H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bank Reserves and %*f*^ns*f Condition Statement of F.R. Banks For immediate release H.4.1 February 15, 1968 The average of daily figures of total member bank reserves held during the week ended February 14, 1968 decreased a net of $442 million to $25,511 million. Estimated currency and coin of member banks increased $51 million and their reserve balances at the Federal Reserve Banks decreased $493 million. Estimated required reserves decreased $523 million; and estimated excess reserves increased $81 million to $459 million. Excess reserves exceeded member bank borrowings at the Federal Reserve Banks by $75 million compared with the revised figure of $137 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $198 million in Federal Reserve float, $110 million in U. S. Government securities bought outright, and $72 million in Gold Stock, and increases of $165 million in currency in circulation, and $159 million in Treasury deposits with Federal Reserve Banks. The principal offsetting change was an in crease of $25 million in acceptances held under repurchase agreements, and a decrease of $54 million in ''other*' F. R. accounts (net). Total Reserve Bank credit decreased $164 million. As of Wednesday, February 14, 1968, holdings of U. S. Government securities bought outright were $770 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $103 million lower, and member bank borrowings were $144 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 14, Feb. 7, Feb. 15, Feb. 14, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 48,815 -110 +4,828 48,155 Held under repurchase agreements 391 - 23 + 141 294 Federal Agency obligations- Held under repurchase agreements 4 1 3 — Acceptances- Bought outright 64 + 1 • 13 63 Held under repurchase agreements 25 + 25 25 27 Discounts and advances- Member bank borrowings 384 +143 72 92 Other Float 1,253 -198 - 667 1,369 Total Reserve Bank credit 50,935 -164 +4,188 50,000 Gold stock 11,882 - 72 -1,277 11,884 Treasury currency outstanding 6,788 -- + 386 6,791 69,606 -234 +3,298 68,675 Currency in circulation 45,942 +165 +2,328 46,021 Treasury cash holdings 1,343 - 18 + 83 1,337 Treasury deposits with F. R. Banks 1,071 +159 + 367 1,314 Foreign deposits with F. R. Banks 137 - 5 4 157 Other deposits with F. R. Banks 462 + 12 + 26 471 Other F, R. accounts (net) -608 - 54 -1,031 -735 48,347 +260 +1,768 48,565 Member bank reserves: With Federal Reserve Banks 21,259 -493 +1,530 20,111 Currency and coin (estimated) 4,252 + 51 + 255 4,908 Total reserves held 25,511 -442 +1,785 25,019 Required reserves (estimated) 25,052 -523 +1,744 25,062 Excess reserves (estimated) 459 + 81 + 41 1 -43 On February 14, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,662 million, a decrease of $166 million for the week and an increase of $1,291 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4*l(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Feb. 14, Feb. 7, Feb. 15, 1968 1968 1967 A S S E TS Gold certificate account 9,447 -- -1,396 Redemption fund for F. R. notes 1.937 -- + 106 Total gold certificate reserves 11,384 _- -1,290 Cash (899) 425 9 72 Discounts and advances 92 - 144 - 272 Acceptances: Bought outright 63 -- 15 Held under repurchase agreements 27 27 22 Federal Agency obligations- Held under repurchase agreements 5 48 U. S. Government securities: Bought outright- Bills 15,073 770 +2,938 Certificates -- -- -4,351 Notes 26,952 -- -i-5,650 Bonds 6.130 -- - 69_ Total bought outright 48,155 770 +4,168 Held under repurchase agreements 294 103 - 449 Total U. S. Government securities 48.449 873 +3.719 Total loans and securities 48,631 995 +3,362 Cash items in process of collection (2,037) 7,928 744 - 104 Bank premises 112 + 5 Other assets J7 2.226 +1.438 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,936) 70.706 - 237 +3.483 L I A B I L I T I ES Federal Reserve notes (899) 40,491 76 +2,097 Deposits: Member bank reserves 20,111 -1, 129 + 357 U. S. Treasurer—general account 1,314 .U 295 + 673 Foreign 157 -J- 9 + 30 Other 2/ 471 + _ 34 + 44 Total deposits 22,053 - 791 +1,104 Deferred availability cash items (2,037) 6,559 J. 638 + 139 Other liabilities and accrued dividends 30? - i 2£L -1 64_ TOTAL LIABILITIES (2,936) 69,405 - 97 +3,404 £ A I 11 A L A C C O U N TS Capital paid in 608 1 + 34 Surplus 598 + 28 Other capital accounts 95 141 •f 17 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 27.55E> — - 4.8% Contingent liability on acceptances purchased . for foreign correspondents 123 8 - 59 * 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, FEBRUARY 14, 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 91 49 2,844 + 465 16 days to 90 days 1 41 7,071 -1,233 91 days to 1 year 20,884 - 110 Over 1 year to 5 years 16,237 -- Over 5 years to 10 years 853 -- Over 10 years 560 -- Total 92 90 48,449 878 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 FEBRUARY 14, 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 c» f (d ollars) A S S E TS Gold certificate account 9,447 656 1,949 577 701 934 534 1,663 427 232 310 318 1,146 Redemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 11,384 766 2,421 678 857 1,110 641 1,991 494 264 385 388 1,389 F. R. notes of other banks 899 85 259 46 78 61 102 57 31 9 31 37 103 Other cash 425 25 49 10 58 28 52 80 36 6 21 18 42 Discounts and advances 92 8 28 4 3 3 1 28 5 2 4 1 5 Acceptances: Bought outright 63 -- 63 -- -- -- -- — -- -- -- -- _. Held under repurchase agreements 27 -- 27 -- -- -- -- -- -- — -- -- -- Federal Agency obligations-- Held under repurchase agreements — -- U. S. Government securities: Bought outright— Bills ' 15,073 797 3,797 780 1,156 1,101 817 2,473 503 288 604 616 2,141 Certificates -- -- -- -- -- -- -- — -- -- — _» -- Notes 26,952 1 ,426 6,788 1 ,395 2,066 1,969 1, 462 4,422 900 514 1,080 1 ,102 3,828 Bonds 6,130 324 1,544 317 470 447 332 1,006 205 117 246 251 871 Total bought outright • 48,155 ~2 ,547 12,129 ~T, 492 3,692 3,517 T ,611 7,901 1,608 919 1,930 ~T, 969 6,840 Held under repurchase agreements 294 -- 294 -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 48.449 ZL. 547 12.423 ~T. 492 3.692 3.517 "T.6 11 7,901 1,608 919 1,930 ~T, 969 6.840 Total loans and securities 48,631 2 ,555 12,541 2 ,496 3,695 3,520 2 ,612 7,929 1,613 921 1,934 1 ,970 6,845 Cash items in process of collection 9,965 575 1,791 641 731 768 941 1,675 506 323 591 578 845 Bank premises 112 3 10 2 5 8 20 18 8 3 17 9 9 Other assets \J 2.226 99 744 107 173 115 121 298 68 43_ 86 106 266 TOTAL ASSETS 73,642 4 ,108 17,815 3 ,980 5,597 5,610 4 ,489 12,048 2,756 1,569 3,065 3 ,106 9,499 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 FEBRUARY 14, 1968 New Phila Cleve Rich St. Minne Kansas ~S'an 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 41,390 2,446 9,681 2,385 3,328 3,793 2,306 7,236 1,534 705 1,537 1,387 5,052 Deposits: Member bank reserves 20,111 924 5,568 835 1,360 942 1,152 2,919 698 511 869 1,085 3,248 U. S. Treasurer—general account 1,314 104 120 77 114 125 125 195 69 46 100 75 164 Foreign 157 8 1/ 38 9 14 8 10 23 6 4 7 9 21 Other 471 2/425 1 * 8 1 3 9 2 1 21 Total deposits 22,053 1,036 6,151 922 1,488 1,083 1,288 3,140 773 570 978 1,170 3,454 Deferred availability cash items 8,596 548 1,567 591 643 643 797 1,429 394 258 482 464 780 Other liabilities and accrtl ed dividends 302 15 80 13 23 22 17 50 10 6 12 12 42 TOTAL LIABILITIES 72,341 4,045 17,479 3,911 5,482 5,541 4,408 11,855 2,711 1,539 3,009 3,033 9,328 CAPITAL ACCOUNTS Capital paid in 608 29 157 32 54 31 38 90 21 14 27 35 80 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 95 5 25 5 7 7 5 16 4 2 3 4 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 73,642 4,108 17,815 3,980 5,597 5,610 4,489 12,048 2,756 1,569 3,065 3,106 9,499 Contingent liability on acee ptances purchased for foreig n correspondents 123 6 3/ 32 7 11 6 8 18 4 3 5 7 16 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 43,385 2,539 10,222 2,437 3,579 3,911 2,451 7,511 1,600 725 1,597 1,500 5,313 Collateral for F. R. notes: Gold certificate account 6,653 450 1,000 515 600 640 450 1,400 331 127 225 180 735 Eligible paper -- -- -- -- -- — -- -- -- -- -- -- -- U. S. Government securities 38.521 2.176 9.400 2.100 3.100 3.310 2.150 6,450 1,370 635. . U45Q- 1.38Q 5,000 ,_. Total collateral 45,174 2,626 10,400 2,615 3,700 3,950 2,600 7,850 1,701 762 1,675 1,560 5,735 1/ After deducting $119 million participations of other Federal Reserve Banks. 2/ Includes IMF gold depositt. * Less than $500,000. 27 After deducting $ 91 mil lion participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis