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 E h[l^^fy Condition Statement of F.R. Banks a For immediate release September 1, I966 The average of daily figures of total member bank reserves held during the week ended August 31 increased a net of $131 million to $22,578 million. (Com parisons with the prior week are affected by the airline strike which continued through part of that week.) Estimated currency and coin of member banks increased $72 million and their reserve balances at the Federal Reserve Banks increased $59 million. Estimated required reserves increased $219 million; and estimated excess reserves decreased $88 million to $269 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by {J&22 million compared with the revised net borrowed figure of $362 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $78^ million in U. S. Government securities bought outright and decreases of $127 million in currency in circulation and $3^ million in "other" F. R. accounts (net). The principal offsetting changes were decreases of $766 million in Federal Reserve float, $54 million in gold stock, and $28 million in member bank borrowings, and an increase of $27 million in Treasury deposits with F. R. Banks. Total Reserve Bank credit decreased $7 million. As of Wednesday, August 31, holdings of U. S. Government securities bought outright were $8^7 million higher than a week earlier and member bank borrowings were $421 million lower. UNIVERSITY OF OREGON SEP 3 1966 LIBRARY Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Aug. 31, Aug. 24, Sept. 1, Aug. 31, and related items 1966 1966 1965 1966 (in millions of dollars) Reserve Bank credit: U. S, Government securities- Bought outright—System account ^2,597 +784 +3,523 42,518 Held under repurchase agreements — — "" — - 78 •" *"* Acceptances— Bought outright h9 + 2 • 13 ! 48 Held under repurchase agreements -- -- 19 „ Discounts and advances- Member bank borrowings 691 - 28 + 154 384 Other 2 + 1 + 2 2 Float 1,775 -766 + 348 1,^85 Total Reserve Bank credit 45,114 - 7 +3,944 44,437 Gold stock 13,258 - 54 - 600 13,259 Treasury currency outstanding 6,c4o + 10 + 587 6,047 64,412 - 51 +3,930 63,743 Currency in circulation 42,767 -127 +2,709 42,882 Treasury cash holdings 1,082 + 1 + 272 1,059 Treasury deposits with F.R. Banks 1,083 + 27 + 132 l,6l4 Foreign deposits with F. R. Banks 138 + 12 - 102 170 Other deposits with F. R. Banks 4l2 + 11 + 235 395 Other F c R, accounts (net) 352 - 34 - 46 224 ^5,833 -111 +3,197 46,344 Member bank reserves: With Federal Reserve Banks 18,578 + 59 + 732 17,399 Currency and coin (estimated) 4,000 + 72 + 272 4,405 Total reserves held 22,578 +131 +1,oo4 21,804 Required reserves (estimated) 22,309 +219 +1,168 22,424 Excess reserves (estimated) 269 - 88 - 164 -620 On August 31> 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,0*1-2 million, a decrease of $128 million for the week and a decrease of $223 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) Chams ;e since Aug. 31, Aug. 24, Sept. 1, 1966 1966 1965 A S S E TS Gold certificate account 10,983 + 14 - 967 Redemption fund for F, R, notes # 1,805 + _2 + 159 Total gold certificate reserves (931) 12,788 + 16 - 808 Cash 3C6 + 8 + 193 Discounts and advances 386 -426 + .255 Acceptances: Bought outright 48 -- + 12 Held under repurchase agreements — — «. — - 18 U„ S. Government securities: Bought outright— Bills 10,701 +847 +2,928 Certificates 4,366- — +4,366 Notes 21,013 -- -3,746 Bonds 6,438 -- - 22 Total bought outright 42,518 +847 +3,519 Held under repurchase agreements — -- Total U. S. Government securities 42,518 +847 +3,519 Total loans and securities 42,952 +421 +3,768 Cash items in process of collection (1,734) 6,351 -165 + 504 Bank premises 104 -- + 2 Other assets i/ 1,176 +202 + 85 TOTAL ASSETS (2,665) 6.3,677 +482 +3,744 L I A B I L I T I ES Federal Reserve notes (931) 37,729 - 15 +2,357 Deposits: Member bank reserves 17,399 -319 + 617 U. S. Treasurer—general account l,6lk +645 + 354 Foreign , 170 + 4n - 37 Other £/ ( 13) 395 - 27 + 214 Total de-posits 19,578 +339 +1,148 Deferred availability cash items (1,721) 4,866 + 95 + 303 Other liabilities and accrued dividends 231 + 29 - 133 TOTAL LIABILITIES (2,665) 62,4o4 +448 +3,675 C A P I T AL A C C O U N TS Capital paid in 565 -- + 21 Surplus 551 -- + 27 Other capital accounts 157 + 34 + 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,665) 63,677 +482 +3,744 Ratio of gold certificate reserves to P, R. note liability (computed from figures as shown on the following pages—not consolidated) 33.1* - h t Contingent liability on acceptances purchased for foreign correspondents 272 - 6 + 128 * 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 _Bgg_gold deposit. MATURITY DISTRIBUTION OF LOAMS MP SECURITIES, AUGUST 31» 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 Aceh eptanees Holdings during week Within 15 days 373 12 1,347 -245 16 days to 90 days 13 36 5,222 +342 91 days to 1 year — — 20,661 +750 Over 1 year to 5 years -- -- 13,699 Over 5 years to 10 years — -- 1,192 Over 10 years — -- 397 »-. Total 386 48 42,518 +847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4.1(b) STATEMENT OF CONDITION CF EACH FEDERAL RESERVE BANK CN AUGUST 31, 1966 r ;. | Can Total ! Boston New Phila Cleve Rich Atlanta Chicago s Minne Kansas Ialias I Fran- York delphia land mond Louis apolis City 1 cisco (In millions3 of dollars) A S S E TS Gold certificate account 10,983 720 2,075 644 983 1,051 635 2,298 402 192 502 260 1,221 Redemption fund for F. R. notes 1,805 101 429 95 151 154 102 330 64 33 70 61 215 Total gold certificate reserves 12,788 821 2,504 739 1,134 1,205 737 2,628 466 225 572 321 1,436 F. R. notes of other Banks 931 83 216 82 67 82 99 Ik 32 46 39 4o 71 Other cash 306 l4 35 11 44 18 26 49 32 8 13 17 39 Discounts and advances 386 32 79 9 4 22 67 83 21 O k3 20 * Acceptances: Bought outright ! 48 -- 48 -- — __ __ „ — — -- __ -- Held under repurchase agreements — — — — — — — " — — — -- U. S. Government securities: Bought outright- Bills ;10,701 556 2,6l4 548 865 760 572 1,764 381 228 419 446 1,548 Certificates 4,366 227 1,066 224 353 310 233 720 155 93 171 182 632 Notes 21,013 1,091 5,132 1,078 1,699 1,^92 1,123 3,^65 747 447 823 876 3,o4o Bonds 6,438 334 1,573 330 521 457 3kk 1,062 229 137 252 268 931 Total 42,518 2,208 10,385 2,160 3,436 3,019 2,272 7,011 1,512 905 1,665 1,772 6,151 Held under repurchase agreements -- -- -- -- -- — -- -- -- -- -- -- -- Total U. S. Government securities 42,518 2,208 10,385 2.180 3,4^8 3.019 2,272 7.011 1,512 . 905 1,665 1,772 6,151 Total loans and securities 42,952 2,21+0 10,512 2,189 3,442 3,c4i 2,339 7,094 1,533 911 1,708 1,792 6,151 Cash items in process of collection 8,085 539 1,436 504 59k 635 667 1,318 377 266 521 423 805 Bank premises 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets i/ 1,176 kl 454 53 85 54 57 143 34 22 44 52 131 TOTAL ASSETS j 66,342 ! 3,747 15,166 3,581 5,371 5,c4o 3,945 11,326 2,482 1,481 2,905 2,655 8,643 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.l(c) STATEMENT CF CONDITION CF EACH FEDERAL RESERVE BANK OK AUGUST 31, 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 38,660 2,307 8,831 2,209 3,219 3,484 2,233 7,017 1,428 707 1,470 1,247 4,508 Deposits: Member bank reserves 17,399 727 4,194 716 1,323 8l6 970 2,784 625 458 655 918 3,013 U.S. Treasurer--general account 1,614 115 268 135 164 110 115 179 69 52 112 70 225 Foreign 170 9 10 16 9 11 26 4 8 10 24 Other 408 14 2/329 15 11 1 3 l 51 Total deposits 19,591 "SoT "47B28" 861 1,504 ~9W 1,097 2,990 701 515 9W 999 3,313 Deferred availability cash items 6,587 501 1,119 432 517 532 526 1,093 301 224 393 328 621 Other liabilities and accrued dividends 231 12 57 12 18 16 38 8 10 34 TOTAL LIABILITIES 65,069 37SBT 1^7835 3,514 "5725B 47972" 3,868 11,138 2,438 1,451 27B5O 2758TF 8,476 CAPITAL ACCOUNTS Capital paid in 565 27 147 30 51 29 35 81 20 14 25 33 73 Surplus 551 27 144 30 50 28 33 79 19 13 24 32 72 Cther capital accounts 157 8 40 7 12 11 9 28 5 3 6 6 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 66,342 3,747 15,166 3,581 5,371 5,o4o 3,945 11,326 2,482 i,48i 2,905 2,655 8,643 Contingent liability on accept ances purchased for foreign corre spondents 272 13 3/ 7 1 15 24 14 16 39 12 16 36 FEDERAL RESERVE AGENT'S ACCCUNTS F. R. notes outstanding 41,492 2,463 9,4i6 2,34o 3,522 3,689 2,447 7,482 1,529 758 1,578 1,366 4,902 Collateral for F. R. notes: Gold certificate account 6,627 500 1,000 500 600 895 450 1,100 315 127 225 180 735 Eligible paper 27 6 21 U. S. Government securities 36,426 2.C16 8,700 2,000 3,000 2,940 2,075 6,500 1,310 655 i,4oo 1,230 4,6cc Total collateral 43,080 2,516 9,700 2,506 3,6co 3,835 2,525 7,6cc 1,646 782 1,625 i,4io 5,335 l/ After deducting $133 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $201 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis