H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Relase H.4.1 OF THE FEDERAL RESERVE SYSTEM March 9, 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 hank reserves held during the week ended March 8 decreased $2/5 million to $18,738 million, which included a decrease of $25 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $113 million; and estimated excess reserves decreased $162 million to $515 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $421 million, compared with the revised figure of $627 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $226 million in Federal Reserve float and $67 mil- ®" Government securities held under repurchase agreement, and increases of $28 million in currency in circulation and $34 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were increases of $154 million in U. S. Government securities bought outright and $44 million in member bank borrowings, and a decrease of $116 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $95 million. As of Wednesday, March 8, holdings of U. S. Government securities bought outright were $230 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $23 million higher, and member bank borrowings were $156 million higher. Outright holdings of bills, notes and bonds increased $5^ million, $149 million, and $69 million, respectively, while certificates decreased $42 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 Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 8, March 1, March 9, March 8, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. 8. Government securities— Bought outright--System account 26,775 +154 +1,540 26,897 Held under repurchase agreement 18 - 67 - 17 23 Acceptances— Bought outright 47 - 1 + 11 46 Held under repurchase agreement 1 - 1 + 1 1 Discounts and advances-- Member bank borrowings 94 + 44 - 501 203 Other 10 + 1 + 10 9 Float 1,068 -226 - 106 8o4 Total Reserve Bank credit 28,014 - 95 + 939 27,983 Gold stock 17,373 -2, 039 17,373 Treasury currency outstanding 5,405 - - + 72 5,406 50,792 - 94 -1,027 50,762 Currency in circulation 31,794 + 28 + 181 31,863 Treasury cash holdings 433 - 6 2 433 Treasury deposits with F. R. Banks 415 -116 - 127 446 Foreign deposits with F. R. Banks 233 + 34 + 33 177 Other deposits with F. R. Banks 398 - 2 + 105 393 Other F. R. accounts (net) 1,087 - 6 + 80 1,080 34,360 + 272 34,392 Member bank reserves: With Federal Reserve Banks 16,433 - 25 -1,298 16,371 Cash allowed as reserves (estimated) 2,305 -250 +2,095 2, 453 Total reserves held 18,738 -275 + 797 18,824 Required reserves (estimated) 18,223 -113 + 647 18,195 Excess reserves (estimated) 515 -162 + 150 629 On March 8, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,868 million, an increase of Jb million for the week and an increase of $1,194 million from the comparable date a year ago.

H.4.l(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since arch 8, March 1, March 9, 1961 1961 I960 A S S E TS Gold certificate"*account 16,029 -2,130 Redemption fund for F. R. notes 1,046 * - + 84 Total gold certificate reserves 17,075 -2,046 Cash (518) 492 6 + 27 Discounts and advances 212 + 156 - 533 Acceptances: Bought outright 46 + 13 Held under repurchase agreement 1 + 1 + 1 U. S. Government securities: Bought outright-- Bills 2,650 + 54 +1,426 Certificates 5,415 - 42 -3,092 Notes 16,205 + 149 +3,195 Bonds 2,627 + 69 + 143 Total "bought outright 26,897 + 230 +1,672 Held under repurchase agreement 23 + 23 + 23 Total U. S. Government securities 26,920 + 253 +1,695 Total loans and securities 27,179 + 410 +1,176 Cash items in process of collection 3,950 640 + 227 •a •» Bank premises 108 + 7 Other assets 173 + 23 - 38 TOTAL ASSETS 48,977 - 213 - 647 L I A B I L I T I ES Federal"Reserve-notes 27,083 + 105 + 137 Deposits: Member hank reserves 16,371 + 154 -1,010 U. S. Treasurer—general account 446 + 40 - 118 Foreign 177 - 34 - 23 Other 393 - 31 + 86 Total deposits 17,367 + 129 -1,065 Deferred availability cash items (871) 3,146 - 463 + 238 Other liabilities and accrued dividends 34 + 3 + 1 TOTAL LIABILITIES 47,650 226 - 689 • C A P I T AL A C C O U N TS Capital paid in 421 + 27 Surplus 817 - - + 42 Other capital accounts 89 13 - 27 48,977 213 - 1 SI Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 38.0# • - 3.7# Contingent liability on acceptances purchased for foreign correspondents 175 - 3 + 63 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures cn combined basis on following pages. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 8, 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 203 12 599* +201 16 days to 90 days 9 35 4,265 -172 91 days to 1 year 11,115 - 13 Over 1 year to 5 years 9,546 +202 Over 5 years to 10 years 1,224 + 35 Over 10 years 271 Total 212 W 26,920 5253

H.tul(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 8, 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 dol]L ars) A S S E TS Gold certificate account 16,029 769 4,059 947 1,353 1,017 756 2,682 648 349 712 663 2,074 Redemption fund for F. R. notes 1,046 62 248 63 92 82 61 185 46 26 48 32 101 Total gold certificate reserves 17,075 831 4,307 1,010 1,445 1,099 817 2,867 694 375 760 695 2,175 F. R. notes of other Banks 518 44 149 27 35 23 84 49 11 11 16 23 46 Other cash 492 34 118 31 42 29 31 76 25 9 12 19 66 Discounts and advances 212 10 36 15 10 16 17 54 17 2 3333 1 1 Acceptances: Bought outright 46 mwm 46 •• mm mm* mm 4* —— Held under repurchase agreement 1 *» •» 1 «. — #» mm mm mm mm -w __ U. S. Government securities: Bought outright— Bills 2,650 142 661 152 228 168 145 454 107 61 114 107 311 Certificates 5>15 291 1,351 310 465 3^3 297 927 219 126 232 218 636 Notes 16,205 871 4,042 928 1,392 1,025 889 2,773 655 376 696 653 1,905 Bonds 2.627 l4l 655 150 226 166 144 450 106 61 113 106 309 Total 26,897 1,445 6,709 1,540 2,3H 1,702 1,475 4,6o4 1,087 624 1,155 1,084 3,161 Held under repurchase agreement 23 23 — mm m-mm mmmm mm am • w •» m mm mm Total U.S. Government securities 26.920 1.445 6.732 1,540 2.311 1.702 1.475 4.604 1.087 624 1.155 1.084 3.161 Total loans and securities 27,179 1,455 6,815 1,555 2,321 1,718 1,492 4,658 1,104 626 1,188 1,085 3,162 Cash items in process of collection 4,821 337 933 305 364 345 4o6 770 208 151 254 238 510 Bank premises 108 4 9 4 8 6 12 22 7 5 5 14 12 Other assets 173 9 42 10 15 11 10 30 7 4 8 7 20 TOTAL ASSETS 50,366 2,714 12,373 2,942 4,230 3,231 2,852 8,472 2,056 1,181 2,243 2,081 5,991

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OK MARCH 8, I96I San Total Boston N Y e o x r 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 dollars) L I A B I L I T I ES Federal Reserve notes 27,601 1,589 6,406 1,810 2,501 2,122 1,578 5,151 1,194 588 1,135 810 2,715 Deposits: Member bank reserves 16,371 709 4,424 748 1,251 699 824 2,388 609 4c6 803 947 2,563 U.S. Treasurer-general account 446 27 69 35 19 53 24 44 32 24 39 36 44 Foreign 177 8 1/55 10 16 8 9 24 6 4 7 10 20 Other 393 * 345 1 * 4 1 2 * 1 2 1 36 Total deposits 17,387 7U 4,893 794 1,286 764 858 2,458 647 435 851 994 2,663 Deferred availability cash items 4,017 315 695 259 318 281 341 666 169 127 200 202 444 Other liabilities and accrued h dividends 34 2 9 2 3 2 2 6 1 1 1 1 TOTAL LIABILITIES 49,039 2,650 12,005 2,865 4,108 3,169 2,779 8,281 2,011 1,151 2,187 2,007 5,826 CAPITAL ACCOUNTS CCaappiittaall ppaaiidd iinn 421 20 117 24 39 19 60 14 10 18 24 53 SSuurrpplluuss 817 40 229 48 75 37 5 116 27 19 35 47 100 OOtthheerr ccaappiittaall aaccccoouunnttss 89 4 22 5 8 6 6 15 4 1 3 3 12 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 50,366 2,714 12,373 2,942 4,230 3,231 2,852 8,472 2,056 1,181 2,243 2,081 5,991 Contingent liability on acceptances purchased for foreign correspondents 175 9 2/49 10 16 8 9 25 6 4 8 10 21 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,814 1^35 ST7^ 3^872 2^64627187 1,642 5,297 17235 662 1,157 849 2,847 Collateral for F. R. notes: Gold certificate account 9,075 475 2,000 650 650 870 670 475 1,700 380 180 300 275 1,100 Eligible paper 14 17 33 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 30,249 1,750 7,100 1,989 2,750 2,230 1,675 5,500 1,332 690 1,233 900 3,100 * Less than $500,000. JL/ After deducting $122 mil lion participations of otlier Federal Reserve Banks 2/ After deducting $126 million participations of other Federal Reserve Banks