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 Conditio! Statement of F.R. Banks For lmmealBte release H.4.1 September 21, 1961 The average of daily figures of total member bank reserves held during the week ended September 20 increased $253 million to $19,450 million, which included an increase of $206 million in member bank reserve balances at the Federal Reserve Banks. Estimated required reserves increased $262 million; and estimated excess reserves decreased $9 million to $579 million* Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $535 million, compared with the revised figure of $561 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $17 million in member bank borrowings and $657 million in Federal Reserve float, and decreases of $6l million in currency in circulation and $40 million in "other" F. R. accounts (net). The principal offsetting changes were a decrease of $473 million in Federal Reserve holdings of U. S. Government securities and an increase of $97 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit increased $199 million. As of Wednesday, September 20, holdings of U. S• Government securities bought outright were $398 million lower than a week earlier, U. S. Government securities held under repurchase agreement were $70 million higher, and member bank borrowings were $175 million higher. Outright holdings of bills, certificates, notes, and bonds decreased $78 million, $62 million, $183 million, and $75 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 20, Sept. 13, Sept. 21, Sept. 20, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright --System account 27,320 -483 + 825 27,4o8 Held under repurchase agreement 10 + 10 36 70 Acceptances--bought outright 34 -- 33 ~ — Discounts and advances- Member bank borrowings 44 + 17 - 35 202 Other 1 - 6 l Float 1,843 +657 + 316 1,730 Total Reserve Bank credit 29,251 +199 +1. 062 29,444 Gold stock 17,451 -1, 377 17,452 — — Treasury currency outstanding 5,554 + 1 4- 178 5,555 52,257 +201 135 52,451 - Currency in circulation 32,775 - 61 + 604 32,675 Treasury cash holdings 413 - 1 -t- 10 420 Treasury deposits with F. R. Banks 566 + 97 + 15 559 Foreign deposits with F. R. Banks 282 + 7 + 58 269 Other deposits with F. R. Banks 313 - 6 - 66 321 Other F. R. accounts (net) 1, o48 - 4o + 112 1,054 35,397 - 4 + 733 35,298 Member bank reserves: With Federal Reserve Banks 16,861 +206 - 868 17,153 Cash allowed as reserves (estimated) 2,589 + 47 685 2,855 Total reserves held 19,450 +253 + 817 20,008 Required reserves (estimated) 18,871 +262 756 18,925 Excess reserves (estimated) 579 - 9 + 61 1,083 On September 20, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,916 million, a decrease of $37 million for the week and an increase of $513 million from the comparable date a year ago.

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 20, 1961 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 16,111 757 4,158 880 1,449 1,047 747 2,653 626 295 726 631 2,142 Redemption fund for F. R. notes 1,069 67 244 63 92 87 64 191 45 26 47 33 110 Total gold certificate reserves 17,180 824 4,402 943 i,54l 1,134 811 2,844 671 321 773 664 2,252 F. R. notes of other Banks 448 54 107 4l 14 26 60 25 12 20 17 18 54 Other cash 4o8 24 86 22 32 23 35 67 20 9 11 18 61 Discounts and advances 203 4 93 1 * 3 10 5533 6 1 2255 4 3 Acceptances: Bought outright 33 — — 33 — — — — mm mm mm mm mm mm U. S. Government securities: Bought outright— Bills 2,687 143 664 155 228 170 148 459 108 63 117 109 323 Certificates 1,621 86 4oi 94 137 103 89 277 65 38 71 66 194 Notes 19,639 1,046 4,857 1,134 1,665 1,243 1,080 3,356 791 459 856 797 2,355 Bonds 3,461 184 856 200 294 219 190 591 139 81 151 l4i 415 Total 27,408 1,459 6,778 1,583 2,324 1,735 1,507 4,683 1,103 641 1,195 1,113 3,287 Held under repurchase agreement 70 70 — — -- -- -- -- -- - - -- -- Total U. S. Government securities 27,478 1,459 6,848 1,583 2,324 1,735 1,507 4,683 1,103 64l 1,195 1,113 3,287 Total loans and securities 27,714 1,463 6,974 1,584 2,324 1,738 1,517 4,736 1,109 642 1,220 1,117 3,290 Cash items in process of collection 7,434 485 1,532 480 600 531 502 1,230 330 212 385 300 847 Bank premises 110 4 9 4 8 6 13 24 7 5 6 13 11 Other assets 227 12 55 13 20 15 13 39 9 4 10 10 27 TOTAL ASSETS 53,521 2,866 13,165 3,087 4,539 3,473 2,951 8,965 2,158 1,213 2,422 2,l4o 6,542 * Less than $$00,000.

H. 4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Sept. 20, Sept. 13, Sept. 21, 1961 1961 i960 A S S E TS Gold certificate account 16,111 6 1,376 Redemption fund for F. R. notes 1,069 + 3 + 92 Total gold certificate reserves 17,180 - 3 - 1,204 * Cash (448) 408 + 16 + 7 Discounts and advances 203 + 171 + 113 Acceptance s--bought outright 33 + 1 U. S. Government securities: Bought outright— Bills 2,687 78 + 306 Certificates 1,621 - 62 -12,386 Notes 19,639 - 183 +12,129 Bonds 3,461 - 75 + 977 Total bought outright 27,408 398 + 1.026 - Held under repurchase agreement 70 + 70 + 70 Total U. S. Government securities 27,470 - 328 + 1,09b Total loans and securities 27,714 - 157 + 1,210 Cash items in process of collection (1,241) 6,193 +1,183 + 514 Bank premises 110 — — + 3 Other assets 227 + 6 - 28 TOTAL ASSETS (1,689) 51,032 +1,045 + 422 L I A B I L I T I ES Federal Reserve notes (448) 27,676 - 128 + 48l Deposits: Member bank reserves 17,153 + 320 188 U. S. Treasurer—general account 559 + 99 - 16 Foreign 269 - 20 + 71 Other 321 -- - 57 Total deposits 10,302 + 399 - 190 Deferred availability cash items (1,241) 4,463 + 763 + 37 Other liabilities and accrued dividends 64 - 2 + 24 TOTAL LIABILITIES (1,689) 50,505 +1,032 + 352 C A P I T AL A C C O U N TS Capital paid in 432 + 1 + 30 Surplus 817 -- + 42 Other capital accounts 78 + 12 - 2 TOTAL LIABILITIES AND CAPITAL ACC0UNTS(l,689) 51,832 +1,045 + 422 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.( 3-< Contingent liability on acceptances purchased for foreign correspondents 126 79 * 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 20, 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 200 8 451 + 49 16 days to 90 days 3 25 1,208 + 5 91 days to 1 year 11.477 -312 Over 1 year to 5 years Over 5 years to 10 years 11,864 - 70 2,254 Over 10 years 224 Total 203 33 27.478 -328

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 20, 196l San Total Boston New Fhila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas DDaallllaass Fran- York delphia| land mond Louis apolis City 1 cisco i (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 28,124 1,639 6,409 1,816 2, 536 2,254 1,601 5, 221 1,201 579 11,,116666 885500 22,,885522 Deposits: Member hank reserves 17,153 689 4,931 762 1, 313 691 791 2, 517 591 403 833 912 2,720 U-S. Treasurer-general account 559 26 132 23 39 48 31 39 34 20 54 31 82 Foreign 269 13 1/ 74 l6 25 13 l4 38 9 6 12 16 33 Other 321 1 273 1 l 2 2 2 1 * 1 * 37 Total deposits 18,302 729 5,410 802 1,378 754 838 2,596 635 429 900 959 2,872 Deferred availability cash items 5,704 431 9 66 389 498 399 437 949 275 173 297 CM CVI 173 638 Other liabilities -and accrued CM CVI 638 dividends — .... 64 3 17 4 5 4 3 10 2 2 3 3 8 TOTAL LIABILITIES 52,194 2,802 12,802 3,011 4,417 3,411 2,879 8,776 2,113 1,183 2, 366 2,064 6,370 CAPITAL ACCOUNTS Capital paid in 432 21 118 25 40 20 23 61 15 10 18 25 56 Surplus 81? 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 78 3 16 3 7 5 5 12 3 1 3 4 16 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 53,521 2,866 13,165 3,087 4,539 3,473 2,951 8,965 2,158 1, 213 2,422 2, l4o 6,542 Contingent liability on acceptances purchased for foreign c orre spondents 126 6 gg// 3355 7 12 6 7 18 4 3 6 7 15 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,288 1,713 6,665 1,866 2,679 2, 331 1,680 5,329 11,,225533 660 11,,220033 990088 33,,000011 Collateral for F. R. notes: Gold certificate account 9,095 495 2,000 650 870 755 475 1,700 380 170 325 275 1,000 Eligible paper 32 — — - - 1 — — — — — — — 6 — — 25 — •» mm mm U. S. Government securities 21,480 l, 275 5,100 l, 325 1,880 1,605 1,300 3,800 935 510 900 650 2, 200 Total collateral 30,607 l, 770 7,100 1,976 2,750 2,360 l, 775 5,500 1,321 680 1,250 925 3, 200 1/ After deducting $195 million participations of other Federal Reserve Eankti. ~~ ~ ~ 2/ After deducting $ 91 million participations of other Federal Reserve Banks. * Less than ^500,000.