H.4.1 Factors Affecting Reserve Balances of Depository Institutions

H.4.1 BOARD OF GOVERNORS For Immediate Release OF THE FEDERAL RESERVE SYSTEM June 29, 1961 MEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BAM CREDIT, AND RELATED ITEMS and STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS The average of daily figures of total nenber bank reserves held during the week ended June 28 decreased a net of $195 nillion to $19,101 million. Cash allowed as reserves increased $72 million and nenber bank reserve balances at the Federal Reserve Banks decreased $267 nillion. Estinated required reserves decreased $226 nillion; and estinated excess reserves increased $31 nillion to $577 nillion. Excess reserves exceeded nenber bank borrowings at the Federal Reserve Banks by $496 nillion, conpared with the revised figure of $504 nillion the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $177 nillion in Federal Reserve float and $28 nillion in U. S. Government securities bought outright, and increases of $143 million in Treasury deposits with Federal Reserve Banks, $28 nillion in foreign deposits with Federal Reserve Banks, and $26 million in "other" deposits with Federal Reserve Banks. The principal offsetting changes were increases of $46 nillion in gold stock and $39 nillion in nenber bank borrowings, and a decrease of $45 million in currency in circulation. Total Reserve Bank credit decreased $167 nillion. As of Wednesday, June 28, 1961, holdings of U. S. Government securities bought outright were $71 nillion lower than a week earlier, U. S. Government securities held under repurchase agreement were $20 million lower, and nenber bank borrowings were $5 nillion higher. Averages of daily figures MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss,,, WWeeeekk eennddeedd C hange fron week ended WWWeeedddnnneeesssdddaaayyy RRReeessseeerrrvvveee BBBaaannnkkk cccrrreeedddiiittt,,, JJuunnee 2288,, June 21, June 29, JJJuuunnneee 222888,,, aaannnddd rrreeelllaaattteeeddd iiittteeemmmsss 11996611 1961 I960 111999666111 U Cn nlllions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 26,817 - 28 + 688 26,774 Held under repurchase agreement 3 *»** + 3 Acceptances—bought outright 3377 - 1 + 7 3355 Discounts and advances- Member bank borrowings 81 + 39 - 331 84 Other 3 + 1 + 3 2 Float 1,379 -177 + 211 1,093 Total Reserve Bank credit 28,319 TI57 + 580 27,988 Gold stock 17,533 + 46 -1,792 17,550 Treasury currency outstanding 5,434 + 1 + 78 5,433 51,285 %I2l -1,135 50,971 Currency in circulation 32,202 - 45 + 335 32,268 Treasury cash holdings 4o4 - 6 2 410 Treasury deposits with F. R. Banks 624 +143 + 119 649 Foreign deposits with F. R. Banks 221 + 28 - 28 200 Other deposits with F. R. Banks 259 + 26 - 156 318 Other F. R. accounts (net) 1,023 + + 2 m + 52 1,022 34,733 + 320 34,867 Member bank reserves: With Federal Reserve Banks 16,553 -267 -1,454 16,105 Cash allowed as reserves (estinated) 2,548 + 72 +2,213 2,828 Total reserves held 19,101 10,933 Required reserves (estimated) 18,524 -226 + 668 18,550 Excess reserves (estinated) 577 + 31 + 91 383 On June 28, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,802 nillion, an increase of $167 nil Hon. for the week and an increase of $723 nillion fron the comparable date a year ago.

H.4*l(a) consolidated STATES T OF CONDITION OF THE TWELVE FBDER , RESERVE BANKS (in millions: ' dollars) Change since June 28, June 21, June 29, 1961 1961 I960 A S S E TS Gold certificate-account 16 ; 198 + 2, -1,896 Redemption fund for F, R. notes 1,043 4 + 108 Total gold certificate reserves 17:241 + 21 -1,788 Cash (371) 375 1 + 9 Discounts and advances 86 + 5 - 181 Acceptances—bought outright 35 2 + 7 U. S. Government securities: Bought outright— Bills 2,455 - 71 + 237 Certificates 6,500 -2,007 Notes 14,585 +1,575 Bonds 3,234 + 750 Total bought outright 26,774 - 71 + 555 Held under repurchase agreement mm — - 20 + 555 Total U. S. Government securities 26,774 - 91 Total loans and securities 26,895 - 88 + 381 Cash items in process of collection (1,010) 4,441 -1,204 + 192 Bank premises 111 + 6 Other assets 252 + 14 + 7 TOTAL ASSETS (1,381) 49,315 -1,250 -1,193 L I A B I L I T I ES Federal Reserve notes (371) 27,310 53 + 239 Deposits: Member bank reserves 16,105 455 -1,423 U. S. Treasurer—general account 649 + 86 + 154 200 + 24 - 89 Foreign 318 + 25 - 105 Other 17,272 - 320 -1,463 Total deposits Deferred availability cash items (1,010) 3,348 -1,007 - 33 Other liabilities and accrued dividends + 1 + 5 TOTAL LIABILITIES (1,381) 47,903 TTT273 -1,252 C A P I T AL A C C O U N TS Capitol-paid la" 424 + 1 + 24 Surplus 817 — + 42 Other capital accounts 91 + l4 - 7 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,381) 49,315 T g gg -1,193 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shoim on the following pages—not consolidated) 38.4% +.3$ - 2.8% Contingent liability on acceptances purchased for foreign correspondents 156 -- - 26 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on following pages. T"r'r MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 25, 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 -g- Within 15 days g2 ' 9 " 3cB~ 16 days to 90 days 4 26 6,222 -16 91 days to 1 year * 7,710 -14 Over 1 year to 5 years 10,240 Over 5 years to 10 years 2,135 Over 10 years 159 m Total 35 "gsrm -91 * Less than $500,000.

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BAM ON JUKE 28, 1961 Total Boston Y Ne o t r z k d P e h l i p l h a i - a Cl l e a v n e d - m R o ic n h d - Atlanta Chicago L S ou t i . s M a i p n o n l e i - s Ka C n i s t a y s Dallas Fr S a a n n cisco A S S E TS (In millions of dollars) Gold certificate account 16,198 769 4,169 939 1,326 1,019 778 2,843 633 323 665 594 2,140 Redemption fund for F. R. notes 1,043 64 242 65 89 86 62 184 44 26 47 32 102 Total gold certificate reserves 17,241 833 4,411 1,004 1,415 1,105 840 3,027 677 349 712 626 2,242 F. R. notes of other Banks 371 16 120 19 19 21 52 25 10 14 18 16 4l Other cash 375 21 73 16 37 19 28 64 19 9 13 21 55 Discounts and advances 86 11 6 11 2 14 8 16 2 3 7 2 4 Acceptances: Bought outright 35 " 35 — - -- -- -- -- -- — — -- U. S. Government securities: Bought outright— Bills 2,455 131 607 142 208 155 135 419 99 57 107 1C0 295 Certificates 6,500 346 l,6c8 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 34l 636 592 1,749 Bonds 3,234 172 800 187 274 205 178 553 130 76 l4l 131 387 Total 26,774 1/525 6,622 175^7 2,270 1,694 1,472 4,575 1,075 626 1,167 1,087 3,211 Held under repurchase agreenent Total U. S. Government securities 26,774 1,425 6,622 1,547 2,270 1,694 1,472 4,575 1,078 626 1,167 1,087 3,211 Total loans and securities 26,895 1,436 6,663 1,558 2,272 1,708 1,480 4,591 1,080 629 1,174 1,089 3,215 Cash items in process of collection 5,451 417 1,103 337 439 361 383 8 59 257 159 262 245 629 Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 252 13 62 14 22 16 15 43 10 5 11 11 30 TOTAL ASSETS 50,696 2,740 12,441 2,952 4,212 3,236 2,811 8,633 2,060 1,170 2,196 2,022 6,223

h.4.i(c) ETPJsmsm OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 28, ]L 96l 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 (In millions of dol]L ars) Federal Reserve notes 27,681 1,618 6,369 1,826 2,488 2,149 1,584 5,129 1,185 587 1,150 829 2,767 Deposits: Member bank reserves 16,105 626 4,586 694 1,171 655 773 2,465 565 375 723 852 2,620 U.S. Treasurer-general account 649 32 94 54 28 57 31 90 45 34 45 40 99 Foreign 200 10 1/51 12 19 10 11 29 7 5 9 12 25 Other 318 * "277 1 1 1 l 1 * * 1 1 34 Total deposits 17,272 668 5,008 761 1,219 723 816 2,585 617 414 77b 905 2,770 Deferred availability cash itens 4,358 386 685 286 379 299 335 720 211 137 210 211 499 Other liabilities and accrued dividends 53 3 14 3 4 3 3 9 2 1 2 3 6 TOTAL LIABILITIES 49,364 2,675 12,076 2,876 4,090 3,174 2,738 8,443 2,015 1,139 2,l4o 1,948 6,050 CAPITAL ACCOUNTS Capital paid in 424 21 117 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 91 4 19 4 8 6 6 14 4 2 3 3 18 TOTAL LIABILITIES AH) CAPITAL ACCOUNTS 50,696 2,740 12,441 2,952 4,212 3,236 2,811 8,633 2,060 &170 2,196 2,022 6,223 Contingent liability on acceptances purchased for foreign correspondents 156 8 2/44 9 14 7 8 22 5 4 7 9 19 FEDERAL RESERVE AGENTS' ACCOUNTS F. R- notes outstanding 28,934 1,657 6,786 1,888 2,622 2,216 1,652 5,242 1,233 669 1,184 889 2,896 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 20 " — 11 -- -- - - 2 -- 7 -- 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 30,230 1,750 7,100 1,986 2,750 2,255 1,675 5,500 1,317 690 1,207 900 3,100 JL/ After deducting $149 million participations of other Federal Reserve Banks. * Less than $500,000. 2/ After deducting $112 million participations of other Federal Reserve Banks.