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 *-?f**u£&V Condition Statement of F.R. Banks For immediate release H*4.1 March 28, 1968 The average of daily figures of total member bank reserves held during the week ended March 27, decreased a net of $333 million to $25,332 million. Estimated currency and coin of member banks increased $149 million and their reserve balances at the Federal Reserve Banks decreased $482 million. Estimated required reserves decreased $99 million; and estimated excess reserves decreased $234 million to $172 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $410 million, compared with the revised figure of $327 million the week before. Gold Stock decreased $388 million to $10,484 million. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $219 million in U. S. Government securities bought outright, $151 million in member bank borrowings, and $151 million in Federal Reserve float, and an increase of $39 million in Foreign deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $46 million in acceptances held under repurchase agreements, and decreases of $215 million in Treasury deposits with Federal Reserve Banks, $95 million in Treasury cash holdings, and $80 million in currency in circulation. Total Reserve Bank credit decreased $474 million. As of Wednesday, March 27, 1968, holdings of U. S. Government securities bought outright were $352 million lower than a week earlier, and member bank borrowings were $1,062 million higher. Outright holdings of bills decreased $421 million; notes and bonds increased $43 million, $26 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 27, Mar. 20, Mar. 29, Mar. 27, and related items 1968 1968 1967 1 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 49,621 -219 +5,092 49,495 Held under repurchase agreements - 124 Federal Agency obligations-- Held under repurchase agreements -Acceptances-** Bought outright 57 1 - 10 56 Held under repurchase agreements 46 46 + 7 44 Discounts and advances- Member bank borrowings 582 -151 + 447 1,390 Other 15 + 12 15 Float 1,517 -151 - 60 1,344 Total Reserve Bank credit 51,838 -474 +5,358 52,344 Gold stock 10,484 -388 -2,624 10,484 Treasury currency outstanding 6,800 + 304 6,799 69,123 -861 +3,039 69,627 Currency in circulation 46,153 - 80 +2,479 46,265 Treasury cash holdings 1,129 - 95 - 195 1,131 Treasury deposits with F. R. Banks 844 -215 + 188 965 Foreign deposits with F. R. Banks 205 + 39 + 68 161 Other deposits with F. R. Banks 465 - 40 + 18 475 Other F. R. accounts (net) -597 + 12 -1,195 -603 Member bank reserves: 48,198 -380 +1,361 ] 48,394 With Federal Reserve Banks 20,924 -482 +1,677 21,232 Currency and coin (estimated) 4,408 +149 + 326 4,872 Total reserves held 25,332 -333 +2,003 26,104 Required reserves (estimated) 25,160 - 99 +2,216 25,190 Excess reserves (estimated) 172 -234 - 213 914 On March 27, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,464 million, a decrease of $285 million for the week and an increase of $860 million from the comparable 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) Wednesday Change since Mar. 27, Mar. 20, Mar. 29, 1968 1968 1967 A S S E TS Gold certificate account 1/ * 10,138 2 -2,459 Cash (761) 441 6 + 102 Discounts and advances 1,405 +1,062 +1,366 Acceptances: Bought outright 56 12 Held under repurchase agreements 44 44 + 12 Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright— Bills 16,123 421 +3,547 Certificates -- -- -4,351 Notes 27,116 + 43 +5,763 Bonds 6, 25.6. +__ _2£ ± L Total bought outright 49,495 - 352 +4,966 Held under repurchase agreements Total U. S. Government securities 49,495 z_ 352 +4.966 Total loans and securities 51,000 + 754 +6,332 Cash items in process of collection (2,095) 7,088 - 816 + 526 Bank premises 113 -. - + 5 Other assets 2/ 2,191 + 30 +1,378 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (2,856) 70.971 ^_ 40 +5.884 L I A B I L I T I ES Federal Reserve notes (761) 40,693 12 +2,310 Deposits: Member bank reserves 21,232 + 327 +2,613 U. S. Treasurer--general account 965 + 225 + 288 Foreign 161 - 46 + 27 Other 3/ 475 +_ 9_ ± 21_ Total deposits 22,833 + 515 +2,949 Deferred availability cash items (2,095) 5,744 - 584 + 442 Other liabilities and accrued dividends 307 -__ 8_ + 89 TOTAL LIABILITIES (2,856) 69,577 - 89 +5,790 C A P T IH A C C O U N TS Capital paid in 612 2 + 34 Surplus 598 -- + 28 Other capital accounts 184 - 47 + 32 Contingent liability on acceptances purchased for foreign correspondents 103 4 122 * 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.11 If Includes assets denominated in foreign currencies and IMF gold deposited, 3/ Includes IMF gold deposit> MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 27, 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 AAcccceeppttaanncceess Holdings Weekly changes Within 15 days 1,388 49 2,266 -296 16 days to 90 days 17 51 11,094 + 9 91 days to 1 year — -- 25,942 -132 Over 1 year to 5 years -- -- 7,887 + 41 Over 5 years to 10 years -- -- 1,738 + 24 Over 10 years ~ -- 568 + 2 Total 1,405 100 49,495 -352 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 27, 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) A S S E TS Gold certificate account 10,138 425 2,870 602 833 926 453 1,433 331 188 295 366 1,416 F. R. notes of other banks 761 69 261 32 51 46 112 32 19 8 24 22 85 Other cash 441 27 64 5 60 26 51 91 34 5 21 17 40 Discounts and advances \ 1,405 148 346 41 31 100 60 424 78 18 37 35 87 Acceptances: Bought outright 56 -• 56 -- — -- -- -- -- -- -- -- -- Held under repurchase agreements 1 44 -- 44 — -- -- — -- — -- -- -- -- Federal Agency obligations-- Held under repurchase agreements -- - — U. S* Government securities: Bought outright-- Bills 16,123 863 3,918 818 1,221 1,206 872 2,648 586 322 651 689 2,329 Certificates -- -- __ -- -- -- -- -- -- -- -.- _- ... Notes 27,116 1 ,451 6,591 1,377 2,053 2,028 1,466 4,454 986 541 1,094 1, 158 3,917 Bonds 6,256 335 1,520 318 474 468 338 1,027 228 125 253 267 903 Total bought outright 49,495 2 ,649 12,029 2,513 3,748 3,702 2,676 8,129 1,800 988 1,998 2 ,114 7,149 Held under repurchase agreements [ -- -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities I 49,495 2 ,649 12,029 2,513 3,748 3,702 2,676 8,129 1,800 988 1,998 2 .114 7.149 Total loans and securities | 51,000 2 ,797 12,475 2,554 3,779 3,802 2,736 8,553 1,878 1,006 2,035 2 ,149 7,236 Cash items in process of collection 9,183 593 1,688 523 657 721 867 1,488 440 289 564 541 812 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1/ 2,191 97 733 104 171 113 119 291 68 44 84 106 261 TOTAL ASSETS j 73,827 4,0 11 18,101 3,822 5,556 5,642 4,358 11,906 2,778 1,543 3,041 3,2 10 9,859 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 27, 1968 _ _ __ New Phila Cleve Rich St. Minne Kans as 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 41,454 2,438 9,661 2,398 3,333 3,810 2,286 7,272 1,541 718 1,535 1,391 5,071 Deposits: Member bank reserves 21,232 854 5,984 806 1,405 986 1,138 3,005 753 493 899 1,216 3,693 U. S. Treasurer—general account 965 58 158 80 58 110 85 99 58 41 67 53 98 Foreign 161 7 1/ 49 8 14 8 9 22 5 3 7 9 20 Other 475 1 .. 1/433 A 8 2 1 1 ? 1 20_ Total deposits 22,833 920 6,624 898 1,477 1,112 1,234 3,127 817 539 975 1,279 3,831 Deferred availability cash items 7,839 569 1,381 439 600 622 735 1,248 361 247 459 449 729 Other liabilities and accrued dividends 307 16 76 14 24 23 17 51 11 7 1? 14 42 TOTAL LIABILITIES i 72,433 3,943 17,742 3,749 5,434 5,567 4,272 11,698 2,730 1,511 2,981 3,133 9,673 CAPITAL ACCOUNTS Capital paid in ! 612 30 157 32 55 32 39 90 21 14 27 35 80 Surplus I 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 184 9 48 9 13 12 .9 31 7 4 7 a ?7 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 73,827 L 4-,oii 18,101 3,822 j,_55_6 5,642 4,358 _11,906 2,778 1,543 3,041 3,210 9,859 Contingent liability on ace: eptances purchased for foreign correspondents 103 5 3/26 5 9 5_ 7 15 4__ 2 5 6 14 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,509 10,221 2,451 3,553 3,908 2,425 7,488 1,621 743 1,606 1,501 5,361 Collateral for F. R. notes: Gold certificate account 350 1,000 496 600 640 450 1,400 306 77 225 180 575 Eligible paper U. S. Government securities 2,176 9,400 2,100 3,100 3,310 2,150 6.450 1,370 66J _L,450 1,380 5.000 Total collateral 2,526 10,400 2,596 3,700 3,950 2,600 7,850 1,676 762 1,675 1,560 5,575 \J After deducting $112 million participations of other Federal Reserve Banks, _2/ Includes IMF gold deposit. Less than $500,000, Digitized for 3FR/A SEARf ter deducting $ 77 million participations of other Federal Reserve Banks, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis