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HT4.1 BOARD OP GOVERNORS OP THE FEDERAL RESERVE SYSTEM For Immediate Release February 2, I96I WEEKfcY AVERAGES OF MEMBER B A M RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total member tank reserves held during the week ended February 1 decreased a net of $573 million to $18,890 million. Cash allowed as reserves decreased $115 million and member bank reserve balances at the Federal Reserve Banks decreased $458 million. Estimated required reserves decreased $50 million; and estimated excess reserves decreased $523 million to $477 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $4ll million, compared with the revised figure of $953 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $221 million in Federal Reserve holdings of U. S• Government securities, $392 million in Federal Reserve float, and $49 million in gold stock. The principal offsetting change was a decrease of $190 million in currency in circulation. Total Reserve Bank credit decreased $597 million. As of Wednesday, February 1, holdings of U. S. Government securities bought outright were $177 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $125 million higher, and member bank borrowings were $120 million higher. Outright holdings of bills, certificates, and notes decreased by $170 million, $5 million, and $2 million, respectively. All securities sold had maturities of less than one year. See attached note explaining changes in the publication of this press statement. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securitiesBought outright--System account Held under repurchase agreement Acceptance s--bought outright Discounts and advances-Member bank borrowings Other Float Total Reserve Bank credit Gold stock Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F. R. Banks Other deposits with F. R. Banks Other F. R. accounts (net) Member bank reserves: With Federal Reserve Banks Cash allowed as reserves (estimated) Total reserves held Required reserves (estimated) Excess reserves (estimated) Averages of daily figures Week ended Change from week ended Feb. 3, Feb. 1, Jan. 25, I960 1961 1961 (In millions oJ dollars) 26,582 18 48 -239 + 18 - 1 66 + 19 - 1 -392 -597 - 49 9 1,131 27,853 17,441 5,402 50,696 Wednesday, Feb. 1, 1961 -H, 140 + 13 + 7 26,570 125 46 - 179 9 859. 27,788 17,441 5,402 50,631 + 742 6 + 24 + 447 -2,004 + 83 -1,474 31,774k42)lb 510 ' 227 393 951 34,279 -190 + 7 + 3 - 18 + 1 + 9 ^35 + 12 + 60 + 117 + 361 31,752 427 456 225 380 1,018 34,258 16,417 2,473 18,890 18,413 477 -458 -115 -573 - 50 -523 -1,835 +2,188 + 353 + 357 4 16,373 2,520 18,893 18,4l4 479 209 12 «• - On February 1, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,807 million, an increase of $83 million for the week and an increase of $1,341 million from the comparable date a year ago. NOTE: Beginning this week the second page of this statement, heretofore shoving the condition of the 12 Federal Reserve Banks on a combined basis, will be oh a consolidated basis; and the figures on all pages will be in millions of dollars. The figures shown in parentheses on the consolidated statement are the eliminations made in the consolidating process. They include the following: (a) Elimination of the asset item, Federal Reserve notes of other Banks and a corresponding reduction in the liability item, Federal Reserve notes. The net liability figure represents the amount held outside of the Federal Reserve Banks. (b) Elimination of the interoffice duplication of deferred availability cash items at seme Federal Reserve Banks and cash items in process of collection at other Banks. This does not affect float figures as shoxm on page 1 of this statement. (c) Elimination, when it occurs, of collected funds held by one Reserve Bank which are due to another Bank and are on the books as an asset of the other Bank but have not been remitted because of local holidays or other reasons. The effect is to reduce two accounts, cash items in process of collection and "other" deposits, by identical amounts. (On page 1 of this statement on such an occasion, the item Other deposits with F. R. Banks is further reduced by the collected funds held by one Reserve Bank which are due to another Bank and are not on the bocks as an asset of the other Bank and which have not been remitted because of local holidays or other reasons. The figure of float on page 1 is revised to represent the net of cash items in process of collection less the total of deferred availability cash items and collected funds due other Federal Reserve Banks; heretofore the item of collected funds has not been deducted.) Comparisons with week-ago and year-ago figures are with consolidated figures. Totals will continue to be shown on a combined basis on the third and fourth pages, containing the statements of condition of the individual Reserve Banks. Because of its relatively small size the asset item "Due from foreign banks" has been combined into "Other assets." CONSOLIDATED STATEMENT OF CONDITION Feb* 1, 1961 A S S E T S Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves 16,082 1,058 17,140 Cash Discounts and advances Acceptances- -bought outright U« S. Government securities: Bought outright-Bills Certificates Notes Bonds Total bought outright Held under repurchase agreement Total U. S. Government securities (689) 518 188 46 2,524 9,045 12,466 2,535 26,570 125 26,695 26,929 Total loans and securities (962) 4,220 108 210 49,125 (1,651) Cash items in process of collection Bank premises Other assets TOTAL ASSETS L I A B I L I T I E S Federal Reserve note's ~ — Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other Total deposits (689) 26,994 16,373 456 225 380 17,434 Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (962) 3,361 32 (1,651) 47,821 C A P I T A L A C C O U N T S Capital-paid In™ 4l8 Surplus 817 Other capital accounts 69 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,651) 49,125 Change since Jan. 25, Feb* 3, I960 1961 8 2 10 - + + - - 2,099 + 88 - 2,011 19 120 1 + + 8 615 6 170 5 2 1,110 1,462 1,456 51 1,155 91 1,246 637 + 177 125 52 + + + + + + 4- 67 + 48 - - - - - 61 33 + 171 + 8 146 - 1,333 - 33 + ** — - -«• 57 36 22 115 + 99 1 + 117 1,648 16 + 6 + 38 - 1,620 - - O OF TgB TWELVE FEDERAL RESERVE BANKS (In millions of dollars) 1 H.4.1(a) 2 — + 1 5 33 - + + - 123 8 1,372 + 2 8 + 42 31 - 1,333 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 38.0 + .1$ - 3*1# Contingent liability on acceptances purchased for foreign correspondents 195 18 + 70 * 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. FEBRUARY 1. 196l (Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years Total Discounts and advances 17B 10 --— IBS Acceptances 10 36 --— ' — S5 U. 5. Government securities 1,276 9,054 10,673 1,179 271 26,695 E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK OH FEBRUARY 1, I96I Total Boston New York Philadelphia Cleve- Richland mond Atlanta St. Minne- Kansas Chicago City Louis apolis Dallas (In millions of dollars) A S S E T S Gold certificate account 16,082 Redemption fund for F. R. notes 1,058 Total gold certificate reserves 17,140 San Francisco 671 62 7-33 4,173 250 4,423 920 65 985 1,323 92 1,415 1,007 86 1,093 797 62 859 2,84l 187 3,028 636 46 682 3^5 26 371 739 49 788 657 32 689 1,973 101 2,074 65 36 173 106 48 25 54 45 39 32 85 35 65 87 23 27 23 11 15 19 34 19 65 76 Discounts and advances 188 5 Acceptances: Bought outright 46 U, S. Government securities: Bought outright— Bills 136 2,524 Certificates 486 9,045 Notes 12,466 670 Bonds 136 2,535 Total 26,570 1,428 Held under repurchase agreement 125 26 6 10 2 8 77 10 1 32 9 2 630 2,256 3,109 632 6,627 125 144 518 714 145 1,521 217 777 1,071 218 2,283 160 572 789 161 1,682 138 496 684 139 1,457 432 1,548 2,134 434 4,5% 102 366 504 102 1,074 58 210 289 59 616 108 388 535 109 1,140 102 365 502 102 1,071 297 1,063 1,465 298 3,123 Total U.S. Government securities 26,695 1,428 6,752 l, 521 2,283 1,682 1,457 4,548 1,074 616 l,l4o 1,071 3,123 Total loans and securities 26,929 1,433 6,824 1,527 2,293 1,684 1,465 4,625 1,084 617 1,172 1,080 3,125 5,182 108 210 398 4 11 1,046 9 53 334 4 11 4l4 9 18 370 6 13 4l8 12 13 84o 22 34 211 6 9 146 5 5 ife 5 10 224 l4 9 50,776 2,680 12,634 2,934 4,248 3,237 2,887 8,701 2,042 1,178 2,2-fl 2,069 F. R. notes of other Banks Other cash Cash items in process of collection Bank premises Other assets TOTAL ASSETS 689 518 46 u 12 24 9V0 5,895 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 1, l$6l Total Boston L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U.S. Treasurer-general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES New York San Dallas Francisco Minne- Kansas apolis City Phila- Cleve- Rich- Atlanta Chicago St. Louis land mond delphia 1,597 6,452 1,825 2,515 2,126 1,586 5,173 1,199 586 1,129 8l4 2,681 4,574 21 1/ 67 320 4,982 ' 726 20 13 3 762 1,209 27 20 1 1,257 691 49 10 3 753 815 38 12 1 866 2,556 35 31 2 2,624 592 28 7 1 628 401 32 5 * 438 835 34 9 2 880 940 44 13 1 998 2,413 101 225 380 17,434 621 27 11 1 660 4,323 357 827 269 353 295 364 712 170 123 M 182 465 32 49,472 2 2,616 10 12,271 2 2,858 3 4,120 2 3,176 1 2,017 5 8,514 1 1,998 1 1,140 1 2,216 1 1,995 3 418 817 69 20 40 4 116 229 18 24 48 4 39 75 6 19 37 5 23 44 3 59 116 12 14 27 3 10 19 1 24 47 3 52 ICO 8 50,776 2,680 12,634 2,934 4,248 3,237 2,887 8,701 2,c42 1,178 18 35 2 sr 2,271 2,069 5,895 195 10 2/ 55 11 18 9 10 27 7 5 8 11 24 1,681 5,390 1,255 666 1,165 865 • 2,880 525 1,800 180 1,100 3,800 5,600 300 31 900 1,231 275 1,2C0 1,725 410 10 935 1,355 27,683 1 6 ' $ 30 45 2,586 CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on acceptances purchased for foreign correspondents '•?y'o FEDERAL RESERVE AGENTSf ACCOUNTS F. R. notes outstanding 2,690 2,229 6,884 1,908 1,681 29,294 Collateral for F. R- notes: 670 870 2,000 650 Gold certificate account 475 9,255 — — — 6 Eligible paper 47 1,880 1,590 U. S. Government securities 5,100 1,325 21,140 1,275 2,750 2,260 1,981 7,ico Total collateral 30,442 1,750 l/ After deducting$158million participations of other Federal Reserve Banks. 2/ After deducting$l40million participations of other Federal Reserve Banks. ** Less than $>00,000. — 510 690 — - 625 900 2,000 3,100
@FedFRASER