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 March 20, 1969 The average of daily figures of total reserves of member banks declined $33 million to $26,684 million. Required reserves rose moderately reflecting early-March increases in member bank demand deposits. Excess reserves, which have been relatively low in recent weeks, declined further to the unusually low level of $56 million. Major factors supplying reserves in the latest week were float, which increased seasonally, and other F. R. accounts (net) which declined $245 million. Currency in circulation increased seasonally, absorbing reserves, while only minor changes occurred in other factors affecting reserves. On balance, System Open Market operations, on a weekly average basis, provided a moderate amount of reserves. Member bank borrowings declined, on weekly average, to a level near the average of recent weeks; borrowings exceeded excess reserves by $719 million, compared to the revised figure of $679 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 19, Mar. 12, Mar. 20, Mar. 19, and related items 1969 1969 1968 1969 (IrL millions of: dollars) Reserve Bank credit: U. S. Government securities- Bought outright —System account 51,999 - 41 +2,159 52,011 Held under repurchase agreements 177 +146 + 177 -- Federal Agency obligations- Held under repurchase agreements 12 + 9 + 12 — Acceptances- Bought outright 49 - 1 7 49 Held under repurchase agreements 36 + 31 + 36 35 Discounts and advances — Member bank borrowings 775 - 97 + 42 831 Other -- -- 15 -- Float 2,517 +142 + 849 2,432 Total Reserve Bank credit 55,564 +187 +3,252 55,358 Gold stock 10,367 -- - 505 10,367 Treasury currency outstanding 6,816 - 2 + 15 6,821 72,748 +186 +2,764 72,546 Currency in circulation 49,554 + 95 +3,321 49,614 Treasury cash holdings 725 - 7 - 499 724 Treasury deposits with F. R. Banks 490 + 25 - 569 552 Foreign deposits with F. R. Banks 161 + 5 5 159 Other deposits with F. R. Banks 486 + 18 19 462 Other F. R. accounts (net) -978 -245 - 369 -986 50,438 -110 +1,860 50,525 Member bank reserves: With Federal Reserve Banks 22,310 +296 + 904 1 22,021 Currency and coin 4,374 -329 + 108 4,374 Total reserves held 26,684 - 33 +1,012 26,395 Required reserves 26,628 +104 +1,370 26,628 Excess reserves 56 -137 - 358 -233 NOTE: A net of $123 million of surplus reserves were eligible to be carried forward from the week ended March 12, into the week ending March 19. On March 19, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,120 million, an increase of $88 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OP CONDITION OF ALL FEDERAL RESERVE BANKS tin millions of dollars) Wednesday! Change since March 19, March 12, March 20, 1969 1969 1968 A S S E TS Gold certificate account 10,025 115 Cash (806) 221 6 226 Discounts and advances 831 100 488 Acceptances: Bought outright 49 7 Held under repurchase agreements 35 35 + 35 Federal Agency obligations-- Held under repurchase agreements U S. Government securities: Bought outright-- Bills 17,577 68 +1,033 Certificates Notes 30,046 + 58 +2,973 Bonds 4,388 + 24 -1,842 Total bought outright 52,011 + 14 +2,164 Held under repurchase agreements Total U. S. Government securities 52,011 + 14 +2,164 Total loans and securities 52,926 + 149 +2,680 Cash items in process of collection (2,351) 9,397 + 716 +1,493 Bank premises 114 1 + 1 Other assets 1/ 2,695 + 117 + 534 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,157) 75,378 + 975 +4,367 LIABI_LITI_ES_ Federal Reserve notes (806) 43,396 +2,691 Deposits: Member bank reserves 22,021 + 461 +1,116 U. S. Treasurer--general account 552 + 132 - 188 Foreign 159 + 22 - 48 Other 2/ (1) 463 5 - 3_ Total deposits (1) 23,195 + 610 + 877 Deferred availability cash items (2,350) 6,964 + 312 + 636 Other liabilities and accrued dividends 398 6 + 83 TOTAL LIABILITIES (3,157) 73,953 + 921 +4,287 C A P I T AL A C C O U N TS Capital paid in 640 2 + 30 Surplus 630 — + 32 Other capital accounts 155 52 + 18 Contingent liability on acceptances purchased for foreign correspondents 119 + 14 + 12 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes assets denominated in foreign currencies and IMF gold deposited. 2/ Includes IMF gold deposit MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 19, 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 advancei s Ac<s eptances Holdings Weekly changes Within 15 days 827 48 2,683 +515 16 days to 90 days 4 36 8,491 -274 91 days to 1 year • - -- 8,317 +303 Over 1 year to 5 years -« -- 18,507 -542 Over 5 years to 10 year*ss «- 13,376 + 6 Over 10 years _j-_- — 637 + 6 Total 831 84 52,011 + 14 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 MARCH 19, 1969 New Phila Cleve Rich St. Minne Kansas San 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 10,025 541 1,809 603 846 919 581 2,105 360 110 442 359 1,350 F. R. notes of other banks 806 55 230 59 71 73 93 43 20 11 20 37 94 Other 221 10 24 7 26 19 29 21 23 5 17 12 28 Discounts and advances 831 70 275 11 22 38 59 157 32 41 32 81 13 Acceptances: Bought outright 49 49 Held under repurchase agreements 35 35 Federal Agency obligations- Held under repurchase agreements U. S. Government securities Bought outright- Bills 17,577 904 4,498 896 1,349 1,295 912 2,937 580 346 667 715 2,478 Certificates Notes 30,046 1,545 7,689 1,532 2,307 2,213 1,559 5,020 992 590 1,140 1,223 4,236 Bonds 4,388 225 1,123 224 337 323 228 733 145 86 167 178 619 Total bought outright 52,011 2,674 13,310 2,652 3,993 3,831 2,699 8,690 1,717 1,022 1,974 2,116 7,333 Held under repurchase agreements Total U. S. Government securities 52,011i 2,674 13,310 2,652 3,993 3,831 2,699 8,690 1,717 1,022 1,974 2,116 7,333 Total loans and securities 2,744 13,669 2,663 4,015 3,869 2,758 8,847 1,749 1,063 2,006 2,197 7,346 Cash items in process of collection 735 2,058 640 897 981 1,045 1,887 617 419 756 653 1,060 Bank premises 3 10 2 5 11 18 17 8 4 18 9 9 Other assets 1/ 120 856 131 215 140 151 371 86 56 104 133 332 TOTAL ASSETS 4,208 18,656 4,105 6,075 6,012 4,675 13,291 2,863 1,668 3,363 3,400 10,219 l_/ 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 MARCH 19, 19b9 New Phila Cleve Rich St. Minne- J 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 44,202 2,588 10,225 2,533 3,611 4,029 2,337 7,894 1,639 759 1,642 1,523 5,422 Deposits: Member bank reserves 22,021 870 5,545 966 1,560 1,046 1,326 3,549 694 520 1,027 1,258 3,660 U. S. Treasurer--general account 552 1 544 1 J- 1 * •>v * 1 1 1 2 Foreign 159 8 1/ 40 8 14 8 10 24 5 4 7 9 22 Other 463 * 2/422 1 1 11 5 3 2 *v 3 2 13 Total deposits 23,195 879 6,551 976 1,575 1,066 1,341 3,576 701 525 1,038 1,270 3,697 Deferred availability cash items 9,315 652 1,417 504 730 811 887 1,540 461 343 608 511 851 Other liabilities and accrued dividends 398 20 102 18 31 29 20 66 13 9 15 16 59 TOTAL LIABILITIES 77,110 4 ,139 18,295 4 ,031 5,947 5,935 4,585 13,076 2,814 1,636 3,303 3,320 10,029 CAPITAL ACCOUNTS Capital paid in 640 31 161 33 59 33 41 95 22 15 28 37 85 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 155 7 40 8 13 11 9 27 5 3 5 7 20 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,535 4 ,208 18,656 4 ,105 6,075 6,012 4,675 13,291 2,863 1,668 3,363 3,400 10,219 Contingent liability on accept ances purchased for foreign correspondents 119 3/ 30 10 18 16 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R„ notes outstanding 2,656 10,756 2,609 3,839 4,176 2,520 8,157 1,700 780 1,709 1,665 5,755 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 2,600 7,650 1,600 785 1,775 1,630 6,250 Total collateral 2,731 11,100 2,800 3,960 4,249 2,600 8,650 1,780 812 1,775 1,785 6,250 1/ After deducting- $119 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 89 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis