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 13, 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 tank reserves held during the week ended July 12 decreased a net of $17 million to $19,070 million; cash allowed as reserves increased $102 million and member bank reserve balances at the Federal Reserve Banks decreased $119 million. Estimated required reserves decreased $107 million; and estimated excess reserves increased $90 million to $637 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $590 million, compared with the revised figure of $499 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $17 million in Federal Reserve holdings of U. S. Government securities, and an increase of $317 million in currency in circulation. The principal offsetting changes were an increase of $89 million in Federal Reserve float, and decreases of $44 million in Treasury deposits with Federal Reserve Banks and $62 million in "other deposits with Federal Reserve Banks. Total Reserve Bank credit increased $73 million. As of Wednesday, July 12, holdings of U. S. Government securities bought outright were $240 million lower than a week earlier, and member bank borrowings were $16 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Vfednesday, Reserve Bank credit, July 12, July 5, I July 13, July 12, and related items 1961 1961 1 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 27,266 - 8 + 749 27,143 Held under repurchase agreement - - - 9 " 96 -- Acceptances—bought outright 35 - 1 + 7 33 Discounts and advances-- Member bank borrowings 47 - 1 - 294 44 Other 1 + 1 -- w — Float 1,291 + 89 + 158 1,309 Total Reserve Bank credit + 73 + 526 28,529 Gold stock 17,550 — -1,732 17,551 Treasury currency outstanding 5,433 -- + 77 5,433 51,624 + 73 -1,129 51,513 Currency in circulation 32,797 +317 + 436 32,703 Treasury cash holdings 385 - 6 - 21 400 Treasury deposits with F. R. Banks 390 - 44 - 32 493 Foreign deposits with F. R. Banks 231 - 2 + 17 216 Other deposits with F. R. Banks 255 - 62 - 119 269 Other F. R. accounts (net) 996 - 11 + 6l 945 35,054 +192 + 341 35,026 Member bank reserves: With Federal Reserve Banks 16,570 -119 -1,471 16,487 Cash allowed as reserves (estimated) 2,500 +102 +2,192 2,832 Total reserves held 19,070 - 17 + 721 19,319 Required reserves (estimated) 18,433 -107 + 659 18,441 Excess reserves (estimated) 637 + 90 + 62 878 On July 12, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,675 million, a decrease of $2 million for the week and an increase of $533 million from the comparable date a year ago.

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since July 12, July 5, July 13, 1961 1961 I960 A S S E TS Gold certificate account 16,201 - 10 -1,797 Redemption fund for F. R. notes 1,048 + 7 + 94 Total gold certificate reserves 17,259 - 3 -1,703 Cash (342) 349 + 10 18 Discounts and advances 44 17 - 409 - Acceptances--"bought outright 33 - 2 + 5 U. S. Government securities: Bought outright-- Bills 22,,669999 22hh00 + 222 - Certificates 6,511 - - -1,996 Notes 14,646 - - +1,636 Bonds 3,287 + 803 — - Total bought outright 27,143 240 + 665 - Held under repurchase agreement - 36 Total U. S. Government securities 27,143 240 + 629 - Total loans and securities 27, 220 259 + 225 - Cash items in process of collection (952) 4,961 4" 823 + 324 Bank premises 111 — <m + 6 Other assets 288 + 15 *» «• TOTAL ASSETS (1,294) 50,178 4- 586 -1,166 L I A B I L I T I ES Federal Reserve not el s~ ((33%%22)) 2277,,771177 28 + 348 Deposits: Member bank reserves 16,487 •» 37 -1,595 U. S. Treasurer--general account 493 + 144 + 18 Foreign 216 - 59 + 37 Other 269 4- 35 - 104 Total deposits 17,465 4- 83 -1,644 Deferred availability cash items (952) 3,652 4- 577 + 58 Other liabilities and accrued dividends 42 • 4 + 5 TOTAL LIABILITIES (1,294) 48,876 + 628 -1,233 C A P I T AL A C C O U N TS Capital-paid In" 426 4* 1 + 26 Surplus 817 + 42 Other capital accounts 59 ""4433 1 TOTAL LIABILITIES AND CAPITAL ACCOUNTS U, 294) 50,178 4- 58 6 -1,166 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 37.9# - .1$ - 2.6$ Contingent liability on acceptances purchased for foreign correspondents 149 6 - 32 - * Figures in parentheses are the eliminations made in the consolidating process; MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 12, 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 7 E32" - 65 16 days to 90 days 2 26 6,284 -166 91 days to 1 year * 7,821 - 9 Over 1 year to 5 years 10,281 Over 5 years to 10 years 2,148 Over 10 years 177 Total 33 27,143 ^0 # Less than $500,000.

BA.l(t)) STATEMENT OF COAWHON OF EACH FEDERAL RESERVE BANK ON JULY 12, 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) A S S E TS % Gold certificate account 16,201 8l4 4,032 945 1, 369 976 818 2,778 315 727 656 2,138 Redemption fund for F. R. notes 1,048 63 241 64 90 84 61 189 27 47 34 102 Total gold certificate reserves 17,2*5-9 877 4,273 1,009 1,459 1,060 879 2,967 679 342 774 690 2,240 F. R. notes of other Banks 342 20 108 19 12 20 48 22 9 12 16 15 41 Other cash 349 19 63 16 35 16 29 63 15 8 11 20 54 Discounts and advances 44 5 3 3 4 9 3 5 * 3 7 1 1 Acceptances: Bought outright 33 33 U. S. Government securities: Bought outright-- Bills 2,699 143 668 156 229 171 149 461 108 63 117 110 324 Certificates 6,511 347 1,610 376 552 412 358 1,113 262 152 284 264 781 Motes 14,646 780 3,622 846 1,242 927 805 2,502 590 342 639 595 1,756 Bonds 3,28? 175 813 190 279 208 180 562 132 77 143 134 394 Total 27,143 1,445 6,713 1,568 2,302 1,718 1,492 4,638 1,092 634 1,183 1,103 3,255 Held under repurchase agreement Total U. S. Government securities 27,143 1,445 6,713 1,568 2,302 1,718 1,492 4,638 1,092 634 1,183 1,103 3,255 Total loans and securities 27,220 1,450 6,749 1,571 2,306 1,727 1,495 4,643 1,092 637 1,190 1,104 3,256 Cash items in process of collection 5,913 421 1,193 352 452 429 438 923 259 183 315 253 695 Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 288 15 72 17 24 18 16 48 11 8 13 11 35 TCTAL ASSETS 51,472 2,806 12,467 2,988 4,296 3,276 2,918 8,690 2,072 1,195 2,325 2,107 6,332 * Less than $500,000.

B.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 12, I96I New Phila- Cleve- Total Boston York delphia land u 1 San St. Minne- Kansas Atlanta Chicago Dallas Fran- Louis apolis City cisco (In millions of dol]. ars) L I A B I L I T I ES Federal Reserve notes 28,059 1,654 6,423 1,844 2, 523 2,165 1,608 5,203 1,202 593 1,167 841 2,836 Deposits: Member bank reserves 16,487 659 4,613 729 1,209 683 8l4 2,452 578 379 807 924 2,640 U.S. Treasurer-general account 493 43 >9 35 33 38 35 43 32 32 42 34 77 Foreign 216 10 1/68 12 19 9 11 29 7 5 9 12 25 Other 269 * 221 * 1 5 1 1 * * 1 * 39 Total deposits 17,465 712 4,951 776 1,262 735 061 2,525 617 416 059 970 2,701 Deferred availability cash items 4,6o4 375 725 290 386 314 376 771 208 155 243 221 540 Other liabilities and accrued dividends 42 2 11 3 4 3 2 6 2 1 1 2 5 TOTAL LIABILITIES 50,170 2,743 12,110 2,913 4,175 3,217 2,847 8,505 2,029 1,165 2,270 2,034 6,162 CAPITAL ACCOUNTS Capital paid in 426 21 117 24 4o 19 S 60 14 10 18 24 56 Surplus 817 40 229 48 75 37 116 27 19 35 47 ICO Other capital accounts 59 2 11 3 6 3 4 9 2 1 2 2 14 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,472 2,806 12,467 2,988 4,296 3,276 2,918 8,690 2,072 1,195 2,325 2,107 6,332 Contingent liability on acceptances purchased for foreign correspondents 149 7 2/42 9 l4 7 8 21 5 3 6 9 18 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,212 1,703 6,754 1,897 2,655 2,240 1,672 5,307 1,246 672 1,202 891 2,973 Collateral for F. R. notes: Gold certificate account 9,030 495 2,000 650 870 690 475 1,700 380 170 325 275 1,000 Eligible paper 10 3 7 U, S. Government securities 21,360 1,275 5,100 1,321„ 1,880 1,585 1.300 3,800 935 510 900 650 2,100 Total collateral 30,400 1,770 7,100 1,978 2,750 2,275 1>775 5,500 1,315 680 1,232 925 3,100 l/ After deducting $146 million participations of other Federal Beserve Banks. ~ 2/ After deducting $107 million participations of other Federal Reserve Banks. * Less than $500,000.