H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release B.4.1 OF THE FEDERAL RESERVE SYSTEM May 4, 1961 WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF TEE FEDERAL RESERVE BANKS The average of daily figures of total member bank reserves held during the week ended May 3 decreased $202 million to $18,8l6 million. Cash allowed as reserves decreased $64 million and member bank reserve balances at the Federal Reserve Banks decreased $138 million. Estimated required reserves increased $25 million; and estimated excess reserves decreased $227 million to $505 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $444 million, compared with the revised figure of $695 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks was a decrease of $213 million in Federal Reserve float, and increases of $36 million in currency in circulation, $198 million in Treasury deposits with Federal Reserve Banks, and $27 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were increases of $303 million in U. S. Government securities bought outright and $24 million in member bank borrowings. Total Reserve Bank credit increased $113 million. As of Wednesday, May 3, holdings of U. S. Government securities bought outright were $553 million higher than a week earlier and member bank borrowings were $38 million higher. Outright holdings of bills, notes, and bonds increased $495 million, $34 million, and $24 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 3, April 26, May 4, May 3, and related items 1961 1961 I960 1961 (]Cn millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 26,692 +303 +1,135 26,781 Held under repurchase agreement — — - 103 -- Acceptances—bought outright 44 + 14 40 Discounts and advances— Member bank borrowings 61 + 24 - 491 71 Other 5 *» *• + 5 5 Float 1,066 -213 + 108 968 Total Reserve Bank credit 27,868 +113 + 669 27,865 Gold stock 17,390 - - -1,970 17,390 Treasury currency outstanding 5,420 + 3 + 73 5,421 50,67ti +116 -1,228 50,676 Currency in circulation 31,842% • + 36 + 237 31,877 Treasury cash holdings 409 - 5 5 422 Treasury deposits with F. R. Banks 572 +198 + 5 452 Foreign deposits with F. R. Banks 221 + 27 + 37 206 Other deposits with F. R. Banks 298 -- - 13 315 Other F. R. accounts (net) 962 - 1 + 107 957 34,305 +255 + 367 34,229 Member bank reserves: With Federal Reserve Banks 16,373 -138 -1,595 16,447 Cash allowed as reserves (estimated) 2,443 - 64 +2,168 2,542 Total reserves held 18,816 -202 + 573 18,989 Required reserves (estimated) 18,311 + 25 + 393 18,380 Excess reserves (estimated) 505 -227 + 180 609 On May 3, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,634 million, a decrease of $543 million for the week and an increase of $752 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 May 3, April 26, May 4, 1961 1961 I960 A S S E TS Gold certificate account 16,054 - 5 -2,058 Redemption fund for F. R. notes 1,032 + 2 + 81 Total gold certificate reserves 17,086 - 3 -1,977 Cash (409) 434 - 13 + 38 Discounts and advances 76 + 38 - 496 Acceptances--bought outright 40 - 3 + 10 U. S. Government securities: Bought outright— Bills 22,,446699 + 449955 + 872 Certificates 5,001 <m mm -3,506 Notes 16,452 + 34 +3,442 Bonds 2,859 + 24 + 375 Total bought outright 26,781 + 553 4-1,183 Held under repurchase agreement - 290 Total U. S. Government securities 26,781 + 553 + 893 Total loans and securities 26,897 + 588 + 407 Cash items in process of collection (940) 4,477 - 61 + 230 Bank premises 108 + 5 -- Other assets 310 21 - 54 TOTAL ASSETS (1,349) 49,312 + 532 -1,351 L I A B I L I T I ES Federal Reserve notes (409) 27,008 + 100 + 204 Deposits: Member bank reserves 1166,,444477 + 554477 -1,770 U. S. Treasurer—general account 452 - 49 - 26 Foreign 20 6 - 26 + 36 Other 315 + , 7 + 12 Total deposits 17,420 + 479 -1,748 Deferred availability cash items (940) 3,509 m 61 + 139 Other liabilities and accrued dividends , 38 + 1 4 TOTAL LIABILITIES (1,349) 47,975 + 519 -1,409 C A P I T AL A C C O U N TS Capltia~paid In" 42*3 , + 2 ^. Surplus 817 — + 42 Other capital accounts 901 * + 11 G9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,349) 49,312 + 532 -1,351 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 38.1% - .5$ - 3-0% Contingent liability on acceptances purchased for foreign correspondents 148 - 5 20 * 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, MAY 3, 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 70 14 3,292 +2,770 16 days to 90 days 6 26 6,092 +2,457 91 days to 1 year * -- 5,757 -4,732 Over 1 year to 5 years -- w - 9,619 + 41 Over 5 years to 10 years 1,870 + 17 Over 10 years -- — — 151 mm mm Total 75 So 26,781 + 553 * Less than $500,000.

B.4.l(t>) STATEMENT OF CONDITION OP EACH FEDERAL RESERVE BANK ON MAY 3, 196l 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 dollars) AS S E TS Gold certificate account 16,054 742 3,980 1,011 1,358 1,046 799 2,836 624 328 687 628 2,015 Redemption fund for F. R. notes 1,032 59 238 63 89 83 64 182 45 26 48 % 104 "Total gold certificate reserves 17,066 801 4,218 1,074 1,447 1,129 863 3,018 669 354 735 659 2,119 F. R. notes of other Banks 409 23 126 20 31 17 67 36 9 11 15 19 35 •Other cash 434 28 96 17 38 23 33 66 25 10 12 23 63 Discounts and advances 76 5 8 3 4 4 2 11 3 11 19 4 2 ^Acceptances: Bought outright 40 4o -- -- — -- — - -- -- -- -- U-. S. Government securities: Bought outright— Bills 2,469 132 610 143 209 156 135 422 100 57 107 101 297 Certificates 5,001 266 1,237 289 424 317 275 855 201 117 218 203 599 Notes 16,452 876 4,069 950 1,395 l,o4i 905 2,811 662 385 717 668 1,973 Bonds 2,859 152 707 165 243 181 157 488 115 67 125 116 %4% Total 26,781 1,426 6,623 1,547 2,271 1,695 1,472 4,576 1,078 626 1,167 1,088 3,212 Held under repurchase agreement Total U» S. Government securities 26,781 1,426 6,623 1,547 2,271 1,695 1,472 4,576 1,078 626 1,167 1,088 3,212 Total loans and securities 26,897 1,431 6,671 1,550 2,275 1,699 1,474 4,587 1,081 637 1,186 1,092 3,214 Cash items in process of collection 5,417 425 1,081 334 429 388 *23 848 234 152 268 220 615 Bank premise^ 108 4 9 4 8 6 12 23 7 5 5 14 11 Other assets 310 16 77 18 26 20 18 52 12 7 14 13 37 TOTAL ASSETS 50,661 2,728 12,278 3,017 4,254 3,282 2,890 8,630 2,037 1,176 2,235 2,040 6,094

8.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 3, 196l San New Phila- Cleve- Rich- St. Minne- Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco L I A B I L I T I ES (in millions of dol]L ars) Federal Reserve notes 27,417 1,576 6,355 1,802 2,472 2,110 1,561 5,110 1,184 587 1,135 815 2,710 Deposits: Member bank reserves 16,447 659 4,397 808 1,236 711 853 2,519 586 399 788 927 2,564 U.S. Treasurer-general account 452 28 36 40 30 66 30 51 26 25 34 23 63 Foreign 206 10 1/58 12 19 9 11 29 7 5 9 12 25 Other 315 1 -266 1 1 5 1 2 * * 1 * 37 Total deposits 17,420 698 4,757 861 1,286 791 895 2,601 619 429 832 962 2,689 Deferred availability cash items 4,449 388 788 275 371 316 359 721 188 128 210 188 517 Other liabilities and accrued dividends 38 2 10 2 3 3 2 7 1 1 2 1 4 TOTAL LIABILITIES 49,324 2,664 11,910 2,940 4,132 3,220 2,817 8,439 1,992 1,145 2,179 1,966 5,920 CAPITAL ACCOUNTS & Capital paid in 43# 20 117 24 39 23 60 14 10 18 24 55 Surplus 817 4o 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 4 22 5 8 6 15 4 2 3 3 19 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,661 2,728 12,278 3.017 4,254 3,282 2,890 8,630 2,037 1,176 2,235 2,040 6,094 Contingent liability on acceptances purchased for foreign correspondents 148 7 2/41 9 14 7 8 21 5 3 6 9 18 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,581 11,,662299 66,,668822 11,,885555 22,,662211 22,,118833 11,,662277 55,,223399 11,,222244 &&33 11,,116611 8& 22,,883333 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 25 3 3 mm mm 19 m* mm 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 30,210 1,750 7,100 1,978 2,750 2,230 1,675 5,500 1,318 690 1,219 900 3,100 1/ After deducting $148 million participatei ons of other Federal Reserve Banks. * Less than $500,000. other Federal Reserve Banks,