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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release November 7, 1968 The average of daily figures of total reserves held by member banks during the week ending November 6 declined (net) $379 million to $26,317 million. reserves declined $204 million. Required Excess reserves were reduced $175 million to a level of $152 million, after having risen the previous week when banks accumulated a sizeable reserve surplus that was eligible to be carried forward into the latest statement week. The major factors absorbing reserves in the latest week were a moderate decline in float and a large seasonal increase in currency in circulation. On balance, System Open Market operations had little net effect on reserves during the week. Member bank borrowing declined to a level of $392 million, and borrowings exceeded excess reserves by $240 million compared with the revised figure of $170 million the week before. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securities-Bought outright--System account Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements Acceptances— Bought outright "Held under repurchase agreements Discounts and advances-Member 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 Averages of daily figures Week ended Change from week ended Wednesday, Nov. 6, Oct. 30, Nov. 8, Nov. 6, 1968 1967 1968 1968 (In millions of dollars) - 51 + 31 +5,584 53 53,475 88 7 + 7 7 26 2 59 53,294 56 — m. 148 392 -105 + 260 534 1,624 55,461 10,367 6,776 72,604 • 57 -175 + 217 +6,003 -2,540 1 +3,462 1,478 55,720 10,367 6,782 72,869 +3,243 - 700 + 151 49,163 i 1,044 48,806 774 1,079 115 460 -357 50,877 21,727 4,590 26,317 26,165 152 + 9 -166 +250 - 8 - 13 - 12 + 22 + 25 +264 12 10 136 434 - 173 +2,498 -356 51,198 -430 + 51 -379 -204 -175 + 965 + 598 +1,563 +1,741 - 178 21,671 4,590 26,261 26,165 777 96 NOTE: A net of $143 million of surplus reserves were eligible to be carried forward from the week ended October 30, into the week ending November 6. On November 6, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,119 million, an increase of $237 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday Oct. 30, Nov. 8, Nov. 6, 1967 1968 1968 A S S E T S -2,382 (656) 10,026 Gold certificate account _!/ Cash Discounts and advances Acceptances: Bought outright Held under repurchase agreement s 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 Cash items in process of collection Bank premises Other assets 2/ TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer--general account Foreign Other 37 Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES 283 534 + + 75 365 59 *• 26 \r 26 26 19,294 + 113 +4,400 28,424 5,757 53,475 148 53,623 54,242 8,512 (2,172) (656) 43,100 + 38 + 797 + 433 +2,694 + - 62 + 111 + 652 — - 136 434 + 406 (2,828) 73,825 113 51 + 21,671 1,044 23,285 7,034 2 +2,226 - 864 +5,762 + 148 +5,910 +6,306 +1,582 + 3 + 353 +5,787 114 2,154 (2,828) 75,331 (2,172) 4 21 + - + + + 518 111 9 7 613 907 20 747 +1,260 + 445 1 40 +1,664 +1,198 + 117 +5,673 C A P I T A L ACCOUNTS + 33 + 2 623 C a p i t a l paid in __ + 28 Surplus 598 + 53 285 + 48 Other capital accounts Contingent liability on acceptances purchased for foreign correspondents 118 2 46 * Figures in parentheses are the eliminations made in the consolidating process. J7 Includes amount of gold certificates previously included in "Redemption fund for F. R. notes." 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 6, 1968 (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 Holdings Weekly changes Acceptances advances +5,647 Within 15 days 8,651 16 531 -5,735 8,925 16 days to 90 days 43 3 --+ 176 17,575 91 days to 1 year ---7,652 Over 1 year to 5 years ---10,235 Over 5 years to 10 years _-•Over 10 years 611 83 53,649 Total 534 59 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 6, 1968 New Total Boston York Phila- Clevedelphia land Richmond St. Atlanta Chicago MinneLouis apolis Kansas Citv San Dallas (In millions of dollars) A S S E T S Gold certificate account Francisco 10,026 453 2,477 673 760 893 457 2,133 358 35 277 257 1,253 F. R. notes of other banks Other cash 656 283 81 15 163 33 42 7 31 36 61 18 57 40 31 39 19 29 25 4 22 20 32 15 92 27 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 534 23 192 2 52 -- 28 130 25 16 23 5 38 59 -- 59 --- --- --- --- --- -— --- --- --- --- 1,499 -2,208 1,423 -2,095 1,038 -1,529 3,181 -4,686 699 387 786 827 -1,030 -- -1 ,157 -1 ,219 2,808 -4,138 234 247 838 ~T,177 ~T,293 --~TJLZ7_ "T,293 2 ,200 2 ,298 7,784 -7,784 7,822 -- I -- 26 26 1,003 19,294 — "" !28,424 1 1,477 1 5,757 1 299 2,779 153,475 -148 53,623 ^17779 2,802 54,242 -- 4,664 979 --6,872 1,442 1,392 292 12,928 ~~2,713 -148 13,076 ~~2,713 2 ,715 13,353 447 424 310 949 209 571 116 4,154 -4,154 4,206 3,942 -3,942 3,942 2,877 -2,877 2,905 8,816 — 8,816 8,946 1,938 -.1,938 1,963 ~T,074 -,074 ~T 1,090 742 5 166 848 10 115 868 19 114 1,865 17 291 562 8 67 423 3 43 661 19 82 598 9 100 912 9 261 5,946 5,887 4,460 13,322 3,006 1 ,623 3 ,281 3 ,309 10,376 Cash items in process of collection 10,684 114 Bank premises 1 2,154 Other assets 1/ 747 3 96 1,746 10 713 712 2 106 78,159 4,197 18,495 4 ,257 TOTAL ASSETS 17 Includes assets denominated in foreign currencies and IMF gold deposited. H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 6, 1968 Total New York Boston Phila- Clevedelphia land Richmond Atlanta Chicago St. MinneLouis apolis Kansas City Dallas San 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 Deferrred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on acceptances purchased for foreign correspondents 43,756 2,530 10,050 2,491 3,538 4,013 2,351 7,836 1,618 740 21,671 1,044 136 434 23,285 9,206 881 69 6 6,051 30 1/ 39 2/377 6,497 1,461 919 53 7 7 986 682 1,494 93 12 1,128 129 8 1 1,266 728 3,346 83 19 4 3,452 1,740 750 62 5 1 818 504 448 49 3 1,599 648 944 151 7 9 1,111 651 20 105 21 4,124 18,113 4,179 31 5,816 28 5,803 21 4,366 65 14 13,093 2,954 406 76,653 956 617 623 598 285 30 29 14 159 154 69 32 32 14 55 54 21 32 31 21 40 38 16 78,159 4.197 18,495 4,257 5.946 5,887 4.460 1 118„ 6_ • 1/ 30 6_ 6_ 11 7_ 1,635 1,514 5,440 500 339 857 77 6 2 942 624 1,130 90 7 1 1,228 468 3,723 158 17 32 3,930 744 10 1,589 16 3,217 17 3,227 58 10,172 22 20 10 14 14 6 27 26 11 36 34 12 83 79 42 13,322 3,006 1,623 3,281 3,309 10,376 7 16 1,645 5,683 93 87 49 17 4_ 3_ 5_ 1 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/ 3/ 45, 598 2,613 10,480 2,563 3,765 4,141 2,462 8,078 1,686 768 4: 068 330 500 300 600 600 350 1,000 206 27 43., 251 ! 2,301 10,200 2,500 2,631 10,700 2,800 3,300 3,900 3,600 4,200 2,200 2,550 7,450 8,450 1,570 1,776 775 802 47,319 After deducting $ 97 m i l l i o n participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $ 88 million participations of other Federal Reserve Banks. 1,714 155 •1,77.5 U53SL 1,775 1,735 6,00.0. 6,000
@FedFRASER