H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•iiU8& 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«l For immediate release January 12, 1967 The average of daily figures of total member bank reserves held during the week ended January 11, decreased a net of $164 million to $24,474 million. Estimated currency and coin of member banks decreased $192 million and their reserve balances at the Federal Reserve Banks increased $28 million. Estimated required reserves decreased $407 million; and estimated excess reserves increased $243 million to $628 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $43 million, compared with the revised net borrowed figure of $180 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $303 million in U. S. Government securities bought outright, $42 million in U. S. Government securities held under repurchase agreements and decreases of $211 million in currency in circulation and $94 million in "other" deposits with F. R. Banks. The principal offsetting changes were a decrease of $299 million in Federal Reserve float, and increases of $242 million in "other" F. R. accounts (net) and $135 million in Treasury deposits with F. R. Banks. Total Reserve Bank credit increased $48 million. As of Wednesday, January 11, 1967> holdings of U. S. Government securi ties bought outright were $93 million higher than a week earlier, and member bank borrowings were $240 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 11, Jan. 4, 1 Jan. 12, Jan. 11, and related items 1967 1967 1 1966 1967 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 44,ooo +303 +3^177 44,013 Held under repurchase agreements 548 +42 + 226 Federal Agency obligations-- Held under repurchase agreements 5 - 22 +5 — Acceptances— Bought outright 80 + 9 + 6 1 79 Held under repurchase agreements 127 - 5 + 4i 122 Discounts and advances— Member bank borrowings 585 + 20 5 | 439 Other 1 -- - 22 i -- Float -299 - 196 Total Reserve Bank credit ^7,539 + 5fcT +3,230 1 46,330 Gold stock 13,159 __ - 575 13,159 Treasury currency outstanding 6,355 + 36 + 747 1 6>3*9 67,042 + "64 +3,502 j 557B38" Currency in circulation 55,555 -211 +2,482 i 44,340 Treasury cash holdings l,2l5 + 8 + 4l0 | 1,216 Treasury deposits with F. R. Banks 510 +135 - 171 838 Foreign deposits with F. R. Banks 1*3 - 24 - 35 132 Other deposits with F« R. Banks 535 - 94 + 203 440 Qther F. R. accounts (net) 150 +242 - 3*0 170 567B97 + 55 +2754? 47,136 Member bank' reserves: Kith Federal Reserve Banks 20,144 + 28 + 853 18,702 Currency and coin (estimated) *,330 -192 + 389 5,787 Total reserves held 24,474 ^154" +17242 23,489 Required reserves (estimated) 23,846 -407 +1,302 23,711 Excess reserves (estimated) 628 +243 - 60 1 - 222 On January 11, 1967, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $6,923 million, a decrease of $190 million for the week and a decrease of $971 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 ALL FEDERAL RESERVE BANKS (in millions of dollars) Change since Jan, 11, Jan,4, Jan. 12, 1967 . 1967 1966 A S S E TS Gold certificate account 10,823 - 879 Redemption fund for F. R. notes 1,850 - 3 + 122 Total gold certificate reserves 12,673 - .3. - ;c?T Cash (903) 304 + 13 + 165 Discounts and advances 439 +240 + 316 Acceptances: Bought outright 79 -- + 6 Held under repirchase agreements 122 "- 26 + 46 Federal Agency obligations-- Held under repurchase agreements u S, Government securities: Bought outright-- Bills 12,161 + 93 +2,770 Certificates 4,351 -- +4,351 Notes 21,302 — -3,526 Bonds 6,199 -- - 351 Total bought outright 44~7ol3 + 93 +3,244 Held under repurchase agreements Total U. S. Government securities 44, ,,13 + 93 +3,244 Total loans arid securities 44;653 +307 +3,612 Cash items in process of collection (1,709) 7,398 -772 + 185 Bank premises 107 -- + 4 Other assets l/ 1,157 -166 + 4o6 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,612) bb,292 -521 +3,615 L I A B I L I T I ES Federal Reserve notes (903) 39,025 -310 -2,089 Deposits: Member bank reserves 18,702 -798 + 709 U. S. Treasurer--general account 838 +571 + 44 Foreign 132 - 21 - 21 Other 2/ 440 - 6 + 203 j^tal deposits 20,112 -254 935 Deferred availability cash items 1,709) 5,721 - 91 + 489 Other liabilities and accrued dividends 236 - 4 + 57 TOTAL LIABILITIES 2,612) 65,094 -659 +3,570 C A P I T AL A C C O U N TS Capital paid in 571 + 1 19 Surplus 570 -- 19 Other capital accounts 57 + 37 7 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) 31.7$ 3.^ Contingent liability on acceptances purchased for foreign correspondents 175 -10 + 3^ * Figures in parentheses are the eliminations made in the consolidating process 1/ Includes assets denominated in foreign currencies and IMF gold deposited. 2/_Includes IMF gold ..deposit.___ MATURITY^DISTRIBUTION OF.LOANS AND"SECURITIES, JANUARY 11, I967 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts and Federal 1 advance 3S Ac(h eptanees Holdings Weekly changes Within 15 days U37 i*a 1A35 +151 16 days to 90 days 2 60 8,872 - 73 91 days to 1 year -- — 25A55 + 15 Over 1 year to 5 years\ -- 7,^58 Over 5 years to lo ;ars ~- 991 Over 10 years _" -- 1+02 Total 439 201 44,013 + 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. 4.1(b) STATEMENT OF CCKLITICN OR EACE EELERAL EEGERVE EANK ON JANUARY 11, 1967 Can New Phila Cleve Rich St. Minne- Kansas Total Boston Atlanta Chicago Lallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS j Gold certificate account 10,823 550 2,6kk 626 892 1,039 506 1,822 461 216 492 345 1,23' Redemption fund for F. R. notes 1 1,850 102 kkk 96 155 159 103 34l 64 32 72 62 22 ( Total gold certificate reserves 12,673 652 3,088 722 1,047 1,198 609 2,163 525 248 564 407 1,45( F. R. notes of other Banks 903 1603 222 kk 97 88 84 88 33 20 26 44 9l 1 Other cash 3C^ 33 7 50 17 39 46 31 8 13 18 % Discounts and advances ^39 I 3 74 - 2 30 218 22 14 24 - k: Acceptances: Bought outright 79 ' 79 -- -- -- -- -- Held under repurchase agreements 122 122 Federal Agency obligations-- Held under repurchase agreements „- U. S. Government securities: Bought outright--- Bills ' 12,l6l1 678 2,929 638 992 881 693 2,039 422 250 456 497 1,686 Certificates ^351 ! 243 1,048 228 355 315 248 730 151 89 163 178 . 60- Notes 21,302 1,186 5,131 1,117 1,738 1,544 l,2l4 3,573 74c 438 799 869 2,953 Bonds 6,199 345 1,493 325 506 449 353 l,c4o 216 127 232 253 86c Total hk, 013 2,452 10,601 2,308 3,591 3,189 2,508 7,382 l, 529 904 l, 650 1,797 6,102 Held under repurchase agreements — -- __ -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities .. .kk, 013- 2,452 10,601 2,308 3,591 3,189 2, ?C8 7,382 1,529 904 1,650 1; 797 6,102 Total loans and securities 44,653 2, ^55 10,876 2,315 3,592 3,191 2,538 7,600 1,551 918 1,674 1,798 6,l45 Cash items in process of collection 9,107 568 1,546 490 612 704 839 l, 512 504 295 630 510 897 Bank premises 107 3 9 3 5 6 20 20 8 3 11 10 9 Other assets l/ 1,151 48 452 k9 83 57 56 144 33 21 39 48 127 TOTAL ASSETS 66,90k 3,799 16,226 3,630 5,486 5,261 4,185 11,573 2,685 1,513 2,957 2,835 8,754 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 CONIITION CF EACH FEDERAL RESERVE BANK ON JANUARY 11, I967 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago 1 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 39,928 2,381 9,208 2,288 3,298 3,662 2,291 7,233 1,464 704 1,500 1,268 4,631 Deposits: Member bank reserves 18,702 769 4,870 767 1,398 871 1,068 2,818 729 473 869 1,026 3,044 U.S. Treasurer--general ei c count 838 41 147 44 97 45 61 86 49 54 48 59 107 Foreign 132 6 1/ 36 7 12 7 8 19 4 3 6 7 17 Other 44o * 2/366 * * 6 2 2 1 1 3 1 58 Total deposits 20,112 816 5,419 818 1,507 929 1,139 2,925 783 531 926 1,093 3,226 referred availability cash items 7,430 532 1,228 450 554 589 669 1,200 389 245 469 395 710 Other liabilities and accril ed dividends 236 13 59 11 20 17 13 4o 8 5 9 10 31 TOTAL LIABILITIES 67,706 3,742 15,914 3,567 5,379 5,197 4,112 11,398 2,644 1,485 2,904 2,766 8,598 CAPITAL ACCOUNTS Capital paid in 571 27 149 30 51 30 35 83 20 14 25 33 74 Surplus 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts 57 3 15 3 5 4 3 9 1 # 3 3 8 TOTAL LIABILITIES AMD CAPITAL ACCOUNTS 68,904 3,799 .16422 6 _ 3,630 5,486 5,261 4,185 11*1Z2.__ 2,68_5_ 1,513 2,957,, 2,835 8,754 Contingent liability on aces eptances purchased for fore:L gn correspondents 175 8 3/46 9 16 9 11 25 6 4 8 10 23 FEDERAL RESERVE AGENT' S ACCOUNTS F. R. notes outstanding 42,071 2,475 9,678 2,350 3,560 3,803 2,439 7,619 1,533 736 1,574 1,364 4,940 Collateral for F. R. notes: Gold certificate account 6,450 500 1,000 483 600 740 450 1,100 310 127 225 180 735 Eligible paper 23 1 22 U. S. Government securities 36,996 2,016 8,900 2,000 3,050 3,105 ....2 ,050 6.700 1.^10 6^ ,1,4QO 1.230 4.600 Total collateral 43,469 2,516 9,900 2,484 3,650 3,845 2,500 7,8co 1,642 762 1,625 1,410 5,335 1/ After deducting $96 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $129 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis