H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E RV factors Affecting Bank Reserves and Condition Statement of F.R. Banks For Immediate release February 8, 1968 The average of daily figures of total member bank reserves held during the veek ended February 7, 1968 increased a net of $242 million to $25,934 million. Estimated currency and coin of member banks decreased $425 million and their reserve balances at the Federal Reser,ve Banks increased $667 million. Estimated required reserves increased $238 million; and estimated excess reserves increased $4 million to $326 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $85 million, compared with the revised figure of $81 million the week before. The principal change supplying' average reserve balances with Federal Reserve Banks was an increase of $380 million in U. S. Government securities held under repurchase agreements, and decrease's of $184 million in Treasury deposits with Federal Reserve Banks, and $128 million in "other" F. R. accounts (net). The principal offsetting change was a decrease of $25 million in acceptances held under repurchase agreements, and an increase of $19 million in currency in circulation. Total Reserve Bank credit, increased $332 million. As of Wednesday; February 7, 1968, holdings of U. S. Government securities bought outright were $70 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $160 milliorj<; higher, and member bank borrowings were $607 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 7, Jan. 31, Feb. 8, Feb. 7, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 48,925 - 11 +4,997 j 48,925 Held under repurchase agreements 414 +380 + 210 397 Federal Agency obligations-- Held under repurchase agreements 5 + 5 + 4 5 Acceptances-- Bought outright 63 - 3 - 13 63 Held under repurchase agreements - 25 - 50 Discounts and advances-- Metnber bank borrowings 241 - 112 236 Other 1 Float 1,435* - 14 - 582 x, ,240 Total Reserve Bank credit 51,083 +332 +4,453 50, ,866 Cold stock 11,954 - 29 -1,205 11 ,884 Treasury currency outstanding 6,788 + 2 + 396 6 ,787 69,824 +304 +3,643 69,537 Currency i n circulation 45,777 + 19 +2,372 45.933 Treasury cash holdings 1,361 - 35 + 109 1,352 Treasury deposits with F. R.' Banks 912 -184 + 464 1,019 foreign deposits with F. R. Banks 142 - 19 3 148 «hcr deposits with F. R. Banks 450 - 17 - 32 437 0th*r F. R. accounts (net) -554 -128 - 947 -570 K«nber bank reserves: 48,087 -365 +1 .962 48,319 With Federal Reserve Banks 21,736 +667 +1 ,680 21,217 ' Currency and coin (estimated) 4.198 -425 + 405 I t P t" I Total reserves held 25,934 +242 +2,085 | 25,631 ^quired reserves (estimated) , 25,608 +238 +2,048 i 25.470 -xcess reserves (estimated) 326 + 4 + 37 I 211 On February„ 7- ,, 1968,, U-.. -> Government securities held in custcc y b" ::he ,'ral Reserve Banks for foreign account were $8,828 million, a cccrease 'of $33 n c-ion for the week and an increase of $1,553 million from the cornparab Digitized for FRASER le ite a http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

lU.Ka) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Feb. 7, Jan. 31, Feb. 8, 1968 1968 1967 A S S E TS Sold certificate account 9,447 100 -1,391 ademption fund for F. R, notes 1,937 !- 103 Total gold certificate reserves * 11,384 100 •1,288 Cash (988) 416 7 ^ 69 recounts and advances 236 607 • 591 ucsotances: :;;:ht outright 63 13 '•i'.i u=dar repurchase agreements 20 50 .;zi. Agency obligations-- •&\i under repurchase agreements ... S. Government securities: Sought outright-- Bills Certificates 15,843 70 +3,708 -4,351 26,952 +5,650 6,130 69 T:cal bought outright 48, 925 + 70 +4 ,938 . -^cir repurchase agreements 397 + 160 - 154 ... •?- r-cvemaent securities 49, 322 •J- 230 ti-> 784 . -..•••*•? s.nd securities . 49, 626. - 392 +4, 13? r* m process of collection (1,832) 7.,1 6-1^ Jr 56 JL 10 112 -- + <; 2-— *.. - •JL 5£- *i~ * <• •* \/'<. & HmXL J&2XSZS C^L^i^cy "•»* * «**»»-• t * t * "c \i W * £ J & 1 I 1 £ S '•'i'-fnl %*?,ftv& notes (988) 40,415 4- 138 -f2 091 t Kmb&r bank reserves 21,21-7 ^ - 621 + 196 0. S. Treasurer—general account 1,019 - 134 + 530 Foreign 148 - 12 + 13 Other II 437 - _26_ - 11 Total deposits 22,821"/ - 793 + 728 deferred availability cash items (1,832) 5,921 + 232 +1, U2 Other liabilities and accrued dividends 322 + 4 + 81 TOTAL LIABILITIES (2,820) 69,479 — 419 +4 ,012 C^ l l l th A C C O U HS ^apital paid In"" ~ ~ ~ 607 + 1 + 34 Surplus 598 _. + 28 Other capital accounts 236 + 45 •*• 34 **Uo of gold certificate reserves to F. R, note liability (computed from figures as shown on the following pages—not consolidated) 27.5% .3% - 4.8% ^-ntingent liability on acceptances purchased ~l2L_ft>reign correspondents 131 10 50 * figures in parentheses are the eliminations made in the consolidating process, L' Includes assets denominated in foreign currencies and IMF gold deposited. -IJBSludgs IMF gold deposit, MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 7, 1968 (Acceptances and securities held under repurchase agreements are classified as maturing with 15 days in accordance with maximum maturity of the agreements•) U. S. Government securities and Discounts and Federal Aj advanc<2 S Acceptances Holdings v I thin 15 days 235 15 2,379 -339 5& days to 90 days 1 48 8,304 +642 *l days to 1 year „ 20,994 - 68 ^.'er 1 y to 5 years • -ear -«. • • 16,237 <•'/« 5 years to 10 years -- • - 853 ^« 10 years -- .*"". 560 Total 236 63 49,327 +235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

;:Aifw.vr t-r ccj.'i-STSCS or EACK FE: E.-.-M. Rii».s.v£ &*KX O;J f£»KuwR.Y 7, 19&8 H. •», San Total Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas j Dallas J Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 9,447 585 2,010 526 758 819 554 1,651 383 181 398 298 1,284 Redemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 11,384 695 2,482 627 914 995 661 1,979 450 213 473 368 1,527 F. R. notes of other banks 988 92 276 55 83 62 131 66 34 13 32 33 111 Other cash 416 25 51 11 57 28 50 78 36 5 21 17 ' 37 Discounts and advances 236 63 100 10 30 Acceptances: Bought outright 63 63 Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 15,843 839 3,920 820 1,215 1,193 867 2,611 563 317 617 665 2,216 Certificates Notes 26,952 1,426 6,669 1,395 2,066 2,030 1,476 4,443 958 539 1,049 1,132 3,769 Bonds 6,130 324 1,517 317 470 462 336 1,011 218 123 238 257 857 Total bought outright 48,925 j 2,589 12,106 2,532 3,751 3,685 2,679 8,065 1,739 979 1,904 2,054 6,842 Held under repurchase agreements 397 I - 397 - Total U. S. Government securities 49.322 j 2,589 12,503 2,532 3.751 3,685 2,679 8,065 1.739 979 1.904 2.054 6.842 Total loans and securities 2,598 12,634 2,533 3,758 3,689 2,680 8,165 1,748 980 1,914 2,055 6,872 Cash items in process of collection 587 1,578 540 626 726 ^820 1,390 453 290 562 488 933 Bank premises 3 10 2 5 8 20 18 8 3 17 9 9 Other assets JL/ 99 740 IPS 173 114 120 298 68 44 86 106 265 TOTAL ASSETS 73,740 I 4,099 17,771 3,876 5,616 5,622 4,482 11,994 2,797 1,548 3,105 3,076 9,754 1/ Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 San New Phila Cleve Rich St. Minne Total Boston York delphia land mond Atlanta Chicago Louis apolis Cliy nallas IFrancisco (In millions of dollars) l i l A B i L j C T ^ E S, Federal Reserve notes 41,403 2,443 9,666 2,383 3,327 3,804 2,320 7,234 1,538 704 1,536 1.389 5,059 Deposits: 1,144 3,411 Member bank reserves 21,217 922 5,739 890 1,498 997 1,242 3,161 769 506 9 33 U. S Treasurer—general account 1,019 65 193 41 55 92 68 138 60 44 86 32 145 Foreign 148 7 1/ 37 8 13 8 9 22 5 3 / 9 20 3 18 Other 437 1 2/394 1 *9 1 21 6 1 Totaldeposits 22,821 995 6,363 940 1,566 1,106 1,320 3,323 835 559 1,03; 1,188 3,594 Deferred availability cash items 7,753 575 1,278 462 573 610 738 1,171 364 245 464 407 866 Other liabilities and accrued 13 43 dividends 322 16 92 15 24 23 16 51 11 11 TOTAL LIABILITIES 72,299 4,029 17,399 3,800 5,490 5,543 4,394 11,779 2,748 1,515 3,043 2,997 9,562 CAPITAL ACCOUNTS Capital paid in 607 29 157 32 54 31 38 90 21 14 27 35 79 34 79 Surplus 598 29 154 32 54 31 38 87 20 14 26 10 34 Other capital accounts 236 12 61 12 18 17 12 38 8_ 5 9 TOTAL LIABILITIES AND 3,076 9,754 CAPITAL ACCOUNTS 73,740 4,099 17,771 3,876 5,616 5,622 4,482 11,994 2,797 1,548 3,10? Contingent liability on accept ances purchased for foreign 7 17 correspondents 131 3/ 34 12 19 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,541 10,236 2,444 3,585 3,919 -2,460 7,519 1,608 727 1,59/ 1,498- 5,334 Collateral for F. R. notes 180 735 Gold certificate accounts 450 1,000 525 600 640 450 1,400 331 127 223 Eligible paper m <• ~ , •»~ - «. 1 ,380_ 5,000 U. S. Government securities 2,176 9,400 2,100 3,100 3.355 2.150 6,450 1.370 J Total collated! 2,626 10,400 2,625 3,700 3,995 2,600 7,850 1,701 762 1,560 5,73 5 — ~~——-—— ——-— - 2/ After deducting $111 raillion participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit, * Less H--ij $500, 000. 3/ After deducting $ 97 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis