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 H.4.1 For immediate release September 18, 1969 The average of daily figures of total reserves of member banks declined $125 million in the latest statement week to $26,766 million. Member bank borrowings in creased, but remained below the average level of such borrowings for recent weeks. Ex cess reserves dropped sharply from the relatively high average level of the past two weeks to a level more near the range of earlier periods. The major factors affecting reserve flows in the latest week were a seasonal increase in float, and a decline in other Federal Reserve liabilities, both adding to bank reserves. The Treasury continued to run its accounts at the Federal Reserve at a very low level, on weekly average, and in addition found it necessary to increase its borrowings from the Federal Reserve by about $150 million. By the end of the week, however, the Treasury had redeemed all of the Special Certificates issued during the past two weeks. System Open Market operations absorbed (net) nearly $700 million of reserves, on a weekly average basis, primarily through matched sale-purchase transactions under taken early in the week. On Wednesday $1.0 billion of such transactions were outstand ing, down sharply from the record $2.3 billion outstanding a week earlier. Member bank borrowings averaged $1,017 million and exceeded excess reserves by $949 million, com pared to the revised figure of $405 million for the previous week. Averap: es of dai]L y figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit Sept. 17, Sept. 10 , 1 Sept. 18, Sept. 17, , and related items 1969 1969 1 1968 1969 (Irl millions of dollars) Reserve Bank credit: 1/ U. S. Government securities-- Bought outright--System account 52,472 - 890 + 842 52,804 Held under repurchase agreements 50 + 50 + 50 -- Special Certificates 661 + 154 + 661 — Federal Agency obligations— Held under repurchase agreements 4 + 4 + 4 — Acceptances-- Bought outright 37 . 3 _ 13 37 Held under repurchase agreements 7 + 7 + 7 "" Discounts and advances-- Member bank borrowings 1,017 + 277 + 613 656 Other Float 2,565 + 123 + 361 2,978 Other F. R. assets 2,954 + 24 + 943 2,969 Total Reserve Bank credit 59,769 - 253 + 3 ,470 59,444 Gold stock 10,367 — — 10,367 Treasury currency outstanding 6,758 + 1 + 23 6,760 76,893 - 252 + 3 ,492 76,571 Currency in circulation 51,545 - 73 + 2 ,978 51,521 Treasury cash holdings 683 + 1 - 107 685 Treasury deposits with F. F. Banks 33 + 18 - 175 185 Foreign deposits with F. R. Banks 123 + 2 - 5 143 Other deposits with F. R. Banks 445 - 15 - 20 431 Other F. R. liabilities and capital 1,970 - 207 + 251 1,942 54,799 - 273 + 2 ,923 54,907 Member bank reserves: With Federal Reserve Banks 22,094 + 20 + 569 21,664 Currency and coin 4,672 - 145 + 223 4,672 Total reserves held 26,766 - 125 + 792 26,336 Required reserves 26,698 + 142 + 1 ,098 26,698 Excess reserves 68 - 267 - 306 1 - 362 NOTE: A net of $166 million of surplus reserves were eligible to be carried forward from the week ended September 10, into the week ending September 17. 1/ Reflects $1,000 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On September 17, 1969, U. S. Government securities held in custody by the Federal Reserve Banks-for foreign account were $8,819 million, an increase of $498 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. 17, Sept. 10, Sept. 18, 1969 1969 1968 A S S E TS Gold certificate account 10,027 Cash (750) 147 + 2 - 168 Discounts and advances 656 + 316 + 301 Acceptances: Bought outright 37 12 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities Bought outright-- Bills 18,108 +1,150 +1,646 Certificates - Special -1,102 - Other Notes 30,553 +2,348 Bonds 4,143 -1,585 Total bought outright 1/ 52,804 48 +2,409 Held under repurchase agreements Total U. S. Government securities 52,804 + 48 +2,409 Total loans and securities 53,497 + 364 +2,698 Cash items in process of collection (3,249) 11,055 +1,870 +1,520 Bank premises 114 + 1 + 1 Other assets 2/ 2,855 3 + 921 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,999) 77,695 +£,234 ^47973" L I A B I L I T I ES Federal Reserve notes (750) 45,253 212 +2,691 Deposits: Member bank reserves 21,664 +1,286 +1,690 U. S. Treasurer—general account 185 + 177 - 483 Foreign 143 + 47 + 18 Other 3/ 431 8 15 Total deposits 22,423 +1,502 +1,210 Deferred availability cash items (3,249) 8,077 +1,201 + 862 Other liabilities and accrued dividends 475 34 + 108 TOTAL LIABILITIES (3,999) 76,228 +2,457 +4,871 C A P I T AL A C C O U N T S, Capital paid in 663 16 44 Surplus 630 32 Other capital accounts 174 207 26 Contingent liability on acceptances purchased for foreign correspondents 161 - 1 38 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Reflects $l,000million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 1^1 Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 17, 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 654 6 3,068 +373 16 days to 90 days 2 31 8,084 +182 91 days to 1 year 20,203 •507 Over 1 year to 5 years 12,229 Over 5 years to 10 years 8,549 Over 10 years 671 Total 656 37 52,804 + 48 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 17, 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 10,027 686 2,163 504 928 921 547 2,038 359 101 276 389 1,115 F. R. notes of other banks 750 87 174 72 43 62 69 33 28 26 35 21 100 Other cash 147 6 12 6 16 12 23 13 15 4 11 9 20 Discounts and advances 656 26 245 4 25 26 28 140 5 40 47 38 32 Acceptances: Bought outright 37 — 37 — — — — — -- — — — — Held under repurchase agreements — — — — — -- — — — — — — — Federal Agency obligations-- Held under repurchase agreements -- — — — — — — — — — — — — U. S. Government securities: Bought outright-- Bills 18,108 929 4,505 929 1,409 1,349 973 2,981 624 365 700 776 2,568 Certificates--Special — — — — — — — — — — — — — 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 T 213 1.031 213 322 309 ~T 223 682 143 83 160 T 177 587 Total bought outright 52,804 ,710 13,137 2,711 4,108 3,933 ,837 8,693 1,821 1,064 2,042 ,261 7,487 Held under repurchase agreements -- -- -- _- -- -- -- -. -.- ... — .. «.«, ~T MW Total U. S. Government securities 52.804 ~ .710 13.137 2.711 4.108 3.933 837 8,693 1 821 l 064 2,042 ~£, 261 7 487 r r f t Total loans and securities 53,497 2 ,736 13,419 2,715 4,133 3,959 2 ,865 8,833 1,826 1,104 2,089 2 ,299 7,519 Cash items in process of collection 14,304 820 2,509 877 1,032 1,226 1 ,226 2,370 711 536 937 772 1,288 Bank premises 114 2 9 2 5 11 18 17 9 5 18 9 9 Other assets 1/ 2.855 129 892 139 230 150 161 394 91 58 111 144 356 TOTAL ASSETS 81,694 4 ,466 19,178 4,315 6,387 6,341 4 ,909 13,698 3,039 1,834 3,477 3 ,643 10,407 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 SEPTEMBER 17, 1969 San New Phila Cleve Rich St. Minne Kansas 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 46,003 2,654 10,612 2,636 3,747 4,162 2,423 8,178 1,702 791 1,721 1,673 5,704 Deposits: Member bank reserves 21,664 920 5,818 900 1,564 1,041 1,312 3,335 693 543 899 1,246 3,393 U. S. Treasurer—general account 185 1 177 * 1 1 1 * * * 1 1 2 Foreign 143 6 1/ 53 6 11 6 8 18 4 3 5 7 16 Other 431 * 2/381 2 1 13 1 4 1 3 3 2 20 Total deposits 22,423 927 6,429 908 1,577 1,061 1,322 3,357 698 549 908 1,256 3,431 Deferred availability cash items 11,326 791 1,633 674 897 1,005 1,047 1,868 573 451 770 614 1,003 Other liabilities and accrued dividends 475 24 116 22 36 35 25 77 16 11 17 20 76 TOTAL LIABILITIES 80,227 4,396 18,790 4,240 6,257 6,263 4,817 13,480 2,989 1,802 3,416 3,563 10,214 CAPITAL ACCOUNTS Capital paid in 663 31 176 34 59 34 43 97 23 15 28 37 86 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 174 8 52 8 15 11 9 28 5 3 6 7 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 81,694 4,466 19,178 4,315 6,387 6,341 4,909 13,698 3,039 1,834 3,477 3,643 10,407 Contingent liability on ace. eptances purchased for forei. gn correspondents 161 8 3/ 41 8 14 8 10 24 6 4 7 9 22 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 48,188 2,778 11,080 2,721 3,993 4,313 2,576 8,450 1,802 823 1,813 1,811 6,028 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 securitie s 45,956 2,597 10,800 2,520 3,500 3,769 2,650 7,650 1,700 815 1,875 1,830 6,250 Total collateral 49,313 2,797 11,300 2,820 4,060 4,379 2,650 8,650 1,855 842 1,875 1,835 6,250 1/ After deducting $ 90 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