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 Condition Statement of F.R. Banks For immediate release H.4.1 February 29, 1968 The average of daily figures of total member bank reserves held during the week ended February 28, increased $330 million to $25,605 million. Estimated currency and coin of member banks increased $115 million and their reserve balances at the Federal Reserve Banks increased $215 million. Estimated required reserves increased $393 million; and estimated excess reserves decreased $63 million to $299 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $143 million, compared with the revised figure of $43 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $281 million in U. S, Government securities bought outright, $37 million in member bank borrowings, and decreases of $64 million in currency in circulation and $29 million in Treasury deposits with F. R. Banks. The principal offsetting change was a decrease of $189 million in Federal Reserve float, Total Reserve Bank credit increased $126 million. As of Wednesday, February 28, holdings of U. S. Government securities bought outright were $297 million higher than a week earlier, and member bank borrowings were $561 million lover. Outright holdings of bills,' notes, and bonds increased $247 million, $33 million, and $17 million, respectively. Average. s of daily figures | Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 28, Feb. 21, Mar. 1, Feb. 28, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities — Bought outright--System account 48,724 +281 +4,782 48,785 Held under repurchase agreements -- -- - 222 -- Federal Agency obligations- Held under repurchase agreements — -- 23 -- ^Acceptances— Bought outright 58 - 4 20 | 56 Held under repurchase agreements — -- 75 I Discounts and advances— Member bank borrowings 442 + 37 + 275 257 Other Float 1,545 -189 - 131 1,492 Total Reserve Bank credit 50,769 +126 +4,586 50,590 Gold stock 11,883 + 1 -1,225 11,884 Treasury currency outstanding 6,796 + 4 + 363 6,797 69,449 +132 +3,725 69,271 Currency in circulation 45,817 - 64 +2,277 45,862 Treasury cash holdings 1,319 - 14 + 66 1,321 Treasury deposits with F. R. Banks 1,022 - 29 + 443 922 Foreign deposits with F. R. Banks 147 + 7 + 20 166 Other deposits with F. R. Banks 461 + 6 + 17 441 Other F. R. accounts (net) -444 + 9 -1,059 -533 48,322 - 84 +1,764 48,179 Member bank reserves: With Federal Reserve Banks 21,126 +215 +1,960 1 21,092 Currency and coin (estimated) 4,479 +115 + 222 4,934 Total reserves held 25,605 +330 +2,182 26,026 Required reserves (estimated) 25,306 +393 +2,042 25,519 Excess reserves (estimated) 299 - 63 + 140 507 On February 28, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,913 million, an increase of $363 million for the week and an increase of $1,546 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 OP CONDITION 05s AU FEDERAL RESERVE BANkS (In millions of dollars) Wednesday Change since Feb. 28, Feb. 21, ,Mar. 1, 1968 1968 1967 A S S E TS Gold certificate account 9 ,447 <•- -1 ,349 Redemption fund for F, R* notes 1 ,937 -- + 108 Total gold certificate reserves 11, 384 -- ,24T Cash (920) 430 9 + 71 257 - 561 + 142 Discounts and advances Acceptances: 56 2 18 Bought outright — •— ... 35 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- 15,653 + 247 +3,534 Bills - - -- -4,351 Certificates 26,985 + 33 +5,683 Notes 6,147 + 17 52 Bonds 48,785 + 297 +4,814 Total bought outright Held under repurchase agreements 48,785 + 297 +4,814 Total U. S. Government securities 49,098 - ~TS? +4,903 Total loans and securities (1,987) 7,344 - 163 + 89 Cash items in process of collection 112 -- + 5 Bank premises 2,103 + 125 +1,299 Other assets 1/ (2,907) 70,471 ~ "IB +5,126 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS h I h% 1L 11 IH ! (920) 40,316 92 +2,043 Federal Reserve notes Deposits: Kember bank reserves 21,092 + 3 +2,337 922 - 164 + 447 U. S. Treasurer — general account 166 + 36 + 33 Foreign Other 2/ (2) 441 - 9 10 Total deposits (2) 22,621 - 134 +2,807 Deferred availability cash items (1,985) 5,852 - 126 + 115 295 - 4 + 70 Other liabilities and accrued dividends TOTAL LIABILITIES (2,907) 69,084 - 356 +5,035 C A P I T AL A C C O U N TS Capital paid in 609 m. mm + 33 Surplus 598 -- + 28 Other capital accounts 180 '- 43 + 30 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) 27,6% 4.7% Contingent liability on acceptances purchased for foreign correspondents 117 86 * 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 deposits. MTURITY DISTRIBUTION OF LOANS ANDSECURITIES, FEBRUARY 28, 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 256 ~~ " 17 2,276 +14 16 days to 90 days 1 39 10,678 +147 91 days to 1 year 25,839 +136 Over 1 year to 5 years 7,740 Over 5 years to 10 years 1,692 Over 10 years ~ -_- 560 _~ Total 257 56 48,785 +297 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 28, 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) f dollars) A S S E TS Gold certificate account 9,447 554 2,183 522 726 929 525 1,660 364 168 351 312 1,153 JELedemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 11,384 664 2,655 623 882 1,105 632 1,988 431 200 426 382 1,396 F. R. notes of other banks 920 84 281 46 79 59 118 52 28 9 29 32 103 Other cash 430 24 52 8 61 28 52 84 36 6 21 17 41 Discounts and advances 257 15 79 2 14 26 27 31 19 c 15 - 17 Acceptances: Bought outright 56 -- 56 -- -- -- -- -- — -- -- -- -- Held under repurchase agreements -- -- -- -- -- — -- -- -- -- -- -- -federal Agency obligations-- Held under repurchase agreements __ U. S. Government securities: Bought outright-- Bills 15,653 816 3,947 810 1,189 1,128 784 2,532 552 319 605 648 2,323 Certificates -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 26,985 1 ,406 6,806 1 ,397 2,051 1,944 1 ,352 4,363 950 551 1,043 1 ,118 4,004 Bonds 6,147 320 1,551 318 467 443 308 994 216 125 238 255 912 Total bought outright 48,785 2 ,542 12,304 2 ,525 3,707 3,515 2 ,444 7,889 1,718 995 1,886 2 ,021 7,239 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 48.785 1 2 ,542 12.304 2 ,525 3.707 3,515 2 .444 7.889 1,718 995 1.886 2 .021 7.239 Total loans and securities 49,098 2 ,557 12,439 2 ,527 3,721 3,541 2 ,471 7,920 1,737 1,000 1,901 2 ,028 7,256 Cash items in process of collection 9,331 571 1,708 547 675 740 799 1,531 463 298 614 557 828 Bank premises 112 3 10 2 5 8 20 18 8 3 17 9 9 Other assets 1/ 2.103 93 714 100 165 105 113 275 64 41 81 102 250 TOTAL ASSETS 73,378 3 ,996 17,859 3 ,853 5,588 5,586 4 ,205 11,868 2,767 1,557 3,089 3 ,127 9,883 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 FEBRUARY 28, 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 41,236 2,437 9,632 2,377 3,313 3,777 2,295 7,210 1,529 703 1,534 1,381 5,048 Deposits: Member bank reserves 21,092 868 5,866 884 1,472 976 1,081 3,001 736 509 896 1,133 3,670 U. S. Treasurer—general account 922 44 139 51 48 103 52 80 65 46 75 59 160 Foreign 166 8 1/ 40 9 15 9 11 25 6 4 7 10 22 Other 443 27.411 2 5 12 1 2 2 1 16 Total deposits 22,623 920 6,456 946 1,535 1,093 1,145 3,108 808 561 980 1,203 3,868 Deferred availability cash items 7,837 557 1,333 443 595 620 666 1,296 373 255 504 455 740 Other liabilities and accnl ed dividends 295 15 79 14 23 21 14 47 10 6 11 12 43 TOTAL LIABILITIES 71,991 3,929 17,500 3,780 5,466 5,511 4,120 11,661 2,720 1,525 3,029 3,051 9,699 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 180 9 48 9 13 13 9 30 6 4 7 7 25 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 73,378 3,996 17.859 3,853 5,588 5,586 4,205 11,868 2,767 1,557 3,089 3,127 9,883 Contingent liability on ace: eptances purchased for fore]-g n correspondents 117 6 _JL/__3_°_ 6_ 11 6 7_ 17 4 3 5 7 15 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,529 10,222 2,437 3,569 3,888 2,437 7,461 1,599 723 1,584 1,492 5,332 Collateral for F. R. notes: Gold certificate account!- 450 1,000 500 600 640 450 1,400 331 127 225 180 735 Eligible paper U. S. Government securities 2,176 9,400 2,100 3,100 3,310 2,150 6,450 1,370 635 1,450 1,380 5,000 Total collateral 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 $126 million participations of other Federal Reserve Banks. 2:/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 87 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis