H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM June 15, 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 June l4 increased a net of $44 million to $18,849 million. Cash allowed as reserves increased $72 million and member tank reserve balances at the Federal Reserve Banks decreased $28 million. Estimated required reserves decreased $40 million; and estimated excess reserves increased $84 million to $655 million. Excess reserves exceeded member hank borrowings at the Federal Reserve Banks by $584 million, compared with the revised figure of $509 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $115 million in Federal Reserve holdings of U.S. Government securities and an increase of $101 million in currency in circulation. The principal offsetting changes were increases of $108 million in Federal Reserve float and $39 million in gold stock, and decreases of $15 million in Treasury cash holdings and $28 million in "other" F. R. accounts (net). Total Reserve Bank credit increased $2 million. As of Wednesday, June l4, holdings of U. S. Government securities bought outright were $334 million lower than a week earlier and member bank borrowings were $1 million lower. Outright holdings of bills, certificates, and notes decreased $303 million, $17 million, and $14 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, June 14, June 7, June 15, June 14, and related items 1961 1961 I960 1961 : u Cn millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 26,946 - 95 + 770 26,845 Held under repurchase agreement — — - 20 - - Acceptances—bought outright 38 + 1 + 9 37 Discounts and advances-- Member bank borrowings 71 + 9 - 303 61 Other 4 *» «• + 3 2 Float 1,118 +108 + 89 1,187 Total Reserve Bank credit 28,177 + 2 + 568 28,132 Gold stock 17,449 + 39 -1,902 17,476 Treasury currency outstanding 5,433 + 4 + 80 5,434 51,060 + 46 -1,253 51,042 Currency in circulation 32,299 +101 + 323 32,271 Treasury dash holdings 4l0 - 15 5 417 Treasury deposits with F. R. Banks 480 + 7 10 565 Foreign deposits with F. R. Banks 203 + 5 3 202 Other deposits with F. R. Banks 242 + 3 - 123 241 Other F. R. accounts (net) 1,043 - 28 + 42 1,007 34,677 + 73 + 223 34,70$ Member bank reserves: With Federal Reserve Banks 16,382 - 28 -1,477 16,339 Cash allowed as reserves (estimated) 2,467 + 72 +2,169 2,762 Total reserves held 18,849 + 44 + 692 19,101 Required reserves (estimated) 18,194 - 40 + 465 18,316 Excess reserves (estimated) 655 + 84 + 227 785 On June 14, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,577 million, a decrease of $91 million for the week and an increase of $536 million from the comparable date a year ago.

5.4.1(a) CONSOLIDATED bl'/vXEMEtiT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since June 14, June 7, June 15, 1961 1961 I960 A S S E TS Gold certificate"account 16,126 + h6 -1,986 Redemption fund for F. R. notes 1,048 2 + 110 Total gold certificate reserves 17,175 + 48 -1,876 Cash (344) 378 + 8 + 26 Discounts and advances 63 - 2 - 289 Acceptances--bought outright 37 + 8 U. S. Government securities: Bought outright— Bills 2,526 ~ 303 + 372 Certificates 6,500 17 -2,007 Notes 14,585 14 +1,575 Bonds 3,234 + 750 Total bought outright 26,845 - 334 + 690 Held under repurchase agreement — — Total U. S. Government securities 26,845 - 334 + 690 Total loans and securities 26,945 - 336 + 409 Cash items in process of collection (1,107) 5,124 •1,070 - 247 Bank premises 111 + 3 + 6 Other assets 239 + 16 + 34 TOTAL ASSETS (1,451) 49,971 809 3H L I A B I L I T I ES Federal""Reserve"~notes (344) 27,330 + 4 + 276 Deposits: Member bank reserves 16,339 - 20 -1,769 U. S. Treasurer—general account 565 + 145 + 30 Foreign 202 - 25 + 18 Other 241 • 5 - 134 Total deposits 17,347 + 95 -1,875 Deferred availability cash items (1,107) 3,937 + 752 - 126 Other liabilities and accrued dividends 54 + 5 + 8 TOTAL LIABILITIES (1,451) 48,668 + H055 -1,717 C A P I T AL A C C O U N TS Capital paid in 423 mm + 25 Surplus 817 mm + 42 Other capital accounts 63 - 47 + 2 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,451) 49,971 + 809 -1,648 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.I# — - 2.8# Contingent liability on acceptances purchased for foreign correspondents 157 3 25 * 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 l4, 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 advgangc es- Acceptances Holdings during week Within 15 days 10 266 TTo 16 days to 90 days 1 27 6,270 -299 91 days to 1 year * 7,455 + 6 Over 1 year to 5 years 10,560 Over 5 years to 10 years 2,135 Over 10 years 159 Total 37 26,845 ^335 * Less than $500,000.

H.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 14, 1961 San New Phila- Cleve- Rich- St. Minne- Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dol3L ars) AS S E TC 76 Gold certificate account 16,126 i 4,121 930 1,292 987 799 2,843 619 342 717 636 2,075 Redemption fund for F. R. notes 1,048 245 63 88 88 62 186 44 26 48 31 103 Total gold certificate reserves 17,174 829 4,366 993 1,380 1,075 861 3,029 663 368 765 667 2,178 F. R. notes of other Banks 344 14 120 15 16 20 49 23 8 10 17 14 38 Other cash 378 22 78 17 35 19 31 62 18 7 12 20 57 Discounts and advances 63 7 12 4 1 7 4 19 1 3 4 1 * Acceptances: Bought outright 37 37 U. S. Government securities: Bought outright— Bills 2,526 135 624 146 214 160 139 431 102 59 110 103 303 Certificates 6,500 346 1,608 375 551 4ll 357 1,111 262 152 283 264 780 Notes 14,585 776 3,607 843 1,237 923 802 2,492 587 341 636 592 1,749 Bonds 3,234 172 ,800 187 274 205 178 553 130 76 141 131 387 Total 26,845 1,429 6,639 1,551 2,276 1,699 1,476 4,587 1,081 628 1,170 1,090 3,219 Held under repurchase agreement T-otal U. S. Government securities 26,845 1,429 6,639 1,551 2,276 1,699 1,476 4,587 1,081 628 1,170 1,090 3,219 Total loans and securities 26,945 1,436 6,688 1,555 2,277 1,706 1,480 4,606 1,082 631 1,174 1,091 3,219 Cash items in process of collection 6,231 433 1,229 380 510 442 480 1,008 290 190 307 268 694 •Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 239 13 59 14 21 15 14 40 9 5 10 10 29 TOTAL ASSETS 51,422 2,751 12,549 2,978 4,247 3,283 2,928 8,792 2,077 1,216 2,291 2,084 6,226 * Less than $500,000.

H.4.l(c) STATEMENT OF CONDITION 0? EACH FEDERAL RESERVE BANK OK JUNE 14, 1961 San Nev 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 27,674 1,601 6,369 1,824 2,486 2,139 1,582 5,132 1,191 591 1,155 831 2,773 Deposits: Member bank reserves 16,339 627 4,677 714 1,162 644 821 2,495 568 397 776 896 2,562 U.S. Treasurer-general account 565 33 63 33 32 62 33 85 25 31 48 37 83 Foreign 202 10 l/6l 11 18 9 10 28 7 5 8 11 24 Other 24.1 1 192 1 * 2 1 1 1 * 1 1 4o Total deposits 17,347 b71 X993 759 1,212 717 865 2,609 601 433 833 945 2,709 Deferred availability cash items 5,044 4l4 815 317 425 363 407 857 239 161 245 233 568 Other liabilities and accrued dividends 54 3 l4 3 4 4 3 9 2 l 3 2 6 TOTAL LIABILITIES 50,119 2,689 12,191 2,903 4,127 3,223 2,657 8,607 2,033 1,186 2,236 2,011 6,056 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 63 2 12 3 6 4 4 9 3 1 2 2 15 TOTAL LIABILITIES AND --CAPITAL ACCOUNTS 51,422 2,_7.51 12,549 _2^78 4,247 3,283 &928 8,792 2,077 1,216 2,291 2,084 6,226 Contingent liability on acceptances purchased for foreign correspondents 157 8 2/ 44 9 15 7 8 22 5 4 7 9 19 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 28,937 11,,664488 66,,882222 1,880 2,621 2,220 1,633 5,243 1,235 673 1,187 874 2,901 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 9 -- — — 4 -- -- 1 -- 4 • - U. S. Government securities 21,235 1,275 5,100 1,325 1,880 1,585 1,200 3,800 935 510 900 625 2,100 Total collateral 30,219 1,750 7,100 1,979 2,750 2,255 1,675 5,500 1,316 690 1,204 900 3,100 J-/ After deducting $l4l million participations of other Federal Reserve Banks, * Less than $500,000. 2.j After deducting $113 million participations of other Federal Reserve Banks.