H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM April 6, 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 April 5 decreased a net of $112 million to $18,679 million. Cash allowed as reserves decreased $139 million and member "bank reserve "balances at the Federal Reserve Banks increased $27 million. Estimated required reserves decreased $50 millionand estimated excess reserves decreased $62 million to $537 million. Excess reserves exceeded member bank "borrowings at the Federal Reserve Banks by $430 million, compared with the revised figure of $521 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $112 million in U. S. Government securities bought outright and $34 million held under repurchase agreement, and $29 million in member bank borrowings, and a decrease of $68 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $62 million in Federal Reserve float, and increases of $123 million in currency in circulation and $32 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $110 million. As of Wednesday, April 5, holdings of U. S. Government securities bought outright were $436 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $3 million higher, and member bank borrowings were $8 million higher. Outright holdings of bills, notes, and bonds increased $296 million, $82 million, and $58 million, respectively. During the week $35° million 2 l/4 per cent bonds maturing December 15, 1962 were exchanged for the new issue of 3 5/8 per cent bonds maturing November 15, 1967• Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, April 5, March 29, April 6, April 5> and related items 1961 1961 I960 1961 (][ n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,836 +112 +1,572 2277,,112244 Held under repurchase agreement 34 + 34 + 14 3 Acceptances—bought outright 46 - 2 + 13 45 Discounts and advances-- Member bank borrowings 107 + 29 - 597 111144 Other 8 - 1 - 23 7 Float 942 - 62 + 44 . 913 Total Reserve Bank credit 27,973 +110 +1,023 28,206 Gold stock 17,388 - 1 -2,018 17,389 Treasury currency outstanding 5,40910' + 1 + 68 5,410 50,770 +110 - 927 51,005 Currency in circulation 31, • +123 + 244 31,953 Treasury cash holdings 4 0. ' -17 - 14 410 Treasury deposits with F. R. Banks 429 - 68 - 80 222 Foreign deposits with F. R. Banks 250 + 32 + 87 288 Other deposits with F. R. Banks 388 + 18 + 32 384 OOtthheerr FF.. RR....aaccccoouunnttss ((nneett)) 1,028 - 4 + 86 1,025 34,402 + 84 + 355 34,282 Member bank reserves: With Federal Reserve Banks 16,369 + 27 -1,281 16,723 Cash allowed as reserves (estimated) 2,310 -139 +2,092 2,448 Total reserves held 18,679 -112 + 811 19,171 Required reserves (estimated) 18,142 - 50 + 711 18,307 Excess reserves (estimated) 537 - 62 + 100 864 On April 5, 196l, U. S. Government securities held in custody by the federal Reserve Banks for foreign account were $6,003 million, an increase of $91 million for the week and an increase of $1,253 million from the comparable date a year ago.

H.4.1(a) CONSOLIDATED ejCATSWujUB1 GUKDITION OF THE TViLVE.tEDEEAL BBfi&VE BANKS (In million^ d| dbllars) Change since April 5, March 29, April b, I960 A S S E TS Gold certificate account 16,057 + 13 -2,102 Redemption fund for F. R. notes 1,039 + k + 89 Total gold certificate reserves 17,095 + 17 -2,013 Cash (438) 445 * Ik + 9 Discounts and advances 121 + 7 - 649 Acceptances: Bought outright 45 -- + 13 U. S. Government securities: Bought outright— Bills 2,623 + 296 +1,360 Certificates 5,398 «• - -3,109 Notes 16,383 + 82 +3,373 Bonds 2,720 + 58 + 236 Total bought outright 27,124 + 436 +1,860 Held under repurchase agreement 3 + 3 - 54 Total U. S. Government securities 27,127 + 439 +1,806 Total loans and securities 27,293 + 446 +1,170 Cash items in process of collection (9U3) 4,148 + 243 + 294 Bank premises 109 + 6 Other assets 232 + 20 - 51 TOTAL ASSETS 49,323 + 712 - 585 L I A B I L I T I ES Federal™Reserve notes 27,105 + 110 + 148 Deposits: Member bank reserves 16,723 + 731 - 938 U. S. Treasurer--general account 222 - 267 - 195 Foreign 288 + 20 + 123 Other 384 + 19 + 32 Total deposits 17,617 + 503 - 978 Deferred availability cash items (943) 3,235 + 85 + 206 Other liabilities and accrued dividends 30 — •» TOTAL LIABILITIES (l,381) 47,987 + 698 -- >62 5 9 C A P I T AL A C C O U N TS Capital paid in 3 42)0 . —t + sari Surplus 817 -- + 42 Other capital accounts 97%>. 26-r TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,381) 49, 323 + 712 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*9$ - 3.7# Contingent liability on acceptances purchased for foreign correspondents 171 + 12 * 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. APRIL 5, 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 114 10 572 +205 16 days to 90 days 7 35 4,224 + 66 91 days to 1 year 11,014 + 29 Over 1 year to 5 years WW w w 9,403 -253 Over 5 years to 10 years m w WW 1,767 +384 Over 10 years WW w w 147 + 6 Total 121 55 27,127 +439 Jj ^ ft /~t-. !• ,c> i'1 <v

H.4.l(b) STATEMEHT OF tUC^MTlCS OF EACH mmBBLKESEKTB BA8KCW APRIL % 1961 San New Phila- Cleve- Rich- St. Minne- Kansas Total Bostcn Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dol]La rs) A S S E TS Gold certificate account 16,057 790 4,306 901 1,331 974 823 2,524 336 713 685 2,039 Redemption fund for F. E. notes 1,039 6l 241 64 90 87 59 183 25 48 32 104 Total gold certificate reserves 17,096 ti$i 4,547 m 1,421 1,061 titi2 2,707 " 680 1 "3&L fbi W 2,-1-43 F. R. notes of other Banks 438 28 131 19 32 17 80 9 9 15 23 36 Other cash 445 30 97 23 38 25 30 68 26 9 13 23 63 Discounts and advances 121 10 19 6 3 2 4 44 6 14 6 3 4 Acceptances: Bought outright 45 45 U. S. Government securities: Bought outright— Bills 2,623 140 648 152 222 166 144 448 106 61 114 107 Certificates 5,398 287 1,335 312 458 342 297 922 218 126 235 219 647 Botes 16,383 872 4,052 946 1,389 1,037 901 2,799 659 714 666 1,965 Bends 2,720 145 673 157 231 172 149 465 109 119 110 326 Total 27,124 1,444 6,708 1,567 2,300 1,717 1,491 4,634 1,092 634 1,102 1,102 3,253 Held under repurchase agreement 3 3 Total U. S. Government securities 27,127 1,444 6,711 1,567 2,300 1,717 1,491 4,634 1,092 634 1,182 1,102 3,253 Total loans and securities 27,293 1,454 6,775 1,573 2,303 1,719 1,495 4,678 1,098 648 1,188 1,105 3,257 Cash items in process of collection 5,091 357 1,036 350 383 368 377 863 208 145 250 221 533 Bank premises 109 4 9 4 8 6 12 23 7 5 5 14 12 Other assets 232 12 58 12 20 15 14 38 10 6 11 9 27 TOTAL ASSETS 50,704 2,736 12,653 2,946 4,205 3,211 2,890 8,416 2,038 1,183 2,243 2,112 6,071

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 5, 3-961 H.4.1(c) San Total Boston N Y e or w 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 o t ui . 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 588 1,135 812 2,716 Federal Reserve notes 27,543 1,583 6,394 1,809 2,489 2,119 1,577 5,134 1,187 Deposits: Member bank reserves 16,723 719 4,719 744 1,216 693 891 2,321 606 415 814 986 2,599 U.S. Treasurer-general account 222 12 13 .12 18 22 7 15 20 19 28 32 24 Foreign 288 14 1/ 85 16 26 13 15 4o 10 7 12 16 34 Other 384 * ~ 318 2 14 1 12 * 1 1 53 Total deposits 17,617 "W 5,135 "*775 17261 732 914~W 2 723,73777 535" "551 855 l7035 27710" Deferred availability cash items 4,178 343 747 284 330 295 325 70? 167 122 196 190 472 Other liabilities and accrued 4 dividends 30 5,6ts 12,2W4—27555—57585 37*58 57817 87525 1,993 1,152 2,107 2,030 5,902 TOTAL LIABILITIES 49,3W CAPITAL ACCOUNTS I 6 !' Capital paid in 4241 20 117 24 39 2ST 23 60 14 10 18 24 55 Surplus 817 4o 229 48 75 44 116 19 35 47 100 Other capital accounts .«SL: 23 5 9 % 6 16 % 2 3 3 14 TOTAL LIABILITIES AND 2,7^6 "*2,653 2,946 4,205 3,211 2,890 8,4l6 2,038 1,183 2,243 2,112—6,071 CAPITAL ACCOUNTS 50,704 ' 1 Contingent liability on acceptances purchased for foreign correspondents 171 8 f/48 10 16 8 24 10 21 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 1,638 Z/flR 17552 27^32 27177 1,^38 5,255 1,221 662 1,157 858 2,826 Collateral for F. R. notes: Gold certificate account 475 2,000 650 870 670 475 1,700 380 180 300 275 1,000 6 6 E U l . i g S i . b l G e o v p er a n p m e e r n t securities 21,210 1,275 5,100 1,325 5 1,880 1,560 1,200 3,800 935 510 900 625 2,100 Total collateral 30,202 1,750 7,100 1,980 2,750 2,230 1,675 5,500 1,321 690 1,206 900 3,100 * Less than $500,000. 1/ After deducting $203 million participations of other Federal Reserve Banks 2/ After deducting $123 million participations of other Federal Reserve Banks