H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Foctors Affecting Bonk Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release September 11, 1969 The average of daily figures of total reserves of member banks declined $84 million (net) in the latest week to $26,832 million. Required reserves were about unchanged, while excess reserves and member bank borrowings declined. The major factor affecting reserve flows in the past week was the very sharp drop in Treasury deposits with Federal Reserve banks. In addition, in order to meet temporary cash needs, the Treasury borrowed $1.1 million from the System through the issuance of special certificates. These borrowings combined with the lower Treasury balance provided nearly $1.4 billion of reserves on weekly average. To offset these large reserve provisions, System Open Market operations absorbed over $1.4 billion of reserves, on a weekly average basis, primarily through matched sale-purchase trans actions. A record level of $2.3 billion of such transactions were outstanding at the end of the week. With reserves readily available from alternative sources, member bank borrowings declined below the average of recent weeks to $740 million. Borrowings exceeded excess reserves by $464 million, compared to the revised figure of $870 million for the previous week. Avera?' es of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit Sept. 10, Sept . 3, Sept . 11, Sept. 10, and related items 1969 1969 1968 1969 (In millions of dollars) Reserve Bank credit: y U. S. Government securities-- Bought outright--System account 53,362 - 1 ,276 + 1 ,034 51,654 Held under repurchase agreements — - 131 -- — Special Certificates 507 + 507 + 494 1,102 Federal Agency obligations-- Held under repurchase agreements — 22 — — Acceptances-- Bought outright 40 -«. 11 37 Held under repurchase agreements -- 12 — — Discounts and advances-- Member bank borrowings 740 499 (- 106 340 Other Float 2,383 + 318 + 479 2,309 Other F. R. assets 2,930 + 160 + 1 ,085 2,971 Total Reserve Bank credit 59,963 - 955 + 3 ,188 58,413 Gold stock 10,367 — — 10,367 Treasury currency outstanding 6,757 + 5 + 24 6,758 77,086 - 951 + 3 ,211 75,538 Currency in circulation 51,618 + 127 + 2 ,933 51,731 Treasury cash holdings 682 - 2 - 105 687 Treasury deposits with F. F. Banks 15 - 853 - 132 8 Foreign deposits with F. R. Banks 121 - 27 - 13 96 Other deposits with F. R. Banks 460 - 2 + 14 439 Other F. R. liabilities and capital 2,177 + 56 + 272 2,199 55,072 - 701 + 2 ,968 55,160 Member bank reserves: With Federal Reserve Banks 22,015 - 249 + 244 20,378 , Currency and coin 4,817 + 165 + 396 4,817 Total reserves held 26,832 - 84 + 640 25,195 Required reserves 26,556 + 9 + 920 26,556 Excess reserves 276 - 93 - 280 -1,361 NOTE: A net of $169 million of surplus reserves were eligible to be carried forward from the week ended September 3, into the week ending September 10. _1/ Reflects $2,333 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On September 10, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,321 million an increase of $54 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 Sept. 10, Sept. 3, Sept. 11, 1969 1969 1968 A S S E TS Gold certificate account 10,027 Cash (670) 145 + 1 - 164 Discounts and advances 340 - 358 + 225 Acceptances: Bought outright 37 14 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities Bought outright— Bills 16,958 -2,805 61 Certificates - Special 1,102 +1,102 +1,102 - Other Notes 30,553 +2,348 Bonds 4,143 -1,585 Total bought outright 1/ 52,756 •1,703 +1,804 Held under repurchase agreements Total U. S. Government securities 52,756 •1,703 +1,804 Total loans and securities 53,133 -2,064 +2,015 Cash items in process of collection (2,377) 9,185 + 83 +1,111 Bank premises 113 Other assets 2^/ 2.858 60 + 977 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,047) 75,461 -1,920 +3,940 LIAJ3I_LI_TI_Ej3 Federal Reserve notes (670) 45,465 17 +2,672 Deposits: Member bank reserves 20,378 -1,106 + 542 U. S. Treasurer—general account 8 - 740 13 Foreign 96 - 82 33 Other 3_/ (1) 439 - 74 21, : Total deposits (1) 20,921 -2., 002 + 475 Deferred availability cash items (2,376) 6,876 + 45 + 517 Other liabilities and accrued dividends 509 - 23 + 122 TOTAL LIABILITIES (3,047) 73,771 -1,997 +3,786 C A P I T AL A C C O U N TS Capital paid in 679 + 16 + 61 Surplus 630 — + 32 Other capital accounts 381 + 61 + 61 Contingent liability on acceptances purchased for foreign correspondents 162 +4 + 36 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Reflects $2,333million 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. SEPTEMBER 10, 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 334 10 2,695 + 451 16 days to 90 days 6 27 7,902 -1,908 91 days to 1 year 20,710 - 246 Over 1 year to 5 years 12,229 Over 5 years to 10 years 8,549 Over 10 years 671 Total 340 37 52,756 •1,703 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 SEPTEMBER 10, 1969 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis c Lty Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 10,027 544 1,156 752 1,055 1,047 598 1,932 396 150 391 330 1,676 F. R. notes of other banks 670 78 160 68 41 54 64 30 22 25 32 19 77 Other cash 145 5 12 7 17 12 23 13 15 3 11 9 18 Discounts and advances 340 20 128 __ 10 1 10 96 7 3 46 15 4 Acceptances: Bought outright 37 — 37 — — -- — -- -- -- -- -- -- Held under repurchase agreements — — — — ~ — — — — —. -- — -- Federal Agency obligations-- Held under repurchase agreements -- — -- -- — -- — -- __ -- ... -- • — U. S. Government securities: Bought outright— Bills 16,958 870 4,219 870 1,320 1,263 911 2,792 584 342 656 726 2,405 Certificates—Special 1,102 — 1,102 — — — — — — — — — Other __ — -- -- ._ -- — -- — -- -- -- _• Notes 30,553 1 ,568 7,601 1,569 2,377 2,275 1 ,641 5,030 1,054 616 1 ,182 1 ,308 4,332 Bonds 4.143 213 1.031 213 322' 309 223 682 143 83 160 177 587 ~T Total bought outright 52,756 ~2 ,651 13,953 2,652 4,019 3,847 ~2~, 775 8,504 1,781 1,041 ,998 ~2 ,211 7,324 Held under repurchase agreements -- -- — -- -- — — — — -- — -- -- "T Total U. S. Government securities 52.756 ~2~ ,651 13.953 2.652 4.019 3.847 ~2~• 775 8.504 1.781 1.041 .998 ~2~ .211 7.324 Total loans and securities 53,133 2 ,671 14,118 2,652 4,029 3,848 2 ,785 8,600 1,788 1,044 2 ,044 2 ,226 7,328 Cash items in process of collection 11,562 683 1,983 622 811 962 1 ,067 1,888 579 463 795 645 1,064 Bank premises 113 2 9 2 5 11 18 17 8 5 18 9 9 Other assets \_l 2.858 127 920 137 225 148 161 389 9_1_ 58 109 141 352 TOTAL ASSETS 78,508 4 ,110 18,358 4,240 6,183 6,082 4 ,716 12,869 2,899 1,748 3 ,400 3 ,379 10,524 1/ Includes assets denominated in for eign cur rencies 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 SEPTEMBER 10, 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 46,135 2,658 10,610 2,644 3,754 4,182 2,435 8,192 1,705 792 1,727 1,677 5,759 Deposits: Member bank reserves 20,378 713 5,502 971 1,531 941 1,264 2,838 656 515 919 1,085 3,443 U. S. Treasurer—general account 8 1 * * 1 1 1 * 1 * 1 2 Foreign 96 5 1/ 21 5 9 5 6 15 4 2 4 6 14 Other 440 2 2/387 5 2 12 2 4 1 2 3 2 18 Total deposits 20,922 721 5,910 981 1,542 959 1,273 2,858 661 520 926 1,094 3,477 Deferred availability cash items 9,252 627 1,282 505 704 813 879 1,488 460 389 659 499 947 Other liabilities and accnl ed dividends 509 23 118 24 37 35 26 77 16 11 19 20 103 TOTAL LIABILITIES 76",818 4,02" 9 17,920 4,154 "6,037 5,y»y 4,613 12,615 2,842 1,712 3,331 3,290 10,286 CAPITAL ACCOUNTS Capital paid in 679 31 176 34 59 34 43 98 23 15 28 37 101 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 381 19 102 19 31 26 20 63 12 7 14 16 52 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 28,508 4*110 18,358 4,240 6,183 6,082 4,716 12,869 2,899 1,748 3,400 3,379 10,524 Contingent liability on ace: eptances purchased for forei- gn 162 8 3/ 41 8 15 8 10 24 6 4 7 9 22 correspondents FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 48,120 2,771 11,038 2,725 3,973 4,318 2,591 8,464 1,784 824 1,814 1,808 6,01U Collateral for F. R. notes: Gold certificate account 3,357 200 500 300 560 610 1,000 155 27 5 Eligible paper U. S. Government securities 46.035 2,597 10,800 2 599 3,500 3,769 2,650 7,650 1,700 815 1,875 1,830 6,250 r Total collateral 49,392 2,797 11,300 2,899 4,060 4,379 2,650 8,650 1,855 842 1,875 1,835 6,250 1/ After deducting $ 75 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $121 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis