H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM March 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 March 15 increased $159 million to $18,832 million, which included an increase of $4 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $48 million; and estimated excess reserves increased $207 million to $637 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $588 million, compared with the revised figure of $336 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $215 million in Federal Reserve holdings of U.S. Government securities and a decrease of $30 million in "other" F. R. accounts (net). The principal offsetting changes were decreases of $45 million in member bank borrowings and $65 million in Federal Reserve float, and increases of $107 million in currency in circulation and $34 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $102 million. As of Wednesday, March 15, holdings of U. S. Government securities bought outright were $116 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $22 million lower, and member bank borrowings were $153 million lower. Outright holdings of bills, certificates, notes, and bonds increased $12 million, $3 million, $8l million, and $20 million respectively. 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 15, March 8, March 16, March 15, and related items 1961 1961 i960 1961 (][n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 27,003 +228 +1,690 27,013 Held under repurchase agreement 5 - 13 - 126 1 Acceptances-- Bought outright 48 + 1 + 14 45 Held under repurchase agreement - 1 * •» — Discounts and advances— Member bank borrowings 49 - 45 - 677 50 Other 9 - 1 + 9 9 Float 1,003 - 65 + 9 1,079 Total Reserve Bank credit 28,116 +102 + 919 28,197 Gold stock 17,374 + 1 -2,035 17,384 Treasury currency outstanding 5,407 + 2 + 72 5,408 50:595 +106 -1,043 50,989 Currency in circulation 31,901 +107 + 175 31,906 Treasury cash holdings 428 - 5 - 20 422 Treasury deposits with F. R. Banks 4l8 + 3 - 28 461 Foreign deposits with F. R. Banks 267 + 34 + 67 475 Other deposits with F. R. Banks 389 - 9 + 96 360 Other F. R. accounts (net) 1,057 - 30 + 77 1,036 3344,,446600 +100 + 367 3344,,666600 Member bank reserves: With Federal Reserve Banks 16,437 + 4 -1,412 16,330 Cash allowed as reserves (estimated) 2,395 +155 +2,136 2,669 Total reserves held 18,832 +159 + 724 18,999 Required reserves (estimated) 18,195 - 48 + 597 18,334 Excess reserves (estimated) 637 +207 + 127 665 * Less than $500,000. On March 15, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,849 million, a decrease of $19 million for the week and an increase of $1,092 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 March 15, March ti, March 16, 1961 1961 I960 A S S E TS Gold cert if icate""account 16,054 + 25 -2,105 Redemption fund for F. R. notes 1,036 10 + 78 Total gold certificate reserves 17,090 + 15 -2,027 Cajsh (480) 477 - 15 + 30 Discounts and advances 59 • 153 - 326 Acceptances: Bought outright 4455 1 + 13 - Held under repurchase agreement -- - 1 U. S. Government securities: Bought outright-- Bills 22,,666622 + 12 +1,303 Certificates 5,418 3 -3,089 Notes 16,286 + 81 +3,276 Bonds 2,647 + 20 + 163 Total bought outright 27,013 + 116 +1,653 Held under repurchase agreement 1 « 22 - 119 Total U. S. Government securities 27,014 + 94 +1,534 Total loans and securities 27,118 61 +1,221 - Cash items in process of collection (1,104) 4,896 + 946 - 260 Bank premises 109 + 1 + 7 Other assets 179 + 6 - 44 TOTAL ASSETS (1,584) 49:869 + 892 -1,073 L I A B I L I T I ES Federal~Reserve*~noteb~* "" (480) 27,102 + 19 ++ 113344 Deposits: Member bank reserves 16,330 - 41 -1,651 U. S. Treasurer--general account 46l + 15 + 210 Foreign 475 + 298 + 274 Other 360 33 + 69 Total deposits 17,626 + 239 -1,098 Deferred availability cash items ((11,,110044)) 3,817 + 671 - 164 Other liabilities and accrued dividends 31 3 2 TOTAL LIABILITIES (1,584) 48,576 + 926 -1,130 C A P I T AL A C C O U N TS Capital paid in 422 1 + 27 Surplus 817 «• mm + 42 Other capital accounts 54 - ,35 - 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,584) 49,869 + 892 -1,073 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 37.8# - ..22$$ -- 33**66## Contingent liability on acceptances purchased for foreign correspondents 171 - 4 + 60 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 15, 1961 (Acceptances and securities beld 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 50 16 W + 5 8— 16 days to 90 days 9 29 4, 207 - 58 91 days to 1 year 11,118 +3 Over 1 year to 5 years 9,629 + 83 Over 5 years to 10 years 1,374 +150 Over 10 years 13? 2122 Total 59 w 27,014 TW

B.4.1(b) STATEMENT OF CONDITION OF EACH FEIERAL RESERVE BANK OB MARCH 15- 1961 San New Phila- Cleve- Rich- St. Minne- Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dol]L ars) A S S E TS Gold certificate account 16,054 760 3,960 905 1,362 959 829 2,741 641 .325 779 665 2,128 Redemption fund for F. R. notes 1,036 61 245 63 91 80 60 185 46 25 48 32 100 Total gold certificate reserves 17,090 821 4,205 968 1,453 1,039 889 2,926 687 350 827 697 2,228 F. R. notes of other Banks 480 37 142 23 33 24 81 42 9 10 16 21 42 Other cash 477 33 115 29 40 27 30 71 25 9 12 20 66 Discounts and advances 59 7 4 5 2 3 18 5 6 1 5 1 2 Acceptances: Bought outright 45 -- 45 -- -- -- " -- •- -- " U.S. Government securities: Bought outright— Bills 2,662 143 664 152 229 168 146 456 108 62 114 107 313 Certificates 5,418 291 1,352 310 466 343 297 927 219 126 232 218 637 Notes 16,286 876 4,062 933 1,399 1,031 893 2,787 658 378 699 656 1,914 Bonds 2.647 142 660 152 227 168 145 453 107 61 114 107 311 Total 27,013 1,452 6,738 1,547 2,321 1,710 1,481 4,623 1,092 627 1,159 1,088 3,175 Held under repurchase agreement 1 1 Total U.S. Government securities 27.014 1.452 6.739 1,547 2,321 1.710 1,481 4,623 1,092 627 1,1# 1,088 3,175 Total loans and securities 27,118 1,459 6,788 1,552 2,323 1,713 1,499 4,628 1,098 628 1,164 1,089 3,177 Cash items in process of collection 6,000 4l6 1,188 375 493 455 483 958 270 172 315 264 611 Bank premises 109 4 9 4 9 6 12 22 7 5 5 14 12 Other assets 179 9 45 10 14 11 11 31 7 4 8 8 21 TOTAL ASSETS 51,453 2,779 12,492 2,961 4,365 3,275 3,005 8,678 2,103 1,178 2,347 2,113 6,157

tt.f-.Mc; c V JC VV1V1. San Total Boston N Y e o w 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 27,582 1,586 6,400 1,809 2,497 2,121 1,583 5,150 1,192 589 1,133 810 2,712 Deposits: Member bank reserves 16,330 682 4,371 719 1,259 663 885 2,397 589 378 843 936 2,608 U.S. Treasurer-general account 46l 32 23 21 57 30 55 46 23 41 41 55 , 37 Foreign 475 23 1/134 28 44 22 25 67 16 11 20 27 58 Other 360 # 306 1 * 4 2 1 1 1 2 1 41 Total deposits 17,626 737 4,848 771 1,324 746 942 2,520 652 413 906 1,005 2,762 Deferred availability cash items 4,921 392 878 304 421 347 4o8 818 215 145 252 224 517 Other liabilities and accrued dividends 31 2 8 2 4 1 1 5 1 1 1 1 4 TOTAL LIABILITIES 50,160 2,717 12,134 2,886 4,246 3,215 2,934 8,493 2,060 1,148 2,292 2,040 5,995 CAPITAL ACCOUNTS Capital paid in 422 20 117 24 39 20 23 60 14 10 18 24 53 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 54 2 12 3 5 3 4 9 2 1 2 2 9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,453 2,779 12,492 2,961 4,365 3,275 3,005 8,678 2,103 1,178 2,347 2,113 6,157 Contingent liability on acceptances purchased for foreign correspondents 171 8 2/ 48 10 16 8 9 24 6 4 7 10 21 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,796 1,653 6,750 1,871 2,645 2,197 1,641 5,285 1,238 664 1,158 849 2,845 Collateral for F. R. notes: Gold certificate account 9,075 475 2,000 650 870 670 4?5 1,700 380 180 300 275 1,100 Eligible paper 15 mm mm 4 mm mm — — — — 6 — 5 -• 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 30,200 1,750 7,100 1,979 2,750 2,230 1,675 5,500 1,321 690 1,205 900 3,100 • Less than $$00,000. 1/ After deducting $341 million participations of other Federal Reserve Banks. 2/ After deducting $123 million participations of other Federal Reserve Banks.