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 y * Condition Statement of F.R. Banks H.4.1 For immediate release April 4, 1968 The average of daily figures of total member bank reserves held during the week ended April 3, increased a net of $133 million to $25,456 million. Esti mated currency and coin of member banks decreased $19 million and their reserve balances at the Federal Reserve Banks increased $152 million. Estimated required reserves decreased $87 million; and estimated excess reserves increased $220 million to $368 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $328 million, compared with the revised figure of $434 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $164 million in U. S. Government securities held under repurchase agreements, and $114 million in member bank borrowings, and a decrease of $307 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $101 million in Federal Reserve float, and increases of $205 million in currency in circulation, and $188 million in "Other" deposits with Federal Reserve Banks. Total Reserve Bank credit increased $232 million. As of Wednesday, April 3, 1968, holdings of U. S. Government securities bought outright were $258 million higher than a week earlier, U.S. Government securities held under repurchase agreements were $499 million higher, and member bank borrowings were $735 million lower. Outright holdings of bills, notes, and bonds increased $81 million, $104 million, and $73 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Apr. 3, Mar. 27, Apr. 5, Apr. 3, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 49 ,634 + 13 +4,875 49 753 Held under repurchase agreements 164 +164 73 499 Federal Agency obligations- Held under repurchase agreements 45 + 45 + 29 47 Acceptances— Bought outright 56 - 1 - 12 56 Held under repurchase agreements 43 - 3 + 1 62 Discounts and advances— Member bank borrowings 696 +114 + 516 ! 655 Other 15 -- + 2 1 i 15 Float ,433 -101 + 72 1,406 Total Reserve Bank credit 52,087 +232 +5,410 1 52,493 Gold stock 10,484 -- -2,625 , 10,484 Treasury currency outstanding 6,798 - 2 + 305 i 6,797 69,368 +228 +3,089 ! 69,774 Currency in circulation 46,358 +205 +2,685 1 46,535 Treasury cash holdings 1,126 - 3 - 200 1,131 Treasury deposits with F. R. Banks 537 -307 - 121 396 Foreign deposits with F. R. Banks 182 - 23 + 52 165 Other deposits with F. R. Banks 653 +188 + 199 627 Other F. R. accounts (net) -579 + 18 -1,227 -561 Member bank reserves: 48,276 + 78 +1,387 48,293 With Federal Reserve Banks 21,093 +152 +1,703 21,481 Currency and coin (estimated) 4,363 - 19 + 364 | 4,543 Total reserves held 25,456 +133 +2,067 26,024 Required reserves (estimated) 25,088 - 87 +2,146 | 25,224 Excess reserves (estimated) 368 +220 79 800 On April 3, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,377 million, a decrease of $87 million for the week and an increase of $695 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 CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Apr. 3, Mar. 27, Apr. 5, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,131 -2,474 Cash (717) 431 10 + 104 Discounts and advances 670 735 + 131 Acceptances: Bought outright 56 12 Held under repurchase agreements 62 + 18 28 Federal Agency obligations— Held under repurchase agreements 47 + 47 I- 22 U. S. Government securities: Bought outright-- Bills 16,204 81 +3,374 Certificates -4,352 Notes 27,220 + 104 +5,852 Bonds 6.329 + 73 + 21 Total bought outright 49,753 + 258 +4,895 Held under repurchase agreements 499 + 499 + 74_ Total U. S. Government securities 50,252 + 757 +4,969 Total loans and securities 51,087 + 87 +5,082 Cash items in process of collection (2,023) 7,601 + 487 + 580 Bank premises 113 + 5 Other assets 2/ 2,227 36 +1,417 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,740) 71,590 + 593 +4,714 L I A B I L I T I ES Federal Reserve notes (717) 40,947 + 254 +2,435 Deposits: Member bank reserves 21,481 + 223 +1,211 U. S. Treasurer—general account 396 - 569 22 Foreign 165 + 4 + 42 Other 3/ 627 + 152 + 171 Total deposits 22,669 - 190 +1,402 Deferred availability cash items (2,023) 6,195 + 451 + 671 Other liabilities and accrued dividends 338 + 31 + 106 TOTAL LIABILITIES (2,740) 70,149 + 546 +4,614 C A P I T AL A C C O U N TS Capital paid in 611 1 + 32 Surplus 598 -_ + 28 Other capital accounts 232 f 48 + 40 Contingent liability on acceptances purchased for foreign correspondents 98 - 5 137 * 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. APRIL 3. 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 advancei s Acceptances Holdings Weekly changes Within 15 days 653 66 2,353 + 87 16 days to 90 days 17 52 11,600 +506 91 days to 1 year • - -- 26,025 + 83 Over 1 year to 5 years -« -- 7,979 + 92 Over 5 years to 10 years -- -- 1,765 + 27 Over 10 years — -- 577 + 9 Total 670 118 50,299 +804 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 APRIL 3, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis C ity cisco (In millions of dollars) A S S E TS Gold certificate account 10,131 483 2,094 580 840 859 530 1,773 346 93 289 370 1,874 F. R. notes of other banks 717 68 255 22 45 42 114 29 18 8 21 21 74 Other cash 431 25 61 5 58 26 51 91 33 5 22 16 38 Discounts and advances 670 160 132 20 17 55 8 129 18 64 17 9 41 Acceptances: 1 Bought outright 56 — 56 — — — — — m M -- -- — -- 4§el,d under repurchase agreements 62 — 62 -- — — -- -- -- -- -- -- -- 3?«&erial Agency obligations-- :Seld under repurchase agreements 47 47 -- -- JJ- ^S. Government securities: lought outright— Bills 1 16,204 839 4,082 830 1,236 1,214 859 2,629 580 324 645 693 2,273 Certificates -- — -- -- -- -- -- -- -- -- -- -- -- Notes : 27,220 1 ,409 6,857 1,395 2,077 2,039 1 ,444 4,415 974 543 1 ,084 1 ,165 3,818 Bonds 6.329 328 1.594 324 483 474 ~T 336 1.027 226 126 "T 2 52 .271 888 Total bought outright | 49,753 ~2 ,576 12,533 2,549 3,796 3,727 ,639 8,071 1,780 993 ,981 ~2 ,129 6,979 Held under repurchase agreements 1 499 »_ 499 «- -- -- .- -- --. -- T -- - . • * ZL Total U. S. Government securities ; 50.252 ~JL.5 76 13.032 2.549 3.796 3.727 ~2~. 639 8.071 1.780 993 .981 .129 6.979 Total loans and securities ! 51,087 2 ,736 13,329 2,569 3,813 3,782 2 ,647 8,200 1,798 1,057 1 ,998 2 ,138 7,020 Cash items in process of collection 9,624 630 1,643 568 684 808 846 1,585 464 309 591 574 922 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1/ 2.227 100 752 106 172 114 119 294 69 44 86 107 264 TOTAL ASSETS 74,330 4 ,045 18,144 3,852 5,617 5,639 4 ,327 11,990 2,736 1,519 3 ,025 3 ,235 10,201 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 APRIL 3, 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 41,664 2,440 9,672 2,403 3,339 3,835 2,293 7,305 1,549 720 1,548 1,400 5,160 Deposits: Member bank reserves 21,481 887 5,773 877 1,514 1,006 1,174 2,934 744 491 911 1,233 3,937 U. S. Treasurer--general account 396 1 389 "k "k Vc 1 1 1 1 2 Foreign 165 7 1/ 53 8 14 8 9 22 5 3 7 9 20 Other 627 2/461 1 10 3 127 3 2 1 19 Total deposits 22,669 895 6,676 886 1,528 1,024 1,186 3,083 750 498 92 IT 1,244 3,978— Deferred availability cash items 8,218. 623 1,328 472 599 677 742 1,333 377 261 482 498 826 Other liabilities and accril ed dividends 338 17 97 16 25 24 17 53 11 7 12 14 45 TOTAL LIABILITIES 72,889 3,975 17,773 3,777 5,491 5,560 4,238 11,774 2,687 1,486 2,963 3,156 10,009 CAPITAL ACCOUNTS Capital paid in 611 29 157 32 55 32 39 90 21 14 27 35 80 Surplus 1 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 232 12 60 11 17 16 12 39 8 5 9 10 33 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1 74.330 4.045 18,144 3,852 5,617 ,,.5^639 4,327 11,990 2,736_ 1,_519 _3,025 3,235 10,201 Contingent liability on ace: eptances purchased for forei .-...correspondents 98 5 3/ 25 5 9 5 6 14 4 2 4 6 13 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,509 10,222 2,449 3,567 3,922 2,418 7,512 1,614 748 1,602 1,496 5,387 Collateral for F. R. notes: Gold certificate account 350 1,000 496 600 640 450 1,400 206 77 225 180 Eligible paper U. S. Government securities 2.176 9.400 2.100 3.100 3,310_ 2.150 6.450 1.470 685 1,450 1,380 5.750 Total collateral 2,526 10,400 2,596 3,700 3,950 2,600 7,850 1,676 762 1,675 1,560 5,750 y After deducting $112 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. Less than $500,000. Digitized3 f_o/r F RAASfEtRe r deducting $ 73 million participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis