H.4.1 Factors Affecting Reserve Balances of Depository Institutions

O* GOW F E D E R AL R E S E R VE Factors Affecting Bank Reserves and .4*;if^-V Condition Statement of F.R. Banks For immediate release H January 20, 1966 The average of daily figures of total member bank reserves held during the week ended January 19 decreased a net of $764 million to $22,467 million. Estimated currency and coin of member banks increased $68 million and their reserve balances at the Federal Reserve Banks decreased $832 million. Estimated required reserves decreased $271 million; and estimated excess reeerves decreased $493 million to $197 million. Member bank borrowings at the Federal Reserve Banks exceeded «xcess reserves "by $21 million; the week before revised excess reserves were $1C0 million greater than member bank borrowings. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $4-90 million in U. 3. Government securities bought outright, $372 million in member bank borrowings, $322 million in U. S. Government securities held under repurchase agreements, and $4-9 million in acceptances held under repurchase agreements. The principal offsetting changes were an increase of $51 million in Federal Reserve float, and decreases of $345 million in currency in circulation and $42 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $l,l8l million. As of Wednesday, January 19, holdings of U. S. Government securities bought outright were $84-9 million lower than a week earlier and member bank borrowings were $56 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 19, Jan. 12, Jan. 20, Jan. 19, and related items 1966 1966 1965 1966 (in millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 40,333 490 +3,930 39,920 Held under repurchase agreements 322 - 57 Acceptances-- Bought outright 75 1 + 19 73 Held under repurchase agreements 37 .49 + 12 28 Discounts and advances-- Member bank borrowings 218 372 59 47 Other 24 1 - 21 20 Float 2,44i -51 -t- 192 1,969 Total Reserve Bank credit 43,128 -1,181 +4,016 42,057 Gold stock 13,733 l -1,454 13,734 Treasury currency outstanding 5.609 + 12 + 216 5 .611 62,471 -1,169 +2,778 6l,402 Currency in circulation 41,618 - 345 4i,478 Treasury cash holdings 827 + 23 837 Treasury deposits with F R, Banks 708 + 27 854 Foreign deposits with F. R. Banks 136 - 42 134 Other deposits with F. R. Banks 242 + 10 237 Other F, R. accounts (net) 479 - 11 469 44,011 44,0C9 - 338 Member bank reserves: With Federal Reserve Banks 18,459 832 + 662 17,393 Currency and coin (estimated) 4.QC8 + 68 + 365 4,286 Total reserves held 22,467 - 764 +1,027 21,679 Required reserves (estimated) 22,270 - 271 +1,220 22,301 Excess reserves (estimated) 197 - 493 " 193 -622 On January 19, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,920 million, an increase of $26 million for the week and a decrease of $267 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONEITION OF THE TWELVE FEDERAL RESERVE BANKS y J.LX uiixiiuui3 VJ. U.UJ.JLCIJL O / Change since Jan. 19, Jan. 12, Jan. 20, 1966 1966 _ 1965 A S S E TS Gold certificate account 11,702 -- -1,615 Redemption fund for F. R. notes 1,728 __ + 165 Total gold certificate reserves 13,430 -- -1,450 Cash (1,058) 151 + 12 - 27 Discounts and advances 67 - 56 19 Acceptances: Bought outright 73 — 17 Held under repurchase agreements 28 - 48 2 U. S. Government securities: Bought outright — Bills 8,542 -849 +2,745 Certificates __ -- -- Notes 24,828 -- - 360 Bonds 6,550 -- +1,276 Total bought outright 39,920 -849 +3,661 Held under repurchase agreements -- - 26 Total U. S. Government securities 39,920 ::849 +3,635_ Total loans and securities 40,088 -953 +3,631 Cash items in process of collection (1,864) 7,582 +369 699 Bank premises 103 Other assets i/ 311 + 22 24 TOTAL ASSETS (2,922) 62,127 -550 +2,877 L I A B I L I T I ES Federal Reserve notes (1,058) 36,551 •385 +2,594 Deposits: Member hank reserves 17,393 -600 + 278 U. S. Treasurer--general account 854 + 60 - 244 Foreign 134 - 19 - 43 Other 2/ 237 -- + 30 Total deposits 18,618 -559 + 21 Deferred availability cash items (1,864) 5,613 +381 + 665 Other liabilities and accrued dividends 164 - 15 - 469 TOTAL LIABILITIES (2,922) 6o,946 -578 +2,811 C A P I T AL A C C O U N TS — Capital paid in 552 f 28 Surplus 551 -- + 27 Other capital accounts 78 + 28 + 11 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,922) 62,127 ^550 ±£ML Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages-~not consolidated) 35*7$ + «2# - 7.C$> Contingent liability on acceptances purchased for foreign correspondents 138 - 3 + 15 * Figures in parentheses are the eliminations made in the consolidating process; I see comparable figures on combined basis on the following pages. ^Includes assets denominated in foreign currencies and IMF gold deposited. -/includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 19, 1966 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) IT, S. Government securities Discounts and Changes advances Acceptances _Ho_ld_i_n_g s during week Within 15 days ^^55 4^55 11,,115577 +132 16 days to 90 days 2222 5566 55,,880000 -571 91 days to 1 year ---- -—- 1177,,0C663S -1*10 Over 1 year to 5 years -- ik,of 6 Over 5 years to 10 yeatrrss — 1,449 Over 10 years — — 38s Total 67 101 39,920 -849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK CN JANUARY 19, 1966 1 San New Phila Cleve- Rich St.. Minne- Kansas Total Boston Atlanta Chicago 1 Dallas Fran York delphia land mond Louis apolis City cisco (In millions > of dollars) A S S E TS Gold certificate account 11,702 664 2,1+92 690 969 1,058 658 2,369 381 237 506 3*0 1,335 Redemption fund for F. R. notes 1,728 99 1+07 93 ll+8 ll+C .99 _. 318 64 32 67 57 204 Total gold certificate reserves 13A3C 763 2,899 78 3 l, 117 1,198 757 2,687 445 269 573 400 1,539 F. R. notes of other Eanks 1,058 84 221+ 83 80 111 102 101 46 33 34 60 100 Other cash 151 11 20 6 13 13 16 21 8 5 10 8 20 Discounts and advances 67 l 10 9 2 2 7 16 3 4 6 6 Acceptances: Bought outright 73 -- 73 -- -- -- -- -- -- — — -- — Held under repurchase agreements 26 -- 28 -- -- -- — -- -- -- U. S. Government securities: Bought outright-- Bills 1 8,5^2 41+3 2,056 1+1+6 725 601+ 1+88 1,^23 326 177 335 351 1,168 Certificates -- -- -- -- -- -- -- -- -- -- __ -- __ Notes 24,828 1 ,286 5,977 1,297 2,107 1,756 1,^19 ^,135 949 514 972 1,022 3,394 Bends 6,550 339 1,577 31+2 556 1+63 375 1,091 250 136 256 270 895 Total 39,920 2 ,066 9,610 2,c&5 3,388 2,823 2,282 6,649 1,525 827 1,563 1,643 5,^57 Held under repurchase agreements -~ — -- __ -- -- -- -- -- *_ __ -- -- Total U. S. Government securities 39,920 2 ,068 9,610 2,085 3.^88 2,823 2,282 6.649 1,525 827 1.5^ _U2k3_ 5.457 Total loans and securities 40,088 2 ,069 9,721 2,09l+ 3,390 2,825 2,289 6,665 1,528 831 1,569 1,644 5,^63 Cash items in process of collection 9,41+6 651+ 1,853 5l+6 629 699 775 1,544 449 292 595 494 916 Bank premises 103 3 9 ,3 5 ,5 20 20 7 3 7 11 10 Other assets 1/ 77^ 36 220 1+0 61+ 1+6 43 112 26 17 33 36 100 TCTAL ASSETS 65,049 3 ,620 14,946 3,555 5,298 4,897 4,002 11,150 2,509 1,^50 2,821 2,653 8,148 . _ —J .— __ 1 1 1/ Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1.4.1(c) STATEMENT CF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 19, 1966 San Phila Cleve Rich St. Minne Kansas [Atlanta jCh icago Dallas Fran delphia land mond Louis apolis City cisco (In millions of do3.1ars)" i I A B . IL I T I ES 2,219 3,213 3,370 2,207 6,828 1,434 698 1,415 1,183 4,267 Federal Reserve notes Deposits: 730 1,335 801 1,C52 2,818 6C4 438 839 942 2,797 Member bank reserves U.S. Treasurer—general account 68 59 81 57 72 64 38 87 77 114 Foreign 8' 13 7 9 20 5 3 6 8 18 Other 1 8 1 2 1 3 1 55 Total deposits -8CT 1,407 -279I2- "67T "480" ~93T l,Ci*8 -27984- -T7H9~ Deferred availability cash items 459 557 557 1,212 355 240 413 368 719 Other liabilities and accrued 597 dividends 6 15 11 27 6 4 7 7_ 23 TOTAL LIABILITIES 3,491 5,192 4,835 3,9392 10,979 2,468 .1,422 2,770 2,586 7,993 CAPITAL ACCOUNTS Capital paid in 30 50 28 33 79 19 13 24 32 72 Surplus 30 5C 28 33 79 19 13 24 32 72 Other capital accounts 4 6 6 4 13 3 2 3 3 11 TOTAL LIABILITIES AMD 3,555 5,298 4,897 4,CC2 11,150 2,509 1,450 2,821 2,653 8,148 CAPITAL ACCOUNTS Contingent liability on accept ances purchased for foreign 8 12 8 20 8 18 correspondents FEDERAL RESERVE AGENT'S ACCOUNTS F» R. notes outstanding 2,324 3,470 3,573 2,4l4 7,3C6 1,523 735 1,501 1,283 4,636 Collateral for F. R. notes: Gold certificate account 500 6co 853 550 1,100 315 127 225 180 735 Eligible paper 7 2 U. S. Government securities 8.200 2,950 2,765 1,900 6,400 1,310 625 1,300 1,130 4,300 1T9CQ Total collateral 2,407 3,550 3,61s 2,450 7,500 1,627 752 1,525 1,310 5,035 1/ After deducting $104 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. $/ After deducting $102 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis