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 H .4.1 * For immediate release December 26, 19^68 The average of daily figures of total reserves of member banks increased $88 million to $27,142 million. Both required and excess reserves increased moderately. A sizable amount of surplus reserves were eligible to be carried forward from the week ending December 18 into the latest statement week. Increases in currency in circulation and in Treasury deposits with Federal Reserve Banks were the major factors absorbing reserves this week. The redemption of the special certificates issued by the Treasury a week ago to meet cash needs prior to the tax date also absorbed about $300 million reserves, on weekly average. Float increased seasonally, providing about $294 million of reserves. System purchases of U. S. Government securities, both outright and through repur chase agreements, provided about $500 million of reserves, on weekly average. Member bank borrowings, which normally increase at this time of year, rose $285 million to a level of $859 million. Borrowings exceeded excess reserves by $525 million, compared with the revised figure of $242 million the week before. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 25, Dec. 18, Dec. 27, Dec. 25, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 52,168 +435 +3,319 52,382 Held under repurchase agreements 60 + 60 21 211 Special Certificates — -339 — -- Federal Agency obligations- Held under repurchase agreements 4 + 4 3 13 Acceptances- Bought outright 56 - 2 20 55 Held under repurchase agreements 7 + 7 - 32 26 Discounts and advances- Member bank borrowings 859 +285 + 514 331 Other Float 3,644 +294 +1,256 3,407 Total Reserve Bank credit 56,798 +743 +5,013 56,425 Gold stock 10,367 -- -2,067 10,367 Treasury currency outstanding 6,812 + 5 + 29 6,814 73,977 +748 +2,975 73,606 Currency in circulation 50,803 +187 +3,510 51,023 Treasury cash holdings 754 + 5 - 651 763 Treasury deposits with F. R. Banks 461 +391 - 248 168 Foreign deposits with F. R. Banks 217 - 17 + 67 226 Other deposits with F. R. Banks 445 + 1 + 33 490 Other F. R. accounts (net) -1,153 + 94 - 902 -1,141 51,527 +663 +1,809 51,529 Member bank reserves: With Federal Reserve Banks 22,450 + 86 +1,165 22,077 Currency and coin 4,692 + 2 + 290 4,692 Total reserves held 27,142 + 88 +1,455 26,769 Required reserves 26,808 + 85 +1,563 26,808 Excess reserves 334 + 2 - 108 - 39 NOTE: A net of $162 million of surplus reserves were eligible to be carried forward from the week ended December 18, into the week ending December 25. On December 25, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,650 million, a decrease of $56 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4,l(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Dec. 25, Dec- 18, |Dec. 27, 1968 1968 1967 A S S E TS Gold certificate account 17 10,026 -1,906 Cash (669) 208 12 - 146 Discounts and Advances 331 637 - 10 Acceptances: Bought outright 55 19 Held under repurchase agreements 26 + 26 - 53 Federal Agency obligations- Held under repurchase agreements 13 + 13 21 U. S. Government securities: Bought outright— Bills 18,201 +1,382 +2,223 Certificates Notes 28,706 +1,788 Bonds 5.475 612 Total bought outright 52,382 +1,382 +3,399 Held under repurchase agreements 211 + 211 + 23 Total U. S. Government securities 52.593 +1,593 +3,422 ^otal loans and securities 53,018 + 995 +3,319 Cash items in process of collection (2,203) 9,509 -1,530 +1,025 Bank premises 113 1 + 1 Other assets 2/ 2.863 9 +1,047 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (2,872) 75,737 - 557 +Q40 L I A B I L I T I ES Federal Reserve notes (669) 44,839 + 229 +2,847 Deposits: Member bank reserves 22,077 + 524 + 618 U. S. Treasurer--general account 168 - 274 - 184 Foreign 226 - 2 + 95 Other 3/ 490 + 42 + 62 Total deposits 22,961 + 290 + 591 Deferred availability cash items (2,203) 6,102 -1, 139 - 277 Other liabilities and accrued dividends 403 + 12 + 95 TOTAL LIABILITIES (2,872) 74,305 - 608 +3, 256 C A P I T AL A C C O U N TS Capital paid in 627 + 1 + 33 Surplus 598 -- + 28 Other capital accounts 207 + 50 + 23 Contingent liability on acceptances purchased for foreign correspondents 112 1 - 45 * 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." 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. . MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 25, 1968 (Acceptances and securities held under repurchase agreements are classifed 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 326 41 2,436 +1,397 16 days to 90 days 5 40 16,717 + 193 91 days to 1 year -- „ 9,019 + 16 Over 1 year to 5 years — -- 12,880 -- Over 5 years to 10 years -- -- 10,943 -• Over 10 years -- -- 611 -- Total 331 81 52,606 +1,606 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 25, 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 10,026 516 1,735 718 879 988 650 1,982 371 125 433 374 1,255 F. R. notes of other banks 669 56 144 30 51 70 78 43 24 15 24 38 96 Other cash 208 11 20 5 25 13 27 27 24 4 17 12 23 Discounts and advances 331 23 28 * 9 5 40 165 6 7 11 10 27 Acceptances: Bought outright 55 -- 55 -- — -- -- -- -- -- - - „ _ _ -. Held under repurchase agreements 26 -- 26 -- -- -- -- -- -- -- -- <-> — m. . Federal Agency obligations- Held under repurchase agreements 13 13 U. S. Government securities: Bought outright-- Bills 18,201 966 4,556 931 1,407 1,345 971 2,963 643 350 701 763 2,605 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 l|370 280 423 405 292 891 193 105 211 230 784 Total bought outright 52,382 2,781 13,111 2,681 4,048 3,872 2,793 8,526 1,850 1 ,007 2,018 ~2 ,196 7,499 Held under repurchase agreements 211 __ 211 -- _.. -- -- -- -- -- -- -- -- Total U. S. Government securities 52.593 2.781 13.322 2.681 4.048 3.872 2.793 8.526 1.850 T, 007 2,018 — ,196 7,499 Total loans and securities 53,018 2,804 13,444 2,681 4,057 3,877 2,833 8,691 1,856 1 ,014 2,029 2 ,206 7,526 Cash items in process of collection 11,712 633 2,493 589 838 808 936 2,104 573 392 763 650 933 Bank premises 113 3 10 2 5 10 18 17 8 3 19 9 9 Other assets 1/ 2,863 129 904 140 233 148 161 390 90 61 114 143 350 TOTAL ASSETS 78,609 4,152 18,750 4,165 6,088 5,914 4,703 13,254 2,946 1 ,614 3,399 3 ,432 10,192 17 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 BANKS ON DECEMBER 25, 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 dol]L ars) L I A B I L I T I ES Federal Reserve notes 45,508 2,634 10,501 2,617 3,704 4,142 2,468 8,101 1,679 764 1,671 1,566 5,661 Deposits: Member bank reserves 22,077 777 5,969 888 1,513 1,027 1,358 3,339 776 570 1,056 1,266 3,538 U. S. Treasurer--general account 168 1 161 1 1 * 1 1 * 2 Foreign 226 10 1/ 70 11 19 11 13 31 7 5 9 12 28 Other 490 2/390 67 4 2 2 1 3 2 19 Total deposits 22,961 788 6,590 966 1,533 1,043 1,373 3,373 784 576 ' r; offer 1,280 3,58/ Deferred availability cash items 8,305 639 1,187 488 695 622 752 1,501 420 233 490 693 Other liabilities and accrtl ed 585 dividends 403 21 106 20 31 28 21 63 14 9 17 58 TOTAL LIABILITIES 77,177 4,082 18,384 4,091 5,963 5,835 4,614 13,038 2,897 1,582 3,33195 3,353 9,999 CAPITAL ACCOUNTS Capital paid in 627 31 160 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 207 10 52 10 15 15 11 36 7 4 7 9 31 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,609 4,152 18,750 4,165 6,083 5,914 4,703__ 13,254 2,946 1,614 3,399 3,432 10,192 Contingent liability on ace: eptances purchased for forei• gn correspondent s. 112 6 3/ 28 6 10 6 7 16 4 3 5 6 15 FEDERAL RESERVE AGENTS' ACCOUNTS 2,697 10T962~~27684 17941 47266~"T7594 "87388 17740 783 TTfST ~I76"93 579TCT F. R. notes outstanding Collateral for F. R. notes: Gold certificates account 280 500 300 600 665 350 1,000 180 27 155 Eligible paper U. S. Government securities 2.451 10,600 2,500 3,400 3,690 2,300 7,450 1,670 775 1,775 1,580 6,250 Total collateral 2,731 11,100 2,800 4,000 4,355 2,650 8,450 1,850 802 1,775 1,735 6,250 1/ After deducting $156 million participations of other Federal Reserve Banks. 2/ tnc ludes 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