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 %?f^r^* Condition Statement of F.R. Banks H.4.1 For immediate release July 18, 1968 The average of daily figures of total member bank reserves held during the week ended July 17, increased a net of $125 million to $25,964 million. Estimated currency and coin of member banks increased $335 million and their reserve balances at the Federal Reserve Banks decreased $210 million. Estimated required reserves increased $390 million; and estimated excess reserves decreased $265 million to $186 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $284 million; the week before they were $39 million less than excess reserves. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $313 million in U. S. Government securities bought outright, and $123 million in Federal Reserve float, and an increase of $203 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $58 million in member bank borrowings, and a decrease of $270 million in "Other" F. R. accounts (net). Total Reserve Bank credit decreased $342 million. As of Wednesday, July 17, 1968, holdings of U. S. Government securities bought outright were $69 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $349 million higher, and member bank borrowings were $558 million higher. Averagei s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 17, July 10, July 19, July 17, and related items 1968 1968 1967 ! 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 51,890 -313 +5,419 51,969 Held under repurchase agreements 104 + 29 + 104 349 Federal Agency obligations-- Held under repurchase agreements - 4 Acceptances-- Bought outright 58 - 27 58 Held under repurchase agreements 18 + 10 + 18 ! 77 Discounts and advances-- Member bank borrowings 470 + 58 + 419 908 Other 14 + 1 + 12 13 Float 1,903 -123 + 56 2,173 Total Reserve Bank credit 54,458 -342 +6,003 55,547 Gold stock 10,367 -- -2,742 10,367 Treasury currency outstanding 6,574 + 3 - 29 6,575 71,398 -339 +3,230 72,489 Currency in circulation 48,104 - 10 +3,019 48,066 Treasury cash holdings 831 - 6 - 646 836 Treasury deposits with F. R. Banks 1,106 +203 + 85 969 Foreign deposits with F. R. Banks 155 - 26 + 27 135 Other deposits with F. R. Banks 470 - 20 - 14 480 Other F. R. accounts (net) -662 -270 -1,042 -494 50,004 -129 +1,428 49,992 Member bank reserves: With Federal Reserve Banks 21,394 -210 +1,802 22,497 Currency and coin (estimated) 4,570 +335 + 273 4,924 Total reserves held 25,964 +125 +2,075 ! 27,421 Required reserves (estimated) 25,778 +390 +2,125 | 26,051 Excess reserves (estimated) 186 -265 50 1,370 On July 17, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,410 million, a decrease of $180 million for the week and an increase of $56 million from the comparable dLat^ 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 July 17, July 10, July 19 : 1968 1968 1967 A S S E TS Gold certificate account J7 10,025 -2,577 Cash (643) 392 10 + 75 Discounts and advances 921 + 558 + 869 Acceptances: Bought outright 58 - 23 Held under repurchase agreements 77 77 + 77 Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 18,119 69 +4,438 Certificates -.- -- -4,353 Notes 27,746 -- +6,009 Bonds 6,104 -- - 434 Total bought outright 51,969 - 69 +5,660 Held under repurchase agreements 3.4? + 349 + 349 Total U. S. Government securities 52,318 J. 280 +6,009 I Total loans and securities 53,374 + 915 +6,932 Cash items in process of collection (2,457) 9,276 +1, 377 +1,436 Bank premises 114 -- + 5 Other assets 2/ 2.098 - 198 +1,101 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,100) 75,279 ±2, 084 +6,972 L I A B I L I T I ES Federal Reserve notes (643) 42,377 171 +2,647 Deposits: Member bank reserves 22,497 +1,400 +3,271 U. S. Treasurer--general account 969 + 72 - 186 Foreign 135 20 + 15 Other 3/ 480 + 14. l_ 2 Total deposits 24,081 +1,466 +3,099 Deferred availability cash items (2,457) 7,103 + 946 +1,016 Other liabilities and accrued dividends 363 4 + 122 : TOTAL LIABILITIES (3,100) 73,924 +2,237 +6,884 C A P I T AL A C C O U N TS Capital paid in 617 + 31 Surplus 598 + 28 Other capital accounts 140 153 + 29 Contingent liability on acceptances purchased for foreign correspondents 105 1 250 * Figures in parenetheses 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, JULY 17, 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 905 93 3,067 +997 16 days to 90 days 16 42 12,854 -605 91 days to 1 year 22,602 -112 Over 1 year to 5 years 7,737 Over 5 years to 10 years 5,470 Over 10 years 588 Total 921 135 52,318 +280 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 17, 1968 San New Phila 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 10,025 574 2,307 532 674 934 574 1,929 414 168 315 224 1,380 F. R. notes of other banks 643 35 178 39 38 69 69 30 24 20 22 26 93 Other cash 392 22 51 5 50 24 49 76 31 5 24 17 38 Discounts and advances 921 90 232 2 4 43 20 395 4 8 15 50 58 Acceptances: Bought outright 58 -- 58 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements 77 -- 77 -- -- -- -- -- — -- -- -- -- Federal Agency obligations-- Held under repurchase agreements -- U. S. Government securities: Bought outright-- Bills 1 18,119 974 4,512 942 1,423 1,342 982 2,921 638 358 714 774 2,539 Certificates -- -- -- -- -- -- _„ -- — -- -- -- -- Notes 27,746 i 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 ~T Total bought outright 51,969 2,793 12,941 2,701 4,082 3,849 2,816 8,377 1,830 ,027 2,050 —j ,221 7,282 Held under repurchase agreements 349 ! 349 -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 52.318 ! 2,793 13,290 2,701 4,082 3,849™ 2,816 8,377 1,830 ~T, 027 "2,050 T ,221 7,282 Total loans and securities 53,374 2,883 13,657 2,703 4,086 3,892 2,836 8,772 1,834 1, 035 2,065 * 2 ,271 7,340 Cash items in process of collection 1 11,733 698 2,087 685 912 977 1,030 1,925 577 391 749 656 1,046 Bank premises ! 114 3 10 2 5 9 20 18 8 3 18 9 9 Other assets 1^/ 2,098 95 708 97 164 111 112 278 64 41 80 99 249 TOTAL ASSETS ' 78,379 4,310 18,998 4,063 5,929 6,016 4,690 13,028 2,952 1 ,663 3,273 3 ,302 10,155 J7 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 17, 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 43,020 2,531 9,752 2,505 3,470 3,967 2,364 7,634 1,607 755 1,616 1,479 5,340 Deposits: Member banks reserves 22,497 964 6,622 832 1,491 1,008 1,213 3,512 783 501 913 1,136 3,522 U. S. Treasurer—general account 969 63 143 69 52 128 110 85 58 49 65 60 87 Foreign 135 7 1/ 28 8 13 8 9 21 5 3 6 8 19 Other 480 1 2/431 2 11 1 2 1 1 3 1 26 Total deposits 24,081 1,035 7,224 911 1,556 1,155 1,333 3,620 847 554 987 1,205 3,654 Deferred availability cash items 9,560 659 1,578 559 755 795 889 1,515 440 314 598 528 930 Other liabilities and accnl ed dividends 363 19 98 17 29 26 19 56 12 9 14 15 49 TOTAL LIABILITIES 77,024 4,244 18,652 3,992 5,810 5,943 4,605 12,825 2,906 1,632 3,215 3,227 9,973 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 140 7 34 7 10 10 8 24 5 3 5 6 21 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,379 4,310 18,998 4,063 5,929 6,016 4,690 13,028 2,952 1,663 3,273 3,302 10,155 • • • - - Contingent liability on ace: eptances purchased for foreiL gn correspondents 105 5 3/ 27 6 _9_ 5 7 15 4___ ~L_ 5 6 14 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding _2,602 10,2To 2,570 3,713 4,106 2,486 7,888 1,685 790 1,681 1,500 5,580 Collateral for F. R. notes: Gold certificate account 330 1,000 475 600 640 350 1,000 206 77 180 Eligible paper U. S. Government securities 2.301 9.400 2.300 3.200 3.540 2.200 7.150 1.570 _Z25_ 1,725 1,480 6,QQQ Total collateral 2,631 10,400 2,775 3,800 4,180 2,550 8,150 1,776 802 1,725 1,660 6,000 1/ After deducting $107 million participations of other Federal Reserve Banks 12 .;/ _I ncludes IMF g<ol.d.. deposit. 2/ After deducting. $ 78 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis