H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OP GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM May 18, l$6l 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 17 increased a net of $l66 million to $18,913 million. Cash allowed as reserves increased $189 million and member hank reserve balances at the Federal Reserve Banks decreased $23 million. Estimated required reserves increased $15 million; and estimated excess reserves increased $151 million to $626 million. Excess reserves exceeded member hank borrowings at the Federal Reserve Banks by $453 million, compared with the revised figure of $4ll million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $76 million in Federal Reserve holdings of U. S. Government securities, and increases of $113 million in currency in circulation and $154 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were increases of $109 million in member bank borrowings and $234 million in Federal Reserve float* Total Reserve Bank credit increased $266 million. As of Wednesday, May 17, holdings of U. S. Government securities bought outright were $4ll million lower than a week earlier; U. S. Government securities held under repurchase agreement were $162 million higher, and member bank borrowings were $555 million higher. Outright holdings of bills and notes decreased $90 million and $2,017 million, respectively; certificates and bonds increased $1,644 million and $52 million, respectively. The decrease in notes and the increase in certificates included an exchange of $1,700 million maturing 3 5/8 per cent notes for the new issue of 3 per cent certificates; also $700 million of maturing notes were exchanged for the new 3 l/4 per cent issue due May 15, 1963* In addition, $295 million of maturing certificates and notes were redeeme^. erageg of &aily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 17, May 10, May 18, May 17, and related items 1961 1961 I I960 1961 (In millions of dollars? Reserve Bank credit: U. S. Government securities- Bought outright—System account 26,683 -109 +1,056 26,490 Held under repurchase agreement 42 + 33 - 92 177 Acceptances—bought outright 40 - 1 + 9 37 Discounts and advances— Member bank borrowings 173 +109 382 772 Other 6 + 6 10 Float 1,237 +234 + 104 1,211 Total Reserve Bank credit 28,180 +266 + 700 28,697 Gold stock 17,395 + 5 -1,964 17,403 Treasury currency outstanding 5,424 + 2 ± 75 5,425 51,000 +2W -1,187 51,525 Currency in circulation 32,081 +113 + 307 32,04l Treasury cash holdings 424 + 4 + 11 434 Treasury deposits with F. R. Banks 550 +154 58 496 Foreign deposits with F. R. Banks 206 + 2 11 206 Other deposits with F. R. Banks 304 45 282 Other F. R. accounts (net) 984 + 23 97 1,076 34,549 + 323 3^535 Member bank reserves: With Federal Reserve Banks 16,451 - 23 -1,510 16,990 Cash allowed as reserves (estimated) 2,462 +189 +2,188 .2,663 Total reserves held 18,913 +155 197^53 Required reserves (estimated) 18,287 + 15 + 510 18,481 Excess reserves (estimated) 626 +151 + 168 1,172 On May 17, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,662 million, an increase of $2 million for the week and an increase of $872 million from the comparable date a year ago.

H A.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THETW&LVE M6fi6RAL RESERVE BANKS (in millions of dollars) Change since May 17, May 10, May 18, 1961 1961 I960 A S S E TS Gold certificate"~account 16,063 + 9 -2,058 Redemption fund for F. R. notes 1,026 2 + 80 Total gold certificate reserves 17,089 + 7 -1,978 * Cash (375) 399 - 10 + 28 Discounts and advances 782 + 560 + 516 Acceptances—bought outright 37 2 + 8 U. S. Government securities: Bought outright— Bills 2,405 - 90 + 751 Certificates 6,561 +1,644 -1,946 Notes 14,489 -2,017 +1,479 Bonds ± 52 + 551 Total bought outright - 411 + 835 Held under repurchase agreement 177 + 162 + 119 Total U. S. Government securities + 954 Total loans and securities 27,486 + 309 +1,478 Cash items in process of collection (1,189) 5,127 + 819 + 232 Bank premises 108 + 4 Other assets 168 - 158 + 22 TOTAL ASSETS (1,564) 50,377 + 967 - 214 L I A B I L I T I ES Federal Reserve notes (375) 27,135 - 8 + 284 Deposits: Member bank reserves 1166,,999900 + 447744 - 557766 U. S. Treasurer—general account 496 + 50 98 - Foreign 206 Ik 29 - Other 282 - 33 - 21 Total deposits 17,974 + brn 724 - Deferred availability cash items (1,189) 3,916 5 k2 + 158 Other liabilities and accrued dividends 46 + 3 + 4 TOTAL LIABILITIES (1,564) 49,071 +1,014 278 - C A P I T AL A C C O U N TS Capital paid in 423 + 25 —- Surplus 817 + 42 Other capital accounts 66 - 4477 - 3 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,564)5 0,377 + 967 - 214 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 37.6# - .4f - 3.956 Contingent liability on acceptances purchased for foreign correspondents 114444 + 1 - 17 * 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 17, 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 774 13 539 -2,661 16 days to 90 days 8 24 6,137 3 91 days to 1 year * 7,447 +1,689 • — Over 1 year to 5 years —— -- 10,393 + 693 Over 5 years to 10 years mmm 2,000 + 33 Over 10 years — «• — «• 151 Total 752 37 26,667 - 249 * Less than $500,000.

H.4.l(h) STATEMENT OF CONDITION OP EACH FEDERAL RESERVE BANK ON MAY 17, 19& San TToottaall BBoossttoonn New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco ((IInn millions of dollLLaa rrss)) AA SS SS EE TTSS Gold certificate account 16,063 804 4,058 954 1,312 975 797 2,790 648 3^3 711 611 2,060 Redemption fund for F. R. notes 1,026 59 237 62 89 81 63 182 >5 26 48 31 103 Total gold certificate reserves 17,089 &>3 4,295 1,016 1,401 1,056 860 2,972 693 369 759 642 2,163 F. R. notes of other Banks 375 17 130 18 22 18 59 26 9 8 16 18 34 Other cash 399 26 88 16 34 21 31 62 21 9 12 21 58 Discounts and advances 782 30 258 36 163 36 16 119 9 13 47 24 31 Acceptances: Bought outright 37 -• 37 -- -- -- -- - - - - U. S. Government securities: Bought outright— Bills 2,40$ 128 595 139 220044 152 132 441111 97 5566 105 9988 228888 Certificates 6,561 349 1,622 379 556 4l6 360 1,121 264 154 286 267 787 Notes 14,489 771 3,583 837 1,229 917 797 2,475 583 339 632 588 1,738 Bonds 3,035 162 751 175 257 192 167 519 122 71 132 123 364 Total 26,490 1,410 6,551 1,530 2,246 1,677 1,456 4,526 1,066 620 1,155 1,076 3,177 Held under repurchase agreement 177 177 -- -- -- - — - - -- Total U. S. Government securities 26,667 1,410 6,728 1,530 2,246 1,677 1,456 4,526 1,066 620 1,155 1,076 3,177 Total loans and securities 27,486 1,440 7,023 1,566 2,409 1,713 1,472 4,645 1,075 633 1,202 1,100 3,208 Cash items in process of collection 6,316 448 1,218 405 546 457 500 1,014 269 176 322 226622 669999 Bank premises 108 4 9 4 8 6 12 23 7 5 5 14 11 Other assets 168 8 42 10 16 10 10 29 6 3 7 7 20 TOTAL ASSETS 51,941 2,806 12,805 3,035 4,436 3,281 2,944 8,771 2,080 1,203 2,323 2,064 6,193

H.4.1(c) STATEMENT OF COimiTION OF EACH FEDERAL RESERVE BANK ON MAY 17, l$6l 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]La rs) Federal Reserve notes 27,510 1,583 6,358 1,811 2,480 2,119 1,569 5,124 1,187 589 1,142 819 2,729 Deposits: Member hank reserves 16,990 694 4,904 75 6 1,294 684 844 2,518 597 406 834 898 2,561 U.S. Treasurer-general account 496 26 47 47 47 50 15 59 31 18 35 42 79 Foreign 206 10 1/ 64 11 18 9 10 28 7 5 9 11 24 Other 282 1 ~ 231 2 1 3 1 2 * 1 1 1 38 Total deposits 17,974 731 5,24b 816 1,360 746 870 2,607 635 430 879 952 2,702 Deferred availability cash items 5,105 428 828 330 472 354 431 847 212 153 245 218 587 Other liabilities and accrued dividends 46 2 13 3 4 2 3 7 2 1 2 2 5 TOTAL LIABILITIES 50,635 2,744 12,445 2,960 4,316 3,221 2,873 8,585 2,036 1,173 2,268 1,991 6,023 CAPITAL ACCOUNTS Capital paid in 423 20 117 24 39 19 23 60 14 10 18 24 55 Surplus 817 4o 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 66 2 14 3 6 4 4 10 3 1 2 2 15 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,941 2,806 12,805 3,035 4,436 3,281 2,944 8,771 2,080 1,203 2,323 2,064 6,193 Contingent liability on acceptances purchased for foreign correspondents 144 7 2/ 40 8 14 7 8 20 5 3 6 8 18 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2288,,665566 11,,663333 6,680 11,,886655 2,620 22,,119955 11,,663344 5,240 11,,223300 666 11,,117700 862 2,861 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 91 — — 35 mm — •mmm «••• mmm 9 47 «* «• — — ' 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 30,276 1,750 7,100 2,010 2,750 2,230 1,675 5,500 1,324 690 1,247 900 3,100 / a* uv7u .ucuuuuiQg par vicipaGXons ox o^ner jj eaerai .Reserve mims< *Less than $500,000. 2/ After deducting $io4 million participations of other Federal Reserve Banks.