H.4.1 Factors Affecting Reserve Balances of Depository Institutions

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 For1 immediate release January 18, 1968 The average of daily figures of total member bank reserves held during the week ended January 17, decreased a net of $354 million to $25,570 million. Estimated currency and coin of member banks increased $30 million and their reserve balances at the Federal Reserve Banks decreased $384 million. Estimated required reserves increased $62 million; and estimated excess reserves decreased $416 million to $169 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $55 million, the week before they were $405 million less than excess reserves. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $409 million in U. S. Government securities bought outright, $361 million in Federal Reserve float, and an increase of $54 million in "other" F. R. accounts (net). The principal offsetting changes were an increase of $44 million in member bank borrowings, and a decrease of $364 million in currency in circulation. Total Reserve Bank credit decreased $743 million. As of Wednesday, January 17, 1968, holdings of U. S. Government securities bought outright were $102 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $402 million higher, and member bank borrowings were $978 million higher. Average> s of dally figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 17, Jan. 10, Jan. 18, Jan. 17, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 48,700 -409 +4,903 48,617 Held under repurchase agreements 57 - 17 - 83 402 Federal Agency obligations-- Held under repurchase agreements 1 + 1 + 1 4 Acceptances-- Bought outright 69 - 5 9 68 Held under repurchase agreements 6 + 6 - 34 40 Discounts and advances-- Member bank borrowings 224 + 44 + 7 1,048 Other -- -- 1 -_ Float 1,973 -361 - 138 1,944 Total Reserve Bank credit 51,029 -743 +4,645 52,123 Gold stock 11,984 + 1 -1,174 11,984 Treasury currency outstanding 6,781 -- + 433 6,782 69,795 -741 +3,904 70,889 Currency in circulation 46,493 -364 +2,489 46,382 Treasury cash holdings 1,397 + 12 + 176 1,398 Treasury deposits with F. R. Banks 1,019 - 35 + 454 880 Foreign deposits with F. R. Banks 156 - 5 + 7 144 Other deposits with F. R. Banks 473 - 20 + 28 487 Other F. R. accounts (net) -625 + 54 - 834 -523 48,913 -358 +2,320 48,768 Member bank reserves: With Federal Reserve Banks 20,881 -384 +1,583 22,121 Currency and coin (estimated) 4,689 + 30 + 326 5,017 Total reserves held 25,570 -354 +1,909 27,138 Required reserves (estimated) 25,401 + 62 +1,865 25,794 Excess reserves (estimated) 169 -416 + 44 1,344 On January 17, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,829 million, a decrease of $86 million for the week and an increase of $1,811 million from tire* 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) Wednesday Change since Jan. 17, Jan. 10, Jan. 18 1968 1968 1967 A S S E TS Gold certificate account 9,527 ... -1,296 Redemption fund for F. R. notes 1,943 - 7 + 89 Total gold certificate reserves * 11,470 - 7 -1,207 Cash (934) 392 + 22 + 71 Discounts and advances 1,048 + 978 + 713 Acceptances: Bought outright 68 - 5 8 Held under repurchase agreements 40 + 40 3 Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright- Bills 15,612 + 102 +3,860 Certificates -- -- -4,351 Notes 26,918 -- +5,616 Bonds 6,087 -- - 112 Total bought outright 48,617 + 102 +5,013 Held under repurchase agreements 402 + 402 + 115 Total U. S. Government securities 49,019 + 504 +5,128 Total loans and securities 50,179 +1, 521 +5,838 Cash items in process of collection (2,381) 8,821 +1, 015 + 647 Bank premises 112 -- + 5 Other assets 1/ 2.018 - 101 + 884 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,315) 12*222 +2. +6.238 ^= k I ^ 1 Lh 11 11 1 Federal Reserve notes (934) 40,876 361 +2,316 Deposits: Member bank reserves 22,121 +2,381 +2,898 U. S. Treasurer—general account 880 - 591 + 272 Foreign 144 21 31 Other 2/ 487 + 2 + 60 Total deposits 23,632 +1,771 +3,199 Deferred availability cash items (2,381) 6,877 + 999 + 574 Other liabilities and accrued dividends 302 4 + 79 TOTAL LIABILITIES (3,315) 71,687 +2,405 +6,168 C A P I T AL A C C O U N TS Capital paid in 603 - 1 + 32 Surplus 598 28 Other capital accounts 104 44 10 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) 27.47o .1% - 4.6% Contingent liability on acceptances purchased for foreign correspondents 158 - 6 10 * 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 17, 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 1,047 48 2,686 +1,392 16 days to 90 days 1 60 7,720 - 692 91 days to 1 year 21,045 - 192 Over 1 year to 5 years 16,185 Over 5 years to 10 years 832 Over 10 years 555 Total 1,048 108 49,023 508 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 17, 1968 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) A S S E TS Gold certificate account 1 9,527 569 2,203 562 778 869 543 1,677 356 151 369 315 1,135 Redemption fund for F. R. notes ! 1,943 110 472 101 156 182 107 328 67 32 75 70 243 Total gold certificate reserves 11,470 679 2,675 663 934 1,051 650 2,005 423 183 444 385 1,378 F. R. notes of other banks ! 934 76 240 51 72 68 100 73 38 15 32 44 125 Other cash ! 392 24 46 9 52 26 48 69 34 5 20 15 44 Discounts and advances 1,048 5 455 20 61 55 1 87 34 6 42 43 239 Acceptances: Bought outright 68 -- 68 -- -- — -- -- — — — -- -- Held under repurchase agreements 1 40 — 40 — — — — — « — — — — Federal Agency obligations-- Held under repurchase agreements 4 — 4 — — -- -- -- U. S. Government securities: Bought outright-- Bills 15,612 843 3,742 787 1,154 1,188 850 2,524 563 324 601 688 2,348 Certificates : ... -- -- -- -- -- -- -- -- -. -- -- . -- Notes 26,918 1 ,453 6,452 1,357 1,989 2,049 1,465 4,352 972 559 1,036 1 ,187 4,047 Bonds 6,087 329 1,460 306 450 463 332 984 220 126 234 268 915 Total bought outright 48,617 ~~2, 625 11,654 2,450 3,593 3,700 2,647 7,860 1,755 1,009 1,871 ~~2~, 143 7,310 Held under repurchase agreements 402 — 402 — — — — -•» — -- -- -- — ~T Total U» S, Government securities 49.019 ~~2. 625 12.056 2.450 3.593 3.700 2.647 7.860 1.755 1.009 1.871 .143 7,310 Total loans and securities 50,179 2 ,630 12,623 2,470 3,654 3,755 2,648 7,947 1 789 1,015 1,913 2 ,186 7,549 Cash items in process of collection 11,202 708 2,174 675 860 858 1,012 1,758 523 353 684 573 1,024 Bank premises 112 3 10 2 5 7 20 18 9 3 17 9 9 Other assets 1/ 2,018 89 685 96 156 103 108 264 62 40 76 97 242 TOTAL ASSETS 76,307 4 ,209 18,453 3,966 5,733 5,868 4,586 12,134 2,878 1,614 3,186 3 ,309 10,371 .1/ Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 17, 1968 H.4.1(c) New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 41,810 2,474 9,747 2,418 3,371 3,831 2,366 7,304 1,553 712 1,548 1,405 5,081 Deposits: Member bank reserves 22,121 943 5,962 825 1,441 1,086 1,178 3,121 797 531 958 1,267 4,012 U. S. Treasurer—general account 880 44 151 67 65 99 73 41 53 32 68 60 127 Foreign 144 7 1/ 33 8 13 8 9 22 5 3 7 9 20 487 1 2/437 1 10 2 2 6 1 2 1 24 Other Total deposits 23,632 995 6,583 901 1,519 1,203- 1,262 3,186 861 567 1,035 1,337-" 4,183 ~ Deferred availibility cash items 9,258 661 1,705 563 705 743 861 1,405 410 299 534 481 891 Other liabilities and accnl ed dividends 302 16 80 15 22 22 16 47 10 6 12 13 43 TOTAL LIABILITIES 75,002 4,146 18,115 3,897 5,617 5,799 4,505 11,942 2,834 1,584 3,129 3,236 10,198 CAPITAL ACCOUNTS Capital paid in 603 29 157 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 104 5 27 5 8 7 5 18 3 2 4 5 15 TOTAL LIABILITIES AND CAPITAL ACCOUNTS JliMh 4,209_ 18^451 3,966 5,733 5,868 4 AJ 586_ 1,2^134 2^878 1^614 _3_,186 3,309 10,371 Contingent liability on ace: eptances purchased for foreiL gn correspondents ! 158 1 8 3/ 41 8 14_ 8_ 10_ 23 5 4 7 9 21 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 43,912 2,581 10,258 2,480 3,618 3,966 2,513 7,611 1,627 738 1,629 1,525 5,366 Collateral for F. R. notes: Gold certificate account 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 1/ After deducting $111 million participations of other Federal Reserve Banks. * Less than $500,000. Z.I Includes IMF gold deposit. Digitized fo3r/ F RASAEfRt er deducting $117 million participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis