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FEDERAL
H.V.^K-
RESERVE
Factors Affecting Bank Reserves and
Condition Statement of F.R. Banks
For immediate release
March k, 1965
The average of daily figures of total member bank reserves held during
the week ended March 3 decreased a net of $48 million to $21,137 million. Estimated
currency and coin of member banks increased $21 million and their reserve balances
at the Federal Reserve Banks decreased $69 million. Estimated required reserves
increased $237 million; and estimated excess reserves decreased $285 million to
$248 million. Member bank borrowings at the Federal Reserve Banks exceeded excess
reserves by $22 million; the week before revised excess reserves were $13 million
more than member bank borrowings.
The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $250 million in member bank borrowings, $36 million
in gold stocky and $18 million in U. S. Government securities held under repurchase
agreements, and increases of $44 million in Treasury deposits with Federal Reserve
Banks, $29 million in "other11 F- R. accounts (net), and $20 million in foreign
deposits with Federal Reserve Banks. The principal offsetting changes were
increases of $194 million in Federal Reserve float, $117 million in U. S. Government
securities bought outright, and $22 million in acceptances held under repurchase
agreements. Total Reserve Bank credit increased $64 million.
As of Wednesday, March 3; holdings of TJ. S. Government securities bought
outright were $309 million higher than a week earlier, U. S. Government securities
held under repurchase agreements were $17 million lower, and member bank borrowings
were $468 million higher.
By law approved March 3, I965, the gold certificate reserve requirements
of the Federal Reserve Banks were amended to apply to Federal Reserve note liability
alone, rather than to both Federal Reserve note liability and deposit liabilities,
as heretofore. The ratio shown on Table H, 4.1(a) is calculated to conform with the
new provision of law.
Averages of d a i l y f i g u r e s
Member bank reserves,
Week ended Change from week ended Wednesday,
Reserve Bank credit,
F e b . 24,
Mar. 4,
Mar. 3 ,
Mar. 3 ,
and related items
1964
1965
1965
1965
m
i
l
l
i
o
n
s
of
d
o
l
l
a
r
s
)
(In
Reserve Bank credit:
U. S. Government securities —
Bought outright--System account
+3,590
36,937
+117
36,835
Held under repurchase agreements
18
36
+
76
76
Acceptances—
Bought outright
- 1
54
55
9
Held under repurchase agreements
+
16
22
+ 22
35
Discounts and advancesMember bank borrowings
-250
270
92
555
Other
__
+
45
45
45
Float
1,924
+194
1,593
+ 395
+4,022
Total Reserve Bank credit
~64"
39,226
39,256
- 56O
Gold stock
14,813
14,902
- 36
- 188
5,407
Treasury currency outstanding
5,398
+ 7
+ 34
59,525
+3,273
597576"
Currency in circulation
Treasury cash holdings
Treasury deposits with F. R. Banks
Foreign deposits with P. 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)
38,702
719
858
143
212
1,233
38,616
712
922
159
217
1,224
41,850
+ 3
- 7
+ 44
+ 20
+ 13
+ 29
+102
+2,264
+ 269
67
+
9
+
10
+ 184
+2,6§9
SI7SS7
17,675
3,462
21,137
20,889
248
- 69
+ 21
TTB
+237
-285
+ 603
+ 351
+ 954
+1,196
- 242
17,608
3,636
21,244
20,993
251
On March 3, 1965; U. S. Government securities held in custody by the
Federal Reserve Banks for foreign account were $8,219 million, an increase of
$83 million for the week and a decrease of $536 million from the comparable
date a year ago.
H.^.l(a)
CONSOLIDATED STATEMENT OF CONDITION
OF THE TWELVE FEDERAL RESERVE BANKS
(in millions of dollars)
Gold certificate account
Redemption fund for F. R. notes
Total gold certificate reserves
Cash
Discounts and advances
Acceptances:
Bought outright
Held under repurchase agreements
U. S. Government securities:
Bought outright-Bills
Certificates
Notes
Bonds
Total "bought outright
Held under repurchase agreements
Total U. S. Government securities
Total loans and securities
Cash items in process of collection
Bank premises
Other assets
TOTAL ASSETS
L I A B I L I T I E S
Federal Reserve notes
Deposits:
Member "bank reserves
U. S. Treasurer--general account
Foreign
Other
Total deposits
Mar. 3,
1965
12,986
1,547
14,533
(724)
163
600
Change since
Feb. 24, Mar. 4,
1964
1965
- 788
- 106
+ l4o
2
- 1C8
55
35
6,394
25,697
4,846
36,937
36
367973
37,663
(1,425) 6,226
102
434
(2,149) 59,121
(724) 33,898
17,6C8
858
143
212
18,821
Deferred availability cash items
Other liabilities and accrued dividends
TOTAL LIABILITIES
(1,425) 4,633
602
(2,149) 577954
CAPITAL
A C C O U N T S
Capital paid in
"~
""
Surplus
Other capital accounts
TOTAL LIABILITIES AND CAPITAL ACCOUNTS
532
524
111
(2,149) 59,121
468
+
io4
523
35
f
20
1
+
7
+
309
+
+
3C9
17
292
795
+
397
+1
f
+2,383
-3,265
+4,076
+ 291
+3,485
+
36
+3,521
+4,057
15
US
789
1
- 128
+3,965
17
+2, 589
+
+
725
61
+
9
+
3
+ 676
+
734
-
89
+
+
+
7
9
661
+ 349
+
3
+1 ,045
+ 643
+ 510
+4,403
+
+1
+
24
- 466
+
4
+3,965
23
mi
Ratio of gold certificate reserves to
F. R. note liability (computed from
figures as shown on the following
pages--not consolidated)
k2.0<fo
.jf>
- 5-5$
Contingent liability on acceptances purchased
for foreign correspondents
119
+ 1
+ 22
* Figures in parentheses are the eliminations made in the consolidating process;
see comparable figures on combined basis on the following pages.
MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 3. 1965
(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
during week
advanceJS
Holdings
Act^eptances
582
Within 15 days
582
k°
8^5
-117
845
49'
18
4l
7,534
16 days to 90 days
18
kl
7,53^
+375
--14,669
91 days to 1 year
--1^,669
+ 3k
-11,799
Over 1 year to 5 years
-trs
1,820
Over 5 years to 10 years
_~
-306
Over 10 years
Total
6C0
90
367973
+2Q2
E.4.1(b)
STATEMENT OF CONDITION OF EACH FE1ERAL RESERVE BANK CK MARCH 3, 1965
Total
Boston
New
York
Philadelphia
Cleve- Rich- Atlanta Chicago
land
mend
(In millions of dollars)
St.
Louis
Minneapolis
Kansas Ii alias
City
San
Francisco
1,828
180
2,008
A S S E T S
Gold certificate account
12,9^6
Redemption fund for F. R. notes
1,54?
Total gold certificate reserves | 1^,533
665
88
753
2,982
346
3,328
694
85
779
988
135
1,123
986
133
1,119
651
93
744
2,3C5
284
2,589
534
62
596
254
29
283
64c
520
51
571
724
163
63
12
222
38
47
4
58
12
47
10
87
15
5C
26
32
7
15
6
13
8
35
5
55
20
Discounts and advances
60c
Acceptances;
Bought outright
55
i
Held under repurchase agreements
35
1
U. S. Government securities:
Bought outright—
Bills
i 6,394
Certificates
—
Notes
25,697
Bonds
4,846
Total
36,937
Held under repurchase agreements
36
37
262
14
32
60
27
50
10
31
54
17
6
55
35
--.-
.-
--,
---.
-.-
--
-•
---
--
1,576
540
-2,170
409
447
-^
1,798
339
2,584
--
354
-1,421
268
2,c43
1,079
-•
4,337
818
6,234
--
249
-1,001
129
-520
98
1,953
_-
6,333
1,195
9,104
36
348
-1,397
263
2,008
__
245
-983
185
1,413
-.-
244
-982
186
1,412
—
845
-3,396
64o
4,881
--
Total U. S. Government securities
36,973
1,953
9,l4c
2,008
3,119
2,584
2,043
Total loans and securities
37,663
1,99C
9,492
2,022
3,151
2,644
7,651
102
434
527
3
22
1,391
8
107
472
3
23
594
6
37
61,270
3,370
14,586
3,350
4,961
F. R. notes of other Banks
Other cash
Cash items in process of
collection
Bank premises
Other assets
TCTAL ASSETS
--
338
—
1,359
256
3,H9
579
61
189
1,439
747
6,234
1,439
747
1,413
1,412
4.881
2,070
6,284
1,449
778
1,467
1,429
4,887
556
5
28
611
19
24
1,359
21
67
340
6
16
238
4
9
468
6
20
372
11
19
72?
1C
62
4,409
3,57c
1C,396
2,446
1,333
2,622
2,442
7,765
-_-
E.4.1(c)
STATEMENT OF CCNLITICN CF EACH FELERAL RESERVE BASK OK MARCH 3, 1965
Total
Boston
New
York
Philadelphia
Cleveland
L I A B I L I T I E S
Federal Reserve notes
lepcsits:
Member "bank reserves
U.S. Treasurer-general ac: count
Foreign
Other
Total deposits
referred availability cash items
Other liabilities and accrued
dividends
TOTAL LIABILITIES
34,622
{17,608 :
658
143
212
16,821
1
6,058
Rich- Atlanta Chicago
mond
(In millionss of dollars)
2,054
8,053
2,022
2,953
667
43
7
4,730
136
1/36
132
5,034
777
54
8
1
1,245
96
13
840
1,354
1,037
391
737
494
St.
Louis
Minneapolis
Kansas Leilas
City
San
Francisco
1,067
3,881
2,CC4
6,281
1,37^
631
814
94c
48
78
7
9
#
7
—
9
9
7
906
2,711
74
21
1
2,807
663
73
5
1
742
429
53
3
1
8l4
55
7
2
678 "
925
55
8
2
990
2,873
93
19
65
3,050
517
44o
466
l,o49
269
175
336
286
598
32
35
^
80
2,971
•*
602
29
156
33
54
60,103
3,314
14,28c
3,286
4,878
4,3^9
m
l4o
137
29
29
29
6
48
47
8
27
26
7
3,370 .1^86..... 3,350 ^ 9 8 1
4,409
11
6
1,331
89
21
14
26
3,502 10,226
2,4c6
1,306
2,571
2,376
7,609
76
75
19
18
12
12
3
24
18
4
31
31
4
71
70
15
3,570... 10.396
2,446
__ia23_
4
3_
CAPITAL^ ACCOUNTS
Capital paid in
Surplus
Other capital accounts
TOTAL LIABILITIES AND
CAPITAL ACCOIUTS
Contingent liability on ace:eptances purchased for forej
corre spendent s
532
524
111
61,270
„
119
5_
2/31
7
31
31
6
L_
17_
23
4
2.622
5_
2.442 _J,765.-.
I_
16
l, 150
4,107
FELERAL RESERVE AGENT'S ACCCUKTS
F. R. notes outstanding
Collateral for F. R. notes:
Gold certificate account
Eligible paper
U. S. Government securities
Total collateral
367579™
6,670
19
31,365
36,054
2,135
420
1,765
2,185
"8755T~
2,092
3,175
3,091
2,165
6,616
1,454
656
1,384
1,710
435
11
1,800
2,246
500
633
34o
1,100
112
225
2,775
2,510
1,85c
5,700
280
8
1,260
555
1,200
3,275
3,143
2,190
6,800
1,546
667
1,425
7, 200
8,910
2/ After deducting $ 88 million participations of other Federal Reserve Banks,
180
735
1.050 ..3,100...
1,230
4,435
* Less than $500,000-
@FedFRASER