H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release b.4.1 OF THE FEDERAL RESERVE SYSTEM June 8, 196l 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 June 7 decreased a net of $101 million to $18,769 million. Cash allowed as reserves decreased $182 million and member bank reserve "balances at the Federal Reserve Banks increased $8l million. Estimated required reserves decreased $43 million; and estimated excess reserves decreased $58 million to $554 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $4-92 million, compared with the revised figure of $520 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $259 million in holdings of U. S. Government securities and $45 million in Federal Reserve float, and a decrease of $36 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $30 million in member bank borrowings, and increases of $143 million in currency in circulation and $99 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $271 million. As of Wednesday, June 7, holdings of U. S. Government securities bought outright were $293 million higher than a week earlier, U. S. Government securities held under repurchase agreement were $1 million lower, and member bank borrowings were $45 million lower. Outright holdings of bills, notes, and bonds increased $178 million, $51 million, and $64 million, respectively. Averages of daily figures MMeemmbbeerr bbaannkk rreesseerrvveess,, Week ended Change from week ended Wednesday Reserve Bank credit, June 7, May 31, June 8, June 7, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 27,04l +242 + 923 27,179 Held under repurchase agreement 20 + 17 + 4 m> mm Acceptances--bought outright 37 - 3 + 7 37 Discounts and advances-- Member bank borrowings 62 - 30 - 338 62 Other 4 - 1 + 4 3 Float 1,010 + 45 + 17 869 Total Reserve Bank credit 28,175 +271 + 618 28,150 Gold stock 17,410 + 8 -1,942 17,428 Treasury currency outstanding 5,429 + 1 + 79 5,429 51,014 +280 -1,245 51,007 Currency in circulation 32,198 +143 + 281 32,270 Treasury cash holdings 425 + 7 + 1 417 Treasury deposits with F. R. Banks 473 + 99 + 28 420 Foreign deposits with F. R. Banks 198 - 13 1 227 Other deposits with F. R. Banks 239 - 36 - 104 246 Other F. R. accounts (net) 1,071 - 2 + 37 1,068 34,604 +198 + 242 3344,,664488 Member bank reserves: With Federal Reserve Banks 16,410 + 81 -1,487 16,359 Cash allowed as reserves (estimated) 2,359 -182 +2,104 2,556 Total reserves held 18,769 -101 + 617 18,915 Required reserves (estimated) 18,215 - 43 + 525 18,175 Excess reserves (estimated) 554 - 58 + 92 740 On June 7> 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,668 million, an increase of $31 million for the week and an increase of $744 million from the comparable date a year ago.

BU4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since June 7, May 31, June 8, 1961 1961 I960 A S S E TS Gold certificate~account 16,080 + 19 -2,034 Redemption fund for F. R. notes 11,,004466 + 12 + 108 Total gold certificate reserves 1177,,112266 + 31 -1,926 Cash (322) 370 «* k + 19 Discounts and advances 65 46 - 491 Acceptances—"bought outright 37 mm w> + 8 U. S. Government securities: Bought outright— Bills 2,829 + 178 + 668 Certificates 6,517 m •> -1,990 Notes 14,599 + 51 +1,589 Bonds 3,234 + 64 + 750 Total bought outright 27,.17.9 + 293 +1,017 Held under repurchase agreement - 1 Total U. S. Government securities 27,179 + 292 +1,017 Total loans and securities 27,281 + 246 + 534 Cash items in process of collection (873) 4,054 + 388 + 138 Bank premises 108 ## *» + 4 Other assets 223 + 19 + 17 TOTAL ASSETS (1,195) 49,162 + 680 -1,214 L I A B I L I T I ES Federal-Reserve notes (322) 27,326 + 88 ++ 226633 Deposits: Member "bank reserves 16,359 + 252 -1,521 U. S. Treasurer--general account 420 + 48 - 59 Foreign 227 + 17 + 20 Other 246 31 - 102 Total deposits 17,252 + 286 -1,662 Deferred availability cash items ((887733)) 3,185 + 290 + 129 Other liabilities and accrued dividends 49 + 2 ++ 33 TOTAL LIABILITIES (1,195) 47,812 + 666 --11,,226677 C A P I T AL A C C O U N TS Capital paid in 423 + 25 Surplus 817 mm wm + 42 Other capital accounts no + 14 - 14 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,195) 49,162 + 680 -1,214 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 3388..11%% - •3 * -- 33..00## Contingent liability on acceptances purchased for foreign correspondents 160 - 6 - 12 * 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, JUNE 7, 196l (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 62 9 307 - 86 16 days to 90 days 3 28 6,569 +255 91 days to 1 year * -- 7,449 + 7 Over 1 year to 5 years — — 10,560 + 89 Over 5 years to 10 years — — 2,135 + 19 Over 10 years -- — 159 + 8 Total 65 37 27,179 +292 * Less than $500,000.

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE ?, 1961 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 dolJLa rs) A S S E TS Gold certificate account 16,080 829 3,945 973 1,360 981 791 2,754 631 324 741 642 2,109 Redemption ftind for F. R. notes 1,046 59 245 63 89 89 62 186 45 26 48 31 103 Total gold certificate reserves 17,126 888 4,190 1,036 1,449 1,070 053 2,940 676 350 709 673 2,212 F. R. notes of other Banks 322 13 108 15 18 16 50 23 8 9 15 15 32 Other cash 370 22 76 17 34 18 32 61 17 7 11 21 54 Discounts and advances 65 2 6 4 2 14 10 19 * 1 4 1 2 Acceptances: Bought outright 37 -- 37 -- -- -- U. S. Government securities: Bought outright— Bills 2,829 151 700 163 224400 179 155 448833 111144 6666 112244 115 339 Certificates 6,517 347 1,612 377 552 412 358 1,114 262 152 284 265 782 Notes 14,599 777 3,610 843 1,238 924 803 2,494 588 342 636 593 1,751 Bonds 3,234 172 800 187 274 205 178 553 130 76 l4l 131 387 Total 21,179 I1 ,447 6,722 1,570 2,304 1,720 1,494 4,644 1,094 636 1,185 1,104 3,259 Held under repurchase agreement — -- «. — — - -- — — - - -- -• Total U. S. Government securities 27,179 1,44? 6,722 1,570 2,304 1,720 1,494 4,644 1,094 636 1,185 1,104 3,259 Total loans and securities 27,281 1,449 6,765 1,574 2,306 1,734 1,504 4,663 1,094 637 1,189 1,105 3,26l Cash itens in process of collection 4,927 351 958 298 380 362 391 786 222 115544 255 229 554411 Bank premises 108 4 9 4 8 6 12 23 7 5 5 14 11 Other assets 223 12 55 12 20 14 13 37 9 5 10 9 27 TOTAL ASSETS 50,357 2,739 12,161 2,956 4,215 3,220 2,855 8,533 2,033 1,167 2,274 2,066 6,138 * Less than $500,000.

H.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK Oil JUNE 7, 19ol San Net; Phila- Cleve- Rich- St. Minne- Kansas Total Boston Atlanta iChicago Dallas Fran- York delphia land mond Louis apolis City 1 cisco (In millions of doll;x rs) L I A B I L I T I ES Federal Reserve notes 27,648 1,597 6,378 1,823 2,480 2,136 1,577 5,130 1,190 590 1,153 825 2,769 Deposits: Member bank reserves 16,359 697 4,448 753 1,207 675 844 2,446 588 385 803 990066 22,,660077 U.S. Treasurer-general account 420 31 ,51 31 35 37 7 38 21 23 47 47 52 Foreign 227 13 1/39 15 24 12 14 37 9 6 11 15 32 Other 246 * 198 1 1 2 1 1 * 1 1 1 39 Total deposits 17,252 741 ^73^~ 800 1,267 726 866 2,522 618 415 862 969 2,730 Deferred availability cash items 4,058 333 663 254 340 293 335 679 178 130 200 195 458 Other liabilities and accrued dividends 49 3 14 2 44 2 3 8 2 1 2 2 66 TOTAL LIABILITIES 49,007 2,674 11,791 2,879 4,091 3,157 2,781 8,339 1,988 1,136 2,217 1,991 5,963 CAPITAL ACCOUNTS Capital paid in 423 20 117 24 39 39 23 60 14 10 18 24 55 Surplus 817 4o 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 110 5 24 5 10 7 7 18 4 2 4 4 20 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 50,357 2,739 12,161 2,956 4,215 3,220 2,855 8,533 2,033 11,,116677 22,,227744 22,,006666 66,,113388 Contingent liability on acceptances purchased for foreign correspondents 160 8 2/ 45 9 15 7 8 23 5 4 7 9 20 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2288,,884433 11,,664499 6,811 1,865 2,620 2,209 1,626 5,234 1,232 675 1,179 867 2,876 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 8 4 -- -- -- -- -- 4 -- " 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 30,193 1,750 7,100 1,979 2,750 2,230 1,675 5,500 1,315 690 1,204 900 3,100 _l/ After deducting $188 mi3lion participations of other Federal Reserve Banks. *Less than $500,000. 2/ After deducting $1.15 miljion participations of other Federal Reserve Banks.