H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks For immediate release February 24, 1966 'The average of daily figures of total member bank reserves held during the week ended February 23 decreased a net of $10 million to $22,132 million. Estimated currency and coin of member banks increased $29 million and their reserve balances at the Federal Reserve Banks decreased $39 million. Estimated required reserves decreased $100 million; and estimated excess reserves increased $90 million to $4l8 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $102 million, compared with the revised net borrowed figure of $125 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $318 million in U. S- Government securities bought outright and $267 million in U. S. Government securities held under repurchase agreements, and an increase of $131 million in "other" F. R» accounts (net). The principal offsetting changes were increases of $302 million in Federal Reserve float and $67 million in member bank borrowings, and decreases of $229 million in Treasury deposits with Federal Reserve Banks and $64 million in currency in circulation. Total Reserve Bank credit decreased $2l8 million. As of Wednesday, February 23, holdings of U. S. Government securities bought outright were $220 million lower than a week earlier and member bank borrowings were $88 million lower. Outright holdings of bills decreased $263 million and notes increased $^3 million. Average: s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 23, Feb. 16, | Feb. 24,| Feb. 23, and related items 1966 1966 1 1965 1966 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 40,224 -318 +3,506 4o,00c Held under repurchase agreements -- -267 94 — •*• Acceptances — Bought outright 74 + 1 »• 19 73 Held under repurchase agreements 34 - 2 h 34 31 Discounts and advance s — Member bank borrowings 520 + 67 -- 636 Other 20 -- - 25 20 Float 2,04l +302 + 311 1,362 Total Reserve Bank credit 1+2,912 -218 +3,750 42,122 Gold stock 13,733 — -1,205 13,734 Treasury currency outstanding 5,660 + 12 + 269 5,671 62,306 -205 +2,815 61,527 Currency in circulation 4l,219 - 64 +2,606 4l,322 Treasury cash holdings 840 + 7 + 121 845 Treasury deposits with F. R. Banks 681 -229 - 197 878 Foreign deposits with F^ R. Banks 129 - 6 10 1 129 Other deposits with F R. Banks 232 - 4 + 28 ! 229 Other p. R. accounts (net) 876 +131 - 319 873 43,977 -166 +2,229 44,276 Member bank reserves: With Federal Reserve Banks 18,329 - 39 + 585 17,252 Currency and coin (estimated) 3.803 + 29 + 361 4.116 Total reserves held 22,132 - 10 + 946 21,368 Required reserves (estimated) 21,714 -100 +1,064 21,678 Excess reserves (estimated) 4i8 + Q0 - 118 - 310 On February 23, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,887 million, an increase of $49 million for the week and a decrease of $2^9 million from the comparable date a year Digitizeda fogro F.R ASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4-1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE T\ffiLVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Feb. 23, Feb. 16, Feb. 24, 1966 1966 1965 A S S E TS Gold certificate account 11,694 -1,398 Redemption fund for F. R. notes 1,723 2 + 174 Total gold certificate reserves 13,^17 2 -1,224" •H- Cash (1,005) 186 2 + 22 Discounts and advances 656 88 + 524 Acceptances: + 18 Bought outright 73 Held under repurchase agreements 31 2 + 31 U. S. Government securities: Bought outright-- Bills 8,579 • 263 +2,494 Certificates Notes 24,871 . 43 - 826 Bonds 6,550 +1,704 Total "bought outright 40,000 - 220 +3,372 Held under repurchase agreements - 53 Total U. s. Government securities 40,000 - 220 +3,319 Total loans and securities 40,760 - 310 +lp92 Cash items in process of collection (1,833) 6,198 -1,353 + 369 Bank premises . 102 Other assets ^ 410 + 23 - 39 TOTAL ASSETS (2,838) 61,073 +3,020 L I A B I L I T I ES Federal Reserve notes (1,005) 36,364 24 +2,483 deposits: Member "bank reserves 17,252 - 647 + 369 U. S. Treasurer "general account 878 - 4l - 41 Foreign 129 10 5 Other 2/ 229 - 20 + 20 Total deposits - 71S + 343 Deferred availability cash items (1,833) 4,836 - 971 + 552 Other liabilities and accrued dividends 182 9 - 417 TOTAL LIABILITIES (2,83a) 59,870 "^1^74- +27961 C A P I T AL A C C O U N TS Capital paid in 556 + 24 Surplus 551 + 27 Other capital accounts 96 + 30 + 8 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ((22,,883388)) 222 -1,644 +3,020 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) 35-9$ " 6-^fo Contingent liability on acceptances purchased for foreign correspondents 135 1 + 17 * Figures in parentheses are the eliminations made in the consolidating process; , see comparable figures on combined basis on the following pages, i/Includes assets denominated in foreign currencies and IMF gold deposited. £/Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 23. 1966 (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 advances Acceptances Holdings during week Within 15 days 630 46 1,136 - 63 l6 days to 90 days 26 58 9,852 -235 91 days to 1 year -- 14,059 + 68 # •* Over 1 year to 5 years -- — 13,H9 + 10 Over 5 years to 10 years «- — 1,449 -- Over 10 years • - -- 385 — Total __65"6 io4 40,000 -220 **Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 23, 1966 San New Phila-' Cleve I Rich St. Minne- Kansas Total Boston Atlanta Chicago Dallas Fran York delphia j land mond Louis apolis City cisco (In millions; of dollars) A S S E TS Gold certificate account 11,694 637 2,828 699 1,001 1,108 642 2,159 383 169 307 367 1,394 Redemption fund for F. R- notes ! 1,723 98 412 92 145 144 97 315 64 32 66 56 202 Total gold certificate reserves ; 13,4l7 735 3,24o 791 1,146 1,252 739 2,474 447 201 373 423 1,596 F. R. notes of other Banks i i,C05 I 73 243 63 95 91 106 91 43 30 32 64 74 Other cash 186 13 26 8 14 15 22 26 10 6 11 10 25 Discounts and advances 656 21 75 36 2 35 47 245 10 5 79 27 74 Acceptances: Bought outright 73 - - 73 "* — — — — mm "" "" Held under repurchase agreements 31 31 U. S. Government securities: Bought outright— Bills 8,579 451 2,120 439 705 586 482 1,462 319 186 343 312 1,174 Certificates -- -- — -- -- -- -- -- -- -- -- -- -- Notes 24,871 1,308 6,146 1,273 2,044 1,699 1,396 4,240 923 538 994 905 3,405 Bonds 6,550 344 1,619 335 539 448 368 1.116 243 142 262 238 896 Total 40,000 2,103 9,885 2,047 3,288 2,733 2,246 6,818 1,485 866 1,599 1,455 5,475 Held under repurchase agreements -- -- -- -- -- -- -- — -- " -- -- -- Total U. S. Government securities 40,000 2,103 9,885 2,047 3,288 2,733 2,246 6,818 1,485 866 1,599 1.455 5,475 Total loans and securities 40,760 2,124 10,064 2,083 3,290 2,768 2,293 7,063 1,495 871 1,678 1,482 5,549 Cash items in process of collection 8,031 461 1,409 491 560 718 634 1,426 375 230 523 441 763 Bank premises / 102 3 9 3 5 5 20 20 7 3 7 10 10 Other assets ~' 4io 18 133 20 35 22 21 57 13 7 17 16 51 TOTAL ASSETS 63,911 3,427 15,124 3,459 5,145 4,871 3,835 11,157 2,390 1,348 2,641 2,446 8,068 1/ Includes assets denominated in foreign currencies and IMF gold deposited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 23, 1966 1 San New Phila Cleve Rich St. Minne- Kansas Total Boston Atlanta Dallas Fran York delphia land mond |Chicago Louis apolis j City cisco 1 (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 37,369 2,237 8,490 2,198 3,184 3,357 2,171 6,794 1,420 693 1,405 1,177 4,243 Deposits: Member bank reserves 17,252 59^ 4,818 645 1,168 799 1,021 2,715 595 392 814 824 2,865 U.S. Treasurer--general account 878 27 181 50 61 56 78 129 35 58 47 63 93 Foreign 129 6 1/ 30 7 12 7 8 19 5 3 6 8 18 Other 229 1 2/159 2 * 5 1 3 * 1 3 * 54 Total deposits 18,488 63O 5,188 704 1,241 867 1,108 2,866 635 454 870 895 3,03c Deferred availability cash items 6,669 493 1,085 483 597 572 475 1,292 286 168 306 299 615 Other liabilities and accrued dividends 182 9 47 9 15 12 10 ^0 7 5 7 7 24 TOTAL LIABILITIES 62,708 3,369 14,810 3,394 5,037 4,808 3,764 10,982 2,348 1,320 2,588 2,378 7,91C CAPITAL ACCOUNTS Capital paid in 556 27 145 30 50 29 33 80 19 13 25 32 73 Surplus 1 551 27 144 30 50 28 33 79 19 13 32 12 24 Other capital accounts Q6 1 4 25 5 8 6 5 16 4 2 4 l~ 4 TOTAL LIABILITIES AND CAPITAL ACCCUNTS .63,911, 3,427 15,124 3A5.9L 5,,l43_ 4,871 3,,835_- 11,157_ ... 2„, 3S0_1 .346 2.641 2,446 8,068 . Contingent liability on accept ances purchased for foreign correspondents 135 7 3/ 35 7 12 7 8 19 5_ 3_ 6 8 l? FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding 39,818 I 2,358 9,013 2,287 3,456 3,535 2,371 7,237 1,510 733 1,484 1,272 4,5o2 Collateral for F. R. notes: Gold certificate account 6,6601 44o 1,000 500 600 888 550 1,100 315 127 225 18c 73; Eligible paper 43 I 3^ 9 U. S. Government securities 34,638| 1,945 8,200 1,900 2,950 2,678 1,900 6,4oo i,3ic 625 1,300 1,130 4,30c Total collateral 41,3411 2,385 9,200 2,434 3,550 3,566 2,450 7,500 1,634 752 1,525 1,310 5,035 1/ After deducting $ 99 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. 3./ After deducting $100 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis