H.4.1 Factors Affecting Reserve Balances of Depository Institutions

V^OfGOVfc* F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release September 19, 1968 The average of daily figures of total member bank reserves held during the week ended September 18, decreased a net of $285 million to $25,911 million. Reserve balances at the Federal Reserve Banks decreased $310 million. Because of the change in Regulation D effective September 12, required reserves and currency and coin of member banks shown for the week are based on daily average deposits and cash held in the week ending September 4. Excess reserves declined $226 million to $312 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $93 million, compared with the revised figure of $96 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $698 million in U. S. Government securities bought outright, and $229 million in member bank borrowings, and an increase of $61 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were an increase of $235 million in Federal Reserve float, and decreases of $352 million in "Other" F. R. accounts (net), and $118 million in currency in circulation. Total Reserve Bank credit decreased $706 million. As of Wednesday, September 18, 1968, holdings of U. S. Government securities bought outright were $557 million lower than a week earlier, and member bank borrowings were $240 million higher. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 18, Sept. 11, Sept. 20, ! Sept. 18, and related items 1968 1968 1967 ! 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 51,630 -698 +5,575 ^50,395 Held under repurchase agreements Special certificates — - 13 — -- Federal Agency obligations-- Held under repurchase agreements Acceptances- Bought outright 50 - 1 6 49 Held under repurchase agreements -- -- __ «. - Discounts and advances- Member bank borrowings 405 -229 + 299 355 Other Float 2,139 +235 + 385 2,285 Total Reserve Bank credit 54,224 -706 +6,253 53, 084 Gold stock 10,367 -2,640 10, 367 Treasury currency outstanding 6,735 4 6 .738 71,326 -704 +3,610 70,189 Currency in circulation 48,567 -118 +3,344 48,527 Treasury cash holdings 790 + 3 - 697 800 Treasury deposits with F. R. Banks 208 + 61 - 154 668 Foreign deposits with F. R. Banks 128 - 6 + 2 125 Other deposits with F. R. Banks 465 + 19 8 446 Other F. R. accounts (net) -292 -352 - 316 - 315 49, 865 -394 +2 ,170 50, 251 Member bank reserves: With Federal Reserve Banks 21, 461 -310 +1, 440 19, 939 Currency and coin 4 ,450 + 25 + 155 4 ,449 Total reserves held 25,911 -285 +1,595 24,388 Required reserves 25,599 - 59 +1,691 25,599 Excess reserves 312 -226 - 96 -1,211 1/ Reflects $1,750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions On September 18, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,384 million, a decrease of $210 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) VIednesday Change since Sept. 18, Sept. 11, Sept. 20, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,026 -2,478 * Cash (806) 315 + 6 - 39 Discounts and advances 355 + 240 + 35 Acceptances: Bought outright 49 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright — Bills 16,462 557 +3,087 Certificates Notes 28,205 +2,080 Bonds 5,728 - 827 Total bought outright 2/50,395 557 +4,340 Held under repurchase agreements Total U. S. Government securities 50,395 - 557 +4,340 Total loans and securities 50,799 - 319 +4,370 Cash items in process of collection (2,472) 9,500 +1,426 +1,062 Bank premises 113 -- + 4 Other assets 3/ 1,934 + 53 + 542 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,278) 72,687 +1,166 +3,461 L I A B I L I T I ES Federal Reserve notes (806) 42,562 231 +2,762 Deposits: Member bank reserves 19,939 + 103 + 158 U. S. Treasurer--general account 668 + 647 - 45 Foreign 125 - 4 -- Other 47 446 - 14 - 13 Total deposits 21,178 + 732 + 100 Deferred availability cash items (2,472) 7,215 + 856 + 394 Other liabilities and accrued dividends 367 - 20 + 120 TOTAL LIABILITIES (3,278) 71,322 +1, 337 +3, 376 C A P I T AL A C C O U N TS Capital paid in 619 1 + 32 Surplus 598 -- + 28 Other capital accounts 148 172 + 25 Contingent liability on acceptances purchased for foreign correspondents. 123 3 97 * 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/ Reflects $1,750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. Figures for the statement dated September 11, reflected $1,330 million of securities sold under such transactions, 3_f Includes assets denominated in foreign currencies and IMF gold deposited, 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 18, 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 obi]L gations advances Ace: eptances Holdings Weelc ly changes Within 15 days 348 15 1,218 +638 16 days to 90 days 7 34 14,130 -824 91 days to 1 year -- «- 16,405 -371 Over 1 year to 5 years -- --mces 7,902 — Over 5 years to 10 year*ss «- 10,141 -- Over 10 years -- — 599 -- Total 355 50,395 -557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 49

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 18, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (In millionsi of doi:. ars) A S S E TS Gold certificate account 10,026 680 1,691 607 830 1,037 633 2,020 411 134 360 464 1,159 F. R. notes of other banks 806 72 180 54 48 85 82 44 28 34 26 36 117 Other cash 315 20 34 7 44 19 42 53 29 3 21 15 28 Discounts and advances 355 11 41 1 5 3 6 190 8 40 3 12 35 Acceptances: Bought outright 49 -- 49 -- -- -- -- -- -- -- -» -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- <•• -- -- Federal Agency obligations-- Held under repurchase agreements -- — — — — — U. S. Government securities: Bought outright— Bills 16,462 867 4,056 849 1,278 1,209 881 2,708 591 319 661 690 2,353 Certificates ! _- -- — — — -- — — -- — -- -- Notes 28,205 ! i ,486 6,949 1,454 2,189 2,073 1,508 4,640 1,012 546 1,134 1, 183 4,031 Bonds 5,728 302 1,411 295 445 421 306 942 206 111 230 240 819 Total bought outright 50,395 2 ,655 12,416 2,598 3,912 3,703 2,695 8,290 1,809 976 2,025 T ,113 7,203 Held under repurchase agreements -• -- -- -- -- -- — — — -- — -- -- T Total U. S. Government securities 50,395 ~ t£55_ 12,416 2,598 3,912 3,703 2,695 8,290 1,809 976 2,025 ,113 7,203 Total loans and securities 50,799 1 , 2 6 66 12,506~ 2,599 3,917 3,706 2,701 8,480 1,817 1,016 2,028 2 ,125 7,238 Cash items in process of collection 11,972 733 1,944 743 943 1,068 1,055 1,900 639 412 798 631 1,106 Bank premises 1 113 3 10 2 5 9 19 18 8 3 18 9 9 Other assets 17 1 1,934 86 664 91 150 100 103 252 59 37 74 91 227 TOTAL ASSETS 75,965 4 ,260 17,029 4,103 5,937 6,024 4,635 12,767 2,991 1,639 3,325 3 ,371 9,884 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 18, I9b« 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 dollL ars) L I A B I L I T I ES Federal Reserve notes 43,368 2,516 9,839 2,472 3,512 3,979 2,335 7,756 1,608 748 1,626 1,508 5,469 Deposits: Member bank reserves 19,939 915 4,933 861 1,439 946 1,224 3,172 773 491 896 1,186 3,103 U. S. Treasurer—general account 668 37 30 56 39 85 55 61 52 20 69 65 99 Foreign 125 6 1/ 32 7 11 7 8 18 4 3 5 7 17 Other 446 1 2/400 8 -- 11 1 2 1 1 2 1 18 Total deposits 21,178 959 5,395 932 1,489 1,049 1,288 3,253 830 515 972 1,259 3,237 Deferred availability cash items 9,687 700 1,356 610 787 895 907 1,493 494 337 654 512 942 Other liabilities and accrued dividends 367 19 91 18 28 27 20 60 13 8 15 16 5? TOTAL LIABILITIES 74,600 4,194 16,681 4,032 5,816 5,950 4,550 12,562 2,945 1,608 3,267 3,295 9,700 CAPITAL ACCOUNTS Capital paid in 619 30 158 32 55 32 39 92 21 14 27 36 83 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 148 7 36 7 12 11 8 26 5 3 5 6 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 75,965 4,260 17,029 4,103 5,937 6,024 4,635 12,767 2,991 1,639 3,325 3,371 9,884 Contingent liability on ace: eptances purchased for forei- gn correspondents 123 6 3/ 32 7 11 6 8 18 4 3 5 7 16 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 10,304 2,555 3,765 4,128 2,476 8,012 1,686 787 1,715 1,624 5,758 Collateral for F. R. notes: Gold certificate account 500 300 600 600 350 1,000 206 77 155 Eligible paper U. S. Government securities 9,900 2,500 3,200 3,565 2,200 7,150 1,570 725 1,775 1,530 6,000 Total collateral 2,631 10,400 2,800 3,800 4,165 2,550 8,150 1,776 802 1,775 1,685 6,000 1/ After deducting $ 93 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. 3_/ After deducting $ 91 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis