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 August 15, 1968 The average of daily figures of total member bank reserves held during the week ended August 14, decreased a net of $428 million to $25,818 million. Estimated currency and coin of member banks increased $50 million and their reserve balances at the Federal Reserve Banks decreased $478 million. Estimated required reserves decreased $330 million; and estimated excess reserves decreased $98 million to $270 million. Member bank borrowings at the Federal Reserve Banks exceeded excess ; reserves by $306 million, compared with the revised figure of $369 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks was a decrease of $161 million in member bank borrowings, and increase* of $313 million in currency in circulation, and $82 million in Treasury deposits with Federal Reserve Banks. The principal offsetting change was an increase of $52 million in U. S. Government securities bought outright. Total Reserve Bank credit decreased $181 million. As of Wednesday, August 14, 1968, holdings of U. S. Government securities bought outright were $52 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $286 million lower, and member bank borrowings were $213 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended iWednesday, Reserve Bank credit, Aug. 14, Aug. 7, Aug. 16, Aug. 14, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 52,212 + 52 +5,608 52,212 Held under repurchase agreements 293 - 17 + 183 308 Federal Agency obligations-- Held under repurchase agreements 13 + 11 Acceptances- Bought outright 54 - 1 - 26 54 Held under repurchase agreements 33 - 8 + 33 44 Discounts and advances-- Member bank borrowings 576 -161 + 447 291 Other 4 - 7 + 4 "" Float 1,606 - 39 + 239 1,705 Total Reserve Bank credit 54,790 -181 +6,498 54,615 Gold stock 10,367 -- -2,690 10,367 Treasury currency outstanding 6,730 + 4 + 74 6,731 71,888 -175 +3,883 71,713 Currency in circulation 48,289 +313 +3,154 48,379 Treasury cash holdings 811 - 13 - 675 812 Treasury deposits with F. R. Banks 927 + 82 80 931 Foreign deposits with F. R. Banks 189 - 15 + 63 216 Other deposits with F. R. Banks 449 - 26 22 491 Other F. R. accounts (net) -313 - 39 - 511 1 -389 Member bank reserves: 50,352 +302 +1,930 50,440 With Federal Reserve Banks 21,536 -478 +1,953 21,274 Currency and coin (estimated) 4,282 + 50 + 102 4,850 Total reserves held 25,818 -428 +2,055 26,124 Required reserves (estimated) 25,548 -330 +2,167 25,688 Excess reserves (estimated) 270 - 98 - 112 1 436 On August 14, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,467 million, a decrease of $109 million for the week and an increase of $141 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 . Aug. 14, Aug. 7, Aug. 16, 1968 1968. 1967 A S S E TS Gold certificate account jL/ (655) 10,026 — -2,5 18 Cash 355 2 + 22 Discounts and advances 291 - 223 + 36 Acceptances: Bought outright 54 23 Held under repurchase agreements 44 30 + 44 Federal Agency obligations- Held under repurchase agreements i 43 4. 1 U. S. Government securities: Bought outright— Bills 18,362 f 52 +4,386 Certificates Notes 27,746 +1,656 Bonds 6,104 - 434 Total bought outright 52,212 + 52 +5,608 Held under repurchase agreements 308 - 286 + 308 Total U.S. Government securities 52,520 234 +5,916 Total loans and securities 52,910 - 530 +5,974 Cash items in process of collection (2,226) 8,599 + 988 + 361 Bank premises 113 + 3 Other assets If 1,977 - 92 + 818 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,881) 73,980 + 364 +4,660 L I A B I L I T I ES Federal Reserve notes (655) 42,473 + 109 +2,645 Deposits: Member bank reserves 21,274 - 961 +1,585 U, S. Treasurer--general account 931 + 573 - 40 Foreign 216 + 2 + 88 Other 3/ 491 + 24 + 26 Total deposits 22, 912 - 362 +1,659 Deferred availability cash items (2,226) 6 ,894 + 799 + 158 Other liabilities and accrued dividends 366 - 20 + 120 TOTAL LIABILITIES (2,881) 72,645 + 526 +4,582 C A P I T AL A C C O U N TS Capital paid in 618 -- + 31 Surplus 598 + 28 Other capital accounts 119 162 + 19 Contingent liability on acceptances purchased for foreign correspondents 148 + 20 - 132 * 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.11 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 14, 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 Age ncy obligations advance s Acceptances Holdings Weekly changes Within 15 days 286 65 7,393 -276 16 days to 90 days 5 32 8,687 •f 14 91 days to 1 year -• -- 22,646 - 15 Over 1 year to 5 years «._ -- 7,737 -- Over 5 years to 10 years -- 5,470 -- Over 10 years «-. -• 588 -- Total 29l 98 52,521 -277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 14, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas , Frar*ci sco (In millions of dollars) Gold certificate account 10,026 725 1,995 563 847 1,007 59? 1,944 341 207 422 329 1,049 F. R. notes of other banks j 655 49 156 41 36 63 77 41 22 28 18 33 91 Other cash 355 21 43 6 49 21 46 66 30 4 22 16 31 Discounts and advances 291 18 95 2 27 3 7 85 9 8 18 19 -- Acceptances: Bought outright 54 -- 54 -- -- -- -- -- -• -- -- -- -- Held under repurchase agreements 44 -- 44 -- -- -- •• -- -- -- -- — • - - Federal Agency obligations-- Held under repurchase agreements 1 1 U. S. Government securities: Bought outright-- Bills 18,362 973 4,610 954 1,415 1,351 983 2,958 651 354 720 764 2,629 Certificates -- -- -- — -- -- -- -- -- -- -- -- -- Notes 27,746 1 ,471 6,966 1,442 2,138 2,042 1 ,486 4,470 983 535 1 ,087 1 ,154 3,972 Bonds 6,104 324 1,532 317 470 449 327 984 216 118 239 254 874 Total bought outright 52,212 1 2 ,768 13,108 2,713 4,023 3,842 2 ,796 8,412 1,850 1 ,007 —2 ,046 2 ,172 7,475 Held under repurchase agreements 308 -- 308 -- _- -- -- -- -- -- -- -- -- Total U. S. Government securities I 52,520 2 J68 13,416 2,713 4,023 3,842_ 2, 796 8,412 1^850 1 ,007 2 ,046 2 ,172 7,475 Total loans and securities 52,910 2, 786 13,610 2,715 4,050 3,845 2 ,803 8,497 1,859 1 ,015 2 ,064 2 ,191 7,475 Cash items in process of collection 10,825 662 1,736 674 832 932 963 1,709 574 360 683 652 1,048 Bank premises 113 3 10 2 5 9 19 18 8 3 18 9 9 Other assets 1/ 1.977 87 687 93 145 105 101 257 59 51 72 87 233 TOTAL ASSETS 76,861 4 ,333 18,237 4,094 5,964 5,982 4 ,606 12,532 2,893 1 ,668 3 ,299 3 ,317 9,936 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 AUGUST 14, 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 43,128 2,515 9,806 2,481 3,490 3,962 2,351 7,678 1,608 749 1,624 1,484 5,380 Deposits: Member bank reserves 21,274 1,042 5,974 876 1,501 1,030 1,228 3,054 717 523 926 1,113 3,288 U. S. Treasurer—general account 931 67 136 76 89 76 91 89 44 22 80 69 92 Foreign 216 9 L/ 79 10 17 10 12 27 6 4 8 10 24 Other 491 425 -- 1 14 1 14 1 3 3 3 26 Total deposits 22,912 1,118 6,614 962 1,608 1,130 1,332 3,184 768 554 1,017 1,195 3,430 Deferred availability cash items 9,120 616 1,379 561 722 793 820 1,414 459 327 586 547 896 Other liabilities and accrued dividends 366 19 96 20 27 26 19 56 13 8 15 16 51 TOTAL LIABILITIES 75,526 4,268 17,895 4,024 5,847 5,911 4,522 12,332 2,848 1,638 3,242 3,242 9,757 CAPITAL ACCOUNTS -Capital paid in 618 30 158 32 55 32 39 92 21 14 27 35 83 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 119 6 30 6 8 8 7 21 4 2 4 6 17 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 76,861 4,333 18,237 4,094 5,964 5,982 4,606 J 2,532 2,893 1,668 3,299 3,317 9,936 Contingent liability on ace: eptances purchased for foreign correspondents 148 7 3/ 38 8 13 8 9 22 5 3 7 8 20 FEDERAL RESERVE AGENTS1 ACCOUNTS F, R. notes outstanding 2,602 10,169 2,548 3,739 4,085 2,472 7,926 1,686 780 1,701 1,600 5,619 Collateral for F. R. notes: <k>ld certificate account 330 500 300 600 600 350 1,000 206 77 155 Eligible paper U. S. Government securities 42.291 1 2,301 9,900 2,500 3,200 3,540 2,200 7,150 1.570 725 1,725 1.480 6.000 Total col lateral 46,409 | 2,631 10,400 2,800 3,800 4,140 2,550 8,150 1,776 802 1,725 1,635 6,000 1/ After deducting $137 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $ llOmillion participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis