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 H.V.^K- Condition Statement of F.R. Banks For immediate release March k, 1965 The average of daily figures of total member bank reserves held during the week ended March 3 decreased a net of $48 million to $21,137 million. Estimated currency and coin of member banks increased $21 million and their reserve balances at the Federal Reserve Banks decreased $69 million. Estimated required reserves increased $237 million; and estimated excess reserves decreased $285 million to $248 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $22 million; the week before revised excess reserves were $13 million more than member bank borrowings. The principal changes reducing average reserve balances with Federal Re serve Banks were decreases of $250 million in member bank borrowings, $36 million in gold stocky and $18 million in U. S. Government securities held under repurchase agreements, and increases of $44 million in Treasury deposits with Federal Reserve Banks, $29 million in "other11 F- R. accounts (net), and $20 million in foreign deposits with Federal Reserve Banks. The principal offsetting changes were increases of $194 million in Federal Reserve float, $117 million in U. S. Government securities bought outright, and $22 million in acceptances held under repurchase agreements. Total Reserve Bank credit increased $64 million. As of Wednesday, March 3; holdings of TJ. S. Government securities bought outright were $309 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $17 million lower, and member bank borrowings were $468 million higher. By law approved March 3, I965, the gold certificate reserve requirements of the Federal Reserve Banks were amended to apply to Federal Reserve note liability alone, rather than to both Federal Reserve note liability and deposit liabilities, as heretofore. The ratio shown on Table H, 4.1(a) is calculated to conform with the new provision of law. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 3, Feb. 24, Mar. 4, Mar. 3, and related items 1965 1965 1964 1965 (In millions of dollars) Reserve Bank credit: U. S. Government securities — Bought outright--System account 36,835 +117 +3,590 36,937 Held under repurchase agreements 76 - 18 + 76 36 Acceptances— Bought outright 54 - 1 9 55 Held under repurchase agreements 22 + 22 + 16 35 Discounts and advances- Member bank borrowings 270 -250 - 92 555 Other 45 __ + 45 45 Float 1,924 +194 + 395 1,593 Total Reserve Bank credit 39,226 ~64" +4,022 39,256 Gold stock 14,902 - 36 - 56O 14,813 Treasury currency outstanding 5,398 + 7 - 188 5,407 59,525 + 34 +3,273 597576" Currency in circulation 38,616 + 3 +2,264 38,702 Treasury cash holdings 712 - 7 + 269 719 Treasury deposits with F. R. Banks 922 + 44 - 67 858 Foreign deposits with P. R. Banks 159 + 20 + 9 143 Other deposits with F. R. Banks 217 + 13 + 10 212 Other F. R. accounts (net) 1,224 + 29 + 184 1,233 41,850 +102 +2,6§9 SI7SS7 Member bank reserves: With Federal Reserve Banks 17,675 - 69 + 603 17,608 Currency and coin (estimated) 3,462 + 21 + 351 3,636 Total reserves held 21,137 TTB + 954 21,244 Required reserves (estimated) 20,889 +237 +1,196 20,993 Excess reserves (estimated) 248 -285 - 242 251 On March 3, 1965; U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,219 million, an increase of $83 million for the week and a decrease of $536 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.^.l(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Mar. 3, Feb. 24, Mar. 4, 1965 1965 1964 Gold certificate account 12,986 - 106 - 788 Redemption fund for F. R. notes 1,547 2 + l4o Total gold certificate reserves 14,533 - 1C8 Cash (724) 163 1 - io4 Discounts and advances 600 + 468 + 523 Acceptances: Bought outright 55 7 Held under repurchase agreements 35 35 f 20 U. S. Government securities: Bought outright-- Bills 6,394 + 309 +2,383 Certificates -3,265 Notes 25,697 +4,076 Bonds 4,846 + 291 Total "bought outright 36,937 + 3C9 +3,485 Held under repurchase agreements 36 17 + 36 Total U. S. Government securities +3,521 367973 292 Total loans and securities 37,663 + 795 +4,057 Cash items in process of collection (1,425) 6,226 + 397 + 789 Bank premises 102 1 Other assets 434 US 15 - 128 TOTAL ASSETS (2,149) 59,121 +1 +3,965 L I A B I L I T I ES Federal Reserve notes (724) 33,898 17 +2, 589 f Deposits: Member "bank reserves 17,6C8 + 725 + 734 U. S. Treasurer--general account 858 61 - 89 Foreign 143 + 9 + 7 Other 212 + 3 + 9 Total deposits 18,821 + 676 + 661 Deferred availability cash items (1,425) 4,633 + 349 + 643 Other liabilities and accrued dividends 602 + 3 + 510 TOTAL LIABILITIES +1 ,045 +4,403 (2,149) 577954 C A P I T AL A C C O U N TS Capital paid in "~ "" 532 + 24 Surplus 524 - 466 Other capital accounts 111 + 23 + 4 mi TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,149) 59,121 +1 +3,965 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) k2.0<fo .jf> - 5-5$ Contingent liability on acceptances purchased for foreign correspondents 119 +1 + 22 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on the following pages. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 3. 1965 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S* Government securities Discounts and Changes advanceJ S Act^ eptances Holdings during week Within 15 days 558822 4k°9 ' 884^55 -117 16 days to 90 days 1188 4kll 77,,55334^ +375 -- -- 14,669 91 days to 1 year -- -- 1^,669 + 3k Over 1 year to 5 years -- 11,799 trs -- 1,820 Over 5 years to 10 years _~ -- 306 Over 10 years Total 6C0 90 367973 +2Q2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E.4.1(b) STATEMENT OF CONDITION OF EACH FE1ERAL RESERVE BANK CK MARCH 3, 1965 San Total Boston New Phila Cleve Rich- Atlanta Chicago St. Minne Kansas Ii alias Fran York delphia land mend Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 12,9^6 665 2,982 694 988 986 651 2,3C5 534 254 579 520 1,828 Redemption fund for F. R. notes 1,54? 88 346 85 135 133 93 284 62 29 61 51 180 Total gold certificate reserves | 1^,533 753 3,328 779 1,123 1,119 744 2,589 596 283 64c 571 2,008 F. R. notes of other Banks 724 63 222 47 58 47 87 5C 32 15 13 35 55 Other cash 163 12 38 4 12 10 15 26 7 6 8 5 20 Discounts and advances 60c 37 262 14 32 60 27 50 10 31 54 17 6 Acceptances; Bought outright i 55 -- 55 -- .- --, -- -.- -- -• -- -- Held under repurchase agreements 35 -.- --. -- 1 35 U. S. Government securities: Bought outright— Bills i 6,394 338 1,576 348 540 447 354 1,079 249 129 245 244 845 Certificates — — -- -- -^ -- -• -- -- -- -- -- Notes 25,697 1,359 6,333 1,397 2,170 1,798 1,421 4,337 1,001 520 983 982 3,396 Bonds 4,846 256 1,195 263 409 339 268 818 189 98 185 186 64o Total 36,937 1,953 9,104 2,008 3,H9 2,584 2,c43 6,234 1,439 747 1,413 1,412 4,881 Held under repurchase agreements 36 _- 36 __ -- -- -_- -.- — -- Total U. S. Government securities 36,973 1,953 9,l4c 2,008 3,119 2,584 2,043 6,234 1,439 747 1,413 1,412 4.881 Total loans and securities 37,663 1,99C 9,492 2,022 3,151 2,644 2,070 6,284 1,449 778 1,467 1,429 4,887 Cash items in process of collection 7,651 527 1,391 472 594 556 611 1,359 340 238 468 372 72? Bank premises 102 3 8 3 6 5 19 21 6 4 6 11 1C Other assets 434 22 107 23 37 28 24 67 16 9 20 19 62 TCTAL ASSETS 61,270 3,370 14,586 3,350 4,961 4,409 3,57c 1C,396 2,446 1,333 2,622 2,442 7,765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E.4.1(c) STATEMENT OF CCNLITICN CF EACH FELERAL RESERVE BASK OK MARCH 3, 1965 San Total Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas Leilas Fran York delphia land mond Louis apolis City cisco (In millionss of dollars) L I A B I L I T I ES Federal Reserve notes 34,622 2,054 8,053 2,022 2,953 2,971 2,CC4 6,281 1,37^ 631 1,331 1,067 3,881 lepcsits: Member "bank reserves {17,608 : 667 4,730 777 1,245 814 94c 2,711 663 429 8l4 925 2,873 U.S. Treasurer-general ac: count 658 43 136 54 96 78 48 74 73 53 55 55 93 Foreign 143 7 1/36 8 13 7 9 21 5 3 7 8 19 Other 212 132 1 •* 7 # 1 1 1 2 2 65 Total deposits 16,821 737 5,034 840 1,354 906 — 9 9 7- 2,807 742 678 " 990 3,050 referred availability cash items 1 6,058 494 1,037 391 517 44o 466 l,o49 269 175 336 286 598 Other liabilities and accrued dividends 602 29 156 33 54 32 35 89 21 14 26 ^ 80 TOTAL LIABILITIES 60,103 3,314 14,28c 3,286 4,878 4,3^9 3,502 10,226 2,4c6 1,306 2,571 2,376 7,609 CAPITAL^ ACCOUNTS Capital paid in 532 l4o 29 48 27 31 76 18 12 24 31 71 Surplus 524 m 137 29 47 26 31 75 18 12 23 31 70 Other capital accounts 111 29 6 8 7 6 19 4 3 4 4 15 TOTAL LIABILITIES AND CAPITAL ACCOIUTS 61,270 3,370 .1^86.... . 3,350 ^981 4,409 3,570...1 0.396 2,446 __ia23_ 2.622 2.442 _J,765.-. Contingent liability on ace: eptances purchased for forej corre spendent s „ 119 5_ 2/31 7 11 6 L_ 17_ 4 3_ 5_ I_ 16 FELERAL RESERVE AGENT'S ACCCUKTS F. R. notes outstanding 367579™ 2,135 "8755T~ 2,092 3,175 3,091 2,165 6,616 1,454 656 1,384 l, 150 4,107 Collateral for F. R. notes: Gold certificate account 6,670 420 1,710 435 500 633 34o 1,100 280 112 225 180 735 Eligible paper 19 11 8 U. S. Government securities 31,365 1,765 7, 200 1,800 2,775 2,510 1,85c 5,700 1,260 555 1,200 1.050 ..3,100... Total collateral 36,054 2,185 8,910 2,246 3,275 3,143 2,190 6,800 1,546 667 1,425 1,230 4,435 * Less than $500,000- 2/ After deducting $ 88 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis