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 23, 1968 The average of daily figures of total member bank reserves held during the week ended May 22, decreased a net of $21 million to $25,352 million. Estimated currency and coin of member banks increased $45 million and their reserve balances at the Federal Reserve Banks decreased $66 million. Estimated required reserves increased $98 million; and estimated excess reserves decreased $119 million to $279 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $390 million, compared with the revised figure of $314 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $300 million in U. S. Government securities held under repurchase agreements, and $43 million in member bank borrowings, and increases of $236 million in "Other'1 Federal Reserve accounts (net), and $148 million in Treasury deposits with Federal Reserve Banks. A principal offsetting change was an increase of $323 million in Federal Reserve float. Total Reserve Bank credit increased $298 million. As of Wednesday, May 22, 1968, holdings of U. S. Government securities bought outright were $333 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $597 million lower, and member bank borrowings were $518 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 22, May 15, May 24, May 22, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 50,402 +333 +4,872 50,402 Held under repurchase agreements 144 -300 + 144 Federal Agency obligations- Held under repurchase agreements Acceptances — Bought outright 56 + 1 14 56 Held under repurchase agreements 14 - 9 20 -- Discounts and advances- Member bank borrowings 669 - 43 + 619 377 Other 13 -- 12 13 Float 1,816 +323 + 284 1,393 Total Reserve Bank credit 53,117 +298 +5,876 52,241 Gold stock 10,470 - 14 -2,639 10,384 Treasury currency outstanding 6,795 + 1 + 227 6,793 70,381 +285 +3,463 69,418 Currency in circulation 46,908 - 12 +2,835 46,935 Treasury cash holdings 1,058 - 24 - 333 1,058 Treasury deposits with F. R. Banks 1,228 +148 + 160 1,155 Foreign deposits with F. R. Banks 145 + 13 + 24 141 Other deposits with F. R. Banks 486 - 13 + 44 448 Other F. R, accounts (net) -462 +236 -1,303 -467 Member bank reserves: 49,364 +350 +1,428 49,270 With Federal Reserve Banks 21,017 - 66 +2,035 ] 20,148 Currency and coin (estimated) 4,335 + 45 + 236 4,821 Total reserves held 25,352 - 21 +2,271 24,969 Required reserves (estimated) 25,073 + 98 +2,319 25,190 Excess reserves (estimated) 279 -119 - 48 -221 On May 22, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,560 million, an increase of $4 million for the week and an increase of $723 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 Hay 22, May 15, May 24, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,028 100 •2,559 Cash (701) 435 4- 8 + 100 Discounts and advances 390 518 + 335 Acceptances: Bought outright 56 14 Held under repurchase agreements 24 31 Federal Agency obligations- Held under repurchase agreements 20 U. S. Government securities: Bought outright- Bills 16,823 + 333 +3,464 Certificates -- -- -4,352 Notes 27,566 -- +6,059 Bonds 6,013 -- - 299 Total bought outright 50,402 + 333 +4,872 Held under repurchase agreements -- - 597 -- Total U. S. Government securities 50,402 264 +4,872 Total loans and securities 50,848 - 826 +5,162 Cash items in process of collection (2,210) 7,766 -1, 289 +1,189 Bank premises 113 -- + 4 Other assets 2/ 2,067 + 38 +1,498 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,911) 71,257 22_, 169 +5,394 It I A B IL I T IE S Federal Reserve notes (701) 41,279 82 4-2,536 Deposits: Member bank reserves 20,148 -1,067 +1,564 U. S. Treasurer--general account 1,155 + 9 15 Foreign 141 13 + 19 Other 3/ 448 55 + 12 Total deposits 21,892 -1,126 +1,580 Deferred availability cash items (2,210) 6,373 -1,004 +1,078 Other liabilities and accrued dividends 340 6 + 110 TOTAL LIABILITIES (2,911) 69,884 -2,218 +5,304 C A P I T AL A C C O U N TS Capital paid in 614 .„ + 32 Surplus 599 + 1 + 29 Other capital accounts 160 + 48 + 29 Contingent liability on acceptances purchased for foreign correspondents 136 4- 6 201 * 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." 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 22, 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 377 21 2,533 + 673 16 days to 90 days 13 35 12,396 +3,623 91 days to 1 year -- -- 21,578 -4,580 Over 1 year to 5 years -.- ..- 7,915 Over 5 years to 10 years • - -. 5,403 Over 10 years — -j- 577 Total 390 56 50,402 284 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 22, 1968 San New Phila Cleve Rich St. Minne Kant sas Total Boston York delphia land mond Atlanta Chicago Louis apolis Ci Dallas Fran- •ty cisco (In millions of dollars) A S S E TS Gold certificate account 10,028 498 1,530 631 846 933 510 1,975 406 165 400 298 1,836 F. R. notes of other banks 701 51 235 26 45 56 94 30 23 8 19 19 95 Other cash 435 26 54 6 61 25 53 82 35 6 24 19 44 Discounts and advances i 390 48 63 27 2 17 21 82 20 5 11 64 30 Acceptances: Bought outright 56 — 56 -- -- -- -- -- -- -- -- — -- Held under repurchase agreements — — -- -- -- -- -- -- -- -- -- — — Federal Agency obligations-- Held under repurchase agreements -- U. S. Government securities: Bought outright-- Bills 16,823 872 4,268 869 1,267 1,248 908 2,713 582 340 662 714 2,380 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 6J313 311 1,526 310 453 446 324 969 208 122 237 256 851 Total bought outright 50,402 2 ,612 12,787 2,603 3,797 3,741 ~~2 ,719 8,126 1,743 1,020 ~T, 984 ~T, 140 7,130 Held under repurchase agreements I — -- — — -- -- -- -- — -- -- -rr Total U. S. Government securities 50,402 .iiL. 12,787 2,603 3,797 3,741 ~2 ,719 8,126 1,743 1,020 T ,984 ~~2 7l40 7,130 1 2 Total loans and securities 50,848 ,660 12,906 2,630 3,799 3,758 2 ,740 8,208 1,763 1,025 1 ,995 2 ,204 7,160 Cash items in process of collection 9,976 621 1,730 559 724 816 1 ,030 1,645 472 317 597 572 893 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1/ 2.067 92 713 97 160 103 111 267 62 42 79 100 241 TOTAL ASSETS 74,168 3 ,951 17,178 3,951 5,640 5,699 4 ,558 12,225 2,769 1,566 3 ,132 3 ,221 10,278 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 22, 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 41,980 2,457 9,632 2,441 3,371 3,873 2,285 7,411 1,563 739 1,571 1,426 5,211 Deposits: Member bank reserves 20,148 692 5,028 841 1,389 905 1,149 3,110 713 465 881 1,149 3,826 U. S. Treasurer—general account 1,155 108 196 84 74 108 99 32 59 54 97 64 180 Foreign 141 7 1/ 37 7 13 7 9 20 5 3 6 8 19 Other 448 -- 2/411 2 1 7 1 2 * 2 2 1 19 Total deposits 21,892 807 5,672 934 1,477 1,027 1,258 3,164 777 524 986 1,222 4,044 Deferred availability cash items 8,583 603 1,429 486 646 700 911 1,393 371 264 503 482 795 Other liabilities and accrued dividends 340 17 91 18 26 25 18 53 11 8 13 14 46 TOTAL LIABILITIES 72,795 3,884 16,824 3,879 5,520 5,625 4,472 12,021 2,722 1,535 3,073 3,144 10,096 CAPITAL ACCOUNTS Capital paid in 614 30 158 32 55 32 39 90 21 14 27 35 81 Surplus 599 29 154 32 54 31 38 87 20 14 26 35 79 Other capital accounts 160 8 42 8 11 11 9 27 6 3 6 7 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 74,168 3,951 17,178 3,951 5,640 5,699 4,558 12,225 2,769 1,566 3,132 3,221 10,278 Contingent liability on ace: eptances purchased for forei• gn correspondents 136 7 3/ 35 7 12 7 8_ 20 5 3 6 8 18 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 43,899 2,530 10,141 2,497 3,671 3,994 2,403 7,624 1,641 755 1,634 1,539 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 39,656 2,216 9,400 2,100 3,100 3,395 2,150 6,450 1,520 695 1.450 1.430 5.750 Total collateral 45,160 2,546 10,400 2,596 3,700 4,035 2,500 7,850 1,726 772 1,675 1,610 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 $101 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis