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••iSSK,;-.
FEDERAL
RESERVE
Factors Affecting Bank Reserves and
Condition Statement of F.R. Banks
H.4.1
For immediate release
January 11, 1968
The average of daily figures of total member bank reserves held during
the week ended January 10, decreased $502 million to $25,912 million. Estimated
currency and coin of member banks decreased $262 million and their reserve balances
at the Federal Reserve Banks decreased $240 million. Estimated required reserves
decreased $459 million; and estimated excess reserves decreased $43 million to
$578 million. Excess reserves exceeded member bank borrowings at the Federal
Reserve Banks by $398 million, compared with the revised figure of $126 million the
week before.
The principal changes reducing average reserve balances with Federal
Reserve Banks were decreases of $315 million in member bank borrowings, $140 million
in U. S. Government securities held under repurchase agreements, and $83 million in
acceptances held under repurchase agreements, and an increase of $105 million in
Treasury deposits with Federal Reserve Banks. The principal offsetting changes were
an increase of $65 million in U. S. Government securities bought outright, and
decreases of $343 million in currency in circulation, and $74 million in "other"
deposits with Federal Reserve Banks. Total Reserve Bank credit decreased $539
million.
As of
bought outright
securities held
bank borrowings
Wednesday, January 10, 1968, holdings of U. S. Government securities
were $736 million lower than a week earlier, U. S. Government
under repurchase agreements were $255 million lower, and member
were $129 million lower.
Averages of daily figures
Member bank reserves,
Week ended Change from week ended Wednesday,
Reserve Bank credit,
Jan. 10,
Jan. 10,
Jan. 11,
Jan. 3,
and related items
1968
1967
1968
1968
(In millions of dollars)
Reserve Bank credit:
U. S. Government securities-Bought outright—System account
49 s 109
+ 65
+5, 109
48,515
Held under repurchase agreements
74
-140
474
Federal Agency obligations —
Held under repurchase agreements
- 40
AcceptancesBought outright
74
- 1
6
73
Held under repurchase agreements
- 83
-- 127
Discounts and advances-Member bank borrowings
180
-315
- 405
70
Other
-1
Float
- 26
2,309
+
92
1,921
Total Reserve Bank credit
51,747
-539
+4,184
50,579
Gold stock
11,983
+ 1
-1,176
11,984
Treasury currency outstanding
6,781
+ 437
Z 3
6,780
70,511
+3,446
69,343
-542
Currency in circulation
46,857
-343
+2,412
46,759
Treasury cash holdings
1,385
+ 171
- 10
1,395
Treasury deposits with F. R. Banks
1,054
+ 544
+105
1,471
Foreign deposits with F, R. Banks
161
+
18
165
+ 14
Other deposits with F. R. Banks
493
+
58
485
- 74
Other F. R. accounts (net)
-679
- 829
-665
+ 6
49,271
+2,374
49,610
-302
Member bank reserves:
With Federal Reserve Banks
21,240
-240
+1,072
19,733
Currency and coin (estimated)
4,672
-262
+ 341
5,108
Total reserves held
25,912
-502
24,841
+1,413
Required reserves (estimated)
25,334
-459
+1,462
25,108
Excess reserves (estimated)
578
- 43
-267
- 49 1
On January 10, 1968, U, S. Government securities held in custody by the
Federal Reserve Banks for foreign account were $8,915 million, a decrease of
$197 million for the week and an increase of $1,992 million from the comparable
date a year ago.
H.4.1(a)
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Uednesday
Change since
Jan. 10, Jan. 3, Jan. 11,
1967
1968
1968
A S S E T S
Gold certificate account
Redemption fund for F. R. notes
Total gold certificate reserves
Cash
Discounts and advances
Acceptances:
Bought outright
s
Held under repurchase agreements
Federal Agency obligationsHeld under repurchase agreements
U. S. Government securities:
Bought outright—
Bills
Certificates
Notes
Bonds
Total bought outright
Held under repurchase agreements
Total U. S. Government securities
Total loans and securities
Cash items in process of collection
Bank premises
Other assets 1/
TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS
9,527
1.950
*
11,477
370
(842)
70
73
--
„„
3
3
+
8
- 129
-1,296
-1- 100
-1,196
+ 66
- 369
1
90
6
- 122
41
15,510
736
--
----
26,918
6,087
48,515
--
-• 736
- 255
- 991
-1,252
-1,743
+3,349
-4,351
+5,616
- 112
+4,502
--
29
-3,019
+4,502
+4,005
+ 401
+
5
+ 962
+4,243
(842) 41,237
377
+2,212
19,733
1,471
165
485
21,854
(1,717)
5,878
306
-2,340
+ 741
+
4
18
-1,613
-1,058
11
+1,031
+ 633
+ 33
+ 45
+1,742
+ 157
±
70
(2,559) 69,275
-3,059
+4,181
48,515
48,658
(1,717)
7,799
112
2,119
(2,559) 70,535
--
LIABILITIES
F e d e r a l Reserve n o t e s
Deposits:
Member bank reserves
U. S. Treasurer—general account
Foreign
Other 2/
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
TOTAL LIABILITIES
C A P I T A L
A C C O U N T S
Capital paid in
602
1
+ 31
Surplus
598
+ 28
3
Other capital accounts
60
39
+
Ratio of gold certificate reserves to F. R. note
liability (computed from figures as shown on
the following pages—not consolidated)
27.37o -'• . TL
- 4.4%
Contingent liability on acceptances purchased
for foreign correspondents
164
-1-9
11
* Figures in parentheses are the eliminations made in the consolidating process.
1/ Includes assets denominated in foreign currencies and IMF gold deposited.
j7 Includes IMF gold deposit.
^ T U R I ^
SECURITIES, JANUARY 10, 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
Federal Agency obligations
Discounts and
Holdings
advances
Acceptances
Weekly changes
Within 15 days
69
10
1,294
- 832
- 134
8,412
16 days to 90 days
1
63
66
21,237
91 days to 1 year
-16,185
Over 1 year to 5 years
-Over 5 years to 10 years
832
-Over 10 years
—_
—
555
Total
70
73
48,515
•1,032
H.4.1(b)
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 10, 1968
Total
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta Chicago
St.
MinneLouis apolis
Kansas
City Dallas
(In millions; of doll ars)
A S S E T S
Gold certificate account
Redemption fund for F. R. notes
Total gold certificate reserves
F, R* notes of other banks
Other cash
Discounts and advances
Acceptances:
Bought outright
Held under repurchase agreements
Federal Agency obligations-Held under repurchase agreements
U. S. Government securities:
Bought outrightE m s
Certificates
Notes
Bonds
Total bought outright
Held under repurchase agreements
Total U. S. Government securities
Total loans and securities
Cash items in process of collection
Bank premises
Other assets \J
TOTAL ASSETS
1/
9,527
1.950
11,477
570
110
680
2,199
472
2,671
641
101
742
836
156
992
811
189
1,000
606
107
713
1,541
328
1,869
407
67
474
164
32
196
350
75
425
317
70
387
1,328
842
370
71
23
216
44
47
8
65
51
61
23
90
45
64
67
36
33
15
5
30
18
43
14
104
39
70
6
29
1
2
1
._
14
2
14
i
*
73
—
---
73
--
—
--
—
--
-—
—
--
---
--_
--«.
__
..
_»
^—
887
15,510
--1,540
26,918
348
6,087
48,515 ~2 ,775
--"48,515 ~1 J312 ,781
48,658
3,779
-6,559
1,483
11,821
-11.821
11,923
9,516
112
2,119
574
3
96
1,662
10
715
73,094
4 ,228
17,241
—
--
1,085
?{i1
«
782 1,182
--1,356 2,050
464
307
2,445 3,696
--2.445 3.696
2,446 3,698
1,162
—
2,016
456
3,634
-3.634
3,635
860
—
1 ,493
338
2 ,691
-.691
~T
2 ,691
2,544
—
4,416
998
7,958
-7.958
7,972
560
-972
220
1,752
-1.752
1,752
322
-559
126
1,007
__
1.007
1,009
548
2
100
667
5
165
718
7
106
856
20
115
1,556
18
281
495
9
65
331
3
42
625
17
81
575
9
102
909
9
251
3,893
5,643
5,550
4 ,530
11,827
2,864
1,601
3,131
3 ,216
9,370
Includes assets denominated in foreign currencies and IMF gold deposited,
San
Francisco
614
666
-...
1,066 1 ,157
241
262
1,921 2 ,085
--1.921
.085
1,935 2 ,086
T
2,152
—
„
3,734
844
6,730
6.730
6,730
* Less than $500,000.
H.4.1(c)
STATEMENT OF CONDITION OF EACH. .FEDERAL RESERVE BANK ON JANUARY 10, 1968
r
r—
Total
L I A B I L I T I E S .
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer--general account
Foreign
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued
dividends
TOTAL LIABILITIES
CAPITAL ACCOUNTS
Capital paid in
Surplus
Other capital accounts
TOTAL LIABILITIES AND
CAPITAL ACCOUNTS
Contingent liability on ace;eptances purchased for foreign
correspondents
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas
apolis City
Dallas
San
Francisco
(In millions of dollars)
42,079
2,492
9,791
2,432
3,389
3,857
2,394
7,356
1,562
716
1,558
1,418
5,114
19,733
1,471
165
485
21,854
7,595
1,027
102
7
1
1,137
521
5,086
232
1/ 54
429
5,801
1,247
843
90
8
1
942
438
1,454
81
13
1,548
571
900
107
8
11
1,026
578
1,193
130
9
2
1,334
705
2,851
122
22
2
2,997
1,239
759
119
5
2
885
363
507
69
3
2
581
268
895
126
7
3
1,031
475
1,208
100
9
1
1,318
396
3,010
193
20
31
3,254
794
306
71,834
17
4,167
76
16,915
14
3,826
23
5,531
23
5,484
18
4,451
51
11,643
11
2,821
7
1,572
12
3,076
13
3,145
41
9,203
602
598
60
29
29
3
156
154
16
32
32
3
54
54
4
31
31
4
38
38
3
87
87
10
21
20
2
14
14
1
27
26
2
34
34
3
79
79
9
73,094
4,228
17,241
3,893
5,643
5,550
4,530
11,827
2,864
1,601
3,131
3,216
9,370
164
8
3/ 42
9
15
8
10
24
6
4
7
9
22
Vc
FEDERAL RESERVE AGENTS1 ACCOUNTS
44,044
2,582
10,275
2,490
3,620
3,986
2,526
7,633
1,633
742
1,633
1,533
5,391
6,663
450
1,000
525
600
640
450
1,400
331
127
225
180
735
9,400
2,100
3,100
3,395
2,150
6,450
1,370
635
1,450
1,380
5,000
4,035
10,400 2,625 3,700
45,269 2,626
After deducting $ 111 million participations of other Federal Reserve Banks,
Includes IMF gold deposit.
After deducting $122 million participations of other Federal Reserve Banks.
2,600
7,850
1,701
762
1,675
1,560
5,735
F. R. notes outstanding
Collateral for F. R. notes:
Gold certificate accounts
Eligible paper
U. S. Government securities
Total collateral
U
2/
3J
_
38,606
2,176
*
Less than $500,000.
@FedFRASER