H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks H.4.I**"'* For immediate release March 14, 1968 The average of daily figures of total member bank reserves held during the week ended March 13, decreased a net of $281 million to $25,533 million. Estimated currency and coin of member banks increased $35 million and their reserve balances at the Federal Reserve Banks decreased $316 million- Estimated required reserves decreased $425 million; and estimated excess reserves increased $144 million to $470 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $309 million, compared with the revised figure of $174 million the week before. Gold Stock decreased $274 million to $11,609 million. The principal changes reducing average reserve balances with Federal Reserve Banks was a decrease of $263 million in Federal Reserve float, and an in crease of $373 million in currency in circulation. The principal offsetting changes were increases of $279 million in member bank borrowings, and $147 million in U, S. Government securities bought outright, and a decrease of $56 million in "Other" F. R. accounts (net). Total Reserve Bank credit increased $225 million. As of Wednesday, March 13, 1968, holdings of U. S. Government securities bought outright were $9 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $149 million lower, and member bank borrowings were $647 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 13, Mar. 6, Mar. 15, Mar. 13, and related items 1968 1968 1967 1 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 49,166 +147 +5,038 49,081 Held under repurchase agreements 101 + 52 - 255 -- Special certificates -- -- 64 "" Federal Agency obligations — ••-'" Held under repurchase agreements 11 + 2 4 -- Acceptances- Bought outright 56 - 1 14 56 Held under repurchase agreements Discounts and advances— Member bank borrowings 779 +279 + 606 172 Other 8 + 7 + 8 15 Float 1,466 -263 + 1 I 1,682 Total Reserve Bank credit 51,588 +225 +5,317 51,006 Gold stock 11,609 -274 -1,498 11,434 Treasury currency outstanding 6,795 - 2 + 332 6,799 69,992 - 50 +4,151 69,239 Currency in circulation 46,205 +373 +2,452 46,315 Treasury cash holdings 1,275 - 26 8 1,270 Treasury deposits with F. R. Banks 1,008 + 16 + 764 920 Foreign deposits with F. R. Banks 122 - 30 13 139 Other deposits with F. R. Banks 478 - 11 + 24 463 Other F. R. accounts (net) -474 - 56 -1,148 -639 48,614 +267 +2,070 48,468 Member bank reserves: With Federal Reserve Banks 21,379 -316 +2,083 20,771 Currency and coin (estimated) 4,154 + 35 + 168 4,767 Total reserves held 25,533 -281 +2,251 25,538 Required reserves (estimated) 25,063 -425 +2,153 25,243 Excess reserves (estimated) 470 +144 + 98 295 On March 13, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,448 million, a decrease of $531 million for the week and an increase of $1,011 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 CONDlMoN OF ALL FEDERAL RESERVE BANkS (In millions of dollars) Wednesday Change since Mar. 13, Mar. 6, Mar. 15, 1963 1968 1967 A S S E TS Gold certificate account 8,997 450 -1,787 Redemption fund for F. R. notes 1,937 -- + 109 Total gold certificate reserves 10,934 - 450 -1,678 Cash (752) 442 + 2 + 97 Discounts and advances 187 - 637 91 Acceptances: Bought outright 56 14 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements 30 12 U. S. Government securities: Bought outright- Bills 15,829 9 +3,436 Certificates -- -_ -4,351 Notes 27,072 — +5,730 Bonds 6,180 -«. -, .,?.9_ Total bought outright 49,081 + 9 +4,786 Held under repurchase agreements _- 149 - 315 Total U. S. Government securities 49,081 „,, 140 HtjJtll Total loans and securities 49,324 - 807 +4,354 Cash items in process of collection (1,971) 7,990 + 571 + 355 Bank premises 111 - 1 + 3 Other assets 1/ 2,141 + 85 +1,389 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,732) 70,942 3_ 600 +4,520 HAIIIill IE S Federal Reserve notes (752) 40,728 + 189 +2,261 Deposits: Member bank reserves 20,771 -1, 096 +1,413 U. S. Treasurer--general account 920 + 102 + 468 Foreign 139 - 22 + 11 Other 2/ 463 - 25 + 8 Total deposits 22,293 -1, 041 +1,900 Deferred availability cash items (1,971) 6,308 + 386 + 201 Other liabilities and accrued dividends 312 - 6 + 84 TOTAL LIABILITIES (2,732) 69,641 - 472 +4,446 C A P I T AL A C C O U N T S, Capital paid in 610 1 + 33 Surplus 598 -- + 28 Other capital accounts 93 129 + 13 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 26.4% 1.1% - 5.8% Contingent liability on acceptances purchased for. foreign correspondents 111 94 * 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 13, 1968 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance x^ith maximum maturity of the agreements.) U. S. Government securities and Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 164 "~ 10 1,705 -348 16 days to 90 days 8 46 11,429 +182 91 days to 1 year 15 25,871 - 4 Over 1 year to 5 years 7,796 __ Over 5 years to 10 years 1,714 -- Over 10 years 566 -- Total 187 56 49,081 •170 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 13, 1968 " '' »- —-" San Total Boston N Y e o w r k d P e h l i p l h a i a Cl l e an v d e m R o i n c d h Atlanta Chicago Lo S u t i . s M a i p n o n l e i s Ka C r i i - t sa y s Dallas F c r is a c n o "" 1 (In millions of dollars) A S S E TS Gold certificate account 8,997 514 2,082 529 724 828 499 1,585 350 157 333 298 1,098 Redemption fund for F. R. notes 1,937 110 472 101 156 176 107 328 67 32 75 70 243 Total gold certificate reserves 10,934 624 2,554 630 880 1,004 606 1,913 417 189 408 368 1,341 F. R. notes of other banks 752 72 260 32 54 43 102 33 20 7 23 23 83 Other cash 442 25 59 7 62 27 53 88 35 6 22 18 40 Discounts and advances 187 33 50 4 6 4 3 63 4 * 10 2 8 Acceptances: Bought outright ! 56 56 — m. Held under repurchase agreements — — -- — — -- — — -- Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 15,829 831 3,945 808 1,178 1,184 852 2,609 554 314 601 646 2,307 Certificates Notes 27,072 1 ,421 6,748 1,381 2,014 2,024 1 ,457 4,463 947 537 1 ,028 1 ,106 3,946 Bonds 6.180 324 1.540 315 460 462 333 __i,_oi9 _ 216 123 235 252 901 Total bought outright 49,081 2 ,576 12,233 2,504 3,652 3,670 2 ,642 8,091 1,717 974 1 ,864 2 ,004 7,154 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- - - Total U. S. Government securities 49,081 2 ,576 12,233 2,504 3,652 3,670 2 ,642 8,091 1,717 974 1 ,864 2 ,004 7,154 Total loans and securities 49,324 2 ,609 12,339 2,508 3,658 3,674 2 ,645 8,154 1,721 974 1 ,874 2 ,006 7,162 Cash items in process of collection 9,961 601 1,866 591 744 799 931 1,603 507 308 612 553 846 Bank premises 111 3 10 2 5 8 20 18 8 3 17 8 9 Other assets 1/ 2.141 95 720 103 168 107 117 283 66 43 82 103 254 TOTAL ASSETS 73,665 4 ,029 17,808 3,873 5,571 5,662 4 ,474 12,092 2,774 1,530 3 ,038 3 ,079 9,735 1/ Includes assets denominated in foreign currencies and IMF gold deposited. * Less than $500,000. 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 MARCH 13, 1968 1 New Phila Cleve Rich St. Minne 1Kans as San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In mill]L ons of d<o llars) L I A B I L I T I ES Federal Reserve notes 41,480 2,444 9,677 2,389 3,334 3,806 2,298 7,257 1,541 715 1,543 1,389 5,087 Deposits: Member bank reserves 20,771 883 5,621 853 1,436 987 1,172 3,178 752 481 884 1,075 3,449 U. S. Treasurer—general account 920 64 195 46 37 81 81 64 41 23 66 53 169 Foreign 139 7 1/ 35 7 13 7 9 20 5 3 6 8 19 Other __46JL _.2Z42Z. L. * 10 _2_ 3_ *.. i_ 2_ ..1 19 Total deposits 22,293 ~ ~954~ 6,273 907 1,486 ~ l7085" 1,264 3,265 798 510 958 1,137 3", 656 " Deferred availability cash items 8,279 552 1,440 493 613 680 814 1,326 379 269 469 467 777 Other liabilities and accrued dividends 312 16 83 16 22 22 17 51 11 6 12 13 43 TOTAL LIABILITIES 72,364 3,966 17,473 3,805 5,455 5,593 4,393 11,899 2,729 1,500 2,982 3,006 9,563 CAPITAL ACCOUNTS Capital paid in 610 i 29 157 32 55 32 38 90 21 14 27 35 80 Surplus 598 ! 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 93 1 5 24 4 7 6 5 16 4 2 3 4 13 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1 73,665 4,029 17,808 3,873 5,571 5,662 4,474 12,092 2,774 1,530 3,038 3,079 9,735 Contingent liability on ace; eptances purchased for foreign correspondents 111 5 3/ 29 6 10 6 7__ 16_ 4 A. 5 6 15 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 43,356 2,523 10,262 2,425 3,555 3,907 2,438 7,468 1,611 737 1,607 1,501 5,322 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 _i»-3I0_ 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 2/ Includes IMF gold deposit. * Less than $500,000. 3> Afte-r deducting $ 82 ntfllion participations of other Federal Rosei ve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis