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 May 19, 1966 The average of daily figures of total member bank reserves held during the week ended May 18 decreased a net of $153 million to $22,450 million. Estimated currency and coin of member banks increased $191 million and their reserve balances at the Federal Reserve Banks decreased $344 million. Estimated required reserves docreased $110 million; and estimated excess reserves decreased $43 million to $315 million. Member bank borrowings at the Federal Reserve Banks exceeded excess re serves by $348 million, compared with the revised net borrowed figure of $322 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $164 million in U. S. Government securities held under repurchase agreements, $128 million in U. S. Government securities bought outright, and $86 million in gold stock, and increases of $90 million in currency in circula tion, $74 million in Treasury deposits with Federal Reserve Banks, $25 million each in Treasury cash holdings and in "other" F. R. accounts (net). The principal off setting change was an increase of $248 million in Federal Reserve float. Total Reserve Bank credit decreased $60 million. As of Wednesday, May 18, holdings of U. S. Government securities bought outright were $35 million higher than a week earlier, U. S Government securities held under repurchase agreements were $236 million lower, and member bank borrowings were $707 million higher. Holdings of notes increased $255 million and bonds de creased $255 million reflecting the exchange of $6,397 million kj> notes and $255 million 3~3A# bonds maturing May 15 for $6,652 million 4-7/8$ notes maturing November 15, 1967. Averages of daily figures Member bank reserves, Week ended iChange from \reeli ended Wednesday, Reserve Bank credit, May 18, May 11, May 19, May 18, and related items . 1966 1 1966 1965 . 1966 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 40,812 -128 +3,266 40,801 Held under repurchase agreements 135 -164 - 162 -- Acceptances- Bought outright 80 __ + 28 80 Held under repurchase agreements 34 -- + 25 33 Discounts and advances- Member bank borrowings 663 - 17 + I63 901 Other 22 -- + 7 20 Float 2,025 +248 + 110 1,818 Total Reserve Bank credit 43,771 - 60 +3,438 43,653 Gold stock 13,532 - 86 - 821 13,534 Treasury currency outstanding 5,833 + 14 + 426 5,832 63,137 -131 +3,044 63,019 Currency in circulation 4l,92k + 90 +2,829 4l,94l Treasury cash holdings 966 + 25 + 204 983 Treasury deposits with F.R. Banks 591 + 74 - 469 605 Foreign deposits with F.R. Banks 137 + 6 1 I 139 Other deposits with F.R. Banks 384 - 7 + 198 i 373 Other F. R. accounts (net) 436 + 25 - 449 635 44,437 +212 +2,311 ! 44,676 Member bank reserves: With Federal Reserve Banks 18,700 -344 + 734 18,343 Currency and coin (estimated) .3,750 +.191 + 271 4,098 Total reserves held 22,450 -153 +1,005 22,441 Required reserves (estimated) 22,135 -110 +1,033 22,142 Excess reserves (estimated) 315 - 43 - 28 | 299 On May 18, 1966, U.S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,674 million, an increase of $125 million for the week and a decrease of $117 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H k 1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change since May 18, May 11, May 19, 1966 1966 1965 A S S E TS Gold certificate account 11,350 - 9 -1,176 Redemption fund for F. R. notes 1>728 + 2 + l8l Total gold certificate reserves 13,078 - 7 - 995 Cash (900) 237 + k + 116 Discounts and advances 921 +707 + 524 Acceptances: Bought outright 80 -.- + 30 Held under repurchase agreements 33 + 2 + 13 U S. Government securities: a Bought outright— Bills 9,250 + 35 +2,323 Certificates 12 --" + 12 Notes 25,220 +255 - V71 Bonds 6,319 -2_5_i +1,391 Total bought outright 1)0,801 + 35 +3,255 Held under repurchase agreements -- -236 - 251 Total U. S. Government securities 4o,8oi -201 +1,001+ Total loans and securities ^1,835 +508 +3,571 Cash items in process of collection (1,965) 7,^67 +654 +1,003 Bank premises 103 + l + 1 Other assets 1/ 661 -321 + 215 TOTAL ASSETS (2,865) 63,381 +839 +3,911 L I A B I L I T I ES Federal Reserve notes (900) 36,873 6 +2,562 Deposits: Member bank reserves 18,3^3 +44l + 951 U. S. Treasurer--general account 605 +109 - 332 Foreign 139 + 15 - 16 373 - 8 + 203 Other 2/ Total deposits 19,^60 +557 + 8°6 Deferred availability cash items (1,965) 5,6^9 +37^ + 775 Other liabilities and accrued dividends 203 + 8 281+ TOTAL LIABILITIES (2,865) 62,l85 +933 +3,859 C A P I T AL A C C O U N TS + 21 Capital paid in 560 + 27 Surplus 551 85 - 94 + 1+ Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,865) 6g,38l +839 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 3^.6$ -- - 5-7$ Contingent liability on acceptances purchased for foreign correspondents 151 + 5 4 -1 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on the following pages. 1/lncludes assets denominated in foreign currencies and IMP gold deposited. ^/Includes IMF gold deposit. MATURITY raSTRIBUTIOK 0F_L0AWS_ AND SECURITIES, MAY 18, 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 89^ 50 i,Mu -6,5^~3 16 days to 90 days 27 63 9,681 +5,^97 91 days to 1 year •*% -- i4,4io + 563 Over 1 year to 5 years — *-- 13,579 + 282 Over 5 years to 10 years -- -- 1,305 Over 10 years -- -- 385 Total 921 113 to, 801 201 ** Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4.1(h) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 18, 1966 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millionsJ of dollars) A S S E TS Gold certificate account 11,35^ 592 2,505 674 973 1,097 £34 2,222 435 255 420 356 1,187 Redemption fund for F. R. notes 1,728 98 412 93 147 1W 99 315 63 33 66 58 203 Total gold certificate reserves 13,078 690 2,917 767 1,120 1,238 733 2,537 498 288 486 4i4 1,390 F- R. notes of other Banks 900 60 226 48 76 92 103 69 39 20 35 61 71 Other cash 237 15 29 12 33 14 19 37 14 7 11 15 31 Discounts and advances 921 126 286 19 40 37 96 80 62 20 106 30 19 Acceptances: Bought outright 80 -- 80 -- " " -- -- -- -- -- -- -- Held under repurchase agreements 33 33 -- -- U. S. Government securities: Bought outright-- Bills 9,250 486 2,313 479 758 626 490 l,56l 32^ 184 3^9 356 1,324 Certificates 12 1 3 1 1 1 1 2 * * # * 2 Notes 25,220 1,326 6,305 1,305 2,c66 1,705 1,336 4,257 883 503 952 971 3,611 Bonds 6,319 332 1,580 327 517 427 33^ 1,067 222 126 239 244 904 Total 40,801 2,145 10,201 2,112 3,342 2,759 2,161 6,887 1,429 813 1,540 1,571 5,84i Held under repurchase agreements __ " -- -- -- -- — -- — -- -- -- -- Total U. S. Government securities 4o,801 2,145 10,201 2,112 3,3^2 2,759 2,161 6,887 1,429 813 1,5^0 1,571 5,841 Total loans and securities 41,835 2,271 10,600 2,131 3,382 2,796 2,257 6,967 1,^91 833 1,646 1,601 5,860 Cash items in process of collection 9,^32 635 1,612 570 669 750 765 l,6lk 462 285 6l4 V73 983 Bank premises , 103 3 9 3 5 5 20 20 8 3 7 10 10 Other assets =/ 661 23 305 26 42 27 28 71 16 11 22 25 65 TOTAL ASSETS 66,246 3,697 15,698 3,557 5,327 4,922 3,925 11,315 2,528 1,447 2,821 2,599 8,410 l/ Includes assets denominated in foreign currencies and IMF gold deposited. * Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 18, 1966 San New 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 ES Federal Reserve notes 37,773 2,269 8,567 2,218 3,178 3,382 2,172 6,858 1,427 715 1,429 1,202 M56 Deposits: Member bank reserves 18,343 710 5,081 738 1,364 800 1,034 2,896 626 407 841 913 2,933 U.S. Treasurer--general account 605 30 45 48 ' 38 35 38 81 48 53 27 86 Foreign 139 6 1/40 7 12 7 8 19 5 3 6 8 18 Other 373 * 2/305 1 * 5 1 2 * l 4 1 53 Total deposits 19,46o 746 5,502 791 1,424 850 1,078 2,955 712 459 904 949 3,090 Deferred availability cash items 7,614 613 1,266 475 601 614 592 1,295 341 240 427 371 779 Other liabilities and accrued dividends 203 11 52 . ..._ 9. 17. ..._ 13...,, 11 33 ,7 , 5 9 8 28 TOTAL LIABILITIES 65,050 3,639 15,387 3,493 5,220 M59 3,853 11,l4i 2,487 1,419 2,769 2,530 8,253 CAPITAL ACCOUNTS Capital paid in 56O 27 146 30 50 29 3h 81 19 13 25 33 73 Surplus 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts 1 85 4 21 4 7 6 5 14 3 2 3 4 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 66,246 3,697 15,698 3,557 5,327 4,_922_ 3,925 11,315 2,528 1,447 2,821 2,599 8,410 Contingent liability on accept ances purchased for foreign correspondents 151 7 -j/i<L 8 13 8__ 9_ 21 _. 5__ 4 7 9 20 FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding ""97^35 27310 3,443 375^5 2J35T 77222 17508 750 17518 I73l2 £7550~ Collateral for F. R. notes: Gold certificate account 1,000 500 60c 906 425 1,100 315 127 225 180 735 Eligible paper IT 61 U. S. Government securities 8,300 1.900 2.950 2,693 1,975 6,300 1,310 635 1,350 1,180 4,300 Total collateral 9,300 2,417 3,550 3,599 2,400 7,400 1,686 762 1,575 1,360 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 $111 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis