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 For immediate release H.4.1 March 27, 1969 The average of daily figures of total reserves of member banks declined $99 million to $26,585 million. Required reserves also declined reflecting the reduction in member bank deposits in early March. Excess reserves, which have been relatively low in recent weeks, rose sharply to a level of $226 million. It is expected that a sizable portion of these excess reserves will be eligible to be carried forward into the next reserve period. Major factors supplying reserves in the latest week were a seasonal decline in currency in circulation and a decline of $51 million in other F. R. accounts (net). More than offsetting these reserve supplies were an increase in Treasury deposits with Federal Reserve Banks, absorbing reserves, and a decline in float of about seasonal proportions. In addition, System Open Market operations absorbed $118 million reserves, on a weekly average basis. Member bank borrowings rose to an average level of $963 million, somewhat higher than the recent average level. However, excess reserves also rose above the average level of recent weeks, and borrowings exceeded excess reserves by $737 million, compared to the revised figure of $719 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 26, Mar. 19, Mar. 27, Mar. 26, and related items 1969 1969 1968 1969 (In millions of dollars) Reserve Bank credit: U. S. Government securities-- Bought outright—System account 51,901 - 98 +2,280 51,905 Held under repurchase agreements 166 - 11 + 166 105 Federal Agency obligations— Held under repurchase agreements 14 + 2 14 Acceptances-- Bought outright 47 - 2 10 49 Held under repurchase agreements 27 - 9 19 25 Discounts and advances-^ Member bank borrowings 963 +188 + 381 997 Other _- -- - 15 -- Float 2,283 -234 + 749 2,034 Total Reserve Bank credit 55,401 -163 +3 ,546 55,120 Gold stock 10,367 -- - 117 10,367 Treasury currency outstanding 6,821 + 5 + 21 6,826 72,589 -159 +3 ,449 72,313 Currency in circulation 49,471 - 83 +3 ,318 49,541 Treasury cash holdings 721 - 4 - 408 715 Treasury deposits with F. R. Banks 615 +125 _ 229 502 Foreign deposits with F. R. Banks 165 + 4 - 40 1 137 Other deposits with F. R. Banks 436 - 50 - 29 448 Other F. R. accounts (net) -1,029 - 51 - 432 1 -1,022 50,379 - 59 +2 ,181 | 50,321 Member bank reserves: With Federal Reserve Banks 22,210 -100 +1 ,269 ! 21,992 Currency and coin 4,375 + 1 - 10 ! 4,375 Total reserves held 26,585 - 99 +1 ,259 26,367 Required reserves 26,359 -269 +1 ,194 26,359 Excess reserves 226 +170 + 65 8 NOTE: A net of $36 million of surplus reserves were eligible to be carried forward from the week ended March 19, into the week ending March 26. On March 26, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,011 million, a decrease of $109 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 ALI, FEDERAL II E SERVE BANKS (In millions of dollai: s) Wednesday Change since March 26, March 19, March 27, 1969 1969 1968 A S S E TS Gold certificate account 10,025 — 113 ».»* Cash (805) 217 4 - 224 Discounts and advances 997 + 166 - 408 Acceptances: Bought outright 49 7 Held under repurchase agreements 25 10 19 Federal Agency obligations- Held under repurchase agreements s 5 5 U. S. Government securities: Bought outright-- Bills 17,472 105 +1,349 Certificates Notes 30,046 +2,930 Bonds 4,387 -1,869 Total bought outright 51,905 106 +2,410 Held under repurchase agreements 105 105 + 105 Total U, S. Government securities 52,010 1 +2,515 Total loans and securities 53,086 -!- 160 +2,086 Cash items in process of collection (2,158) 8,410 - 987 +1,296 Bank premises 113 1 -- Other assets 1/ 2,787 + 92 + 596 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,963) 74,633 740 +3,641 Federal Pveserve notes (805) 43,305 91 +2,612 Deposits: Member bank reserves 21,992 29 + 734 U. S. Treasurer—general account 502 50 - 463 Foreign 137 22 24 Other 2/ (6) 448 15 27 Total deposits (6) 23,079 116 + 220 Deferred availability cash items (2,152) 6,376 588 -f 632 Other liabilities and accrued dividends 399 1 J- 92 1 TOTAL LIABILITIES (2,963) 73,159 794 +3,556 C A P I T AL A C C O U N TS Capital paid in 641 1 -I- 29 Surplus 630 -- -f 32 Other capital account 208 4-53 + 24 Contingent liability on acceptances purchased for foreign correspondents 120 + 1 4- 17 * Figures in parentheses are the eliminations made in the consolidating process. \J Includes assets denominated in foreign currencies and IMF gold deposited. 2/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 26, 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 991 34 2,643 - 40 16 days to 90 days 6 40 8,798 -1-307 91 days to 1 year 8,054 -263 Over 1 year to 5 ye&rs 18,507 Over 5 years to 10 years 13,376 Over 10 years 637 — Total 997 74 52,015 + 4 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 26, 1969 San New Phila Cleve Rich St. [Minne Kansas Total Boatoti Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 10,025 511 2,549 561 902 983 558 1,597 392 119 329 380 1,144 F. R. notes of other banks 805 64 230 54 70 63 98 45 22 12 16 30 101 Other cash 217 10 23 8 26 18 28 20 23 5 17 12 27 Discounts and advances 997 59 179 19 11 55 68 269 47 55 50 95 90 Acceptances: Bought outright 49 49 Held under repurchase agreements 25 25 Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Sought outright™ Bills 17,472 898 4,471 891 1,341 1,287 907 2,920 576 344 663 711 2,463 Certificates Notes 30,046 1,545 7,689 1,532 2,307 2,214 1,559 5,020 992 590 1,140 1,222 4,236 Bonds 4,387 225 1,123 224 337 323 227 733 145 86 167 178 619 Total bought outright 51,905 2,668 13,283 2,647 3,985 3,824 2,693 8,673 1,713 1,020 1,970 2,111 7,318 Held under repurchase agreements 105 105 Total U. S. Government securities 52,010 2,668 13,388 2_,_647 3,985 3,824 2,693 8,673 1,713 1,020 1,970 2,111 7_j_318 Total loans and securities 53,086 2,727 13,646 2,666 3,996 3,879 2,761 8,942 1,760 1,075 2,020 2,206 7,408 Cash items in process of collection 10,568 694 1,893 581 761 817 995 1,637 531 380 727 617 935 Bank premises 1/ 113 3 10 2 5 10 18 17 8 4 18 9 9 Other assets \J 2,787 124 882 135 222 144 157 384 89 56 110 138 346 TOTAL ASSETS 77,601 4,133 19,233 4,007 5,982 5,914 4,615 12,642 2,825 1,651 3,237 3,392 9,970 2./ 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 26, 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 44,110 2,573 10,215 2,532 3,606 4,030 2,330 7,876 1,634 758 1,640 1,518 5,398 Deposits'. Member banks reserves 21,992 838 6,223 895 1,548 1,057 1,334 3,160 725 521 919 1,274 3,498 U. S. Treasurer—general account 502 495 1 * l * i 1 1 2 Foreign 137 7 1/ 33 7 12 7 9 21 5 3 6 8 19 Other 454 1 2/406 2 2 10 2 1 1 2 2 1 24 "Total deposits 23,085 846 7,157 905 1,562 1,075 1,345 3,183 732 526 927 1,284 3,543 Deferred availability cash items 8,528 622 1,382 475 651 700 827 1,293 395 326 593 492 772 Other liabilities and accrvl ed dividends 399 20 104 19 31 28 20 66 13 8 15 16 59 TOTAL LIABILITIES 76,122 4,061 18,858 3,931 5,850 5,833 4,522 12,418 2,774 1 ,618 3,175 3,310 9,772 CAPITAL ACCOUNTS Capital paid in 641 31 161 33 59 33 42 95 22 15 28 37 85 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 208 10 54 10 17 15 11 36 7 4 7 9 28 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 7_7_, 60 !_U , 133 19,233 4_,_007^ 5,982 5,914 4,6_15_ 12,642 2,825 _L L6.!1— 3,237 3,392 9,970 Contingent liability on ace; eptances purchased for forei- gn correspondents 120 6 3/ 30 6 11_ 6 ___§__ 18 4 3 5 7 16 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 46,284(2,642 10,758 2,609 3,858 4,162 2,507 8,152 1,713 777 1,710 1,666 5,730 Collateral for F. R. notes: Gold certificate account 3,522 j 200 500 300 560 600 1,000 180 27 -- 155 Eligible paper U. S. Government securities 44,970 12,531 10,600 2,500 3,400 3,649 2,600 7,650 1,600 785 1,775 1,630 6,250 Total collateral 48,492 12,731 11,100 2,800 3,960 4,249 2,600 8,650 1,780 812 1,775 1,785 6,250 1/ After deducting $104 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000, Digitized 3fo/r F RAASfEtRe r deducting $ 90 million participations of other Federal Reserve Banks, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis