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 Condition Statement of F.R. Banks For immediate release November 7, 1968 The average of daily figures of total reserves held by member banks during the week ending November 6 declined (net) $379 million to $26,317 million. Required reserves declined $204 million. Excess reserves were reduced $175 million to a level of $152 million, after having risen the previous week when banks accumulated a sizeable reserve surplus that was eligible to be carried forward into the latest statement week. The major factors absorbing reserves in the latest week were a moderate decline in float and a large seasonal increase in currency in circulation. On balance, System Open Market operations had little net effect on reserves during the week. Member bank borrowing declined to a level of $392 million, and borrowings exceeded excess reserves by $240 million compared with the revised figure of $170 million the week before. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 6, Oct. 30, Nov. 8, Nov. 6, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 53,294 - 51 +5,584 53,475 Held under repurchase agreements 88 + 31 - 53 148 Federal Agency obligations— Held under repurchase agreements 7 + 7 7 26 Acceptances— Bought outright 56 2 59 — m. "Held under repurchase agreements Discounts and advances-- Member bank borrowings 392 -105 + 260 534 Other Float 1,624 • 57 + 217 1,478 Total Reserve Bank credit 55,461 -175 +6,003 55,720 Gold stock 10,367 -2,540 10,367 Treasury currency outstanding 6,776 + 9 - 1 6,782 72,604 -166 +3,462 72,869 Currency in circulation 48,806 +250 +3,243 49,163 Treasury cash holdings 774 - 8 - 700 777 Treasury deposits with F. R. Banks 1,079 - 13 + 151 i 1,044 Foreign deposits with F. R. Banks 115 - 12 12 136 Other deposits with F. R. Banks 460 + 22 10 434 Other F. R. accounts (net) -357 + 25 - 173 -356 50,877 +264 +2,498 51,198 Member bank reserves: With Federal Reserve Banks 21,727 -430 + 965 21,671 Currency and coin 4,590 + 51 + 598 4,590 Total reserves held 26,317 -379 +1,563 26,261 Required reserves 26,165 -204 +1,741 26,165 Excess reserves 152 -175 - 178 96 NOTE: A net of $143 million of surplus reserves were eligible to be carried forward from the week ended October 30, into the week ending November 6. On November 6, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,119 million, an increase of $237 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 Nov. 6, Oct. 30, Nov. 8, 1968 1968 1967 A S S E TS Gold certificate account _!/ (656) 10,026 -2,382 Cash 283 4 - 75 Discounts and advances 534 + 21 + 365 Acceptances: Bought outright 59 *• 2 Held under repurchase agreement s Federal Agency obligations-- Held under repurchase agreements 26 \r 26 26 U. S. Government securities: Bought outright-- Bills 19,294 + 113 +4,400 Certificates Notes 28,424 +2,226 Bonds 5,757 - 864 Total bought outright 53,475 + 113 +5,762 Held under repurchase agreements 148 - 51 + 148 Total U. S. Government securities 53,623 + 62 +5,910 Total loans and securities 54,242 + 111 +6,306 Cash items in process of collection (2,172) 8,512 + 652 +1,582 Bank premises 114 — + 3 Other assets 2/ 2,154 + 38 + 353 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,828) 75,331 + 797 +5,787 Federal Reserve notes (656) 43,100 + 433 +2,694 Deposits: Member bank reserves 21,671 - 518 +1,260 U. S. Treasurer--general account 1,044 - 111 + 445 Foreign 136 + 9 1 Other 37 434 + 7 40 Total deposits 23,285 - 613 +1,664 Deferred availability cash items (2,172) 7,034 + 907 +1,198 Other liabilities and accrued dividends 406 + 20 + 117 TOTAL LIABILITIES (2,828) 73,825 + 747 +5,673 C A P I T AL A C C O U N TS Capital paid in 623 + 2 + 33 Surplus 598 __ + 28 Other capital accounts 285 + 48 + 53 Contingent liability on acceptances purchased for foreign correspondents 118 2 - 46 * Figures in parentheses are the eliminations made in the consolidating process. J7 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, NOVEMBER 6, 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 531 16 8,651 +5,647 16 days to 90 days 3 43 8,925 -5,735 91 days to 1 year -- -- 17,575 + 176 Over 1 year to 5 years -- -- 7,652 -- Over 5 years to 10 years -- -- 10,235 -- Over 10 years _- • - 611 -- Total 534 59 53,649 83 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 NOVEMBER 6, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis Citv Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 10,026 453 2,477 673 760 893 457 2,133 358 35 277 257 1,253 F. R. notes of other banks 656 81 163 42 31 61 57 31 19 25 22 32 92 Other cash 283 15 33 7 36 18 40 39 29 4 20 15 27 Discounts and advances 534 23 192 2 52 -- 28 130 25 16 23 5 38 Acceptances: Bought outright 59 -- 59 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements -- I -- -- -- -- -- -- — -- -- -- -- Federal Agency obligations— Held under repurchase agreements 26 26 -- U. S. Government securities: Bought outright-- Bills 19,294 1,003 4,664 979 1,499 1,423 1,038 3,181 699 387 786 827 2,808 Certificates "" — -- -- -- -- -- -- -- -- -- -- -- Notes !28,424 1 1,477 6,872 1 ,442 2,208 2,095 1,529 4,686 1,030 571 1 ,157 1 ,219 4,138 Bonds 1 5,757 1 299 1,392 292 447 424 310 949 209 116 234 247 838 Total bought outright 153,475 2,779 12,928 ~~2, 713 4,154 3,942 2,877 8,816 1,938 ~T, 074 ~T, 177 ~T, 293 7,784 Held under repurchase agreements 148 -- 148 -- -- -- -- — -- -- -- -- -- Total U. S. Government securities 53,623 ^17779 13,076 ~~2, 713 4,154 3,942 2,877 8,816 .1,938 ~T, 074 ~TJ LZ7_ "T, 293 7,784 Total loans and securities 54,242 2,802 13,353 2 ,715 4,206 3,942 2,905 8,946 1,963 1 ,090 2 ,200 2 ,298 7,822 Cash items in process of collection 10,684 747 1,746 712 742 848 868 1,865 562 423 661 598 912 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1/ 1 2,154 96 713 106 166 115 114 291 67 43 82 100 261 TOTAL ASSETS 78,159 4,197 18,495 4 ,257 5,946 5,887 4,460 13,322 3,006 1 ,623 3 ,281 3 ,309 10,376 17 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 NOVEMBER 6, 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 43,756 2,530 10,050 2,491 3,538 4,013 2,351 7,836 1,618 740 1,635 1,514 5,440 Deposits: Member bank reserves 21,671 881 6,051 919 1,494 944 1,128 3,346 750 448 857 1,130 3,723 U. S. Treasurer—general account 1,044 69 30 53 93 151 129 83 62 49 77 90 158 Foreign 136 6 1/ 39 7 12 7 8 19 5 3 6 7 17 Other 434 2/377 7 9 1 4 1 2 1 32 Total deposits 23,285 956 6,497 986 1,599 1,111 1,266 3,452 818 500 942 1,228 3,930 Deferrred availability cash items 9,206 617 1,461 682 648 651 728 1,740 504 339 624 468 744 Other liabilities and accrued dividends 406 21 105 20 31 28 21 65 14 10 16 17 58 TOTAL LIABILITIES 76,653 4,124 18,113 4,179 5,816 5,803 4,366 13,093 2,954 1,589 3,217 3,227 10,172 CAPITAL ACCOUNTS Capital paid in 623 30 159 32 55 32 40 93 22 14 27 36 83 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 285 14 69 14 21 21 16 49 10 6 11 12 42 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,159 4.197 18,495 4,257 5.946 5,887 4.460 13,322 3,006 1,623 3,281 3,309 10,376 Contingent liability on accept ances purchased for foreign correspondents 1 118„ 6_ • 1/ 30 6_ 11 6_ 7_ 17 4_ 3_ 5_ 7 16 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 45, 598 2,613 10,480 2,563 3,765 4,141 2,462 8,078 1,686 768 1,714 1,645 5,683 Collateral for F. R. notes: Gold certificate account 4: 068 330 500 300 600 600 350 1,000 206 27 155 Eligible paper U. S. Government securities 43., 251 ! 2,301 10,200 2,500 3,300 3,600 2,200 7,450 1,570 775 •1,77.5 U53SL 6,00.0. Total collateral 47,319 2,631 10,700 2,800 3,900 4,200 2,550 8,450 1,776 802 1,775 1,735 6,000 1/ After deducting $ 97 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $ 88 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis