H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R A L R E S E R V E Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For Mediate release February 23, 19b2 age of daily figures of total member bank reserves held during th week ended February 21 increased a net of $l4 million to $19,534 million. Estimate currency and coin of member banks increased $24 million and their reserve balances at the Federal Reserve Banks decreased $10 million. Estimated required reserves in­ creased $18 million; and estimated excess reserves decreased $4 million to $493 mil­ lion. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $421 million, compared with the revised figure of $427 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $513 million in U. S. Government securities bought outright and an increase of $l4l million in "other" F. R. accounts (net). The principal offsetting changes were increases of $605 million in Federal Reserve float and $28 million in U. S. Government securities held under repurchase agreement. Total Reserve Bank credit increased $122 million. As of Wednesday, February 21, holdings of U. S. Government securities bought outright were $145 million lower than a week earlier and member bank borrow­ ings were $4l million lower. Outright holdings of bills, notes, and bonds aecreasec $85 million, $3.>313 million, and $29 million, respectively, and certificates in­ creased $3,282 million. The increase in certificates and the decrease in notes largly reflected the February 15 exchange of four issues of notes for $3,306 million of new certificates and $1,500 million of the new issue of 4§- y«agr notes. Averages of daily figures Member bank reserves, Week ended Change from week ended Wediiesddy Reserve Bank credit, Feb. 21, Feb. l4“, Feb. 22, Feb. 21, and related items 1962 1962 1961 1962 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright*-System account 28,062 -513 +1,473 28,043 Held under repurchase agreement 28 + 28 - 123 mm mm Acceptances-- Bought outright 46 — — 45 Held under repurchase agreement - - - - 4 Discounts and advances— Member bank borrowings 72 + 2 - 35 118 Other 50 -- + 4l 50 Float 1,655 +605 + 329 1,319 Total Reserve Bank credit 29,913 +122 +1,651 29,575 Gold stock 16,790 + 1 - 595 16,790 Treasury currency outstanding 5,586 + 1 + 181 5,537 52,289 +124 +1,267 51,952 Currency in circulation 32,870 - 18 +1,013 32,894 Treasury cash holdings 447 - 1 + 23 440 Treasury deposits with F. R. Banks 433 - 11 - 63 464 Foreign deposits with F. R. Banks 197 -- + 25 190 Other deposits with F. R. Banks 274 + 22 - 118 265 Other F. R. accounts (net) 1,163 +141 + 70 1,151 35,365 +133 + 951 357454 Member bank reserves: With Federal Reserve Banks 16,904 - 10 + 317 16,547 Currency and coin (estimated) 2,630 + 24 + 172 2,896 Total reserves held 19,53^ + i4 + 489 19,443 Required reserves (estimated) 19,041 + 18 + 721 19,021 Excess reserves (estimated) 493 - 4 - 232 422 On February 21, 1962, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $5,514 million, an increase of $2 million for the week and a decrease of $366 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED STATEMENT OP CONDITION OF TEE TWELVE FEDERAL RESERVE BANKS (la millions of dollars) Change since Feb .21, FebJL*, Feb .£2, 1962 _ 1962 1961 A S S E T S Gold certificate*"account 15,371 2 - 656 Redemption fund for F. R. notes 1*1§2 + 2 + 102 Total gold certificate reserves 16.523 - 556 Cash (555) *88 + 13 2 Discounts and advances 168 - *1 - 1*6 Acceptances: Bought outright *5 — l Held under repurchase agreement mm * U. S. Government securities: Bought outright— Bills 2,598 - 85 + 2 Certificates *,955 +3,282 - 502 Notes 16,728 -3,313 + 737 Bonds 3,762 - 29 +1,220 Total bcugjht outright ; 28,0*3 - 1*5 ^7*5? Held tinder repurchase agreement -- — - 115 Total U. S. Government securities 28,0*3 - 1*5 +173*2 Total loans and securities 28,256 - 186 +1,191 Cash items in process of collection 5,065 - 397 + 612 Bank premises ill 4* X + 2 Other assets 197 - 153 + 6* TOTAL ASSETS (1,675) 50,6*0 - 722 +1,311 L I A B I L I T I E S Federal Reserve notes (555) 27,969 - 27 + 886 Deposits: Member bank reserves 16,5*7 - 211 - 26 U. S. Treasurer--general account *6* + 17 - 75 Foreign 190 - 15 + 18 Other 265 + 5 - 187 Total deposits 17,*66 - 204 - 272 Deferred availability cash items (1,120) 3,7*6 - 505 + 571 Other liabilities and accured dividends 6k 1 + 27 TOTAL LIABILITIES (1,675) *9,2*5 - 737 +1,212 C A P I T A L A C C O U N T S Capital paid in" *51 + 1 + 32 Surplus 888 — + 71 Other capital accounts 56 + 1* * TOTAL LIABILITIES AND CAPITAL ACCOUNTS (1,675) 50,6*0 - 722 +i,3ii Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (com­ puted from figures as shown on the fol­ lowing pages— not consolidated) 35.9* + .25i - 1.5* Contingent liability on acceptances purchased for foreign correspondents n o * - 77 * 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, FEBRUARY 21, 1962 (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 117 13 *28 -*,780 16 days to 90 days 51 32 3,197 - 73 91 days to 1 year * -- 11,8*7 +3, *01 Over 1 year to 5 years -- 10,078 +1,307 Over 5 years to 10 years ... 2,227 — Over 10 years 266 Total 165 *5 26,6*3 w Digitized for FRASER * Less than $500#000 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE RANK ON FEBRUARY 21, 1962 HA.l(b) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.k.l(c) STATEMENT CP CONDITION CF EACH FEDERAL RESERVE BANK OH-EEBRUARY 21,. 1962 San Nev Phila­ Cleve­ Rich­ St. Minne­ Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (in millions of dollars) L I A B I L I T I E S Federal Reserve notes 28,52^ 1,669 6,596 1,839 2,557 2,296 1,625 5,2k2 1,232 573 1,169 835 2,891 % Deposits: Member hank reserves 16,5k7 676 k,k71 73k 1,175 717 861 2,k65 612 407 8k7 976 2,606 U. S. Treasurer-general account k6k 26 75 32 13 2k k2 67 19 32 39 51 kk Foreign 190 9 1/ 52 11 18 9 10 26 6 k 8 11 26 Other 265 * 213 2 * 3 2 3 1 1 2 * 38 Total deposits "I7,k66‘ 711 k,an 779 1,206 75T W T‘ 2, 561' 538~ 553 896” 1,036 2,7l* Deferred availability cash items k, 866 388 891 303 kix. 3k7 k03 760 203 138 253 22k 5k5 Other liabilities and accrued dividends 6k 3 16 4 6 k 3 11 3 2 2 3 7 TOTAL LIABILITIES 50,920 2,771 12,31k 2,925 b, 180 ' 3,koo" 2,9k6 8,57k" 2,076 1,157 2,320 2, ICO 6,157 CAPITAL ACCOUNTS Capital paid in k5l 21 122 26 4£-‘ 21 2k 63 16 10 19 26 61 Surplus 888 k2 2k3 51 83. ko k7 12k 31 20 37 50 120 Other capital accounts 56 2 13 3 6- 3 k 10 1 2 3 3 6 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 52,315 2,836 12,692 3,005 k, 311 3, k6L 3,021 8,771 2,12k 1,189 2,379 2,179 6,3kk Contingent liability on accept­ ances purchased for foreign correspondents no ____ 2/ 30 6 10._____ 5- 6 ____ 11. k ____ 1 _ ______1- 6 ____ 11 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 29,8k7 1,737 6,911 1,907 2,731 2, 376 1,708 5,389 1,292 651 1,201 907 3,037 Collateral for F. R. notes: Gold certificate account 8,159 525 1,600 530 770 735 k25 1,500 369 160 310 235 1,000 Eligible paper 23 -- — k — — — 9 — 10 — — U. S. Government securities 23,090 [l,270 5,600 1,500 2,050 1,665 1, koo k, 100 990 510 950 755 2,300 Total collateral 31,272 1,795 7,20i 2,03k 2,820 2, kOO 1,825 5,600 1,368 670 1,270 990 3,300 l/ After deducting $138 million participations of other Federal Reserve Banks. *Less than $500,000. Digitized for FRASER 5/ After deduct Lug $ Oo million participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis