H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM May 11, 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 May 10 decreased a net of $28 million to $18,?8l million. Cash allowed as reserves decreased $129 million and member bank reserve balances at the Federal Reserve Banks increased $101 million. Estimated required reserves decreased $75 million] and estimated excess reserves increased $47 million to $512 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $448 million, compared with the revised figure of $4o4 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $109 million in Federal Reserve holdings of U. S. Government securities and a decrease of $176 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $63 million in Federal Reserve float and an increase of $125 million in currency in circulation. Total Reserve Bank credit increased $46 million. As of Wednesday, May 10, holdings of U. S. Government securities bought outright were $120 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $15 million higher, and member bank borrowings were $146 million higher. Outright holdings of bills, notes, and bonds increased $26 million, $54 million, and $124 million, respectively, and certificates decreased $84 million. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 10, May 3, May 11, May 10, and related items 1961 1961 I960 1961 ((]]Cn millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 26,792 +100 +1,176 26,901 Held under repurchase agreement 9 + 9 - 243 15 Acceptances—bought outright 4l - 3 + 10 39 Discounts and advances-- Member bank borrowings 64 + 3 - 485 217 Other 6 + 1 + 6 5 Float 1,003 - 63 + 79 934 Total Reserve Bank credit 27,914 + 46 + 543 28,111 Gold stock 17,390 -1,969 17,395 Treasury currency outstanding 5,422 + 2 + 74 5,423 50,726 + 48 -1,352 50,929 Currency in circulation 31,968 +125 + 245 32,034 Treasury cash holdings 420 + 11 + 1 437 Treasury deposits with F. R. Banks 396 -176 - 108 446 Foreign deposits with F. R. Banks 204 - 17 + 20 220 Other deposits with F. R. Banks 304 + 6 - 10 315 Other F. R. accounts (net) 961 - l + 107 962 34,253 - 52 + 256 34,414 Member bank reserves: With Federal Reserve Banks 16,474 +101 -1,607 16,516 Cash allowed as reserves (estimated) 2,307 -129 +2,082 2,632 Total reserves held 18,781 - 28 + 475 19,148 Required reserves (estimated) 18,269 - 75 + 46l 18,224 Excess reserves (estimated) 512 + 47 + 14 924 On May 10, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,660 million, an increase of $26 million for the week and an increase of $780 million from the comparable date a year ago.

H.4.1(a) CQCJSOLTDATBD STATEMENT OF CONDITION GP THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since May 10, May 3, May 11, 1961 1961 3.960 A S S E TS Gold Certificate account l6> 054 -2,068 Redemption fund for F. R. notes 1,028 w 4 + 80 Total gold certificate reserves 17,o5§ 4 -1,988 - * Cash (355) 409 • 25 + 35 Discounts and advances 222 + 146 - 546 Acceptances—bought outright 39 1 + 9 — U. S. Government securities: Bought outright— Bills 2,495 + 26 + 873 Certificates k,917 - 84 -3,590 Notes 16,506 + 54 +3,496 Bonds 2,983 + 124 + 499 Total "bought outright 26,901 + 120 +1,278 Held under repurchase agreement 15 + 15 - 167 Total U. S. Government securities 26,916 + 135 +1,111 Total loans and securities 27,177 + 280 + 574 Cash items in process of collection (829) 4,308 169 + 71 Bank premises 108 w w + 4 Other assets 326 + 16 - 57 TOTAL ASSETS (1,184) 49,410 + 98 -1,361 L I A B I L I T I ES Federal Reserve notes (355) 27,143 + 135 + 253 Deposits: Meniber bank reserves 16,516 + 69 -1,596 U. S. Treasurer—general account 446 - 6 - 59 Foreign 220 + 14 + 48 Other 315 - 20 Total deposits 17,497 + 77 -1,627 Deferred availability cash items (829) 3,374 - 135 - 44 Other liabilities and accrued dividends 43 + 5 + 2 TOTAL LIABILITIES (1,184) 48,057 + -52 -1,416 C A P I T AL A C C O U N TS Capital~*paid In" 423 l + 25 Surplus 817 ww + 42 Other capital accounts 113 + 17 - 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (l,l84) 49,410 + 98 -1,361 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 38.056 - .1% - 3.1# Contingent liability on acceptances purchased for foreign correspondents 143 5 - 21 * 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 10, 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 215 1§ 3,200 =3%Z 16 days to 90 days 6 27 6,l4o + 48 91 days to 1 year * — 5,758 + 1 Over 1 year to 5 years — — 9,700 + 81 Over 5 years to 10 years — — 1,967 + 97 Over 10 years — — 151 Total 222 39 26,916 +135 * Less than $500,000.

H.4.l(t>) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 10, I96I San Total Boaton New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 16,054 758 3,953 Redemption fund for F. R. notes 1,028 60 237 Total gold certificate reserves 17,082 W F. R. notes of other Banks 355 14 Other cash 409 26 Discounts and advances Acceptances: Bought outright 39 U. S. Government securities: Bought outright— Bills Certificates Notes Bonds Total Held under repurchase agreement Total U. S. Government securities Total loans and securities Cash items in process of collection Bank premises Other assets TOTAL ASSETS ON % 992 826 2,707 332 688 636 2,201 113I 82 63 182 26 48 31 104 4,190 1,018 1,454 1,074 889 2,889 684 358 736 667 2,305 123 17 25 17 58 25 8 8 13 18 29 94 16 36 21 32 63 22 9 11 21 58 130 2 18 7 4 15 1 2 30 * 10 39 22,,449955 133 617 144 212 158 137 426 101 58 109 101 299 44,,991177 262 1,216 284 417 3p 270 840 198 115 214 200 590 1166,,550066 878 4,082 954 1,399 1,045 908 2,820 664 386 720 671 1,979 22**228811 v p8 172 , ?53 188 164 510 120 70 130 121 358 2266,,990011 1,432 6,653 1,554 2,281 1,702 1,479 4,596 1,083 629 1,173 1,093 3,226 1155 15 26,916 ..1,432 6,668 2,281 1,702 1,479 4,596 1,083 629 1,173 1,093 3,226 27,177 1,435 6,837 1,556 2,299 1,709 1,483 4,611 1,084 631 1,203 1,093 3,236 5,137 347 973 354 4oo 385 4l6 839 230 155 265 217 556 108 4 9 4 8 6 12 23 7 5 5 14 11 326 18 81 18 27 21 19 55 12 8 15 13 39 50,594 2,662 12,307 2,983 4,249 3,233 2,909 8,505 2,047 1,174 2,248 2,043 6,234 * Less than $500,000.

H.4.1(c) OF CONDITIOF or EACHFE5ERAL KESEE7E SANK OH MAY ID, 1961 San Total Boston New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis Citycisco L I A B I L I T I ES (in millions of dollars} Federal Reserve notes 27,498 1,582 6,363 1,808 2,477 22,,111166 11,,557700 55,,112211 11,,118877 558899 ll,,ll44oo 818 22,,772277 Deposits: Member bank reserves 16,516 661 4,532 766 1,243 705 861 2,352 593 390 779 915 2,719 U.S. Treasurer-general account 446 20 . 47 34 22 36 34 87 19 23 46 32 46 Foreign 220 11 1/ 56 13 21 11 12 32 8 5 10 13 28 Other 315 _3 259 3 1 2 1 2 * 1 1 1 4i Total deposits 17,4:97 695 4,894 816 1,287 754 908 2,473 620 419 836 961 2,834 Deferred availability cash items 4,203 318 666 279 357 298 335555 771100 119933 113344 221133 118877 449933 Other liabilities and accrued dividends , j* 2 12 2 4 2 2 7 2 1 2 2 5 TOTAL LIABILITIES 49,241 2,597 11,935 2,905 4,125 3,170 2,835 0,311 2,002 1,143 2,191 1,968 6,059 CAPITAL ACCOUNTS Capital paid in 423 20 117 24 39 19 23 60 14 10 18 24 55 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 113 5 26 6 10 7 7 18 4 2 4 4 20 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,594 2,662 12,307 2,983 4,249 3,233 2,909 8,505 2,047 1,174 2,248 2,043 6,234 Contingent liability on acceptances purchased for foreign c orrespondents 143 7 jj~~// 44oo 8 13 7 8 20 5 3 6 8 18 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,603 1,626 6,689 11,,885555 2,620 22,,118833 11,,662299 55,,223300 11,,223311 666633 11,,116677 866 22,,884444 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 31 — — 1 wee —«™ mm mm mm mm mm mm wfc mm 30 ** mm am am 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 30,216 1,750 7,100 1,976 2,750 2,230 1,675 5,500 1,315 690 1,230 900 3,100 j:/ a- uasuuv vmg S>lb4 niixxion participations ox o*cner J?eaeraj. Reserve Banks« * Less than $500,000. 2/ After deducting $103 million participations of other Federal Reserve Banks,