H.4.1 Factors Affecting Reserve Balances of Depository Institutions

2IS&V. F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release December 26, 1969 The average of daily figures of total reserves of member banks declined $169 million in the latest statement week to $27,813 million. Required reserves declined while excess reserves and member bank borrowings from Federal Reserve Banks increased moderately. Increases in currency in circulation and Trea sury deposits with Federal Reserve Banks were the major factors absorbing reserves in the latest period, Offsetting these reserve drains was an increase in flo at about seasonal in proportion. System Open Market operations absorbed res erves, on a weekly average basis, although some repurchase agreement transactions were made near the end of the week which provided reserves. Member bank borrowir igs from Federal Reserve Banks averaged $1.1 billion, near the average level of recent weeks. Borrowings exceeded excess reserves by $896 million, compared to the revised figure of $987 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, December Dece mber December December and related items 24, 1969 17, 1969 25, 1968 24, 1969 y Reserve Bank credit: U. S. Government securities-- 57,173 - 106 +5,005 57,160 Bought outright--System account Held under repurchase agreements 51 81 9 359 Federal- Agency obligations-- Held under repurchase agreements 13 11 T 9 90 Acceptances-- Bought outright 60 + 1 + 4 59 Held under repurchase agreements 6 - 12 1 42 Discounts and advances-- Member bank borrowings 1,094 + 51 + 235 721 Other Float 3,497 + 484 - 238 3,604 Other F. R. assets 2,248 + 114 - 717 2,264 Total Reserve Bank credit 64,141 + 439 +4,287 64,299 Gold stock 10,367 -- -- 10,367 Treasury currency outstanding 6,846* + 5 + 34 6,846* 81,354* + 444 +4,320 81,512* Currency in circulation 53,757* + 232 +2,954 54,026* Treasury cash holdings 651* - 5 - 103 660* Treasury deposits with F. R. Banks 1,246* + 271 + 785 1,057* Foreign deposits with F. R. Banks 143 - 6 - 74 168 Other deposits with F. R. Banks 449 + 12 + 4 522 Other F. R. liabilities and capital 2,133 + 7 + 321 2,163 58,379* + 511 +3,887 58,596* Member bank reserves: With Federal Reserve Banks 22,974 - 68 + 433 22,916 Currency and coin 4,839 - 101 + 148 4,839 Total reserves held ir^n - ~m r~m T7T75T Required reserves 27,615 - 311 + 803 27,615 Excess reserves 198 + 142 - 222 I 140 NOTE: A net of $92 million of surplus reserves were eligible to be carried forward from the week ended December 17, into the week enaing December 24. U Includes $22 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. On December 24, 1969, U.S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,299 million a decrease of $493 million fox the week. * - Preliminary. 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 Dec. 24, Dec. 17, Dec. 25, 1969 1969 1968 A S S E TS Gold certificate account 10,036 10 Cash (679) 115- + 4 - 93 Discounts and advances 721 + 39 + 389 Acceptances: Bought outright 59 1 + 4 Held under repurchase agreements 42 1 + 16 Federal Agency obligations— Held under repurchase agreements 90 33 77 U. S. Government securities Bought outright— Bills 22,272 69 +4,071 Certificates Notes 31,392 — +2,686 Bonds 3,496 — -1,979 Total bought outright 1/ 57,160 - 69 +4,778 Held under repurchase agreements 359 + 61 + 148 Total U. S. Government securities 57,519 - 8 +4,926 Total loans and securities 58,431 + 62 +5,412 Cash items in process of collection (2,321) 11,175 - 406 +1,516 iank premises 115 -- + 2 Other assets 2/ 2,149 + 7 - 714 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,000)**82,021 - 333 +6.133 k I L 1 IL I T IE £ Federal Reserve notes (679) 47,624 + 337 +2,785 Deposits: Member bank reserves 22,916 _ 383 + 688 U. S. Treasurer—general account ** 1,057 + 196 + 889 Foreign 168 + 40 58 Other V (6) 522 + _Z2 ± 22 Total .deposits (6)**24,663 - 75 +1,551 Deferred availability cash items (2,315) 7,571 - 648 +1,469 Other liabilities and accrued dividends 5^6 - _JLS + 193 TOTAL LIABILITIES (3,000)**80,454 404 +5,998 C A P I T AL A C C O U N TS Capital paid in 669 2 + 42 Surplus 630 — + 32 Other capital accounts 268 69 + 61 Contingent liability on acceptances purchased for foreign correpondents 147 -- + 35 * Figures in parentheses are the eliminations made in the consolidating process. 17 Includes $22 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. ; MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 24, 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 Acc eptances . Holdings Weekly changes Within 15 <iays^: .- 717. 52 2,943 +821 16 days to 90 days 4 49 10,566 -401 91 days to 1 year -- -- \ 22,969 -395 Over 1 year to 5 years « 12,811 Over 5 years to 10 yeairrss -. 7,642 Over 10 years — — 678 , Total 721 101 57,609 f* + 25 ^PRELIMINARY. 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 DECEMBER 24, 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 10,036 638 813 696 787 939 881 2,189 384 258 349 499 1,603 F. R. notes of other banks 679 63 194 34 53 52 66 34 24 16 36 25 82 Other cash 115 5 9 5 10 7 15 15 10 3 7 9 20 Discounts and advances 721 , 88 115 8 122 47 64 75 29 6 21 24 122 Acceptances: Bought outright t 59 i 59 -- — — -- -- -- -- -- -- -- Held under repurchase agreements 42 -- 42 -- -- — — -- -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements 90 90 U. S. Government securities: Bought outright-- Bills 22,272 1,130 5,552 1,151 1,748 1,672 1,193 3,661 796 420 871 945 3,133 Certificates— Other -- -- -- -- — -- -- — -- -- -- -. Notes 31,392 1,593 7,826 1,624 2,463 2,357 1,681 5,160 1,122 592 1 ,227 1 ,331 4,416 Bonds 3,496 177 872 181 274 262 187 575 125 66 137 148 492 Total bought outright 57,160 2,900 14,250 2,956 4,485 4,291 3,061 9,396 2,043 1,078 ~2 ,235 ~2 ,424 8,041 Held under repurchase agreements 359 — 359 — -- -- -- — -- -- -- -- Total U. S. Government securities 57,519 2,900 14,609 2,956 4,485 4,291 3.061 9,396 2,043 1,078 T .235 ~2 ,424 8.041 Total loans and securities 58,431 2,988 14,915 2,964 4,607 4,338 3,125 9,471 2,072 1,084 2 ,256 2 ,448 8,163 Cash items in process of collection 13,496 816 2,568 699 922 1,137 1,188 2,272 658 460 915 799 1,062 Bank premises 115 2 9 2 5 11 18 17 10 6 18 8 9 Other assets 1/ 2,149 99 707 100 169 110 119 288 67 44 80 104 262 TOTAL ASSETS 85,021 4,611 19,215 4,500 6,553 6,594 5,412 14,286 3,225 1,871 3., 661 3 ,892 11,201 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 DECEMBER 24, 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) Federal Reserve notes 48,303 2,756 11,265 2,762 3,961 4,348 2,638 8,493 1,801 820 1,772 1,745 5,942 Deposits: Member bank reserves 22,916 978 5,299 955 1,606 1,131 1,498 3,804 752 609 969 1,373 3,942 U. S. Treasurer—general account 1,057 70 75 103 59 64 178 43 102 49 140 76 98 Foreign 168 7 1/ 56 8 13 8 10 22 5 4 6 9 20 Other 528 2 2/482 4 1 7 2 3 1 3 4 2 17 Total deposits 24,669 1,057 5,912 1,070 1,679 1,210 1,688 3,872 860 665 1,119 1,460 4,077 Deferred availability cash items 9,886 694 1,465 558 729 909 957 1,592 489 340 683 578 892 Other liabilities and accril ed dividends 596 29 161 30 46 43 31 95 21 12 23 25 80 TOTAL LIABILITIES 83,454 4,536 18,803 4,420 6,415 6,510 5,314 14,052 3,1/1 1,837 J,^y/ J,8U8 iu,yyi CAPITAL ACCOUNTS Capital paid in 669 32 177 34 60 34 43 99 23 15 28 37 87 Surplus 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts 268 12 75 13 22 17 15 42 9 5 9 11 38 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 85,021 4,611 19,215 4,500 6,553 6,594 5,412 14,286 3,225 1,871 3,661 3,892 11,201 Contingent liability on ace: eptances purchased for foreign correspondents 147 7 3/ 37 8 13 8 10 22 5 3 6 8 20 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 50,264 2,869 11,718 2,838 4,180 4,450 2,779 8,778 1,8/3 839 1,847 1,854 6,239 Collateral for F. R. notes: Gold certificate account 3,222 180 500 300 510 545 1,000 155 27 5 Eligible paper U. S. Government securities 48.102 2,717 11,400 2,620 3,750 3,955 2,850 7,950 1,780 825 1,875 1,880 6,500 Total collateral . 51,324 2,897 11,900 2,920 4,260 4,500 2,850 8,950 1,935 852 1,875 1,885 6,500 1/ After deducting $112 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. V After deducting $110 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis