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 :?<sfs^- Condition Statement of F.R. Banks H.4.1 For immediate release July 5, 1968 The average of daily figures of total member bank reserves held during the week ended July 3, decreased $440 million to $25,762 million. Estimated currency and coin of member banks decreased $108 million and their reserve balances at the Federal Reserve Banks decreased $332 million. Estimated required reserves increased $39 million; and estimated excess reserves decreased $479 million to $87 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $406 million, compared with the revised figure of $241 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $314 million in member bank borrowings, $146 million in U. S. Government securities held under repurchase agreements, and $66 million in Federal agency obligations held under repurchase agreements, and an increase of $204 million in currency in circulation. The principal offsetting changes were an increase of $420 million in U. S. Government securities bought outright, and a decrease of $149 million in "Other" Federal Reserve accounts (net). Total Reserve Bank credit decreased $72 million. As of Wednesday, July 3, 1968, holdings of U. S. Government securities bought outright were $351 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $97 million lower, and member bank borrowings were $93 million higher. Outright holdings of bills, notes, and bonds increased $257 million, $45 million, and $49 million, respectively. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 3, June 26, July 5, July 3, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities — Bought outright—System account 52,217 +420 +5,462 52,230 Held under repurchase agreements -146 51 Federal Agency obligations- Held under repurchase agreements - 66 Acceptances- Bought outright 59 + 6 33 58 Held under repurchase agreements 43 - 22 2 Discounts and advances— Member bank borrowings 493 -314 + 140 492 Other 13 13 Float 1 ,788 + 51 + 557 1,677 Total Reserve Bank credit 5 a 4 . , 613 - 72 +6 ,070 54,470 Gold stock 10, 367 -2, 743 10,367 Treasury currency outstanding 6 ,567 -155 - 47 6,569 71, 546 -228 +3 ,279 71,406 Currency in circulation 47, 644 +204 +2 ,788 48,052 Treasury cash holdings 880 - 67 584 849 Treasury deposits with F. R. Banks 1 ,115 + 52 + 27 1,148 Foreign deposits with F. R. Banks 185 + 24 + 37 261 Other deposits with F. R. Banks 522 + 41 + 14 525 Other F. R. accounts (net) -136 -149 496 -393 Member bank reserves: 50, 209 +104 +1,785 50,442 With Federal Reserve Banks 21 337 -332 +1,496 20,964 Currency and coin (estimated) 4 ,425 -108 + 382 4,550 Total reserves held 25,7 62 -440 +1,878 25,514 Required reserves (estimated) 25,6 75 + 39 +2,253 25,641 Excess reserves (estimated) -479 - 375 -127 On July 3, 1968, U.S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,430 million, a decrease of $683 million for the week and a decrease of $289 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 Chan I since July 3, June 26, » ] July 5, 1968 1968 1967 A S S E TS Gold certificate account JL/ 10,025 -2,583 Cash (531) 419 10 + 111 Discounts and advances 505 93 + 416 Acceptances- Bought outright 58 38 Held under repurchase agreements 71 42 Federal Agency obligations-- Held under repurchase agreements 56 17 J. S. Government securities: Bought outright-- Bills 18,380 + 257 +4,033 Certificates -4,353 Notes 27,746 + 45 +6,009 Bonds 6,104 + 49 - 434 Total bought outright 52,230 351 +5,255 Held under repurchase agreements 97 - 102 Total U. S. Government securities 3.2^230 + 254 +5.153 Total loans and securities 52,793 + 220 +5,472 Cash items in process of collection (2,385) 8,542 + 531 +1,642 Bank premises 114 + 1 + 5 Other assets 2/ 2,118 + 447 +1,029 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,916) 74.011 +1. 189 +5,676 L I A B I L I T I ES Federal Reserve notes (531) 42,409 + 506 +2,549 Deposits: Member bank reserves 20,964 - 85 + 479 U. S. Treasurer--general account 1,148 + 131 + 859 Foreign 261 + 63 + 87 Other 3/ 525 + 29 + 6 Total deposits 22,898 + 138 +1,431 Deferred availability cash items (2,385) 6,865 + 495 +1,454 Other liabilities and accrued dividends 381 + 1 + 129 TOTAL LIABILITIES (2,916) 72,553 +1,140 +5,563 C A P I T AL A C C O U N TS Capital paid in 617 -- + 32 Surplus 598 -- + 28 Other capital accounts 243 + 49 + 53 Contingent liability on acceptances purchased 109 «» 5 - 263 for foreign correspondents * 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. 1/ includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 3, 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 aaddvvaanncceess AAcccceeppttaanncceess Holdings Weekly changes Within 15 days 476 7 2,252 -496 16 days to 90 days 29 51 13,441 +435 91 days to 1 year -- -- 22,742 +197 Over 1 year to 5 years -- -- 7,737 + 39 Over 5 years to 10 years -- -- 5,470 + 17 Over 10 years ^ 588 + 6 Total 505 58^ 52,230 4-198 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 JULY 3, 1968 S an New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 10,025 610 1,965 570 851 951 498 1,965 348 222 335 323 1,387 F. R. notes of other banks 531 28 169 18 33 54 64 28 19 14 15 21 68 Other cash 419 24 56 4 53 25 51 84 33 6 24 17 42 Discounts and advances 505 37 60 19 4 39 6 195 17 32 25 17 54 Acceptances: Bought outright 58 -- 58 — -- -- -- -- -- -- — -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations— Held under repurchase agreements — U. S. Government securities: Bought outright-- Bills 18,380 988 4,577 955 1,444 1,361 996 2,963 647 363 725 785 2,576 Certificates -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 27,746 1,491 6,909 1,442 2,180 2,055 1 ,503 4,472 977 548 1,095 1 ,186 3,888 Bonds 6,104 328 1,520 317 479 452 331 984 215 121 241 261 855 Total bought outright 52,230 2,807 13,006 2,714 4,103 3,868 2 ,830 8,419 1,839 1 ,032 2,061 2 ,232 7,319 Held under repurchase agreements __ -- -- -- -- -- -- -. -- -- -- -- - - Total U. S. Government securities 52,230 2,807 13.006 2,714 4.103 3,868 2 ,830 8,419 1.839 1 ,032 2,061 2 .232 7.319 Total loans and securities 52,793 2,844 13,124 2,733 4,107 3,907 2 ,836 8,614 1,856 1 ,064 2,086 2 ,249 7,373 Cash items in process of collection 10,927 663 1,865 555 784 892 1 ,045 1,794 594 334 749 677 975 Bank premises 114 3 10 2 5 9 20 18 8 3 18 9 9 Other assets 1/ 2,118 94 706 116 164 110 113 279 64 40 80 100 252 TOTAL ASSETS 76,927 4,266 17,895 3,998 5,997 5,948 4,, 627 12,782 2,922 1 ,683 3,307 3 ,396 10,106 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 JULY 3, 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 42,940 2,519 9,788 2,507 3,444 3,974 2,364 7,584 1,603 751 1,613 1,472 5,321 Deposits: Member bank reserves 20,964 961 5,389 725 1,605 985 1,245 3,244 741 546 903 1,153 3,467 U. S*s Treasurer--general account 1,148 53 213 59 91 116 93 124 53 52 86 34 174 Foreign 261 9 1/ 124 10 17 10 12 27 6 4 8 10 24 Other 525 1 2/ 433 54 * 7 1 2 2 -- 3 2 20 Total deposits 22,898 1,024 6,159 848 1,713 1,118 1,351 3,397 802 602 1,000 1,199 3,685 Deferred availability cash items 9,250 632 1,471 548 684 749 802 1,523 454 289 618 630 850 Other liabilities and accrued dividends 381 20 104 19 28 27 20 58 13 8 15 16 53 TOTAL LIABILITIES 75,469 4,195 17,522 3,922 5,869 5,868 4,537 12,562 2,872 1,650 3,246 3,317 9,909 CAPITAL ACCOUNTS Capital paid in 617 30 158 32 55 32 39 92 21 14 27 35 82 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 243 12 61 12 19 17 13 41 9 5 8 10 36 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 76,927 4.266 17,895 3,998 5,997 5,948 4,627 12,782 2,922 1,683 3,307 3,396 10,106 Contingent liability on ace: eptances purchased for foreign correspondents 109 5 3/ 28 6 10 6 7 16 4 2 5 6 14 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 10,173 2,565 3,661 4,078 2,471 7,814 1,677 775 1,667 1,583 5,549 Collateral for F. R. notes: Gold certificate account 1,000 475 600 640 350 1,000 206 77 180 -- Eligible paper U. S, Government securities 9,400 2,300 3,100 3,500 2,150 ZJ,50_.. .A^520__ 715 _.1.,.725_ __1.,_430_... 5.750 Total collateral 2,611 10,400 2,775 3,700 4,140 2,500 8.150 1,726 792 1,725 1,610 5,750 1/ After deducting $137 million participations of other Federal Reserve Banks. *Less than $500,000. 2/ Includes IMF gold deposit, 2/ After deducting $81 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis