H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS For Immediate Release H.4.1 OF THE FEDERAL RESERVE SYSTEM July 6, 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 July 5 decreased a net of $6l million to $19,04-2 million. Cash allowed as reserves decreased $197 million and member bank reserve balances at the Federal Reserve Banks increased $136 million. Estimated required reserves increased $21 million; and estimated excess reserves decreased $82 million to $530 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $482 million, compared with the revised figure of $531 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $457 million in U. S. Government securities bought outright and $17 million in gold stock, and a decrease of $190 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $33 million in member bank borrowings and $177 million in Federal Reserve float, and increases of $278 million in currency in circulation and $58 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $249 million. As of Wednesday, July 5, holdings of U. S. Government securities bought outright were $609 million higher than a week earlier and member bank borrowings were $24 million lower. Outright holdings of bills, certificates, notes, and bonds increased $484 million, $11 million, $6l million, and $53 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, July 5, June 28, July 6, July 5> and related items 1961 1961 I960 1961 (][n millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 27,274 +457 + 783 27,383 Held under repurchase agreement 9 + 6 - 53 -- Acceptance s —bought outright 36 - 1 + 5 35 Discounts and advances-- Member bank borrowings 48 - 33 - 392 60 Other 1 - 2 + 1 1 Float 1,202 -177 + 163 1,063 Total Reserve Bank credit 28,568 +249 + 505 28,542 Gold stock 17,550 + 17 -1,772 17,550 Treasury currency outstanding 5,433'/. - 1 + 77 5,433 51,55X3 - +266 -1,190 51,525 Currency in circulation 32,48jrfV , +278 + 325 32,745 Treasury cash holdings 39# * - 13 - 15 392 Treasury deposits with F. R. Banks 434 -190 - 83 349 Foreign deposits with F. R. Banks 233 + 12 + 7 275 Other deposits with F. R. Banks 317 + 58 - 81 234 OOtthheerr FF.. RR.. aaccccoouunnttss ((nneett)) 1,007 - 16 + 49 1,006 34,862% , +129 + 201 35,001 Member bank reserves: With Federal Reserve Banks 16,689 +136 -1,390 16,524 Cash allowed as reserves (estimated) 2,353 -197 +2,112 2,412 Total reserves held 19,042 - 61 + 722 18,936 Required reserves (estimated) 18,512 + 21 + 627 18,524 Excess reserves (estimated) 530 - 82 + 95 412 On July 5, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,677 million, a decrease of $125 million for the week and an increase of $605 million from the comparable date a year ago.

2.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since July 5, June 28, July 6, 1961 1961 I960 A S S E TS Gold certificate account 16,211 + 13 -1,882 l,o4l 2 + 105 Redemption fund for F. R. notes - Total gold certificate reserves 17,252 + 11 -1,777 * Cash (277) 339 36 6 Discounts and advances 61 - 25 - 470 + 7 Acceptances--bought outright 35 " - U. S. Government securities: Bought outright— Bills 2,939 + 484 + 4o4 Certificates 6,511 + 11 -1,996 Notes 14,646 + 61 +1,636 Bonds 3,287 + 53 + 803 Total bought outright 27,383 + 609 + 847 - 104 Held under repurchase agreement -- Total U. S. Government securities 27,383 + 609 + 743 Total loans and securities 27,479 + 584 + 280 Cash items in process of collection 4,138 - 303 + 28 111 + 6 Bank premises -- Other assets 273 + 21 + 7 TOTAL ASSETS 49,592 + 277 -1,462 L I A B I L I T I ES Federal Reserve notes 27,745 + 435 + 284 Deposits: Member bank reserves 16,524 + 419 -1,685 U. S. Treasurer--general account 349 300 + 24 - Foreign 275 + 75 + 8 Other 234 - 84 - 133 Total deposits 17,382 + 110 -1,786 Deferred availability cash items (1,034) 3,075 - 273 21 Other liabilities and accrued dividends 46 7 + 9 TOTAL LIABILITIES (1,311) 48,248 + 265 -1,514 C A P I T AL A C C O U N TS Capital paid in 425 + 1 + 25 Surplus 817 + 42 Other capital accounts 102 + 11 - 15 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (l, 311) 592 > + 277 -1,462 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?; - .4% - 2.6# Contingent liability on acceptances purchased for foreign correspondents 155 - 1 24 * 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, JULY 5, 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 9 =597— • +189 Within 15 days 35- 16 days to 90 days 3 26 6,450 +228 * 7,830 +120 91 days to 1 year Over 1 year to 5 years 10, 281 - + 4l 2,148 + 13 Over 5 years to 10 years Over 10 years 177 •+• -18 Total 35 27,383 +609 * Less than $500,000.

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESEKlrE BANK ON JULY 5, 19&1 Son New Phila- Cleve- Rich- St. Minne- Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dol] iars) A S S E TS Gold certificate account 16,211 867 3,759 1,014 l,4l4 1,021 863 2,837 594 290 686 705 2,161 Redemption fund for F. R. notes l,04l 63 242 64 89 85 6l 185 44 27 47 32 102 Total gold certificate reserves 17,252 930 4, C01 1,070 1,503 1,1C6 924 3,022 63d 317 733 737 2,263 F. R. notes of other Bonks 277 13 91 11 13 12 47 13 8 12 15 14 26 Other cash 339 19 58 15 35 16 28 62 17 9 11 21 48 Discounts and advances 6l 8 4 5 2 8 8 15 1 1 6 1 2 Acceptances: Bought outright 35 35 U. S. Government securities: Bought outright-- Bills 2,939 156 727 170 249 186 162 502 118 69 128 119 353 Certificates 6,511 3^7 1,610 376 552 412 358 1,113 262 152 284 264 781 Notes 14,646 780 3,622 846 1,242 927 805 2,502 590 342 639 595 1,756 Bonds 3,287 175 813 190 279 208 180 562 132 77 143 134 394 Total 27,383 1,458 6,772 1,562 2,322 1,733 1,505 4,679 1,102 640 1,194 1,112 3,204 Held under repurchase agreement Total U. S. Government securities 27,383 1,458 6,772 1,582 2,322 1,733 1,505 4,679 1,102 640 1,194 1,112 3,284 Total loans and securities 27,479 1,466 6,811 1,587 2,324 1,741 1,513 4,694 1,103 641 1,200 1,113 3,286 Cash items in process of collection 5,172 341 1,122 335 381 396 396 794 220 144 250 204 589 Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 273 15 67 16 24 17 16 45 11 7 12 11 32 TOTAL ASSETS 50,903 2,788 12,159 3,046 4,288 3,294 2,937 8,654 2,004 1,135 2,227 2,114 6,257

H.4.1(c) STATEMENT OF ' CDRBlTIOif " *OF 'EACH ' FSBSPAL -ESSE1WE - BANK ON JULY 5,-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 dollars) L I A B I L I T I ES Federal Reserve notes 28,022 1,648 6,439 1,847 2,506 2,164 1,606 5,194 1,198 590 1,162 837 2,831 Deposits: Member bank reserves 16,524 719 4,315 8o4 1,269 703 862 2, 544 536 368 757 965 2,682 U.S. Treasurer-general account 349 20 35 17 37 7 36 39 21 16 35 34 52 Foreign 275 13 1/78 16 25 13 15 39 9 6 12 16 33 Other 234 1 191 l 1 2 1 * 2 * 2 1 32 Total deposits 17,382 753 ~X6l9 838 1,332 725 914 2,622 568 390 806 1,016 2,799 Deferred availability cash items 4,109 319 721 282 323 340 342 638 191 122 200 184 447 Other liabilities and accrued dividends 46 3 11 2 4 3 2 8 2 2 2 2 -5 TOTAL LIABILITIES 49,559 2,723 11,790 2,969 4,165 3,232 2,864 8,462 1,959 1, io4 2,170 2,039 6,082 CAPITAL ACCOUNTS Capital paid in 425 21 117 24 39 19 23 60 14 10 18 24 56 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 102 4 23 5 9 6 6 16 4 2 4 4 19 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 50,903 2,788 12,159 3,o46 4,288 3,294 2,937 8,654 2,004 1,135 2,227 2,114 6,257 Contingent liability on acceptances purchased for foreign correspondents 155 8 2/43 9 14 7 8 22 5 4 7 9 19 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,056 1,686 6,777 1,883 2,636 2,224 1,658 5,276 1,232 674 1, loo titib 2,93b Collateral for F. R. notes: Gold certificate account 8,965 475 2,000 650 870 670 475 1,700 380 170 300 275 1,000 1 6 Eligible paper 12 5 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 30,212 1,750 7,100 1,980 2,750 2, 255 1,675 5,500 1,316 680 1,206 900 3,100 y After deducting $197 million participations of other Federal Reserve Banks. * Less than $500,000. 2/ After deducting $112 million participations of other Federal Reserve Banks.