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 20, 1969 The average of daily figures of total reserves of member banks increased $721 million (net) to $23,066 million. Required reserves rose reflecting the in crease in member bank deposits in early February. Excess reserves also increased to a level of $322 million, somewhat above the average level of recent weeks. It is expected that a sizable portion of this week's excess reserves will be eligible to be carried forward into the next reserve period. In the latest statement week, currency in circulation increased seasonally, absorbing reserves; Treasury deposits with Federal Reserve Banks declined, providing $162 million of reserves; and float was about unchanged from the relatively high level of recent weeks. System Open Market operations provided about $400 million of reserves, on weekly average, primarily through repurchase transactions. In addition, some U. S. Government securities were bought outright. Member bank borrowings rose sharply to a level of $1,043 million, and borrowings exceeded excess reserves by $721 million, compared to the revised figure of $621 million for the previous week. Averages of daily if igures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, 7eb. 19, • Feb. 12, Feb. 21, Feb. 19, and related items 1969 1969 1968 1969 (I»i millions ofd ollars) Reserve Bank credit: U. S. Government securities- Bought outright--System account 52,108 + 55 + 3,665 52,167 Held under repurchase agreements 405 + 251 + 405 139 Federal Agency obligations- Held under repurchase agreements 28 + 15 28 21 Acceptances- Bought outright 49 • - 13 51 Held under repurchase agreements 94 + 65 + 94 105 Discounts and advances- Member bank borrowings 1,043 + 246 + 638 460 Other Float 2,593 + 18 + 859 2,294 Total Reserve Bank credit 56,319 + 649 + 5,676 35,237~ Gold stock 10,367 -- - 1,515 10,367 Treasury currency outstanding 6,809 + 2 + 17 6,812 73,495 + 651 + 4,178 j 72,416 Currency in circulation 49,377 + 70 + 3,496 49,348 Treasury cash holdings 764 + 3 569 763 Treasury deposits with F. R. Banks 669 - 162 382 449 Foreign deposits with F. R. Banks 133 __ 7 119 Other deposits with F. R. Banks 500 + 23 + 45 j 474 Other F. R. accounts (net) -1,014 - 5 561 - 779 Member bank reserves: 50,429 - 70 +2,023 j 50,374 With Federal Reserve Banks 23,066 + 721 + 2,155 j 22,042 Currency and coin 4,489 - 391 + 125 i 4,489 Total reserves held 27,555 + 330 +2,280 26,531 Required reserves 27,233 + 184 + 2,337 27,233 Excess reserves 322 + 146 57 1 - 702 NOTE: A net of $92 million of surplus reserves were eligible to be carried forward from the week ended February 12, into the week ending February 19. On February 19, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,360 million, an increase of $153 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 Feb. 19, Feb. 12, Feb. 21, 1969 1969 1968 A S S E TS Gold certificate account 1/ 10,025 -1,359 Cash (1,013) 238 3 - 201 Discounts and Advances 460 647 - 358 Acceptances: Bought outright 51 3 7 Held under repurchase agreements 105 4- 67 + 105 Federal Agency obligations- Held under repurchase agreements 21 16 <- 21 U. S. Government securities: Bought outright-- Bills 17,986 -J- 266 -J-2,580 Certificates Notes 29,847 -:-l,1 41 +2,895 4,334 -l, 141 -1,796 Bonds Total bought outright 52,167 + 266 +3,679 Held under repurchase agreements 139 - 17 + 139 Total IL S. Government securities 52,306 + 249 +3,818 Total loans and securities 52,943 - 312 +3,579 Cash items in process of collection (2,455) 9,272 + 27 +1,765 Bank premises 113 -- + 1 Other assets 2/ 2,475 - 384 + 497 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,468) 75,066 - 666 +4,282 k I A £ Ik I 1 Ik S. Federal Reserve notes (1,013) 43,195 135 +2,787 Deposits: Member bank reserves 22,042 - 295 + 953 U. S. Treasurer—general account 449 - 714 - 637 Foreign 119 14 11 Other 3/ (3) 474 - 320 + 24 Total deposits (3) 23,084 -1,343 + 329 Deferred availability cash items (2,452) 6,978 ;- 869 +1,000 Other liabilities and accrued dividends 396 + 9 + 97 TOTAL LIABILITIES (3,468) 73,653 600 f-4,213 C A P I T AL A C C O U N TS 637 2 + 28 Capital paid in Surplus 630 -- + 32 146 68 + 9 Other capital accounts Contingent liability on acceptances purchased for foreign correspondents 98 - 1 - 25 * 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. 2/„ Includes IMF_goId deposit. ..... MATURITY DISTRIBUTION"OF LOANS'7M^.S^yRITIES FEBRUARY 19, 1969 5 (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 456 116 2,941 -8,214 16 days to 90 days 4 40 8,396 - 144 91 days to 1 year 8,077 + 144 Over 1 year to 5 years 18,975 -1-6,095 Over 5 years to 10 years 13,327 +2,384 Over 10 years 611 Total 460 156 52,327 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 19, 1969 H.4.1(b) I San New Phila Cleve Rich St. iMinne- Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas I Fran- I Cisco (In millions of dollars) A S S E TS Gold certificate account 10,025 631 1,291 579 840 1,066 502 2,031 312 155 467 391 1,760 F. R. notes of other banks 1,013 80 231 70 97 107 104 60 34 16 22 51 141 Other cash 238 12 23 8 29 21 28 25 25 6 17 13 31 Discounts and advances 460 68 34 6 12 21 56 89 13 19 20 12 110 Acceptances: Bought outright 51 -- .51 -- -- -- -- -- -- -- Held under repurchase agreements 105 i -- 105" -- Federal Agency obligations— Held under repurchase agreements 21 21 U. S. Government securities: Bought outright— Bills 17,986 924 4,650 912 1,375 1,295 951 2,958 631 350 663 732 2,545 Certificates -- -- __ -- -- -- -- -- -- -- -- -- -- Notes 29,847 1,533 7,717 1,515 2,282 2,149 1,579 4,908 1,048 579 1,100 1,214 4,223 Bonds 4,334 223 1.121 220 331 312 229 713 152 84 160 176 613 Total bought outright 52,167 2,680 13,488 2,647 3,988 3,756 2,759 8,579 1,831 1 ,013 1,923 2,122 7,381 Held under repurchase agreements \ 139 I 139 -- -- -- -- -- -- _. -- Total U. S. Government securities 52.306 2.680 13,627 2,647 3,988 3,756 2,759 8,579 1,831 ,013 1,923 2,122 77T8T Total loans and securities 152,943 2,748 13,838 2,653 4,000 3,777 2,815 8,668 1,844 1 ,032 1,943 ~2,134 7759T Cash items in process of collection 11,727 727 2,297 628 869 937 981 1,858 597 385 778 640 1,030 Bank premises 113 3 10 2 5 10 18 17 8 3 19 9 9 Other assets 1/ 2,475 108 803 118 196 125 140 334 79 51 95 123 303 TOTAL ASSETS 78,534 4,309 18,493 4,058 6,036 6,043 4,588 12,993 2,899 1 ,648 3,341 3,361 10,765 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 BANK ON FEBRUARY 19, 1969 New Phila Cleve Rich St. Minne Kansas | San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas jFranjcisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 44,208 2,593 10,268 2,525 3,608 4,033 2,331 7,888 1,632 754 1,630 1,521 5,425 Deposits: Member bank reserves 22,042 705 5,483 930 1,528 1,095 1,336 3,276 741 529 994 1,234 4,191 U. S. Trea8urer--general account 449 * 441 1 1 1 1 * 1 * I 2 Foreign 119 5 1/ 36 6 10 6 7 16 4 3 5 6 15 Other 477 1 2/413 1 9 1 3 1 1 3 1 43 Total deposits 23,087 711 6,373 938 1,539 1,111 1,345 3,295 746 534 1,002 1,242 4,251 Deferred availability cash items 9,430 917 1,381 503 732 796 803 1,535 459 321 635 504 844 Other liabilities and accnl ed dividends 396 19 112 18 30 27 20 62 13 8 15 16 56 TOTAL LIABILITIES 77,121 4,240 18,134 3,984 5,909 5,967 4,499 12,780 2,850 1,617 3,282 3,283 10,576 CAPITAL ACCOUNTS Capital paid in 637 31 161 33 59 33 41 95 22 15 27 36 84 Surplus ! 630 i 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 146 1 7 38 8 12 10 8 25 5 2 5 6 20 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 178.534 i 4.309 18.493 4.058 6.036 6.043 4,588 12,993 2,899 1,648 3,341 3.361 10,765 Contingent liability on ace: eptances purchased for fore]Lg n correspondents I S.8__ 5_ 25 5 9_ 5_ 6_ 15 3 2 4 6 13 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 2,678 10,807 2,600 3,866 4,202 2,524 8,201 1,708 777 1,708 1,680 5,771 Collateral for F. R. notes: Gold certificate account 200 500 300 560 600 -- 1,000 180 27 -- 155 Eligible paper U. S. Government securities 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 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 $ 83 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 73 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis