H.4.1 Factors Affecting Reserve Balances of Depository Institutions

^°S& 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 November IT, I966 The average of daily figures of total member bank reserves held during the week ended November 16 decreased a net of $73 million to $23,304 million. Estimated currency and coin of member banks increased $200 million and their reserve balances at the Federal Reserve Banks decreased $273 million. Estimated required reserves decreased $l4l million; and estimated excess reserves increased $68 million to $484 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $227 million, compared with the revised net borrowed figure of $230 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $16 million in U. S. Government securities bought outright, $43 million in U. S. Government securities held under repurchase agree ments, and an increase of $359 million in currency in circulation. The principal offsetting changes were increases of $65 million in member bank borrowings, $6l million in Federal Reserve float, and $32 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $65 million. As of Wednesday, November l6, holdings of U. S. Government securities bought outright were $kj million lower than a week earlier and member bank borrow ings were $4 million lower. Holdings of certificates decreased $15 million, notes increased $265 million, and bonds decreased $250 million reflecting the exchange of $564 million k$ notes and $250 million 3-3/8$ bonds maturing November 15, for $829 million 5-5/8$ Treasury notes maturing February 15, 1968. Averages; of daily figures Member bank reserves, Week ended "Change"from week ended Wednesday, Reserve Bank credit, Nov. 16, Nov. 9, | Nov. 17, Nov. 16, and related items 1966 1966 1 1965 1966 (Ir1 millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account ^3,265 - 16 +3,217 ^3,23^ Held under repurchase agreements 150 - k3 + 150 — Acceptances- Bought outright 51 - 2 + 7 51 Held under repurchase agreements 23 + 1 + 20 22 Discounts and advances- Member bank borrowings 711 + 65 + 222 533 Other 15 -- - 18 15 Float 1,951 + 61 - 37 2,135 Total Reserve Bank credit 46,165 + 65 +3,560 1 ^5,990 Gold stock 13,259 + 1 - 600 13,259 Treasury currency outstanding 6,212 + 27 + 672 6,214 65,636 + 93 +3,632 65,463 Currency in circulation 43,765 +359 +2,376 43,833 Treasury cash holdings 1,168 + 5 + 377 1,180 Treasury deposits with F. R. Banks 714 - 26 - 331 I 821 Foreign deposits with F. R. Banks 130 - 32 - 50 1 139 Other deposits with F. R. Banks 452 + 17 + 221 416 Other F. R. accounts (net) 59 + 42 - 175 251 46,289 +367 +2,419 "4"6",64o Member bank reserves: With Federal Reserve Banks 19,3^7 -273 +1,213 18,823 Currency and coin (estimated) 3,957 +2C0 + 214 4,344 Total reserves held 23,304 - 73 +1,427 237167 Required reserves (estimated) 22,820 -141 +1,259 23,028 Excess reserves (estimated) 484 + 68 + 168 139 On November 16, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,295 million, an increase of $82 million for the week and a decrease of $876 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.l(a) CONSOLIDATED STATEMENT OF CftHTITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Change si nce Nov. 16, Nov. 9, Nov. 17, 1966 1966 1965 A S S E TS Gold certificate account 10,971 - 2 - 923 Redemption fund for F. R. notes 1,795 - 4 + 118 Total gold certificate reserves 12,766 - 6 - 805 Cash (652) 297 • 2 + 189 Discounts and advances 548 4 + 267 Acceptances: Bought outright 51 — + 5 Held under repurchase agreements 22 3 + 22 TJ. S. Government securities: Bought outright— Bills 11,417 47 +2,747 Certificates 4,351 - 15 +4,351 Notes 21,278 + 265 -3,550 Bonds 6,188 - 250 - 362 ~m Total bought outright 43,234 - +3,l86~ Held -under repurchase agreements -- — — Total U. S. Government securities 43,234 - 47 +3,186 Total loans and securities 43,855 - 48 +3,480 Cash items in process of collection (2,1^6) 9,195 +2, 386 +1,070 Bank premises 104 — + 3 Other assets l/ 1,099 - K370 + 179 TOTAL ASSETS (2,798) 67,316 +1 +4,116 L I A B I L I T I ES Federal Reserve notes (652) 38,603 ICO +2,036 Deposits: Member "bank reserves 18,823 + 588 + 798 U. S. Treasurer—general account 821 + 30 - 91 Foreign 139 9 - 43 Other 2/ 416 - 18 + 208 Total deposits 20,199 + 591 + 872 Deferred availability cash items (2,146) 7,060 +1,392 +1,095 Other liabilities and accrued dividends 245 + 3 + 57 TOTAL LIABILITIES (2,798) 66,107 +2,086 +4,060 C A P I T AL A C C O U N TS Capital paid in 567 1 + 21 Surplus 551 + 27 Other capital accounts 91 - 123 + 8 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ((22,,779988)) 67,316 +1,964 +4,116 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 32.5/0 .1$ - k.l$ Contingent liability on acceptances purchased for foreign correspondents 212 6 + 6h * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on the following pages, l/lncludes assets denominated in foreign currencies and IMF gold deposited. 2/lncludes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 16, 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 531 1,761" + 35 16 days to 90 days IT 37 4,713 - 896 91 days to 1 year «• — 27,926 +7,271 Over 1 year to 5 years -. -- 7,446 -6,253 Over 5 years to 10 years „ — 988 - 204 Over 10 years -- — 397 — TTo 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 NOVEMBER 16, 1966 [ 1 i San New Cleve- Rich St. Mime - Kansas _ _ _ Total Boston Phila Atlanta Chicago IDallas i Fran- York delphia land mond Louis apolis City 1 j cisco (lrTm illions; of dollars) j A S S E TS Gold certificate account 10,971 749 2,559 519 795 967 758 2,021 380 2C6 409 380 1,228 Redemption fund for F. R. notes 1,795 100 427 93 1U7 159 104 324 63 32 70 60 216 Total gold certificate reserves 12,766 849 2,986 612 942 1,126 862 2,345 443 238 479 44o 1,444 F. R. notes of other Banks 652 61 152 45 57 57 55 56 16 25 29 34 65 Other cash 297 13 30 9 43 18 3^ 44 32 7 14 18 35 Discounts and advances 548 7 48 45 21 64 173 26 32 123 2 Acceptances: Bought outright 51 51 _ -- -- Held under repurchase agreements 22 22 U. S. Government securities: Bought outright-- Bills 11,417 588 2,775 601 935 850 6C8 1,940 405 231 435 426 1,623 Certificates 4,351 224 1,058 229 357 324 232 740 154 88 165 162 618 Notes 21,278 1,097 5,172 1,119 1,743 1,583 1,134 3,616 755 431 810 794 3,024 Bonds 6,188 319 1,504 326 507 460 330 1,052 219 125 235 231 880 Total 43,234 2,226 10,509 2,275 3,542 3,217 . 2,304 7,348 1,533 875 1,645 1,613 6,i45 Held under repurchase agreements ..- _.-. -- -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 43,234 2,228 10,509 2,275 3,542 3,217 2,304 7,348 1,533 875 1,645 1,613 6,145 Total loans and securities 43,855 2,235 10,630 2,279 3,587 3,238 2,368 7,521 1,559 878 1,677 1,736 6,147 Cash items in process of collection 11,34l 759 2,129 687 820 904 904 1,922 611 331 733 544 997 Bank premises io4 3 9 3 5 5 20 20 8 3 8 10 10 Other assets l/ 1,099 42 442 52 78 48 52 128 31 20 40 48 118 TOTAL ASSETS 70,n4 3,962 16,378 3,687 5,532 5,396 4,295 12,O36 2,700 1,502 2,980 2,830 8,816 1/ Includes assets denominated in foreign currencies and IMF gold deposited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.l(c] STATEMENT OF OOHBITIOIS G"F EACH FEDEPAL RECEIVE MOTT Oil l^fEMREP. iC, J</X New Phila Cleve Rich St. Miiiue- ban Total Boston Atlanta Chicago Y^l'laa 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 39,255 2,347 8,965 2,236 3,254 3,593 2,248 7,156 1,436 698 1,485 1,246 ^,591 leposits: Member bank reserves 18,823 817 5,085 73^ 1,360 870 1,066 2,948 646 454 834 981 3,028 U.S. Treasurer--general account 821 26 53 42 72 110 128 78 36 53 81 97 Foreign 139 7 1/ 36 8 13 7 8 20 5 3 6 8 18 Other 4l6 i 2/3^3 * •* 5 l 2 1 1 3 .1 58 Total cL....o"itc 20,199 851 5,517 784 1,418 954 1,185 3,C98 730 494 896 1,071 3,201 referred availability cash items 9,206 694 1,522 591 732 768 775 1,563 484 276 536 434 831 Other liabilities and accrued dividends 245 12 60 12 21 17 13 42 8 6 10 10 34 TOTAL LIABILITIES ;b«,905 ! 3,904 16,064 3,623 5,^25 5,332 4,221 11,859 2,656 1 ,^ 2,927 2,761 8,657 CAPITAL ACCOUNTS Capital paid in 567 I 27 147 30 51 29 35 82 20 14 25 33 7^ Surplus i 551 27 l44 30 50 28 33 79 19 13 32 72 24 Other capital accounts 91 4 23 4 6 7 6 16 3 1 4 13 4 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 70,114 ! 3,962 16,378 . 3,687 5,532 5,396 4,295 12,036 2,700 1,TO2 2^980 2.830 8 L 8l6 Contingent liability on accept ances purchased for foreign correspondents 212 10 j/_55_ 12 19 11 13 30 8_ _5_ 9_ 12 28 FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding ;4l,259 2,455 9,^30 2,317 3,503 3,707 2,4o6 7,^3 1,508 735 1,558 1,356 4,841 Collateral for F. R. notes: Crold certificate account 6,392 500 1,000 490 6co 685 450 1,100 300 127 225 160 735 Eligible paper 28 2 26 U. S. Government securities 36,456 2,016 8,70c 2,000 3,000 3,045 2,000 6,500 1,310 655 1,4CC 1,230 4,60C Total collateral 42,876 2,516 9,700 2,492 3,600 3,730 2,450 7,6co 1,636 782 1,625 l,4io 5,335 1/ After &e£ucting $103 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * less than $500,000. £/ After deducting $157 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis