H.4.1 Factors Affecting Reserve Balances of Depository Institutions

. o^siVv*. F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release H.4.1 February 23, 1968 The average of daily figures of total member bank reserves held during the week ended February 21, decreased a net of $259 million to $25,270 million. Esti mated currency and coin of member banks increased $111 million and their reserve balances at the Federal Reserve Banks decreased $370 million* Estimated required reserves decreased $129 million; and estimated excess reserves decreased $130 million to $361 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $44 million; the week before they were $107 million less than excess reserves. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $391 million in U. S. Government securities held under repurchase agreements, and $372 million in U. S. Government securities bought outright, and an increase of $155 million in "Other" F. R. accounts (net). The principal offsetting change was a decrease of $61 million in currency in circulation, and an increase of $458 million in Federal Reserve Float. Total Reserve Bank credit decreased $315 million. As of Wednesday, February 21, holdings of U. S. Government securities bought outright were $333 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $294 million lower, and member bank borrowings were $726 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 21, Feb. 14, Feb. 22, Feb. 21, and related items 1968 1968 1967 1968 .„,,.,,•. i,... t, i. (In millions of dollars) Reserve Bank credit: U, S. Government securities-ftought outright--System account 48,443 -372 +4,599 48,488 Held under repurchase agreements -391 - 462 Federal Agency obligations-- Held under repurchase agreements 31 Acceptances-jtL bought outright 62 - 2 • 16 58 Held under repurchase agreements - 25 64 Discounts and advances-- Kember bank borrowings 405 + 21 72 818 Other Float 1,725 +458 - 130 1,513 Total Reserve Bank credit 50,634 -315 +3, 823 50,877 Gold stock 11,882 -- -1, 262 11,884 Treasury currency outstanding 6,792 + 4 + 372 6,795 69,308 -311 +2,933 69,556 Currency in circulation 45,881 - 61 +2,313 45,940 Treasury cash holdings 1,333 - 10 + 81 1,324 Treasury deposits with F. R. Banks 1,051 - 20 + 365 1,086 Foreign deposits with F. R. Banks 140 + 3 + 12 130 Other deposits with F. R. Banks 455 - 7 + 21 450 Other F. R. accounts (net) -453 +155 -1,041 -447 Member bank reserves: 48,406 + 59 +1, 750 48,483 With Federal Reserve Banks 20,902 -370 +1 ,182 21,073 Currency and coin (estimated) 4,368 +111 + 275 4,828 Total reserves held 25,270 -259 +1,457 25,901 Required reserves (estimated) 24,909 -129 +1,679 25,001 Excess reserves (estimated) 361 -130 - 222 900 On February 21, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign ac count were $8 ,550 mill!o n, a decrease of $112 million for the T /7 O^V mul m\ iuore.fl.se of $1 ,9M mi 11.1 oi> from the comp.ir.able date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wedn<2 sday Cria nge since Feb. 21, Feb. 14, Feb. 22, 1968 1968 1967 A S S E TS Gold certificate account 9 ,447 _«. -1, 350 Redemption fund for F. R. notes 1 ,937 -- + 104 Total gold certificate reserves * 11, 384 -- -1 ,246 Cash (906) 439 J. 14 + 85 Discounts and advances 818 + 726 + 431 Acceptances: Bought outright 58 5 20 Held under repurchase agreements -- 27 98 Federal Agency obligations- Held under repurchase agreements 75 U. S. Government securities: Bought outright — Bills 15,406 - 333 +3,365 Certificates -- -- -4,351 Notes 26,952 -- -1-5,650 Bonds 6,130 -- - 69 Total bought outright 48,488 + 333 +4,595 Held under repurchase agreements -- 294 - 684 Total U. S. Government securities 48,488 +~ 39 +3,911 Total loans and securities 49,364 + 733 +4,149 Cash items in process of collection (2,155) 7,491 - 466 + 286 Bank premises 112 -- + 5 Other assets 1/ 1,978 - 248 +1,210 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,061) 70,768 + __33 +4,489 L I A B I L I T I ES Federal Reserve notes (906) 40,408 83 +2,050 Deposits: Member bank reserves 21,073 + 933 +1,288 U. S. Treasurer—general account 1,086 - 228 + 688 Foreign 130 - 27 + 1 Other 2/ 450 - 21 - 177 Total deposits 22,739 + 657 +1,800 Deferred availability cash items (2,155) 5,978 - 581 + 486 Other liabilities and accrued dividends 299 - 3 + 67 TOTAL LIABILITIES (3,061) 69,424 - 10 +4,403 C A P I T AL A C C O U N TS Capital paid in 609 1 + 35 Surplus 598 -- + 28 Other capital accounts 137 42 + 23 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 27.67o • 1% 4.6% Contingent liability on acceptances purchased for foreign correspondents. 123 66 * 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 21, 1968 t (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 aaddvvaanncceess AAcccceeppttaanncceess Holdings Weekly char Within 15 days 817 22 2,262 - 582 16 days to 90 days 1 36 10,531 +3,460 91 days to 1 year -- -- 25,703 +4,819 Over 1 year to 5 years -- -- 7,740 -8,497 Over 5 years to 10 years -- -- 1,692 + 839 Over 10 years -- __ 560 -- Total 818 58 48,488 + 39 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 21, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In mi. llions c> fd ollars) A S S E TS Gold certificate account 9,447 564 2,194 542 675 903 546 1,636 355 169 398 311 1,154 Redemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 11,384 674 2,666 643 831 1,079 653 1,964 422 201 473 381 1,397 F. R. notes of other banks 906 85 270 46 78 66 109 52 29 9 29 37 96 Other cash 439 24 55 10 62 29 54 80 37 6 22 18 42 Discounts and advances 818 86 422 12 10 18 16 27 4 • 45 1 176 Acceptances: Bought outright 58 -- 58 -- -- -- -- -- -- -- -- — -- Held under repurchase agreements -- -- -- -- -- -- -- — Federal Agency obligations-- Held under repurchase agreements -- U. S. Government securities: Bought outright-- Bills 15,406 760 3,850 779 1,181 1,128 833 2,537 541 319 618 665 2,195 Certificates -- -- -- -- -- -- -- -- -- -- -- __ -- Notes 26,952 1 ,330 6,735 1 ,362 2,066 1,974 1 ,458 4,439 947 558 1 ,080 1 ,162 3,841 Bonds 6,130 303 1,532 310 470 448 331 1,010 215 127 246 264 874 Total bought outright 48,488 2 ,393 12,117 2 ,451 3,717 3,550 2 ,622 7,986 1,703 1 ,004 1 ,944 2 ,091 6,910 Held under repurchase agreements -- — -- -- -- -- -- -- -- — -- -- -- Total U. S. Government securities 48,488 2 ,393 12,117 2 ,451 3,717 3,550 2 ,622 7,986 1,703 1 ,004 1 ,944 2 ,091 6,910 Total loans and securities 49,364 2 ,479 12,597 2 ,463 3,727 3,568 2 ,638 8,013 1,707 1 ,005 1 ,989 2 ,092 7,086 Cash items in process of collection 9,646 607 1,765 576 733 750 864 1,576 473 304 620 517 861 Bank premises 112 3 10 2 5 8 20 18 8 3 17 9 9 Other assets 1/ 1,978 85 682 91 155 98 107 258 60 39 76 96 231 TOTAL ASSETS 73,829 3 ,957 18,045 3 ,831 5,591 5,598 4 ,445 11,961 2,736 1 ,567 3 ,226 3 150 9,722 17 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 FEBRUARY 21, 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 dollars0 L I A B I L I T I ES Federal Reserve notes 41,314 2,443 9,670 2,384 3,322 3,775 2,293 7,237 1,531 704 1,53C 1,381 5,044 Deposits: Member banks reserves 21,073 813 5,957 853 1,426 934 1,194 3,057 707 501 985 1,125 3,521 U. S. Treasurer--general account 1,086 43 126 40 49 142 117 91 54 58 136 116 114 Foreign 130 6 1/ 34 7 12 7 8 19 4 3 6 7 17 Other 450 * 2/405 2 *»-• 5 1 2 1 5 ^ 1 26 Total deposits 22,739 862 6,522 902 1,487 1,088 1,320 3,169 766 567 1,129 1,249 3,678 Deferred availibility cash items 8,133 573 1,429 459 640 641 734 1,306 383 258 497 432 781 Other liabilities and accrued dividends 299 14 77 15 24 22 15 49 10 7 12 13 41 TOTAL LIABILITIES 72,485 3,892 17,698 3,760 5,473 5,526 4,362 11,761 2,690 1,536 3,168 3,075 9,544 CAPITAL ACCOUNTS Capital paid in 609 29 157 32 55 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 137 7 36 7 9 10 7 23 5 3 5 6 19 TOTAL LIABILITIES /ND CAPITAL ACCOUNTS 73,829 3,957 18,045 3,831 5,591_ 5,598 _....4 445_ 11,961 2,736 _1,567 3,226 3,150 9,722 1 Contingent liability on ace• eptances purchased for forei. gn correspondents 123 6 3/ 32 7 11 6 8 18 4 3 5 7 16 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 43,336 2,540 10,225 2,434 3,571 3,894 2,440 7,482 1,596 726 1,590 1,496 5,342 Collateral for F. R. notes: Gold certificate account 6,638 450 1,000 500 600 640 450 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 1,450 1,380 5,000 Total collateral 45,159 2,626 10,400 2,600 3,700 3,950 2,600 7,850 1,701 762 1,675 1,560 5,735 1/ After deducting $ 96 million participations of other Federal Reserve Banks. 2J Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 91 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis