H.4.1 Factors Affecting Reserve Balances of Depository Institutions

••JSSiic,: F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and **rf*4Li&*y Condition Statement of F.R. Banks H.4.1 For immediate release May 2, 1968 The average of daily figures of total member bank reserves held during the week ended May 1, increased $32 million to $25,533 million. Estimated currency and coin of member banks increased $11 million and their reserve balances at the Federal Reserve Banks increased $21 million. Estimated required reserves decreased $136 million; and estimated excess reserves increased $168 million to $284 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $390 million compared with the revised figure of $535 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $176 million in U. S. Government securities bought outright, and $130 million in U. S. Government securities held under repurchase agreements, and a decrease of $127 million in currency in circulation. The principal offsetting change was a decrease of $389 million in Federal Reserve float. Total Reserve Bank credit decreased $41 million. As of Wednesday, May 1, 1968, holdings of U. S. Government securities bought outright were $932 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $646 million higher, and member bank borrowings were $19 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 1, Apr. 24, May 3, May 1, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 50,103 +176 +4,808 50,242 Held under repurchase agreements 130 +130 - 164 646 Federal Agency obligations- Held under repurchase agreements + 5 22 Acceptances- Bought outright 56 — 13 56 Held under repurchase agreements 13 + 13 89 59 Discounts and advances- Member bank borrowings 674 + 23 + 540 713 Other 15 -- 10 15 Float 1,452 -389 + 11 1,490 Total Reserve Bank credit 52,449 - 41 +5,080 53,243 Gold stock 10,484 -- -2,625 10,484 Treasury currency outstanding 6,797 -- + 231 6,795 69,730 - 41 +2,686 70,522 Gurrency in circulation 46,481 -127 +2,689 46,612 Treasury cash holdings 1,121 - 3 - 269 1,112 Treasury deposits with F. R. Banks 1,073 + 35 - 128 732 Foreign deposits with F. R. Banks 194 + 34 + 67 165 Other deposits with F. R. Banks 490 + 3 + 29 504 Other F. R. accounts (net) -601 - 7 -1,104 -690 Member bank reserves: 48,759 - 62 +1,286 ; 48,435 With Federal Reserve Banks 20,971 + 21 +1,401 1 22,087 Currency and coin (estimated) 4,562 + 11 + 509 4,793 Total reserves held 25,533' +~T2 +1,910 26,880 Required reserves (estimated) 25,249 -136 +2,031 25,601 Excess reserves (estimated) 284 +168 - 121 1 1,279 On May 1, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,745 million, an increase of $207 million for the week and an increase of $792 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 -Jffhe? nge s inc g May 1, April 24, May 3, 1968 1968 1967 A S S E TS Gold certificate account J^/ 10,128 •2,475 Cash (819) 426 + 6 + 99 Discounts and advances 728 + 19 + 569 Acceptances: Bought outright 56 -. - 14 Held under repurchase agreements 59 • 59 57 Federal Agency obligations- Held under repurchase agreements 22 22 <- 17 U. S. Government securities: Bought outright- Bills 16,663 + 932 +3,120 Certificates -- -- -4,352 Notes 27,246 -- +5,878 Bonds 6,333 -- 16 Total bought outright 50,242 -<- 932 +4,630 Held under repurchase agreements 646 + 646 + 117 Total U. S. Government securities 50,888 +1, 578 +4,747 Total loans and securities 51,753 +1, 678 +5,262 Cash items in process of collection (2,154) 8,183 + 87 + 753 Bank premises 113 -- + 5 Other assets 2/ 2,359 + 188 +1,429 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (2,973) 72.962 ±L, 959 +5,073 i l^ B I L I T I E S Federal Reserve notes (819) 40,999 61 +2,394 Deposits: Member bank reserves 22,087 +2,634 +1,989 U. S. Treasurer—general account 732 - 853 - 242 Foreign 165 + 7 + 27 Other 3/ ( 1) 504 + 19 + 40 Total deposits ( 1) 23,488 +1,807 +1,814 Deferred availability cash items (2,153) 6,693 + 8 + 648 Other liabilities and accrued dividends 361 + 40 + 122 TOTAL LIABILITIES (2,973) 71,541 +1,916 +4,978 C A P I T AL A C C O U N TS Capital paid in 614 -- + 35 Surplus 598 -- + 28 Other Capital accounts 209 - 43 + 32 Contingent liability on acceptances purchased for foreign correspondents 118 + 8 161 * Figures in parentheses are the eliminations made in the consolidating process, JL/ Includes amount of gold certificates previously included in "Redemption fund for F. R. notes/1 2j Includes assets denominated in foreign currencies and IMF gold deposited, 3/ Includes IMF gold deposit, MATURITY DISTRIBUTION OF LOANS AND SECURITIES, May 1, 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 710 71 6,244 +4,446 16 days to 90 days 18 44 7,809 -3,340 91 days to 1 year -- «- 26,527 + 494 Over 1 year to 5 years -- -• 7,988 -. Over 5 years to 10 years -- -- 1,765 -- Over 10 years -- -- 577 -- Total 728 115 50,910 +1,600 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 MAY 1, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 10,128 691 1,913 608 1,021 912 451 2,008 368 90 282 217 1,567 F.. R. notes of other banks 819 61 269 43 55 53 116 35 23 11 22 19 112 Other cash 426 27 52 6 60 23 50 86 34 6 23 18 41 Discounts and advances 728 49 43 10 14 18 38 256 40 18 46 49 147 Acceptances: Bought outright 56 -- 56 -- -- -- -- -- — -- -- -- --. Held under repurchase agreements 59 -- 59 -- -- -- — -- -- -- -- -- Federal Agency obligations- Held under repurchase agreements 22 22 U. S. Government securities: Bought outright— Bills 16,663 864 4,227 861 1,255 1,237 899 2,686 577 337 656 707 2,357 Certificates -_ __ -- -- -- -- -- -- -- -- -- -- _ » Notes 27,246 1 ,412 6,912 1 ,407 2,053 2,022 1 ,470 4,393 942 552 1 ,072 1 ,157 3,854 Bonds ' 6,333 328 1,607 327 477 470 341 1,021 219 128 ,250 269 896 Total bought outright 150,242 ~~2, 604 12,746 ~~2, 595 3,785 3,729 ~2 ,710 8,100 1,738 1, 017 1 ,978 2 ,133 7,107 Held under repurchase agreements | 646 -- 646 -- -- -- -- -- -- -- -- -- ~T "T Total U. S. Government securities 50,888 ~ ,604 13,392 ~1 ,595 3,785 3,729 ~2~. 710 8.100 1,738 ,017 .978 ~2~. 133 7.107 Total loans and securities 51,753 2 ,653 13,572 2 ,605 3,799 3,747 2 ,748 8,356 1,778 1 ,035 2 ,024 2 ,182 7,254 Cash items in process of collection 10,337 692 1,800 685 785 830 952 1,732 522 305 612 544 878 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1_/ 2,359 105 791 113 183 124 127 314 72 47 90 111 282 TOTAL ASSETS 75,935 4 ,232 18,407 4 ,062 5,908 5,697 4.,4 64 12,549 2,805 1 ,497 3 ,071 3 ,100 10,143 17 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 MAY 1, 1968 New Phila Cleve Rich St. Minne Kans as 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 41,818 2,446 9,619 2,424 3,344 3,870 2,280 7,360 1,557 731 1,559 1,419 5,209 Deposits: Member bank reserves 22,087 936 6,098 924 1,648 971 1,171 3,308 720 448 905 1,126 3,832 U. S. Treasurer—general account 732 79 209 36 45 38 54 137 45 7 11 4 67 Foreign 165 7 1/ 54 8 13 8 9 22 5 3 7 9 20 Other 505 1 2/460 3 1 10 2 3 1 2 2 1 19 Total deposits 23,489 1,023 6,821 971 1,707 1,027 1,236 3,470 771 460 925 1,140 3,938 Deferred availability cash items 8,846 677 1,489 576 707 698 842 1,452 417 266 513 449 760 Other liabilities and accrued dividends 361 17 111 17 26 24 18 54 12 8 13 14 47 TOTAL LIABILITIES 74,514 4,163 18,040 3,988 5,784 5,619 4,376 12,336 2,757 1,465 3,010 3,022 9,954 CAPITAL ACCOUNTS Capital paid in 614 30 158 32 55 32 39 90 21 14 27 35 81 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 209 10 55 10 15 15 11 36 7 4 8 9 29 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 75,935 4,232 18,407 4,062 5,908 5,697 4,464 J. 2^549 2,805 1,497 3,071 3,100 10,143 Contingent liability on accept ances purchased for foreign correspondents 118 6 3/ 30 6 11 6 7 17 4 3 5 7 16 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 43,837 2,511 10,231 2,492 3,612 3,975 2,405 7,594 1,641 752 1,620 1,520 5,484 Collateral for F. R. notes: Gold certificate account 5,604 330 1,000 496 600 640 450 1,400 206 77 225 180 Eligible paper U. S. Government securities 39,606 2,216 9,400 2,100 3,100 3,395 2,150 6,450 1,520 695 1.450 1.380 5.750 Total collateral 45,210 2,546 10,400 2,596 3,700 4,035 2,600 7,850 1,726 772 1,675 1,560 5,750 1/ After deducting $111 million participations of other Federal Reserve Banks 2/ Includes IMF gold deposit, 3/ After deducting $ 88 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis