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 H.4.1 For immediate release June 16, I966 The average of daily figures of total member bank reserves held during the week ended June 15 increased a net of $111 million to $22,327 million. Estimated currency and coin of member banks increased $135 million and their reserve balances at the Federal Reserve Banks decreased $24 million. Estimated required reserves decreased $110 million; and estimated excess reserves increased $221 million to $447 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $34l million, compared with the revised net borrowed figure of $321 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $60 million in U. S. Government securities bought outright and $34 million in acceptances held under repurchase agreements, and increases of $172 million in Treasury deposits with Federal Reserve Banks and $130 million in currency in circulation. The principal offsetting changes were increases of $24l million in member bank borrowings, $44 million in Federal Reserve float, and $37 million in U. S. Government securities held under repurhcase agree ments, and a decrease of $50 million in "other" F. R. accounts (net). Total Reserve Bank credit increased $220 million. As of Wednesday, June 15, holdings of U. S. Government securities bought outright were $107 million lower than a week earlier and member bank borrowings were $210 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, June 15, June 8, June 16, June 15, and related items 1966 1966 1965 1966 (in millions of dollars) Reserve Bank credit: U, S, Government securities-- Bought outright—System account 41,601 - 60 +3,074 41,435 Held under repurchase agreements 58 + 37 - 232 Acceptances-- Bought outright 83 + l + 40 83 Held under repurchase agreements 99 - 34 + 87 99 Discounts and advances- Member bank borrowings 788 +24l + 177 766 Other 12 - 8 3 12 Float 1,809 + 44 + 177 1,825 Total Reserve Bank credit 44,450 +220 +3,319 44,220 Gold stock 13,533 - 759 13,53^ Treasury currency outstanding 5,911 + 2,3 + 517 5,924 63,893 +242 +3,076 63,678 Currency in circulation ^2,356 +130 +2,801 42,425 Treasury cash holdings 1,018 + 26 + 247 1,028 Treasury deposits with F. R. Banks 909 +172 + 93 1,038 Foreign deposits with F.R. Banks 136 - 10 - 15 139 Other deposits with F. R. Banks 388 - 4 + 211 4o4 Other F.R. accounts (net) 5_6_Z - 50 - 664 491 ^5,375 +266 +2,673 ^5,525 Member bank reserves: With Federal Reserve Banks 18,518 - 24 + 403 18,153 Currency and coin (estimated) 3,809 +135 + 275 4,24o Total reserves held 22,327 +111 + 678 22,393 Required reserves (estimated) 21,880 -110 + 633 22,071 Excess reserves (estimated) 447 +221 + 45 322 On June 15, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,674 million, an increase of H>37 million for the week and an increase of $106 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 CONDITION OF THE TWELVE FEDERAL RESERVE BANKS \A.Ll 111X0,0.0. WHO W, Change since June 15, June 8, June 16, 1966 1966 1965 A S S E TS Gold certificate account 11,327 - 24 -1,125 Redemption fund for F. R. notes 1,753 + 20 •*•_„192 Total gold certificate reserves 13,080 4 - 933 •X- Cash (815) 242 + 9 + 124 Discounts and advances 778 - 215 + 73 Acceptances: + 42 Bought outright 83 f 87 Held under repurchase agreements 99 32 U. S. Government securities: Bought outright- Bills 9,803 • 107 +1,928 Certificates 12 -- + 12 Notes 25,236 " - 501 Bonds 6,384 -- +1,246 Total bought outright 41,435 - 107 +2,685 Held under repurchase agreements -- - 467 Total U. S. Government securities 41,435 - 107 +2,218 Total _lga^_anc^^^curl_tie_s 42,395 - 354 +2,420 Cash items in process of collection (1,975) 7,9H +1,703 + 428 Bank premises 103 + 1 Other assets i/ 811 + 16 + 471 (2,790) 64,542 +1,370 +2,511 TOTAL ASSETS L I A B I L I T I ES Federal Reserve notes (815) 37,317 54 +2,488 Deposits: Member bank reserves 18,153 + 24 - 817 U. S. Treasurer—general account 1,038 + 137 + 4oi Foreign 139 - 17 10 Other 2/ 4o4 + 4 + 218 Total deposits 19,734 + 148 - 208 Deferred availability cash items (1,975]) 6,086 +1,277 + 420 Other liabilities and accrued dividends 216 8 - 243 TOTAL LIABILITIES (2,790;) 63,353 +1,471 +2,457 C A P I T AL A C C O U N TS Capital paid in 562 1 +- 22 Surplus 551 -- + 27 Other capital accounts 76 - 102 + 5 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,790.) 64,542 +1,370 +2,511 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 3^. ylo .1* 5-3# Contingent liability on acceptances purchased for foreign correspondents 212 + 19 + 53 * Figures in parentheses are the eliminations made m the consolidating process; see comparable figures on combined basis on the following pages, ^/includes assets denominated in foreign currencies and IMF gold deposited, -/includesM .ABT4UFR_I^TolYd .D IdSeTpRoIsBiUtT,I ON OF LOANS AND SECURITIES^ JUNE 15, 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 advance: s Acceptances Holdings during week Within 15 days 766 113 1,261 + 61 16 days to 90 days 12 69 10,110 -146 91 days to 1 year 14,823 + 86 *•* Over 1 year to 5 years -- " 13,549 -108 Over 5 years to 10 years -- -- 1,307 -- Over 10 years «- -- 385 _ Total 778 182 41,435 -107 ** Less than $500,0 00. 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 ON JUNE 15, 1966 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta ^Chicago Dallas Fran York delphia land mond Louis apolis City 1 cisco 1 (In millions5 Of dOlJ _ars) A S S E TS 1 Gold certificate account 11,327 752 2,436 609 961 1,096 498 2,004 412 216 437 434 1,472 Redemption fund for F. R. notes 1,753 101 417 94 146 147 103 313 63 34 69 59 207 Total gold certificate reserves 13,080 853 2,853 703 1,107 1,243 601 2,317 475 250 506 493 1,679 F. R* notes of other Banks 815 56 211 46 66 85 79 71 35 21 35 45 65 Other.. cash 2^2 13 29 10 34 16 19 38 20 7 12 14 30 Discounts and advances 778 62 208 43 28 13 64 203 11 11 43 15 77 Acceptances: Bought outright 83 -- 83 -- " -- -- -- -- -- -- -- -- Held_AHider repurchase agreements 99 __ 99 -- -- -- -- -- -- -- — T* — U. S. Government securities: Bought outright-- Bills 9,803 491 2,432 516 798 686 567 1,678 365 207 374 379 1,310 Certificates 12 1 3 1 1 l l 2 # * # * 2 Notes 25,236 1,262 6,262 1,328 2,055 1,768 1,458 4,318 94o 532 963 976 3,374 Bends 6.384 319 1,584 336 520 447 369 1,092 238 135 244 247 853 Total 41A35 2,073 10,281 2,l8l 3,374 2,902 2,395 7,090 1,543 874 1,581 1,602 5,539 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- " -- -- Total U. S. Government securities 41,435 2,073 10,281 2,181 3,374 2,902 2,395 7,090 1,543 874 1,581 1,602 5,539 Total loans and securities 42,395 2,135 10,671 2,224 3,402 2,915 2,459 7,293 1,554 885 1,624 1,617 5,6l6 Cash items in proc«5 SS of collection | 9,886 624 1,785 590 746 803 Bank premises . i 103! 3 9 3 5 5 Other assets 1/ ! 811! 30 344 34 55 37 TOTAL ASSETS 67,332 3,7l4 15,902 3,610 5,415 5,104 l/ includes assets denominated in foreign currencies and IMF gold deposited. CO CO O CO I 1,677 473 317 632 467 954 20 8 3 7 10 10 95 22 14 28 31 83 4,034 11,511 2,587 1,497 2,844 2,677 8,437 * T.r an $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 JUNE 15, 1966 San Total Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas 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 38,132 2,296 8,625 2,242 3,193 3,425 2,213 6,908 1,438 722 1,450 1,223 4,397 Deposits: Member hank reserves 18,153 730 4,925 742 1,326 817 1,051 2,865 626 437 8o4 898 2,932 U.S. Treasurer--general account 1,038 40 -201 63 85 122 41 118 37 54 80 101 Foreign 139 6 7 12 7 8 19 5 3 6 8 18 Other 404 1 2/330 1 * 6 7 1 1 1 3 1 52 Total deposits 19,734 777 5,496 813 1,423 952 1,107 3,003 728 478 867 987 3,103 Deferred availability cash items 8,061 573 481 674 650 629 1,390 372 264 467 389 754 1,418 Other liabilities and accrued dividends 216 11 11 19 14 13 36 8 5 8 9 28 54 TOTAL LIABILITIES 66,143 3,657 15,593 3,547 5,309 5,041 3,962 11,337 2,546 1,469 2,792 2,608 8,282 CAPITAL ACCOUNTS Capital paid in 562 27 146 30 51 29 34 81 19 14 25 33 73 Surplus 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts 76 3 19 3 5 6 5 14 3 1 3 4 10 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 67,33.2. 3,714 15,902. 3,610 5,415 5,104__ .k03iL_ 11,511 2>587_ 1,497. 2,844 2,677 8,437 Contingent liability on accept ances purchased for foreign c orre spondent s 212 10 1/ 56 12 19 11 13 3P_ 1_ 5_ 9_ 12 28 FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding 40,489 1 2,422 9,175 2,332 3,455 3,594 2,398 7,253 1,518 759 1,549 1,332 4,702 Collateral for F. R. notes: Gold certificate account 6,613 1 500 1,000 500 600 906 425 1,100 315 127 225 180 735 Eligible paper 22 | 11 11 U. S. Government securities 34.909 1 1.936 8.300 1.900 2.950 2.713 2,025 6.300 1.310 645 1,350 1.180 4,300 Total collateral 41,544 ; 2,436 9,300 2,411 3,550 3,619 2,450 7,400 1,636 772 1,575 1,360 5,035 __ L l/ After deducting $ 99million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $156million participations of other Federal Reserve Banks- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis