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 June 20, 1968 The average of daily figures of total member bank reserves held during the week ended June 19, increased a net of $144 million to $25,548 million. Estimated currency and coin of member banks increased $180 million and their reserve balances at the Federal Reserve Banks decreased $36 million. Estimated required reserves increased $248 million; and estimated excess reserves decreased $104 million to $219 million. Member bank borrox^ings at the Federal Reserve Banks exceeded excess reserves by $445 million, compared with the revised figure of $355 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks was a decrease of $153 million in U. S. Government securities held under repurchase agreements, and increases of $216 million in Treasury deposits with Federal Reserve Banks, $68 million in currency in circulation, and $64 million in "Other" F. R. accounts (net). The principal offsetting changes were increases of $241 million in U. S. Government securities bought outright, and $227 million in Federal Reserve float. Total Reserve Bank credit increased $286 million. As of Wednesday, June 19, 1968, holdings of U. S. Government securities bought outright were $755 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $512 million lower, and member bank borrowings were $1,413 million higher. Average> s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, June 19, June 12, June 21, June 19, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities — Bought outright--System account 50,850 +241 +5,275 51,497 Held under repurchase agreements 108 -153 + 41 138 Special certificates -- -- 12 -- Federal Agency obligations— Held under repurchase agreements 15 - 14 + 15 64 Acceptances- Bought outright 52 + 1 21 53 Held under repurchase agreements 23 - 3 + 23 50 Discounts and advances- Member bank borrowings 664 - 14 + 573 1,939 Other 13 -- 12 13 Float 1,803 +227 + 95 1,768 Total Reserve Bank credit 53,528 +286 +5,976 55,522 Gold stock 10,367 -- -2,741 10,367 Treasury currency outstanding 6,782 - 12 + 174 6,781 70,677 +274 +3,409 72,670 Currency in circulation 47,574 + 68 +2,976 47,622 Treasury cash holdings 982 - 22 - 411 973 Treasury deposits with F. R. Banks 1,072 +216 + 552 1,177 Foreign deposits with F. R. Banks 146 - 11 + 25 160 Other deposits with F. R. Banks 451 - 6 + 1 459 Other F. R. accounts (net) -715 + 64 -1,240 -16 Member bank reserves: 49,510 +310 +1,903 50,375 With Federal Reserve Banks 21,167 - 36 +1,506 | 22,295 Currency and coin (estimated) 4,381 +180 + 275 4,845 Total reserves held 25,548 +144 +1,781 27,140 Required reserves (estimated) 25,329 +248 +1,823 25,691 Excess reserves (estimated) 219 -104 42 1,449 On June 19, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,357 million, a decrease of $284 million for the week and an increase of $469 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since June 19, June 12, June 21, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,025 •2,574 Cash (585) 429 + 10 + 108 Discounts and advances 1,952 +1, 413 +1,516 Acceptances: Bought outright 53 - - 23 Held under repurchase agreements 50 5 + 48 Federal Agency obligations-- Held under repurchase agreements 64 1 + 64 U. S. Government securities: Bought outright-- Bills 17,848 + 755 +4,527 Certificates -- -- -4,352 Notes 27,626 -- +5,942 Bonds 6,023 -- - 435 Total bought outright 51,497 + 755 +5,682 Held under repurchase agreements 138 - 512 - 334 Total U. S. Government securities 51,635 + 243 +5,348 Total loans and securities 53,754 +1, 650 +6,953 Cash items in process of collection (2, 521) 8,872 + 962 + 805 Bank premises 113 -- + 5 Other assets 2:/ 1,634 - 798 + 763 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3, 106) 74,827 +1, 824 +6,060 L I A B I L I T I ES Federal Reserve notes (585) 41,901 39 +2,654 Deposits* Member bank reserves 22,295 + 350 +2,371 U. S. Treasurer--general account 1,177 + 672 + 422 Foreign 160 + 17 + 32 Other 3/ 459 + 6 1 Total deposits 24,091 +1, 045 +2,824 Deferred availability cash items (2,521) 7,104 + 766 + 368 Other liabilities and accrued dividends 372 - 1 + 128 TOTAL LIABILITIES (3,106) 73,468 +1, 771 +5,974 C A P I T AL A C C O U N TS Capital paid in 616 1 + 31 Surplus 598 -- + 28 Other capital accounts 145 • 52 + 27 Contingent liability on acceptances purchased for foreign correspondents 115 242 * 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." 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. 'MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 19, 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 Acc eptances Holdings Weekly changes Within 15 days 1,937 60 2,187 -695 16 days to 90 days 15 43 13,481 +672 91 days to 1 year -- -- 22,383 +573 Over 1 year to 5 years -- -- 7,649 -308 Over 5 years to 10 years -- -- 5,421 -« Over 10 years -- _^_- 578 „ Total 1,952 103 51,699 +242 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 JUNE 19, 1968 San New Phil a- 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 10,025 469 1,690 531 1,229 1,012 563 1,694 386 184 327 374 1,566 F. R. notes of other banks 585 33 195 23 36 57 64 30 18 11 20 18 80 Other cash 429 23 68 6 55 25 50 82 32 6 24 17 41 Discounts and advances 1,952 88 830 19 29 92 39 469 20 7 73 37 249 Acceptances: Bought outright 53 -- 53 -- -- -- -- -- -- -- — -- -- Held under repurchase agreements 50 -- 50 -- -- -- -- -- -- -- -- -- -- Federal Agency obligations- Held under repurchase agreements 64 64 V. S. Government securities: Bought outright — Bills 17,843 930 4,383 941 1,367 1,323 960 2,915 638 355 712 747 2,577 Certificates -- -- - - -- ._ -- -- -- -- -- -- -- Notes 27,626 1 ,438 6,784 1 ,456 2,116 2,049 1 ,487 4,511 988 549 1 ,102 1 ,158 3,988 Bonds ! 6,023 314 1,479 317 461 447 324 984 216 120 240 252 869 Total bought outright 1 51,497'~ 2 ,682 12,646 ~T, 714 3,944 3,819 ~~2, 771 8,410 1,842 T ,024 ~T, 054 ~T, 157 7,434 Held under repurchase agreements \ 138 -- 138 -- -- -- -- -- -- -- -- -- -- ~T ~T ~T Total U. S. Government securities _JU6I5_ ZEMzZ 1~2.784 t 714 " 3.944 ' 3.819 IJL. 771 8.410 1.842 x011_ ~f, 054 " ,157 7.434 Total loans and securities 53,754 2 ,770 13,781 2 ,733 3,973 3,911 2 ,810 8,879 1,862 1 ,031 2 ,127 2 ,194 7,683 Cash items in process of collection 11,393 661 2,244 699 827 861 1 ,060 1,796 552 353 718 612 1,010 Bank premises 113 3 10 2 5 8 20 18 8 3 18 9 9 Other assets 1/ 1,634 72 587 75 124 83__ 84 207 49 31 60 74 188 TOTAL ASSETS 77,933 4 ,031 18,575 4 ,069 6,249 5,957 4 ,651 12,706 2,907 1 ,619 3 ,294 3 ,298 10,577 \J 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 JUNE 19, 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 do]L iars) L I A B I L I T I ES Federal Reserve notes 42,486 2,496 9,677 2,477 3,419 3,920 2,333 7,512 1,586 751 1,599 1,456 5,260 Deposits: Member bank reserves 22,295 581 6,046 886 1,879 1,035 1,180 3,327 726 493 962 1,181 3,999 U. S. Treasurer--general account 1,177 58 290 51 46 132 95 84 83 32 68 55 183 Foreign 160 7 1/ 45 8 14 8 10 23 5 4 7 9 20 Other 459 2 2/415 1 -- 7 1 _.2 .... 10 1 2 !_ 17 Total deposits 24,091 648 6,796 946 1,939 1,182 1,286 3,436 824 530 1,039 1,246 4,219 Deferred availability cash items 9,625 802 1,651 557 743 756 928 1,496 437 299 584 506 866 Other liabilities and accrued dividends 372 19 103 18 28 26 19 59 13 8 14 15 50 TOTAL LIABILITIES 76,574 3,965 18,227 3,998 6,129 5,884 4,566 :1 2,503 2,860 1,588 3,236 3,223 10,395 CAPITAL ACCOUNTS Capital paid in 616 30 158 32 55 32 39 91 21 14 27 35 82 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 145 7 36 7 11 10 8 25 6 3 5 6 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 77,933 4,031 18,575 4,069 6,249 5,957 4,651 ]L 2,706 2,907 1,619 3,294 3,298 10,577 Contingent liability on ace: eptances purchased for forei- gn correspondents 115 6 3/ 30_ 6_ 10 6 7 17 ___£_ 3 5 6 15 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 44,293 2,551 10,140 2,532 3,669 4,031 2,439 7,751 1,661 773 1,663 1,568 5,515 Collateral for F. R. notes- Gold certificate account 5,258 330 1,000 475 600 640 350 1,400 206 77 -- 180 -- Eligible paper -- -- -- -- -- -- -- -- -- -- -- -«. - — U. S. Government securities 40,256 2,256 9,400 2,300 3,100 3,460 2,150 6,450 1,520 715 1,725 1,430 5,750 Total collateral 45,514 2,586 10,400 2,775 3,700 4,100 2,500 7,850 1,726 792 1,725 1,610 5,750 1/ After deducting $115 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. y After deducting $ 85 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis