H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.U.I OF THE FEDERAL RESERVE SYSTEM May 25, 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 2k decreased $1 million to $18,912 million; cash allowed as reserves increased $10 million and member bank reserve balances at the Federal Reserve Banks decreased $11 million. Estimated required reserves increased $25 million; and estimated excess reserves decreased $26 million to $575 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $509 million, compared with the revised figure of $428 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $72 million in Federal Reserve holdings of U. S. Government securities and $107 million in member bank borrowings, and an increase of $91 million in "other" F. R. accounts (net). The principal offsetting changes were an increase of $71 million in Federal Reserve float, and decreases of $80 million in currency in circulation, $67 million in Treasury deposits with Federal Reserve Banks, and $24 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $110 million. As of Wednesday, May 24, holdings of U. S. Government securities bought outright were $216 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $136 million lower, and member bank borrowings were $566 million lower. Outright holdings of bills, notes, and bonds increased $153 million, $36 million, and $71 million, respectively, and certificates decreased $44 million. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 24, May 17, I May 25# May 24, and related items 1961 1961 1 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,598 - 85 + 880 26,706 Held under repurchase agreement 55 + 13 + 28 4l Acceptances—bought outright 38 - 2 + 8 37 Discounts and advances- Member bank borrowings 66 -107 - 336 220066 Other 5 - 1 + 4 5 Float 1,308 + 71 + 147 978 Total Reserve Bank credit 28,070 -110 + 732 27,973 Gold stock 17,403 + 8 -1,950 17,403 Treasury currency outstanding 5,426 + 2 + 76 5,427 50,899 -101 -1,142 50,803 Currency in circulation 32,001 - 80 + 317 31,951 Treasury cash holdings 420 - 4 + 5 428 Treasury deposits with F. R. Banks 483 - 67 64 484 - Foreign deposits with F. R. Banks 201 - 5 - l 200 Other deposits with F. R. Banks 280 - 24 - 10 282 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,075 + 91 + 41 1,073 34,460 - 89 + 287 34,418 Member bank reserves: With Federal Reserve Banks 16,440 - 11 -1,428 16,386 Cash allowed as reserves (estimated) 2,472 + 10 +2,172 2,737 Total reserves held 18,912 - 1 + 744 19,123 Required reserves (estimated) 18,337 + 25 + 621 18,339 Excess reserves (estimated) 575 - 26 + 123 784 On May 24, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,617 million, a decrease of $45 million for the week and an increase of $796 million frcm the comparable date a year ago.

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FBEERAL RESERVE BANKS (Da. millions of dollars) Change since May 24, May 17, May 25, 1961 1961 I960 A S S E TS Cold certificate™"account Redemption fund for F. R. notes 1,034 + 8 + 91 Total gold certificate reserves 17,095 + 6 -1,964 * Cash (391) 398 1 + 22 Discounts and advances 211 - 571 - 164 + 8 Acceptances—bought outright 37 U. S. Government securities: Bought outright— Bills 2,558 + 153 + 841 Certificates 6,517 - 44 -1,990 Notes * 14,525 + 36 +1,515 Bonds 3,106 + 71 + 622 Total "bought outright 26,706 + 216 + 988 Held under repurchase agreement 41 - 136 + 41 Total U. S. Government securities 26,747 + §0 +1,02? Total loans and securities 26,995 491 + 873 Cash items in process of collection (l,0l6) 4,270 857 + 252 Bank premises 108 mm w + 4 Other assets 187 + 19 + 21 TOTAL ASSETS (1,40?) -1,324 - 792 L I A B I L I T I ES Federal""Re serve-notes (391) 27,041 - 94 + 235 Deposits: Member hank reserves 16,386 W, 604 -1,168 U. S. Treasurer--general account 484 - 12 - 20 Foreign 200 - 6 - 17 Other 282 - 10 Total deposits 17,352 - 622 -1,215 Deferred availability cash items (1,016) 3,292 m 624 + 124 Other liabilities and accrued dividends 49 + 3 + . 5 TOTAL LIABILITIES (1,407) 47,734 -1,337 - 851 C A P I T AL A C C O U N TS Capital paid in 423 + 25 Surplus 817 + 42 Other capital accounts , 79 + 13 8 k?,05j "1^24 - 792 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* + .6$ - 3-4# Contingent liability on acceptances purchased for foreign correspondents 163 + 19 6 * 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 2k, 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 555 13 16 days to 90 days 3 24 6,237 +100 91 days to 1 year * 7,480 + 33 Over 1 year to 5 years 10,435 + 42 Over 5 years to 10 years 2,066 + 66 Over 10 years — — Total Hi 37 26,747 rso * Less than $500,000.

H.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 2k, 1961 New Phila- Cleve- Total Boston York delphia land ii San St. Minne- Kansas Atlanta Chicago Dallas Fran- Louis apolis City cisco (In millions of dol]L ars) A S S E TS Gold certificate account 16,061 792 4,071 941 1,350 993 799 2,857 64l 323 687 6l4 1,993 Redemption fund for F. R. notes 1,034 59 246 64 89 80 63 181 44 26 48 31 103 Total gold certificate reserves 17,095 851 4,317 1,005 1,439 1,073 862 3,038 685 349 735 645 2,096 F. R. notes of other Banks 391 16 126 18 25 22 63 27 12 9 15 20 38 Other cash 398 26 84 16 34 22 33 62 21 9 12 22 57 Discounts and advances 211 7 65 13 25 10 7 47 2 3 27 3 2 Acceptances: Bought outright 37 37 U. S. Government securities: Bought outright— Bills 2,558 136 633 147 217 162 l4o 437 103 60 112 104 307 Certificates 6,517 347 1,612 377 552 412 358 1,114 262 152 284 265 782 Notes 14,525 773 3,592 839 1,232 919 799 2,48l 585 340 633 590 1,742 Bonds 3,106 166 768 179 263 197 171 531 125 73 135 126 372 Total 26,706 1,422 6,605 1,542 2,264 1,690 1,468 4,563 1,075 625 1,164 1,085 3,203 Held under repurchase agreement 4l 41 Total U. S. Government securities 26,747 1,422 6,646 1,542 2,264 1,690 1,468 4,563 1,075 625 1.164 1,085 3,203 Total loans and securities 26,995 1,429 6,748 1,555 2,289 1,700 1,475 4,610 1,077 628 1,191 1,088 3,205 Cash items in process of collection 5,286 377 1,108 334 419 370 415 809 208 155 276 246 569 Bank premises 108 4 9 k 8 6 12 23 7 5 5 14 11 Other assets 187 9 44 10 18 12 11 32 7 k 9 8 23 TOTAL ASSETS 50,460 2,712 12,436 2,942 4,232 3,205 2,871 8,601 2,017 1,159 2,243 2,043 5,999

Elk. 1(c) STATEMENT OFCONDITION OF EACH FEDERAL RESERVE. BANK ON MAY 24, ,1961 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 Federal Reserve notes 27,432 1,578 6,356 1,811 2,473 2,110 1,559 55,,111111 11,,118822 558888 11,,113366 881155 22,,771133 Deposits: Member bank reserves 1166,,338866 676 4,572 734 1,221 675 832 2,516 58 9 382 791 894 2,504 U.S. Treasurer-general account 484 24 ,75 30 24 40 37 62 23 22 36 4l 70 Foreign 200 10 1/59 11 18 9 10 28 7 5 8 11 24 Other 282 * 229 1 1 1 1 1 l 1 l 45 Total deposits 17,352 710 4,935 776 1,264 725 880 2,607 620 409 836 947 2,643 Deferred availability cash items 4,308 358 771 276 369 306 358 68 7 169 130 213 205 466 Other liabilities and accrued dividends 49 3 11 3 5 3 2 8 2 2 2 2 6 TOTAL LIABILITIES 49,141 2,649 12,073 2,866 4,111 3,144 2,799 8,413 1,973 1,129 2,187 1,969 5,828 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 79 3 17 4 7 5 5 12 3 1 3 3 16 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,460 2,712 12,436 2,942 4,232 3,205 2,871 8,601 2,017 1,159 2,243 2,043 5,999 Contingent liability on acceptances purchased for foreign correspondents 163 8 22//4466 9 15 7 9 23 6 4 7 9 20 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,622 1,626 66,,668822 11,,886699 22,,66ll66 22,,119911 11,,662299 55,,222277 11,,223333 664 11,,117700 860 22,,885555 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 40 -- — 12 — •» — — mm mm 2 •» 26 — w 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 30,225 1,750 7,100 1,987 2,750 2,230 1,675 5,500 1,317 690 1,226 900 3,100 * uvwiv. uxug tpj.TJ.JUiJ_LJ.UU UJ-U-tpU U-LUUS UAo ther Federal Reserve Banks. *Less than $500,000. .2/ After deducting $117 million participations of other Federal Reserve Banks.