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 30, 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 29 decreased a net of $146 million to $18,8c8 million. Cash allowed as reserves increased $90 million and member hank reserve balances at the Federal Reserve Banks decreased $236 million. Estimated required reserves decreased $249 million; and estimated excess reserves increased $103 million to $611 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $533 million, compared with the revised figure of $456 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $256 million in Federal Reserve float and $140 mil lion in U. S. Government securities bought outright. The principal offsetting changes were an increase of $26 million in member bank borrowings and a decrease of $112 million in currency in circulation. Total Reserve Bank credit decreased $371 million. As of Wednesday, March 29, holdings of U. S. Government securities bought outright were $71 million lover than a week earlier and member bank borrowings were $36 million higher. Outright holdings of bills and certificates decreased $8l million and $20 million, respectively; notes and bonds increased $15 million each. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 29, March 22, March 30, March 29> and related items 1961 1961 i960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 26,724 -140 +1,490 26,688 Held under repurchase agreement Acceptances—bought outright 48 + 1 4- 15 ""45 Discounts and advances— Member bank borrowings 78 + 26 524 106 Other 9 - 1 + 3 8 Float 1,004 -256 4- 106 755 Total Reserve Bank credit 27,863 -371 +1,C85 27,602 Gold stock 17,389 + 4 -22 , 019 17,389 Treasury currency outstanding 5,408 - 1 + 68 5,409 50,660 -367 - 50,400 Currency in circulation 31,775 -112 + 241 31,818 Treasury cash holdings 426 + 8 - 13 437 Treasury deposits with F. R. Banks 497 - 9 + 18 489 Foreign deposits with F. R. Banks 218 - 20 + 15 268 Other deposits with F. R. Banks 370 + 5 + 43 365 Other F. R. accounts (net) 1,032 - 3 + 87 1,031 3^,316 -131 391 34,408 Member bank reserves: With Federal Reserve Banks 16,342 -236 -1,258 15,992 Cash allowed as reserves (estimated) 2,466 + 90 +2,172 2,738 Total reserves held -i46 + 9l4 18,730 Required reserves (estimated) 18,197 -249 + 664 18, 2C6 Excess reserves (estimated) 611 +103 + 250 524 On March 29, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,912 million, a decrease of $69 million for the week and an increase of $1,175 million from the comparable date a year ago.

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since March 29, March 22, March 30; 1961 1961 i960 A S S E TS Gold certificate account 16,044 10 -2,115 Redemption fund for F. R. notes 1,035 + 2 + 81 Total gold certificate reserves 17,079 - 8 -2,034 Cash (477) 459 17 1 Discounts and advances 114 + 35 - 721 Acceptances: Bought outright 4455 -- + 13 U. S. Government securities: Bought outright— Bills 2,327 ~ 81 ++11,,006644 Certificates 5,398 ~ 20 -3,109 Notes 16,301 + 15 +3,291 Bonds 2,662 + 15 + 178 Total bought outright 2 - 71 +1,424 Held under repurchase agreement m «• - - 2 Total U. S. Government securities 26,688 - 71 +1,422 Total loans and securities 26,847 - 36 + 714 Cash items in process of collection (1,013) 3,905 - 807 - 21 Bank premises 109 + 7 Other assets 212 + 17 - 50 TOTAL ASSETS (1,490) 48,611 851 -1,385 - L I A B I L I T I ES Federal Reserve notes (477 ) 26,995 - 9 + 176 Deposits: Member bank reserves 15,992 - 336677 --11,,772244 U. S. Treasurer—general account 489 - 28 - 22 Foreign 268 + 52 + 45 Other 365 + 3 + 49 Total deposits 17,114 - 340 -1,652 Deferred availability cash items (1,013) 3,150 - 514 + 47 Other liabilities and accrued dividends 30 - 3 5 TOTAL LIABILITIES (1,490 ) 47,289 866 -1,434 C A P I T AL A C C O U N TS Capital paid in 423 .... ++ 2288 Surplus 817 + 42 Other capital accounts 82 + 15 - 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,490) 48,611 851 -1,385 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown cn the following pages--not consolidated) 38•3$ + *3$ - 3*2# Contingent liability on acceptances purchased for foreign correspondents 174 1 + 27 * 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 29, 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 105 W -95 16 days to 90 days 9 31 4,158 +79 91 days to 1 year 10,985 -91 Over 1 year to 5 years 9,656 +27 Over 5 years to 10 years 1,383 + 9 Over 10 years 139 Total m 55 2^W8 -71 ** Less than $500,000.

H.4.1(b) STATEMENT OF CONDITION OP EACH FEDERAL RESERVE BANK ON MARCH 29, 19&1 San Total Boston New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dol] .ars) A S S E TS GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 16,044 753 4,171 955 1,3^1 1,045 813 2,672 619 336 693 637 2,009 RReeddeemmppttiioonn ffuunndd ffoorr FF.. RR•• nnootteess 1,035 61 242 61 90 87 60 184 45 26 48 32 99 TToottaall ggoolldd cceerrttiiffiiccaattee rreesseerrvveess 17,079 til4 4,413 1,016 1,431 1,132 073 2,05 u 6 664 362 741 669 2,108 F. R. notes of other Banks 477 3 *• 136 19 34 20 85 11 12 17 22 44 Other cash 459 33 102 24 38 26 31 26 9 14 23 65 Discounts and advances 114 5 13 7 2 8 7 39 11 3 13 1 5 Acceptances: Sought outright 45 -- 45 — -- -• -- " — -- -- U. S. Government securities: Bought outright— Bills 2,327 125 581 133 200 147 127 398 94 54 100 94 274 Certificates 5,398 290 1,346 309 464 342 296 924 218 126 231 218 634 Notes 16,301 876 4,066 933 l,4oo 1,032 894 2,790 659 378 700 657 1,916 Bonds 2,662 143 664 153 229 168 146 456 108 61 114 107 313 Total 26,688 1,434 6,657 1,52b 2,293 1,659 1,463 4,568 1,079 619 1,145 1,076 3,137 Held under repurchase agreement mm — — — — - -- — — — - " -- — - Total U. S. Government securities 26,688 1,434 6,657 1,528 2,293 1,689 1,463 4,568 1,079 619 1,145 1,076 3,137 Total loans and securities 26,847 1,439 6,715 1,535 2,295 1,697 1,470 4,607 1,090 622 1,158 1,077 3,142 Cash items in process of collection 4,918 358 1,007 316 413 348 362 785 222 148 245 224 490 Bank premises 109 4 9 4 8 6 12 23 7 5 5 14 12 Other assets 212 11 53 12 19 14 12 35 9 4 10 8 25 TOTAL ASSETS 50,101 2,693 12,435 2,926 4,238 3,243 2,845 8,417 2,029 1,162 2,190 2,037 5,886

H.U.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH MARCH 29, 1961 San Total Boston Hew Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of do3J Lars) L I A B I L I T I ES Federal Reserve notes 27,472 1,579 6.391 1,809 2,486 2,116 1,570 5,128 1,182 587 1,127 809 2,688 Deposits: Member bank reserves 15,992 653 4.392 729 1,218 702 857 2,311 577 391 769 915 2,478 U.S. Treasurer-general account 32 70 27 23 56 24 83 32 21 32 35 54 Foreign 268 12 14 22 11 12 33 8 5 10 14 29 Other 365 * 4 * 4 1 3 * * 1 * 36 Total deposits 17,114 697 4,876 774 1,263 773 894 2,430 617 417 812 964 2,597 Deferred availability cash items 4,163 351 796 2 66 364 291 308 665 184 127 194 188 429 Other liabilities and accrued dividends 30 2 7 1 3 2 1 4 2 1 1 2 4 TOTAL LIABILITIES -387779 2,629 12,070 2,850 4,116 3,182 2,773 8,227 1,905 1,132 2,134 1,963 5,718 CAPITAL ACCOUNTS Capital paid in 423 20 117 24 39 19 8 60 14 10 18 24 55 Surplus 817 40 229 48 75 37 116 27 19 35 47 100 Other capital accounts 82 4 19 4 8 5 5 14 3 1 3 3 13 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,101 2,693 12,435 2,926 4,238 3,243 2,845 8,417 2,029 1,162 2,190 2,037 5,886 Contingent liability on acceptances purchased for foreign correspondents 174 9 5/ 49 10 16 8 9 25 6 4 7 10 21 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2288,,669911 1,644 6,742 1,860 2,631 2,183 1,633 5,264 1,226 662 1,157 861 2,820 Collateral for F. R. notes: Gold certificate account 99,,007755 475 2,000 650 870 670 475 1,700 380 180 300 275 1,100 Eligible paper 3311 7 11 13 U. S. Government securities 2211,,111100 1,275 5,100 1,325 1,880 1,560 1,200 3,800 935 510 900 625 2,000 Total collateral 3300,,221166 1,750 7,100 1,982 2,750 2,230 1,675 5,500 1,326 690 1,213 900 3,100 l/ After deducting $170 million participations of other Federal Reserve Banks. * Less than $500,000. 2/ After deducting $12$ million participations of other Federal Reserve Banks.