H.4.1 Factors Affecting Reserve Balances of Depository Institutions

s$&g& F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks • f£»?> H.4.1 For immediate release March 21, 1968 The average of daily figures of total member bank reserves held during the week ended March 20, increased $111 million to $25,659 million. Estimated currency and coin of member banks increased $105 million and their reserve balances at the Federal Reserve Banks increased $6 million. Estimated required reserves increased $168 million; and estimated excess reserves decreased $57 million to $411 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $322 million, compared with the revised figure of $311 million the week before. Gold Stock decreased $737 million to $10,872 million. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $674 million in U. S. Government securities bought outright, and $181 million in Federal Reserve float, and decreases of $135 million in "Other" F. R. accounts (net), and $51 million in Treasury cash holdings. The principal offsetting changes were a decrease of $101 million in U. S. Government securities held under repurchase agreements, and increases of $51 million in Treas ury deposits with Federal Reserve Banks, and $44 million in Foreign deposits with Federal Reserve Banks. Total Reserve Bank credit increased $702 million. As of Wednesday, March 20, 1968, holdings of U. S. Government securities bought outright were $766 million higher than a week earlier, and member bank borrowings were $156 million higher. Outright holdings of bills, notes, and bonds increased $715 million, $1 million, and $50 million, respectively. Averages of daily figures Wednesday, Member bank reserves, Week ended I Change from week endei Reserve Bank credit, Mar. 20, Mar. 13, I Mar. 22, Mar. 20, and related items 1968 I 1968 I 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-fcought outright--System account 49,840 +674 +5,462 49,847 Held under repurchase agreements -101 - 328 Federal Agency obligations-- ^eld under repurchase agreements - 11 11 Acceptances— 56 Bought outright 56 15 Held under repurchase agreements Discounts and advances-- Member bank borrowings 733 - 46 + 431 328 Other 15 + 7 + 15 15 Float 1,654 +181 204 1,549 Total Reserve Bank credit 52,297 +702 +5,350 51,795 Gold stock 10,872 -737 -2,236 10,484 Treasury currency outstanding 6,801 + 6 + 318 6,800 69,970 - 29 +3,431 69,079 Currency in circulation 46,233 + 28 +2,515 46,257 Treasury cash holdings 1,224 - 51 80 1,145 Treasury deposits with F. R. Banks 1,059 + 51 + 467 740 Foreign deposits with F. R. Banks 166 + 44 + 29 207 Other deposits with F. R. Banks 505 + 27 + 69 466 Other F. R. accounts (net) -609 -135 -1,213 -614 48,578 - 36 +1,787 48,201 Member bank reserves: With Federal Reserve Banks 21,392 + 6 +1,645 20,878 Currency and coin (estimated) 4,267 +105 + 322 4,720_ Total reserves held 25,659 +111 +1,967 25,598 Required reserves (estimated) 25,248 +168 +2,123 25,405 Excess reserves (estimated) 411 - 57 - 156 193 On March 20, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,749 million, an increase of $301 million for the week and an increase of $1,165 million from fhe comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED S^AtEM&ft <$ CONDlttdN OF ALL FEDERAL RESERVE BANKS (In miilloits of dollars) Wednesday Change since Mar. 20, Mar. 13, Mar. 22, 1968 1968 1967 A S S E TS Gold certificate account 1/ * 10,140 - 794 -2,461 Cash (760) 447 -:- 5 + 103 Discounts and advances 343 + 156 + 232 Acceptances: Bought outright 56 12 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 16,544 + 715 +3,968 Certificates -- -- -4,351 Notes 27,073 + 1 -i-5,731 Bonds 6,230 i 50 + 21 Total bought outright 49,847 *r TSE +57369 Held under repurchase agreements — -- - 394 Total U. S. Government securities 49,847 JL. 766 +4,975 Total loans and securities 50,246 + ~9T2 +5,188 Cash items in process of collection 7,877 - 124 - 39 (2,221) 113 i 2 + 5 T Bank premises 2,161 "f 20 +1,380 Other assets 2/ 70,984 +~" IT +4,176 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,981) L I A B I L I T I ES Federal Reserve notes (760) 40,705 23 +2,272 Deposits: Member bank reserves 20,878 + 96 +1,248 U. S. Treasurer—general account 740 - 180 + 443 Foreign 207 i r 68 + 73 Other 3/ 466 + 3 + 35 Total deposits '22-, 291 TJ TT,7 99 Deferred availability cash items (2,221) 6,328 20 - 67 Other liabilities and accrued dividends 315 3 V 92 TOTAL LIABILITIES 69,639 13 +4,096 C A P I T AL A C C O U N TS Capital paid in 610 -- + 32 Surplus 598 + 28 Other capital accounts 137 - 44 + 20 Contingent liability on acceptances purchased for foreign correspondents 107 4 111 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes amount of gold certificates previously included in "Redemption fund for F.R. notes." 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 20, 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 324 6 2,562 -f857 16 days to 90 days 19 50 11,085 -344 91 days to 1 year -- .- 26,074 +203 Over 1 year to 5 years -- -- 7,846 + 50 Over 5 years to 10 years -- -- 1,714 -_ Over 10 years — -- 566 -^ Total 343 56 49,847 +766 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 20, 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 of dollars) A1 £ E T s_ Gold certificate account 10,140 597 2,364 585 814 929 561 1,780 377 175 377 341 1,240 F. R. notes of other banks 760 70 258 36 51 49 108 30 18 7 23 24 86 Other clash 447 26 65 6 63 26 54 89 34 6 22 17 39 Discounts and advances 343 24 79 16 8 10 32 65 16 14 23 5 51 Acceptances: Bought outright 56 -- 56 -- -- -- -- -- -- -- -- .- — Held under repurchase agreements -- -- -- -- -- -- -- -- -- — -- — — Federal Agency obligations— Held under repurchase agreements — -- -- -- -- -- U. S. Government securities: Bought outright-- Mils 16,544 885 4,021 840 1,252 1,238 894 2,717 602 330 668 707 2,390 Certificates -- — -- -- -- -- — — — — — -- -- Notes 27,073 1 ,449 6,580 1,375 2,050 2,025 1 ,464 4,447 984 540 1,093 1 ,156 3,910 Bonds 6,230 333 1,514 316 472 466 337 1.023 227 125 251 266 900 ~T J£<au£L bought outright 49,847 ,667 12,115 2,531 3,774 3,729 ~~1, 695 8,187 1,813 995 2,012 ~2 ,129 7,200 Held under repurchase agreements -- -- -- -- -- -- -- -- -- .-- -- -- -_ "T Total U. S. Government securities 49.847 ~T. 667 12,115 2.531 3,774 3.729 ~2 ,695 8.187 1.813 995 2.012 .129 7.200 Total loans and securities 50,246 2 ,691 12,250 2,547 3,782 3,739 2 ,727 8,252 1,829 1,009 2,035 2 ,134 7,251 Cash items in process of collection 10,098 617 1,771 606 754 786 932 1,675 512 308 618 596 923 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1/ 2.161 96 726 103 171 108 117 286 67 44 82 104 257 TOTAL ASSETS 73,965 4 ,100 17,444 3,885 5,640 5,645 4 ,519 12,130 2,845 1,552 3,175 3 ,225 9,805 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 MARCH 20, 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 41,465 2,440 9,670 2,393 3,331 3,797 2,292 7,278 1,542 717 1,541 1,394 5,070 Deposits: Member bank reserves 20,873 937 5,304 830 1,446 978 1,247 3,145 786 492 947 1,182 3,534 U. S. Treasurer--general account 740 33 145 26 29 73 57 51 41 28 104 53 95 Foreign 207 10 1/ 58 11 13 10 13 29 7 5 9 11 26 Other 466 * 2/420 3 1 9 1 1 2 7 3 1 18 Total deposits 22,291 935 5,927 920 1,494 1,070 1,318 3,226 836 532 1,063 1,247 3,673 Deferred availability cash items 8,549 594 1,417 436 673 683 809 1,375 410 266 501 495 840 Other liabilities and accrued dividends 315 16 83 15 23 23 17 51 11 6 12 14 44 TOTAL LIABILITIES 72,620 4,035 17,097 3,814 5,521 5,573 4,436 11,930 2,799 1,521 3,117 3,150 9,627 CAPITAL ACCOUNTS Capital paid in 610 29 157 32 55 32 38 90 21 14 27 35 80 Surplus 593 29 154 32 54 31 33 37 20 14 26 34 79 Other capital accounts 137 7 36 7 10 9 7 23 5 3 5 6 19 TOTAL LIABILITIES MD CAPITAL ACCOUNTS 73,965 4,100 _17.,_444_ 3,835 5,640 5,645 _l>lii_ 12,130 _Jj8±5_ 1,552 33,175 3,225 9,305 Contingent liability on acee ptances purchased for foreig n corresnondents 107 5 3/ 27 6 10 5 7 16 4 2 5 6 14 FEDERAL RESERVE /GENTS' ACCOUNTS F. R. notes outstanding 2,521 10,254 2,446 3,561 3,906 2,434 7,489 1,614 741 1,609 1,499 5,373 Collateral for F. R. notes: Gold certificate account 450 1,000 496 600 640 450 1,400 316 127 225 180 735 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 2,596 3,700 3,950 2,600 7,350 1,686 762 1,675 1,560 5,735 1/ After deducting $149 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. Digitized f3or/ F RAASEfRt er dpductjrx* $ flQ nr'1 17 on rrrM.cioations of other Federal Reserve Banks, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis