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release For immediate release September 20, 1968 Reserve Positions of Major Reserve City Banks Reserve Period Ended September 11, 1968 (In millions of dollars unless otherwise noted) 46 banks 8 banks in New York Citv Reserve excess or deficiency (-) 1/ 213 129 84 Less: 426 225 201 3,573 1,478 2,095 689 1,406 -3,786 -1,575 -2,211 -664 -1,547 Borrowings from Reserve Banks Less: Net interbank Federal funds purchases or sales (-) 2/ 38 banks outside New York 5 banks 33 other in Chicago banks 24 - - 60 201 Equals: Net basic reserve surplus or deficit (-): a. Net amount b. As per cent of average required reserves 33.7 35.6 32.5 65.3 1/ Reserves held after all adjustments applicable to the reporting period less the sum of required reserves and carryover reserve deficiencies. 2/ For details see Federal Funds Transactions of Major Reserve City Banks. Note: — Averages of daily figures. 26.8 H.5(a) Federal Funds transactions of Major Reserve City Banks for the Week Ended September 11, 1968 (In millions of dollars) N s ( 46 banks A. 38 banks outside New York 5 banks 33 othe^ in Chicago banks , Interbank Federal funds transactions 1. Gross transactions a. b. Purchases Sales 2. Total 2-way transactions 1/ 3. Total net transactions a. b. c. B. 8 banks in New York City Net purchases of net buying banks Net sales of net selling banks Net purchases or sales (-) 4,898 1,325 1,781 302 3,117 1,022 872 183 2,245 > 839 1,181 300 881 183 698 \ 3,717 1,481 2,236 689 1,547 t 144 3 141 3,573 1,478 2,095 141 ' 689 1,406 1 Related transactions with U. S. Government securities dealers 1. Loans to dealers 2/ 2. Borrowings from dealers 3/ 3. Net loans J ( 2,375 1,193 1,182 179 89 90 2,196 1,104 1,092 74 - - 74 1/ Derived from averages for individual banks for entire week. Figure for each bank indicates extent to which its weekly average purchases and sales are offsetting; that is, it is the lesser of the two amounts. Gross purchases less 2-way' transactions equals net purchases of net buying banks. Similarly, gross sales less 2-way transactions equals net sales of net selling banks. 2/ Federal funds loaned, net funds supplied to each dealer by clearing banks, repurchase agreements (purchases of securities from dealers subject to resale) or other lending arrangements. 2/ Federal funds borrowed, net funds acquired from each dealer by clearing banks, reverse repurchase agreements (sales of securities to dealers subject to repurchase), resale agreements, and borrowings secured by Gov't, or other issues. Note: — Averages of daily figures. 1,108 ' 90 ! 1,018