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 Condition Statement of F.R. Banks For immediate release H.4.1 March 7, 1968 The average of daily figures of total member bank reserves held during the week ended March 6, increased a net of $198 million to $25,823 million. Estimated currency and coin of member banks decreased $344 million and their reserve balances at the federal Reserve Banks increased $542 million. Estimated required reserves increased $155 million; and estimated excess reserves increased $43 million to $349 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $151 million, compared with the revised figure of $136 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $295 million in U. S. Government securities bought outright, $157 million in Federal Reserve float, $58 million in member bank borrowings, and $49 million in U. S. Government securities held under repurchase agreements, and a decrease of $30 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were increases of $28 million in "Other" Deposits with Federal Reserve Banks, and $26 million in "Other" F. R. accounts (net). Total Reserve Bank credit increased $568 million. As of Wednesday, March 6, 1968, holdings of U. S. Government securities bought outright were $287 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $149 million higher, and member bank borrowings were $562 million higher. Outright holdings of bills, notes, and bonds increased $167 million, $87 million, and $33 million, respective"X* . jkvexazes of dally figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Mar. 6, Feb. 28, Mar. 8, Mar. 6, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 49 019 +295 +4, 743 49,072 Held under repurchase agreements 49 + 49 207 149 Federal Agency obligations- Held under repurchase agreements + 9 30 Acceptances- Bought outright 57 - 1 15 56 Held under repurchase agreements -- 74 -- Discounts and advances- Member bank borrowings 500 + 58 + 298 819 Other 1 + 1 + 1 5 Float ,713 +157 + 160 1,458 Total Reserve Bank credit 51, 347 +568 +4,896 51,589 Gold stock 11, 883 -- -1,226 11,884 Treasury currency outstanding 6 .797 + 1 + 350 6,793 70,027 +568 +4,020 70,266 Currency in circulation 45,832 + 15 +2,261 46,100 Treasury cash holdings 1,301 - 18 + 30 1,291 Treasury deposits with F. R, Banks 992 - 30 + 541 818 Foreign deposits with F, R. Banks 152 + 5 + 20 161 Other deposits with F. R. Banks 489 + 28 + 54 488 Other F. R. accounts (net) -418 + 26 -1,138 -421 Member bank reserves: 48,347 + 25 +1,767 48,437 With Federal Reserve Banks 21,679 +542 +2,252 21,828 Currency and coin (estimated) 4,144 -344 + 384 4,307 Total reserves held 25,823 +198 +2,636 26,135 Required reserves (estimated) 25,474 +155 +2,646 25,419 Excess reserves (estimated) 349 + 43 10 716 On March 6, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,979 million, an increase of $66 million for the we*k and an increase of $1,651 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 OF CONDITIO N OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Mar. 6, Feb. 28, Mar. 8, 1968 1968 1967 A £ 2J E T S Gold certificate account 9,447 — -1,337 Redemption fund for F. R. notes 1,937 -- + 101 Total gold certificate reserves 11,384 -- -1,236 Cash (847) 440 4- 10 -1- 39 Discounts and advances 824 + 567 -!- 497 Acceptances: Bought outright 56 . - 14 Held under repurchase agreements • - -- 73 federal Agency obligations- Held under repurchase agreements 30 30 42 U. S. Government securities: Bought outright- Bills 15,820 167 •!-3,372 Certificates -- -- -4,351 Notes 27,072 87 +5,730 ~i~" Bonds _.6. ISO. j. 33 z 2£ Total bought outright 49,072 + 287 +4,722 Held under repurchase agreements 149_ + 149 - 717 Total U. S. Government securities 49 ,.22.1. + 436 +4.005 Total loans and securities 50,131 -:-i, 033 +4,373 Cash items in process of collection (1,960) 7,380 + 18 + 912 Bank premises 112 -- + 4 Other assets \J .2.056. - 47 +1.328 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,807) 71.503 ±L. 014 +5.470 L 1 A B J ; L J ; T J ; ES Federal Reserve notes (847) 40,539 223 4-2,104 Deposits: Member bank reserves 21,828 + 718 +1,641 U. S. Treasurer—general account 818 - 104 + 637 Foreign 161 - 5 + 38 Other 2/ 488 + 47 + 41 Total deposits 23,295 + 656 +2,357 Deferred availability cash items (1,960) 5,922 + 70 + 847 Other liabilities and accrued dividends 318 + 23 + 66 TOTAL LIABILITIES (2,807) 70,074 + 972 +5,374 C A P I T AL A C C O U N TS Capital paid in 609 _ — + 33 Surplus 598 -- + 28 Other capital accounts 222 42 + 35 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 27.5% 1% 4.7% Contingent liability on acceptances purchased for foreign correspondents 112 93 * 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, MARCH 6, 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 aaddvvaanncceess AAcccc eeppttaanncceess Holdings Weekly changes Within 15 days 818 14 2,053 -223 16 days to 90 days 1 42 11,247 +569 91 days to 1 year 5 -- 25,875 + 36 Over 1 year to 5 years -- -- 7,796 + 56 Over 5 years to 10 years -- -- 1,714 + 22 Over 10 years ... zz. 566 + 6 Total 824 56 49,251 +466 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 MARCH 6, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) A S S E TS Gold certificate account 9,447 502 2,183 543 735 877 547 1,538 367 164 367 279 1,345 Redemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 11,384 612 2,655 644 891 1,053 654 1,866 434 196 442 349 1,588 F. R. notes of other banks 847 82 293 40 69 45 110 44 20 8 21 24 91 Other cash 440 25 57 9 62 27 52 85 35 6 22 18 42 Discounts and advances 824 21 111 22 61 9 45 423 37 2 8 12 73 Acceptances: Bought outright 56 — 56 -- -- -- — — — -- -- -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- __ __ __ Federal Agency obligations- Held under repurchase agreements 30 30 U. Si Government securities: Bought outright-- Bills 15,820 832 3,995 817 1,209 1,166 829 2,569 568 323 618 675 2,219 Certificates -- -- -- -- -- -- -- -- -- -- -- .«. •»_ Notes 27,072 1 ,425 6,837 1 ,398 2,068 1,996 1 ,419 4,395 972 553 1 ,057 1 ,155 3,797 Bonds 6,180 325 1,560 319 472 456 324 1,003 222 126 242 264 867 Total bought outright 49,072 2 ,582 12,392 2 ,534 3,749 3,618 2 ,572 7,967 1,762 1 ,002 1 ,917 2 ,094 6,883 Held under repurchase agreements 149 -- 149 -- -- -- -- -- -- -- -- -- Total U. S. Government securities 49,221 2 ,582 12,541 2 ,534 3,749 3,618 2, 572 7,967 1,762 1 ,002 1 ,917 2 ,094 6,883 Total loans and securities 50,131 2 ,603 12,738 2 ,556 3,810 3,627 2 ,617 8,390 1,799 1, 004 1 ,925 2 ,106 6,956 Cash items in process of collection 9,340 595 1,712 551 647 726 854 1,541 446 296 603 538 831 Bank premises 112 3 10 2 5 8 20 18 8 3 17 9 9 Other assets 1/ 2,056 91 699 100 161 104 110 269 63 41 78 99 241 TOTAL ASSETS ! 74,310 4 ,011 18,164 3 ,902 5,645 5,590 4 ,417 12,213 2,805 1 ,554 3 ,108 3 ,143 9,758 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 08 MARCH 6, 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 41,386 2,436 9,687 2,375 3,320 3,793 2,295 7,238 1,536 708 1,538 1,385 5,075 Deposits: Member bank reserves 21,828 880 6,107 897 1,524 957 1,213 3,342 775 506 939 1,138 3,550 C S. Treasurer—general account 818 52 118 58 51 101 53 58 62 44 58 61 102 Foreign 161 7 1/ 57 7 13 7 9 20 5 3 6 8 19 Other 488 * 2/443 1 10 1 2 1 4 2 1 23 Total deposits 23,295 939 6,725 963 1,588 1,075 1,276 3,422 843 557 1,005 1,208 3,694 Deferred availability cash items 7,882 551 1,295 473 588 621 743 1,288 366 250 492 459 756 Other liabilities and accrtl ed dividends 318 16 87 16 24 23 16 51 11 7 12 13 42 TOTAL LIABILITIES 72,881 3,942 17,794 3,827 5,520 5,512 4,330 11,999 2,756 1,522 3,047 3,065 9,567 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 222 11 59 11 16 16 11 37 8 4 8 9 32 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ; 74,310 4,011 18,164 3,902 5,645 5,590 4,417 12,213 2,805 1,554 3,108 3,143 9,758 Contingent liability on ac<: eptances purchased for fore:L gn correspondents | 112 5 3/ 29 6 10 6 i7 16 4 3 5 6 15 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,516 10,212 2,426 3,563 3,895 2,440 7,451 1,596 723 1,591 1,483 5,313 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 63S I^SO 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 $104million participations of other Federal Reserve Banks. * Less than $500,000. 2/ Includes IMF gold deposits . 37 After deducting $ 83million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis