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 Coiditioa Statement of F.R. Bonks For lmmedlate release H.4.1 August 24, 1961 The average of daily figures of total member bank reserves held during the week ended August 23 increased $23 million to $19,220 million, which included an increase of $15 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $5 million; and estimated excess reserves increased $18 million to $622 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $585 million, compared with the revised figure of $542 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were an increase of $301 million in Federal Reserve float and a decrease of $70 million in currency in circulation. The principal offsetting changes were decreases of $84 million in U. S. Government securities bought outright and $190 million held under repurchase agreement, and $25 million in member bank borrowings, and an increase of $69 million in"other"F. R. accounts (net). Total Reserve Bank credit increased $5 million. As of Wednesday^ August 23, holdings of U. 8. Government securities bought outright were $263 million lower than a week earlier, U. S- Government securities held under repurchase agreement were $132 million lower, and member bank borrowings were $69 million lower. Outright holdings of bills, certificates, notes, and bonds decreased $138 million, $27 million, $69 million, and $29 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended W&dnesday, Reserve Bank credit, Aug. 23, Aug. iS, Aug. 24, Aug• 23, and related items 1961 1961 i960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 27,191 - 84 + 419 27,016 Held under repurchase agreement 6 -190 - 214 Acceptances-- Bought outright 3^ 32 Held under repurchase agreement - ~ — - 13 - - Discounts and advances — Member bank borrowings 37 - 25 - 156 47 Other 2 + 2 + 2 15 Float 1,4io +301 + 396 l, 066 Total Reserve Bank credit 28,681 + 5 + 436 28,176 Gold stock 17,602 + 1 -l,424 17,602 Treasury currency outstanding 5,5^8 + 3 + 182 5,552 51,830 + 8 - 808 51,330 Currency in circulation 32, 594 - 70 + 507 32,511 Treasury cash holdings 42^3 » — — + 22 421 Treasury deposits with F. R. Banks 488 - 10 + 3 575 Foreign deposits with F. R. Banks 243 - 14 + 48 244 Other deposits with F. R. Banks 292 + IT - 88 293 Other F. R. accounts (net) 1,108 + 69 + 92 1,107 35,147 - 8 + 584 35,151 Member "bank reserves: With Federal Reserve Banks 16,682 + 15 -1,393 16,178 Cash allowed as reserves (estimated) 2, 538 + 8 +2,209 2, 803 Total reserves held 19, 220 + 23 + 816 18, 981 Required reserves (estimated) 18,598 + 5 + 660 18, 592 Excess reserves (estimated) 622 + 1.8 + 156 389 On August 23, 1961, U. S. Government securities held in custody "by the Federal Reserve Banks for foreign account were $6,011 million, a decrease of $159 million for the week and an increase of $626 million from the comparable date a year ago.

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF TEE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Aug. 23, Aug. 16, Aug. 24, 1961 1961 I960 A S S E TS 16,291 - 1,464 Gold certificate account Redemption fund for F. R. notes 1,04? + 7 + 70 Total gold certificate reserves 17,338 + 7 - 1,394 * Cash (434) 415 + 19 6 Discounts and advances 62 - 54 176 Acceptances: Bought outright 32 Held under repurchase agreement - - 3 U. S. Government securities: Bought outright-- Bills 2,057 - 138 - 639 Certificates 1,683 - 27 -12,324 Notes 19,777 - 69 +12,267 Bonds 3,499 - 29 +1,015 Total bought outright 27,016 - 263 + 319 Eeld under repurchase agreement - 132 66 Total U. S. Government securities 27,016 - 395 + 253 Total loans and securities 27,110 - 449 + 74 Cash items in process of collection (1,010) 4,380 -1,021 + 590 Bank premises 111 — — + 5 Other assets 170 + 12 19 TOTAL ASSETS (l,444) 59752? -1, 432 - 750 L I A B I L I T I ES Federal Reserve notes (434) 27,532 - 116 + 388 Deposits: Member bank reserves 16,178 - 6l6 - 1,458 U. S. Treasurer--general account 575 + 51 + 56 Foreign 244 + 15 + 16 Other 293 + 4 90 Total deposits 17,290 546 - 1,476 Deferred availability cash items (1,010) 3,314 - 777 + 258 Other liabilities and accrued dividends 56 7 + 15 TOTAL LIABILITIES (1,444) 48,192 -1,446 - 815 C A P I T AL A C C O U N TS Capital paid in 430 + 1 + 28 Surplus 817 » — + 42 Other capital accounts , 85 + 13 5 TOTAL LIABILITIES AND CAPITAL ACCOUNTS(1,444) 49,524 -1,432 - 750 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the fol- + - 2.1 i lowing pages--not consolidated) 38 *3$ Contingent liability on acceptances purchased for foreign correspondents 139 4 59 * Figures in parentheses are the eliminations made in the consolidating processj see comparable figures on combined basis on following pages. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 23, 19&1 (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 Changes Discounts and advances Acceptances Holdings during week Within 15 days 60 10 346 -218 16 days to 90 days 2 22 922 - 41 91 days to 1 year jf * 11,400 -136 Over 1 year to 5 years 11,896 Over 5 years to 10 years 2, 234 Over 10 years 218 Total 52 32 27,016 -395

H.4.1(b) STATi^Hifl OF COitDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 23, 1961 San Total Boston New Phila- Cleve- Rich- Atlanta Chicago 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 l6, 291 793 3,990 910 1, 443 1,067 770 2,896 613 318 750 643 2,098 Redemption fund for F. R. notes 62 237 64 90 90 64 187 46 26 47 33 101 Total gold certificate reserves 17,338 855 4, 227 97V 1,533 1,157 834 3,083 659 344 797 676 2,199 F. R. notes of other Banks 434 45 113 39 13 26 6l 27 11 21 19 16 43 Other cash 415 27 87 21 38 21 37 63 20 10 11 21 59 Discounts and advances 62 4 21 4 6 2 3 10 1 2 3 4 2 Acceptances: "bought outright 32 32 - - - - -- — — - -- -- - - - - U. S. Government securities: Bought outright-- Bills 2, 057 109 509 119 174 130 113 352 83 48 90 84 246 Certificates 1,683 90 416 97 143 107 93 287 68 39 73 68 202 Notes 19,777 1,053 4,891 1,142 1,677 1, 252 1,087 3,379 796 463 862 803 2,372 Bonds 3,499 186 865 202 297 221 192 598 l4i 82 153 142 420 Total "27^016 1,438 6,681 1, 560 2,291 1, 710 1,185 4,616 1,088 632 1,178 1,097 3,240 Held under repurchase agreement Total U. 8. Government securities 27,016 1,438 6,681 1, 560 2, 291 1, 710 1,485 4,616 1,088 632 1,178 1,097 3,240 Total loans and securities 27,110 1,442 6,734 1,564 2,297 1,712 1,488 4,626 1,089 634 1,181 1,101 3,242 Cash items in process of collection 5,390 386 1,056 336 412 391 4oi 821 216 165 283 242 681 Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets 170 9 40 10 17 10 10 28 6 4 8 7 21 TOTAL ASSETS 50,968 2,768 12,266 2,948 4,318 3,323 2,844 8,672 2, 008 1,183 2,305 2,077 6,256

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 23, 1961 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 27,966 1,627 6,395 1,815 2, 524 2,204 1,602 5,202 1,197 582 1,163 845 2,810 Deposits: Member bank reserves 16,178 670 4,346 721 1,249 679 781 22,,445599 556622 339966 881155 889988 22,,660022 U.S. Treasurer-general account 575 22 96 42 33 46 31 81 22 29 46 33 94 Foreign 244 12 1/63 15 23 12 13 35 8 6 11 15 31 Other 293 1 250 * 1 2 1 1 * * 1 * 36 Total deposits 17,290 705 4,755 778 1,306 739 826 2,576 592 431 873 946 2,763 Deferred availability cash items 4,324 368 739 275 359 316 340 695 173 138 210 208 503 Other liabilities and accrued dividends 56 3 13 3 6 3 3 9 2 2 3 2 7 TOTAL LIABILITIES 49,636 2,703 11,902 2,871 4,195 3,262 2,771 8,482 1,964 1,153 2,249 2,001 6,083 CAPITAL ACCOUNTS Capital paid in 430 21 117 25 40 20 23 61 l4 10 18 25 56 Surplus 817 4o 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 85 4 18 4 8 4 6 13 3 1 3 4 17 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 50,968 2,768 12,266 2,948 4,318 3,323 2,844 8,672 2,008 1,183 2,305 2,077 66,,225566 Contingent liability on acceptances purchased for foreign correspondents 139 7 22//3399 88 13 66 7 20 5 3 6 88 1177 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,133 1,691 6,676 1,070 2,662 2,205 1,679 5,32o 1,249- 665 1,194 091 2,945 Collateral for F. R. notes: Gold certificate account 9,075 495 2,000 650 870 735 447755 1,700 338800 170 325 275 1,000 Eligible paper 8 - - - " 4 -- -- -- 1 " 3 - - - - U. S. Government securities 21, 360 1,275 5,100 1,325 1,880 l, 585 l, 300 3,800 935 510 900 650 2,100 Total collateral 30,443 1,770 7,100 1,979 2,750 2,320 1,775 5,500 1,316 680 l, 228 925 3,100 1/ After deducting $l8l million participations of other Federal Reserve Banks. * Less than $$00,000. 2/ After deducting $100 million participations of other Federal Reserve Banks.