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 October 23, 1969 The average of daily figures of total reserves of member banks increased $205 million (net) in the latest statement week to $27,571 million. Required reserves increased due to the changes in Regulations M and D effective October 16, 1969. These changes, which require member banks to hold reserves against certain foreign borrow ings in excess of exempted amounts, added about $415 million to required reserves. Excess reserves and member bank borrowings were below the average levels of recent weeks. Float was the major factor providing reserves in the latest period increas ing over $800 million, considerably more than the usual seasonal rise for this period. In addition, Treasury deposits with Federal Reserve Banks declined, supplying about $200 million of reserves. System Open Market operations had only marginal net effect on reserves, on a weekly average basis. However, the Trading Desk did make matched sale-purchase transactions near the end of the week, absorbing reserves. Over $1.1 billion of such transactions were outstanding at the end of the week. Member bank borrowings exceeded excess reserves by $895 million, compared to the revised figure $1,174 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Oct. 22, Oct. 15, Oct. 23, Oct. 22, and related items 1969 1969 1968 1969 Reserve Bank credit: 1/ U. S. Government securities- Bought outright—System account 54,738 172 + 1,506 53,893 Held under repurchase agreements 108 205 + 58 Federal Agency obligations — Held under repurchase agreements 44 37- Acceptances- Bought outright 40 1 17 40 Held under repurchase agreements 15 18 13 Discounts and advances— Member bank borrowings 1,015 333 678 583 Other Float 2,973 + 832 + 790 2,495 Other F. R. assets 3,137 - 45 + 984 3,110 Total Reserve Bank credit 62,070 + 403 + 4,049 60,121 Gold stock 10,367 10,367 Treasury currency outstanding 6,785 + 6 26 6,787 79,222 409 + 4,075 77,275 Currency in circulation 51,819 30 + 3,117 51,798 Treasury cash holdings 663 7 109 669 Treasury deposits with F. R. Banks 943 161 100 1,330 Foreign deposits with F. R. Banks 117 1 14 109 Other deposits with F. R. Banks 462 49 + 12 449 Other F. R. liabilities and capital 2,029 + 11 + 253 2,042 Member bank reserves: 56,034 - 235 + 3,161 56,397 With Federal Reserve Banks 23,189 + 645 + 915 20,878 Currency and coin 4,382 - 440 + 183 4,382 Total reserves held 27,571 + 205 + 1,098 25,260 Required reserves 27,451 + 259 + 977 27,451 Excess reserves 120 - 54 + 121 -2,191 NOTE: A net of $143 million of surplus reserves were eligible to be carried forward from the week ended October 15, into the week ending October 22. 1/ Reflects $1,170 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On October 22, 1969, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,042 million, an increase of $114 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 :3 ince Oct. 22, Oct. 15, Oct. 23, 1969 1969 1968 A S S E TS Gold certificate account 10,036 -- + 10 •ft Cash (669) 151 + 3 - 144 Discounts and advances 583 - 602 - 520 Acceptances: Bought outright 40 •• •» - 17 Held under repurchase agreementss — 47 15 Federal Agency obligations— Held under repurchase agreementss __ 90 47 U. S. Government securities Bought outright— Bills 19,068 981 176 Certificates Notes 31,357 — +2,933 Bonds 3,468 -- -2,289 Total bought outright 1/ 53,893 - 981 + 468 Held under repurchase agreements — - 434 - 352 Total U. S. Government securities 53,893 -1,415 + 116 Total loans and securities 54,516 -2,154 - 483 Cash items in process of collection (2,6840) 9,730 - 910 +1,606 Bank premises 113 -- 2 Other assets 2/ 2,997 30 + 923 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (3,353I)) 77,543 -3^091 +1,910 Federal Reserve notes (669) 45,500 211 +2,831 Deposits: Member bank reserves 20,878 -2,103 -2,225 U. S. Treasurer--general account 1,330 + 546 + 299 Foreign 109 33 27 Other 3/ (6) 449 - 35 + 10 Total deposits (6) 22,766 -1,625 -1,943 Deferred availability cash items (2,678) 7,235 -1,304 + 777 Other liabilities and accrued dividends 520 15 + 127 TOTAL LIABILITIES (3,353) 76,021 -3,155 +1,792 C A P I T AL A C C O U N TS Capital paid in 665 _. + 44 Surplus 630 « + 32 Other capital accounts 227 + 64 + 42 Contingent liability on acceptances purchased for foreign correpondents 149 - 1 32 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Reflects $1,170 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, OCTOBER 22, 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 Ag ency obligations advances Acceptances Holdings Weekly changes m Within 15 days 576 7 2,445 - 508 16 days to 90 days 7 33 8,16Q -1,289 91 days to 1 year -« -_ 21,016 + 292 Over 1 year to 5 years , _- 12,822 — Over 5 years to 10 yeairrss -- 8,776 — Over 10 years — -- 674 — Total 583 40 53,893 •1,505 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 OCTOBER 22, 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 10,036 557 1,665 614 791 1,068 •442 1,746 414 168 359 162 2,050 F. R. notes of other banks 669 86 169 39 31 56 59 30 23 21 34 27 94 Other cash 151 6 12 6 14 14 23 13 15 3 11 10 24 Discounts and advances 583 36 85 12 37 31 69 159 16 43 62 23 10 Acceptances: Bought outright 40 -- 40 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements -- -- -- -- — -- -- — -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements — -- — — — — -- — — — -- — U. S. Government securities: Bought outright-- Bills 19,068 978 4,573 967 1,526 1,434 1,046 3,151 683 375 768 847 2,720 Certificates -- — -- -- — -- -- -- -- -- -- — — Notes 31,357 1 ,608 7,519 1,591 2,510 2,358 1,720 5,181 1,124 618 1,263 1,392 4,473 Bonds 3,468 177 832 176 278 261 190 573 124 68 140 154 495 Total bought outright 53,893 ~~2 ,763 12,924 2,734 4,314 4,053 2,956 8,905 1,931 1,061 2,171 2,393 7,688 Held under repurchase agreements — -- -- -- -- — — — — -- — — — Total U. S. Government securities 53,893 ~~2 7763~ 12,924 2,734 4,314 4,053 2,956 8,905 1,931 1,061 2,171 2,393 7,688 Total loans and securities 54,516 2 ,799 13,049 2,746 4,351 4,084 3,025 9,064 1,947 1,104 2,233 2,416 7,698 Cash items in process of collection 12,414 779 2,114 650 864 1,021 1,112 2,053 616 500 839 750 1,116 Bank premises 113 2 9 2 5 11 18 17 9 5 18 8 9 Other assets 1/ 2,997 138 915 146 242 161 170 420 97 61 118 151 378 TOTAL ASSETS 80,896 4 ,367 17,933 4,203 6,298 6,415 4,849 13,343 3,121 1,862 3,612 3,524 11,369 _!/ 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 OCTOBER 22, 1969 New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 46,169 2,646 10,673 2,630 3,764 4,162 2,432 8,196 1,705 793 1,716 Deposits: Member bank reserves 20,878 844 4,637 877 1,504 1,117 1,278 3,068 780 530 981 U. S. Treasurer—general account 1,330 68 231 79 85 121 113 97 63 62 151 Foreign 109 5 1/ 27 6 10 6 7 16 4 2 5 Other 455 1 2/405 4 2 12 1 3 * 3 3 Total deposits 22,772 918 5,300 966 1,601 1,256 1,399 3,184 847 597 1,140 Deferred availability cash items 9,913 704 1,437 506 756 877 894 1,653 499 428 672 Other liabilities and accrued dividends 520 26 123 23 42 38 28 83 18 11 21 TOTAL LIABILITIES 79,374 4,294 17,533 4,125 6,163 6,333 4,753 13,116 3,069 1,829 3,549 CAPITAL ACCOUNTS Capital paid in 665 31 176 34 60 34 43 98 23 15 28 Surplus 630 31 160 33 56 33 40 93 22 14 27 Other capital accounts 227 11 64 11 19 15 13 36 7 ____4 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 80,896 4,367 17,933 4,203 6,298 6,415 4,849 13,343 3,121 1,862 Contingent liability on ace: eptances purchased for foreign correspondents 149 7 3/ 38 8 13 8 10 22 5 3 1 ool San Dallas Fran cisco 1,673 5,779 1,093 4,169 83 177 6 15 2 19 1,184 4,380 562 925 23 84 3,442 11,168 37 86 36 85 9_ 30 3,612 3,524 11,369 6 9 20 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 11,160 2,705 3,990 4,304 2,589 8,457 1,785 823 1,808 1,801 6,096 Collateral for F. R. notes: Gold certificate account 500 300 560 610 1,000 155 27 5 Eligible paper U. S. Government securities 10,800 2,520 3,500 3,769 2,650 7,650 1,700 815 1,875 1,830 6,250 Total collateral 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 $ 82 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $111 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis