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 IRES Condition Statement of F.R. Banks For immediate release H.4.1 February 1, 1968 The average of daily figures of total member bank reserves held during the week ended January 31, decreased a net of $260 million to $25,664 million. Estimated currency and coin of member banks increased $25 million and their reserve balances at the Federal Reserve Banks decreased $285 million. Estimated required reserves decreased $186 million; and estimated excess reserves decreased $74 million to $285 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $44 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 $284 million in Federal Reserve float, and $169 million in U. S. Government securities bought outright, and increases of $157 million in Treasury deposits with Federal Reserve Banks, and $33 million in "other" F. R. accounts (net). The principal offsetting change was a decrease of $359 million in currency in circulation. Total Reserve Bank credit decreased $442 million. As of Wednesday, January 31, 1968, holdings of U. S. Government securities bought outright were $190 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $237 million higher and member bank borrowings were $535 million higher. Average. s of dally figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 31, Jan. 24, Feb. 1, Jan. 31, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright-^-System account 48,936 -169 +5,238 48,855 Held under repurchase agreements 34 + 34 + 34 237 Federal Agency obligations- Held under repurchase agreements Acceptances- Bought outright 66 - 2 9 63 Held under repurchase agreements 25 - 30 + 25 20 Discounts and advances— Member bank borrowings 241 + 8 + 65 843 Other Float 1,442 -284 - 825 ' 1,407 Total Reserve Bank credit 50,744 -442 +4,528 51,425 Gold stock 11,983 + 1 -1,176 11,984 Treasury currency outstanding 6,786 + 2 + 411 6,788 69,513 -440 +3,763 ; 70,197 Currency in circulation 45,758 -359 +2,415 45,782 Treasury cash holdings 1,396 + 6 + 154 1,374 Treasury deposits with F. R. Banks 1,096 +157 + 498 1,153 Foreign deposits with F. R. Banks 161 + 12 + 23 160 Other deposits with F. R. Banks 467 - 4 + 36 463 Other F. R. accounts (net) -426 + 33 - 770 -564 48,452 -155 +2,356 48,368 Member bank reserves: With Federal Reserve Banks 21,061 -285 +1,407 21,829 Currency and coin (estimated) 4,603 + 25 + 348 • 4,987 Total reserves held 25,664 -260 +1,755 26,816 Required reserves (estimated) 25,379 -186 +1,810 | 25,546 Excess reserves (estimated) 285 - 74 55 ! 1,270 On January 31, 1968, U. S Government securities held in custody bv the Federal Reserve Banks for foreign acc ount were $8,861 million, an increase of $260 million for the week and an incre ase of $1,656 mil lion 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. 31, Jan. 24, Feb. 1, 1968 1968 1967 A S S E TS Gold certificate account 9,547 + 20 -1,291 Redemption fund for F. R. notes 1,937 3 + 97 Total gold certificate reserves 11,484 + 17 -1,194 Cash (1,088) 409 + 6 + 59 Discounts and advances 843 + 535 + 780 Acceptances: Bought outright 63 5 11 Held under repurchase agreements 20 - 27 + 20 Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright— Bills 15,773 - 190 +3,936 Certificates -- -4,351 Notes 26,952 -- +5,650 Bonds 6,130 -- 69 Total bought outright 48,855 - 190 +5,166 Held under repurchase agreements 237 + 237 + 237 Total U. S. Government securities 49.092 + 47 +5.403 Total loans and securities 50,018 + 550 +6,192 Cash items in process of collection (1,938) 7,096 - 449 69 Bank premises 112 -- + 5 Other assets 1/ 2,165 + 178 +1,097 TOTAL ASSETS/LIABILITES & CAPITAL ACCOUNTS (3,026) 71.284 + 302 +6,090 L I A B ^ L ^ I T ^ ES Federal Reserve notes (1,088) 40,277 - 226 +2,187 Deposits: Member bank reserves 21,829 + 785 +2,865 U. S. Treasurer—general account 1,153 + 145 + 559 160 -- + 8 Foreign Other 2/ 463 + 1 + 32 Total deposits 23,605 + 931 +3,464 Deferred availability cash items (1,938) 5,689 - 468 + 257 Other liabilities and accrued dividends 318 + 21 + 96 TOTAL LIABILITIES (3,026) 69,889 '+ 258 +6,004 £ A 1 I 1AA L A C C O U N TS .. Capital paid in 606 + 33 Surplus 598 -- + 28 Other capital accounts 191 + 44 + 25 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 27.87o + .2% 4.67. Contingent liability on acceptances purchased for foreign correspondents 141 31 * 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 31, 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 VJithin 15 days 818 32 2,718 +5T5 16 days to 90 days 25 51 7,662 -345 91 days to 1 year — 21,062 - 63 Over 1 year to 5 yej ars — 16,237 Over 5 years to 10 years -,- 853 Over 10 years — -_- 560 — Total 843 83 49,092 + 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1968 H.4.1(b) San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In mi. 1 lions >cf dollar• *) A S S E TS Gold certificate account 9,547 568 2,222 545 737 903 541 1,713 360 163 335 311 1,149 Redemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 11,484 678 2,694 646 893 1,079 648 2,041 427 195 410 381 1,392 F. R. notes of other banks 1,088 96 284 62 87 68 131 81 43 19 38 40 139 Other cash 1 409 25 48 10 56 28 49 75 36 6 20 16 40 Discounts and advances 1 843 1 285 4 29 41 10 60 16 5 43 41 302 Acceptances: Bought outright 63 63 -- -- - - -- -- -- -- -- -- Held under repurchase agreements 20 -- 20 - - - - -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements -- -- U. S. Government securities: Bought outright— Bills [15,773 819 4,040 807 1,153 1,141 829 2,592 546 315 612 649 2,270 Certificates i -- -- -- -- -- — -- -- -- -- -- -- Notes 26,952 ! l, 401 6,905 1,378 1,970 1,949 1,416 4,428 932 538 1 ,046 1 ,109 3,880 Bonds 6,130 319 1,571 314 449 443 321 1.007 212 122 238 252 882 Total bought outright 48,855 2 ,539 12,516 2,499 3,572 3,533 2,566 8,027 1,690 975 1 ,896 2 ,010 7,032 Held under repurchase agreements 237 -- 237 -- -- -- -- -- -- -- -- -- -. Total U. S. Government securities 49,092 2 ,539 12,753 2,499 3,572 3,533 2,55b 8,027 1,690 975 1 ,896 2 ,010 7,032 Total loans and securities 50,018 2 ,546 13,121 2,503 3,601 3,574 2,576 8,087 1,706 980 1 ,939 2 ,051 7,334 Cash items in process of collection 9,034 604 1,707 536 665 690 791 1,478 446 274 596 512 735 Bank premises 112 3 10 2 5 7 20 18 9 3 17 9 9 Other assets 1/ i 2,165 95 728 103 167 110 116 291 67 43 83 103 259 TOTAL ASSETS 74,310 | 4,0 47 18,592 3,862 5,474 5,556 4,331 12,071 2,734 1,520 3 ,103 3 112 9,908 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 FEDERAL RESERVE BANK ON JANUARY 31, 1968 New Phila Cleve Rich St. Minne Kansas | San Total Boston York delphia land mond Atlanta Chicago Louis apolis City jDallas Fran cisco (In millions of dollars) Federal Reserve notes 41,365 2,442 9,668 2,388 3,333 3,808 2,329 7,220 1,538 704 1,533 1,389 5,013 Deposits: Member bank reserves 21,829 902 6,349 879 1,338 959 1,130 3,207 729 485 909 1,149 3,793 U. S. Treasurer—general account 1,153 35 262 59 58 87 71 131 48 57 107 67 171 Foreign 160 7 1/ 49 8 13 8 9 22 5 3 7 9 20 Other 463 1 2/429 1 1 7 2 2 1 1 2 1 15 Total deposits 23,605 945 7,089 947 1,410 1,061 1,212 3,362 783 546 1,025 1,226 3,999 Deferred availibility cash items 7,627 576 1,387 438 586 589 688 1,231 355 231 473 407 666 Other liabilities and accrued dividends 318 16 88 15 23 22 16 51 11 7 12 13 44 TOTAL LIABILITIES 72,915 3 ,979 18,232 3,788 5,352 5,480 4,245 11,864 2,687 1,488 3,043 3,035 9,722 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 191 10 49 10 14 14 10 31 6 4 7 8 28 TOTAL LIABILITIES AND 74,310 4 ,047 18,592 3,862 5,474 5,556 4,331 12,071 2,734 1,520 3,103 3,112 9,908 CAPITAL ACCOUNTS Contingent liability on accept ances purchased for foreign 141 3/ 36 13 21 19 correspondents FEDERAL RESERVE AGENTS* ACCOUNTS F. R. notes outstanding 2,555 10,244 2,456 3,595 3,931 2,475 7,539 1,610 730 1,608 1,506 5,348 Collateral for F. R. notes: Gold certificate account 450 1,000 525 600 640 450 1,400 331 127 225 180 735 Eligible paper U. S. Government securities 2,176 9,400 2,100 3,100 3,355 2,150 6,450 1,370 635 1,450 1,380 5,000 Total collat&tefal 2,626 10,400 2,625 3,700 3,995 2,600 7,850 1,701 762 1,675 1,560 5,735 J7 After deducting $111 million participations of other Federal Reserve Banks, 2J Includes IMF gold deposits. 3/ .fter deducting $105 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis