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 *'t$lg^f*- Condition Statement of F.R. Banks H.4,1 For immediate release January 25, 1968 The average of daily figures of total member bank reserves held during the week ended January 24, increased a net of $369 million to $25,941 million. Estimated currency and coin of member banks decreased $81 million and their reserve balances at the Federal Reserve Banks increased $450 million. Estimated required reserves increased $157 million; and estimated excess reserves increased $212 million to $366 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $133 million, the week before they were $70 million less than member bank borrowings. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $405 million in U, S. Government securities bought outright, and $49 million in acceptances held under repurchase agreements, and decreases of $376 million in currency in circulation, and $80 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $261 million in Federal Reserve floa", and an increase of $166 million in nother,: F. R. accounts (net). Total Reserve Bank credit increased $142 million. As of Wednesday, January 24, 1968, holdings of U. S. Government securities bought outright were $428 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $402 million lower, and member bank borrowings were $740 million lower. Outright holdings of bills, notes, and bonds increased $351 million, $34 million, and $43 million, respectively. Averages of daily figures Member bank reserves, Week ended Changs from week ended Wednesday, Reserve Bank credit, Jan. 24, Jan. 17, Jan. 25, Jan. 24, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright — System account 49,105 +405 +5,199 49,045 Held under repurchase agreements -- - 57 - 34 -- Federal Agency obligations- Held under repurchase agreements 1 — Acceptances- Bought outright 68 - 1 9 68 Held under repurchase agreements 55 + 49 + 55 47 Discounts and advances- Member bank borrowings 233 + 9 305 308 Other ^'Float 1,726 -261 - 300 1,388 Tetel Reserve Bank credit 51,186 +142 +4,605 50,856 Gold stock 11,982 - 2 -1,176 11,984 Treasury currency outstanding 6,784 + 3 + 424 6,785 69,953 +144 +3,854 69,625 Currency in circulation 46,117 -376 +2,550 46,005 Treasury cash holdings 1,390 - 7 + 156 1,397 Treasury deposits with F. R. Banks 939 - 80 + 240 1,008 Foreign deposits with F. R. Banks 149 - 7 25 160 Other deposits with F. R. Banks 471 - 2 + 61 462 Other F. R. accounts (net) -459 +166 - 766 - 451 48,607 -306 +2,218 48,581 Member bank reserves: With Federal Reserve Banks 21,346 +450 +1,637 21,044 Currency and coin (estimated) 4,595 - 81 + 315 5,038 Total reserves held 25,941 +369 +1,952 26,082 Required reserves (estimated) 25,575 +157 +2,102 25,523 Excess reserves (estimated) 366 +212 - 150 559 On January 24, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,601 million, a decrease of $228 million for the week and an increase of $1,415 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) Wednesday Change since Jan, 24, Jan. 17, Jan. 25, 1968 1968 1967 A S S E TS Gold certificate account 9,527 __ -1,296 Redemption fund for F. R, notes 1,940 - 3 + 95 Total gold certifigjtte^r eserves 11,467 - 3 -1,201 Cash (1,039) 403 + 11 + 68 Discounts and advances 308 - 740 - 104 Acceptances: Bought outright 68 - - 8 Held under repurchase agreements 47 7 + 47 Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 15,963 + 351 +3,865 Certificates -- -- -4,351 Notes 26,952 + 34 +5,650 Bonds 6,130 + 43 69 Total bought outright 49,045 + 428 +5,095 Held under repurchase agreements -- 402 - 240 Total U. S. Government securities 49,045 ™ 26 +4,855 Total loans and securities 49,468 - 711 +4,790 Cash items in process of collection (2,099) 7,545 -1, 297 + 537 Bank premises 112 -- + 4 Other assets 1./ 1,987 - 31 + 943 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,138) 7_0_,982 -_1_, 031 +5,141 L I A B I L I T I ES Federal Reserve notes (1,039) 40,503 373 +2,302 Deposits: Member bank reserves 21,044 -1,098 +1,268 U. S. Treasurer—general account 1,008 + 128 + 592 Foreign 160 + 16 + 12 Other 2/ 462 25 + 38 Total deposits 22,674 - 979 +1,910 Deferred availability cash items (2,099) 6,157 - 720 + 778 Other liabilities and accrued dividends 297 5 + 73 TOTAL LIABILITIES (3,138) 69,631 -2,077 +5,063 C A P I T AL A C C O U N TS Capital paid in 606 3 + 34 Surplus 598 -- + 28 Other capital accounts 147 • 43 + 16 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 27.6% ,27o 4.6% Contingent liability on acceptances purchased for foreign correspondents 150 8 24 Figures in parentheses are the eliminations made in the consolidating process. y Includes assets denominated in foreign currencies and IMF gold deposited. 2/ Includes JMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 24, 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 Agenc: y obligations advanceis Acceptances Holding_ £ Weekly changes Within 15 days 307 56 2,263 "-423 16 days to 90 days 1 59 8,007 +287 91 days to 1 year -- _- 21,125 + 80 Over 1 year to 5 years ... «- 16,237 + 52 Over 5 years to 10 years .- -- 853 + 21 Over 10 years -- — 560 + 5 Total 308 115 49,045 + 22 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 24, 1968 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) A S S E TS Gold certificate account 9,527 627 2,205 599 695 818 539 1,652 377 154 340 315 1,206 Redemption fund for F. R. notes 1,940 110 472 101 156 179 107 328 67 32 75 70 243 Total gold certificate reserves 11,467 737 2,677 700 851 997 646 1,980 444 186 415 385 1,449 F. R. notes of other banks 1,039 90 274 55 85 72 116 77 41 16 33 42 138 Other cash 403 24 47 10 55 27 48 72 35 6 20 16 43 Discounts and advances 308 18 130 20 11 98 Acceptances: Bought outright 68 68 Held under repurchase agreements 47 47 Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 15,963 860 4,028 806 1,209 1,177 845 2,595 563 320 614 644 2,302 Certificates Notes 26,952 1,452 6,800 1,361 2,041 1,987 1,427 4,383 950 541 1,037 1,086 3,887 Bonds 6,130 330 1,547 309 464 452 325 997 216 123 236 247 884 Total bought outright 49,045 2,642 12,375 2,476 3,714 3,616 2,597 7,975 1,729 984 1,887 1,977 7,073 Held under repurchase agreements Total U. S. Government securities [49,045 2.642 12,375 2,476 3,714 3,616 2,597 7,975 1,729 984 1.887 1.977 7.073 Total loans and securities 49,468 2,649 12,508 2,480 3,719 3,623 2,598 8,105 1,735 985 1,907 1,988 7,171 Cash items in process of collection 9,644 603 1,745 620 718 789 899 1,502 455 298 608 560 847 Bank premises 112 3 10 2 5 7 20 18 9 3 17 9 c Other assets 1/ 1,987 88 684 94 153 100 106 261 60 38 75 93 235 TOTAL ASSETS 74,120 4,194 17,945 3,961 5,586 5,615 4,433 12,015 2,779 1,532 3,075 3,093 S892 : 1/ Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 24, 1968 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 41,542 2,457 9,698 2,404 3,350 3,813 2,336 7,267 1,546 708 1,532 1,393 5,038 Deposits: Member bank reserves 21,044 981 5,730 866 1,389 947 1,158 3,092 750 489 894 1,080 3,668 U. S. Treasurer—general account 1,008 68 164 67 59 95 45 143 57 41 75 67 127 Foreign 160 7 1/ 49 8 13 8 9 22 5 3 7 9 20 Other 462 1 2/421 2 2 8 1 1 1 1 3 1 20 Total deposits 22,674 1,057 6,364 943 1,463 1,058 1,213 3,258 813 534 979 1,157 3,835 Deferred availability cash items 8,256 599 1,456 528 632 650 784 1,242 364 253 494 456 798 Other liabilities and accrued dividends 297 15 77 15 22 22 16 48 10 6 12 12 42 TOTAL LIABILITIES 72,769 4,128 17,595 3,890 5,467 5,543 4,349 11,815 2,733 1,501 3,017 3,018 9,713 CAPITAL ACCOUNTS Capital paid in 606 29 157 32 54 31 38 89 21 14 27 35 79 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 147 8 39 7 11 10 8 24 5 3 5 6 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 74,120 4,194 17,945 3,961 5,586 5,615 4,433 12,015 2,779 1,532 3,075 3,093 9,892 Contingent liability on ace: eptances purchased for foreign correspondents 150 7 3/ 39 8 13 8 9 22 5 3 7 9 20 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 43,794 2,568 10,259 2,469 3,603 3,954 2,494 7,583 1,619 734 1,619 1,516 5,376 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 38,566 2,176 9,400 2,100 3,100 3,355 2,150 6,450 1,370 635 1,450 1,380 5,000 Total collateral 45,229 2,626 10,400 2,625 3,700 3,995 2,600 7,850 1,701 762 1,675 1,560 5,735 2/ Includes IMF gold deposit. 3/ After deducting $111 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis