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 20, 196l 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 19 increased $236 million to $19,018 million; cash allowed as reserves increased $113 million and member bank reserve balances at the Federal Reserve Banks increased $123 million. Estimated required reserves increased $121 million; and estimated excess reserves increased $115 million to $696 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $652 million, compared with the revised figure of $529 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $306 million in Federal Reserve float, and decreases of $27 million in currency in circulation, $40 million in foreign deposits with Federal Reserve Banks, and $48 million in "other" F. R. accounts (net). The principal offsetting changes were a decrease of $267 million in Federal Reserve holdings of U. S. Government securities and an increase of $26 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $31 million. As of Wednesday, April 19, holdings of U. S. Government securities bought outright were $318 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $55 million lower, and member bank borrowings were $57 million lower. Outright holdings of bills, certificates, and notes decreased $237 million, $90 million, and $1 million, respectively, and bonds increased $10 million. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, April 19, April 12, April 20, April 19, and related items 1961 1961 I960 1961 (]Cn millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 26,591 -263 +1,174 26,436 k Held under repurchase agreement 10 - - 274 «•» *» Acceptances— Bought outright 46 «• — + 15 44 Held under repurchase agreement — w •> «. 7 ** Discounts and advances-- Member bank borrowings 44 - 8 - 517 53 Other 8 + 1 + 8 7 Float 1,310 +306 + 110 1,170 Total Reserve Bank credit 28,009 + 31 + 509 27,710 Gold stock 17,390 + 1 -1,996 17,391 Treasury currency outstanding 5,4l4 + 3 + 70 5,415 50,814 + 37 -1,415 50,516 Currency in circulation 31,980 - 27 + 152 31,897 Treasury cash holdings 4ll + 5 9 4l6 Treasury deposits with F. R. Banks 424 + 26 - 236 356 Foreign deposits with F. R. Banks 172 - 4o - 16 212 Other deposits with F. R. Banks 309 - 1 + 51 315 Other F. R. accounts (net) 9 66 - 48 + 102 968 34,262 - 85 + 45 3344,,116644 Member bank reserves: With Federal Reserve Banks 16,552 +123 -1,460 16,351 Cash allowed as reserves (estimated) 2,466 +113 +2,198 2,774 Total reserves held 19,018 +236 + 738 19,125 Required reserves (estimated) 18,322 +121 + 4o4 18,456 Excess reserves (estimated) 696 +115 + 334 669 On April 19, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $6,253 million, an increase of $16 million for the week and an increase of $1,511 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 April 19, April 12, April 20, 1961 1961 A S S E TS Gold certificate account 16,055 - 1 -2,082 Redemption fund for F. R. notes 1,037 + 83 Total gold certificate reserves 17,092 - 1 -1,999 4f. Cash (434) 439 + 8 + 43 Discounts and advances 60 - 57 - 340 Acceptances—bought outright 44 1 + 14 - U. S. Government securities: Bought outright— Bills 2,047 237 ++ 664455 * Certificates 5,187 - 90 -3,320 Motes 16,421 - 1 +3,411 Bonds 2,781 + 10 + 297 Total bought outright 26,436 - 318 +1,033 Held under repurchase agreement — m - 55 - §7 Total U. S. Government securities 26,436 - 373 + 966 Total loans and securities 26,540 431 + 64o - Cash items in process of collection (1,152) 5,000 + 588 + 124 Bank premises 109 — + 5 Other assets 271 + 16 - 53 TOTAL ASSETS (1,586) 49,451 + 180 -1,246 L I A B I L I T I ES Federal Reserve notes (434) 27,039 - 97 + 175 Deposits: Member bank reserves 16,351 - 7744 --11,,444466 U. S. Treasurer—general account 356 - 46 - 163 Foreign 212 + 39 + 6 Other ( 47) 363 + 18 + 116 Total deposits ( 47) 17,282 - 63 -1,457 Deferred availability cash items (1,105) 3,782 + 318 + 13 Other liabilities and accrued dividends 39 + 8 - 10 TOTAL LIABILITIES (1,586) 48,142 + 166 -1,309 C A P I T AL A C C O U N TS Capital paid in 423 «• w + 27 Surplus 817 -- + 42 Other capital accounts 69 + 14 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,586) 49,451 + 160 --11,,224466 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 38.2# + .1% - 3.2# Contingent liability on acceptances purchased for foreign correspondents 154 - 5 11 * 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 19, 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 ~ lE 372 =155— 16 days to 90 days 30 3,895 -145 91 days to 1 year 10,687 -108 Over 1 year to 5 years 9,515 + 35 Over 5 years to 10 years 1,820 + 11 Over 10 years 14? Total 5o 25/# -373

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 19, 1961 San Total Boston Rev Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dol]L ars) A S S E TS Gold certificate account 16,055 806 3,988 913 1,391 964 793 2,811 621 325 717 645 2,081 Redemption fund for F. R. notes 1.037 60 240 63 90 86 59 183 45 27 48 32 104 Total gold certificate reserves 17,092 866 4,228 976 1,481 1,050 852 2,994 666 352 765 677 2,185 F. B. notes of other Banks 434 21 136 21 28 22 72 37 11 9 17 21 39 Other cash 439 28 104 20 38 23 30 66 26 10 11 21 62 Discounts and advances 60 9 5 2 5 6 2 10 3 6 8 3 1 Acceptances: Bought outright a • 44 — — «• — mm mm — mmtm «•«» U. S. Government securities: Bought outright— Bills 2,047 109 506 118 174 130 113 350 82 48 89 83 245 Certificates 5,187 276 1,283 300 44o 328 285 886 209 121 226 211 622 Notes 16,421 874 4,061 948 1,392 1,039 903 2,806 661 384 716 667 1,970 Bonds 2,781 148 688 161 236 176 153 475 112 65 121 113 333 Total 26,436 1,407 6,538 1,527 2,242 1,673 1,454 4,517 1,064 618 1,152 1,074 3,170 Held under repurchase agreement — — — — — — — — — — mmtm — ** •»«•» — «• «-e- — — Total U.S. Government securities 26,436 1,407 6,538 1,527 2,242 1,673 1,454 4,517 1,064 618 1,152 1,074 3,170 Total loans and securities 26,540 l,4l6 6,587 1,529 2,247 1,679 1,456 4,527 1,067 624 1,160 1,077 3,171 Cash items in process of collection 6,152 389 1,345 4oi 476 427 479 941 244 170 319 269 692 Bank premises 109 4 9 4 8 6 12 23 7 5 5 14 12 Other assets 271 14 67 15 24 17 16 45 11 6 12 11 33 TOTAL ASSETS 51,037 2,738 12,476 2,966 4,302 3,224 2,917 8,633 2,032 1,176 2,289 2,090 6,194

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BAM OH APRIL 19)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) L I A B I L I T I ES Federal Reserve notes 27,473 1,589 6,361 1,807 2 ; 482 2,119 1,566 5,132 1,185 589 1,134 812 2,697 Deposits: Member bank reserves 16,351 693 4,433 743 1,225 673 839 2,461 580 389 794 937 2,584 U.S. Treasurer-general account 356 13 54 13 21 32 15 22 15 18 35 27 91 Foreign 212 8 1/ 65 12 19 10 11 29 7 5 9 12 25 Other 410 1 ~ 317 8 6 4 6 10 4 2 3 3 46 Total deposits 17,329 715 4,869 776 1,271 719 871 2,522 606 414 841 979 2,746 Deferred availability cash items 4,887 369 876 306 425 324 407 786 196 l4l 258 223 576 Other liabilities and accrued dividends 39 2 9 2 4 2 2 7 1 2 1 2 5 TOTAL LIABILITIES 49,728 2,675 12,115 2,891 4,182 3,164 2,846 8,447 1,988 1,146 2,234 2,016 6,024 CAPITAL ACCOUNTS JCapital paid in 423 20 117 24 39 19 60 14 10 18 24 55 Surplus 817 40 229 48 75 S 116 27 19 35 47 100 Other capital accounts 69 3 15 3 6 3Z 4 10 3 1 2 3 15 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,037 2,738 12,476 2,966 4,302 3,224 2,917 8,633 2,032 1,176 2,289 2,090 6,194 Contingent liability on acceptances purchased for foreign correspondents 154 8 5/ 43 9 14 7 8 22 5 3 7 9 19 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,687 1,633 6,723 1,860 2,631 2,192 1,636 5,258 1,225 666 1,164 864 2,835 Collateral for F. R. notes: Gold certificate account 8,975 475 2,000 650 870 670 475 1,700 380 180 300 275 1,000 Eligible paper 12 1 3 8 U. S. Government securities 21,210 1,275 5,100 1,325 1,880 1,560 1.200 3,800 935 510 900 625 2,100 Total collateral 30,197 1,750 7,100 1,976 2,750 2,230 1,675 5,500 1,318 690 1,208 900 3,100 l/ After deducting $l47 million participations of other Federal Reserve Banks. J\f After deducting million participations of other Federal Reserve Banks.