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 27, 1 9 61 The average of daily figures of total member bank reserves held during the week ended July 26 decreased $103 million to $18,974 million, which included a decrease of $79 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves decreased $18 million; and estimated excess reserves decreased $85 million to $ 6 08 million. Excess reserves exceeded member Dank borrowings at the Federal Reserve Banks by $558 million, compared with the revised figure of $ 6 38 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $272 million in Federal Reserve float and $22 million in gold -stock, and an increase of $33 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $ 1 58 million in currency in circulation and $107 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $286 million. As of Wednesday, July 26, holdings of U. S. Government securities bought outright were $357 million higher than a week earlier and member bank borrowings were $103 million lower. Outright holdings of bills, notes, and bonds increased $43 million, $190 million, and $124 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 26, July 19, July 27, July 26, and related items 1961 1961 I960 1961 (] Cn millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 26,720 - 17 + 1 98 26,924 Held under repurchase agreement 11 + 11 66 mm w Acceptances--bought outright 33 - 1 + 5 3333 Discounts and advances— Member bank borrowings 50 - 5 - 3 01 59 Other - l — w Float 1,476 - 2 72 + 391 1,124 Total Reserve Bank credit 2 8 , 2 89 - 2 86 + 226 2 8 ,1 40 Gold stock 1 7 , 5 25 - 22 -l,666 17,527 Treasury currency outstanding 5, Ho + 3 + 83 5,443 51725% -306 -1,357 51,110 Currency in circulation 32,476 - 1 58 + 435 32,4l4 Treasury cash holdings 399 + 7 6 4o6 Treasury deposits with F. R. Banks 4 98 -107 + 10 537 Foreign deposits with F. R. Banks 251 + 33 + 49 2 58 Other deposits with F. R. Banks 274 - 97 2 62 Other F. R. accounts (net) 944 - 2 + 60 947 34,842 -227 + 4 50 3344,,882244 Member bank reserves: With Federal Reserve Banks 16,412 - 79 - 1 , 8 07 1 6 , 2 86 Cash allowed as reserves (estimated) 2,562 - 24 +2, 229 2 , 8 13 Total reserves held 18,974 - 1 03 + 422 19,099 Required reserves (estimated) 18,366 - 18 + 289 1 8 , 4 15 Excess reserves (estimated) 6 08 - 85 + 133 684 On July 26, 1961, U. S. Government securities held in custody "by the Federal Reserve Banks for foreign account were $5,695 million, an increase of $37 million for the week and an increase of $440 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 26, July 19, July 27, 1 9 61 1 9 61 I 9 60 A S S E TS Gold certificate account 16,175 — — -1,726 Redemption fund for F. R. notes l, o48 + 90 Total gold certificate reserves 17,223 - 1 , 6 36 -- Cash (435) 393 + 18 7 Discounts and advances 59 113 - 222 - Acceptances—bought outright 33 + 5 " U. S. Government securities: Bought outright— Bills 2,166 + 43 - 495 Certificates 6,511 - — -1,996 Notes 14,836 + 1 90 + 1 , 8 26 Bonds 3,411 + 124 + 927 Total bought outright 26,924 + 357 + 262 Held under repurchase agreement 22 - - -- Total U. S. Government securities 26,924 357 + 240 Total loans and securities 27,016 + 244 + 23 Cash items in process of collection (1,003) 4,336 - 879 + 385 Bank premises 1 11 - *» + 6 Other assets 324 + 19 4 TOTAL ASSETS (1,438) 49,403 59S -1,233 - L I A B I L I T I ES Federal Reserve notes (435) 27,466 w 129 + 350 Deposits: Member bank reserves 11 66 ,, 22 8866 + 11 --11,,775544 U. S. Treasurer--general account 537 - 1 09 + 37 Foreign 2 58 + 21 + 54 Other 2 62 3 - 100 Total deposits 17,343 80 -1,763 - Deferred availability cash items ( 1 , 0 0 3) 3,212 - 412 + 1 15 Other liabilities and accrued dividends 48 7 + 5 TOTAL LIABILITIES (1,438) 48,069 6i4 -1,293 - C A P I T AL A C C O U N TS Capital paid in 428 + l + 27 Surplus 8 17 - - + 42 Other capital accounts , ,89 + 15 9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (l, 438) 49,403 598 -1,233 - Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 38.1# + .2$ - 2.3# Contingent liability on acceptances purchased for foreign correspondents 114477 2 - 31 - 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 26, 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 57 g 5,200 + 77 16 days to 90 days 2 25 1,066 - 36 91 days to 1 year * 7,737 + 1 Over 1 year to 5 years 1 0 , 5 11 +230 Over 5 years to 10 years 2 , 2 10 + 62 Over 10 years 2 00 + 23 Total 59 33 26,924 +357

H.4.1(D) STATEMENT OF CONDITION OF EACH FEDERAL EESSRvE BANK ON JULY 26, 196l San Total Boston New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas DDaallllaass Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 16,175 780 4,122 955 1,357 1,013 783 2,892 625 342 6 76 662 1,968 Redemption fund for F. R. notes 1,048 63 241 64 90 84 61 189 46 27 47 34 102 Total gold certificate reserves 17,223 843 4, 363 1,019 1,447 1,097 844 3,081 6 71 369 723 6 96 2,070 F. R. notes of other Banks 435 33 117 31 18 25 58 28 13 20 17 20 55 Other cash 393 24 74 19 37 17 32 67 18 11 12 22 60 Discounts and advances 59 4 8 3 2 5 3 22 1 4 4 1 2 Acceptances: Bought outright 33 — —' 3333 — *"» mm — w w mm w U. S. Government securities: Bought outright — Bills 2,166 115 536 125 184 137 119 370 87 51 94 88 260 Certificates 6 , 5 11 347 1,610 376 552 412 358 1,113 262 152 284 264 781 Notes 14,836 790 3,669 857 1,258 939 8 16 2, 534 597 347 647 6 03 1,779 Bonds 3,411 1 81 843 197 289 216 1 87 583 1 38 80 149 139 4 09 Total 2 6 , 9 24 1,433 6 , 6 58 1,555 2 , 2 83 1,704 1,480 4,600 1,084 6 30 l, 174 1,094 3,229 Held under repurchase agreement - - — - - - — — — — — — — — — — — Total U. S. Government securities 26,924 1,433 6 , 6 58 1,555 2 , 2 83 1,704 1,480 4,600 1,084 6 30 1,174 1,094 3,229 Total loans and securities 27,016 1,437 6 , 6 99 1,558 2,285 1,709 1,483 4,622 1 , 0 85 634 1,178 1,095 3,231 Cash items in process of collection 5,339 387 1,012 318 429 386 394 843 229 164 286 245 646 Bank premises 1 11 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 324 17 80 18 28 21 19 55 13 6 14 l4 39 TOTAL ASSETS 50,841 2,745 12,354 2,967 4,252 3,261 2,843 8,720 2 , 0 36 1,209 2 , 2 36 2,106 6,112

H .4. 1( c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 2 6, 1 9 61 San Total Boston New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas DDaallllaass 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 27,901 1,639 6,407 1,832 2,510 2,166 1,596 55,,118800 11,,119944 5 87 1,158 8 38 22,,779944 Deposits: Member bank reserves 1166,,228866 6 50 4,533 746 1,192 661 7 88 2,536 575 424 742 939 2,500 U.S. Treasurer-general account 537 33 73 33 34 54 34 68 28 27 51 32 70 Foreign 2 58 12 i/rs 15 23 12 13 35 9 6 11 14 30 Other 262 * 219 1 2 3 1 1 * * 1 1 33 Total deposits 17,343 695 4,903 795 1,251 730 8 36 2,640 612 457 805 9 86 2,633 Deferred availability cash items 4,215 343 668 260 364 301 336 770011 11 8833 113333 221155 220055 55 0066 Other liabilities and accrued dividends 48 3 11 3 4 2 3 9 2 l 2 2 6 TOTAL LIABILITIES 49,507 2 , 6 80 11,989 2,890 4,129 3A99 2,771 8,530 1,991 1,178 2,180 2,031 5,939 CAPITAL ACCOUNTS Capital paid in 428 21 1 17 25 40 20 23 60 14 10 18 24 56 Surplus 8 17 4o 2 29 48 75 37 44 1 16 27 19 35 47 100 Other capital accounts 89 4 19 4 8 5 5 14 4 2 3 4 17 TOTAL LIABILITIES AND - - - CAPITAL ACCOUNTS 50,841 2,745 12,354 2,967 4,252 3,26l 2,843 8,720 2,036 1 , 2 09 2 , 2 36 2 , 1 06 6,112 Contingent liability on acceptances purchased for foreign correspondents 147 7 22//4411 9 13 7 8 21 5 3 6 9 18 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2299,,115566 11,,669933 66,,774400 11,,889955 22,,664433 22,,226622 11,,666666 55,,229988 11,,224477 66 6677 11,,119966 88 9911 22,,995588 Collateral for F. R. notes: Gold certificate account 9,055 495 2,000 650 8 70 715 475 1,700 380 170 325 275 1,000 Eligible paper 8 mm mm mm mm 3 mm «•§ 1 - — 4 -- we mm U.S. Government securities -21l325- 1,275 5,100 1,325 1,880 1,560 1,300 3,800 935 510 900 6 50 2,100 Total collateral 30,398 1,770 7,100 1,978 2,750 2,275 1,775 5,500 1,316 680 1 , 2 29 925 3,100 V After deducting $ 180million participations of other Federal Reserve Banks. *Less than $500,000. 2/ After deducting $ 106million participations of other Federal Reserve Banks.