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 Condition Statement of F.R. Banks H.4.1 For immediate release May 9, 1968 The average of daily figures of total member bank reserves held during the week ended May 8, increased a net of $204 million to $25,718 million* Estimated currency and coin of member banks decreased $447 million and their reserve balances at the Federal Reserve Banks increased $651 million. Estimated required reserves increased $76 million; and estimated excess reserves increased $128 million to $395 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $428 million, compared with the revised figure of $407 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $272 million in U. S. Government securities held under repurchase agreements, $149 million in member bank borrowings, and $97 million in U. S. Government securities bought outright, and decreases of $138 million in Treasury deposits with Federal Reserve Banks, and $83 million in "Other11 Federal Reserve accounts (net). The principal offsetting change was an increase of $187 million in currency in circulation. Total Reserve Bank credit increased $551 million. As of Wednesday, May 8, 1968, holdings of U. S. Government securities bought outright were $173 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $410 million lower, and member bank borrowings were $454 million lower. Averages ox aaiiy rxKUires i Member bank reserves, Week ended Chan^q from week ended 'Wednesday, Reserve Bank credit, May 8, May 1, May 10, May 8, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 50,200 + 97 +4,7 31 50,069 Held under repurchase agreements 402 +272 55 236 Federal Agency obligations-- Held under repurchase agreements 15 + 10 12 Acceptances-- Bought outright 56 16 56 Held under repurchase agreements 53 + 40 41 45 Discounts and advances-- Member bank borrowings 823 760 259 Other 14 11 13 Float 1 ,446 62 1,359 Total Reserve Bank credit 53, 009 +5,442 52,042 Gold stock 10, 484 -2,625 10,484 Treasury currency outstanding 6 ,796 + 229 6,792 70, 289 +550 +3 ,046 69,318 Currency in circulation 46, 668 +187 +2 653 46,903 Treasury cash holdings 1 ,109 - 12 287 1,103 Treasury deposits with F. R. Banks 935 -138 115 1,265 Foreign deposits with F. R. Banks 148 - 46 + 5 133 Other deposits with F. R. Banks 482 - 8 + 19 480 Other F, R. accounts (net) -684 - 83 -1 223 - 690 Member bank reserves: 48 ,658 -101 +1,052 49,194 With Federal Reserve Banks 21,, 631 +651 +1,995 Currency and coin (estimated) 4 ,087 -447 + 310 Total reserves held 25,7 18 +204 +2,305 Required reserves (estimated) 25,3 23 + 76 +2,239 Excess reserves (estimated) 395 +128 + 66 On May 8, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,678 million, a decrease of $67 million for the week and an increase of $579 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

L4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since May 8, May 1, May 1°» 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,128 -2,469 -k Cash (702) 427 + 1 + 99 Discounts and advances 272 - 456 + 204 Acceptances: Bought outright 56 14 Held under repurchase agreements 45 14 41 Federal Agency obligations-- Held under repurchase agreements 17 U, S. Government securities: Bought outright-- Bills 16,490 173 +3,155 Certificates ~_ -- -4,352 Notes 27,246 — +5,878 Bonds 6,333 -- 16 Total bought outright 50,069 - 173 +4,665 Held under repurchase agreements 236 - 410 - 154 Total U. S. Government securities 50,305 - 583 +4,511 Total loans and securities 50,683 -1,070 +4,665 Cash items in process of collection (1,961) 7,405 - 789 + 639 Bank premises 113 _- + 5 Other assets 2/ 2,389 + 30 +1,442 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,663) 71,145 -1,828 +4,381 L I A B I L I T I ES Federal Reserve notes (702) 41,285 + 286 +2,464 Deposits: Member bank reserves 20,124 -1,974 +1,022 U. S. Treasurer--general account 1,265 + 533 + 117 Foreign 133 32 + 9 Other 3/ 480 - 24 + 1 Total deposits 22,002 -1,497 +1,149 Deferrred availability cash items (1,961) 6,046 - 647 + 553 Other liabilities and accrued dividends 344 z 12 +_JL12 TOTAL LIABILITIES (2,663) 69,677 -1,875 +4,278 C A P I T AL A C C O U N TS Capital paid in 614 .. + 32 Surplus 598 -- + 28 Other capital accounts 256 • 47 + 43 Contingent liability on acceptances purchased for foreign correspondents 126 4- 8 176 * 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 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 8, 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 Aj? ency obligations advance Act: eptances Holdings Weekly changes Within 15 days 252 63 5,695 -549 16 days to 90 days 20 38 8,177 +368 91 days to 1 year -- -^ 26,108 -419 Over 1 year to 5 years -- -.- 7,988 -. 3ver 5 years to 10 yearss -• 1,765 -- Over 10 years __-- -- 577 -- Total 272 101 50,310 -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 8, ,1968. San New Phila Cleve Rich St. Minne Kansas 1 Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis CJL ty cisco (In millions of dollars) A S S E TS Gold certificate account 10,128 535 1,359 647 1,053 1,055 578 1,906 444 176 475 255 1,645 F. R. notes of other banks 702 53 250 30 44 48 99 27 18 8 21 17 87 Other cash 1 427 26 50 6 60 24 51 87 34 6 23 18 42 Discounts and advances 272 33 38 5 7 17 11 80 19 9 17 31 5 Acceptances: Bought outright ! 56 -- 56 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements 45 -- 45 — -- -- -- -- -- -- -- -- -- Federal Agency obligations-- Keld under repurchase agreements 5 5 U. S. Government securities: Bought outright-- Bills !l6,490 855 4,183 852 1,242 1,224 890 2,659 571 333 649 699 2,333 Certificates 1 -- -- -- -- -- -- -- -- -- — -- -- Notes 27,246 1 ,141 2 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 T Total bought outright 50,069 ,595 ~ 12,702 ~2 ,586 3,772 3,716 7701 8,073 "~ "l, 732 1,013"*" T,9 71 ~~2, 125 7,083 Held under repurchase agreements 236 -- 236 -- -- -- -- -- -- -- " -- -- Total U. S. Government securities 50.305 ~2 ,595 12,938 ~2 ,586 ~3,772 3,716 T ,701 8,073 1,732 1,013 ~T7 971— ~T, 125 7,083 Total loans and securities 50,683 2 ,628 13,082 2 ,591 3,779 3,733 2 7712 8,153 1,751 1,022 l ,988 2 ,156 7,088 Cash items in process of collection 9,366 594 1,601 625 701 753 839 1,491 465 298 585 511 903 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1/ 2,389 108 795 114 185 125 129 320 74 48 92 113 286 TOTAL ASSETS 73,808 3 ,947 17,147 4 ,015 5,827 5,746 4 ,428 12,002 2,794 1,561 3 ,202 3 ,079 10,060 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 MAY 8, 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 dol!. ars) L I A B I L I T I ES Federal Reserve notes 41,987 2,456 9,634 2,432 3,360 3,884 2,295 7,392 1,564 736 1,573 1,425 5,236 Deposits: Member bank reserves 20,124 762 5,045 899 1,565 1,012 1,203 2,888 732 480 948 1,044 3,546 U. S. Treasurer—general account 1,265 60 203 55 108 100 90 172 53 46 106 85 187 Foreign 133 6 1/ 36 7 12 7 8 19 5 3 6 7 17 Other 480 1 2/440 2 * 9 1 9 * 1 2 1 14 Total deposits 22,002 829 5,724 963 1,685 1,128 1,302 3,088 790 530 1,062 1,137 3,764 Deferred availability cash items 8,007 573 1,316 526 629 629 722 1,248 378 254 491 423 818 Other liabilities and accrued dividends 344 18 94 17 25 24 19 53 12 8 14 14 46 TOTAL LIABILITIES 72,340 3,876 16,768 3,938 5,699 5,665 4,338 11,781 2,744 1,528 3,140 2,999 9,864 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 256 12 67 13 19 18 13 44 9 5 . 9 11 36 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 173,808 3,947 17,147 4,015 5,827 5,746 4,428 12,002 2.794 1,561 3.202 3.079 10.060 Contingent liability on ac<: eptanees purchased for fore:L gn .ogCTMesponden t s 126 : 6 3/ 32 7 11 7 8 _ 18_ 4 3 6 7 17 i .._ FEDERAL RESERVE AGENTS1 ACCOUNTS F. 1L. notes outstanding 43,815 2,522 10,204 2,487 3,603 3,988 2,404 7,606 1,638 734 1,627 1,512 5,470 Collateral for F. R. notes: Gold certificate account 5,504 330 1,000 496 600 640 350 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 45,110 2,546 10,400 2,596 3,700 4,035 2,500 7,850 1,726 772 1,675 1,560 5,750 1/ After deducting $ 97 million participations of other Federal Reserve Banks, Less than $500,000, j?/ Includes IMF gold deposit. 3/ After deducting $ 94 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis