H.4.1 Factors Affecting Reserve Balances of Depository Institutions

iiS^Mi- F E D E R AL R E S E R VE ^Factors Affecting Bank Reserves and rf^^^y Condition Statement of F.R. Banks H.4.1 For immediate release December 5, 1968 The average of daily figures of total reserves held by member banks in creased $276 million to $26,801 million. Excess reserves rose sharply to a level of $418 million. Some of these surplus reserves will be eligible to be carried for warded into the next statement week. Required reserves were about unchanged. Moderate declines in Treasury deposits with Federal Reserve Banks and Other Federal Reserve Accounts (net), providing reserves, partially offset the $439 million increase in currency in circulation. Float, which usually declines in late Novemberearly December, on weekly average, did not change significantly from the unusually high levels of recent weeks. System Open Market operations provided reserves, on balance, through outright purchases of U. S. Government securities (about $300 million on weekly average) although some matched sale-purchase transactions, absorbing reserves, were also made. Member bank borrowings declined; and together with the sharp increase in excess reserves, borrowings exceeded excess reserves by $114 million, compared with the revised figure of $463 million the week before. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 4, Nov. 27, Dec. 6, Dec. 4, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities — Bought outright--System account 53,252 +307 +4,533 1/52,646 Held under repurchase agreements 28 + 28 - 144 Federal Agency obligations- Held under repurchase agreements + 1 10 Acceptances- Bought outright 59 - 2 3 60 Held under repurchase agreements -- -- 14 -- Discounts and advances-- Member bank borrowings 532 - 50 + 445 121 Other Float 2,218 - 9 + 563 2,493 Total Reserve Bank credit 56,090 +276 +5,369 55,320 Gold stock 10,367 -- -2,403 10,367 Treasury currency outstanding 6,807 + 6 + 33 6,809 73,265 +283 +3,000 72,496 Currency in circulation 50,077 +439 +3,595 50,294 Treasury cash holdings 776 -- - 665 768 Treasury deposits with F. R. Banks 583 - 62 - 723 649 Foreign deposits with F. R. Banks 225 + 6 + 65 225 Other deposits with F. R. Banks 448 + 28 + 4 446 Other F. R. accounts (net) -1,018 -179 - 953 -1,016 51,091 +231 +1,323 51,366 Member bank reserves: With Federal Reserve Banks 22,174 + 52 +1,676 21,129 Currency and coin 4,627 +224 + 285 4.627 Total reserves held 26,801 +276 +1,961 25,756 Required reserves 26,383 - 23 +1,831 26,383 Excess reserves 418 +299 + 130 | - 627 NOTE: A net of $56 million of surplus res erves wie re eligible to be carried forward from the week ended November 27, into the week ending December 4. 1/ Reflects $825 million of securities soI d, and scheduled to be bought bac k, under matched sale-purchase transactions. On December 4, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,757 million, a decrease of $190 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 Dec. 4j Nov. 27, Dec. 6, 1968 1968 1967 A S S E TS 10,026 •1,889 Gold certificate account 1/ *v Cash (589) 242 5 - 107 121 -1,074 3 Discounts and advances Acceptances: Bought outright 60 9 49 Held under repurchase agreements Federal Agency obligations-- Bought outright Held under repurchase agreements U. S, Government securities: Bought outright— Bills 18,465 568 +2,617 Certificates Notes 28,706 +1=7 88 Bonds 5,475 612 Total bought outright 2/ 52,646 568 +3 ,793 Held under repurchase agreements Total U. S. Government securities 52,646 568 +3 ,793 Total loans and securities 52,827 -1,642 +3,732 Cash items in process of collection (2,141) 9,196 + 630 +1,545 Bank premises 114 -- + 3 Other assets 3^/ 2,808 + 51 +1,303 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,730) 75,213 966 +4,587 L I A B I L I T I ES Federal Reserve notes (589) 44,155 + 244 +2,836 Deposits: Member bank reserves 21,129 -1,596 +1,185 U. S. Treasurer—general account 649 + 208 - 381 Foreign 225 27 + 80 Other 4/ 446 + 14 + 6 Total deposits 22,449 -1,401 + 890 Deferred availability cash items (2,141) 6,703 + 127 + 661 Other liabilities and accrued dividends 412 + 11 + 95 TOTAL LIABILITIES (2,730) 73,719 •1,019 +4,482 C A P I T AL A C C O U N TS Capital paid in 625 + 34 Surplus 598 + 28 Other capital accounts 271 53 + 43 Contingent liability on acceptances purchased for foreign correspondents 113 1 - 31 * Figures in parentheses are the eliminations made in the consolidating process. { XI Includes amount of gold certificates previously included in "Redemption fund for F. R. notes.11 2/ Reflects $825 million 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, DECEMBER 4, 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 118 14 1,365 •1,226 16 days to 90 days 3 46 17,479 + 653 91 days to 1 year -- 9,010 + 5 Over 1 year to 5 years — 13,238 Over 5 years to 10 years -- 10,943 Over 10 years -- 611 Total 121 60 52,646 568 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 WEDNESDAY, DECEMBER 4, 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 c if dollars) A S S E TS Gold certificate account 10,026 580 1,438 656 897 949 543 2,219 363 216 347 333 1,485 ••P. R. notes of other banks 589 53 148 24 28 58 60 33 21 18 21 29 96 Other cash 242 13 27 5 31 15 31 32 26 4 18 14 26 Discounts and advances 121 6 30 3 16 2 22 15 3 2 7 3 12 Acceptances: Bought outright 60 -- 60 -- • • -- ... «.- -. . • • . «. Held under repurchase agreements __ -- _• -- -- -- - - - . __ mm m» — — Federal Agency obligations-- Held under repurchase agreements .- U. 3. Government securities: Bought outright-- Bills 18,465 980 4,621 945 1,427 1,365 985 3,005 653 356 711 774 2,643 Certificates Notes 28,706 1,524 7,185 1,470 2,218 2,122 1,530 4,672 1,014 552 1,106 1,203 4,110 Bonds 5,475 291 1,371 280 423 404^ 292 892 193 105 211 229 '784 Total bought outright 52,646 2,795 13,177 2,695 4,068 3,891 2,807 8,569 1,860 1,013 2,028 2,206 7,537 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- ... — m. . •> Tofeal U. S. Government securities £2,646 2 795 13.177 2,695 4,068 3, ,891 2.807 8.569 1.860 1.013 2.028 2.206 7,537 ? Total loans and securities 52,827 2,801 13,267 2,698 4,084 3,893 2,829 8,584 1,863 1,015 2,035 2,209 7,549 Cash items in process of collection 11,337 692 2,244 614 794 920 934 1,853 606 428 691 612 949 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1/ 2,808 128 888 141 227 145 160 379 88 58 111 141 342 TOTAL ASSETS 77,943 4,270 18,022 4,140 6,066 5,990 4,576 13,117 2,975 1,742 3,242 3,347 10,456 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 OF DECEMBER 4, 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) i L I A B I L I T I ES Federal Reserve notes 44,744 2,593 10,280 2,560 3,635 4,079 2,409 7,979 1,654 750 1,659 1,538 5,608 Deposits: Member bank reserves 21,129 930 4,879 963 1,564 1,025 1,252 3,268 770 592 926 1,220 3,740 U. S. Treasurer--general account 649 1 642 1 1 1 * * 1 1 * * 1 Foreign 225 11 1/ 58 12 20 12 14 33 7 5 10 13 30 Other 446 * 2/410 2 * 8 2 2 1 4 1 16 Total deposits 22,449 942 5,989 978 1,585 1,046 1,268 3,303 779 598 940 1,234 3,787 Deferred availability cash items 8,844 641 1,265 505 685 753 785 1,542 476 352 564 476 800 Other liabilities and accril ed dividends 412 21 109 20 31 30 21 66 14 9 16 17 58 TOTAL LIABILITIES 76,449 4,197 17,643 4,063 5,936 5,908 4,483 12,890 2,923 1,709 3,179 3,265 10,253 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 271 14 66 13 20 18 15 47 10 5 10 12 41 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 77,943 4,270 18,022 4,140 6,066 5.990 4,576 13,117 2,975 1,742 3,242 3,347 10,456 Contingent liability on ace; eptances purchased for fored- gn correspondents 113 6 3/ 29 6 10 6 7 16 4 3 5 6 15 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstending 46,597 2,669 10,683 2,638 3,882 4,211 2,533 8,230 1,734 771 1,726 1,672 5,848 Collateral for F. R. notes: Gold certificate account 3,997 330 500 300 600 555 350 1,000 180 27 -- 155 Eligible paper U. S. Government securities 43,751 2,401 10,400 2,500 3,300 3,700 2,250 7,450 1,620 775 1,775 1,580 6,000 Total collateral 47,748 2,731 10,900 2,800 3,900 4,255 2,600 8,450 1,800 802 1,775 1,735 6,000 1/ After deducting $167 million participations of other Federal Reserve Banks, 2V Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 84 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis