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 H.4.!'••••" For immediate release August 18, 1966 Figures on factors affecting tank reserves continue to show effects of delays in inter-city and inter-district check clearances resulting from the airline strike, ruring the week ended August 17, the average of daily figures of total member bank reserves held decreased a net of $287 million to $22,6ll million. Estimated currency and coin of member banks increased $199 million and their reserve balances at the Federal Reserve Banks decreased $486 million. Estimated required reserves decreased $70 million; and estimated excess reserves decreased $217 million to $264 million. Member bank borrowings at the Federal Reserve Banks exceeded ex cess reserves by $466 million, compared with the revised net borrowed figure of $301 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $422 million in U. S. Government securities bought outright, $158 million in U. S. Government securities held under repurchase agree ments, and $52 million in member bank borrowings, and an increase of $92 million in currency in circulation. The principal offsetting changes were an increase of $200 million in Federal Reserve float and a decrease of $40 million in Treasury de posits with Federal Reserve Banks. Total Reserve Bank credit decreased $4-38 million. As of Wednesday, August 17, holdings of U. S. Government securities bought outright were $1+73 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $342 million lower, and member bank borrowings were $216 million lower. Holdings of certificates increased $4,351 million, notes decreased $4,313 million, and bonds decreased $38 million reflecting the exchange of $5,813 million k<f notes and $38 million jfo bends maturing August 15 for $4,351 mil 0 lion 5-l/4/o certificates of indebtedness maturing August 15, 1967, and $1,500 mil lion 5-1/4$ notes maturing May 15, 1971. Averages of daily figures Member bank reserves,UNiVIRSITY OF OREGON ¥eek ended Change from week ended Wednesday, Reserve Bank credit, r a Aug. 17, Aug. 10, Aug. 18 , Aug. 17, p iqfiR and related items hub o-J 1000 1966 1966 1965 1966 (in millions of dollars) Reserve Bank credit: LIBRARY U. S. Government securities— Bought outright—System account in, 809 -422 +2,772 ia, 633 Eeld under repurchase agreements -158 + 95 194 Acceptances—bought outright - 2 + 12 48 Discounts and advances— 47 Member bank borrowings 730 - 52 + 239 310 Other 1 - 3 1 Float 2,524 +200 754 2,602 Total Reserve Bank credit +57305 ^38 +3,871 4"4~593 Gold stock 13,332 - 1 - 526 13,33+ Treasury currency ontstanding 6,01k + 11 + 588 6,021 64,651 ^+28" +3,932 63^W Currency in circulation 43,000 92 +2,798 43,011 Treasury cash holdings 1,069 22 + 257 1,072 Treasury deposits with F, R. Banks 1,065 4o + 217 970 Foreign deposits with F.R. Banks 131 8 - ic4 133 Other deposits with F.R. Banks 4l4 10 + 224 412 Other F.R. accounts (net) 18 - 201 393 265 + 57 +3,190 45,991 45,943 Member bank reserves: With Federal Reserve Banks 18,708 -486 7^3 17,957 Currency and coin (estimated) 3,903 +199 354 ^,199 Total reserves held 22,611 -287 +1,097 22,156 Required reserves (estimated) 22,347 - 70 +1,16? 22,344 Excess reserves (estimated) 264 -217 65 -188 On August 17, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,473 million, a decrease of $25 million for the week and an increase of $3l4 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 (In millions of dollars) Change since Aug. 17, Aug. 10, Aug. 18, 1966 1966 1365 A S S E TS Gold certificate account 11,045 5 - 894 Redemption fund for F. R. notes 1,813 l 2 +—172 Total gold certificate reserves 12,858 7 722 Cash (867) 288 + 7 + 177 Discounts and advances 310 - 216 - 18 Acceptances—bought outright ^ "" + -1-2 U. S. Government securities: Bought outright-- Bills 9,816 - 473 +1,988 Certificates ^,366 +4,351 +4,366 Notes 21,013 -4,313 -3,724 Bonds 6,438 38 + 54 z Total bought outright 41,633 - ^73 +2,684 Held under repurchase agreements " ", 342 -- Total U. S. Government securities 4l,633 - 8l5 ^2,684 Total loans and securities 4l,991 -1,031 +2,678 Cash items in process of collection (l,825) 8,454 +1,401 +1,800 Bank premises , 104 -- + 2 Other assets i/ 910 - 24l + 85 TOTAL ASSETS (2,692) 64,605 + 129 +4,020 L I A B TT T T T F^ Federally sei^e~notes (867) 37,87I+ ^8 +2,^35 Deposits; Member bank reserves 17,957 - 531 + 576 U. S. Treasurer—general account 970 20 + 21 Foreign, 133 + 9 81+ Other 2/ lf!2 + 2 + 22^ Total deposits 19,^72 - 5^0 + 737 Deferred availability cash items (1,825) 5,852 + 829 + 95^ Other liabilities and accrued dividends 202 - 6 -_ l6l TOTAL LIABILITIES (2,692) 63,^00 + 235 +3,965 £ A £ I 1 A L A C C O U N TS Capital paid in 565 1 Surplus 551 Other capital accounts 89 - 107 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,692) 6k, 605 + 129 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 33*2$ «• **• 5$ Contingent liability on acceptances purchased for foreign correspondents 271 + 2 + 123 * 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. -^Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 17, 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 ;w Within 15 days 29b 7 1,612 -5. 16 days to 90 days 12 1+1 4,889 + 96 91 days to 1 year -- — 19,844 +5., 046 Over 1 year to 5 years «... -- 13,699 + 77 Over 5 years to 10 years -« -- 1,192 - 160 Over 10 years — -- 397 -- Total 310 k& la, 633 - 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4.1(b) STATEMENT CF CCNIITION CF EACH FEDERAL RESERVE EANK CN AUGUST 17, 1966 oan 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] A S S E TS Gold certificate account 11,C45 594 2,220 592 956 1,136 641 l, 992 4l8 176 425 434 i,46i Redemption fund for F. R. notes 1,813 103 433 152 148 103 332 64 33 71 61 216 Total gold certificate reserves 12,858 '697" 2,653 689 1,108 1,284 744 2,324 482 209 496 "495 1,677 F. R. notes of other Banks 867 69 209 78 60 87 81 64 28 38 28 42 83 Other cash 288 13 34 16 24 46 28 7 12 17 38 11 42 Discounts and advances 310 26 41 35 58 68 27 5 12 19 Acceptances--'bought outright 48 48 11 6 U. S. Government securities: Bought outright-- Bills 9,816 513 2,47c 5C5 801 674 528 1,649 34o 208 381 368 1,379 Certificates 4,366 228 1,098 225 356 300 235 733 151 93 170 164 613 Notes 21,013 1,098 5,286 1,081 1,713 1,443 1,131 3,529 729 447 817 787 2,952 Bonds 6,438 336 1,620 332 525 442 3VL l.eei 223 137 250 24l 904 Total '41,633 2,175 10,474 2,143 3,395 2,859 2,241 6,992 1,443 885 1,618 1,560 5,848 Held under repurchase agreements Total U. S. Government securities 41,633 2,175 10,474 2,.l43 3,395 2,859 2,241 fc^g 1^M3_ 885 1,618 1,560 5,848 Total loans and securities 41,991 2,201 10,563 2,154 3,4oi 2,894 2,299 7,060 1,47c 890 1,630 1,579 5,850 Cash items in process of collection 10,279 611 1,887 600 754 846 822 1,729 500 317 654 502 1,057 Bank premises 104 3 9 3 5 5 20 20 8 3 8 10 10 Opher assets 1/ 910 35 384 38 62 40 42 105 24 16 32 _3i 2L TCTAL ASSETS 67,297 3,629 15,739 3,573 5,432 5,172 4,032 11,348 2,540 l,48o 2,860 2,682 8,810 l/ Includes assets dencminated 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 ON AUGUST 17, 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 38,7^1 2,320 8,831 2,227 3,235 3,^81 2,233 7,03^ 1,438 716 1,^65 1,255 4,506 Deposits: Member hank reserves 17,957 627 h,159 729 1,355 842 1,023 2,708 598 428 817 909 3,162 U.S. Treasurer--general account 970 70 55 75 139 76 i4o 86 52 55 59 91 I/72 Foreign 133 6 7 12 7 8 19 4 3 6 7 17 Other 4l2 1 2/329 1 * 5 4 4 1 1 3 1 62 Total deposits 19,472 704 5,197 792 1,442 993 1,111 2,871 689 484 881 976 3,332 Deferred availahility cash items : 7,677 536 1,346 479 631 621 604 1,234 364 247 453 374 788 Other natalities and accrued dividends 202 ! 11 52 11 16 13 11 33 7 5 8 8 27 TOTAL LIABILITIES : 66,092 3,571 15,426 3,509 5,324 5,108 3,959 11,172 2,498 1,452 2,807 2,613 8,653 CAPITAL ACCOUNTS Capital paid in ! 565 27 1U7 30 51 29 35 81 20 14 25 33 73 Surplus i 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts j 89 4 22 4 7 7 5 16 3 1 4 4 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 67,297 3,629 15,739 3,573 5A32 5,172 4,032 11,348 2,540 i,48c 2,860 2,682 8,810 Contingent liability on accept ances purchased for foreign correspondents t . 271 13 3/71 15 24 14 16 39 9_ 6 12 16 36 FEIERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding 4i,64i 2,477 9, ^73 2,362 3,533 3,702 2,46l 7,h9k 1,534 759 l, 580 1,379 4,887 Collateral for F. R. notes: Gold certificate account 6,662 500 1,000 500 6oo 930 450 1,100 315 127 225 180 735 Eligible paper 37 10 27 U. S. Government securities 35,988 2,016 8,700 2,000 3,000 2,802 2,075 6,500 i,3ic 655 1,4oo 1,230 4,300 Total collateral 42,687 2,516 9,700 2,510 3,600 3,732 2,525 7,6co 1,652 782 1,625 1,410 5,035 l/ After deducting $ 9^ million participations ofe ther Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,0C0. 3/ After deducting $200 million participations ofo ther Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis