H.4.1 Factors Affecting Reserve Balances of Depository Institutions

;£23&.-- FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release July 3, 1969 The average of daily figures of total reserves of member banks increased $490 million in the latest statement week to a level of $27,424 million. Required reserves, excess reserves, and member bank borrowings all increased. The increase in required reserves reflects the rise in deposits during the mid-June tax payment period, A substantial amount of the excess reserves may be eligible to be carried forward into the next reserve period. The major factors absorbing reserves in the latesteweek were float and currency in circulation. Partially offsetting these reserve drains was a decline in treasury deposits with Federal Reserve Banks of over $200 million, on weekly average System Open Market operations provided about $370 million of reserves, on a x^eekly average basis. These reserves were about equally divided between outright purchase of U. S. Government securities and repurchase transactions. Member bank borrowings exceeded excess reserves by $1,214 milli n compared to the revised figure ot $1,168 million for the previous week. Average: s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 2, June 25, July 3, July 2, and related items 1969 1969 1968 ! 1969 (In nl illio ns of doll. ars) Reserve Bank credit: U. S. Government securities-- Bought outright--System account 54,044 + 180 + 1,827 54,095 Held under repurchase agreements 117 + 117 + 117 -- Federal Agency obligations-- Held under repurchase agreements 53 + 53 •4- 53 — Acceptances-- Bought outright 42 « 1 17 43 Held under repurchase agreements 19 + 19 24 -- Discounts and advances- Member bank borrowings 1,634 + 309 + 1,141 i 561 Other — — - 13 -- Float 2,350 - 284 + 519 2,312 Other F. R. assets 2,672 - 3 + 721 2,656 Total Reserve Bank credit 60,931 + 390 + 4,324 59,667 Gold stock 10,367 -- — 10,367 Treasury currency outstanding 6,745 - 6 + 25 6,740 78,044 + 385 + 4,350 76,774 Currency In circulation 50,910 + 224 + 3,113 51,294 Treasury cash holdings 658 - 6 - 222 656 Treasury deposits with F. R. Banks 1,068 - 221 - 47 995 Foreign deposits with F. R. Banks 128 + 19 - 57 150 Other deposits with F. R. Banks 491 + 23 - 31 517 Other F. R. liabilities and capital 2,022 + 64 + 207 2,046 55,277 + 103 + 2,964 55,658 Member bank reserves: With Federal Reserve Banks 22,767 + 283 + 1,387 21,116 Currency and coin 4,657 + 207 + 198 4,657 Total reserves held 27,424 + 490 + 1,585 25,773 Required reserves 27,004 + 227 + 1,347 27,004 Excess reserves 420 + 263 + 238 -1,231 NOTE: A net of $110 million of surplus reserves were eligible to be carried forward from the x^eek ended June 25, into the week ending July 2. On July 2, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,710 million, a decrease of $542 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 OP ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday July 2, June 25, July 3, 1969 1969 1968 A S S E T S Gold certificate account 10,027 2 Cash (520) 179 4 240 Discounts and advances 561 787 56 Acceptances: Bought outright 43 15 Held under repurchase agreements Federal Agency obligations Held under repurchase agreements U. S, Government securities: Bought outright- Bills 19,466 889 -1-1,086 Certificates Notes 30,501 +2,755 Bonds 4,123 -1,976 Total bought outright 54,095 889 +1,865 Held under repurchase agreements Total U. S. Government securities 54,095 -I- 889 +1,865 Total loans and securities 54,699 + 102 +1,906 Cash items in process of collection (2,549) 10,168 -!- 702 +1,483 Bank premises 113 1 Other assets 1/ 2,543 50 + 425 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,069) 77,729 + 755 +3,575 IiIABIL IT I ES Federal Reserve notes (520) 45,049 + 499 +2,640 Deposits: Member bank reserves 21,116 - 54 + 9 U. S. Treasurer--general account 995 - 552 - 153 Foreign 150 + 44 - Ill Other 2/ (27) 517 + 59 _- 8 Total deposits (27) 22,778 - 503 - 263 Deferred availability cash items (2,522) 7,856 J«. 680 + 991 Other liabilities and accrued dividends 464 + 15 + 83 TOTAL LIABILTIES (3,069) 76,147 +"691 +3,451 C A P I T AL A C C O U N TS Capital paid in ~ 661 3 + 44 Surplus 630 -- + 32 Other capital accounts 291 61 + 48 Contingent liability on acceptances purchased for foreign correspondents 162 - 8 + 53 * 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, JULY 2, 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 544 9 2,215 +421 16 days to 90 days 17 34 9,298 +475 91 days to 1 year 20,783 - 7 Over 1 year to 5 years 7,691 — Over 5 years to 10 years 13,447 — Over 10 years -- -- 661 -- Total 561 43 54,095 +889 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 JULY 2, 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 10,027 664 2,153 333 871 1,017 592 1,878 252 143 352 200 1,572 F. R. notes of other banks 520 27 173 42 33 35 56 30 18 14 22 16 54 Other cash 179 9 16 7 22 14 25 16 19 4 13 11 23 Discounts and advances 561 72 60 12 5 41 77 129 16 16 24 66 43 Acceptances: Bought outright 43 -- 43 -- -- -- -- -.- --. -. - - - — .. m. - Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities: Bought outright- Bills 19,466 985 4,820 1,039 1,518 1,460 1,056 3,189 701 397 748 824 2,729 Certificates Notes 30,501 1,544 7,552 1,627 2,378 2,288 1,655 4,997 1,098 622 1,172 1,291 4,277 Bonds 4,128 209 1,022 220 322 310 224 677 148 84 159 174 579 Total bought outright 54,095 2,738 13,394 2,886 4,218 4,058 2,935 8,863 1,947 1,103 2,079 2,289 7,585 Held under repurchase agreements Total U. S. Government securities .5A4125-. XJ3A 13,394 _2^a86 4-^218 4,058 Z^35 8,863 L*!47___!_,i03 2,079 2,289 7.585 Total loans and securities 54,699 2,810 13,497 2,898 4,223 4,099 3,012 8,992 1,963 1,119 2,103 2,355 7,628 Cash items in process of collection 12,717 768 2,145 711 883 1,013 1,130 2,171 651 470 876 736 1,163 Bank premises 113 2 9 2 5 11 18 17 8 4 19 9 9 Other assets J7 2,543 113 815 120 202 132 143 345 82 58 97 126 310 TOTAL ASSETS 80,798 4,393 18,808 4,113 6,239 6,321 4,976 13,449 2,993 1,812 3,482 3,453 10,759 J7 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 IN JULY 2, 1969 New Phila Cleve Rich St. Minne Kans as 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 45,569 2,639 10,523 2,649 3,670 4,158 2,414 8,044 1,693 789 1,710 1,608 5,672 Deposits: Member bank reserves 21,116 939 5,375 734 1,551 1,050 1,382 3,205 658 538 854 1,116 3,714 U. S. Treasurer--general account 995 8 186 44 66 137 83 101 69 18 112 73 98 Foreign 150 6 1/ 49 7 12 7 9 20 5 3 6 8 18 Other 544 1 2/501 1 1 8 2 4 1 1 3 1 20 Total deposits 22,805 954 6,111 786 1,630 1,202 1,476 3,330 733 560 975 1,198 3,850 Deferred availability cash items 10,378 [ 700 1,646 574 765 841 963 1,764 497 416 714 542 956 Other liabilities and accrued dividends 464 23 116 23 35 34 25 73 16 13 18 19 69 TOTAL LIABILITIES 79,216 | 4,316 18,396 4,032 6,100 6,235 4,878 13,211 2,939 1,778 3,417 3,367 10,547 CAPITAL ACCOUNTS Capital paid in 661 : 32 176 33 59 33 42 97 23 15 28 37 86 Surplus 630 1 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts ! 291! 14 76 15 24 20 16 48 9 5 10 13 41 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ! 80.798 J 4,393 18,808 4,113 6,239 6,321 4,976 13,449 2,993 1,812 3.482 .3.453 10.759 Contingent liability on ace: eptances purchased for forei- gn correspondents 162 8 3/ 41 8 14 9 10 24 6 4 7 9 22 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 47,407) 2,717 10,981 ,719 3,889 4,249 2,562 8,289 1,759 812 1,768 1,736 5,926 Collateral for F. R. notes: Gold certificate account 3,287 200 500 300 560 515 1,000 180 27 -- 5 Eligible paper U. S. Government securities 45,361 2,531 10,600 ,500 3,400 3,770 2,600 7,650 1,650 805 1,825 1,780 6,250 Total collateral 48,648 2,731 11,100 2,800 3,960 4,285 2,600 8,650 1,830 832 1,825 1,785 6,250 1/ After deducting $101 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3_/ After deducting $121 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis