H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•iiHSfe,;-. F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks H.4,1 "**" For immediate release July III-, 1966 Figures on factors affecting "bank reserves during the week ended July 13 have been affected by effects of the airline strike in slowing inter-city and interdistrict check clearances. The averages of daily figures of total member bank re serves held decreased a net of $6 million to $23,187 million. Estimated currency and coin of member banks increased $165 million and their reserve balances at the Federal Reserve Banks decreased $171 million. Estimated required reserves decreased $299 million; and estimated excess reserves increased $293 million to $663 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $155 million, compared with the revised net borrowed figure of $V?7 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were a decrease of $5^ million in acceptances held under repurchase agreements, and increases of $385 million in currency in circulation and $312 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were increases of $k2k million in Federal Reserve float and $72 million in U. S. Government securities bought outright, and a decrease of $6l million in foreign de posits with Federal Reserve Banks. Total Reserve Bank credit increased $426 million. As of Wednesday, July 13, holdings of U. S. Government securities bought outright were $309 million lower than a week earlier, with some of the decline attributable to the sale of bills, with matching forward purchase contracts, to help offset the rise in Federal Reserve float resulting from the airline strike. U. S. Government securities held under repurchase agreements were $26 million lower and member bank borrowings were $125 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 13, July 6, July Ik, July 13, and related items 1966 1966 1965 1966 (in millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 42,653 + 72 +3,666 42,398 Held under repurchase agreements 3 - 1 - 580 Acceptances- Bought outright 80 -,i + 4o 16 Held under repurchase agreements 100 + 88 80 Discounts and advances- Member bank borrowings 818 - 9 198 385 Other - 5 3 Float 2^30 +424 547 2,544 Total Reserve Bank credit 46,085 +426 +3,957 Gold stock 13,435 + 1 - 499 13,434 Treasury currency outstanding 5,972 + 10 + 567 5,968 65,491 +436 +4,024 64,885 Currency in circulation 43,019 +385 +2,8l8 43,074 Treasury cash holdings 1,066 — + 304 1,063 Treasury deposits with F. R. Banks 1,022 +312 + 180 1,138 Foreign deposits with F. R. Banks 1^7 - 61 + 1 150 Other deposits with F. R. Banks 4i8 - 10 + 222 4l8 Other F. R. accounts (net) 437 - 17 392 337 46,108 +6c8 +3,131 46,180 Member bank reserves: With Federal Reserve Banks 19,383 -171 + 892 18,706 Currency and coin (estimated) 3,804 +165 + 189 4,337 Total reserves held 23,187 - 6 +1,081 23,043 Required reserves (estimated) 22,524 -299 + 950 22,549 Excess reserves (estimated) 663 +293 + 131 494 On July 13, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,375 million, a decrease of $142 million for the week and an increase of $22 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since July 13, July 6, July Ik, 1966 1966 1965 A S S E TS Gold certificate account 11,212 - 8 - 826 Redemption fund for F. R. notes l,78l + 8 + 157 Total gold certificate reserves 12,993 ""• " 669 Cash (75^) 2 ^ -5 + 136 Discounts and advances 385 + I20 + !73 Acceptances: Bought outright 7 6 -5 + 38 Held under repurchase agreements 80 92 + 72 U. S. Government securities: Bought outright-- Bills 10,581 309 +2,936 Certificates 15 ~ + 15 Notes 25,326 — - *H1 Bonds 6M6 zi. +1,092 Total bought outright 42,398 - 309 +3,632 Held under repurchase agreements - 26 - 301 Total U. S. Government securities ^2,398 - 335 +3,331 Total loans and securities ^2,939 - 312 +3,61^ Cash items in process of collection (1,517) 8,3^9 +1,262 +1,085 Bank premises 10^- -- + 2 Other assets l/ 958 + 12 + 257 TOTAL ASSETS (2,271) 65,587 + 957 +M25 L I A B I L I T I ES Federal Reserve notes"""" (75*0 37,971 * 91 +2,580 Deposits: Member bank reserves 18,706 - 250 +1,106 U. S* Treasurer—general account 1,138 + ^5 + 218 Foreign 150 - ^3 - 6 Other 2/ 4l8 + 20 + 215 Total deposits 20,1*12 + 172 +1,533 Deferred availability cash items (1,517) 5,805 + 804 + khk Other liabilities and accrued dividends 215 - 9 - l8l TOTAL LIABILITIES (2,271) 6^,1*03 +1,058 +U, 376 C A P I T AL A C C O U N TS Capital paid in"" ~ 562 Surplus 551 Other capital accounts 71 - 101 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,271) 65,587 + 957 Ratio of gold certificate reserves to F* R. note liability (computed from figures as shown on the following pages—not consolidated) 33.6$ .1$ - h.k Contingent liability on acceptances purchased for foreign correspondents 262 2 + 106 * Figures in parentheses are the eliminations made in the consolidating process; . 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, JULY 13, 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 373 100 1,084 + 66 16 days to 90 days 12 56 10,768 -32k 91 days to 1 year -- — 15,175 - 77 Over 1 year to 5 years -- __ 13,622 -- Over 5 years to 10 years -- -- 1,352 -- Over 10 years -- __ 397 — Total 3BI 156" 42,398 -335 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 JULY 13, 1966 1 San Nev Phila Cleve Rich St. Minne- Kansas 1 Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco 1 (In millions> of dollars) A S S E TS Gold certificate account 1 11,212 1 794 2,101 621 909 1,069 625 2,002 483 243 431 562 1,372 Redemption fund for F. R. notes | 1,7811 101 426 96 148 145 103 322 64 33 71 60 212 Total gold certificate reserves 12,993 895 2,527 717 1,057 1,214 728 2,324 547 276 502 622 1,584 F. R. notes of other Banks 754 46 163 48 56 82 80 71 31 27 37 44 69 Other cash 244 11 26 9 37 14 18 42 25 5 12 13 32 h5 Discounts and advances 385 1 38 25 l 15 44 171 2 15 17 8 4 Acceptances: Bought outright 76 1 76 Held under repurchase agreements : 8o 80 U. S. Government securities: Bought outright— Bills i 10,581 561 2,704 545 871 730 578 1,774 376 210 402 385 1,445 Certificates 15 1 4 l l 1 l 2 -* * 1 l 2 Notes 25,326 1,344 6,472 1,304 2,084 1,748 1,383 4,245 900 502 964 921 3,459 Bonds 6,476 344 1,655 333 533 447 354 1,086 230 128 246 236 884 Total 42, 398 2,250 10,835 2,183 3,489 2,926 2,316 7,107 1,506 840 1,613 1,543 5,790 Held under repurchase agreements „ -- -- -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities ^2,398 2,250 10,835 2,183 3,489 2,926 2,316 7,107 1,506 84c 1,613 1,543 5,790 Total loans and securities 42,939 2,295 11,029 2,208 3,490 2,94l 2,360 7,278 1,508 855 1,630 1,551 5,794 Cash items in process of j collection | 9,8661 562 1,798 556 691 825 768 1,620 531 304 645 505 l,06l Bank premises j 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets l/ | 958 39 384 42 67 45 45 118 27 17 34 36 io4 TOTAL ASSETS | 67,858) 3,851 15,936 3,583 5,403 5,126 4,019 11,473 2,677 1,487 2,868 2,781 8,654 1/ 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 JULY 13, 1966 San Total Boston New Phila Cleve- Rich Atlanta Chicago St. Minne- Kansas Dallas Fran York delphia land mond Louis apolis City cisco 0I n millions of dollars) L I A B I L I T I ES Federal Reserve notes 38,725 2,341 8,774 2,255 3,225 3,1+81+ 2,255 7,017 1,1+50 727 1,1+61+ 1,21+7 l+,l+86 Deposits: Member bank reserves 18,706 850 4,991 705 1,354 81+9 1,052 2,863 681 1+1+0 85I+ 982 3,085 U.S. Treasurer--general account 1,138 73 177 83 118 9k 148 116 1+8 37 75 70 99 Foreign 150 8 1/28 9 15 8 10 2k 6 1+ 7 9 22 Other 4l8 l 2/341 1 * 6 11 1 3 1 62 Total deposits 20,1+12 932 5,537 798 981 1,157 3,036 803 i+93 901 1,067 3,239 referred availability cash items 7,322 510 1,263 1+56 586 581+ 523 1,212 375 23I+ 1+1+3 391 71+5 Other liabilities and accrued dividends 215 11 5*+ 11 18 15 13 35 8 5 8 8 29 TOTAL LIABILITIES 66,67*+ 3,794 15,628 3,520 5,297 5,061+ 3,9"1+8~ 11,300 ~27636~" 1,^59 2,816 2,713 8/l+99~ CAPITAL ACCOUNTS Capital paid in 562 27 ike 30 51 29 3k 81 19 ik 25 33 73 Surplus 551 27 lkk 30 50 28 33 79 19 13 2l+ 32 72 Other capital accounts 71 3 18 3 5 5 1+ 13 3 l 3 3 10 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 67,858] 3,851 15,936 3,583 5,1+03 5,126 1+,019 11,473 2,677 1,1+87 2,868 2,781 8,651+ Contingent liability on accept ances purchased for foreign correspondents ___ __ 262 13 __J/§9„ Ik 21+ 13 _ i £_ 37 9_ 6_ 12 15 3k FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding 1+1, 554 2,1+71+ 9,1+21+ 2,377 3,520 3,707 2,1+71 7,457 1,552 769 1,579 1,353 M 71 Collateral for F. R. notes: Gold certificate account 6,607 500 1,000 500 600 875 1+50 1,100 315 127 225 180 735 Eligible paper 12 10 2 U. S. Government securities 35,671 1,986 8,500 1,900 2,950 2,865 2,Q75... _ 6^500 1,310 .655 i,4oo 1,230 4,300 Tot-el collateral 1+2,290 2,1+86 9,500 2,1+10 3,550 3,740 2,525 7,600 1,627 782 1,625 1,1*10 5,035 other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. ^/ After deducting $193 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis