H.4.1 Factors Affecting Reserve Balances of Depository Institutions

;b*Gov.:- F E D E R AL R E S E R VE Factors Affecting Bank Reserves and *?f«^V Condition Statement of F.R. Banks H.4.1 For immediate release November 25, 1$66 The average of daily figures of total member bank reserves held during the week ended November 23 decreased a net of $1+35 million to $22,913 million. Estimated currency and coin of member banks increased $37 million and their reserve balances at the Federal Reserve Banks decreased $V72 million. Estimated required reserves decreased $6U million; and estimated excess reserves decreased $371 million to $178 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $26l million, compared with the revised net borrowed figure of $162 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $306 million in U. S. Government securities bought outright, $272 million in member bank borrowings, $132 million in U. S- Government securities held under repurchase agreements, and increases of $199 million in "other" F. R. accounts (net) and $111 million in currency in circulation. The principal offsetting change was an increase of $4.99 million in Federal Reserve float. Total Reserve Bank credit decreased $198 million. As of Wednesday, November 23, holdings of U. S. Government securities bought outright were $^01 million lower than a week earlier, and member bank borrowings were $156 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended |Wednesday, Reserve Bank credit, Nov. 23, Nov. 16, Nov. 24, Nov. 23, and related items 1966 1966 1965 1 1966 (In 11l illions of c lollars) Reserve Bank credit: U. S. Government securities — Bought outright--System account 42,959 -306 +3A71 ^2,833 Held under repurchase agreements 18 -132 + 18 129 Acceptances-- Bought outright 52 + 1 + 4 51 Held under repurchase agreements 33 + 10 + 26 1 32 JJiscounts and advances -- Member bank borrowings 439 -272 78 1 377 Other 16 + 1 - 17 15 Float 2,450 +1+99 + 186 1,655 Total Reserve Bank credit "45,967 -198 +3,466 45,092 Gold stock 13,257 _ 0 - 586 ! 13,259 Treasury currency outstanding 6,230 + Id C— + 688 6,238 65 ,"+5^' -182 +37569 6T,5~89 Currency in circulation 43,876 +111 +2,356 44,076 Treasury cash holdings 1,180 + 12 + 374 1,189 Treasury deposits with F. R. Banks 707 - 7 - 177 525 Foreign deposits with F. R. Banks 148 + 18 - 32 146 Other deposits with F. R. Banks k09 - +3 + 192 404 Other F. R. accounts (net) 258 +199 - 61 256 55,579 +290 +7,653 46",59"6 Member bank reserves: With Federal Reserve Banks 18,875 --+72 + 916 17,993 Currency and coin (estimated) 4,043 + 37 + 252 4,49_7 Total reserves held 22,918" H35 +T,'lB8 22,4QO Required reserves (estimated) 22,740 - 64 +1,226 22,813 Excess reserves (estimated) 178 -371 - 5c8 - 323 On November 23, I966, U. 3. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,299 million, an increase of $4 million for the week and a decrease of $9l4 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) CONSOLIDATE! STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Nov. 23, Nov. 16, Nov. 24, I966 1966 1965.._ A S S E TS Gold certificate account 10,949 - 22 - 867 Redemption fund for F. R. notes 1,813 + 18 + 137 Total gold certificate reserves 12,762 4" - 730 Cash (605) 299 + 2 + 193 Discounts and advances 392 - 156 -. 400 Acceptances: Bought outright 51 -- 3 Held under repurchase agreements 32 10 18 U. S. Government securities: Bought outright— Bills 13*016 4oi +2,308 Certificates ^351 — +4,351 Notes 21,278 -- -3,550 Bonds 6,188 — - 362 Total bought outright 42,833 - 401 +27747 Held under repurchase agreements 129 + 129 + 129 Total TJ. S. Government securities 42,962 - 272 +2,876 Total loans and securities ^+3,^37 "ToH +2,461 Cash items in process of collection (1,857) 7,175 -2,020 + 600 Bank premises 103 1 + 2 Other assets l/ 1,126 + 27 + 160 TOTAL ASSETS (2,462) 64,902 -2,414 +2,686 L I A B I L I T I ES Federal Reserve notes (605) 38,829 + 226 +2,028 Deposits: Member bank reserves 17,993 - 830 + 149 U. S. Treasurer--general account 525 - 296 - 345 Foreign 146 + 7 12 Other 2/ 4o4 - 12 + 182 Total deposits 19,068 -1,131 - "26 Deferred availability cash items (1,857) 5,520 -1,540 + 569 Other liabilities and accrued dividends 237 8 + 49 TOTAL LIABILITIES (2,462) 63,654 -2^53 +2,620 C A P I T AL A C C O U N TS Capital paid in 567 -- + 21 Surplus 551 -- + 27 Other capital accounts 130 + 39 + 18 TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,462) 64,902 -£^4l4 +2,686 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown din the following pages--not consolidated) 32.4$ .1$ - 3-7$ Contingent liability on acceptances purchased for foreign correspondents 206 6 + 57 * 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 23, 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 m— Within 15 days 375 1,900 + 136 16 days to 90 days 17 39 7,819 +3,106 91 days to 1 year -- .-« 24,412 -3,51^ Over 1 year to 5 years -- -- 7,446 -- Over 5 years to 10 years -- „ 988 -- Over 10 years -- 397 ~z. *<• '• Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 23, 1966 T 1 San • Total Boston New 1 Fhila- Cleve Rich (Atlanta Chicago St. Minne Kansas j D allas Fran York Jdelphia land mond 1 Louis apolis | City j cisco (In millions3 of dollars) A S S E TS Gold certidicate account 10,9% I 632 2,392 6l4 925 987 598 1,873 382 170 504 472 1,400 Redemption fund for F. R. notes ..1,813 100 436 93 146 159 103 333 65 32 70 60 216 Total gold certificate reserves 12,762 732 2,828 707 1,071 1,146 701 2,206 447 202 57^ 532 l,6l6 F. R. notes of other Banks 605 55 132 32 61 56 58 56 18 25 25 35 52 Other cash 299 12 30 8 *3 17 37 45 31 8 15 20 33 Discounts and advances 392 15 49 14 1 32 101 96 28 2 24 9 21 Acceptances: Bought outright 51 „_ 51 -- -- -- -- _. .... -._ __ Held under repuchase agreements 32 32 U. S. Government securities: Bought outright - Bills 11,016 567 2,678 580 J02 820 587 1,872 391 222 420 4n 1,566 Certificates M51 224 1,058 229 357 324 232 740 154 88 165 162 618 Notes 1,097 5,172 1,119 1,743 1,583 1,134 3,616 755 431 810 19k 3,024 Bonds 21.278 319 1,504 326 507 450 330 1,052 219 125 _235 231 880 6,188 Total 42,833 2,207 10,412 2,254 3,509 3,187 2,283 7,280 1,51S) 866 1,630 1,598 6,088 Held under repurchase agreements l£> 129 - — L- Total U. S. Government securities 42,962 2,207 10,541 2,254 3,509 3,187 2,283 7,280 . 1,51$) 866 1,630 1,598 6,088 Total loans and securities 43A37 2,222 10,673 2,268 3,510 3,219 2,384 7,376 1,54-/ 868 1,654 1,607 6,109 Cash items in process of collection 9,032 59^ 1,531 536 637 738 793 1,469 461 321 595 510 841 e Bank premises 103 3 9 3 5 5 20 20 5 3 8 10 9 Other assets l/ 1,126 44 449 49 81 51 53 133 32> 22 4l 49 122 TOTAL ASSETS 67,364 3,662 15,652 3,603 5,408 5,232 4,046 11,305 2,55C) 1,449 2,912 2,763 8,782 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.4.1(c) STATEMENT OF CONDITION OP EACH FEDEEAL RESERVE BANK ON NOVEMBER 23, 1966 1 San New Phila Cleve St. Minne Kansas Total Boston j Rich- 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 39,434 2,351 9,029 2,254 3,273 3,600 2,249 7,194 1,438 697 1,485 1,248 4,616 Deposits: Member bank reserves 17,993 647 4,580 783 1,354 871 1,009 2,648 667 432 846 1,009 3,147 U.S. Treasurer--general account 525 32 93 39 68 52 31 6 22 15 64 36 67 Foreign 146 6 1/ 50 7 12 7 8 19 4 3 6 7 17 Other 4o4 1 2/332 1 1 4 1 2 1 1 2 1 57 Total deposits I9,0bts 686 5,055 830 1,435 934 1,049 2,675 694 451 918 1,053 3,288 Deferred availability cash items 7,377 553 1,184 441 570 613 659 1,214 367 266 445 383 682 Other liabilities and accrued dividends 237 12 61 12 19 17 13 39 8 6 9 9 32 TOTAL LIABILITIES 66,116 ; 3,602 15,329 3,537 5,297 5,164 3,970 11,122 2,507 1,420 2,857 2,693 8,618 CAPITAL ACCOUNTS Capital paid in 1 567 27 147 30 51 35 82 20 14 25 33 74 Surplus 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts 130 6 32 6 10 11 8 22 4 2 6 5 18 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 67,364 3,662 15,652^ _3,603__ 5,408 _5*_23_2_ 4,o46 il,305_ 2,550 _l^449_ Jv912_ 2,763 8,782 Contingent liability on accept ances purchased for foreign correspondents 206 10 1/ 54 11 19 11 12 29 7_ 5 — 9... 12 . . 27 FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding 41,375 2,444 9,475 2,317 3,504 3,725 2,402 7,499 1,526 731 1,559 1,354 4,839 Collateral for F. R. notes: Gold certificate account 6,402 500 1,000 490 6co 685 450 1,100 310 127 225 180 735 Eligible paper 35 7 28 U. S. Government securities 36,486 2,016 8,700 2,000 3,000 3,075 2,000 6,500 1,310 655 1,400 1,230 4,600 Total collateral 42,923 2,516 9,700 2,497 3,6co 3,760 2,450 7,600 1,648 782 1,625 1,410 5,335 l/ After deducting $96 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $152 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis