H.4.1 Factors Affecting Reserve Balances of Depository Institutions

••iSSK,;-. 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 January 11, 1968 The average of daily figures of total member bank reserves held during the week ended January 10, decreased $502 million to $25,912 million. Estimated currency and coin of member banks decreased $262 million and their reserve balances at the Federal Reserve Banks decreased $240 million. Estimated required reserves decreased $459 million; and estimated excess reserves decreased $43 million to $578 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $398 million, compared with the revised figure of $126 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $315 million in member bank borrowings, $140 million in U. S. Government securities held under repurchase agreements, and $83 million in acceptances held under repurchase agreements, and an increase of $105 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $65 million in U. S. Government securities bought outright, and decreases of $343 million in currency in circulation, and $74 million in "other" deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $539 million. As of Wednesday, January 10, 1968, holdings of U. S. Government securities bought outright were $736 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $255 million lower, and member bank borrowings were $129 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 10, Jan. 3, Jan. 11, Jan. 10, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 49 109 + 65 +5, 109 48,515 s Held under repurchase agreements 74 -140 474 Federal Agency obligations — Held under repurchase agreements - 40 Acceptances- Bought outright 74 - 1 6 73 Held under repurchase agreements - 83 - 127 -- Discounts and advances-- Member bank borrowings 180 -315 - 405 70 Other 1 -- Float 2,309 - 26 + 92 1,921 Total Reserve Bank credit 51,747 -539 +4,184 50,579 Gold stock 11,983 + 1 -1,176 11,984 Treasury currency outstanding 6,781 Z 3 + 437 6,780 70,511 -542 +3,446 69,343 Currency in circulation 46,857 -343 +2,412 46,759 Treasury cash holdings 1,385 - 10 + 171 1,395 Treasury deposits with F. R. Banks 1,054 +105 + 544 1,471 Foreign deposits with F, R. Banks 161 + 14 + 18 165 Other deposits with F. R. Banks 493 - 74 + 58 485 Other F. R. accounts (net) -679 + 6 - 829 -665 Member bank reserves: 49,271 -302 +2,374 49,610 With Federal Reserve Banks 21,240 -240 +1,072 19,733 Currency and coin (estimated) 4,672 -262 + 341 5,108 Total reserves held 25,912 -502 +1,413 24,841 Required reserves (estimated) 25,334 -459 +1,462 25,108 Excess reserves (estimated) 578 - 43 - 49 1 -267 On January 10, 1968, U, S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,915 million, a decrease of $197 million for the week and an increase of $1,992 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) Uednesday Change since Jan. 10, Jan. 3, Jan. 11, 1968 1968 1967 A S S E TS Gold certificate account 9,527 „„ -1,296 Redemption fund for F. R. notes 1.950 3 -1- 100 Total gold certificate reserves * 11,477 3 -1,196 Cash (842) 370 + 8 + 66 Discounts and advances 70 - 129 - 369 Acceptances: Bought outright 73 1 6 Held under repurchase agreementss -- 90 - 122 Federal Agency obligations- Held under repurchase agreements 41 U. S. Government securities: Bought outright— Bills 15,510 736 +3,349 Certificates -- -- -4,351 Notes 26,918 -- +5,616 Bonds 6,087 -- - 112 Total bought outright 48,515 -• 736 +4,502 Held under repurchase agreements -- - 255 -- Total U. S. Government securities 48,515 - 991 +4,502 Total loans and securities 48,658 -1,252 +4,005 Cash items in process of collection (1,717) 7,799 -1,743 + 401 Bank premises 112 -- + 5 Other assets 1/ 2,119 29 + 962 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,559) 70,535 -3,019 +4,243 L I A B I L I T I ES Federal Reserve notes (842) 41,237 377 +2,212 Deposits: Member bank reserves 19,733 -2,340 +1,031 U. S. Treasurer—general account 1,471 + 741 + 633 Foreign 165 + 4 + 33 Other 2/ 485 18 + 45 Total deposits 21,854 -1,613 +1,742 Deferred availability cash items (1,717) 5,878 -1,058 + 157 Other liabilities and accrued dividends 306 11 ± 70 TOTAL LIABILITIES (2,559) 69,275 -3,059 +4,181 C A P I T AL A C C O U N TS Capital paid in 602 - 1 + 31 Surplus 598 + 28 Other capital accounts 60 39 + 3 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 27.37o -'• . TL - 4.4% Contingent liability on acceptances purchased for foreign correspondents 164 -1-9 11 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes assets denominated in foreign currencies and IMF gold deposited. j7 Includes IMF gold deposit. ^ T U R I^ SECURITIES, JANUARY 10, 1968 (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 69 10 1,294 - 832 16 days to 90 days 1 63 8,412 - 134 91 days to 1 year 21,237 66 Over 1 year to 5 years 16,185 -- Over 5 years to 10 years 832 -- Over 10 years —_ — 555 -- Total 70 73 48,515 •1,032 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 JANUARY 10, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions; of dolla rs) A S S E TS Gold certificate account 9,527 570 2,199 641 836 811 606 1,541 407 164 350 317 1,085 Redemption fund for F. R. notes 1.950 110 472 101 156 189 107 328 67 32 75 70 ?{i1 Total gold certificate reserves 11,477 680 2,671 742 992 1,000 713 1,869 474 196 425 387 1,328 F, R* notes of other banks 842 71 216 47 65 61 90 64 36 15 30 43 104 Other cash 370 23 44 8 51 23 45 67 33 5 18 14 39 Discounts and advances 70 6 29 1 2 1 ._ 14 2 14 i * Acceptances: Bought outright 73 -- 73 — — — -- — -- -- -- __ _ » Held under repurchase agreements — -- -- -- -- -- — -- -- -_ -«. . . ^ — Federal Agency obligations-- Held under repurchase agreements « U. S. Government securities: Bought outright- Em s 15,510 887 3,779 782 1,182 1,162 860 2,544 560 322 614 666 2,152 Certificates -- -- -- -- -- — — — -- -- -- ... „ — Notes 26,918 1 ,540 6,559 1,356 2,050 2,016 1 ,493 4,416 972 559 1,066 1 ,157 3,734 Bonds 6,087 348 1,483 307 464 456 338 998 220 126 241 262 844 Total bought outright 48,515 ~2 ,775 11,821 2,445 3,696 3,634 2 ,691 7,958 1,752 1,007 1,921 2 ,085 6,730 Held under repurchase agreements -- -- -- -- -- -- -- -- -- __ -- -- Total U. S. Government securities "48,515 ~1 J31- 11.821 2.445 3.696 3.634 ~T. 691 7.958 1.752 1.007 1.921 T. 085 6.730 Total loans and securities 48,658 2 ,781 11,923 2,446 3,698 3,635 2 ,691 7,972 1,752 1,009 1,935 2 ,086 6,730 Cash items in process of collection 9,516 574 1,662 548 667 718 856 1,556 495 331 625 575 909 Bank premises 112 3 10 2 5 7 20 18 9 3 17 9 9 Other assets \J 2,119 96 715 100 165 106 115 281 65 42 81 102 251 TOTAL ASSETS 73,094 4 ,228 17,241 3,893 5,643 5,550 4 ,530 11,827 2,864 1,601 3,131 3 ,216 9,370 1/ Includes assets denominated in foreign currencies and IMF gold deposited, * Less than $500,000. 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 JANUARY 10, 1968 r— r San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) L I A B I L I T I E S. Federal Reserve notes 42,079 2,492 9,791 2,432 3,389 3,857 2,394 7,356 1,562 716 1,558 1,418 5,114 Deposits: Member bank reserves 19,733 1,027 5,086 843 1,454 900 1,193 2,851 759 507 895 1,208 3,010 U. S. Treasurer--general account 1,471 102 232 90 81 107 130 122 119 69 126 100 193 Foreign 165 7 1/ 54 8 13 8 9 22 5 3 7 9 20 Other 485 1 429 1 Vc 11 2 2 2 2 3 1 31 Total deposits 21,854 1,137 5,801 942 1,548 1,026 1,334 2,997 885 581 1,031 1,318 3,254 Deferred availability cash items 7,595 521 1,247 438 571 578 705 1,239 363 268 475 396 794 Other liabilities and accrued dividends 306 17 76 14 23 23 18 51 11 7 12 13 41 TOTAL LIABILITIES 71,834 4,167 16,915 3,826 5,531 5,484 4,451 11,643 2,821 1,572 3,076 3,145 9,203 CAPITAL ACCOUNTS Capital paid in 602 29 156 32 54 31 38 87 21 14 27 34 79 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 60 3 16 3 4 4 3 10 2 1 2 3 9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 73,094 4,228 17,241 3,893 5,643 5,550 4,530 11,827 2,864 1,601 3,131 3,216 9,370 Contingent liability on ace; eptances purchased for foreign correspondents 164 8 3/ 42 9 15 8 10 24 6 4 7 9 22 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 44,044 2,582 10,275 2,490 3,620 3,986 2,526 7,633 1,633 742 1,633 1,533 5,391 Collateral for F. R. notes: Gold certificate accounts 6,663 450 1,000 525 600 640 450 1,400 331 127 225 180 735 Eligible paper _ U. S. Government securities 38,606 2,176 9,400 2,100 3,100 3,395 2,150 6,450 1,370 635 1,450 1,380 5,000 Total collateral 45,269 2,626 10,400 2,625 3,700 4,035 2,600 7,850 1,701 762 1,675 1,560 5,735 U After deducting $ 111 million participations ofo ther Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. 3J After deducting $122 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis