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 **rf^g&y Condition Statement of F.R. Banks H.4.1 For immediate release September 5, 1968 The average of daily figures of total member bank reserves held during the week ended September 4, increased a net of $20 million to $25,802 million. Estimated currency and coin of member banks decreased $161 million and their reserve balances at the Federal Reserve Banks increased $181 million. Estimated required reserves decreased $28 million; and estimated excess reserves increased $48 million to $215 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $239 million, compared with the revised figure of $207 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $312 million in U. S. Government securities bought outright, and $80 million in member bank borrowings, and a decrease of $146 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were a decrease of $45 million in Federal Reserve float, and increases of $234 million in currency in circulation, and $50 million in "Other" F. R. accounts (net). Total Reserve Bank credit increased $346 million. As of Wednesday, September 4, 1968, holdings of U. S. Government securities bought outright were $178 million higher than a week earlier, and member bank borrowings were $92 million lower. Outright holdings of bills, notes, and bonds increased $95 million, $62 million, and $21 million, respectively. Averagei s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 4, Aug. 28, Sept. 6, Sept. 4, and related items 1968 1968 1967 1 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 52,975 +312 +6,375 52,796 Held under repurchase agreements 87 Federal Agency obligations-- Held under repurchase agreements 6 Acceptances-- Bought outright 51 - 2 14 52 Held under repurchase agreements Discounts and advances-- Member bank borrowings 454 + 80 + 375 ! 445 Other Float 1,676 - 45 + 266 1,634 Total Reserve Bank credit 55,156 +346 +6,909 54,927 Gold stock 10,367 -- -2,641 10,367 Treasury currency outstanding 6,740 -- + 26 6,731 72,264 +347 +4,295 ! 72,025 Currency in circulation 48,424 +234 +3,293 48,694 Treasury cash holdings 804 - 4 - 691 795 Treasury deposits with F. R. Banks 938 -146 + 241 1,041 Foreign deposits with F. R. Banks 140 + 15 + 7 149 Other deposits with F. R. Banks 457 + 13 - 14 448 Other F. R. accounts (net) 101 + 50 9 68 Member bank reserves: 50,866 +165 +2,830 51,195 With Federal Reserve Banks 21,398 +181 +1,466 20,830 Currency and coin (estimated) 4,404 -161 + 411 4,668 Total reserves held 25,802 + 20 +1,877 25,498 Required reserves (estimated) 25,587 - 28 +1,994 25,763 Excess reserves (estimated) 215 + 48 - 117 1 -265 On September 4, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,848 million, an increase of $412 million for the week and an increase of $321 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 dF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday .Change, ,$ince„ Sept. 4, Aug. 28 > Sept. 6, 1968 1968 1967 A S S E TS Gold certificate account _1/ 10,026 "2,487 * Cash (685) 321 - 15 Discounts and advances 445 92 •w 306 Acceptances: Bought outright 52 10 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements 29 U. S. Government securities: Bought outright-- Bills 18,863 95 +4,936 Certificates Notes 28,205 + 62 +2,080 Bonds 5,728 + 21 - 827 Total bought outright 52,796 + 178 +6,189 Held under repurchase agreements - 425 Total U. S. Government securities 52,796 + 178 +5,764 Total loans and securities 53,293 + 86 +6,031 Cash items in process of collection ( ,891) 7,377 + 98 + 784 Bank premises IIJ -- + 3 Other assets 2/ 1.696 + 50 + 306 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,576) 727826 4- 222 44,622 L I A B I L I T I ES Federal Reserve notes (685) 42,738 + 324 +2,707 Deposits: Member bank reserves 20,830 - 230 + 47 U, S. Treasurer—general account 1,041 + 42 + 930 Foreign 149 + 17 15 Other 3/ 448 11 9 Total deposits 22,468 - 182 + 953 Deferred availability cash items (1,891) 5,743 + 13 + 718 Other liabilities and accrued dividends 394 + 18 + 127 TOTAL LIABILITIES (2,57*0 71,343 173 +4,505 C A P I T AL A C C O U N TS Capital paid in 618 + 30 Surplus 598 + 28 Other capital accounts 267 49 + 59 Contingent liability or acceptances purchased for foreign correspondents 138 11 105 * 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." 2j Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 4, 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 440 16 2,205 -447 16 days to 90 days 5 36 14,997 +444 91 days to 1 year -- -- 16,952 +113 Over 1 year to 5 years -- __ 7,902 + 23 Over 5 years to 10 years -- -- 10,141 + 34 Over 10 years -- -- 599 + 11 Total 445 52 52,796 +178 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 SEPTEMBER 4, 1968 San New Phila- Cleve Rich St. Minne Kansas Total Boston York de!L phia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 10,026 517 1,935 567 848 991 584 2,252 377 122 384 291 1,158 F. R. notes of other banks 685 64 128 45 46 66 89 39 25 37 26 33 87 Othew cash 321 19 35 5 46 19 43 55 30 4 21 16 28 Discounts and advances 445 17 234 1 26 4 10 67 17 34 14 21 Acceptances: Bought outright 52 -- 52 -- -- -- -- -- -. -_ „ «. „ — __ Held under repurchase agreements " -- -- -- -- -- -- -- -- -- -- «. «. ~ >m Federal Agency obligations-- Held under repurchase agreements 1 U. S, Government securities: Bought outright-- Bills 18,863 994 4,647 973 1,464 1,386 1,009 3,103 677 365 758 791 2,696 Certificates -- — -- -- -- -- -- — -- -- -.- «. «. Notes 28,205 1, 486 6,949 1, 454 2,189 2,073 1,508 4,640 1,012 546 1 ,134 1, 183 4,031 Bonds 5,728 ~T 302 1,411 "T 295 445 421 306 942 206 "T 1 11 T 230 240 819 Total bought outright 52,796 ,782 13,007 ,722 4,098 3,880 2,823 8,685 1,895 ,022 ,122 T ,214 7,546 Held under repurchase agreements -.« • • -- -- -- -- -- -- -- .- -- _ « ~T T — mm Total U. S, Government securities 52.796 ~2~. 782 13.007 .722 4.098 3.880 2.823 8.685 1.895 .022 ~T. 122 "T.2 14 7.546 Total loans and securities j 53,293 2 ,799 13,293 2 ,723 4,124 3,884 2,833 8,752 1,912 1 ,056 2 136 2 ,235 7,546 Cash items in process of collection 9,268 533 1,577 590 713 759 781 1,544 499 311 616 580 765 Bank premises 113 3 10 2 5 9 19 18 8 3 18 9 S Other assets 17 1.696 73 603 82 129 85 88 217 51 33 62 77 196 TOTAL ASSETS 75,402 4,0 08 17,581 4.,0 14 5,911 5,813 4,437 12,877 2,902 1 ,566 3,2 63 3,2 41 9,789 I 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 ON SEPTEMBER 4, 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 43,423 2,510 9,879 2,476 3,502 3,986 2,355 7,733 1,608 746 1,629 1,504 5,495 Deposits: Membeit bank reserves 20,830 747 5,480 875 1,494 955 1,201 3,465 761 486 959 1,117 3,290 U. S. Treasurer--general account 1,041 60 115 64 105 110 89 151 86 41 92 56 72 Foreign 149 7 1/ 49 7 12 7 8 20 4 3 6 8 18 Other 443 1 2/393 14 1 13 2 2 1 2 1 18 Total deposits ^22,468 815 6,03? 96C 1,612 1,085 1,300 3,638 852 530 1,059 1,182 3,398 Deferred availability cash items 7,634 591 1,186 482 637 631 670 1,217 377 249 497 458 639 Other liabilities and accnl ed dividends 394 20 99 19 30 29 21 65 14 8 16 17 56 TOTAL LIABILITIES 73,919 3,936 17,201 3,937 5,781 5,731 4,346 12,653 2,851 1,533 3,201 3,161 9,588 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 267 13 68 13 21 19 14 45 5 9 11 39 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 75,402 4,008 17,581 4,014 5,911 5,813 4,437 12,877 2,902 1,566 3,263 3 241 9,789 J Contingent liability on ace: eptances purchased for forei- gn correspondents 138 7 3/ 36 7 12 7 9 20 5 3 6 8 18 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 45,214 2,596 10,218 2,553 3,765 4,110 2,474 7,972 1,689 787 1,709 1,622 5,719 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 6.000 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 $102 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis #