H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release ff.4.1 OF THE FEDERAL RESERVE StSTEM June 1, 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 31 decreased $93 million to $18,825 million, which reflected in part a decrease of $111 million in member bank reserve "balances at the Federal Reserve Banks• Estimated required reserves decreased $100 million; and estimated excess reserves increased $7 million to $574 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $482 million, compared with the revised figure of $501 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $34-3 million in Federal Reserve float and $52 million in U. S. Government securities held under repurchase agreement, and an increase of $54 million in currency in circulation. The principal offsetting changes were increases of $201 million in U. S. Government securities bought outright and $26 million in member bank borrowings, and a decrease of $109 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $166 million. As of Wednesday, May 31, holdings of U. S. Government securities bought outright were $180 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $40 million lower, and member bank borrowings were $99 million lower. Outright holdings of bills, notes, and bonds increased $93 million, $23 million, and $64 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, May 31, May 24, June 1, May 31, and related items 1961 1961 I960 1961 (][n millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,799 +201 + 858 26,886 Held under repurchase agreement 3 - 52 - 24 1 Acceptances —bought outright 4o + 2 + 10 37 Discounts and advances-- Member bank borrowings 92 + 26 - 344 107 Other 5 •> «. + 5 4 Float 965 -343 + 41 771 Total Reserve Bank credit 27,904 ~Tm + 546 27,806 Gold stock 17,402 - 1 -1,950 17,403 Treasury currency outstanding 5,428- + 2 + 79 5,428J/« 50,734''. -165 -1,325 50,62749 Currency in circulation 32,05#%. + 54 + 243 32, l ?W Treasury cash holdings 4]j& ( 5• - 2 + 4 426©? Treasury deposits with F. R. Banks 374 -109 - 94 372 Foreign deposits with F. R. Banks 211 +10 + 5 210 Other deposits with F. R. Banks 275 - 5 - 46 277 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,073 _ - _ _ 2 _ + 4o 1,071 ] 34,4001 * + 153 34,530^. Member bank reserves: With Federal Reserve Banks 16,329 -111 -1,477 16,107 Cash allowed as reserves (estimated) 2,496 +18 +2,181 2,653 Total reserves held 18,825 - 93 + 704 18,760 Required reserves (estimated) 18,251 -100 + 567 18,233 Excess reserves (estimated) 574 + 7 + 137 527 On May 31, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,637 million, an increase of $20 million for the week and an increase of $773 million from the comparable date a year ago.

H.4.1(a) CCJoGLl^jiL Ci- CuLDil'ION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Kay 31, May 24, June 1, 1961 1961 i960 A S S E TS Gold certificate account 16,061 -2,055 Redemption fund for F. R. notes 1,034 + 91 Total gold certificate reserves 17,095 -1,964 * Cash (332) 374 2k + 28 Discounts and advances 32k. 111 - 100 - 210 Acceptances--bought outright 3377 — — + 9 U. S. Government securities: Bought outright— Bills 2, 651 + 93 + 615 Certificates 6, 517 -1,990 Notes 14, 548 + 23 +1,538 Bonds 3,170 64 + 686 Total bought outright 26,886 + 180 + 849 Held under repurchase agreement 1 4o + 1 Total U. S. Government securities 26,887 •f l4o + 850 Total loans and securities 27,035 + 4o + 649 Cash items in process of collection ((11,,000033)) 3,666 604 - 3^3 Bank premises 108 mm mm + 4 Other assets 204 4- 17 + 16 TOTAL ASSETS 48,482/ 571 -1,610 - L I A B I L I T I ES Federal Reserve notes (332 // - > * ) 27,238 + 197 + 199 Deposits: Member bank reserves 16,107 - 279 -1,434 U. S. Treasurer--general account 372 - 112 - 88 Foreign 210 + 10 4 Other 277 - 5 - 83 Total deposits 16,966 366 -1,609 - Deferred availability cash items ((11,,000033)) 2,895 397 - 260 Other liabilities and accrued dividends QQ 4? 2 + 3 TOTAL LIABILITIES (1,3#) 47,146 588 -1,667 - C A P I T AL A C C O U N TS Capital paid in 423 «* + 25 Surplus 817 mm *•» + 42 Other capital accounts OQ 96 4- 17 - 10 " TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,335) 48,482 571 -1,610 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 38.4# + .2$ - 3«i# Contingent liability on acceptances purchased for foreign correspondents 166 + 3 + 3 Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on following pages. MATURITY DISTRIBUTION OF LOANS ME SECURITIES, MAY 31> 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 1C8 10 393 15 16 days to 90 days 3 27 6, 314 77 91 days to 1 year * 7,442 38 Over 1 year to 5 years 10,471 36 Over 5 years to 10 years 2,116 50 Over 10 years 151 Total HI 37 26,887 +I5o * Less than $500,000.

B.4.1(b) STATEMENT CF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, l$6l San New Phila- Cleve- Rich- St. Minne- Kansas Total Boston Atlanta CChhiiccaaggoo Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) AA SS SS EE TTSS Gold certificate account l6,06l 768 4,090 943 1,361 995 737 2,803 673 330 712 549 2, ICO Redemption fund for F. R. notes 1,034 59 246 64 89 80 63 181 44 26 48 31 103 Total gold certificate reserves 17,095 827 4,336 1,007 1, 450 1,075 800 2,984 717 356 760 580 2,203 F. R. notes of other Banks 12 106 15 21 17 6l 24 12 9 1&%' 17 20 Other cash 374 23 76 15 34 19 33 61 19 8 12 22 52 Disccunts and advances 111 l4 18 4 3 32 7 18 1 5 6 1 2 Acceptances: Bought outright 37 -- 37 - - " " - - - - U. S. Government securities: Bought outright-- Bills 2,651 l4l 656 153 225 116688 114466 445533 107 6622 111166 107 317 Certificates 6,517 347 1,612 377 552 412 358 1, ll4 262 152 284 265 782 Notes 14, 548 774 3,597 84o 1,234 921 800 2,486 585 341 634 591 1,745 Bonds 3,170 169 784 183 269 201 174 541 128 74 138 129 380 Total 26,886 1,431 6,649 1,553 2,280 " 1, 702 " 1, 478 4,594 1,002 529 1,172 1,092 3,224 Held under repurchase agreement 1 - - 1 - - -- " - - -- " . -- Total TJ. S. Government securities 26,887 1,431 6,650 1,553 2,280 1,702 1,478 4,594 1,082 629 1,172 1,092 3,224 Total leans and securities 27,035 1,445 6,705 1,557 2,283 1,734 1,485 4,612 1,083 634 1,178 1,093 3,226 Cash items in process of collection 4,669 349 940 321 385 334 347 738 187 126 226 212 550044 Bank premises 108 4 9 4 8 6 12 23 7 5 5 14 11 Other assets 204 11 50 11 18 13 12 34 8 4 10 8 25 * TOTAL ASSETS 49,81V 2,671 12, 222 2,930 4,199 3,198 2,750 8,476 2,033 1,142 2,2C^f 1,946 6, o4l

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 19&1 San Total Boston Wew Phila- Cleve- Rich- Atlanta Chicago s** Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) LLLLL IIIII AAAAA BBBBB IIIII LLLLL IIIII TTTTT IIIII EEEEESSSSS k4' FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee nnnnnooooottttteeeeesssss 27,57d 1,589 6,385 1,816 2,477 2,122 1,564 5,125 1,185 588 1,14)1 820 2,750 DDDDDeeeeepppppooooosssssiiiiitttttsssss::::: MMMMMeeeeemmmmmbbbbbeeeeerrrrr tttttaaaaannnnnkkkkk rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 16,107 635 4,386 716 1,226 677 820 2,437 583 385 783 869 2,590 UUUUU.....SSSSS..... TTTTTrrrrreeeeeaaaaasssssuuuuurrrrreeeeerrrrr-----gggggeeeeennnnneeeeerrrrraaaaalllll aaaaaccccccccccooooouuuuunnnnnttttt 372 23 18 24 26 34 31 64 54 19 22 24 33 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 210 11 1/ 48 13 21 10 12 32 8 5 10 13 27 OOOOOttttthhhhheeeeerrrrr 277 * 233 2 * 2 1 1 * 1 1* 36 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 16,966 669 4,685 755 1,273 723 864 2,534 645 410 816 906 2,68£ DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 3,898 346 772 279 322 289 247 618 156 113 187 143 426 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 47 3 13 3 4 2 2 8 2 1 1 26 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS 2,607 11,855 2,853 4,076 3,136 2,677 8,285 1,988 1,112 2,1|3 * 1,671 5,868 CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS ^^^^^SSSSS^^^^^jjjjjiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 423 20 117 24 39 19 23 60 14 10 18 24 55 SSSSSuuuuurrrrrpppppllllluuuuusssss 817 4o 229 48 75 37 44 116 27 19 35 4? 100 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnnttttt 96 4 21 5 9 66 15 4 1 34 18 TTTTTOOOOOTTTTTAAAAALLLLL LLLLLIIIIIAAAAABBBBBIIIIILLLLLIIIIITTTTTIIIIIEEEEESSSSS AAAAANNNNNDDDDD CCCCCAAAAAPPPPPIIIIITTTTTAAAAALLLLL AAAAACCCCCCCCCCOOOOOUUUUUNNNNNTTTTTSSSSS 39 8l{ 2,671 12,222 2,930 4,199 3,198 2,750 8,476 2,033 1,1^2 2,2C$ 1,946 6,o4l ; CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeepppppttttt----aaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn eeeeeooooorrrrrrrrrreeeeegggggpppppooooonnnnndddddeeeeennnnntttttsssss 166 8 i/h6 10 15 8 9 23 6 4 7 10 20 FEDERAL RESERVE AGENTS' ACCOUNTS FF.. RR.. nnootteess oouuttssttaannddiinngg 28,809 1,631 6,834 1,874 2,618 2,201 1,622 5,249 1,229 663 1,174 061 2,053 CCoollllaatteerraall ffoorr FF.. RR.. nnootteess:: ...... GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 8,975 475 2,000 650 870 670 475 1,700 380 180 300 275 1,000 EElliiggiibbllee ppaappeerr 11 UU--.. SS.. GGoovveerrnnmmeenntt sseeccuurriittiieess 21,210 1,275 5,100 1,325 1,880 1,560 1,200 3,800 935 510 900 625 2,100 TToottaall ccoollllaatteerraall 30,196 1,750 7,100 1,979 2,750 2,230 1,675 5,500 1,316 690 1,206 900 3,100 1/ After deducting $162 million participations of other Federal Reserve Banks. * Less t.b^n $500,000. 2/ After deducting $120 million participations of other Federal Reserve Banks.