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 ^f*uSs^ Condition Statement of F.R. Banks H.4.1 For immediate release September 26, 1968 The average of daily figures of total member bank reserves held during the week ended September 25, declined $136 million to $25,810 million. Required reserves of member banks rose slightly. Excess reserves declined sharply in the current week to $152 million, influenced by the fact that banks were able to make use of the carry-over provision allowed by the revision in Regulation D effective September 12, 1968. Under this provision, member banks are allowed to carry forward from one reserve period to the next reserve period excesses or deficiencies averaging up to 2 per cent of required reserves. Surplus reserves, net, of $115 million were eligible to be carried into the statement week ending September 25, from the previous week. Among the major factors affecting total reserves, Treasury deposits with F. R. Banks increased over one-half billion dollars, absorbing a like amount of reserves, as the Treasury increased its operating balances at Federal Reserve Banks from the low level they had reached prior to the mid-September tax date. Reserves were supplied by a seasonal decline in currency in circulation, as well as an increase in U. S. Government securities bought outright by the Federal Reserve System. Member bank borrowings at the Federal Reserve Banks increased $70 million on average, from the preceding week, to a level of $475 million; they exceeded excess reserves by $323 million, compared with the revised figure of $58 million the week before. Average> s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 25, Sept. 18, Sept. 27, Sept. 25, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright--System account 51,844 +214 +5,392 52,405 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements Acceptances-- Bought outright 49 - 1 2 49 Held under repurchase agreements -- -- - 86 -- Discounts and advances-- Member bank borrowings 475 + 70 + 401 1,565 Other Float 2,171 - 3 + 641 1,770 Total Reserve Bank credit 54,540 +281 +6,347 55,789 Gold stock 10,367 — -2,639 10,367 Treasury currency outstanding 6.742 + 7 17 6,741 71,648 +287 +3,690 72,897 Currency in circulation 48,325 -242 +3,281 48,356 Treasury cash holdings 798 + 8 - 704 797 Treasury deposits with F. R. Banks 866 +658 - 61 1,027 Foreign deposits with F. R. Banks 123 - 5 6 134 Other deposits with F. R. Banks 445 - 20 9 451 Other F. R. accounts (net) -293 - 1 - 330 -281 50,264 +399 +2,171 50,484 Member bank reserves: With Federal Reserve Banks 21,385 -111 +1,520 22,413 Currency and coin 4,425 - 25 + 78 4,425 Total reserves held 25,810 -136 +1,598 26,838 Required reserves 25,658 + 59 +1,657 25,658 Excess reserves 152 -195 - 59 1,180 NOTE: $115 million, (net) of surplus reserves were eligible to be carried forward from the week ended September 18, into the week ending September 25. On September 25, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,639 million, an increase of $255 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since. Sept. 25, Sept. 18, (Sept. 27. 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,026 -2,477 Cash (891) 313 2 - 40 Discounts and advances 1,565 4-1,210 +1,394 Acceptances: Bought outright 49 5 - 106 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright- Bills 18,472 4-2,010 +4,525 Certificates Notes 28,205 -- +2,045 Bonds 5,728 — - 867 Total bought outright 52,405 +2,010 +5,703 Held under repurchase agreements Total U. S. Government securities 52,405 +2,010 +5,703 Total loans and securities 54,019 +3,220 +6,986 Cash items in process of collection ,231) 8,143 -1,392 + 975 Bank premises 113 -- + 3 Other assets 2/ 1,957 + 23 + 537 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS ,122) 74.571 +1,849 +5,984 L I A B I L I T I ES Federal Reserve notes (891) 42,384 178 +2,666 Deposits: Member bank reserves 22,413 +2,439 +2,281 U. S. Treasurer--general account 1,027 + 359 + 316 Foreign 134 + 9 25 Other 3/ 451 + 5 + 1 Total deposits 24,025 +2,812 +2, 573 Deferred availability cash items (2,231) 6,373 - 842 + 533 Other liabilities and accrued dividends + 113 374 + 7 TOTAL LIABILITIES (3,122) 73,156 +1,799 +5,885 C A P I T AL A C C O U N TS Capital paid in 619 4- 30 Surplus 598 4- 28 Other capital accounts 198 - 50 4- 41 Contingent liability on acceptances purchased for foreign correspondents 125 4- 2 89 * 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/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 25, 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 Acc eptances Holdings Weekly changes Within 15 days 1,555 10 2,426 4-1,208 16 days to 90 days 10 39 14,737 4- 607 91 days to 1 year -- -- 16,600 4- 195 Over 1 year to 5 years „ -_ 7,902 Over 5 years to 10 years «- -- 10,141 Over 10 years -- -- 599 Total 1,565 49 52,405 +2,010 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 25, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions. of doll. ars) A S S E TS Gold certificate account 10,026 513 1,971 558 771 999 542 1,915 423 183 470 387 1,294 F, R. notes of other banks 891 80 209 60 54 88 83 44 31 34 28 42 138 Other cash 313 20 34 7 43 20 42 50 29 3 21 15 29 Discounts and advances 1,565 185 441 12 7 46 32 477 9 7 16 29 304 Acceptances: Bought outright 49 49 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 18,472 973 4,551 952 1,434 1,357 988 3,039 663 358 742 775 2,640 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 ! 5,728 302 1,411 295 445 421 306 942 206 111 230 240 819 Total bought outright ! 52,405 2 ,761 12,911 2 ,701 4,068 3,851 2 ,802 8,621 1,881 1,015 2,106 2 ,198 7,490 Held under repurchase agreements Total U. S. Government securities ! 52,405 2 ,761 12,911 2 ,701 4,068 3.851 2 .802 8.621 1,881 1.015 2.106 2 ,198 7.490 Total loans and securities 54,019 2 ,946 13,401 2 ,713 4,075 3,897 2 ,834 9,098 1,890 1,022 2,122 2 ,227 7,794 Cash items in process of collection ! 10,374 643 1,671 592 758 855 920 1,752 516 364 792 611 900 Bank premises 113 3 10 2 5 9 19 18 8 3 18 9 9 Other assets 1/ 1,957 86 668 93 150 101 103 257 59 38 80 91 231 TOTAL ASSETS 77,693 4 ,291 17,964 4 ,025 5,856 5,969 4 ,543 13,134 2,956 1,647 3,531 3 ,382 10,395 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 25, 1968 New Phila Cleve Rich St. Minne Kans as San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dol!. ars) L I A B I L I T I ES Federal Reserve notes 43,275 2,511 9,027 2,467 3,506 3,976 2,320 7,745 1,603 747 1,621 1,503 5,441 Deposits: Member bank reserves 22,413 1,013 5,876 904 1,445 1,060 1,220 3,598 830 517 981 1,229 3,740 U. S. Treasurer--general account 1,027 63 140 58 63 91 87 110 43 29 142 53 138 Foreign 134 6 1/ 37 7 12 7 O 19 5 3 6 7 17 O Other 451 1 2/399 10 -- 11 1 2 1 2 3 2 19 Total deposits 24,025 1,083 6,452 979 1,520 1,169 1,316 3,729 879 551 1,132 1,301 3,914 Deferred availability cash items 0,604 609 1,231 /, oo 677 720 791 1,385 412 309 702 484 796 Other liabilities and accrued dividends 374 19 94 17 29 27 20 62 13 8 16 16 53 TOTAL LIABILITIES 76,278 4,222 17,604 3,951 5,732 5,892 4,455 12,921 2,907 1,615 3,471 3,304 10,204 CAPITAL ACCOUNTS Capital paid in 619 30 158 32 55 32 39 92 21 14 27 36 83 Surplus ; 593 29 154 32 54 3.1 38 87 20 14 26 34 79 Other capital accounts 1 198 10 48 10 15 14 11 34 8 4 7 8 29 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ! 77,693 4,291 17,964 4,025 5,856 5,969 4,543 13,134 _2 956_ 1,647 3,531 3,382 10,395 L Contingent liability on ace: eptances purchased for foreign correspondents 125 6 3/ 32 7 11 6 8 18 4 3 6 7 17 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 45,439 2,610 10,344 2,540 3,754 4,142 2,472 8,019 1,685 736 1,719 1,613 5,742 Collateral for F. R. notes: Gold certificate account 4,110 330 500 300 600 600 350 1,000 206 77 155 Eligible paper U. S. Government securities 42,516 2,301 10,000 2,500 3,200 _ 3.565 2,200 7.150 1,570 725 1.775 1.530 6.000 Total collateral 46,634 2,631 10,500 2,800 3,800 4,165 2,550 8,150 1,776 802 1,775 1,685 6,000 1/ After deducting $ 97 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. _3/ After deducting $ 93 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis