H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM March 23, 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 22 increased $14? million to $18,974 million, which included an increase of $l4l million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $219 million; and estimated excess reserves decreased $72 million to $561 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $509 million, compared with the revised figure of $584 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $257 million in Federal Reserve float, and decreases of $29 million in foreign deposits with Federal Reserve Banks, $24 million in "other" deposits with Federal Reserve Banks, and $22 million in "other" F. R. accounts (net). The principal offsetting changes were a decrease of $144 million in Federal Reserve holdings of U. S. Government securities and an increase of $88 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $118 million. As of Wednesday, March 22, holdings of U. S. Government securities bought outright were $254 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $1 million lower, and member bank borrowings were $20 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 22, March 15, March 23, March 22, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,864 -139 +1,574 26,759 Held under repurchase agreement - - - 5 - 33 •» - Acceptances--bought outright 47 - 1 + 14 45 Discounts and advances-- Member bank borrowings 52 + 3 - 535 70 Other 10 + l + 10 9 Float 1,260 +257 + 15 1 1,048 Total Reserve Bank credit 28,234 +118 +1,045 27,931 Gold stock 17,385 + 11 -2,024 17,389 Treasury currency outstanding 5,409 + 2 + 72 5,409 51,027 +129 - 908 50,729 Currency in circulation 31,887 - 14 + 216 31,810 Treasury cash holdings 4l8 - 10 - 32 429 Treasury deposits with F. R. Banks 506 + 88 + 55 517 Foreign deposits with F. R. Banks 238 - 29 + 58 216 Other deposits with F. R. Banks 365 - 24 + 60 362 Other F. R. accounts (net) 1,035 - 22 + 91 1,036 34,449 - 11 + 448 34,370 Member bank reserves: With Federal Reserve Banks 16,578 +l4l -1,356 16,359 Cash allowed as reserves (estimated) 2,396 + 6 +2,l4l 2,671 Total reserves held 18,974 +14? ' + 785 19,030 Required reserves (estimated) 18,413 +219 + 676 18,395 Excess reserves (estimated) 561 - 72 + 109 635 On March 22, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,981 million, an increase of $132 million for the week and an increase of $1,228 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 March 22, March 15, March 23, 1961 1961 I960 A S S E TS Gold certificate"~account 16,054 -2,105 Redemption fund for F. R. notes + 75 Total gold certificate reserves 17708? -2,030 Cash (492) 476 - 1 + 24 Discounts and advances 79 + 20 - 283 Acceptances: Bought outright 4455 + 13 U. S. Government securities: Bought outright— Bills 22,,44oo88 225544 +1,302 - Certificates 5,418 —«* -3,089 Notes 16,286 —— +3,276 Bonds 2,647 - — + 163 Total bought outright 257759 - 254 +1,652 Held under repurchase agreement - 1 -- Total U. S. Government securities 267759 - £55 +1,652 Total loans and securities 26,883 - 235 +1,382 Cash items in process of collection (1,092) 4,712 • 184 + 331 Bank premises 109 -- + 6 Other assets , 195 + 16 48 TOTAL ASSETS (1,584) 49,462 - _407 - 335 L I A B I L I T I ES Federal Reserve notes (492) 2277,,000044 - 98 + 163 Deposits: Member bank reserves 16,359 + 29 - 859 U. S. Treasurer—general account 517 + 56 + 50 Foreign 216 - 259 + 10 Other 362 + 2 + 56 Total deposits 17,454 172 - 743 - Deferred availability cash items (1,092) 3,664 - 153 + 194 Other liabilities and accrued dividends 33 + 2 1 TOTAL LIABILITIES (1,584) 48,155 421 - 387 • C A P I T AL A C C O U N TS Capital paid in 423 + 1 + 28 Surplus 817 — <m + 42 Other capital accounts 67 + 13 - 18 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,584) 49,462 - 407 - 335 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# + .2# - 4.0# Contingent liability on acceptances purchased for foreign correspondents 175 + 4 + 48 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 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 72 17 462 TB5 16 days to 90 days 7 28 4,079 -128 91 days to 1 year 11,076 - 42 Over 1 year to 5 years 9,629 Over 5 years to 10 years 1,374 Over 10 years 139 Total 79 55 26,759 -255

H.4.1(b) STATEMENT OF CONDITION OP EACH FEEERAL RESERVE BANK ON MARCH 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 doUL ars) A S S E TS Gold certificate account 16,054 804 4,322 944 1,325 968 744 2,627 617 318 687 615 2,083 Redemption fund for F. R. notes 1,033 6l 244 62 90 80 60 184 45 26 49 32 100 Total gold certificate reserves 17,06? 865 4,566 1,006 1,415 1,048 804 2,811 662 344 736 64? 2,183 F. R. notes of other Banks 492 37 139 24 34 25 83 44 10 11 15 24 46 Other cash 476 33 111 28 38 28 31 71 26 9 13 21 67 Discounts and advances 79 4 15 6 3 5 7 9 7 8 11 1 3 Acceptances: Bought outright 45 » - 45 — — — w mm «... U. S. Government securities: Bought outright— Bills 2,408 129 600 137 207 152 132 413 98 56 104 97 283 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 26,759 1,438 6,674 1,532 2,299 1,694 1,467 4,580 1,082 621 1,149 1,078 3,11*5 Held under repurchase agreement «. — -- -- — - - •» a» Total U. S. Government securities 26,759 1,438 6,674 1,532 2,299 1,694 1,467 4,580 1.082 621 1.149 1.078 3.145 Total loans and securities 26,883 1,442 6,734 1,538 2,302 1,699 1,474 4,589 1,089 629 1,160 1,079 3,148 Cash items in process of collection 5,804 446 1,095 354 44l 455 477 870 241 175 332 291 627 Bank premises 109 4 9 4 9 6 12 22 7 5 5 14 12 Other assets 195 10 47 11 18 12 11 33 8 5 9 8 23 TOTAL ASSETS 51,046 2,837 12,701 2,965 4,257 3,273 2,892 8,440 2,043 1,178 2,270 2,084 6,106

SIA.TEMEMT OF CONDITIOir OF EACH FEDERAL RESERVE BftHK ON MARCH 22, 1961 San Total Boston Hev Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco LI A B I L I T I ES (In millions of dolL]a rs) Federal Reserve notes 27,496 1,583 6,389 Deposits: Member bank reserves 16,359 33B U.S. Treasurer-general account 517 28 Foreign 216 n "S Other 362 * H CO % MS"™ 1 2,491 2,115 1,573 5,139 1,186 588 1,128 809 2,691 1,199 672 798 582 371 924 2,605 32 38 42 35 31 1 30 67 20 10 11 30 7 5 9 13 26 * 4 1 1 1 1 2 1 34 Total deposits 17,454 757 5,159 778 1,251 724 652 2,383 625 408 817 968 2,732 Deferred availability rash items 4,756 433 784 305 391 372 394 725 187 151 268 233 513 Other liabilities and accrued dividends 33 1 7 2 4 2 2 6 1 1 2 1 4 TOTAL LIABILITIES ; 49,739 2,774 12,339 2,889 4,137 3,213 2,821 8,253 1,999 1,148 2,215 2,011 5,940 CAPITAL ACCOUNTS CCaappiittaall ppaaiidd iinn 423 20 117 24 39 19 23 60 14 10 18 24 55 SSuurrpplluuss 817 40 229 48 75 37 44 116 27 19 35 47 100 OOtthheerr ccaappiittaall aaccccoouunnttss 67 3 16 4 6 4 4 11 3 1 2 2 11 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 51,046 2,837 12,701 2,965 4,257 3,273 2,892 8,440 2,043 1,178 2,270 2,084 6,106 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 ~wr F. R. notes outstanding ZTfiB 1^70 27551 27195 1,646 5,282 1,234 1A58 "B55 2,038 ^Collateral for F. R. notes; Gold certificate account 475 2,000 650 650 870 670 475 1,700 380 180 300 275 1,100 Eligible paper 5 7 11 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 30,208 1,750 7,100 1,980 2,750 2,230 1,675 5,500 1,322 690 1,211 900 3,100 * Less than $500,000. 1/ After- deducting $155 million participations ofo ther Federal Reserve Banks, 2/ After deducting $126 million participations of other Federal Reserve Banks.