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 IRE* H.4.1 For immediate release May 31, 1968 The average of daily figures of total member bank reserves held during the week ended May 29, decreased a net of $109 million to $25,268 million. Estimated currency and coin of member banks increased $113 million and their reserve balances at the Federal Reserve Banks decreased $222 million. Estimated required reserves decreased $114 million; and estimated excess reserves increased $5 million to $319 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $445 million, compared with the revised figure of $355 million the week before. Gold stock decreased $86 million to $10,384 million. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $368 million in Federal Reserve float, and $144 million in U. S. Government securities held under repurchase agreements. The principal offsetting changes were increases of $187 million in U. S. Government securities bought outright, $95 million in member bank borrowings, and a decrease of $152 million in Treasury deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $247 million. As of Wednesday, May 29, 1968, holdings of U. S. Government securities bought outright were $123 million higher than a week earlier, and member bank borrowings were $177 million higher. Outright holdings of bills, notes, and bonds increased $53 million, $60 million, and $10 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 29, May 22, May 31, May 29, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 50,589 +187 +4,932 50,525 Held under repurchase agreements -144 - 69 Federal Agency obligations-- Held under repurchase agreements Acceptances-- Bought outright 56 -- 15 53 Held under repurchase agreements -- - 14 6 -- Discounts and advances-- Member bank borrowings 764 + 95 + 662 554 Other 13 -- 12 13 Float 1,493 -368 + 343 1,454 Total Reserve Bank credit 52,915 -247 +5,834 52,599 Gold stock 10,384 - 86 -2,725 10,384 Treasury currency outstanding 6,794 - 1 + 202 6,792 70,093 -334 +3,311 69,775 Currency in circulation 46,937 + 29 +2,739 47,228 Treasury cash holdings 1,053 - 5 - 325 1,044 Treasury deposits with F. R. Banks 1,076 -152 + 204 950 Foreign deposits with F. R. Banks 165 + 20 + 7 191 Other deposits with F. R. Banks 463 - 23 + 24 459 Other F. R. accounts (net) -442 + 20 -1,296 -527 49,252 -112 +1,353 49,345 Member bank reserves: With Federal Reserve Banks 20,841 -222 +1,958 ! 20,430 Currency and coin (estimated) 4,427 +113 + 251 4,850 Total reserves held 25,268 -109 +2,209 25,280 Required reserves (estimated) 24,949 -114 +2,271 25,047 Excess reserves (estimated) 319 + 5 - 62 1 233 On May 29, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,501 million, a decrease of $59 million for the week and an increase of $702 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 29, May 22, May 31, 1968 1968 1967 A S S E TS Gold certificate account \j 10,026 -2,582 Cash (631) 427 8 + 98 Discounts and advances 567 + 177 + 152 Acceptances: Bought outright 53 17 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright- Bills 16,876 53 +3,412 Certificates -- -4,352 Notes 27,626 + 60 +6,054 Bonds 6,023 4- 10 - 332 Total bought outright 50,525 + 123 +4,782 Held under repurchase agreements - 323 Total U. S. Government securities 50,525 123 +4,459 Total loans and securities 51,145 + 297 +4,594 Cash items in process of collection (2,086) 7,211 - 593 + 897 Bank premises 112 1 + 4 Other assets 2/ 2,175 + 108 +1,587 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,717) 71,096 199 +4,598 L I A B I L I T I ES Federal Reserve notes (631) 41, 549 + 270 +2, 527 Deposits: Member bank reserves 20, 430 + 244 + 796 U. S. Treasurer—general account 950 - 205 + 376 Foreign 191 + 50 - 2 Other 3/ 459 + 11 + 16 Total deposits 22,030 + 100 +1, 186 Deferred availability cash items (2,086) 5,757 - 616 + 691 Other liabilities and accrued dividends 342 + 2 + _ 9J_ TOTAL LIABILITIES (2,717) 69,678 244 +4,501 C A P I T AL A C C O U N TS Capital paid in 615 1 + 33 Surplus 598 -- + 28 Other capital accounts 205 - 44 + 36 Contingent liability on acceptances purchased for foreign correspondents 132 - 4 216 * 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.ff 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 29, 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 V feekly changes Within 15 days 564 19 2,463 - 70 16 days to 90 days 3 34 12,362 - 34 91 days to 1 year 21,744 +166 Over 1 year to 5 years 7,957 + 42 Over 5 years to 10 years 5,421 + 18 578 + 1 Over 10 years -- — Total 567 53 50,525 +123 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 29, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Loui s apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 10,026 698 1,594 653 880 948 543 2,029 360 159 348 323 1,491 F. R. notes of other banks 631 46 213 20 40 49 84 29 19 9 21 23 78 Other cash 427 27 51 4 61 24 53 83 34 6 23 18 43 Discounts and advances 567 53 164 13 3 23 45 134 18 17 8 41 48 Acceptances: Bought outright 53 53 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright— Bills 16,876 875 4,282 872 1,271 1,252 910 2,721 584 342 664 716 2,387 Certificates Notes 27,626 1 ,432 7,008 1 ,427 2,081 2,051 1 ,490 4,454 956 559 1 ,087 1 ,173 3,908 Bonds 6,023 312 1,528 311 454 447 325 971 208 122 237 256 852 Total bought outright 50,525 ! 2, 619 12,818 2, 610 3,806 3,750 2 ,725 8,146 1,748 1 ,023 1 ,988 2 ,145 7,147 Held under repurchase agreements Total U. S. Government securities 50,525 I 2 ,619 12,818 2 ,610 3,806 3,750 2 ,225_ 8,146 1,748 1, 023 1 ,988 2 J45 7,147 Total loans and securities 51,145 ,672 13,035 2 ,623 3,809 3,773 2 ,770 8,280 1,766 1 ,040 1 ,996 2 ,186 7,195 1 2 Cash items in process of collection i 9,297 576 1,655 553 724 740 822 1,558 444 299 566 525 835 Bank premises 112 3 10 2 5 8 20 18 8 3 18 9 8 Other assets 1/ 2,175 95 740 102 171 112 118 284 66 43 83 105 256 TOTAL ASSETS 73,813 4 ,117 17,298 3 ,957 5,690 5,654 4 ,410 12,281 2,697 1 ,559 3 ,055 3 ,189 9,906 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 29, 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 42,180 2,463 9,674 2,459 3,384 3,888 2,296 7,447 1,570 740 1,582 1,431 5,246 Deposits: Member Bank reserves 20,430 954 5,252 886 1,459 944 1,140 3,155 663 494 848 1,114 3,521 U. S. Treasurer—general account 950 53 122 62 48 76 137 74 36 33 80 104 125 Foreign 191 9 1/ 57 10 16 10 11 26 6 4 8 10 24 Other 459 * 2/428 1 1 6 1 2 * 2 2 1 15 Total deposits 22,030 1,016 5,859 959 1,524 1,036 1,289 3,257 705 533 938 1,229 3,685 Deferred availability cash items 7,843 552 1,307 449 632 628 719 1,311 362 247 462 436 738 Other liabilities and accrued dividends 342 17 92 16 26 24 18 54 12 7 13 15 48 TOTAL LIABILITIES 72,395 4,048 16,932 3,883 5,566 5,576 4,322 12,069 2,649 1,527 2,995 3, 111 9,717 CAPITAL ACCOUNTS Capital paid in 615 30 158 32 55 32 39 91 21 14 27 35 81 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 205 10 54 10 15 15 11 34 7 4 7 9 29 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 73,813 4^117 17,298 3,957 5,690 5,654 JidtlSL- 12,281 2,697 1,559 3,055 3,189 9,906 Contingent liability on ace. eptances purchased for forei- gn correspondents 132 6 3/ 34 7 12 7 8 19 5 3 6 8 17 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 44,009 2,529 10,173 2,510 3,668 3,991 2,401 7,660 1,636 758 1,645 1,540 5,498 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 $134 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. Less than $500,000. Digitized for 2FR./ ASEARf ter deducting $ 98 million participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis