H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE lectors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release December 19, 1968 The average of daily figures of total reserves of member banks increased $581 million (net) to $27,022 million. Required reserves increased reflecting, in the main, seasonal increases in demand deposits in early December. Excess re serves rose sharply from the unusually low level reached in the previous week. In the latest week, major factors providing reserves were float, other FR accounts (net) and Treasury deposits with Federal Reserve Banks. Float remained high due to seasonal pressures and delays in check clearings at Federal Reserve Banks associated with employee illness due to the flu. Treasury deposits with Federal Reserve Banks continued to decline and in addition, the Treasury borrowed funds temporarily 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 $700 million, on average, primarily through matched sale-purchase transactions. Member bank borrowings increased; and borrowings exceeded excess reserves by $274 million, compared with the revised figures of $411 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 18, Dec. 11, Dec. 20, Dec. 18, and related items 1968 1968 _12£L . 19.6,8 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 51,733 -722 +3,025 51,000 Held under repurchase agreements Special certificates 339 +326 + 339 Federal Agency obligations- Held under repurchase agreements Acceptances-- Jteught outright 58 13 55 Held under repurchase agreements Discounts and advances- Member bank borrowings 574 4-139 + 389 968 Other Float 3,318 +715 +1,163 3,745 Total Reserve Bank credit 56,023 +457 +4,904 55,768 Gold stock 10,367 -- -2,065 10,367 Treasury currency outstanding 6,807 - 2 + 32 6,810 73,197 +455 +2,871 72,945 Currency in circulation 50,616 +233 +3,523 50,789 Treasury cash holdings 749 - 6 - 695 | 752 Treasury deposits with F. R. Banks 70 -121 - 774 j 442 Foreign deposits with F. R. Banks 234 + 1 + 78 j 228 Other deposits with F. R. Banks 444 + 6 + 10 448 Other F. R. accounts (net) -1,247 -287 -1,002 -1,214 50,864 -176 +1,138 51,445 Member bank reserves: With Federal Reserve Banks 22,332 +630 +1,732 21,499 Currency and coin 4,690 - 49 + 87 4,690 Total reserves held 27,022 +581 +1,819 26,189 Required reserves 26,722 +305 +1,786 26,722 Excess reserves 300 +276 + 33 - 533 NOTE: A net of $25 million of surplus reserves were eligible to be carried forward from the week ended December 11, into the week ending December 18. 1/ Reflects $1,295 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On December 18, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,706 million, an increase of $259 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF UbttDlTlON OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Dec. 18, Dec. ll, Dec. 20, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,026 -1,880 * Cash 38) 220 10 - 134 Discounts and advances 968 + 697 + 549 Acceptances: Bought outright 55 19 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 16,819 413 +1,084 Certificates Notes 28,706 — +1,788 Bonds 5,475 -- - 612 Total bought outright 2/ 51,000 - 413 +2,260 Held under repurchase agreements Total U. S. Government securities 51,000 - 413 +2,260 Total loans and securities 52,023 + 279 +2,790 Cash items in process of collection (2,463) 10,985 +1,879 +2,043 Bank premises 114 -- + 4 Other assets 3/ 2,872 32 +1,086 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (3,101) 76,240 +2,116 +3,909 L I A B I L I T I ES Federal Reserve notes (638) 44,610 + 121 +2,832 Deposits: Member bank reserves 21,499 +1,009 + 537 U. S. Treasurer--general account 442 + 384 - 282 Foreign 228 + 16 + 60 Other 4/ (1) 448 + 22 + 31 Total deposits (1) 22,617 +1,431 + 346 Deferred availability cash items (2,462) 7,241 + 748 + 565 Other liabilities and accrued dividends 391 21 +_ 90 TOTAL LIABILITIES (3,101) 74,859 +2,279 +3,833 C A P I T AL A C C O U N TS Capital paid in 626 + 1 + 33 Surplus 598 + 28 Other capital accounts 157 164 + 15 Contingent liability on acceptances purchased for foreign correspondents 113 + 1 - 30 * 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.11 |/ Reflects $1,295 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. .3/ Included assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 18, 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 963 15 1,039 -172 16 days to 90 days 5 40 16.524 + 29 91 days to 1 year 9,003 + 88 Over 1 year to 5 years 12,880 -358 Over 5 years to 10 years 10,943 -- Over 10 years -- 611 _ " Total 968 55 51,000 -413 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 18, 1968 San New Phila Cleve Rich St. Minne Kansas Total j 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 10,026 299 1,804 737 913 1,055 619 2,002 370 163 324 471 1,269 F. R. notes of other banks 638 54 150 28 39 66 58 37 25 15 24 35 107 Other cash 220 12 22 5 27 14 29 29 24 4 17 13 24 Discounts and advances 968 240 264 1 5 1 30 340 7 5 9 9 57 Acceptances: Bought outright 55 55 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 16,819 892 4,210 861 1,300 1,243 897 2,738 594 324 648 705 2,407 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 1,370 280 423 405 292 891 193 105 211 230 784 Total bought outright 51,000 2 ,707 12,765 2 ,611 3,941 3,770 2 ,719 8,301 1 ,801 981 1,965 2 ,138 7,301 Held under repurchase agreements Total U. S. Government securities 51.000 2.707 12,765 2 ,611 3,941 3,770 2 ,719 8,301 1 ,801 981 1,965 2 ,138 7,301 Total loans and securities ;52,023 2 ,947 13,084 2 ,612 3,946 3,771 2 ,749 8,641 1 ,808 986 1,974 2 ,147 7,358 Cash Items in process of collection 113,448 782 2,850 666 981 1,058 1 ,118 2,145 714 480 829 616 1,209 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1/ 1 2,872 131 914 142 233 146 161 389 90 60 113 143 350 TOTAL ASSETS 79,341 4 ,228 18,834 4 ,192 6,144 6,120 4 ,753 13,260 3 ,039 1,711 3,300 3 ,434 10,326 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 ON DECEMBER 18, 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 45,248 2,624 10,425 2,597 3,687 4,120 2,456 8,054 1,673 759 1,669 1,557 5,627 Deposits: Member bank reserves 21,499 797 5,622 940 1,524 1,044 1,276 3,326 799 555 942 1,267 3,407 U. S. Treasurer—general account 442 1 435 -k •>v 1 1 V* * 1 1 «.»- 2 Foreign 228 10 1/ 72 n 19 11 13 31 7 5 9 12 28 Other 449 * 2/391 19 1 6 1 2 1 * 2 2 24 Total deposits 22,618 808 6,520 970 1,544 1,062 1,291 3,359 807 561 954 1,281 3,461 Deferred availability cash items 9,703 708 1,436 534 761 835 899 1,577 498 352 604 503 996 Dther liabilities and accrued dividends 391 20 100 20 30 28 21 63 13 8 15 16 57 TOTAL LIABILITIES 77,960 4,160 18,481 4,121 6,022 6,045 4,667 13,053 2,991 1,680 3,242 3,357 10,141 CAPITAL ACCOUNTS Capital paid in 626 30 160 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 157 9 39 7 12 11 8 27 6 3 5 7 23 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 79,341 4,228 18,834 4,192 6,144 6,120 4,753 13,260 3,039 1,711 3,300 3,434 10,326 Contingent liability on act: eptances purchased for foreign correspondent s ! 113 6 3/ 29 6 10 6 7 16 4 3 5 6 15 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 47,229 2,704 10,847 2,692 3,911 4,263 2,577 8,291 1,742 786 1,751 1,683 5,982 Collateral for F. R. notes: Gold certificate account 3,997 280 500 300 600 605 350 1,000 180 27 — 155 — Eligible paper U. S. Government securities 44,341 2,451 10,500 2,500 3,400 3,690 2,300 7,450 1,670 775 1,775 1.580 6.250 Total collateral 2,731 11,000 2,800 4,000 4,295 2,650 8,450 1,850 802 1,775 1,735 6,250 1 1/ After deducting $156 million participations of other Federal Reserve Banks. * Less than $500,000, 2/ Includes IMF gold deposit. Digitized foMr F. RAASEfRt er deducting $ 84 million participations of other Federal Reserve Banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis k * t * # « • i * *• I % • * 4