H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•V&2& FEDERAL RESERVE stotisticol r e l e a se H . 4 . r ^ ^- For immediate release July 24, 1969 The average of daily figures of total reserves of member banks declined $235 million in the latest week to $27,107 million. Required reserves declined while member bank borrowings increased moderately. Excess reserves increased to a level above the average level of recent weeks. The major factors providing reserves in the latest statement week were a seasonal decline in currency in circulation and a somewhat greater than seasonal in crease in float. Other reserve factors showed only marginal changes, on average, during the week. System Open Market operations absorbed over $400 million reserves, on a weekly average basis. Open Market operations were about equally divided between outright sales of U.S. Government securities and matched sale-purchase transactions. Member bank borrowings averaged $1,355 million, about equal to the average level of borrowings in recent weeks, and exceeded excess reserves by $1,046 million compared to the revised figure of $1,085 million for the previous week. Average of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 23, July 16, July 24, July 23, and related items 1969 1969 1968 1969 (In millions of dollars) 1/ Reserve Bank credit: U. S. Government securities— Bought outright—System account 54,161 -404 +2,257 53,669 Held under repurchase agreements 23 - 4 + 23 Federal Agency obligations— Held under repurchase agreements Acceptances-- Bought outright 40 -- 17 41 Held under repurchase agreements 3 -- + 3 -- Discounts and advances-- Member bank borrowings 1,355 + 77 + 716 1,017 Other -- -- 13 -- Float 3,073 +408 +1,050 2,307 Other F. R. assets 2,634 - 64 + 474 2,671 Total Reserve Bank credit 61,294 + 8 +4,497 59,705 Gold stock 10,367 — -- 10,367 Treasury currency outstanding 6,735 - 2 + 21 6,735 78,395 + 5 +4,518 76,807 Currency in circulation 51,208 -254 +3,206 51,199 Treasury cash holdings 661 + 19 - 177 672 Treasury deposits with F. R. Banks 1,184 + 66 + 186 1,092 Foreign deposits with F. R. Banks 137 + 9 5 138 Other deposits with F. R. Banks 457 - 10 + 9 451 Other F. R. liabilities and capital 1,963 - 85 + 223 1,977 55,611 -255 +3,443 55,529 Member bank reserves: With Federal Reserve Banks 22,785 +261 +1,075 21,278 Currency and coin 4,322 -496 - 229 4,322 Total reserves held 27,107 -235 + 846 25,600 Required reserves 26,798 -351 + 947 26,798 Excess reserves 309 +116 - 101 -1,198 NOTE: A net of $55 million of surplus reserves were eligible to be carried forward from the week ended July 16, into the week ending July 23. 1/ Reflects $485 million pf securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On July 23, 1969, U.S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,581 million an increase of $294 million for the week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday July 16, July 24, July 23, 1969 1968 1969 A S S E TS * Gold certificate account (687) 10,027 Cash 159 8 - 216 Discounts and advances 1,017 -1,068 + 252 Acceptances: Bought outright 41 -_ 17 Held under repurchase agreements 20 Federal /gency obligations- Held under repurchase agreements 65 U. S. Government securities: Bought outright- Bills 18,973 896 + 919 Certificates Notes 30,553 +2,807 Bonds 4,143 -1,961 Total bought outright 53,669 - 896 +1,755 Held under repurchase agreements - 191 Total U. S. Government securities 1/ 53,669 -1,087 +1,765 Total loans and securities 54,727 -2,240 +2,000 Cash items in process of collection (2,177) 8,480 -2,264 + 695 Bank premises 114 — -- Other assets 2/ 2,557 + 62 + 499 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,864) 76,064 -4,450 -4-2,980 L I A H L I T IE i Federal Reserve notes (687) 44,955 238 +2,798 Deposits: Member bank reserves 21,278 -2,331 - 290 U. S. Treasurer—general account 1,092 + 4 + 119 Foreign 138 + 22 - 27 Other 3/ (1) 451 11 - 8 Total deposits (1) 22,959 ^2~3Tu - "203 Deferred availability cash items (2,176) 6,173 -1,934 + 162 Other liabilities and accrued dividends 462 19 + 112 TOTAL LIABILITIES (2,864) 74,549 -4,507 "+T7 355 C A P I T AL A C C O U N TS 662 •* — + 45 Capital paid in 530 -- + 32 Surplus Other capital accounts 223 V 57 + 37 Contingent liability on acceptances purchased 39 for foreign correspondents 154 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Pveflects $485 million of securities sold, and scheduled to be bought back, under matched sale-purchasedtransactions. 2J Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LO.xNS /ND SECURITIES, JULY 23, 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 1:0 01 10 2,330 - 707 16 days to 90 days 16 31 8,907 - 339 91 days to 1 year — -- 20,525 - 106 Over 1 year to 5 yet ars -- -- 7,715 -- Over 5 years to 10 yec .rs -- -- 13,471 -- Over 10 years -- 671 " Total 1 ,017 41 53,669 -1,152 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 23, 1969 New Phila Cleve Rich St Minne Kansas San Total | Boston York delphia land mond Atlanta Chicago Louis apolis Ci Dallas Fran •ty cisco (In millions of dollars) A S S E TS | Gold certificate account 10,027 629 1,863 627 892 924] 494 1,339 325 105 403 275 1,651 F. R. notes of other banks 687 46 187 60 38 58 68 37 30 22 25 23 92 159 8 13 6 20 12 23 13 17 3 13 10 21 Other cash Discounts and advances 1,017 91 205 18 z> 60 90 228 29 18 112 82 75 Acceptances: Bought outright 41 -- 41 -- — -- -- -- -- -- -- -- -- Held under repurchase agreements -- — -- -- ~- -- -- -- -- -- -- -- -- Federal Agency obligations- Held under repurchase agreements — U. S. Government securities: Bought outright— Bills 18,973 960 4,698 1,013 1,479 1,423 1,029 3,109 683 387 729 803 2,660 Certificates «- -- — -- -- — — — -- — — -- -- Notes 30,553 1 1 ,547 7,565 1,530 2,382 2,292 1,658 5,005 1 ,100 623 1 ,174 1,293 4,284 Bonds 4,143 210 1.026 221 323 311 225 579 149 84 159 175 581 _ r Total bought outright 53,669 ~2 ,717 13,289 2,864 4,184 4,026 2,912 3,793 ,932 ,094 2 ,062 2,271 7,525 Held under repurchase agreements — .s. — -- -- — -- — _ — r -- -- — -- Total U. S. Government securities 153,669 ~ ,717 13,289 2,864 4,184 4,026 2,912 8,793 ,932 ,094 Y, 062 2,271 7,525 Total loans and securities j54,727 2 ,808 13,535 2,882 4,193 4,086 3,002 9.021 1 ,961 1 ,112 2 ,174 2,353 7,600 Cash items in process of collectionI 10,657 638 1,814 548 870 838 951 1,734 508 400 798 652 906 Bank premises 1 114 2 9 2 5 11 18 17 8 5 19 9 9 Other assets JL/ | 2,557 114 817 123 203 135 143 350 82 53 97 125 315 TOTAL ASSETS 178,928 4 ,245 18,238 4,248 6,221 6,064 4,699 13,011 2,2 31 1 ,700 3 ,530 3,447 10,594 It 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 FEDER/L RESERVE BANK ON JULY 23, 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) L I A B I L I T I ES Federal Reserve notes 45,642 2,649 10,512 2,651 3,700 4,149 2,411 8,102 1,695 791 1,711 1,622 5,649 Deposits: >- Member bank reserves 21,278 858 5,406 960 1,497 1,035 1,273 3,164 695 493 995 1,137 3,765 U. S. Treasurer—general account 1,092 73 143 83 83 65 91 99 66 47 107 97 138 Foreign 138 7 1/ 34 7 12 7 9 21 5 3 6 8 19 Other 452 2/402 2 2 11 1 3 2 3 2 24 Total deposits 22,960 938 5,985 1,052 1,594 1,118 1,374 3,287 766 545 1,111 1,244 3,946 Deferred availability cash items 8,349 563 1,228 445 758 682 795 1,324 402 319 628 480 725 Other liabilities and accrvl ed dividends 462 22 114 22 35 34 24 73 16 12 17 19 73 TOTAL LIABILITIES 77,413 4,172 17,839 4,170 6,088 5,983 4,604 12,786 2,879 1,667 3,467 "3,355 10,393 CAPITAL ACCOUNTS Capital paid in 662 32 176 34 59 33 42 97 23 15 28 37 86 Surplus 530 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 223 10 63 11 18 15 13 35 7 4 8 9 30 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 78,928 4,245 18,238 4,248 6,221 6^064 4,699 13,011 2,931_ i,7oq_ 3,530 3,447 10,594 Contingent liability on ace: eptances purchased for forei- gn 154 7 3/ 39 8 14 8 10 23 5 3 7 9 21 correspondents FEDERAL RESERVE /GENTS1 ACCOUNTS F. R. notes outstanding 47,868 2,757 11,093 2,745 3,938 4,259 2,580 8,382 1,787 825 1,791 1,751 5,950 Collateral for F. R. notes: Gold certificate account 3,282 200 500 300 560 535 1,000 155 27 5 Eligible paper U. S. Government securities 45,981 2,601 10,800 2,600 3,500 3,810 2,650 7,550 1,700 815 1,825 1,780 6,250 Total collateral 49,263 2,801 11,300 2,900 4,060 4,345 2,650 8,650 1,855 842 1,825 1,785 6,250 1/ /fter deducting $104 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. * Less than $500,000. Digitized f3or/ F RA/SfEtRe r deducting $ H5 million participations of other Federal Reserve Banks, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis