H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release E.4.1 July 20; 1961 The average of daily figures of total member bank reserves held during the week ended July 19 decreased a net of $69 million to $19;034 million; cash allowed as reserves increased $10 million and member "bank reserve "balances at the Federal Reserve Banks decreased $79 million. Estimated required reserves decreased $55 million; and estimated excess reserves decreased $l4 million to $643 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $588 million, compared with the revised figure of $6i0 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $529 million in U. S. Government securities bought outright, and an increase of $215 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $457 million in Federal Reserve float, and decreases of $163 million in currency in circulation and $50 million in "other" F. R. accounts (net). Total Reserve Bank credit decreased $66 million. As of Wednesday, July 19., holdings of U. S. Government securities bought outright were $576 million lower than a week earlier, and member bank borrowings were $118 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday. Reserve Bank credit, July 19, July 12, July 20, July 19,' and related items 1961 1961 I960 1961 (in millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 26,737 -529 + 321 26,567 Held under repurchase agreement — — — — - 140 mm Acceptances-- Bought outright 34 - 1 + 6 33 Held under repurchase agreement — mm «•» - 2 Discounts and advances-- Member bank borrowings 55 + 8 - 374 162 Other 1 1 10 — — Float 1,748 +457 + 325 1,591 Total Reserve Bank credit 28,575 - 6*6 -f 138 28, 363 Gold stock 17, 547 - 3 -1,704 17,526 Treasury currency outstanding 5,437 + 4 80 5,438 51, 560 - 64 -1,485 51,327 Currency in circulation 32,634 -163 4- 435 32,560 Treasury cash holdings 392 + 7 - 17 401 Treasury deposits with F. R. Banks 605 +215 + 57 646 Foreign deposit with F. R. Banks 218 - 13 Hb 9 237 Other deposits with F. R. Banks 274 + 19 - 100 265 Other F. R. accounts (net) 946 - 50 4* 62 943 35,069 + 15 4- 446 35,052 Member bank reserves: With Federal Reserve Banks 16,491 - 79 -1,931 16,275 Cash allowed as reserves (estimated) 2, 543 + 10 +2 i, 203 2,750 Total reserves held 19,034 - 69 + 272 19,025 Required reserves (estimated) 18,391 - 55 + 146 18,484 Excess reserves (estimated) 643 - i4 + 126 541 On July 19, 1961, U. S. Government securities held in custody "by the Federal Reserve Banks for foreign account were $5; 658 million, a decrease of $17 million for the week and an increase of $495 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 19, July 12, July 20, 1961 1961 A S S E TS Gold certificate~account 1166,,117755 26 -1,801 - Redemption fund for F. R. notes 1,048 + 92 Total gold certificate reserves 17,223 2266 -1,709 - * Cash (391) 375 + 26 + 1 Discounts and advances 172 + 128 - 809 Acceptances—bought outright 33 + 6 U. S. Government securities: Bought outright— Bills 2,123 - 557766 - 270 Certificates 6,511 -1,996 — — Notes 14,646 +1,636 Bonds 3,287 + 803 — - Total bought outright 26,567 576 + 173 - Held under repurchase agreement -- -- - 120 Total U. S. Government securities 26,567 576 + 53 - Total loans and securities 26,772 448 - 750 - Cash items in process of collection (1,162) 5,215 + 254 + 598 Bank premises 111 + 5 Other assets 30? + 17 ~ 2 TOTAL ASSETS (1,553) 50,001 177 -1,857 - L I A B I L I T I ES Federal""Reserve-note s (391) 27,595 - 122 ++ 336611 Deposits: Member bank reserves 16,275 - 212 -2,430 U. S. Treasurer—general account 646 + 153 + 25 Foreign 237 + 21 + 3% Other 265 4 - 99 ~ Total deposits 17,423 42 -2,470 - Deferred availability cash items (1,162) 3,624 - 28 + 190 Other liabilities and accrued dividends 4l 1 1 TOTAL LIABILITIES (1,553) 48,683 193 -1,920 - C A P I T AL ACCOUNTS Capital paid in 427 + 1 + 26 Surplus 817 + 42 mm * Other capital accounts 74 + 15 5 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1, 553) 50,001 - 177 -1,857 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 3377..99## - 1-9# mm mm Contingent liability on acceptances purchased for foreign correspondents 149 - 32 * 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 19, 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 Within 15 days 170 5, 123 +4/691 16 days to 90 days 2 25 1,102 -5,182 91 days to 1 year * 7,736 85 Over 1 year to 5 years 10,281 Over 5 years to 10 years 2,148 Over 10 years -- 177 Total 172 33 257W - 576 * Less than $500,000.

E.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 19, 1961 San Total Boston New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 16,175 871 3,927 929 1, 370 988 862 2,769 645 325 762 670 2, 057 Redemption fund for F. R. notes l, 048 63 241 64 90 84 6l 189 46 27 47 34 102 Total gold certificate reserves 17,223 934 4,168 993 l7450 1,072 923 2,958 691 352 809 704 2,159 F. R. notes of other Banks 391 27 115 25 15 22 55 23 10 17 17 17 48 Other cash 375 22 74 19 36 17 30 63 17 9 11 21 56 Discounts and advances 172 * 100 1 11 17 5 20 2 1 8 6 1 Acceptances: Bought outright 33 — 33 - - -- - - - - — — - - - - U. S. Government securities: Bought outright-- Bills 2,123 113 525 123 180 134 117 363 85 50 92 86 255 Certificates 6,511 347 l, 610 37 6 552 412 358 1,113 262 152 284 264 781 Notes l4,646 780 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 2 5 7W 1,415 57570 1,535 2,253 1, 681 1, 460 4, 540 1,069 621 1,155" 1,079 3,106 Held under repurchase agreement - ~ -- — -- - - -- Total U. S. Government securities 26,567 1,4.15 6,570 1,535 2,253 1, 681. l,46o 4,540 1,069 621 1,158 1,079 3,186 Total loans and securities 26,772 l, 415 6,703 1,536 2, 264 1,698 1,465 4,560 1,071 622 1,166 1,085 3,187 Cash items in process of collection 6,377 476 1,304 399 495 433 455 1, Oil 272 187 327 250 768 Bank premises ill 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 305 16 74 17 26 20 18 53 12 7 13 13 36 TOTAL ASSETS 51,554 2, 894 12, 447 2,993 4,304 3,268 2,959 8,692 2,080 1,199 2,349 2,104 6,265 * Less than $500, 000.

H A.1(c) STATEMENT 0? CONDITION OP EACH FEDERAL RESERVE BANK OH JULY 19, 196l San TToottaall BBoossttoonn New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco ((IInn millions of dollars) LL II AA BB II LL II TT II EESS Federal Reserve notes 27,986 11,,664477 66,,44ll44 11,,883388 22,,551177 22,,116655 11,,660066 55,,119944 1,200 559900 1,162 883399 22,,88ll44 Deposits: Member "bank reserves 16,275 701 4,520 721 1,191 662 84l 2,379 586 388 810 909 2,567 U.S. Treasurer-general account 646 39 122 30 31 50 4l 86 31 32 54 57 73 Foreign 237 11 1/72 13 21 11 12 33 8 5 10 13 28 Other 26s * 917 1 1 2 2 -X- * 1 2 1 38 Total deposits 17,423 751 4,931 765 1,244 725 896 2,498 625 426 876 980 2,706 Deferred availability cash items 4,786 429 731 311 418 316 384 806 210 152 253 209 567 Other liabilities and accrued dividends 41 3 10 4 1 2 6 .1 1 2. 6 TOTAL LIABILITIES 50,236 2,830 12,086 2,917 4,183 3,207 2,888 8,504 2,036 1,169 2,293 2,030 6,093 CAPITAL ACCOUNTS Capital paid in 427 21 117 24 4o 20 23 60 14 10 18 24 56 Surplus Other capital accounts 81 jk 7 4o 2 2 is 9 48 4 75 i 37 4 4 4 4 11 i? 6 27 A 19 1 35 47 3 1 I 0 5 0 _ TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 51,554 2,894 12,447 2,993, 4.^204 3,268 2,959 8,692 2 , 0 80 1,199 2,349 2,104 6,265 Contingent liability on acceptances purchased for foreign correspondents 114499 7 22//4422 9 14 7 8 2.1 5 3 6 9 1188 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2299,,220066 1,698 66,,776611 11,,990011 22,,664455 22,,225500 11,,667755 55,,330066 ll,,2244ll 669 1,201 888 2,971 Collateral for F. R. notes: Gold certificate account 9,055 495 2,000 650 870 715 475 1,700 380 170 325 275 1,000 Eligible paper 11 1 2 8 — - — — — — — — - - — — — — — — — - - — U. S. Government securities 21,335 1,275 5,100 1,325 1,880 1,560 1.300 3.800 <3^ 510 900 650 100 Total collateral 30,401 1,770 7,100 1,976 2,750 2,275 1,775 5,500 1,317 680 1,233 925 3,100 l/ After deducting $ 165 million participations of other Federal Reserve Banks. * Less than $500,000. 2/ After deducting $ 107million participations of other Federal Reserve Banks.