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 January 30, 1969 The average of daily figures of total reserves of member banks declined $774 million to $27,543 million. Required reserves were reduced reflecting the sharp decline in deposits at member banks in mid-January. Excess reserves declined further in the latest statement week, to the relatively low level of $134 million. Major factors affecting reserves in the latest week were a seasonal decline in float and an increase in Treasury deposits with Federal Reserve Banks; both ab sorbed reserves. Partially offsetting these reserve absorption^ were declines in currency in circulation, of about seasonal proportion, and in foreign deposits with Federal Reserve Banks. System Open Market operations absorbed over $500 million of reserves, on a weekly average basis, primarily through matched sales-purchase trans actions. Member bank borrowings rose to a level of $892 million, well above the average level of recent weeks. Borrowings exceeded excess reserves by $758 million, compared with the revised figure of $540 million for the previous week. Averages of daily figures Member bank reserves, CWeek ended,. Change from week ended Wednesday, Reserve Bank credit, Jan. 29, Jan. 22, Jan. 31, Jan. 29, and related items 1969 1969 1968. _JL2£9 (In millions of dollars) Reserve Bank credit: U. S. Government securities- Bought outright — System account 51,984 503 + 3,048 52,325 Held under repurchase agreements 34 Federal Agency obligations- Held under repurchase agreements Acceptances- Bought outright 49 17 50 Held under repurchase agreements 25 Discounts and advances — Member bank borrowings 892 + 112 + 651 926 Other Float 2,520 581 + 1,071 2,287 Total Reserve Bank credit 55 ,445 974 + 4,694 55 ,588 Gold stock 10 ,367 - 1,616 10 ,367 Treasury currency outstanding 6 ,803 + 17 6 ,806 72 ,616 972 + ,096 72, 761 Currency in circulation 49 ,153 384 + ,390 49 ,148 Treasury cash holdings 761 2 630 763 Treasury deposits with F. R. Banks 715 170 381 498 Foreign deposits with F. R. Banks 132 69 29 124 Other deposits with F. R. Banks 477 8 10 473 Other F. R. accounts (net) -1 ,129 103 703 -1, 123 Member bank reserves: 50 ,110 189 + 1,658 49 ,883 With Federal Reserve Banks 22, 506 783 + 1,437 22 ,878 Currency and coin 5 037 9 + 434 5 ,037 Total reserves held 27,543 774 + 1,871 27,915 Required reserves 27,409 668 + 2,073 27,409 Excess reserves 134 106 202 506 NOTE: A net of $115 million of surplu s reserves were eligible to be carrie d forward from the week ended January 22, into the week ending January 29. On January 29, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,954 million, an increase of $30 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 CIia nge since Jan. 29, Jan. 22, 1 Jan. 31, 1969 1969 1 1968 A S S E TS Gold certificate account 1/ 10,025 -- -1,459 Cash (1,268) 228 + 3 - 181 926 + 65 + 83 Discounts and Advances Acceptances: 50 _, _ 13 Bought outright - - 20 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S, Government securities: Bought outright Bills 18,144 159 +2,371 Certificates Notes 28,706 -- +1,754 Bonds 5,475 — - 655 Total bought outright 52,325 - 159 +3,470 Held under repurchase agreements -- __ - 237 Total U, S. Government securities 52,325 - 159 +3,233 Total loans and securities 53,301 - 94 +3,283 Cash items in process of collection (2,020) 8,613 - 955 +1,508 Bank premises 114 + 1 + 2 Other assets 2/ ,•2,846 65 + 681 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,288) 75,127 -1,110 +3,834 L I A B I L I T I ES Federal Reserve notes (1,268) 42,991 262 4-2,714 Deposits: Member bank reserves 22,878 - 315 +1,040 U. S. Treasurer — general account 498 + 161 - 655 Foreign 124 - 72 - 36 Other 3/ (3) 473 - 23 + 10 Total deposits (3) 23,973 - 249 + 359 Deferred availability cash items (2,017) 6,326 - 634 + 637 Other liabilities and accrued dividends 358 - 17 + 40 TOTAL LIABILITIES (3,288) 73,648 -1,162' +3,750 C A P I T AL A C C O U N TS Capital paid in 633 -- + 27 Surplus 630 — + 32 Other capital accounts 216 52 + 25 Contingent liability on acceptances purchased for foreign correspondents 105 - 2 36 * 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. MATURITYDISTRIBUTTON OF LOANS AND SECURITIES, JANUARY 29, 1969 (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 992222 99 22,,776622 + 98 16 days to 90 days 44 4411 1166,,883355 -123 91 days to 1 year ---- -.-.- 88,.229944 -134 Over 1 year to 5 years -_ -« 12,880 Over 5 years to 10 year•ss -- 10,943 Over 10 years -.. -- 611 Total 926 50 52,325 -159 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, JANUARY 29, 1969 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 10,025 551 3,506 469 565 768 398 1,578 360 183 338 222 1,087 F. R. notes of other banks 1,268 110 256 83 113 124 138 86 50 24 28 70 186 Other cash 228 12 22 7 27 18 27 27 25 5 17 13 28 Discounts and advances 926 1 49 238 21 119 25 162 51 10 23 92 127 Acceptances: Bought outright 50 - - 50 Hel^l under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright- Bills 18,144 947 4,349 963 1,431 1,364 1,007 2,981 640 350 703 772 2,637 Certificates Notes 28,706 1,498 6,880 1,524 2,264 2,157 1,592 4,717 1,013 554 1,112 1,222 4,173 Bonds 5,475 285 1,312 291 432 411 304 899 194 106 212 233 796 Total bought outright 52,325 2,730 12,541 2,778 4,127 3,932 2,903 8,597 1,847 1,010 2,027 2,227 7,606 Held under repurchase agreements Total U. S. Government securities 5 2,.3 2 5 2.730 12.541 2.778 4,127 3,932 2,903 8,597 1,847 1,010 2,027 2,227 7,606 1 Total loans and securities 153,301 2,779 12,829 2,787 4,148 4,051 2,928 8,759 1,898 1,020 2,050 2,319 7,733 Cash items in process of collection 10,633 670 1,781 633 813 830 958 1,789 522 375 787 617 858 Bank premises 114 3 10 2 5 10 19 17 8 3 19 9 9 Other assets 1./ 2,846 127 886 13_7_ _ ^28_ 153 161 396 92 59 110 140 357 TOTAL ASSETS 78,415 4,252 19,290 4,118 5,899 5,954 4,629 12,652 2,955 1,669 3,349 3,390 10,258 .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 JANUARY 29, 1969 !—~~~ New Phila Cleve Rich Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City iDallas Fran 1 cisco 1; in millions of dollars) L I A B I L I T I ES Federal Reserve notes 44,259 1 2,578 10,245 2,539 3,617 4,040 2,346 7,895 1,635 752 1,624 1,525 5,463 Deposits * Member bank reserves 22,878 986 6,350 975 1,497 1,126 1,337 3,111 847 584 1,026 1,260 3,779 U. S. Treasurer--general account 498 490 1 1 1 1 * 1 1 2 Foreign 124 5 1/ 41 6 10 6 7 16 4 3 5 6 15 Other 476 2 2/420 3_ 10 2 17 1 2 2 1 16 Total deposits 23,976 993 7,301 985 "TTibT" 1,143 " 1,347 "3,144 " "852~~ *589~ 1,034 1,268 3,812 Deferred availability cash items 8,343 590 1,284 499 663 823 1,331 404 289 615 501 730 614 Other liabilities and accril ed dividends 358 19 86 17 27 21 59 13 6 14 15 52 29 TOTAL LIABILITIES 76,936 4,180 18,916 4,040 5,768 5,873 4,537 12,429 2,904 1,636 3,287 3,309 10,057 CAPITAL ACCOUNTS Capital paid in 633 30 161 33 58 33 40 94 22 15 27 36 84 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 216 11 53 12 17 15 12 36 7 4 8 9 32 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,415_ 4,252 19,290 4,118 5,899 5,954 4,629 12,652 2,955 1,669 3,349 3,390 10,258 Contingent liability on ace: epances purchased for fore:L gn correspondents \ 105 5 3/ 26 6 9 5 7 16 4 2 5 6 14 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 46,927 1 2,694 107886 27632 3,890 4,227 2,545 8,284 1,710 788 17721 17694 57856" Collateral for F. R. notes- Gold certificate account 3,472 200 500 300 560 550 -- 1,000 180 27 -- 155 Eligible paper U. S. Government securities 45,171 2,531 10,600 2,500 3,400 3,730 2,650 7,650 1,670 785 1,775 1,630 6,250 Total collateral 48,643 2,731 11,100 2,800 3,960 4,280 2,650 8,650 1,850 812 1,775 1,785 6,250 1/ After deducting $83 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $79 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis