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•iassfc H.4.T *f^Rfcf:* FEDERAL RESERVE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks For immediate release December 12, 1968 The average of daily figures of total reserves of member banks declined $431 million to $26,409 million. Required reserves remained about unchanged, while excess reserves declined to a small negative level from the relatively high level reached in the previous statement week. Float and Treasury deposits with Federal Reserve Banks were major factors providing reserves in the latest statement week. The level of float of recent weeks has been unusually high, as the seasonal rise has been augmented by the effects on check clearings of transportation delays and of slower processing because of flucaused personnel shortages. The sharp decline in Treasury deposits with Federal Reserve Banks reflects the Treasury's low cash position prior to the tax date. In addition, the Treasury borrowed a small amount from the System during the week. Major factors absorbing reserves were a seasonal rise in currency in circulation, and System Open Market sales of U. S. Government securities of about $800 million, primarily through matched sale-purchase transactions. Member bank borrowings also declined. On balance, borrowings exceeded excess reserves by $443 million, compared with the revised figure of $75 million the previous week. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securities-Bought outright--System account Held under repurchase agreements Special certificates Federal Agency obligations— Held under repurchase agreements AcceptancesBought outright ^ Held under repurchase agreements Discounts and advancesMember bank borrowings Other Float Total Reserve Bank credit Gold stock Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F. R. Banks Other deposits with F. R. Banks Other F. R. accounts (net) Member bank reserves: With Federal Reserve Banks Currency and coin Total reserves held Required reserves Excess reserves Averageis of daily figures Week ended Change from week ended Wednesday, Dec. 13, Dec. 11, Dec. 4, Dec. 11, 1968 1967 1968 1968 (In millions of dollars) > 52,455 -- 13 -797 - 28 + 13 +3,602 51,413 -- -- + 13 i 10 75 60 314 271 + 2 -594 + 920 +4,766 -2,065 + 36 +2,735 2,584 54,328 10,367 6,805 71,500 +306 - 21 -392 + 8 - 10 + 58 - 51 +3,465 - 690 - 596 + 93 + 11 - 966 +1,317 50,657 -543 +112 -431 + 34 -465 +1,418 + 281 +1,699 +2,040 - 341 20,461 4,739 25,200 26,417 -1,217 59 _.. -- 435 - 97 + 2,572 55,535 10,367 6,809 72,710 +315 -594 50,383 755 191 233 438 - 960 51,040 21,670 4,739 26,409 26,417 8 -- -- 749 58 212 426 -1,062 51,040 NOTE: A net of $200 million of surplus reserves were eligible to be carried forward from the week ended December 4, into the week ending December 11. 1/ Reflects $1,485 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. On December 11, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,447 million, a decrease of $310 million for the week. CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday Dec. 13, DecJ 11, Dec. 4, 1967 1968 1968 A S S E T S -1,884 -10,026 Gold certificate account 1/ H.4.1(a) Cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligationsHeld under repurchase agreements U. S. Government securities: Bought outrightBills Certificates Notes Bonds Total bought outright Held under repurchase agreements Total U. S. Government securities Total loans and securities Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer--general account Foreign Other 4/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (575) 230 271 + 12 150 + 128 115 60 -- 9 6* 17,232 -1,233 +1,384 28,706 5,475 2/ 51,413 — --1,233 +1,788 - 612 +2,560 51,413 51,744 9,077 (1,896) -1,233 -1,083 - 138 2,904 (2,471) 74,095 + -1,131 +2,560 +2,600 + 999 + 3 +1,233 +2,823 (575) 44,489 + +2,869 114 20,461 58 212 426 -- 96 334 - 687 - 591 13 20 -- + - (1) (1) 21,157 6,493 (1,895) -1,311 - 210 + 412 -- + 72,551 -1,187 (2,471) 600 76 14 538 104 105 +2,540 £ A P IT A L A C C O U N T S Capital paid in ~ 625 + 34 Surplus 598 -+ 28 Other capital accounts 321 f- 50 + 221 Contingent liability on acceptances purchased for foreign correspondents 112 1 - 34 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes amount of gold certificates previously included in "Redemption fund for F. R. notes." 2/ Reflects $L,485million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 11, 1968 (Acceptances and securities held under repurchase agreements are classified &s maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities ^nd Federal Agency obligations Discounts and Holdings Weekly changes advances Acceptances - 154 Within 15 days 267 15 1,211 - 984 16 days to 90 days 4 45 16,495 91 days to 1 year 95 8,915 -Over 1 year to 5 years 13,238 — Over 5 years to 10 years 10,943 — Over 10 years -— 611 •1,233 Total 271 60 51,413 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 11, 1968 New Total Boston Philadelphia York Cleveland Richmond St. Atlanta Chicago Louis Minne- Kansas apolis City San Dallas Francisco (In millions of dol].ars) A S S E T S Gold certificate account 10,026 695 1,012 737 982 F. R. notes of other banks Other cash 575 230 51 12 144 24 23 6 28 29 59 15 53 30 Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements U. S. Government securities: Bought outright-Bills Certificates Notes Bonds Total bought outright Held under repurchase agreements Total U. S. Government securities Total loans and securities 271 63 7 * 1 26 60 — -- 60 -- --- --- Cash items in process of collection Bank premises Other assets 1/ TOTAL ASSETS — 426 168 393 375 1,643 34 30 20 25 14 4 21 17 33 13 95 25 30 74 3 46 13 5 3 --- --- --- — -- -__ --- --- --- 1,332 1,273 919 2,805 609 332 664 722 2,467 2,218 423 3,973 -3,973" 3,974 2,122 40_5_ 3,800 -3,800 3,826 1,530 4,672 1,014 891 193 211 1,203 230 2,741 -2,741 2,771 8,368 -8,368 8,442 1,816 -1,816 1,819 552 105 989 4,109 292 1,981 ~2 ,155 -,989 1,035 -- 1,981 1,994 -.155 JL 2 ,160 7,360 ~7.360 7,363 820 10 148 1,023 1,693 19 164 17 395 597 8 91 412 3 61 699 19 115 617 9 146 971 9 355 5,907 4,653 12,584 2,986 3,258 3 ,353 10,461 593 1,973 -, 17,232 914 4,313 882 28,706 5,475 51,413 1,524 7,186 1,370 12,869 -12^869 12,936 1,470 291 2,729 --_5.1,413j 2_J29 51,"7 44 2,792 2,211 2,904 613 3 134 76,566 4,300 17,251 10,973 114 10 914 280 2,632 -2^632 2,632 558 2 145 4,103 759 5 236 6,013 1/ Includes assets denominated in foreign currencies and IMF gold deposited. 1,029 1,697 1,106 784 *Less than $500,000. 11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 11, 1968 Total Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Dallas Francisco (In millions of dollars) L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accriled dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace:eptances purchased for forej-gn correspondents 45,064 2,611 10,348 2,581 3,669 4,100 2,448 8,024 1,668 758 1,669 1,553 5,635 20,461 58 212 427 21,158 8,388 995 1 10 1 1,007 585 4,700 51 1/ 56 ~ 392 5,199 1,211 956 1 11 1 969 453 1,538 999 800 1 7 1,557 622 2,891 * 31 2 2,924 1,335 557 11 7 1,017 675 1,214 1 13 1 1,229 860 808 443 5 1 563 332 931 1 9 2 943 565 1,204 1 12 1 1,218 481 3,676 1 28 19 3,724 826 412 75,022 21 4,224 101 16,859 20 4,023 31 5,879 29 5,821 21 66 4,558 12,349 14 2,933 10 1,663 16 3,193 17 3,269 66 10,251 625 598 321 30 29 17 159 154 79 32 32 16 56 54 24 33 31 22 40 38 17 93 87 55 22 20 11 27 26 12 36 34 14 83 79 48 4,300 _17,25J^ 4,103 6,013 5,907 4,653 12,584 2,986 1,697 3,258 3,353 10,461 10 6 16 4 3 5 6 15 1,744 1,672 5,882 26,566_ 112 5 29 6 19 7__ * * 14 14 6_ FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes Gold certificate account Eligible paper U. S. Government securities Total collateral 1/ 2/ 2/ 2,681 10,746 2,666 330 500 300 2,401 10,400 2,731 10,900 3,878 4,238 2,555 8,294 1,744 779 555 350 1,000 180 27 2,500 3,400 3,720 2,250 7,450 1,620 775 1,775 1,580 6,000 2,800 4,000 2,600 8,450 1,800 802 1,775 1,735 6,000 600 4,275 After deducting $ 156 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $ 83 million participations of other Federal Reserve Banks. 155 * Less than $500,000.
@FedFRASER