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^URE*** Condition Statement of F.R. Banks H.4.1 For immediate release October 24, 1968 The average of daily figures of total reserves held by banks during the week ending October 23, declined $516 million to $26,444 million. Required reserves declined moderately reflecting a reduction in deposits in early October. Excess reserves held by banks declined sharply to a small negative level, as sizable reserve surpluses from the previous statement week were eligible to be carried forward to meet this weekfs requirements. Reserves were provided through a seasonal increase in float and a decline in currency in circulation. In addition, other F. R. accounts (net) declined, reflecting the monthly interest payment on F. R. notes, and provided some additional reserves. The System absorbed $254 million (net) of reserves through open market operations primarily through outright purchases of U. S. Government securities. Member bank borrowings at Federal Reserve Banks declined $183 million, and borrowings exceeded excess reserves by $368 million, compared with the revised figure of $166 million the week before. Average> s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Oct. 23, Oct. 16, Oct. 25, Oct. 23, and related items 1968 1968 1967 1968 (In millions of dl ollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 53,232 -165 +6,134 53,425 Held under repurchase agreements 50 - 46 + 50 ! 352 Federal Agency obligations-- Held under repurchase agreements 7 + 4 + 7 47 Acceptances-- Bought outright 57 + 2 + 4 57 Held under repurchase agreements 2 - 49 + 2 15 Discounts and advances-- Member bank borrowings 335 -183 + 277 1,103 Other Float 2,151 +167 + 587 1,586 Total Reserve Bank credit 55,834 -271 +7,061 56,585 Gold stock 10,367 -- -2,640 10,367 Treasury currency outstanding 6,759 + 5 - 33 6,760 72,961 -265 +4,388 73,712 Currency in circulation 48,702 - 62 +3,273 48,695 Treasury cash holdings 772 - 8 - 710 780 Treasury deposits with F. R. Banks 1,043 + 63 44 1,031 Foreign deposits with F. R. Banks 131 - 1 + 12 136 Other deposits with F. R. Banks 450 - 33 5 439 Other F. R. accounts (net) -377 -129 - 167 -392 50,720 -170 +2,358 50,689 Member bank reserves: With Federal Reserve Banks 22,241 - 95 +2,031 23,023 Currency and coin 4,203 -421 - 136 | 4,203 Total reserves held 26,444 -516 +1,895 27,226 Required reserves 26,477 -131 +2,118 26,477 Excess reserves - 33 -385 - 223 749 NfOTE: $172 million, (net) of surplus reserves were eligible to be carried forward from the week ended October 16, into the week ending October 23. On October 23, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,685 million, a decrease of $11 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITI ON OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Oct. 23, Oct. lb, Oct S5T 1968 1968 1967 A S S E TS Gold certificate account JL/ 10,026 •2,474 Cash (816) 295 - 12 - 67 Discounts and advances 1,103 + 914 +1,039 Acceptances: Bought outright 57 - - + 3 Held under repurchase agreements 15 - 27 + 15 Federal Agency obligations-- 47 + 39 + 47 Held under repurchase agreements U. S. Government securities: Bought outright— Sills 19,244 + 221 +4,950 Certificates Notes 28,424 +2,226 Bonds 5,757 - 864 Total bought outright 53,425 + 221 +6,312 Held under repurchase agreements 352 + 155 + 352 Total U. S. Government securities 53,777 + 376 +6,664 Total loans and securities 54,999 +1, 302 +7,768 Cash items in process of collection (2,244) 8,044 -1, 572 +1,075 Bank premises 115 + 4 Other assets 2/ 2,074 + 71 + 385 TOTAL ASSETS/LIABILITES & CAPITAL ACCOUNTS (3,060) 75,553 - 211 +6,691 L I A B I L I T I ES Federal Reserve notes (816) 42,669 160 +2,698 Deposits: Member bank reserves 23,023 +1,032 +2,953 U. S, Treasurer--general account 1,031 - 16 + 97 Foreign 136 -- + 3 Other 3/ (19) 439 - 47 - 22 Total deposits (19) 24,629 + 969 +3,031 Deferred availability cash items (2,225) 6,458 -1,068 + 746 Other liabilities and accrued dividends TOTAL LIABILITIES (3,060) 74,149 260 +6,601 C A P I T AL A C C O U N TS Capital paid in 621 -- + 32 Surplus 598 — + 28 Other capital accounts 185 + 49 4-30 Contingent liability on acceptances purchased for foreign correspondents 117 1 - 59 * Figures in parenthefleB are the eliminations made in the consolidating process. 1/ Includes amounS 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. OCTOBER 23, 1968 (Acceptances and securities held under repurchase agreements are classifed as maturing within 15 days in accordance x*ith maximum maturity of the agreements.) U. S. Government securities and Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 1,099 28 3,199 +557 16 days to 90 days 4 44 14,679 -140 91 days to 1 year -- -• 17,448 - 12 Over 1 year to 5 years -- -- 7,652 Over 5 years to 10 years -- -- 10,235 Over 10 years „ .- 611 -- Total 1,103 72 53,824 +415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 23, 1968 J San New Phd la- Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dol!. ars) ^ A S S E TS Gold certificate account 10,026 696 1,802 539 806 956 466 2,116 348 182 304 384 1,427 F. R. notes of other banks 816 76 230 58 36 78 67 34 25 26 26 38 122 Other cash 295 17 33 7 38 18 41 43 29 5 20 15 29 Discounts and advances 1,103 58 243 5 11 72 60 253 23 8 69 17 284 Acceptances: Bought outright 57 -- 57 -- — — -- -- -- -- -- -- -- Held under repurchase agreements 15 -- 15 -- — -- -- -- -- -- -- -- • - Federal Agency obligations-- Held under repurchase agreements 47 47 U. S. Government securities: Bought outright-- Bills 19,244 1,001 4,627 988 1,485 1,437 1,049 3,174 689 387 798 829 2,780 Certificates -- __ — -- -- -- -- -- -- -- -- -- -- Notes 28,424 1,478 6,835 1 ,459 2,192 2,124 1,549 4,688 1,017 572 1,178 1 ,225 4,107 Bonds 5.757 300 1.384 295 444 430 314 949 206 116 239 248 832 ~T T Total bought outright 53,425 ! 2,779 12,846 ~2 ,742 4,121 3,991 2,912 8,811 1,912 ,075 2,215 ,302 7,719 Held under repurchase agreements 352 -- 352 .- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 53,777 2,779 13,198 2 ,742 4,121 3,991 2,912 8,811 1,912 1 ,075 2,215 2 ,302 7,719 Total loans and securities 54,999 2,837 13,560 2 ,747 4,132 4,063 2,972 9,064 1,935 1 reel- 2,284~ T 3T5 —870173 Ca&h items in process of collection 10,288 658 1,772 608 771 810 885 1,684 519 372 708 608 893 Bank premises 115 3 10 2 5 10 19 18 8 3 19 9 9 Other assets 1/ 2,074 93 694 99 160 112 110 276 64 41 79 98 248 TOTAL ASSETS 78,613 4,380 18,101 4 ,060 5,948 6,047 4,560 13,235 2,928 1 ,712 3,440 3 ,471 10,731 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 OCTOBER 23, 1968 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco i( In millions of dollars) L I A B I L I T I ES Federal Reserve notes 43,485 2,518 9,941 2,473 3,520 3,992 2,330 7,801 1,608 743 1,625 1,511 5,423 Deposits: Member bank reserves [23,023 1,067 5,738 916 1,533 1,102 1,252 3,620 767 569 1,020 1,310 4,129 U. S. Treasurer--general account 1,031 59 146 66 58 102 81 109 68 42 131 58 111 Foreign 136 7 1/ 32 7 13 7 9 20 5 3 6 8 19 Other 458 -- 2/413 7 1 12 1 2 -- 2 2 1 17 Total deposits :24,648 1,133 6,329 996 1,605 1,223 1,343 3,751 840 616 1,159 1,377 4,276 Deferred availability cash items 8,683 642 1,376 498 670 726 778 1,408 418 312 580 488 787 Other liabilities and accrued dividends 393 19 99 20 30 30 21 63 14 9 16 17 55 TOTAL LIABILITIES 77,209 4,312 17,745 3,987 5,825 5,971 4,472 13,023 2,880 1,680 3,380 3,393 10,541 CAPITAL ACCOUNTS Capital paid in 621 30 158 32 55 32 40 93 21 14 27 36 83 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 185 9 44 9 14 13 10 32 7 4 7 8 28 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78.613 4,380 18,101 4,060 5,948 6,047 4,560 13 235__ 2,928 1,712 3,440 _3^471_ 10,731 1 Contingent liability on ac<: eptances purchased for foreiL gn correspondents 1 117 1 6 3/ 30 6 11 6 7 17 4 3 5 7 15 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 10,410 2,556 3,751 4,160 2,471 8,032 1,685 775 1,718 1,653 5,708 Collateral for F. R. notes: Gold certificate account 500 300 600 600 350 1,000 206 27 — 155 Eligible paper U. S. Government securities 2,301 10,000 2,500 3,300 3,600 2,200 7,150 1,570 775 1,775 1,580 6,000 Total collateral 2,631 10,500 2,800 3,900 4,200 2,550 8,150 1,776 802 1,775 1,735 6,000 1/ After deducting $104 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. 3/ After deducting $ 87 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis