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 immediate release H.4.1 For November 29, 1968. The average of daily figures of total reserves held by member banks de clined $407 million (net) to $26,517 million. Required reserves dropped sharply by close to seasonal dimensions. For the second week in a row, excess reserves declined, and reached the relatively low level of $111 million. Reserves were absorbed in the latest statement week by a decline in float and a rise in currency in circulation; together these two factors absorbed $582 million reserves. This reduction in reserves was more than offset by a decline in other FR accounts (net). System Open Market operations absorbed over one-half billion dollars of reserves on a daily average basis, both through outright purchases of securities and by matched sale-purchase transactions. Member bank borrowings increased moderately; and, coupled with the further decline in excess reserves, borrowings exceeded excess reserves by $471 million, compared with the revised figure of $329 million the week before. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 27, Nov. 20, Nov.29, Nov. 27, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 52,945 -557 +4,598 53,214 Held under repurchase agreements -- -- - 47 -- Federal Agency obligations- Held under repurchase agreements 2 -- Acceptances-- Bought outright 61 6 60 Held under repurchase agreements Discounts and advances-- Member bank borrowings 582 + 71 + 463 1,195 Other Float 2,218 -419 + 670 1,977 Total Reserve Bank credit 55,806 -905 +5,689 56,446 Gold stock 10,367 __ -2,541 10,367 Treasury currency outstanding 6,801 + 9 + 16 6,803 72,973 -898 +3,163 73,616 Currency in circulation 49,638 +163 +3,291 50,034 Treasury cash holdings 776 + 11 - 681 775 Treasury deposits with F. R. Banks 645 + 30 - 925 441 Foreign deposits with F. R. Banks 219 + 64 + 44 252 Other deposits with F. R. Banks 420 - 23 12 432 Other F. R. accounts (net) - 839 -650 - 494 -1,029 Member bank reserves: 50,860 -406 +1,226 50,905 With Federal Reserve Banks 22,114 -491 +1,938 22,712 Currency and coin 4,403 + 84 79 4,403 Total reserves held 26,517 -407 +1,859 27,115 Required reserves 26,406 -336 +2,132 26,406 Excess reserves 111 - 71 - 273 1 709 NOTE: A net of $121 million of surplus reserves were eligible to be carried forward from the week ended November 20, into the week ending November 27. On November 27, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,947 million, an increase of $911 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF COkDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Nov- 27, I Nov. 20, Nov. 29, 1968 I 1968 1967 A S S E TS Gold certificate account 1/ 10,026 -2,367 * Cash (583) 247 18 - 103 Discounts and Advances 1,195 +1,053 +1,059 Acceptances: Bought outright 60 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 19,033 + 823 +3,537 Certificates Notes 28,706 -- +1,788 Bonds 5,475 •-- - 612 Total bought outright 53,214 + 823 +4,713 Held under repurchase agreements --. -- - 42 Total U. S. Government securities 53,214 + 823 +4,671 Total loans and securities 54,469 +1,875 +5,729 Cash items in process of collection (2,240) 8,553 -1,226 +1,419 Bank premises 114 -- + 2 Other assets 2/ 2,757 + 667 +LLP23_ TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,823) 76.166 +1,298 +5,703 L I A B I L I T I ES Federal Reserve notes (583) 43,911 + 449 +2,917 Deposits: Member bank reserves 22,712 +1,630 +3,000 U. S. Treasurer--general account 441 - 202 -1,327 Foreign 252 + 97 + 105 Other 3/ 432 + 8 + 18 Total deposits 23,837 +1,533 +1,796 Deferred availability cash items (2,240) 6,576 - 736 + 796 Other liabilities and accrued dividends 401 3 + 100 TOTAL LIABILITIES (2,823) 74,725 +1,243 +5,609 C A P I T AL A C C O U N TS Capital paid in 625 + 33 »• 2 Surplus 598 -- + 28 Other capital accounts 218 + 53 + 33 Contingent liability on acceptances purchased for foreign correspondents 114 5 - 39 * 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, NOVEMBER 27, 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 Within 15 days 1,193 13 2,591 +1,006 16 days to 90 days 2 47 16,826 - 120 91 days to 1 year -- -- 9,005 - 63 Over 1 year to 5 years -- -« 13,238 -- Over 5 years to 10 years -. 10,943 -. Over 10 years -- -- 611 -- Total 1,195 60 53,214 + 823 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 27, 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 dollars) A S S E TS Gold certificate account 10,026 615 2,335 669 803 921 520 1,760 289 174 218 307 1,415 F. R. notes of other banks 583 61 131 24 27 57 61 32 21 17 27 33 92 Other cash 247 13 28 4 32 16 33 34 25 3 18 14 27 Discounts and advances 1,195 145 171 24 97 115 60 200 45 10 24 299 Acceptances: Bought outright 60 60 Held under repurchase agreements Federal Agency obligations Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 19,033 989 4,601 966 1,479 1,403 1,024 3,138 690 383 774 816 2,770 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 1,323 278 425 294 903 198 110 _._221... 235 797 Total bought outright 53,214 2,766 12,864 2,700 4,134 3,923 2,862 8,774 1,928 1,069 2,166 2,282 7,746 Held under repurchase agreements Total U. S. Government securities 53,214_ 2.766 12.864 2.700 4.134 3.923 2.862 8.774 1.928 1.069 2.166 2.282 7.746 Total loans and securities 54,469 2,911 13,095 2,724 4,231 4,038 2,922 8,974 1,973 1,074 2,176 2,306 8,045 Cash items in process of collection 10,793 654 1,844 589 773 844 916 1,811 560 432 690 714 966 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1/ 2,757 126 875 136 225 139 156 371 87 57 110 139 336 TOTAL ASSETS 78,989 4,383 18,318 4,148 6,096 6,025 4,627 12,999 2,963 1,760 3,258 3,522 10,890 1/ Includes assets denominated in foreign currencies and IMF gold deposited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 27, 1968 San New Phila Cleve Rich st. Minne Kansas 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 44,494 2,569 10,226 2,545 3,612 4,059 2,391 7,947 1,643 746 1,649 1,533 5,574 Deposits: Member bank reserves i 22,712 1,097 5,443 1,010 1,651 1,113 1,325 3,265 804 588 951 1,293 4,172 U. S. Treasurer—general account 441 434 1 1 1 1 1 2 Foreign 252 12 1/ 66 13 22 13 16 37 9 6 11 14 33 Other 432 | 1 2/395 3 1 6 1 2 * 1 1 1 20 Total deposits 23,837 1,110 6,338 1,026 1,675 1,132 1,342 3,304 814 596 964 1,309 4,227 Deferred availability cash items 8,816 613 1,290 483 652 726 783 1,466 442 377 568 584 832 Other liabilities and accnl ed dividends 401 21 98 19 31 29 21 64 14 9 16 17 62 TOTAL LIABILITIES 77,548 ' 4,313 17,952 4,073 5,970 5,946 4,537 12,781 2,913 1,728 3,197 3,443 10,695 CAPITAL ACCOUNTS Capital paid in 625 30 159 32 56 33 40 93 22 14 27 36 83 Surplus 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 218 11 53 11 16 15 12 38 8 4 8 9 33 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,989 4,383 18,318 4,148 6,096 6,025 4,627 12,999 2,963 1,760 3,258 3,522 10,890 Contingent liability on ace, eptances purchased for foreig n correspondents 114 6 3/ 29 6 10 6 7__— -li __A_ 3 __JL__ _ £_ 15 m* -, FEDERAL RESERVE AGENTS1 ACCOUNTS F. R, notes outstanding 10,643 2,618 3,833 4,198 2,507 8,197 1,723 773 1,730 1,655 5,826 Collateral for F. R. notes: Gold certificate account 500 300 600 555 350 1,000 180 27 155 Eligible paper U. S. Government securities 10,400 2,500 3,300 3,700 2,200 7,450 1,620 775 1,775 1,580 6,000 Total collateral 10,900 2,800 3,900 4,255 2,550 8,450 1,800 802 1,775 1,735 6,000 1/ After deducting $186 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. Digitized3 f/or FRAAfStEeRr deducting $ 85 million participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis