H.4.1 Factors Affecting Reserve Balances of Depository Institutions

••JpMM-Hi- F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks IRE* H.4.1 For immediate release May 16, 1968 The average of daily figures of total member bank reserves held during the week ended May 15, decreased a net of $341 million to $25,376 million. Estimated currency and coin of member banks increased $245 million and their reserve balances at the Federal Reserve Banks decreased $586 million. Estimated required reserves decreased $333 million; and estimated excess reserves decreased $8 million to $404 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $308 million compared with the revised figure of $411 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $131 million in U. S. Government securities bought outright, and $111 million in member bank borrowings, and increases of $252 million in currency in circulation, and $145 million in Treasury deposits with Federal Reserve Banks. The principal offsetting change was an increase of $42 million in U. S. Government securities held under repurchase agreements, and a decrease of $27 million in Treasury cash holdings. Total Reserve Bank credit decreased $228 million. As of Wednesday, May 15, 1968, holdings of U. S. Government securities bought outright were unchanged from a week earlier, U. S. Government securities held under repurchase agreements were $361 million higher, and member bank borrow ings were $636 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 15, May 8, May 17, May 15, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 50,069 -131 +4,826 50,069 Held under repurchase agreements 444 + 42 + 144 597 Federal Agency obligations- Held under repurchase agreements 8 + 8 20 Acceptances- Bought outright 55 - 1 17 56 Held under repurchase agreements 23 - 30 29 ! 24 Discounts and advances— Member bank borrowings 712 -111 + 589 1 895 Other 13 - 1 12 13 Float 1,477 + 10 35 1,634 Total Reserve Bank credit 52,802 -228 +5,476 53,308 Gold stock 10,484 -- -2,624 10,484 Treasury currency outstanding 6,794 - 2 + 215 6,794 70,080 -230 +3,067 70,586 Currency in circulation 46,920 +252 +2,784 47,015 Treasury cash holdings 1,082 - 27 - 322 1,068 Treasury deposits with F. R. Banks 1,080 +145 + 128 1,146 Foreign deposits with F. R. Banks 132 - 16 + 11 154 Other deposits with F. R. Banks 499 + 17 + 44 503 Other F. R. accounts (net ) -698 - 14 -1,304 -472 Member bank reserves: 49,014 +356 +1,341 49,414 With Federal Reserve Banks 21,066 -586 +1,725 j 21,171 Currency and coin (estimated) 4^310 +245 + 265 4,837 Total reserves held 25,376 -341 +1,990 26,008 Required reserves (estimated) 24,972 -333 +1,990 25,016 Excess reserves (estimated) 404 - 8 1 992 On May 15, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,556 million, a decrease of $122 million for the week and an increase of $560 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 May 15, May 8, May 17, 1968 1968 1967 A S S E TS Gold certificate account 17 10,128 -2,463 Cash (687) 427 + 97 Discounts and advances 908 + 636 + 730 Acceptances: Bought outright 56 14 Held under repurchase agreements 24 21 28 Federal Agency obligations- Held under repurchase agreements 20 15 20 U. S. Government securities: Bought outright- Bills 16,490 -- +3,243 Certificates -- -4,352 Notes 27,566 + 320 +6,091 Bonds 6,013. - 320 - 229. Total bought outright 50,069 -- +4,753 Held under repurchase agreements 597 + 361 + 402 Total U. S. Government securities 50,666 + 361 +5,155 Total loans and securities 51,674 + 991 +5,863 Cash items in process of collection (2,424) 9,011 +1, 589 +1,039 Bank premises 113 -- + 5 Other assets 2/ 2,029 - 360 +1,498 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,111) 73,382 +2, 220 +6,039 L I A B I L I T I ES Federal Reserve notes (687) 41,361 76 +2,547 Deposits: Member bank reserves 21,171 +1,030 +2,059 U. S. Treasurer—general account 1,146 - 119 + 138 Foreign 154 + 21 + 28 Other 3/ (4) 503 + 23 + 64 Total deposits (4) 22,974 + 955 +2,289 Deferred availability cash items (2,420) 7,377 +1,331 +1,009 Other liabilities and accrued dividends 346 + 2 + 118 TOTAL LIABILITIES (3,111) 72,058 +2,364 +5,963 C A P I T AL A C C O U N TS Capital paid in 614 4- 32 Surplus 598 + 28 Other capital accounts 112 144 + 16 Contingent liability on acceptances purchased for foreign correspondents 130 + 4 187 * Figures in parentheses are the eliminations made in the consolidating process. 17 Includes amount of gold certificates previously included in "Redemption fund for F. R. notes.tf 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. ._ MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 15, 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 891 44 1,860 -3,835 16 days to 90 days 17 36 8,773 + 596 91 days to 1 year 26,158 + 50 Over 1 year to 5 years 7,915 - 73 Over 5 years to 10 years 5,403 +3,638 Over 10 years — ZZ. 577 12 Total 908 80 50,686 + 376 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 15, 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 10,128 530 1,131 624 926 1,026 577 1,945 465 177 413 390 1,924 F. R. notes of other banks 687 46 245 25 41 49 91 29 18 18 19 19 87 Other cash 427 26 49 6 60 24 52 85 34 6 24 19 42 Discounts and advances 908 118 297 15 45 55 23 136 12 11 25 33 138 Acceptances: Bought outright 56 -- 56 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements 24 -- 24 -- -- -- -- — -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements 20 20 U. S. Government securities: Bought outright-- Bills 16,490 855 4,183 852 1,242 1,224 890 2,659 571 333 649 699 2,333 Certificates -- — -- -- -- -- -- -- -- -- -- -- — Notes 27,566 1 ,429 6,993 1 ,424 2,077 2,047 1 ,487 4,444 953 558 1 ,085 1 ,170 3,899 Bonds 6,013 __. 311 1,526 310 453 446 324 969 208 T 122 237 256 851 ~T ~T ~T Total bought outright 50,069 ,595 12,702 ~2 ,586 3,772 3,717 ,701 8,072 1,732 ,013 ,971 ,125 7,083 Held under repurchase agreements 597 T -- 597 -- __ -- -- -- -- -- -. _- - - Total U. S. Government securities 50.666 J>9 5 13.299 ~~2. 586 3.772 3.717 ~T . 701 " 8.072 1.732 ZL .013 ~T. 971 ~Z . 125 7.083 "~ Total loans and securities 51,674 2 ,713 13,696 2 ,601 3,817 3,772 2 ,724 8,208 1,744 1 ,024 1 ,996 2 ,158 7,221 Cash items in process of collection 11,435 722 1,938 69 7 869 952 1 ,006 2,002 564 351 687 615 1,032 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets J7 2.029 91 702 97 159 100 109 260 61 40 77 98 235 TOTAL ASSETS 76,493 4 ,131 17,771 4 ,052 5,877 5,931 4, 579 12,547 2,894 1 ,619 3 ,234 3 ,308 10,550 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 15, 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 42,048 2,461 9,637 2,439 3,370 3,882 2,296 7,409 1,567 750 1,575 1,431 5,231 Deposits: Member bank reserves 21,171 807 5,398 856 1,452 1,076 1,195 3,070 743 467 940 1,188 3,979 U. S. Treasurer--general account 1,146 69 197 63 114 67 113 114 62 59 63 83 142 Foreign 154 7 1/ 50 7 13 7 9 20 5 3 6 8 19 Other 507 * 2/469 2 * 9 1 2 * 1 2 1 20 Total deposits 22,978 883 6,114 928 1,579 1,159 1,318 3,206 810 530 1,011 1,280 4,160 Deferred availability cash items 9,797 706 1,582 598 785 795 864 1,683 461 301 577 509 936 Other liabilities and accrued dividends 346 17 96 18 26 24 18 52 11 8 14 14 48 TOTAL LIABILITIES 75,169 4,067 17,429 3,983 5,760 5,860 4,496 12,350 2,849 1,589 3,177 3,234 10,375 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 112 5 30 5 8 8 6 20 4 2 4 5 15 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 76,493 4,131 17,771 4,052 5,877 5.931 4,579 12,547 2,894 1,619 3,234 3,308 10,550 Contingent liability on accept ances purchased for foreign correspondents 130 6 .3/AQ_ 7 12 7 8 19 4 3 6 7 11 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 43,955" 2,523 10,177 2,493 3,652 3,996 2,411 7,627 1,647 759 1,638 1,542 5,490 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 $104 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 90 M 11 •» on n.nrH.cipatxons ootfh er Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis