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 H.4.1 September 7, 1961 The average of daily figures of total member "bank reserves held during the week ended September 6 decreased a net of $75 million to $19,094 million. Cash allowed as reserves decreased $233 million and member bank reserve balances at the Federal Reserve Banks increased $158 million* Estimated required reserves decreased $3 million; and estimated excess reserves decreased $72 million to $530 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $473 million, compared with the revised figure of $565 million the week before• The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $564 million in U. S. Government securities bought outright and $20 million in member bank borrowings, and a decrease of $29 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $102 million in Federal Reserve float and $128 million in gold stock, and increases of $189 million in currency in circulation and $40 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $484 million. As of Wednesday, September 6, holdings of U. S. Government securities bought outright were $643 million higher than a week earlier and member bank borrowings were $9 million higher. Outright holdings of bills, notes, and bonds increased $543 million, $77 million, and $23 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 6, Aug. 30, Sept. 7, Sept. 6, and related items 1961 1961 i960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 27,840 +564 +1,200 27,902 Held under repurchase agreement mm mm — — - 144 Acceptances- Bought outright 35 2 34 Held under repurchase agreement 1 Discounts and advances-- Member bank borrowings 57 + 20 204 68 Other * * - 1 * Float 999 -102 4- 138 1,080 Total Reserve Bank credit 28,931 +484 4- 990 29, 084 Gold stock 17,451 -128 -l,548 17,452 Treasury currency outstanding 5,553 + 1 4" 181 5,553 51,935 +357 - 376 52,089 Currency in circulation 32,663^ • +189 4» 489 32,828 Treasury cash holdings 4o$k * - 8 + 9 4l8 Treasury deposits with F. R. Banks 469 - 29 - 8 557 Foreign deposits with F. R. Banks 270 + 40 4- 37 274 Other deposits with F. R. Banks 303 + 5 108 324 Other F. R. accounts (net) 1, ill + 2 4* 100 1,108 35,22X3 . +199 4- 519 35,509 Member bank reserves: With Federal Reserve Banks 16,712 +158 - 895 16,580 Cash allowed as reserves (estimated) 2,382 -233 +1,631 2,578 Total reserves held 19,094 - 75 + 736 19,158 Required reserves (estimated) 18,564 - 3 + 864 18,628 Excess reserves (estimated) 530 - 72 - 128 530 * $$00,000 or less On September 6, 196l, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,866 million, a decrease of $102 million for the week and an increase of $44$ million from the comparable date a year ago.

5.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Sept. 6, Aug. 30; Sept. 7, 1961 1961 i960 A S S E TS Gold certificate account 16,142 - 1,589 Redemption fund for F. R. notes 1,044 - 1 4- 74 Total gold certificate reserves 177135 1 1,515 - - Cash (376) 386 30 2 Discounts and advances 68 + 9 - 109 Acceptances--bought outright 3344 + 2 4- 2 U. S. Government securities: Bought outright-- Bills 2, 811 + 543 4- 172 Certificates 1, 683 L2,324 Notes 19,872 + 77 +12,362 Bonds 3,536 + 23 + 1,052 Total bought outright 27, 902 + 643 4- 1,262 Held under repurchase agreement - 83 Total U. S. Government securities 27,902 + 643 4- 1—1 1—1 £ Total loans and securities 28,oo4 4- 654 4- 1,072 Cash items in process of collection (892) 4,013 34 4- 376 Bank premises 110 - l 4- 5 Other assets 205 4- 21 - 22 TOTAL ASSETS (1,268) + 609 86 - L I A B I L I T I ES Federal Reserve notes (376) 27,813 + 272 + 376 Deposits: Member bank reserves 16,580 4- 395 - 742 U. S. Treasurer--general account 557 + 32 4- 39 Foreign 274 4- 48 4- 79 Other 324 4- 34 - 52 Total deposits 17,735 + 509 676 - Deferred availability cash items (892) 2,933 - 191 4" 132 Other liabilities and accrued dividends 65 4- 7 4- 24 TOTAL LIABILITIES (1,268) 48,546 4- 597 - l44 C A P I T AL A C C O U N TS Capital paid in 430 4- 28 Surplus 817 4- 42 Other capital accounts 111 4- 12 - 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (l,268) 49,904 4- 609 - 86 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages--not consolidated) 37.4% - .6f> - 3-1# Contingent liability on acceptances purchased for foreign correspondents 135 1 68 - - * 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, SEPTEMBER 6, 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 67 12 452 +217 16 days to 90 days 1 22 1,187 +128 91 days to 1 year -- -- 11,851 +250 Over 1 year to 5 years -- -- 11,934 + 34 Over 5 years to 10 years -- -- 2,254 + 8 Over 10 years -- -- 224 + 6 Total 55 35 277902 +543

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 6, 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 l6,l42 724 4,166 874 1,357 1,060 756 2,756 637 301 721 629 2,l6l Redemption fund for F. R. notes 1,044 62 235 64 91 89 64 187 46 26 47 33 100 Total gold certificate reserves 17,186 786 4,401 938 1,448 1,149 820 2,943 663 3^7 768 ob'd •d/d6± F. R. notes of other Banks 376 46 93 33 13 18 58 22 9 21 17 15 31 Other cash 386 24 78 21 34 22 35 65 19 9 10 20 49 Discounts and advances 68 10 11 3 18 5 4 8 * 2 5 1 1 Acceptances: Bought outright 3344 - - 3344 - — -- -- - - — - - - U. S. Government securities: Bought outright-- Bills 2.811 149 695 163 238 178 155 481 113 6655 123 llll44 337 Certificates 1,683 90 4l6 97 143 106 93 287 68 4o 73 68 202 Notes 19,872 1,058 4,9-14 1,148 1,685 1,258 1,092 3,396 800 465 866 807 2,383 Bonds 3,536 188 875 204 300 224 194 6o4 142 83 154 144 424 Total 27,902 1,485 6,900 1,612 2,366 1, 766 1,534 4,768 1,123 653 1,216 1,133 3,346 Held under repurchase agreement WW mm -- «- — — — — — — — - ~ - - - -- Total U. S. Government securities 27,902 1,485 . 6,900 1,612 2, ^66 1,766 1,534 4,768 1,123 653 1,216 1,133 3,346. Total loans and securities 28,004 1,495. 6,945 1,615 2,384 1,771 1,538 4,776 1,123 655 1,221 1,134 3,347 Cash items in process of collection 4,905 340 993 307 385 376 356 755 217 150 250 222266 550 Bank premises 310 4 . 9 4 8 6 13 24 7 5 6 13 11 Other assets 205 11 . 51 12 17 12 .12 34 8 5 9 9 25 TOTAL ASSETS 51A72 2; 706 12,570 2,930 4,289 3,354 2,832 8,619 2,066 1,172 2,28l 2,079 6,274 I •x-Less than $500,000.

H.4.1(c) STATEMENT OF- CONDITION OF EACE INDERAL KESEKVE BANK. ON SEPTEMBER 6, 1961 San New Phila- Cleve- Rich- St. Minne- Kansas TToottaall BBoossttoonn AAttllaannttaa CChhiiccaaggoo DDaallllaass Fran- York ddeellpphhiiaa land mond Louis aappoolliiss CCiittyy cisco (In millions of dollars) LL II AA BB II LL II TT II EESS Federal Reserve notes 28,189 1,640 6,444 1,821 2,531 2, 242 1,610 5,225 1, 201 581 1,170 849 2,875 Deposits: Member "bank reserves 16, 58O 635 4,605 738 1,246 693 809 2, 473 595 4o4 786 896 2, 700 U.S. Treasurer-general account 557 38 78 35 46 4o 22 83 30 29 61 42 53 Foreign 274 13 1/79 16 25 13 14 38 9 6 12 16 33 Other 324 1 271 l 1 3 1 1 1 * 1 * 43 Total deposits 17,735 687 5,033 790 l, 318 7%9 646 2,595 535" 439 860 954 2,829 Deferred availability cash items 3,825 310 705 237 309 295 299 593 183 119 192 197 386 Other liabilities and accrued dividends 65 3 17 4 6 5 3 11 2 2 2 3 7 TOTAL LIABILITIES 49,814 2,~F4O 12,199 2,852 4,164 3,291 2,758 8,424 2, 021 1,141 2, 224 2, 003 6,097 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 111 5 25 5 10 6 7 18 4 2 4 4 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 51,172 2, 706 12,570 2,930 4,289 3,354 2,832 8,619 2, 066 1,172 2,281 2, 079 6,274 Contingent liability on acceptances purchased for foreign corre spondents 135 7 22//3388 8 12 6 7 19 5 3 6 88 1166 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,191 1,699 6,671 1,86 2 2,655 2,314 l, 674 5,331 l, 243 662 1,205 898 2,977 Collateral for F. R. notes: Gold certificate account 9,075 495 2,000 650 870 735 475 1,700 380 170 325 275 1, 000 Eligible paper 8 — - 3 * - » 5 U. S. Government securities 21,380 1,275 5,100 l, 325 1,880 1,605 1,300 3,800 935 510 900 650 2,100 Total collateral 30,463 1,770 7,100 l, 978 2,750 2,340 l, 775 5,500 1,315 680 1,230 925 3,ioo 1/ After deducting $195 million participations of other Federal Reserve Banks. * Less than $$00,000, 2/ After deducting $ 97 million participations of other Federal Reserve Banks.