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••isHSjt. FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release July 21, 1966 Figures on factors affecting bank reserves during the week ended July 20 continued to be affected by effects of the airline strike in slowing inter-city and inter-district check clearances. The average of daily figures of total member bank reserves held decreased a net of $326 million to $22,919 million. Estimated currency and coin of member banks increased $106 million and their reserve balances at the Federal Reserve Banks decreased $^32 million. Estimated required reserves increased $2V7 million; and estimated excess reserves decreased $573 million to $152 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $1+79 million, compared with the revised net borrowed figure of $93 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $969 million in U. S. Government securities bought outright, $187 million in member bank borrowings, and $100 million in acceptances held under repurchase agreements, and an increase of $13^ million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $795 million in Federal Reserve float, and decreases of $105 million in "other" F. R. accounts (net) and $98 million in currency in circulation. Total Reserve Bank credit decreased $^70 million. As of Wednesday, July 20, holdings of U. S. Government securities bought outright were $W+2 million lower than a week earlier, with some of the decline attributable to the sale of bills, with matching forward purchase contracts, to help offset the rise in Federal Reserve float resulting from the airline strike. Member bank borrowings were $135 million lower. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securities— Bought outright--System account Held under repurchase agreements Acceptances-Bought outright Held under repurchase agreements Discounts and advancesMember bank borrowings Other Float Total Reserve Bank credit Gold stock Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F. R. Banks Other deposits with F. R. Banks Other F. R. accounts (net) Member bank reserves: With Federal Reserve Banks Currency and coin (estimated) Total reserves held Required reserves (estimated) Excess reserves (estimated) Averages of daily figures Week ended Change from week ended [Wednesday, July 20, July 21, July 20, July 13, 1966 1966 1966 1 1965 dollars) millions of (In Ui,684 -969 - 3 +2,918 98 75 - 5 -100 37 | 71 631 -187 ! 250 3,225 45,615 13,^ 5,966 65,016 +795 -470 - 1 - 6 -475 2C6 2 +1,019 +4,080 - 500 + 554 +4,136 42,921 1,062 1A56 160 433 332 46,064 - 98 - 4 +134 + 13 + 15 -105 - 44 +2,856 + 277 + 268 19 + 239 - 393 +3,228 42,898 1,068 772 157 425 352 45,672 18,951 3,968 22,919 22,767 152 -432 +106 -326 +247 -573 + 905 + 351 +1,256 +1,298 42 18,746 4,265 23,011 22,796 215 + 41,956 2,74l 45,018 13,434 5,965 64,417 On July 20, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,12^ million, a decrease of $251 million for the week and a decrease of $157 million from the comparable date a year ago. H. 4.1(a) CONSOLIDATED STATEMENT OF CONDITION OP THE TWELVE FEDERAL RESERVE BANKS (In millions of dollars) A S S E T S Gold certiflcate~a£count Redemption fund for F. R. notes Total gold certificate reserves Cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements U. S. Government s e c u r i t i e s : Bought outright— Bills Certificates Notes Bonds Total bought outright Held under repurchase agreements Total U. S. Government s e c u r i t i e s Total loans and s e c u r i t i e s Cash items in process of c o l l e c t i o n Bank premises . Other assets » TOTAL ASSETS July 20, 1966 11,171 1,818 * 12,989 (862) m 250 71 Change since July 21, July 13, 1965 1?66 ±-32 - 4 + 3 -135 + + - 863 193 670 129 21 - 5 + 35 - 41 - 80 10,139 15 25,326 6,476 4T7956* •442 ^ 2 517956 42,277 +2,494 + 15 - 4ll +1.092 +3,190 - 213 +2.977 +2,991 +2,007 + 3 + _22J (1,700) 8,529 104 966 (2,562).65.112 dJ25 (862) 37,802 -169 +2,552 18,7^6 772 157 425 20,100 + 40 -366 + 7 +1,015 + 102 + 6 + 223 +1,346 (1,700) 5,788 203 (2,562) 63,893 - 17 I J I A B I J J I T I E S Federal Reserve"~notes~" ~ Deposits: Member bank reserves U. S. Treasurer—general account Foreign. Other y Total deposits Deferred a v a i l a b i l i t y cash items Other l i a b i l i t i e s and accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid~in "" Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS -312 - 12 -510 + 917 - 188 +4,627 + + + 22 27 11 (2,562) Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on 4.5# 33.6$ the following pages—not consolidated) Contingent liability on acceptances purchased 92 for foreign correspondents 247 ~ 15 * Figures in parentheses are the eliminations made in the consolidating process; I see comparable figures on combined basis on the following pages. -^Includes assets denominated in foreign currencies and IMF gold deposited. 2/lncludes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. JULY 20. 1966" (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 Changes Discounts and Holdings during week advances Acceptances +449 Within 15 days l5 1,533 238 16 days to 90 days -711 10,057 12 55 -..-180 91 days to 1 year lJ+,995 — -13,622 — Over 1 year to 5 years -— 1,352 Over 5 years to 10 years — «.— —• Over 10 years 397 -442 Total 41,956 71 250 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 20, 1966 H. 4.1(13) Total Boston New Philadelphia York Cleveland (In Rich- Atlanta Chicago mond millions; of dollars) St. Louis Minneapolis Kansas Dallas City San Francisco A S S E T S Gold certificate account Redemption fund for P. R. notes Total gold certificate reserves F. R. notes of other Banks Other cash Discounts and advances Acceptances: Iought outright Held under repurchase agreements U. S. Government securities: Bought outright— Bills Certificates Notes Bonds Total Held under repurchase agreements 1 855 148 1,058 2,900 603 98 701 1,003 1,209 52 12 197 27 62 9 60 36 250 ! 16 20 4 4 71 | --- 71 -- -- 522 1 11,171 1,818 12,989 551 103 654 2,464 862 2^7 -- 436 552 103 655 1,978 93 14 5 2,310 459 64 523 252 33 285 432 71 503 514 62 576 89 18 71 43 33 24 34 5 38 11 44 14 89 34 16 50 4 7 15 9 100 — -•• --- -•- --- --- --- — -- 835 l 700 1 554 1 1,699 360 201 * * 2,084 1,748 4,245 1,086 7,032 " 900 230 369 1 921 236 1,490 -- 502 128 831 385 1 964 246 1,385 2 1,596 1,527 — 5,730 — 151 -- 332 1,^53 217 1,670 10,139 15 25,326 6,476 538 1 2,591 i,344 1,304 333 533 447 41,956 -- 2,227 -- 6,472 1,655 10,722 -- 2,160 -- 3,453 -- 2,896 " 1,383 351* 2,292 -- Total U. S. Government securities 41,956 2,227 10,722 2,160 3,453 2,896 2,292 7,032 1,490 831 1,596 1,527 5,730 Total loans and securities 42,277 2,243 10,813 2,l6k 3,^57 2,901 2,308 7,082 1,494 838 l,6ll 1,536 5,830 10,229 599 3 39 1,975 723 5 68 797 5 46 822 20 45 20 120 470 8 28 315 3 17 684 8 3* 491 10 37 1,109 9 384 587 3 42 1,657 104 966 67,674 3,602 16,305 3,568 5,352 3,957 11,303 2,580 1,^97 2,889 2,708 8,848 Cash items in process of collection Bank premises , Other assets i/ TOTAL ASSETS 344 4 1/ Includes assets denominated in foreign currencies and IMF gold deposited 5,065 -- " 2 3, **59 884 10 106 E. 4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK CN JULY 20, I966 Total Boston New York Philadelphia Cleveland 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 referred availability cash items Other liabilities and accrued •dividends TOTAL LIABILITIES Rich- Atlanta Chicago mond (In millions; of dolJ_ars) St. Louis Minneapolis Kansas Dallas City San Francisco 4,481 38,664 2,33* 8,777 2,248 3,221 3,^76 2,238 7,015 1,444 724 1,*58 1,248 18,7*6 772 157 425 20,100 610 43 7 1 661 5,332 68 1/ 46 2/338 5,784 723 46 8 848 77 8 6 1,036 435 *9 4 1 836 86 7 2 922 1,093 931 1 1,000 537 1,377 5*1 1,222 742 344 489 7,488 939 571 2,752 79 21 2 2,854 667 69 5 1 777 467 1,369 45 13 1 1,428 251 *39 383 779 51 11 3,5*3 15,989 11 3,503 11 3^ 3,883 11,124 7 4 8 5,243 2,537 1,468 2,836 8 2,639 27 8,689 146 144 26 30 30 5 51 50 8 20 19 14 13 2 25 24 4 33 32 4 73 72 14 l ^ ^ _.lA97. 2,889 2,708 8,848 6 11 14 767 1,583 1,376 4,893 127 225 180 735 655 i,4oc 1,230 *,3C0 782 1,625 l,4io 5,035 203 66,455 * 577 17 15 5,coi 44 9 4 68 9 3,216 96 20 68 3,402 "~ CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on acceptances purchased for foreign correspondents F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral 564 551 io4 67,674 27 27 5 3,602 16,305.^ . ^ Q - 247 12 1/ 65 41,849 2,498 9,5*8 6,682 7 35,898 500 1,000 2,016 42,587 2,516 29 28 7 5>3§g--5JC65_ 81 79 19 3,951-Ji,203_- 4 22 15 13 35 9_ FEDERAL RESERVE AGENT'S ACCOUNTS 2,466 2,4o8 3,53* 3,721 7,*97 1,558 13 600 950 450 1,100 8,6co 500 3 2,000 3,000 2,812 2,075 6,500 315 4 1,310 9,6co 2,503 3,6oc 3,762 2,525 7,600 1,629 l/ After deducting $111 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. 3/ After deducting $182 million participations of other Federal Reserve Banks. 35 33 6 * Less than $500,000. 32 .
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