H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Foctors Affecting Bank Reserves and ***f^LRt&;** Condition Statement of F.R. Banks H.4.1 For immediate release August 29, 1968 The average of daily figures of total member bank reserves held during the week ended August 28, decreased a net of $502 million to $25,723 million. Estimated currency and coin of member banks increased $113 million and their reserve balances at the Federal Reserve Banks decreased $615 million. Estimated required reserves decreased $139 million; and estimated excess reserves decreased $363 million to $140 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $234 million, compared with the revised figure of $116 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $277 million in Federal Reserve float, $245 million in member bank borrowings, and $181 million in U. S. Government securities held under repurchase agreements, and an increase of $86 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $59 million in U. S. Government securities bought outright, and decreases of $62 million in currency in circulation, and $48 million in foreign deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $663 million. As of Wednesday, August 28, 1968, holdings of U. S. Government securities bought outright were $132 million lower than a week earlier, U. S. Government securities held under repurchase agreements were $140 million lower, and member bank borrowings were $121 million lower. Average> s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Aug. 28, Aug. 21, Aug. 30, Aug. 28, and related items 1968 1968 1967 I 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 52,663 + 59 +6,414 52,618 Held under repurchase agreements -- -181 -- -- Federal Agency obligations- Held under repurchase agreements — 3 - Acceptances- Bought outright 53 14 52 m. •» Held under repurchase agreements -- - 15 -- -- Discounts and advances- Member bank borrowings 374 -245 + 328 537 Other Float 1,705 -277 + 415 1,537 Total Reserve Bank credit 54,794 -663 +7,143 54,744 Gold stock 10,367 -- -2,677 10,367 Treasury currency outstanding 6,740 + 6 + 47 6,739 71,901 -656 +4,513 71,850 Currency in circulation 48,190 - 62 +3,272 48,353 Treasury cash holdings 808 -- - 687 808 Treasury deposits with F. R. Banks 1,084 + 86 + 8 999 Foreign deposits with F. R 4 Banks 125 - 48 + 4 132 Other deposits with F. R. Banks 444 - 23 + 1 459 Other F. R. accounts (net) 51 + 9 - 132 j 51 Member bank reserves: 50,701 - 40 +2,465 50,802 With Federal Reserve Banks 21,201 -615 +2,050 21,048 Currency and coin (estimated) 4,522 +113 + 198 5,019 Total reserves held 25,723 -502 +2,248 26,067 Required reserves (estimated) 25,583 -139 +2,368 25,631 Excess reserves (estimated) 140 -363 - 120 1 436 On August 28, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,436 million, a decrease of $60 million for the week and an increase of $9 million from the comparable dat e 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. 28, Aug. 21, Au£. 30, 1968 1968 1967 A S S E TS Gold certificate account J7 10,026 •2,473 * Cash (739) 333 12 2 Discounts and advances 537 + 121 + 477 Acceptances: Bought outright 52 13 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 18,768 132 +5,227 Certificates Notes 28,143 +2,053 Bonds 5,707 - 831 Total bought outright 52,618 - 132 +6,449 Held under repurchase agreements - 140 Total U. S. Government securities 52,618 - 272 +6,449 Total loans and securities 53,207 - 155 +6,913 Cash items in process of collection (1,917) 7,267 - 859 + 698 Bank premises 113 + 3 Other assets 2) 1,646 19 + 296 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,656) 72,592 -1,007 +5,435 L I A B I L I T I ES Federal Reserve notes (739) 42,414 + 51 +2,731 Deposits: Member bank reserves 21,048 _ 539 +2,395 U. S. Treasurer—general account 999 - 47 - 329 Foreign 132 + 7 + 16 Other 3/ 459 + 9 + 7 Total deposits 22,638 - 570 +2,089 Deferred availability cash items (1,917) 5,730 - 517 + 373 Other liabilities and accrued dividends 376 - 10 + 137 TOTAL LIABILITIES (2,656) 71,158 -1,046 +5,330 C A P I T AL A C C O U N TS Capital paid in 618 -- + 30 Surplus 598 -- + 28 Other capital accounts 218 1-39 + 47 Contingent liability on acceptances purchased for foreign correspondents 149 1 104 * 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. AUGUST 28, 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 531 18 2,652 -226 16 days to 90 days 6 34 14,553 - 31 91 days to 1 year 16,839 - 19 Over 1 year to 5 years 7,879 Over 5 years to 10 years 10,107 Over 10 years -- 22 588 — Total 537 52 52,618 -276 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 AUGUST 28, 1968 San 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 10,026 564 2,005 498 870 946 495 2,066 323 173 413 355 1,318 F. R. notes of other banks 739 65 150 54 43 73 89 41 29 33 24 35 103 Other cash 333 19 38 6 47 20 44 58 30 4 21 16 30 Discounts and advances 537 48 51 3 21 62 17 124 33 28 17 17 116 Acceptances: Bought outright 52 -- 52 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements -- -- -- — — -- -- -- -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements — -- -- -- -- -- -- — -- — -- -- — U. S. Government securities: Bought outright— Bills 18,768 995 4,712 976 1,445 1,381 1,005 3,024 665 362 735 781 2,687 Certificates -- -- -- -- -- -- -- — -- -- -- -- -- Notes 28,143 1 ,492 7,065 1,463 2,168 2,071 1,507 4,534 997 543 1 ,103 1 ,171 4,029 Bonds 5,707 302 1,433 296 440 420 306 920 202 110 224 237 817 Total bought outright 52,618 ~T, 789 13,210 2,735 4,053 3,872 2,818 8,478 1,864 1,015 ~2 ,062 T ,189 7,533 Held under repurchase agreements -- -- -- — — — -- -- — -- — -- .. Total U. S. Government securities 52,618 ~T, 789 13,210 2,735 4,053 3,872 2.818 8,478 1,864 1,015 ~T, 062 T ,189 7,533 Total loans and securities 53,207 2 ,837 13,313 2,738 4,074 3,934 2,835 8,602 1,897 1,043 2 ,079 2 ,206 7,649 Cash items in process of collection : 9,184 589 1,553 533 687 760 823 1,455 470 340 588 580 806 Bank premises 113 3 10 2 5 9 19 18 8 3 18 9 9 Other assets 1/ 1.646 71 592 76 125 82 85 208 49 32 61 76 189 TOTAL ASSETS 75,248 i 4 ,148 17,661 3,907 5,851 5,824 4,390 12,448 2,806 1,628 3 ,204 3 ,277 10,104 1/ 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 OF AUGUST 28, 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 43,153 2,503 9,816 2,469 3,489 3,966 2,339 7,685 1,601 745 1,622 1,481 5,437 Deposits: Member bank reserves 21,048 938 5,571 845 1,501 975 1,150 3,171 709 528 910 1,165 3,585 U. S. Treasurer—general account 999 59 136 62 88 111 83 66 70 30 106 70 118 Foreign 132 7 1/ 32 7 12 7 8 20 4 3 6 8 18 Other 459 1 2/413 1 8 1 2 1 2 2 1 27 Total deposits 22,638 1,005 6,152 915 1,601 1,101 1,242 3,259 784 563 1,024 1,244 3,748 Deferred availability cash items 7,647 551 1,232 428 606 651 701 1,228 359 280 481 458 672 Other liabilities and accrued 376 19 93 20 30 28 20 60 13 8 16 16 53 dividends TOTAL LIABILITIES 73,814 4,078 17,293 3,832 5,726 5,746 4,302 12,232 2,757 1,596 3,143 3,199 9,910 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 218 11 56 11 16 15 11 37 8 4 8 9 32 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 75,248 4,148 17,661 3,907 5,851 5,824 4,390 12,448 2,806 1,628 3,204 3,277 10,104 Contingent liability on accept ances purchased for foreign correspondents 149 3/ 38 13 22 20 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 45,110 2,605 10,212 2,544 3,745 4,106 2,464 7,951 1,689 779 1,712 1,606 5,697 Collateral for F. R. notes: Gold certificate account 4,118 330 500 300 600 600 350 1,000 206 77 -- 155 Eligible paper U. S. Government securities 42,291 2,301 9,900 2,500 3,200 3,540 2,200 7,150 1,570 725 1,725 1,480 6,00C Total collateral 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 $100 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $111 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis