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 December 7, 1961 The average of daily figures of total member bank reserves held during the week ended December 6 decreased $255 million to $19,684 million. Estimated currency and coin of member banks decreased $205 million and their reserve balances at the Federal Reserve Banks decreased $50 million. Estimated required reserves decreased $34 million; and estimated excess reserves decreased $221 million to $498 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $465 million, compared with the revised figure of $6l8 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $ll4 million in U. S. Government securities held under repurchase agreement, $68 million in member bank borrowings, and $211 million in Federal Reserve float, and increases of $74 million in currency in circulation, if mi^lion in Treasury deposits with Federal Reserve Banks, and $45 million in "other" deposits with Federal Reserve Banks. These were largely offset by an increase of $514 million in U. S. Government securities bought outright. Total Reserve Bank credit increased $121 million. As of Wednesday, December 6, holdings of U. S. Government securities bought outright were $628 million higher than a week earlier and member bank borrowings were $l4 million lower. Outright holdings of bills, notes, and bonds, increased $4^6 million, $53 million, and $139 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Dec. 6, Nov. 29, Dec. 7, Dec. 6, and related items 1961 1961 I960 1961 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 29;274 +514 +1, 853 29, 403 Held under repurchase agreement -114 * Acceptances--bought outright 41 + 1 42 Discounts and advances- Member bank borrowings 3**» ' - 68 27 35 tither 1 - 1 6 Float 1, 2M.W, -211 224 1,112 Total Reserve Bank credit 30,631 +121 +2, 037 30, 592 Gold stock 16,975 - 999 16,976 Treasury currency outstanding 5, 5 9 6. + 199 5,587 53,19^4 « +123 +1,235 53,155 Currency in circulation 33,57^ ' + 74 + 856 33,787 Treasury cash holdings 4i#b. + 4 + 6 425 Treasury deposits with F. R. Banks 501 + 45 28 380 Foreign deposits with F. R. Banks 216 + 6 37 238 Other deposits with F. R. Banks 258 + 45 216 270 Other F. R. accounts (net) 1,143 77 l, 149 36,11.%% . +173 712 36,249 Member bank reserves: With Federal Reserve Banks 17,082 - 50 524 16,906 Currency and coin (estimated) 2,602 -205 244 2,793 Total reserves held 19,684 -255 + 768 19,699 Required reserves (estimated) 19,186 - 34 + 970 .19,145 Excess reserves (estimated) 498 -221 - 202 554 * Less than $500,000. On December 6, 1961, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,794 million, a decrease of $50 million for the week and an increase of $251 million from the comparable date a year ago.

H-4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TI.ELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Dec. 6, Nov. 29, Dec. 7. 1961 1961 i960 A S S E TS Gold certificate account 15,573 - 11 -1,294 Redemption fund for F. R. notes 1,134 + 8 + 120 Total gold certificate reserves 16,707 - 3 -1,175 Cash (333) 333 14 5 Discounts and advances 35 - 16 46 Acceptances--bought outright 42 + 1 6 U. S. Government securities: Bought outright-- Bills 3,935 + 436 + 826 Certificates 1,692 — «•> -7,467 Notes 19,945 4" 53 +7,413 Bonds 3,831 4" 139 +1,236 Total bought outright 29,403 + 628 +2,008 Held under repurchase agreement •» m. mm mm Total. U. S. Government securities 29,403 + 628 +2,008 Total loans and securities 29,480 4* 613 +1,956 Cash items in process of collection (943) 4,613 184 + 518 Bank premises 110 — » + 3 Other assets 197 + 18 + 18 TOTAL ASSETS (1,276) 51,440 + 430 +1,316 L I A B I L I T I ES Federal Reserve notes (333) 28,689 4- 269 ++ 771155 Deposits: Member bank reserves 16,906 + 249 + 654 U. S. Treasurer—general account 380 - 124 3 Foreign 238 4- 17 - 18 Other 270 + 66 - 421 Total deposits 17,794 + 208 + 212 Deferred availability cash items (943) 3,501 69 + 280 Other liabilities and accrued dividends 81 4- 6 + 36 TOTAL LIABILITIES (1,276) 50,065 4- 4I4 +1,243 C A P I T AL A C C O U N TS Capital paid in 435 4- 2 + 28 Surplus 817 — — + 42 Other capital accounts 123 4- 14 + 3 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (l, 276) $1,440 4- 430 +1,316 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (computed from figures as shown on the following pages—not consolidated) 35.7% - •3FO -- 33--3311 Contingent liability on acceptances purchased for foreign correspondents 115 4- 4 - 124 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on following pages. MATURITY DISTRIBUTION OF LOAMS AND SECURITIES, DECEMBER 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 31 7 378 + 95 16 days to 90 days 4 35 6,821 +159 91 days to 1 year -- -- 10,624 +231 Over 1 year to 5 years -- -- 9,091 +115 Over 5 years to 10 years -- -- 2,223 + 10 Over 10 years — — 266 + 18 Total 35 52 29,403 +E2E

H. 4. 1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 6, 1961 Total Boston N Y e o w rk d P el h p i h la ia - C l l a e n v d e - m R o ic n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y a s Dallas F S r a a n n cisco A S S E TS Tin millions of dol] .ars) Gold certificate account 1155,,557733 820 3,851 875 1,312 1,108 796 2,584 648 34o 624 2,002 Redemption fund for F. R. notes 11,,113344 65 280 72 96 87 71 203 46 26 46 108 Total gold certificate reserves 1166,,770077 885 4,131 947 l,4o8 1,195 867 2,787 694 366 670 647 2,110 F O . t R he . r n ca o s t h e s of other Banks 333 18 100 18 12 17 50 21 8 13 14 24 38 333 19 65 17 24 20 30 59 19 9 10 14 47 Discounts and advances Acceptances: 35 1 6 2 1 1 5 4 4 8 3 * Bought outright 42 42 U. S. Government securities: - " - - - - -- — - - " Bought outright-- Bills Certificates 33,,993355 209 973 227 334 249 217 672 159 84 172 160 479 Notes 11,,669922 90 419 98 143 107 93 289 68 36 74 69 206 Bonds 1199,,994455 1,062 4,932 1,152 1,691 1,262 1,097 3,4o8 805 428 869 810 2,429 -- MM SS II.. 204 948 221 325 243 210 655 155 82 167 155 466 Total 229977550033 1,565 7,272 1,698 2,493 l,86l 1,517 5,024 1,187 636 1,282 1,194 3,580 Held under repurchase agreement Total U. S. Government securities 29,403. 1,565 —TjJzl? . -.1,698 2,493 l,86l ..1,617 5,024 1,187 630 1,282 1,194 3,580 Total loans and securities 29,430 1,566 7,320 1,700 2,494 1,862 1,622 5,028 1,191 630 1,290 1,197 3,580 Cash items in proccss of collection Bank premises 5,556 391 1,092 341 424 395 423 897 256 178 290 24l 628 Other assets 110 4 9 4 8 6 13 24 I 6 11 197 10 50 11 17 12 12 33 8 8 24 TOTAL ASSETS 52,716 2,893 12,767 3,038 4,387 3,507 3,017 8,849 2,183 1,205 2,288 2,144 6,438 *Less than $$00,000.

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 6, 1961 San Total Boston New Phila- Cleve- Rich- Atlanta CChhiiccaaggoo St. Minne- Kansas DDaallllaass Fran - York delphia land mond Louis apolis City CISCO L I A B I L I T I ES (In millions of dollars) Federal Reserve notes 29,022 1, 701 6,632 1,877 2, 611 2, 348 1, 690 5,329 1,256 579 11,,118899 886633 22,,994477 Deposits: Member "bank reserves 16,906 724 4,610 762 1, 24l 734 855 2,498 648 424 786 961 2,663 U.S. Treasurer-general account 380 40 34 22 19 44 33 50 20 18 25 2? 48 Foreign 238 12 1/71 13 22 11 12 33 8 5 10 13 28 Other 270 •X 228 2 1 2 1 * * * 1 1 34 Tctal deposits 17,794 776 4,943 799 1, 283 791 901 2, 581 676 447 822 1, 002 2,773 Deferred availability cash items 4,444 345 797 279 359 299 346 729 201 146 214 119999 553300 Other liabilities and accrued dividends 81 4 21 4 7 5 5 13 3 2 4 3 10 TCTAL LIABILITIES 51,341 2,826 12,393 2,959 4,260 3 ,W 2,942 ~~8",652 2,135" 1,174 2, 229 2, 067 6, 260 CAPITAL ACCOUNTS Capital paid in 435 21 118 25 40 20 24 6l 15 10 19 25 57 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 123 6 27 6 12 7 7 20 5 2 5 5 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,716 2,893 12;767 3,038 4,387 3, 507 3,017 8,849 2,183 1,205 2, 288 2,144 6, 438 Contingent liability on acceptances purchased for foreign corre spondent s 115 5 2/32 7 11 5 6 16 4 3 5 7 14 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 30,197 1, 745 7,006 1,9?6" 2,756 27411 1,748 " 37539- 1,298 655 1, 222 915 3,056 Collateral for F. R. notes: Gold certificate account 8, 325 495 1, 500 570 870 755 475 1, 500 4oo 160 325 275 1, 000 Eligible paper 14 2 4 8 U. S. Government securities 22,700 1, 325 5,600 1, 500 1,950 l, 68 0 l, 300 H O i O : 960 510 900 675 2, 200 Total collateral 31,039 1, 820 7,100 2, 072 2, 820 2, 435 1,775 5,600 l, 364 670 1, 233 950 3, 200 l/ After deducting $167 million participations of other Federal Reserve Banks. 2/ After deducting $ 83 million participations of other Federal Reserve Banks. * Less than $900,000.