease of $18 million for the week and an increase of $1,270 million from the comparable date a year ago.

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OP THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since arch 1, Feb. 22, March 2, 1961 1961 I960 A S S E TS Gold certificate"~account 16,029 *2,140 Redemption fund for F. R. notes 1,046 - k + 81 Total gold certificate reserves 17,075 - k -2,059 * Cash (573) 498 + 8 + 3 Discounts and advances 56 - 258 - 618 Acceptances : Bought outright 46 + 11 Held under repurchase agreement k -- U. S. Government securities: Bought outright— Bills 2,596 +1,413 Certificates 5,^57 -3,050 Notes 16,056 + 65 +3,046 Bonds -2^58 + 16 + 74 Total bought outright 2675b? + 81 +1,403 Held under repurchase agreement «•» m - 115 - 34 Total U. S. Government securities 26,667 - 34 +1,449 Total loans and securities 26,769 - 296 + 842 Cash items in process of collection (1,078) 4,590 + 137 + 310 Bank premises 108 ~ 1 + 7 Other assets 150 + 17 - 41 TOTAL ASSETS (1,651) 597190 - 139 - 938 L I A B I L I T I ES Federal Reserve notes (573) 26,978 - 105 + 143 Deposits: Member bank reserves 16,217 358 -1,394 U. S. Treasurer--general account 406 - 133 - 45 Foreign 211 + 39 - 20 Other 424 28 + 131 Total deposits 17,258 - 4tio -1,326 Deferred availability cash items (1,078) 3,609 + 434 + 198 Other liabilities and accrued dividends 31 • 6 + 1 TOTAL LIABILITIES (1,651) 47,876 157 - 966 - C A P I T AL A C C O U N TS Capital paid in 421 + 2 + 27 Surplus 817 + 42 Other capital accounts 76 + 16 - ,21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS(1,651) 49,190 - ' 139 - 93b Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 38.1% 3-5 # Contingent liability on acceptances purchased for foreign correspondents _ 178 , 9. — 61 |W * 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, MARCH 1, 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 Changes advances Acceptances Holdings during week Within 15 days 48 11 298 -109 16 days to 90 days 8 35 4,437 - 37 91 days to 1 year 11,128 + 31 Over 1 year to 5 years 9,344 + 77 mm m Over 5 years to 10 years 1,189 + 4 -- m m Over 10 years 271 «•» Total 55 55 26,667 ^35

H.4.1(b) STATEMENT CP CONDITION OP EACH FEDERAL RESERVE BANK OK MARCH 1, 19&1 San Total Boston N Y e or w k de P l h p i h l i a a - C l l a e n ve d - R mo i n ch 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 dolL]a rs) AA SS SS EE TTSS GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 16,029 770 4,171 931 1,327 1,003 758 2,800 646 332 722 627 1,942 RReeddeemmppttiioonn ffuunndd ffoorr PP.. RR.. nnootteess 1,046 62 247 63 91 82 61 186 46 26 49 32 101 TToottaall ggoolldd cceerrttiiffiiccaattee rreesseerrvveess 17,075 832 4,4l8 994 1,418 1,085 819 2,986 692 358 771 659 2,043 P. R. notes of other Banks 573 49 157 33 45 27 87 54 16 15 14 26 50 Other cash 498 33 115 30 43 30 31 80 27 9 14 21 65 Discounts and advances 56 2 4 5 2 5 4 13 9 1 8 1 2 Acceptances: Bought outright 46 46 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 1,361 312 469 346 299 934 221 127 234 220 641 Notes 16,056 863 4,005 919 1,379 1,016 880 2,748 649 373 690 647 1,887 Bonds 2.558 137 6# 147 220 162 140 438 103 59 110 103 301 TToottaall 26,667 1,433 6,651 1,527 2,291 1,688 1,462 4,564 1,078 619 1,145 1,075 3A34 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeenntt TToottaall UU..SS.. GGoovveerrnnmmeenntt sseeccuurriittiieess 26.667 1.433 6.651 1.527 2.291 1.688 1.462 4,564 1.078 619 1.145 1.075 3,134 Total loans and securities 26,769 1,435 6,701 1,532 2,293 1,693 1,466 4,577 1,087 620 1,153 1,076 3,136 Cash items in process of collection 5,668 407 1,175 351 461 397 435 932 243 163 291 238 575 Bank premises 108 4 9 4 8 6 12 22 7 5 5 14 12 Other assets 150 8 37 8 14 9 9 26 5 4 7 6 17 TOTAL ASSETS 50,841 2,768 12,612 2,952 4,282 3,247 2,859 8,677 2,077 1,174 2,255 2,040 5,898

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 1, 1961 San Total Boston Nev Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of doL:i ars) L I A B I L I T I ES Federal Reserve notes 27,551 1,588 6,408 1,813 2,497 2,121 1,570 5,146 1,191 585 1,129 807 2,696 Deposits: Member bank reserves 16,217 699 4,425 738 1,235 690 818 2,485 600 394 794 916 2,423 U.S. Treasurer-general account 4o6 28 20 15 37 U 34 34 23 35 30 67 / 72 Foreign 211 10 12 19 10 11 29 7 5 9 12 Other 424 1 1 1 3 1 2 1 * 3 1 11 Total deposits 17,258 738 4,923 771 1,270 740 841 2,550 642 422 841 959 2,561 Deferred availability cash items 4,687 376 909 290 391 323 374 787 199 136 228 200 474 Other liabilities and accrued dividends 31 2 7 2 3 2 2 5 1 1 1 1 4 TOTAL LIABILITIES 49,527 2,704 12,247 2,876 4,l6l 3,186 2,787 8,488 2,033 1,144 2,199 1,967 5,735 CAPITAL ACCOUNTS CCaappiittaall ppaaiidd iinn 421 20 117 24 39 19 23 60 14 10 18 24 53 SSuurrpplluuss 817 40 229 48 75 37 44 116 27 19 35 47 100 OOtthheerr ccaappiittaall aaccccoouunnttss 76 4 19 4 7 5 5 13 3 1 3 2 10 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 50,841 2,768 12,612 2,952 4,282 3,247 2,859 8,677 2,077 1,174 2,255 2,040 5,898 Contingent liability on acceptances purchased for foreign correspondents 178 9 2/ 50 10 17 8 9 25 6 4 8 10 22 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,860 1,662 6,797 1,880 2,653 2,187 1,635 5,304 1,233 661 1,153 850 2,845 Collateral for F. R. notes: Gold certificate account 9,075 475 2,000 650 870 670 475 1,700 380 180 300 275 1,100 Eligible paper 21 4 9 8 U. S. Government securities 21,110 1,275 5,100 1,325 1,880 1,560 1,200 3,800 935 510 900 625 2,000 Total collateral 30,206 1,750 7,100 1,979 2,750 2,230 1,675 5,500 1,324 690 1,208 900 3,100 l/ After deducting S1U9 million participations of other Federal Reserve Banks. * Less than $500,000. 2/ After deducting $128 million participations of other Federal Reserve Banks,