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 February 13, 1969 The average of daily figures of total reserves of member banks declined $194 million (net) to $27,215 million. Required reserves declined for the fourth consecutive week. These weekly reductions have primarily been associated with the decline in private deposits held at member banks during the month of January. Excess reserves also declined moderately from the level of the previous week. Float remained about unchanged at a relatively high average level during the week, influenced in part by the effect of bad weather conditions in the North eastern part of the United States. Both currency in circulation and Treasury deposits with Federal Reserve Banks increased and absorbed over $500 million of reserves. About one-third of this reserve absorption, on weekly average, was offset through System Open Market operations, primarily through repurchase transactions. Member bank borrowings rose somewhat from the previous week to a level of $797 million, and borrowings exceeded excess reserves by $631 million, compared to the revised figure of $545 million for the previous week. Averagr .es o f daily figures Member bank reserves, Week ended Chang e from week ended Wednesday, Reserve Bank credit, Feb. 12, Feb• 5, Feb. 14, Feb. 12, and related items 1969 1969 1968 1969 (In milli ons of dollars) Reserve Bank credit: U. S. Government securities- Bought outright—System account 52,053 + 3,238 51,901 Held under repurchase agreements 154 + 146 237 156 Federal Agency obligations— Held under repurchase agreements 13 + 13 9 5 Acceptances- Bought outright 49 -. 1 15 48 Held under repurchase agreements 29 + 29 + 4 38 Discounts and advances- Member bank borrowings 797 + 50 + 413 1,107 Other Float 2,565 + 55 + 1,298 2,850 Total Reserve Bank credit 55,660 + 292 + 4,711 56,105 Gold stock 10,367 -- - 1,515 10,367 Treasury currency outstanding 6,807 + 1 + 19 6,807 72,834 + 293 + 3,215 73,279 Currency in circulation 49,307 + 246 + 3,365 49,480 Treasury cash holdings 761 - 5 582 765 Treasury deposits with F. R. Banks 831 + 341 240 1,163 foreign deposits with F. R. Banks 133 + 4 4 133 Other deposits with F. R. Banks 477 - 25 + 15 508 Other F. R. accounts (net) -1,009 - 16 401 -1,106 Member bank reserves: 50,499 + 545 + 2,152 50,943 With Federal Reserve Banks 22,335 - 252 + 1,063 22,337 Currency and coin 4,880 + 58 + 622 4,880 Total reserves held 27,215 194 + 1,685 27,217 Required reserves 27,049 - 158 + 2,007 27,049 Excess reserves 166 - 36 322 1 168 NOTE: A net of $94 million of surplus reserves were eligible to be carried forward from the week ended February 5, into the week ending February 12. On February 12, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,207 million, an increase of $262 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 II E SERVE BANKS (In millions of dollar s) Wednesday Change since Feb. 12, Feb. 5, Feb. 14, 1969 1969 1968 A S S E TS Gold certificate account 1/ 10,025 -- -1,359 *v Cash (1, 154) 235 - 190 Discounts and advances 1,107 47 +1,015 Acceptances: Bought outright 48 1 15 Held under repurchase 38 + 38 + 11 Federal Agency obligations- Held under repurchase agreements =i 2 + 5 U. S. Government securities: Bought outright — Bills 17,720 100 +2,647 Certificates Notes 28,706 -- +1,754 Bonds 5,475 -- - 655 Total bought outright 51,901 - 100 +3,746 Held under repurchase agreements 156 + 98 - 138 Total U. S. Government securities 52,057 - 2 +3,608 Total loans $fod securities 53,255 - 10 +4,624 Cash items in process of collection (1,856) 9,245 + 473 +1,288 Bank premises 113 -- + 1 Other assets If 2,859 + 56 + 633 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,010) 75,732 _+_ 519 +4,997 L I A B I L I T I ES Federal Reserve notes (1,154) 43,330 + 264 +2,839 Deposits: Member bank reserves 22,337 - 275 +2,197 U. S. Treasurer—general account 1,163 + 749 - 151 Foreign 133 + 14 - 24 Other 3/ (472) 794 + 313 + 323 Total deposits (472) 24,427 + 801 +2,345 Deferred availability cash items (1,384) 6,109 - 500 - 450 Other liabilities and accrued dividends 387 _+_ 8 + 85 TOTAL LIABILITIES (3,010) 74,253 + 573 +4,819 C A P I T AL A C C O U N TS Capital paid in 635 -- + 27 Surplus 630 -- + 32 Other capital accounts 214 54 + 119 Contingent liability on acceptances purchased for foreign correspondents 99 - 1 - 24 * Figures in parentheses are the eliminations made in the consolidating process, \J Includes amount of gold certificates previously included in "Redemption fund for F. R. notes." 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit, . MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 12, 1969 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities and Discounts and Federal Ag$#cy obligations advances Acceptances Holdings Weekly changes Within 15 days 1,103 46 11,155 +125 16 days to 90 days 4 40 8,540 - 10 91 days to 1 year 7,933 -115 Over 1 year to 5 years 12,880 -- Over 5 years to 10 years 10,943 -- Over 10 years 611 _....._— Total 1,107 86 52,062 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, FEBRUARY 12, 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 10,025 498 1,010 696 738 1,006 552 1,936 379 198 535 447 2,030 F. R. notes of other banks 1,154 98 235 66 102 128 132 70 43 21 34 69 156 Other cash 235 13 24 8 27 20 27 27 25 5 17 13 29 Discounts and advances 1,107 68 309 121 50 24 391 25 21 37 41 17 Acceptances: Bought outright 48 48 Held under repurchase agreements 38 38 Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought-outright— Bills 17,720 910 4,582 899 1,355 1,276 937 2,914 622 344 653 721 2,507 Certificates Notes 28,706 1,475 7,422 1,457 2,194 2,067 1,518 4,721 1,007 557 1,058 1,168 4,062 Bonds 5,475 281 1,415 278 419 394 290 900 192 106 202 223 775 Total bought outright 51,901 2,666 13,419 TT634 3,968 3773T "277^5- 8,535 1,821 1,007" 1,913- 2,U2 7,344 Held under repurchase agreements 156 156 Total V. S. Government securities 52.057 2.666 13.575 2,634 3,968 3,737 2,745 8,535 1,821 1,007 1,913 2,112 7,344 Total loans and securities 53,255 2,734 13,975 2,637 4,089 3,787 2,769 8,926 1,846 1,028 1,950 2,153 7,361 Cash items in process of collection 11,101 815 1,638 610 719 982 1,107 1,726 637 428 752 651 1,036 Bank premises 113 3 10 2 5 10 18 17 8 3 19 9 9 Other assets 1/ 2,859 129 900 139 226 152 160 398 92 59 109 138 357 TOTAL ASSETS 78,742 4,290 17,792 4,158 5,906 6,085 4,765 13,100 3,030 1,742 3,416 3,480 10,978 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 FEBRUARY 12, 1969 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 44,484 2,597 10,310 2,544 3,630 4,056 2,348 7,942 1,641 757 1,645 1,529 5,485 Deposits: Member bank reserves 22,337 719 5,660 964 1,447 1,038 1,267 3,555 765 559 958 1,266 4,139 U. S. Treasurer—general account 1,163 101 179 52 72 83 85 96 85 38 115 65 192 Foreign 133 6 1/ 40 7 11 7 8 ,13 4 3 5 7 17 Other 1,266 357 2/462 1 L_ 85 83 3 54 r 33 52_ 38 90 Total deposits 24,899 1,183 6,341 1,024 1,531 1,213 1,443 3,672 908 ' 633 1,137 1,376 4,438 Deferred availability cash items 7,493 425 638 489 579 718 869 1,184 421 313 563 484 810 Other liabilities and accrued dividends 387 19 103 18 27 26 19 62 13 8 14 15 63 TOTAL LIABILITIES 77,263 4,224 17,392 4,075 5,767 6,013 4,679 12,860 2,983 1,711 3,359 3,404 10,796 CAPITAL ACCOUNTS Capital paid in 635 31 161 33 58 33 41 94 22 15 27 36 84 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 214 4 79 17 25 6 5 53 3 2 3 4 13 TOTAL LIABILITIES AND CAPITAL ACCOUNTS l8J^l 4,290 17^792 4,158 _ J 5J?06_ 6,085 4,765 13,100 3,030 1,742 3,416 3,480 10,978 Contingent liability on accept ances purchased for foreign correspondents |_ 99 j_ 5 3/ 25 5 9 5 6 15 4 2 4 6 13 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 46,845 2,701 10,879 2,620 3,883 4,227 2,548 8,264 1,708 784 1,711 1,693 5,827 Collateral for F. R. notes: Gold certificate account 3,522 200 500 300 560 600 -- 1,000 180 27 -- 155 -- Eligible paper U. S. Government securities 45,090 2,531 10,600 2,500 3,400 3,649 2,650 7,650 1,670 785 1,775 1,630 6,250 Total collateral 48,612 2,731 11,100 2,800 3,960 4,249 2,650 8,650 1,850 812 1,775 1,785 6,250 1/ After deducting $ 93 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 2/ After deducting $ 74 million participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis