H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and ^f^>^ Condition Statement of F.R. Banks H.4.1 For immediate release December 28, 1967 The average of daily figures of total member bank reserves held during the week ended December 27, increased a net of $509 million to $25,696 million. Esti mated currency and coin of member banks decreased $184 million and their reserve balances at the Federal Reserve Banks increased $693 million. Estimated required reserves increased $301 million; and estimated excess reserves increased $208 million to $445 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $100 million compared with the revised figure of $52 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $240 million iti Federal Reserve float, $160 million in member bank borrowings, and $141 million in U. S. Government securities bought outright and $81 million in U. S, Government securities held under repurchase agree ments, and a decrease of $135 million in Treasury deposits with Federal Reserve Banks. The principal offsetting change was an increase of $200 million in currency in circulation. Total Reserve Bank credit increased $673 million. As of Wednesday, December 27, 1967, holdings of U. S. Government securities bought outright were $243 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $188 million higher, and member bank borrowings were $78 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 27, Dec. 20, Dec. 28, Dec, 27, and related items 1967 196.7 L 1966 1967 . (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 48,849 +141 +5,586 48,983 Held under repurchase agreements 81 + 81 - 577 188 Federal Agency obligations- Held under repurchase agreements 7 + 7 19 34 Acceptances- Bought outright 76 + 5 + 7 74 Held under repurchase agreements 39 + 39 - 76 79 Discounts and advances- Member bank borrowings 345 +160 - 203 341 Other -- -- 11 — Float 2,388 +240 - 389 2,105 Total Reserve Bank credit 51,785 +673 +4,317 51,804 Gold stock 12,434 + 2 - 725 12,434 Treasury currency outstanding 6,783 + 8 + 486 6,784 71,002 +683 +4,078 71,022 Currency in circulation 47,293 +200 +2,520 47,538 Treasury cash holdings 1,405 - 39 + 214 1,386 Treasury deposits with F. R. Banks 709 -135 + 357 352 Foreign deposits with F. R. Banks 150 - 6 4 | 131 Other deposits with F. R. Banks 412 - 22 13 428 Other F. R, accounts (net) - 251 - 6 - 303 - 272 49,718 - 8 +2,771 I 49,563 Member bank reserves: With Federal Reserve Banks 21,285 +693 +1,308 21,459 Currency and coin (estimated) 4,411 -184 + 223 5,130 Total reserves held 25,696 +509 +1,531 26,589 Required reserves (estimated) 25,251 +301 +1,523 25,361 Excess reserves (estimated) 445 +208 + 8 1,228 On December 27, 1967, U. S Government securities held in custody by f the Federal Reserve Banks for foreign account were $9,630 million, an increase of $270 million for the week mid an increase of $1,988 million from the compa rable 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) Wednesday Change since Dec. 27, Dec. 20, Dec. 28, 1967 1967 1966 A S S E TS Gold certificate account 10,005 + 27 - 831 Redemption fund for F. R. notes 1.927 - L ± 8JL Total gold certificate reserves * 11,932 - 746 + 26 Cash (552) 354 + 59 Discounts and advances 341 78 - 616 Acceptances: Bought outright 74 + 5 Held under repurchase agreements 79 + 79 34 Federal Agency obligations-- Held under repurchase agreements 34 + 34 17 U. S. Government securities: Bought outright— Bills 15,978 + 243 +4,567 Certificates -4,351 Notes 26,918 +5,616 Bonds 6.087 -_1L2. Total bought outright 48,983 + 243 +5,720 Held under repurchase agreements 188 + 188 - 484 Total U. S. Government securities 49.171 + 431 +5.236 Total loans and securities 49,699 + 466 +4,574 Cash items in process of collection (2,326) 8,484 - 445 + 504 Bank premises 112 - 11 + 5 Other assets JL/ 1,816 + 30 + 440 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,878) 72.397 + 66 +4.836 LI_ABI_LI_TIES Federal Reserve notes (552) 41,992 + 214 +2,331 Deposits: Member bank reserves 21,459 + 497 +1,489 U. S. Treasurer--general account 352 - 372 + 103 Foreign 131 - 37 37 Other 2/ 428 + 11 + 13. Total deposits 22,370 + 99 +1,568 Deferred availability cash items (2,326) 6,379 - 297 + 822 Other liabilities and accrued dividends 308 + 7 + 52 TOTAL LIABILITIES (2,878) 71,049 + 23 +4,773 £ A I II £ L A C C O U N TS Capital paid in 594 -f 1 + 24 Surplus 57O + 19 Other capital accounts 184 + 42 + 20 Ratio of gold certificate reserves to F, R. note liability (computed from figures as shown on the following pages—not consolidated) 28,07 . 17o - 3.47o o Contingent liability on acceptances purchased for foreign correspondents 157 + 14 35 * Figures in parentheses are the eliminations made in the consolidating process. 17 Includes assets denominated in foreign currencies and IMF gold deposited, j/^JLttcludes IMF gold deposit, MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 27, 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 Discounts and Federal Agency obligations advancei s Acceptances Holdings Weekly changes Within 15 days 338 91 2,555 +141 16 days to 90 days 3 62 7,835 +195 91 days to 1 year „ -- 21,243 +129 Over 1 year to 5 years -- ~_ 16,185 -._ Over 5 years to 10 year•s s • - 832 ~ Over 10 years __ --. ^5 -- Total 341 153 49,205 +465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 27, 1967 San New Phila- Cleve Rich St. Minne (Cans as Total Boston Atlanta Chicago Dallas Fran York delL phie land mond Louis apolis City cisco (In millions of <d ollars) A S S E TS Gold certificate account 10,005 595 2,299 633 804 921 551 1,620 387 201 416 361 1,217 Redemption fund for F. R. notes 1,927 110 472 102 155 174 107 328 67 32 7? 70 23R Total gold certificate reserves 11,932 705 2,771 735 959 1,095 658 1,948 454 233 488 431 1,455 F. R. notes of other Banks 552 49 148 29 46 37 53 36 26 12 28 22 66 Other cash 354 23 41 8 48 21 42 66 33 4 17 14 37 Discounts and advances 341 92 76 10 3 40 2 42 6 1 26 7 36 Acceptances: Bought outright 74 -- 74 -- -- -- -- -- -- - - • — — — — — Held under repurchase agreements 79 -- 79 -- -- -- -- -- -- __ -. — — — Federal Agency obligations-- -- -- -- -- -- -- -- -- « -- _ - — - Held under repurchase agreements 34 -- 34 -- -- -- -- -- -- -- - - — - U. S. Government securities: Bought outright-- Bills 15,978 880 3,999 820 1,183 1,133 904 2,646 588 307 604 653 2,261 Certificates -_ „ -- -- -- -- -- -- -.. — - - Notes 26,918 1 ,483 6,737 1 ,382 1,992 1,908 1 ,522 4,457 991 518 1 ,018 1 ,100 3,810 Bonds 6,087 335 1,523 313 451 431 345 1,008 224 117 230 248 862 Total bought outright 48,983 2 ,698 12,259 2 ,515 3,626 3,472 2 ,771 8,111 1,803 942 1 ,852 ? ,001 6,933 Held under repurchase agreements 188 _. — 188 . — _ — __ Total U. S, Government securities 49,171 2 ,698 12,447 2 ,515 3,626 3,472 2 ,771 8.111 1.803 942 1 ,852 ? ,001 6,933 Total loans and securities 49,699 ? ,790 12,710 2 ,525 3,629 3,512 2 ,773 8,153 1,809 943 1 ,878 2.0 08 6,969 Cash items in process of collection 10,810 616 1,995 584 710 928 917 1,774 487 335 810 682 972 Bank premises 112 3 10 2 5 7 20 18 9 3 17 9 9 Other assets 1/ 1,816 78 644 83 139 89 96 235 56 37 _6.8 87 204 TOTAL ASSETS 75,275 4,2 64 18,319 3,9 66 5,536 5,689 4,5 59 12,230 2,874 1,567 3 ,306 3,2 53 9,712 JV 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 27, 1967 1 New- Phila Cleve Rich St. JMin ne- Kans as San Total Boston York delphia land mond Atlanta Chicago Louis UP olis City Dallas Fran cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 42,544 2,514 9,882 2,459 3,420 3,905 2,441 7,437 1,571 718 1,577 1,434 5,186 Deposits: Member bank reserves 21,459 1,017 6,068 900 1,331 939 1,200 3,127 813 532 987 1,159 3,386 U. S. Treasurer—general account 352 22 24 35 20 4 22 59 32 34 38 16 46 Foreign 131 7 1/ 27 7 13 7 9 21 5 3 6 8 18 Other 428 * 2/377 1 1 7 1 2 1 2 2 1 33 Total deposits 22,370 1,046 6,496 943 1,365 957 1,232 3,209 851 571 1,033 1,184 3,483 Deferred availability cash items 8,705 622 1,511 477 609 732 786 1,334 395 240 626 547 826 Other liabilities and accrued dividends 308 17 80 15 23 22 17 50 11 7 12 13 41 TOTAL LIABILITIES 73,927 4,199 17,969 3,894 5,417 5,616 4,476 12,030 2,828 1 ,536 3,248 3,178 9,536 CAFITAL ACCOUNTS Capital paid in 594 29 154 32 54 31 37 87 20 14 26 34 76 Surplus 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts 184 9 48 10 14 12 11 30 6 3 7 8 26 TOTA.L LIABILITIES AND CAPITAL ACCOUNTS 1 75,275 4.264 18,319 3,966 5,536 5,689 4,559 12,230 2,874 1 ,567 3,306 3,253 9,712 Contingent liability on act: eptances purchased for foreign correspondents 157 8 3/ 41 8 14 8 10 _ __._23_ 5_ 4_ 7 9 20 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 44,283 2,581 10,308 2,511 3,650 4,006 2,555 7,690 1,639 745 1,645 1,544 5,409 Collateral for F. R. notes: Gold certificate accounts 6,643 450 1,000 525 600 620 450 1,400 331 127 225 180 735 Eligible paper U. S. Government securities 38j606 ?,176 9,400 ?,100 3,100 3,395 2,150 6.450 1.370 635 1.450 1,380 5.000 Total collateral .45,249... 2,626 10,400 2,625 3,700 4,015 2,600 _7 i _850_ 1,701 762_ 1,675 _l_,_56p_ __ _5_,_735__ I7~Af^7^deducting $104million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit, * Less than $500,000. Digitized2 f/or FRAAfSEtRe r deducting $116 million participations of other Federal Reserve Banks, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis