H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Factors Affecting Bank Reserves and Condition Statement of F.R. Banks immediate release H.4 For November 21, 1968 The average of daily figures of total reserves held by member banks de clined $166 million to $26,885 million. Required reserves increased $174 million, somewhat more than seasonal. Excess reserves declined $340 million as banks used surplus reserves accumulated in the previous week to meet reserve needs. In the latest statement week, reserves were provided by a sharp mid-month rise in float and a substantial decline in Treasury deposits with Federal Reserve Banks. Currency in circulation and other F. R. accounts (net), increased, absorb ing a moderate amount of reserves, while other factors remained about unchanged. System Open Market operations absorbed $262 million reserves (net) on weekly average, primarily through matched sale-purchase transactions. Member bank borrow ings declined $164 million to $511 million; and with excess reserves declining sharply,.borrowings exceeded excess reserves by $368 million, compared with the revised figure of $192 million the week before. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 20, Nov. 13, Nov. 22, Nov. 20, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 53,502 - 53 +5,790 -/52,391 Held under repurchase agreements -- -172 - 122 -- Federal Agency obligations-- Held under repurchase agreements - 13 3 Acceptances-- Bought outright 62 + 3 8 61 Held under repurchase agreements -- - 27 -- -- Discounts and advances-- Member bank borrowings 511 -164 + 384 142 Other Float 2,597 +596 + 820 2,451 Total Reserve Bank credit 56,672 +169 +6,876 55,045 Gold stock 10,367 — -2,539 10,367 Treasury currency outstanding 6,792 + 6 + 10 ! 6,797 73,831 +176 +4,347 ! 72,209 Currency in circulation 49,475 +161 +3,386 49,558 Treasury cash holdings 765 + 1 - 686 777 Treasury deposits with F. R, Banks 615 -421 - 436 643 Foreign deposits with F. R. Banks 155 + 23 + 7 155 Other deposits with F. R. Banks 443 + 11 + 1 424 Other F. R. accounts (net) -189 +142 - 110 - 414 51,266 - 80 +2,165 51,143 Member bank reserves: With Federal Reserve Banks 22,566 +257 +2,183 21,066 Currency and coin 4,319 -423 + 80 ; 4,319 Total reserves held 26,885 -166 +2,263 ' 25,385 Required reserves 26,742 +174 +2,341 26,742 Excess reserves 143 -340 78 1 -1,357 NOTE: A net of $226 million of surplus reserves were eligible to be carried forward from the week ended November 13, into the week ending November 20. \J Reflects $1,165 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On November 20, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,036 million, an increase of $633 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 BAtiKS (In millions of dollars) Wednesday Change since Nov. 20, Nov, 13, Nov. 22, 1968 1968 1967. A S S E TS Gold certificate account 1/ (618) 10,026 -2,374 Cash 265 7 92 Discounts and advances 142 14 52 Acceptances: Bought outright 61 + Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright — Bills 18,210 -1,337 4-3,039 Certificates Notes 28,706 + 282 +1,788 Bonds 5,475 - 282 - 612 Total bought outright 2/ 52,391 -1, 337 +4,215 Held under repurchase agreements Total U. S. Government securities 52,391 -1, 337 +4,215 Total loans and securities 52,594 -1, 351 +4,274 Cash items in process of collection (2,433) 9,763 +1, 269 +2,056 Bank premises 114 -- + 3 Other assets 3/ 2,090 - 34 + 245 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,051) 74^852 - 123 +4J12 L I A B I L I T I ES Federal Reserve notes (618) 43,462 4 +2,596 Deposits: Member bank reserves 21,066 _ 670 + 546 U. S. Treasurer--general account 643 - 164 - 290 Foreign 155 + 16 20 Other 4/ 424 - 16 8 Total deposits 22,288 834 + 228 Deferred availablity cash items (2,433) 7,312 + 659 +1,102 Other liabilities and accrued dividends 404 -_ 2 + 101 TOTAL LIABILITIES (3,051) 73,466 173 +4,027 C A P I T AL A C C O U N TS Capital paid in 623 1 + 33 Surplus 598 + 28 Other capital accounts 165 f 49 + 24 Contingent liability on acceptances purchased for foreign correspondents 119 44 * Figures in parentheses are the eliminations made in the consolidating process. jL/ Includes amount of gold certificates previously included in "Redemption fund for F. R. notes/1 2/ Reflects $l,165milllon of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3>/ Includes assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER~20, 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 aaddvvaanncceess AAcccceeppttaanncceess Holdings Weekly changes Xtfithin 15 days 140 12 1,585 -6,129 16 days to 90 days 2 49 16,946 +7,182 91 days to 1 year __ __ 9,068 -8,684 Over 1 year to 5 years -- -- 13,238 +5,586 Over 5 years to 10 years -- 10,943 + 708 Over 10 years -- -- 611 -- Total 142 61 52,391 -1,337 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 20, 1968 San New Phila Cleve Rich 43 t. Minne Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Loui s apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 10,026 625 2,816 528 835 996 502 1,740 324 161 263 295 941 F. R, notes of other banks 618 59 149 29 28 65 59 32 21 19 22 30 105 Other cash 265 13 33 5 34 17 37 35 27 4 19 15 26 Discounts and advances 142 21 29 3 l 1 18 19 3 12 7 3 25 Acceptances: Bought outright 61 -- 61 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements -• -- -- -- -- -- -- -- -- __ -- -- -- Federal Agency obligations- Held under repurchase agreements -- U. S, Government securities: Bought outright-- Bills 18,210 946 4,402 924 1,415 1,342 980 3,002 660 366 741 781 2,651 Certificates -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 28,706 1 ,492 6,940 1 ,456 2,230 2,116 1 ,544 4,733 1 ,040 576 1 ,169 1 ,231 4,179 Bonds 5,475 285 1,323 278 425 404 294 903 198 110 223 235 797 Total bought outright 52,391 2 ,723 12,665 2 ,658 4,070 3,862 2 ,818 8,638 1 ,898 1 ,052 2 ,133 2 ,247 7,627 Held under repurchase agreements -- -- -- -- -- -- n -- -- -- -- -- -- ~T ~T ~T Total U. S. Government securities 52,391~ ~ .723 "127665"*"~ 2~ .658 " 4.070 3.862 .818 8.638 .898 1 .052 .133 .247 7.627 Total loans and securities 52,594 2 ,744 12,755 2 ,661 4,071 3,863 2 ,836 8,657 1 ,901 1 ,064 2 ,140 2 ,250 7,652 Cash items in process of collection 12,196 820 2,314 773 870 938 1 ,033 1,997 613 447 728 650 1,013 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1/ 2,090 93 704 102 164 104 114 274 64 43 80 101 247 TOTAL ASSETS 77,903 4 ,357 18,781 4 ,100 6,007 5,993 4 ,600 12,752 2 ,958 1 ,741 3 ,271 3 ,350 9,993 2/ 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 OF NOVEMBER 20, 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 dollars) L I A B I L I T I ES Federal Reserve notes 44,080 2,564 10,139 2,525 3,589 4,035 2,364 7,901 1,629 743 1,638 1,524 5,429 Deposits: , Member bank reserves 21,066 967 5,633 922 1,520 1,038 1,227 2,968 782 566 943 1,195 3,305 U. S. Treasurer—general account 643 1 636 •& 1 * 1 1 Vc 1 * * 2 Foreign 155 7 1/ 51 7 13 7 9 20 5 3 6 8 19 Other 424 2 2/380 2 ic 10 1 2 1 2 .3 1 20 Total deposits 22,288 977 6,700 931 1,534 1,055 1,238 2,991 788 ^572 952 1,204 3,346 Deferred availability cash items ; 9,745 729 1,489 551 731 798 890 1,586 478 386 606 527 974 Other liabilities and accrued dividends 404 20 100 21 31 30 21 66 15 9 16 18 57 TOTAL LIABILITIES 76,517 4,290 18,428 4,028 5,885 5,918 4,513 12,544 2,910 1,710 3,212 3,273 9,806 CAPITAL ACCOUNTS Capital paid in 623 30 159 32 55 33 40 92 22 lVv 27 36 83 Surplus | 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 1 165 8 40 8 13 11 9 29 6 3 6 7 25 1 TOTAL LIABILITIES CAPITAL ACCOUNTS | 77,903 4.357 18.781 4.100 6,007 5,993 . 4,600..1 2^152 2.958 1.741 3.271 3.350 9^993 Contingent liability on ace: eptances purchased for foreign correspondents 119 1 6 3/ 31 6 11 6 7 17 4 3 5 7 16 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 46,030 2,632 10,560 2,596 3,817 4,183 2,493 8,157 1,722 774 1,715 1,654 5,727 Collateral for F. R. notes: Gold certificate account 3,957 330 500 300 600 515 350 1,000 180 27 155 N Eligible paper U. S. Government securities 43,441 2,341 10,200 2,500 3,300 3,700 2,200 7,450 1,620 775 1.775 1.580 6.000 Total collateral 47,398 2,671 10,700 2,800 3,900 4,215 2,550 8,450 1,800 802 1,775 1,735 6,000 1/ After deducting $ 104million participations of other Federal Reserve Banks. 2:/ Includes IMF gold deposit. * Less than $500,000. 3>/ After deducting $ 88million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis