H.4.1 Factors Affecting Reserve Balances of Depository Institutions

:^m& F E D E R AL R E S E R VE Foctors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1** — * For immediate release January 19, 19&7 The average of daily figures of total member bank reserves held during the week ended January l8, decreased $873 million to $23,6^0 million. Estimated currency and coin of member banks decreased $3 million and their reserve balances at the Federal Reserve Banks decreased $870 million. Estimated required reserves decreased $393 million; and estimated excess reserves decreased $W30 million to $178 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $39 million; the week before they were $73 million less than excess reserves. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $^08 million in U. S. Government securities held under repurchase agreement, $368 million in member bank borrowings, $203 million in U. S. Government securities bought outright, and $106 million in Federal Reserve float. The principal offsetting change was a decrease of $44l million in currency in circulation. Total Reserve Bank credit decreased $1,179 million. As of Wednesday, January 18, 1967, holdings of U. S. Government securi­ ties bought outright were $i+09 million lower than a week earlier, and member bank borrowings were $10^ million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 18, Jan. 11, Jan» 19, Jan. 18, and related items 1967 1967 1966 1967 (In millions of dollars Reserve Bank credit: U. S. Government securities-- Bought outright--System account ^3,797 203 + 3 ,^ ^3,6c4 Held under repurchase agreements 1U0 ^08 + 1^0 287 Federal Agency obligations-- Held under repurchase agreements Acceptances-- Bought outright 78 2 3 76 Held under repurchase agreements 4o 87 3 37 Discounts .and advances« Member bank borrowings 217 368 1 335 Other 1 -- - 23 -- Float 2,111 - 106 - 330 1,871 Total Reserve Bank credit 46,384 -1, 179 +3,256 46,212 Gold stock 13,158 - 1 - 575 13,159 Treasury currency outstanding 6,348 + 4 + 739 6,3^9 65,891 -1, 174 +3,420 65,720 Currency in circulation 44,oo4 - 44l +2,386 ^3,839 Treasury cash holdings 1,221 + 7 + 394 1,232 Treasury deposits with F. R. Banks 565 + 55 - 143 608 Foreign deposits with F. R. Banks 149 + 6 + 13 175 Other deposits with F. R. Banks 445 + 10 + 203 427 Other F. R. accounts (net) 2C9 + 59 - 270 217 ^6,593 - 304 +2,582 46,498 Member bank reserves: With Federal Reserve Banks 19,298 _ 870 + 839 19,223 Currency and coin (estimated) 4,342 - 3 + 33^ 4,664 Total reserves held 23,640 - 873 +1,173 23,887 Required reserves (estimated) 23,^62 - 393 +1,203 23,564 Excess reserves (estimated) 178 - 480 - 30 1 323 On January 18, 1967, U. G. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,0l8 million, an increase of $95 million for the week and a decrease of $902 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 OF ALL FEDERAL RESERVE BANKS (in millions of dollars) Change; since Jan. 18, Jan. 11, Jan. 19, 1967 1967 .. .1 966 A S S E TS Gold certificate account 10,823 - 879 Redemption fund for F. R. notes 1,854 + 4 + 126 Total gold certificate reserves 12,677 + 4 - 753 Cash (1,0080) 321 + 17 + 170 Discounts and advances 335 -104 + 268 Acceptances: Bought outright 76 - 3 3 Held under repurchase agreements 37 - 85 9 Federal Agency obligations-- Held under repurchase agreements u S. Government securities: Bought outright-- Bills 11,752 -409 +3,210 Certificates 4,351 -- +4,351 Notes 21,302 — -3,526 Bonds 6,199 -- - 351 Total bought outright 43,604 -409 +3,684 Eeld under repurchase agreements 287 +287 + 287 Total U. S. Government securities 43,891 -122 +3,971 Total loans and securities 44,341 -312 +4,253 Cash items in process of collection (2,075) 8,174 +776 + 592 Bank premises 107 -- + 4 Other assets l/ 1,134 - 23 + 36l TOTAL ASSESS/LIABILITIES & CAPITAL ACCOUNTS (3,083) 667754 +46;=; +4,627 L I A B I L I T I ES Federal Reserve notes (1,008) 38,560 -465 +2,009 Deposits: Member bank reserves 19,223 +521 +1,830 U. S. Treasurer--general account 608 -230 - 246 Foreign 175 + 43 + 41 Other 2/ 427 - 13 + 190 Total deposits 20,433 +321 +1,815 Deferred availability cash items (2,075) 6,303 +582 + 690 Other liabilities and accrued dividends 223 - 13 + 59 TOTAL LIABILITIES (2,075) 65,519 +425 +4,573 C A P I T AL A C C O U N TS Capital paid in 571 — t- 19 Surplus 570 -- + 19 Other capital accounts 94 + 37 *- 16 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on 32.< the following pages—not consolidated) Contingent liability on acceptances purchased for foreign correspondents 168 7 30 * Figures in parentheses are the eliminations made in the consolidating process, l/ Includes assets denominated in foreign currencies and IMF gold deposited. 2/ Includes IMF gold deposit. M11IRITY_DISTRIBUTI0N OF IQAWg AM) SECURITIES, JANUARY 18, 196? (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 advances Acceptances Holdings Weekly changes Within 15 days 304 ~T^56 +72T l6 days to 90 days 31 59 8,150 -722 91 days to 1 year 25,036 -119 Over 1 year to 5 years 7,458 Over 5 years to 10 years 991 Over 10 years 402 Total 335 113 -120 43,893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E. 4.1(b) STATEMENT OF CONDITION OF EACH FEEERAL RESERVE BANK ON JANUARY 16, 1967 —— ""■ *-T 1 Sim New Phila­ CIeve - Rich- St. 1 Minne- Kansas Total Boston Atlanta Chicago Dallas 1 Fran- York delphia land l mond Louin s.jdis City i cisco (In millions of dollars) A S S E TS Gold certificate account 10,823 626 1,958 600 860 1,071 528 2,053 4i4 192 500 506 1,515 Redemption fund for F. R. notes 1,654 102 443 96 155 164 103 34l 65 32 72 62 219 Total gold certificate reserves 12,677 728 2,4C1 696 1,015 1,235 631 2,394 479 224 572 568 1,734 F. R. notes of other Banks 1,0C8 73 2^3 62 110 97 92 97 34 19 23 50 108 Other cash 321 11 35 7 53 16 4c 48 31 9 15 19 35 Disccunts and advances 335 k 29 2 6 Ik 199 28 23 2 18 Acceptances: Bought outright 76 -- 76 -- -- -- -- - __ -- Held under repurchase agreements 37 - 37 Federal Agency obligations-- Held under repurchase agreements 2 r\ U. S. Government., securities: Bought outright Bills 11,752 605 2,964 617 959 851 670 1,971 4o8 224 44i 435 1,607 Certificates 4,351 225 1,096 228 355 315 248 73C 151 83 163 161 594 Notes 21,302 1, C98 5,373 1,117 1,738 1,544 1,214 3,573 74o 406 799 789 2,911 Bonds 6,199 319 1,564 325 506 449 353 l,04c 216 118 232 230 847 Total 43,604 2,247 10,999 2,287 3,558 3,159 2,485 7,314 1,515 831 1,635 1,615 5,959 Held under repurchase agreements 287 _- 287 Total U. S. Government securities 43,891. 2,247 11,286 2,287 3,558 3,159 2,485 .- 2,314 1,515 631 _ix&25_ 1.615 5.959 _ Total loans and securities 44,341 2,251 11,430 2,292 3,560 3,165 2,499 7,513 1,543 836 1,658 1,617 5,977 Cash items in process of collection 10,249 6kk 2,051 580 703 789 848 1,634 515 317 658 536 974 Bank premises 107 3 9 3 5 6 20 20 8 3 11 10 9 Other assets l/ 1,134 45 450 48 81 55_ 55 i4i 32 20 38 46 123 TOTAL ASSETS 69,837 3,755 16,619 3,688 5,527 5,365 4,185 11,647 2,642 1,428 2,975 2,Zk6 8,960 l/ Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 18, 1967 San Nev Phila­ Cleve­ Rich­ St. Minne­ Kansas Total Boston Atlanta Chicago Dallas Fran­ ■York delphia land mond Louis apolis I City cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 39,568 2,363 9,155 2,267 3,276 3,631 2,252 7,173 1,451 699 1,485 1,255 4,561 Deposits: Member bank reserves 19,223 682 4,910 809 1,440 902 1,091 3,071 692 444 844 1,035 3,303 U.S. Treasurer--general account 608 41 83 42 34 86 29 42 51 19 61 52 68 Foreign 175 7 1/ 64 8 13 8 9 22 5 4 7 9 19 Other 427 # 2/350 1 1 7 2 2 1 # 2 1 60 Total deposits 20,433 730 5,407 860 1,488 1,003 1,131 3,137 749 467 914 1,097 3,450 Deferred availability cash items 8,378 592 1,674 486 635 649 715 1,318 393 229 514 416 757 Other liabilities and accrued dividends 223 11 62 10 18 16 12 37 7 4 8 8 30 TOTAL LIABILITIES 68,602 3,696 16,298 3,623 5,417 5,299 4,110 11,665 2,600 1,399 2,921 2,776 8,798 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 94 5 24 5 8 6 5 16 2 1 4 4 14 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 69,837 3,755 16,619 3,688 5,527 5,365 4,185 11,847 2,642 1,428 2,975 2,846 8,960 Contingent liability on accept­ ances purchased for foreign correspondents 168 8 if W 9 15 9 10 24 6 4 7 10 22 FEDERAL RESERVE AGENTS' A.C COUNTS F. R. notes outstanding 41,876 2,46o 9,638 2,341 3,556 3,786 2,422 7,578 1,528 734 1,566 1,358 4,909 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 30 2 28 U. S. Government securities 36,9B6 2,016 8,900 2,000 3,050 3,095 2,050 6,700 1,310 635 i,4oo 1,230 4,600 Total collateral 43,466 2,516 9,900 2,485 3,650 3,835 2,500 7,800 1,648 762 1,625 i,4io 5,335 l/ After deducting ^111 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. Less than $500,000.. 3/ After deducting (<pl2k million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis