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 Condition Statement of F.R. Banks H.4.1 For Immediate release December 15, 1966 The average of daily figures of total member bank reserves held during the week ended December 14 increased $274 million to $23,471 million. Estimated currency and coin of member banks increased $138 million and their reserve balances at the Federal Reserve Banks increased $136 million. Estimated required reserves decreased $22 million; and estimated excess reserves increased $296 million to $495 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $152 million, compared with the revised net borrowed figure of $250 mil lion the week before. The principal changes supplying average reserve balances with Federal Reserve Banks was an increase of $198 million in member bank borrowings, and decreases of $325 million in Treasury deposits with Federal Reserve Banks, $192 mil lion in "other" F. R. accounts (net). The principal offsetting changes were decreases of $154 million in U. S. Government securities held under repurchase agreements, $120 million in U. S. Government securities bought outright, and an increase of $393 million in currency in circulation. Total Reserve Bank credit increased $8 million. As of Wednesday, December 14, holdings of U. S. Government securities bought outright were $150 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $4 million higher, and member bank borrowings were $11 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 14, Dec. 7, Dec. 15, Dec. 14, and related items 1966 1966 I 1965 I966 (in millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 43,192 -120 +2,368 43,192 Held under repurchase agreements 317 -154 + 262 345 Special certificates 72 + 72 + 72 Federal Agency obligations— Held under repurchase agreements 16 + 16 24 Acceptances— Bought outright 61 + 5 + 4 64 Held under repurchase agreements 49 - 27 - 15 47 Discounts and advances— Member bank borrowings 647 +198 + 161 334 Other 21 + 8 - 11 13 Float 2,032 + 18 - 21 2,064 Total Reserve Bank credit 46,407 +—B +2,836 46,083 Gold stock 13,158 - 650 13,159 Treasury currency outstanding 6,283 31 + 727 6,288 15 +2,912 65,530 Currency in circulation 44,603 +393 +2,343 44,744 Treasury cash holdings 1,199 + 11 + 396 1,215 Treasury deposits with F. R. Banks 127 -325 - 510 273 Foreign deposits with F. R. Banks 181 + 19 + 23 166 Other deposits with F. R. Banks 412 - 3 + I87 414 Other F. R. accounts (net) 63 -192 - 347 20 557555 - 97 +2,092 46,832 Member bank reserves: With Federal Reserve Banks 19,262 +136 + 820 18,698 Currency and coin (estimated) 4,209 +138 + 188 4,807 Total reserves held 23,471 +275 +1,008 23,505 Required reserves (estimated) 22,976 - 22 +1,078 23,210 Excess reserves (estimated) 495 +296 - 70 295 On December 14, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,379 million, an increase of $26 million for the week and a decrease of $884 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.k.1(a) CONSOLIDATED STATEMENT OF CONDITION CF ALL FEDERAL RESERVE BANKS (in millions of dollars) Change since Dec. 14, Dec. 7, Dec. 15, _ JSSG _ I966 _ 1965 A S S E TS Gold certificate account 10,821 - 18 - 966 Redemption fund for F. R. notes 1,836 + 12 + 119 Total gold certificate reserves 12,657 Cash (592) 289 + 5 + 183 Discounts and advances 347 - 11 + 225 Acceptances: Bought outright 6k + 5 + k Held under repurchase agreements 47 - 20 - 13 Federal Agency obligations — Held under repurchase agreements 2k • ° 24 U. S. Government securities: Bought outright— Bills 11,375 -150 +1,929 Certificates 4,351 -- +4,351 Notes 21,278 - -3,550 Bonds 6,188 — - 362 Total bought outright 43,192 -150 +2,368 Held under repurchase agreements 345 +4 + 345 Special certificates Total U. S> Government securities 43,537 355 +2,713 Total loans and securities 44,019 -169 +2,953 Cash items in process of collection (1,745) 7,860 +985 - 64 Bank premises 104 +1 +1 Other assets 1/ 1,340 + 30 + 430 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,337) 66,269 22 +2,W> L I A B I L I T I ES Federal Reserve notes (592) 39,458 +239 +2,039 Deposits: Member bank reserves 18,698 +100 + 476 U. S. Treasurer--general account 273 + 76 - 339 Foreign - 39 166 + 22 Other 2/ + 8 Total deposits 414 +145 + 187 19,551 + 3~4~6" Deferred availability cash items (1,745) 5,796 +584 Other liabilities and accrued dividends - 8 + 167 TOTAL LIABILITIES 255 +960 + 50 (2,337) 65,060 +2,602 C A P I T AL A C C O U N TS Capital paid in 569 *- 22 Surplus 551 + 27 Other capital accounts 89 -114 <• 5 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) 3l-< •9Jo Contingent liability on acceptances purchased for foreign correspondents 203 3 58 * Figures in parentheses are the eliminations made in the consolidating process l/ Includes assets denominated in foreign currencies and IMP gold deposited. 2/ Includes IMF gold deposit. MATURITY" DISTRIBUTION OF LOANS AMD SECURITIES, DECEMBER 14, 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 and Discounts and Federal Agency obligations advance J S Ag<c eptances Holdings Weekly changes Within 15 days 3^2 * 55 IJEBl + 14 16 days to 90 days 5 56 8,380 - 7« 91 days to 1 year — -- 24,669 - 79 Over 1 year to 5 years ~- 7,446 -- Over 5 years to 10 yeairrss -- 9es — Over 10 years -- -- 397 " TVvhsil ihrr 111 HTfs^T TO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.h.1(b) STATMEKT OF CONDITION OF EACH FEDERAL RESERVE BANK ON TECEMEER lk, 1966 r 1 1 New | 1 Phila- | Cleve Rich- ! ! | St. . Minne 1 Kansas San 1 1 Total |B oston York 1delphia land | mend 1 i Atlanta IChicago | 1 Louis apolis 1 City [Dallas F c r i a s n c o (In millions of dollars) A S S E TS j Gold certificate account 10,821' 725 2,454 583 823 1,020 535 2,023 369 218 395 415 l,26l Redemption fund for F. R. notes 1,8361 ICC 444 9 4 155 163 103 332 64 32 73 61 215 Total gold certificate reserves 12,657 825 2,898 6T7 978~ 1,183 638 2,355 433 250 ~4~6"6~ Wf£~ 1,^76 F. R. notes of other Banks 592 "36 150 20 55 57 54 57 16 18 22 31 76 Other cash 289 8 29 7 45 16 37 h5 31 8 13 18 32 Discounts and advances 3^7 6 57 * 6 3 78 162 1 3 11 4 3 Acceptances: Bought outright 6k -- 64 -- _. -- -- -~ -- -~ - — • Held under repurchase agreements hi ^7 • - — — Federal Agency obligations- Held under repurchase agreements 1 24 2.4 U. S. Government securities: Bought outright- Bills i 11,375 606 2,852 590 922 822 621 1,902 4co 227 44c 44c 1,553 Certificates h, 351 231 1,091 226 352 314 238 727 153 87 169 169 594 Notes 21,278 1,13^ 5,33^ i,ic4 1,724 1,537 1,163 3,557 747 425 %Z\ 824 2,905 Bonds 6,188 330— 1,551 32J 502 4J±Z_ 33£— _l*£3i_ 217— 12^ 24C 24c 84s Total 43,192 1 2,301 10,828 2,24l 3,500 3,120 2,36c 7,220 1,517 862 1,673 1,673 5,897 Held under repurchase agreements ! 3^5 3^5 - — -- -- -- -- -- -- Total U.S. Government securities 43,537 2,301 11,173 2,24l 3,500 3,120 2, 36C 7,220 1,517 862 1,673 1,673 5,897 itotal loans and securities i 44,019 2, 307 11,365 2,248 3,506 3,123 2,438 7,382 1,524 665 1,684 1,677 5,90C Cash items in process of collection 9,605 607 1,699 619 662 749 773 1,596 512 318 637 507 926 Bank premises io4 3 9 3 5 6 2C 20 6 3 8 10 9 Oth«sr assets l/ !_-JU34X .55 ._ 506_ 63_ Si_ 61 66 165 .,•39 26 50 61 149 1 TOTAL ASSETS 68,606 3,841 16,656 3,637 5,350 5,195 4,026 11,620 2,563 1,488 2,882 2,78c 8,568 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 OF EACH FEDERAL RESERVE BANK ON DECEMBER 14, 1966 1 New- Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (in millions of dollars) L I A B I L I T I ES Federal Reserve notes 50,050 2,387 9,175 2,287 3,325 3,675 2,319 7,265 1,571 706 1,503 1,272 5,669 Deposits: Member bank reserves 18,698 831 5,116 772 1,303 856 993 2,901 655 583 843 1,023 2,932 U.S. Treasurer--general account 273 1 265 # * * 1 1 l 1 * 1 2 Foreign 166 7 1/52 8 15 8 9 22 6 5 7 9 20 Other 515 1 2/351 1 * 5 2 1 1 1 3 1 57 Total deposits 19,551 850 5,775 781 1,317 869 1,005 2,925 653 589 853 1,035 3,011 Deferred availability cash items 7,551 555 1,321 592 581 571 615 1,214 389 259 464 395 697 Other liabilities and accrued dividends 255 12 73 13 21 17 15 51 8 5 9 10 32 TOTAL LIABILITIES 67,397 3,783 16,352 3,573 5,253 5,131 3,952 11,444 2,521 1,459 2,829 2,711 8,509 CAPITAL ACCOUNTS Capital paid in 569 27 158 30 51 30 35 82 20 14 25 33 75 Surplus 551 27 155 30 50 28 33 79 19 13 24 32 72 Other capital accounts 89 ! 5 22 4 6 6 6 15 3 2 4 5 13 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 68,606 ;J,_6Ul_ 16,656 _2i637_ _2>25iL JL2EL 5,026 11,620 JlL>3_ 1,488 2,882 2,780 8,568 Contingent liability on accept ances purchased for foreign ^correspondents 203 _ 10 ll 53 li__ 18 10__ 12 29 7 5 9 12 27 FEDERAL RESERVE AGENT!S ACCOUNTS F. R. notes outstanding 51,936 2,563 9,669 2,350 3,579 3,776 2,55i 7,558 1,557 733 1,571 1,367 5,902 Collateral for F. R. notes: Gold certificate account 6,522 500 1,000 500 600 795 550 1,100 310 127 225 180 735 Eligible paper 9 -- -- 2 -- -- -- -- 7 -- -- — -- U. S. Government securities 36,956 2,Ol6 8,900 2,000 3,050 3,055 2,050 6,700 1,310 655 1,500 1,230 5,600 Total collateral 53,587 2,516 9,900 2,502 3,650 3,85o 2,500 7,800 1,627 782 1,625 1,510 5,335 l/ After deducting $114 million participations of other Federal Reserve Banks, 2.1 Includes IMF gold deposit. * Less than $500,000. other Federal Reserve Banks. 3/ After deducting $150 million participations of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis