H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•aSSSfe FEDERAL RESERVE statistical release H.4.1 For immediate release August 21, L969 The average of daily figures of total reserves of member banks increased $260 million in the latest week to $27,099 million. Required reserves increased sharply, reflecting the increase in demand deposits due to the change in Regulation D effective July 31, 1969. The revised Regulation requires that bills payable and London checks associated with Euro-dollar transactions be included in demand deposits. It is estimated that most of the $486 million increase in required reserves last week resulted from the change in Regulation D. Excess reserves and member bank borrowings both declined in the latest week. A sizable seasonal increase in float accompanied by a decline in Treasury deposits with Federal Reserve Banks provided reserves in the latest statement week. Nearly all other factors also provided reserves. System Open Market operations ab sorbed some of this reserve supply on weekly average, partly through matched salepurchase transactions near the end of the week. Member bank borrowings exceeded excess reserves by $1,231 million, compared to the revised figure of $1,112 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, August 20, Aug. 13, Aug. 21, August 20, and related items 1969 1969 1968 1969 Reserve Bank credit: U. S. Government securities— 1/ Bought outright--System account 54,422 355 4- 1,818 54,397 Held under repurchase agreements 33 400 148 Federal Agency obligations-- Held under repurchase agreements 27 Acceptances-- Bought outright 41 -• 1 12 41 Held under repurchase agreements 3 - 19 12 — Discounts and advances-- Member bank borrowings 1,221 107 + 602 1,125 Other Float 2,578 + 353 + 596 2,257 Other F. R. assets 2,682 + 42 + 969 2,831 Total Reserve Bank credit 60,984 + 198 + 3, 814 60,651 Gold stock 10,367 -- -- 10,367 Treasury currency outstanding 6,734 4 — 6,734 78,085 +~~ 194 + 3, 815 77,752 Currency in circulation 51,375 - 58 + 3, 123 51,436 Treasury cash holdings 674 + 15 - 134 684 Treasury deposits with F. R. Banks 746 - 278 - 252 956 Foreign deposits with F. R. Banks 135 - 8 - 38 116 Other deposits with F. R. Banks 483 + 19 + 16 484 Other F. R. liabilities and capital 1,972 - 130 + 217 1,988 55,384 - 440 + 2 ,930 55,664 Member bank reserves: With Federal Reserve Banks 22,700 + 633 + 884 22,088 Currency and coin 4,399 - 373 - 12 4,399 Total reserves held 27,099 + 260 + 872 26,487 Required reserves 27,109 + 486 + 1, 396 27,109 Excess reserves 10 - 226 - 524 - 622 NOTE: A net of $188 million of surplus reserves were eligible to be carried forward from the week ended August 13, into the week ending August 20. 1/ Reflects $113 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On August 20, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,851 million, a decrease of $27 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 Aug. 20, Aug. 13, Aug. 21, 1969 1969 1968 A S S E TS Gold certificate account 10,027 + 1 Cash (664) 153 - 192 Discounts and advances 1,125 + 755 + 709 Acceptances: Bought outright 41 • 11 Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements U. S. Government securities Bought outright- Bills 19,701 + 563 + 801 Certificates Notes 30,553 — +2,410 Bonds 4,143 — -1,564 Total bought outright 1/ 54,397 + 563 +1,647 Held under repurchase agreements — - 113 - 140 Total U. S. Government securities 54,397 + 450 +1,507 Total loans and securities 55,563 +1,205 +2,201 Cash items in process of collection (2,521) 9,296 53 +1,170 Bank premises 114 — + 1 Other assets 2/ 2,717 + 157 +1,090 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,185) 77.870 +U309 +4,j71 L I A B I L I T I E S. Federal Reserve notes (664) 45,199 59 +2,836 Deposits: Member bank reserves 22,088 +1,616 + 501 U. S. Treasurer—general account 956 - 144 - 90 Foreign 116 25 9 Other 3/ (5) 484 2 + 34 Total deposits (5) 23,644 +1,445 + 436 Deferred availability cash items (2,516) 7,039 - 143 + 792 Other liabilities and accrued dividends 491 + 7 + 105 TOTAL LIABILITIES (3,185) 76,373 +1,250 +4,169 C A P I T AL A C C O U N TS Capital paid in "" 663 1 + 45 Surplus 630 — + 32 Other capital accounts 204 '- 60 + 25 Contingent liability on acceptances purchased for foreign correpondents 161 -- + 11 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Reflects $113 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST 20, 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 Agenc y obligations advances Acceptances Holdings Weekly changes Within 15 days 1,110 12 2,835 + 561 16 days to 90 days 15 29 9,002 - 309 91 days to 1 year — -- 21,111 + 606 Over 1 year to 5 yearsj -- 12,229 -Hi,514 Over 5 years to 10 yeairrss — 8,549 -4,922 Over 10 years -- — 671 — Total 1,125 4l 54,397 + 450 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 AUGUST 20, 1969 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago D alias Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 10,027 503 3,378 365 611 875 401 1,845 216 101 266 289 1,177 F. R. notes of other banks 664 69 167 60 37 53 63 27 28 24 26 19 91 Other cash 153 4 14 7 18 12 23 14 16 3 12 10 20 Discounts and advances 1,125 142 240 17 53 49 63 237 50 16 43 36 179 Acceptances: Bought outright 41 -- 41 -- -- — -- -- -- -- -- -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations— Held under repurchase agreements -- U. S. Government securities: Bought outright— Bills 19,701 1,023 4,724 1,049 1,556 1,476 1,085 3,222 714 404 763 837 2,848 Certificates -- -- — — -- — -- — -- -- -- -- -- Notes 30,553 1,586 7,325 1,627 2,412 2,289 1,683 4,998 1,107 628 1,183 1 ,298 4,417 Bonds 4,143 215 993 221 327 310 228 678 150 85 161 176 599 Total bought outright 54,397 2,824 13,042 2,897 4,295 4,075 2,996 8,898 1,971 ~T ,117 2,107 ~2 ,311 7,864 Held under repurchase agreements -- -- -- -- — -- -- -- -- -- — -- -- Total U. S. Government securities 54,397 2,824 13,042 2,897 4,295 4,075 2,996 8,898 1,971 ~T, 117 2,107 ~2 ,311 7,864 Total loans and securities 55,563 2,966 13,323 2,914 4,348 4,124 3,059 9,135 2,021 1 ,133 2,150 2 ,347 8,043 Cash items in process of collection 11,817 722 1,971 619 863 958 1,052 2,084 564 442 777 686 1,079 Bank premises 114 2 9 2 5 11 18 17 8 5 19 9 9 Other assets _1/ 2,717 122 856 1.33 220 140 155 370 88 55 105 137 336 TOTAL ASSETS 81,055 4,388 19,718 4,100 6,102 6,173 4,771 13,492 2,941 1 ,763 3,355 3 ,497 10,755 1/ 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 AUGUST 20, 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 45,863 2,648 10,550 2,648 3,727 4,159 2,412 8,154 1,697 791 1,714 1,651 5,712 Deposits: Member bank reserves 22,088 983 5,794 834 1,466 1,048 1,353 3,383 712 527 948 1,193 3,847 U. S. Treasurer—general account 956 * 948 1 * 1 * 1 1 1 1 * 2 Foreign 116 5 1/ 34 6 10 6 7 16 4 2 5 6 15 Other 489 1 2/447 2 — 10 2 4 * 3 2 1 17 Total deposits 23,649 989 7,223 843 1,476 1,065 1,362 3,404 717 533 956 1,200 3,881 Deferred availability cash items 9,555 654 1,437 509 730 834 877 1,634 458 395 605 543 879 Other liabilities and accnl ed dividends 491 25 114 23 37 36 26 77 18 11 18 21 85 TOTAL LIABILITIES 79,558 4,316 19,324 4,023 5,970 6,094 4,677 13,269 2,890 1,730 3,293 3,415 10,557 CAPITAL ACCOUNTS Capital paid in 663 32 176 34 59 34 42 97 23 15 28 37 86 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 204 9 58 10 17 12 12 33 6 4 7 9 27 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 81,055 4,388 19,718 4,100 6,102 _6,1_73 4,771 13,492 2,941 1,763 3,355 3,497 10,755 Contingent liability on act: eptances purchased for fore:Lg n correspondents 161 8 3/ 41 8 14 8 10 24 6 4 7 9 22 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,752 11,020 27734 37953 4,287 2,561 87421) T7784~ 824 1,802 1,770 6,023 Collateral for F. R. notes: Gold certificate account 500 300 560 535 1,000 155 27 5 Elibible paper U. S. Government securities 10.800 2.600 3.500 3,810 2.650 7,650 1.700 815 1,825 1,830 6,250 Total collateral 2,801 11,300 2,900 4,060 4,345 2,650 8,650 1,855 842 1,825 1,835 6,250 1/ After deducting $ 82 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $120 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis