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 ^?fe^f> Condition Statement of F.R. Banks For immediate release H.4.1 March 2, 1967 The average of daily figures of total member hank reserves held during the week ended March 1, decreased a net of $396 million to $23,398 million. Estimated currency and coin of member banks increased $158 million and their reserve balances at the Federal Reserve Banks decreased $554 million. Estimated required reserves decreased $l4 million; and estimated excess reserves decreased $382 million to $171 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $4 million, compared with the revised figure of $76 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $310 million in member bank borrowings, $240 million in U. S. Government securities held under repurchase agreements, and $179 million in Federal Reserve float. The principal offsetting changes were an increase of" $98 million in U. S. Government securities bought outright, and a decrease of $107 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $628 million. As of Wednesday, March 1, 1967, holdings of U. S. Government securities bought outright were $78 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $684 million lower, and member bank borrowings were $272 million lower. Average of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 1, Feb. 22, Mar. 2, Mar. 1, and related items 1967 1967 1966 1967 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 43,942 + 98 +3,790 ^3,971 Held under repurchase agreements 222 -240 + 222 Federal Agency obligations— Held under repurchase agreements 23 8 23 Acceptances- 74 Bought outright 78 f 5 Held under repurchase agreements 75 + 11 + 27 j 35 Discounts and advances- Member bank borrowings 167 -310 - 297 : 115 20 -- Other Float 1,676 -179 - 298 1,518 Total Reserve Bank credit 3£25 +3,^52 45,713 Gold stock 13,108 - 36 - 625 13,109 Treasury currency oustanding 6,433 + 13 + 762 6,438 65,724 -651 +3,589 65,260 Currency in circulation 43,540 - 28 +2,305 ! 43,573 Treasury cash holdings 1,253 + 1 + 424 1 1,263 Treasury deposits with F. R. Banks 579 -107 - 66 475 Foreign deposits with F. R. Banks 127 - 1 8 133 Other deposits with F. R. Banks 444 + 10 + 208 k*i Other F. R. accounts (net) 615 + 27 - 256 610 46,556 T-98 +2,608 46,505 Member bank reserves: With Federal Reserve Banks 19,166 -554 + 981 1 18,755 Currency and coin (estimated) 4,232 +158 + 301 4,470 +1,282 23,225 Total reserves held 23,398 Required reserves (estimated) 23,227 - 14 +1,4o4 23,419 Excess reserves (estimated) 171 -382 - 122 ! - 194 On March 1, 1967, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,367 million, an increase of $48 million for the week and a decrease of $382 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 Mar. 1, Feb. 22, Mar. 2, 1967 1967 1966 A S S E TS Gold certificate account 10,796 1 913 Redemption fund for F. R. notes 1,829 - *t + 109 Total gold certificate reserves 12,625 5 8oh Cash (619) 359 + 5 + 170 Discounts and advances 115 ~ 2T2 ~ 5^9 Acceptances: Bought outright 7h 4 ' 1 Held under repurchase agreements 35 63 6 Federal Agency obligations— Held under repurchase agreements — 75 U, S. Government securities; Bought outright— Bills 12,119 78 +3^81 Certificates ^351 — +1+,351 Notes 21,302 - "3,569 Bonds 6422 12 - 351 Total bought outright W^l + 78 +3,912 Held under repurchase agreements . _ — - 684 ~ Total U. S, Government securities lilitfjl " 606 +3,912 Total loans and securities ^,195 -1,020 +3,358 Cash items in process of collection (l,92l) 7,255 + 50 + 263 Bank premises 107 — + 5 Other assets l/ 804 + 36 + 3^2 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,7^0) 65,3^5 - 9fo +3,33^ L I A B I L I T I ES Federal Reserve notes (819) 38,273 85 +1,973 Deposits: Member bank reserves 18,755 -1 ,030 + 969 U. S. Treasurer—general account 475 + 77 - 262 Foreign 133 + 4 - 21 Other 2/ 4-31 176 + 213 Total deposits 19,8i4 ^1 ,125 + 899 Deferred availability cash items (1,921) 5,737 + 245 + 371 Other liabilities and accrued dividends 225 1 + 2J TOTAL LIABILITIES (2,74o) 64,o49 +3,270 972 £ A 2 I _ A L A C C O U N TS 576 2 + 19 Capital paid in 570 + 19 Surplus 150 36 + 26 Other capital accounts Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 32.3$ .1* - 3.7* Contingent liability on acceptances purchased for foreign correspondents 203 + 14 + 68 * 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, MARCH 1, 1967 (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 DDiissccoouunnttss aanndd Federal Ageii cy obligations aaddvvaanncceess AAcccceeppttaanncceess Holdings Weekly changes Within 15 days 110 55 1,^17 -1,222 16 days to 90 days 5 5^ 11,846 ■+ 184 91 days to 1 year -_ -- 19,^00 + 357 Over 1 year to 5 years — 10,053 — Over 5 years to 10 yea.rrss -- 853 «- Over 10 years — — 1+02 — Total 115 109 ^3,971 - 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. h. 1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 1, 1967 San Nev Phila­ Cleve­ Rich- St. Minne­ Kansas Total Boston Atlanta Chicago Dallas Fran­ York delphia land mend Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 10,796 556 2,503 6c4 8C9 1,043 535 2,048 302 236 423 303 1,434 Redemption fund for F. R. notes 1 1,829 101 Wo 96 153 152 101 339 64 32 72 62 217 Total gold certificate reserves 12,625 657 2,943 700 962 1,195 636 2,387 366 268 495 365 1,651 F. R» notes of other Banks I 819 59 203 h7 118 49 88 80 22 12 20 48 73 Other cash 1 359 12 43 9 60 21 43 53 32 9 17 19 4i Discounts and advances i 115 3 11 2 l 12 2 31 15 5 24 8 i Acceptances: Bought outright | 7^ -- 74 -• — -- -- — -- — -- • Held under repurchase agreements 35 35 Federal Agency obligations-- Held under repurchase agreements 1 U. S. Government securities: Bought outright-- Bills 12,119 642 3,043 623 953 881 679 2,021 438 24l 470 507 1,621 Certificates K 351 231 1,092 224 342 316 244 725 157 87 169 182 582 Notes 21,302 : 1, 128 5,349 1,096 1,675 1,548 1,194 3,551 770 424 826 891 2,850 Bonds 6,199 328 1,557 319 488 450 347 1,034 224 123 240 260 829 Total ^3,971 i 2 ..329 11,c4i 2,262 3,458 3,195 2,464 7/331 1,589 875 1,705 1,840 5,882 Held under repurchase agreements Total U. S. Government securities ^3; 971\ 2 ,329 11, c4i 2,262 3,458 3,195 2,464 7,331 1,589 875 1,705 1,840 5,882 Total leans and securities J 44,195 2,, 332 11,161 2,264 3,459 3,207 2,466 7,362 1,6C4 880 1,729 1,848 5,883 Cash items in process of collection 9A76 593 1,580 537 7l4 737 768 1,520 467 285 6l6 514 845 Bank premises 107 3 9 2 5 6 20 19 9 3 12 10 9 Other assets l/ 804 29 367 33 51 35 34 90 21 13 24 29 78 TOTAL ASSETS 68,085 ,685 16,306 3,592 5,369 5,250 4,055 11,511 2,521 1,470 2,913 2,833 8,580 ; 3- — . ' ■ ■ "" -' — ■'— -"--.■ .1. - * i , ••• •— l...... — ■■■■ - "■'■ ■ ■■. ■■"■ ■■ ■ _——-.. 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 FETERAL RESERVE BANK OK MARGE 1, I967 i r 1 : | r i ! i San New Cleve­j Rich- St. Kansas Total Boston j Phila-j 1Atlanta Ichicagoi Minne-1 !Dallas 1 Fran- York |delphia| land 1 mond J- 1 1 Louis apolisj City 1 | cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 39,092 2,339 9,080 2,237 3,221 3,596 2,204 7,072 1,427 .688 1,^71 1,237 4,520 Deposits: Member bank reserves 18,755 675 5,116 765 1,381 875 1,062 2,878 620 477 844 1,055 3,007 U. S. Treasurer—general account 475 3 , 51 28 33 27 61 43 23 47 21 i 6 Foreign 133 1/ 45 6 11 7 17 4 3 5 7 16 Other 451 1 * 2/359 15 1 9 5 1 1 3 5 52 Total de-posits 19,814 712 5,571 814 1,426 945 1,101 2,957 666 503 899 1,088 3,130 Deferred availability cash items 7,658 56C 1,261 461 590 622 659 1,252 373 244 478 4-27 731 Other liabilities and accn.l ed dividends 225 12 57 12 18 17 12 38 8 5 8 9 29 TOTAL LIABILITIES 66,789 3,623 15,969 3,524 5,255 5,180 3,976 11,319 2,476 l,44o 2,856 2,761 6,4io CAPITAL ACCOUNTS Capital paid in 576 i 28 149 30 52 30 36 84 20 14 26 33 74 Surplus 570 | 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts 150 i 7 40 8 11 10 8 25 5 2 6 6_ 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 68,o85__ i 3,685 16,306 3,592 5,369 5,250 _4,055_ J.1,511 2,521. 1,^70 2,913 2,833 8,580 Contingent liability on ace: eptances purchased for foreJ• gn correspondents 203 10 Jj 53 11_ 16 10 „_13 29_ 7 5 9 12 26 = FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 9,574 2,308 3,490 3,719 2,338 7,408 1,494 718 1,534 1,340 4,799 Collateral for F. R. notes: Gold certificate account 1,000 483 600 740 450 l,4oo 300 127 225 180 735 Eligible paper 2 U. S. Government securities 8,900 2,000 3,000 3,035 2,050 6,150 1,310 635 i,4oo 1,230 4,6oo Total collateral 2,466 9,900 2,485 3,600 3,775 2,500 7,550 1,610 762 1,625 1,410 5,335 1/ After deducting $ 88 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $150 million participations of other Federal Reserve Eanks. 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 Mar. 8, Mar. 1, Mar. 9, 1967 1967 1966 A S S E TS Gold certificate account 10,784 12 923 Redemption fund for F. R notes 1,836 + I + 11.2 # Total gold certificate reserves 12,620 5 8^4 Cash (720) 351 - 8 + 150 Discounts and advances 327 + 212 - 179 Acceptances: Bought outright 70 - k 3 Held under repurchase agreements 73 t- 38 Federal Agency obligations— Held under repurchase agreements 72 72 72 U. S. Government securities: Bought outright— Bills 12,448 + 329 +3,551 Certificates ^,351 — +4,350 Notes 21,3^2 + 4o -3,5^9 Bonds 6>2Q9 + 10 - 352 Total bought outright W,350 + 379 +4,000 Held under repurchase agreements 866 + 866 + 866 Total U. S. Government securities 45,216 +1£ & +4,866 Total loans and securities ^5,758 +1, 563 +4,756 Cash items in process of collection (l,659) 6,468 - 787 + 578 Bank premises 108 + 1 + 6 Other assets l/ 728 - 76 +_.__222 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,379) 66,033 + 688 +4,915 L I A B I L I T I ES Federal Reserve notes (720) 38,435 u 162 +1,915 Deposits: Member bank reserves 20,187 +1,432 +2,1*99 U. S. Treasurer—general account l8l - 294 - 270 Foreign 123 - 10 - 59 Other 2/ 447 - 4 + 195 Total deposits 20,938 +1,,112244 +2,365 +lj Deferred availability cash items (1,659) 5,075 -- 6^6622 + 503 Other liabilities and accrued dividends 252 ++ 2277 + SI TOTAL LIABILITIES (2,379) 64,700 + 65I +4,840 C A P I T AL A C C O U N TS Capital paid in 576 — + 19 Surplus 570 — + 19 Other capital accounts 187 37 + 37 Ratio of gold certificate reserves to P. R. note liability (computed from figures as shown on the following pages—not consolidated) 32-2$ .1$ -3-6$ Contingent liability on acceptances purchased for foreign correspondents 205 + 2 + 70 * 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, MARCH 8, 1967 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Governement securities and Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 323 94 2,485 +1,068 16 days to 90 days k 49 12,086 + 240 91 days to 1 year — — 19,358 42 Over 1 year to 5 years -- — 10,103 + 50 Over 5 years to lu years — — 853 Over 10 years — — 402 12 Total 327 1^3 ^5,287 +1,316 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis