H.4.1 Factors Affecting Reserve Balances of Depository Institutions

••isHSjt. 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 July 21, 1966 Figures on factors affecting bank reserves during the week ended July 20 continued to be affected by effects of the airline strike in slowing inter-city and inter-district check clearances. The average of daily figures of total member bank reserves held decreased a net of $326 million to $22,919 million. Estimated cur rency and coin of member banks increased $106 million and their reserve balances at the Federal Reserve Banks decreased $^32 million. Estimated required reserves in creased $2V7 million; and estimated excess reserves decreased $573 million to $152 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $1+79 million, compared with the revised net borrowed figure of $93 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $969 million in U. S. Government securities bought outright, $187 million in member bank borrowings, and $100 million in acceptances held under repurchase agreements, and an increase of $13^ million in Treasury de posits with Federal Reserve Banks. The principal offsetting changes were an in crease of $795 million in Federal Reserve float, and decreases of $105 million in "other" F. R. accounts (net) and $98 million in currency in circulation. Total Reserve Bank credit decreased $^70 million. As of Wednesday, July 20, holdings of U. S. Government securities bought outright were $W+2 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. Member bank borrowings were $135 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended [Wednesday, Reserve Bank credit, July 20, July 13, July 21, July 20, and related items 1966 1966 1 1965 1966 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account Ui,684 -969 +2,918 41,956 Held under repurchase agreements - 3 - 98 Acceptances-- Bought outright 75 - 5 37 | 71 Held under repurchase agreements -100 Discounts and advances- Member bank borrowings 631 -187 + 2C6 ! 250 Other 2 Float 3,225 +795 +1,019 2,74l Total Reserve Bank credit 45,615 -470 +4,080 45,018 Gold stock 1 3 ,^ - 1 - 500 13,434 Treasury currency outstanding 5,966 - 6 + 554 5,965 65,016 -475 +4,136 64,417 Currency in circulation 42,921 - 98 +2,856 42,898 Treasury cash holdings 1,062 - 4 + 277 1,068 Treasury deposits with F. R. Banks 1A56 +134 + 268 772 Foreign deposits with F. R. Banks 160 + 13 - 19 157 Other deposits with F. R. Banks 433 + 15 + 239 425 Other F. R. accounts (net) 332 -105 - 393 352 46,064 - 44 +3,228 45,672 Member bank reserves: With Federal Reserve Banks 18,951 -432 + 905 18,746 Currency and coin (estimated) 3,968 +106 + 351 4,265 Total reserves held 22,919 -326 +1,256 23,011 Required reserves (estimated) 22,767 +247 +1,298 22,796 Excess reserves (estimated) 152 -573 - 42 215 On July 20, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,12^ million, a decrease of $251 million for the week and a decrease of $157 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 OP THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) Change since July 20, July 13, July 21, 1966 1?66 1965 A S S E TS Gold certiflcate~a£count 11,171 - 41 - 863 Redemption fund for F. R. notes 1,818 ±-32 + 193 Total gold certificate reserves * 12,989 - 4 - 670 Cash (862) m + 3 + 129 Discounts and advances 250 -135 - 21 Acceptances: Bought outright 71 - 5 + 35 Held under repurchase agreements - 80 U. S. Government securities: Bought outright— Bills 10,139 •442 +2,494 Certificates 15 + 15 Notes 25,326 - 4ll Bonds +1.092 6,476 ^2 Total bought outright +3,190 4T7956* Held under repurchase agreements - 213 517956 Total U. S. Government securities +2.977 Total loans and securities 42,277 +2,991 Cash items in process of collection (1,700) 8,529 +2,007 104 + 3 Bank premises . Other assets » 966 + _22J TOTAL ASSETS (2,562).65.112 dJ25 I J I A B I J J I T I ES Federal Reserve"~notes~" ~ (862) 37,802 -169 +2,552 Deposits: Member bank reserves 18,7^6 + 40 +1,015 U. S. Treasurer—general account 772 -366 + 102 Foreign. 157 + 7 + 6 Other y 425 + 223 Total deposits 20,100 -312 +1,346 Deferred availability cash items (1,700) 5,788 - 17 + 917 Other liabilities and accrued dividends 203 - 12 - 188 TOTAL LIABILITIES (2,562) 63,893 -510 +4,627 C A P I T AL ACCOUNTS + 22 Capital paid~in "" + 27 Surplus Other capital accounts + 11 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,562) Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 33.6$ 4.5# Contingent liability on acceptances purchased for foreign correspondents 247 ~ 15 92 * 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. 2/lncludes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. JULY 20. 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 238 l5 1,533 +449 16 days to 90 days 12 55 10,057 -711 91 days to 1 year -- ..- lJ+,995 -180 Over 1 year to 5 years -- — 13,622 — Over 5 years to 10 years — 1,352 -- Over 10 years —• — 397 «.— Total 250 71 41,956 -442 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4.1(13) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 20, 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) A S S E TS Gold certificate account 11,171 551 2,464 603 855 1,058 552 1,978 459 252 432 514 1,^53 Redemption fund for P. R. notes 1,818 103 436 98 148 151 103 332 64 33 71 62 217 Total gold certificate reserves 12,989 654 2,900 701 1,003 1,209 655 2,310 523 285 503 576 1,670 F. R. notes of other Banks 862 52 197 62 60 93 89 71 33 34 38 44 89 Other cash 1 2^7 12 27 9 36 14 18 43 24 5 11 14 34 Discounts and advances 250 ! 16 20 4 4 5 16 50 4 7 15 9 100 Acceptances: Iought outright 71 | -- 71 -- -- — -- -- -- -- -- -- — Held under repurchase agreements -- -- -- •• -- •- -- -- -- -- U. S. Government securities: Bought outright— Bills 10,139 538 2,591 522 835 700 554 1,699 360 201 385 369 1,385 Certificates 15 1 4 1 l 1 1 2 * * 1 1 2 Notes 25,326 i,344 6,472 1,304 2,084 1,748 1,383 4,245 900 502 964 921 3, **59 Bonds 6,476 344 1,655 333 533 447 351* 1,086 230 128 246 236 884 Total 41,956 2,227 10,722 2,160 3,453 2,896 2,292 7,032 1,490 831 1,596 1,527 5,730 Held under repurchase agreements -- -- -- -- -- " -- " -- -- " — — Total U. S. Government securities 41,956 2,227 10,722 2,160 3,453 2,896 2,292 7,032 1,490 831 1,596 1,527 5,730 Total loans and securities 42,277 2,243 10,813 2,l6k 3,^57 2,901 2,308 7,082 1,494 838 l,6ll 1,536 5,830 Cash items in process of collection 10,229 599 1,975 587 723 797 822 1,657 470 315 684 491 1,109 Bank premises , 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets i/ 966 39 384 42 68 46 45 120 28 17 3* 37 106 TOTAL ASSETS 67,674 3,602 16,305 3,568 5,352 5,065 3,957 11,303 2,580 1,^97 2,889 2,708 8,848 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. 4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK CN JULY 20, I966 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 dolJ_ ars) L I A B I L I T I ES Federal Reserve notes 38,664 2,33* 8,777 2,248 3,221 3,^76 2,238 7,015 1,444 724 1,*58 1,248 4,481 Deposits: Member "bank reserves 18,7*6 610 5,332 723 1,369 848 1,036 2,752 667 435 836 922 3,216 U.S. Treasurer--general account 772 43 68 46 45 77 44 79 69 *9 86 68 96 Foreign 157 7 1/ 46 8 13 8 9 21 5 4 7 9 20 Other 425 1 2/338 * 1 6 4 2 1 1 2 1 68 Total deposits 20,100 661 5,784 777 1,428 939 1,093 2,854 742 489 931 1,000 3,402 "~ referred availability cash items 7,488 537 1,377 467 577 571 5*1 1,222 344 251 *39 383 779 Other liabilities and accrued •dividends 203 11 51 11 17 15 11 3^ 7 4 8 8 27 TOTAL LIABILITIES 66,455 3,5*3 15,989 3,503 5,243 5,coi 3,883 11,124 2,537 1,468 2,836 2,639 8,689 CAPITAL ACCOUNTS Capital paid in 564 27 146 30 51 29 35 81 20 14 25 33 73 Surplus 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts io4 5 26 5 8 7 6 19 4 2 4 4 14 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 67,674 3,602 16,305.^ . ^ Q- 5>3§g--5JC65_ 3,951-Ji,203_ - l ^^ _.lA97. 2,889 2,708 8,848 Contingent liability on accept ances purchased for foreign correspondents 247 12 1/ 65 13 22 13 15 35 9_ 6 11 14 32 . FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding 41,849 2,498 9,5*8 2,4o8 3,53* 3,721 2,466 7,*97 1,558 767 1,583 1,376 4,893 Collateral for F. R. notes: Gold certificate account 6,682 500 1,000 500 600 950 450 1,100 315 127 225 180 735 Eligible paper 7 3 4 U. S. Government securities 35,898 2,016 8,6co 2,000 3,000 2,812 2,075 6,500 1,310 655 i,4oc 1,230 *,3C0 Total collateral 42,587 2,516 9,6co 2,503 3,6oc 3,762 2,525 7,600 1,629 782 1,625 l,4io 5,035 l/ After deducting $111 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $182 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis