H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•iassfc F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and H.4.T *f^Rfcf:* Condition Statement of F.R. Banks For immediate release December 12, 1968 The average of daily figures of total reserves of member banks declined $431 million to $26,409 million. Required reserves remained about unchanged, while excess reserves declined to a small negative level from the relatively high level reached in the previous statement week. Float and Treasury deposits with Federal Reserve Banks were major factors providing reserves in the latest statement week. The level of float of recent weeks has been unusually high, as the seasonal rise has been augmented by the effects on check clearings of transportation delays and of slower processing because of flucaused personnel shortages. The sharp decline in Treasury deposits with Federal Reserve Banks reflects the Treasury's low cash position prior to the tax date. In addition, the Treasury borrowed a small amount from the System during the week. Major factors absorbing reserves were a seasonal rise in currency in cir culation, and System Open Market sales of U. S. Government securities of about $800 million, primarily through matched sale-purchase transactions. Member bank borrow ings also declined. On balance, borrowings exceeded excess reserves by $443 million, compared with the revised figure of $75 million the previous week. Averagei s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 11, Dec. 4, Dec. 13, Dec. 11, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: > U. S. Government securities-- Bought outright--System account 52,455 -797 +3,602 51,413 Held under repurchase agreements -- - 28 -- -- Special certificates 13 + 13 + 13 Federal Agency obligations— Held under repurchase agreements i Acceptances- Bought outright 59 10 60 ^ Held under repurchase agreements _.. -- 75 -- Discounts and advances- Member bank borrowings 435 - 97 + 314 271 Other Float 2,572 +315 + 920 2,584 Total Reserve Bank credit 55,535 -594 +4,766 54,328 Gold stock 10,367 -- -2,065 10,367 Treasury currency outstanding 6,809 + 2 + 36 6,805 72,710 -594 +2,735 71,500 Currency in circulation 50,383 +306 +3,465 50,657 Treasury cash holdings 755 - 21 - 690 749 Treasury deposits with F. R. Banks 191 -392 - 596 58 Foreign deposits with F. R. Banks 233 + 8 + 93 212 Other deposits with F. R. Banks 438 - 10 + 11 426 Other F. R. accounts (net) - 960 + 58 - 966 -1,062 51,040 - 51 +1,317 51,040 Member bank reserves: With Federal Reserve Banks 21,670 -543 +1,418 20,461 Currency and coin 4,739 +112 + 281 4,739 Total reserves held 26,409 -431 +1,699 25,200 Required reserves 26,417 + 34 +2,040 26,417 Excess reserves 8 -465 - 341 -1,217 NOTE: A net of $200 million of surplus reserves were eligible to be carried forward from the week ended December 4, into the week ending December 11. 1/ Reflects $1,485 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On December 11, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,447 million, a decrease of $310 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 DecJ 11, Dec. 4, Dec. 13, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,026 -- -1,884 Cash (575) 230 12 - 128 Discounts and advances 271 + 150 + 115 Acceptances: Bought outright 60 -- 9 Held under repurchase agreements 6* Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright- Bills 17,232 -1,233 +1,384 Certificates Notes 28,706 — +1,788 Bonds 5,475 -- - 612 Total bought outright 2/ 51,413 -1,233 +2,560 Held under repurchase agreements Total U. S. Government securities 51,413 -1,233 +2,560 Total loans and securities 51,744 -1,083 +2,600 Cash items in process of collection (1,896) 9,077 - 138 + 999 Bank premises 114 -- + 3 Other assets 3/ 2,904 + 96 +1,233 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,471) 74,095 -1,131 +2,823 L I A B I L I T I ES Federal Reserve notes (575) 44,489 + 334 +2,869 Deposits: Member bank reserves 20,461 - 687 -- U. S. Treasurer--general account 58 - 591 - 600 Foreign 212 13 + 76 Other 4/ (1) 426 20 - 14 Total deposits (1) 21,157 -1,311 - 538 Deferred availability cash items (1,895) 6,493 - 210 + 104 Other liabilities and accrued dividends 412 -- + 105 TOTAL LIABILITIES (2,471) 72,551 -1,187 +2,540 £ A P IT A L A C C O U N TS Capital paid in ~ 625 + 34 Surplus 598 -- + 28 Other capital accounts 321 f- 50 + 221 Contingent liability on acceptances purchased for foreign correspondents 112 1 - 34 * 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/ Reflects $L,485million 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 11, 1968 (Acceptances and securities held under repurchase agreements are classified &s maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities ^nd Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 267 15 1,211 - 154 16 days to 90 days 4 45 16,495 - 984 91 days to 1 year 8,915 95 Over 1 year to 5 years 13,238 -- Over 5 years to 10 years 10,943 — Over 10 years -- — 611 — Total 271 60 51,413 •1,233 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 DECEMBER 11, 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 dol]. ars) A S S E TS Gold certificate account 10,026 695 1,012 737 982 1,029 593 1,973 426 168 393 375 1,643 F. R. notes of other banks 575 51 144 23 28 59 53 34 20 14 21 33 95 Other cash 230 12 24 6 29 15 30 30 25 4 17 13 25 Discounts and advances 271 63 7 * 1 26 30 74 3 46 13 5 3 Acceptances: Bought outright 60 — 60 -- -- -- -- -- — -- -- -- -- Held under repurchase agreements — -- -- -- -- -- -- -- -- __ -- -- -- Federal Agency obligations-- Held under repurchase agreements -- U. S. Government securities: Bought outright-- , Bills 17,232 914 4,313 882 1,332 1,273 919 2,805 609 332 664 722 2,467 Certificates Notes 28,706 1,524 7,186 1,470 2,218 2,122 1,530 4,672 1,014 552 1,106 1 ,203 4,109 Bonds 5,475 291 1,370 280 423 40_5_ 292 891 193 105 211 230 784 Total bought outright 51,413 2,729 12,869 2,632 3,973 3,800 2,741 8,368 1,816 989 1,981 ~2 ,155 7,360 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- ~- Total U. S. Government securities _5.1,413j 2_J29 12^869 2^632 3,973" 3,800 2,741 8,368 1,816 ,989 1,981 JL. 155 7.360 Total loans and securities 51,"7 44 2,792 12,936 2,632 3,974 3,826 2,771 8,442 1,819 1,035 1,994 2 ,160 7,363 Cash items in process of collection 10,973 613 2,211 558 759 820 1,023 1,693 597 412 699 617 971 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1/ 2,904 134 914 145 236 148 164 395 91 61 115 146 355 TOTAL ASSETS 76,566 4,300 17,251 4,103 6,013 5,907 4,653 12,584 2,986 1,697 3,258 3 ,353 10,461 1/ Includes assets denominated in foreign currencies and IMF gold deposited. *Less than $500,000. 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 DECEMBER 11, 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 45,064 2,611 10,348 2,581 3,669 4,100 2,448 8,024 1,668 758 1,669 1,553 5,635 Deposits: Member bank reserves 20,461 995 4,700 956 1,538 999 1,214 2,891 800 557 931 1,204 3,676 U. S. Treasurer—general account 58 1 51 1 1 * 1 * 1 1 1 Foreign 212 10 1/ 56 11 19 11 13 31 7 5 9 12 28 Other 427 1 ~ 392 1 7 1 2 * 1 2 1 19 Total deposits 21,158 1,007 5,199 969 1,557 1,017 1,229 2,924 808 563 943 1,218 3,724 Deferred availability cash items 8,388 585 1,211 453 622 675 860 1,335 443 332 565 481 826 Other liabilities and accril ed dividends 412 21 101 20 31 29 21 66 14 10 16 17 66 TOTAL LIABILITIES 75,022 4,224 16,859 4,023 5,879 5,821 4,558 12,349 2,933 1,663 3,193 3,269 10,251 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 321 17 79 16 24 22 17 55 11 6_ 12 14 48 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 26,566_ 4,300 _17,25J^ 4,103 6,013 5,907 4,653 12,584 2,986 1,697 3,258 3,353 10,461 Contingent liability on ace: eptances purchased for forej- gn correspondents 112 5 29 6 10 6 7__ 16 4 3 5 6 15 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,681 10,746 2,666 3,878 4,238 2,555 8,294 1,744 779 1,744 1,672 5,882 Collateral for F. R. notes Gold certificate account 330 500 300 600 555 350 1,000 180 27 155 Eligible paper U. S. Government securities 2,401 10,400 2,500 3,400 3,720 2,250 7,450 1,620 775 1,775 1,580 6,000 Total collateral 2,731 10,900 2,800 4,000 4,275 2,600 8,450 1,800 802 1,775 1,735 6,000 1/ After deducting $ 156 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 2/ After deducting $ 83 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis