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FEDERAL ^f*uSs^ RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release September 26, 1968 H.4.1 The average of daily figures of total member bank reserves held during the week ended September 25, declined $136 million to $25,810 million. Required reserves of member banks rose slightly. Excess reserves declined sharply in the current week to $152 million, influenced by the fact that banks were able to make use of the carry-over provision allowed by the revision in Regulation D effective September 12, 1968. Under this provision, member banks are allowed to carry forward from one reserve period to the next reserve period excesses or deficiencies averaging up to 2 per cent of required reserves. Surplus reserves, net, of $115 million were eligible to be carried into the statement week ending September 25, from the previous week. Among the major factors affecting total reserves, Treasury deposits with F. R. Banks increased over one-half billion dollars, absorbing a like amount of reserves, as the Treasury increased its operating balances at Federal Reserve Banks from the low level they had reached prior to the mid-September tax date. Reserves were supplied by a seasonal decline in currency in circulation, as well as an increase in U. S. Government securities bought outright by the Federal Reserve System. Member bank borrowings at the Federal Reserve Banks increased $70 million on average, from the preceding week, to a level of $475 million; they exceeded excess reserves by $323 million, compared with the revised figure of $58 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 obligationsHeld 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 Average>s of daily figures Week ended Change from week ended Wednesday, Sept. 27, Sept. 25, Sept. 18, Sept. 25, 1968 1967 1968 1968 (In millions of dollars) +5,392 52,405 2 49 86 -- 51,844 +214 49 - 1 -- -- - 475 + 70 + 401 1,565 2,171 54,540 10,367 6.742 71,648 - 3 +281 + 641 +6,347 -2,639 1,770 55,789 10,367 6,741 72,897 48,325 798 866 123 445 -293 50,264 21,385 4,425 25,810 25,658 152 — + 7 +287 -242 + 8 +658 - 5 - 20 - 1 +399 -111 - 25 -136 + 59 -195 17 +3,690 +3,281 - 704 61 48,356 6 9 134 451 - 330 +2,171 -281 50,484 +1,520 + 78 +1,598 +1,657 59 22,413 4,425 26,838 25,658 1,180 797 1,027 NOTE: $115 million, (net) of surplus reserves were eligible to be carried forward from the week ended September 18, into the week ending September 25. On September 25, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,639 million, an increase of $255 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since. Wednesday Sept. 25, Sept. 18, (Sept. 27. 1967 1968 1968 ASSETS -2,477 10,026 Gold certificate account 1/ 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 2/ 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 3/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (891) 313 1,565 2 4-1,210 40 +1,394 49 - 5 106 18,472 4-2,010 +4,525 28,205 5,728 52,405 -— +2,010 +2,045 - 867 +5,703 52,405 54,019 ,231) 8,143 +2,010 +3,220 -1,392 113 -- 1,957 74.571 + 23 +1,849 +5,703 +6,986 + 975 + 3 + 537 +5,984 (891) 42,384 178 +2,666 22,413 1,027 +2,439 + 359 + 9 + 5 +2,812 - 842 + 7 +1,799 +2,281 + 316 ,122) 134 451 24,025 6,373 374 (3,122) 73,156 (2,231) 25 + 1 +2 ,573 + 533 + 113 +5,885 C A P I T A L A C C O U N T S 4- 30 Capital paid in 619 28 4Surplus 598 4- 41 Other capital accounts 198 - 50 Contingent liability on acceptances purchased 89 for foreign correspondents 125 42 * 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/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 25, 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 Weekly changes advances Holdings Ac ceptances 2,426 10 Within 15 days 1,555 4-1,208 16 days to 90 days 14,737 4- 607 10 39 --91 days to 1 year 16,600 4- 195 „ -_ Over 1 year to 5 years 7,902 -«Over 5 years to 10 years 10,141 Over 10 years 599 --Total +2,010 52,405 1,565 49 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 25, 1968 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. MinneLouis apolis Kansas City Dallas San Francisco (In millions. of doll.ars) A S S E T S Gold certificate account F, R. notes of other banks Other cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligationsHeld 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 10,026 513 1,971 558 771 999 542 1,915 423 183 470 387 1,294 891 313 80 20 209 34 60 7 54 43 88 20 83 42 44 50 31 29 34 3 28 21 42 15 138 29 1,565 185 441 12 7 46 32 477 9 7 16 29 304 973 4,551 952 1,434 1,357 988 3,039 663 358 742 775 2,640 28,205 1,486 302 ! 5,728 ! 52,405 2,761 6,949 1,411 12,911 1,454 2,189 445 4,068 2,073 421 3,851 1 ,508 306 2 ,802 4,640 942 8,621 1,012 206 1,881 546 111 1,015 1,134 230 2,106 1,183 295 2,701 240 2 ,198 4,031 819 7,490 ! 52,405 2,761 54,019 2,946 12,911 13,401 2,701 2,713 4,068 4,075 3.851 3,897 2.802 2,834 8.621 9,098 1,881 1,890 1.015 1,022 2.106 2,122 2 ,198 2,227 7.490 7,794 643 3 86 1,671 10 668 592 2 93 758 5 150 855 9 101 920 19 103 1,752 18 257 516 8 59 364 3 38 792 18 80 611 9 91 900 9 231 4 ,291 17,964 4 ,025 5,856 5,969 4 ,543 13,134 2,956 1,647 3,531 18,472 Cash items in process of collection ! 10,374 Bank premises 113 1,957 Other assets 1/ TOTAL ASSETS 1/ 49 49 77,693 Includes assets denominated in foreign currencies and IMF gold deposited. 3 ,382 10,395 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 25, 1968 H.4.1(c) Total Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St. Louis Minneapolis Kans as City Dallas San Francisco (In millions of dol!.ars) 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 accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace:eptances purchased for foreign correspondents 43,275 2,511 9,027 2,467 3,506 3,976 2,320 7,745 1,603 747 1,621 1,503 5,441 22,413 1,027 134 451 24,025 0,604 1,013 63 6 1 1,083 609 5,876 140 1/ 37 2/399 6,452 1,231 904 58 7 10 979 1,445 63 12 1,220 87 O /, oo 1,520 677 1,060 91 7 11 1,169 720 1 1,316 791 3,598 110 19 2 3,729 1,385 830 43 5 1 879 412 517 29 3 2 551 309 981 142 6 3 1,132 702 1,229 53 7 2 1,301 484 3,740 138 17 19 3,914 796 374 76,278 19 4,222 94 17,604 17 3,951 29 5,732 27 5,892 20 4,455 62 12,921 13 2,907 8 1,615 16 3,471 16 3,304 53 10,204 619 593 198 30 29 10 158 154 48 32 32 10 55 54 15 32 3.1 14 39 38 11 92 87 34 21 20 8 14 14 4 27 26 7 36 34 8 83 79 29 ! 77,693 4,291 17,964 4,025 5,856 5,969 4,543 13,134 _2L956_ 1,647 3,531 3,382 10,395 3/ 32 7 11 6 8 3 6 7 17 1,719 1,613 5,742 ; 1 125 6 -- O 18 4 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral 45,439 2,610 10,344 2,540 3,754 4,142 2,472 8,019 1,685 736 4,110 330 500 300 600 600 350 1,000 206 77 42,516 46,634 2,301 2,631 10,000 10,500 2,500 3,200 _ 3.565 2,800 3,800 4,165 2,200 2,550 7.150 8,150 1,570 1,776 725 802 1/ After deducting $ 97 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. _3/ After deducting $ 93 million participations of other Federal Reserve Banks. 155 1.775 1,775 1.530 1,685 6.000 6,000
@FedFRASER