H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks For immediate release January 15, 1970 The average of daily figures of total reserves of member banks increased $206 million (net) in the latest statement week to $28,920 million. Required reserves increased reflecting the end-of-December rise in member bank deposits. Reserves were added in the latest week through a $1.0 billion increase in the gold stock, the first change in this account in well over a year. This reserve increase was partially offset by a decline in other Federal Reserve assets, reflecting a reduction in the System's holdings of foreign currencies. A new item, "Special Drawing Rights certificate account," is included on today's statement for the first time, reflecting monetization of $200 million of SDR!s, the new international monetary asset. System Open Market operations absorbed over $1.0 billion of reserves, on a weekly average basis. Member bank borrowings were about unchanged in the latest week and exceeded excess reserves by $861 million, compared to the revised figure of $584 million for the previous week. It should be noted that beginning with the current week, $50 million is being added to the preliminary figures for float, reserves at F.R. banks, and excess reserves, to correct for the average upward revision in these figures reported over the past year. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 14, Jan. 7, Jan. 15, Jan. 14, and related items 1970 1970 1969 1970 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- 1/2/ Bought outright—System account 56,297 683 + 3,330 55,699 Held under repurchase agreements 296 Federal Agency obligations— Held under repurchase agreements 43 Acceptances- Bought outright 66 2 11 63 Held under repurchase agreements -- - 35 — -- Discounts and advances-- Member bank borrowings 864 + 10 ,- 177 1,006 Other Float 3,745 + 42 + 677 3,079 Other F. R. assets 1,874 - 857 - 1,032 1,877 Total Reserve Bank credit 62,846 - 1,860 + 3,163 61,724 Gold stock 11,367 + 1,000 + 1,000 11,367 Special Drawing Rights certificate account 200 + 200 + 200 200 Treasury currency outstanding 6,856 - 2 + 56 6,856 81,269 - 662 + 4,418 80,147 Currency in circulation 53,040 - 546 + 3,017 52,889 Treasury cash holdings 659 - 7 103 652 Treasury deposits with F. F. Banks 1,262 - 1 + 699 1,194 Foreign deposits with F. R. Banks 181 - 26 35 122 Other deposits with F. R. Banks 678 + 148 + 191 703 Other F. R. liabilities and capital 1,997 + 30 + 247 , 2,037 Member bank reserves: 57,818 - 402 + 4,017 57,597 With Federal Reserve Banks 23,452 - 259 + 402 22,551 Currency and coin 5,468 + 465 49 5,468 Total reserves held 28,920 + 206 + 353 28,019 Required reserves 28,917 + 473 + 582 28,917 Excess reserves 3 - 267 229 1 - 898 NOTE: A net of $157 million of surplus reserves were eligible to be carried forward from the week ended January 7, into the week ending January 14. 1/ Reflects $810 million of securities sold, aad scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $50 million securities loaned--fully secured by U.S, Government securities pledged with Federal Reserve Banks. On January 14, 1970, U.S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,328 million, an increase of $142 million for the week. 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 Jan. 14, Jan. 7, 1 Jan. 15 1970 1970 | 1969 A S S E TS Gold certificate account 11,036 +1,000 +1,011 Special Drawing Rights certificate account** 200 + 200 + 200 Cash (1 ,089) 126 + 15 - 88 Discounts and advances 1,006 + 842 + 49 Acceptances: Bought outright 63 10 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U. S. Government securities Bought outright— Bills 20,811 992 +2,805 Certificates Notes 31,392 +2,686 Bonds 3,496 -1,979 Total bought outright 1/ 2/ 55,699 992 +3,512 Held under repurchase agreements Total U. S. Government securities 55,699 992 +3,512 Total loans and securities 56,768 - 151 +3,571 Cash items in process of collection (2,574) 11,025 - 343 + 590 Bank premises 117 + 1 + 4 Other assets _3/ 1,760 - 828 -1,109 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,663) 81,032 106 +4,179 L I A B I L I T I ES Federal Reserve notes (1,089) 46,479 506 +2,775 Deposits: Member bank reserves 22,551 - 216 + 170 U. S. Treasurer—general account 1,194 + 137 + 581 Foreign 122 - 107 - 108 Other 4/ (1) 703 + 200 + 192 Total deposits (1) 24,570 + 14 + 835 Deferred availability cash items (2,573) 7,946 + 327 + 294 Other liabilities and accrued dividends 561 - 7 + 174 TOTAL LIABILITIES (3,663) 79,556 - 172 +4, 078 £ A I II AL A C C O U N TS Capital paid in 673 + 40 Surplus 669 -- + 39 Other capital accounts 134 '- 66 + 22 Contingent liability on acceptances purchased for foreign correpondents 144 _ 1 + 36 * Figures in parentheses are the eliminations mad6 in the consolidating process. 1/ Reflects $810 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, "27 Includes $50 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 37 Includes assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. **See Text on H.4.1 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 14. 1970 (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 Acceptances Holdings Weekly changes Within 15 days 1,001 14 1,532 -408 16 days to 90 days 5 49 10,756 -418 91 days to 1 year 22,280 -166 Over 1 year to 5 years 12,811 Over 5 years to 10 years 7,642 Over 10 years — 678 Total 1,006 63 55,699 -992 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 JANUARY 14, 1970 San New Phila Cleve Rich St Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco A S S E TS (In millions of dollars) Gold certificate account 11,036 ! 812 3,090 513 1,101 899 492 1,769 375 245 424 363 953 Special Drawing Rights certificate account 200 11 47 12 16 18 11 35 8 3 7 7 25 F. R. notes of other banks 1,089 101 223 60 86 92 151 76 36 24 44 46 150 Other cash 126 5 13 6 12 10 16 15 10 4 7 8 20 Discounts and advances 1,006 57 462 18 6 24 39 78 11 4 85 40 182 Acceptances: Bought outright 63 — 63 — — — — — — -- — — -- Held under repurchase agreements -- -- — — — — — -- — — — -- -_ Federal Agency obligations— Held under repurchase agreements -_ -- — — -- — -- -- -- — -- __ __ U. S. Government securities: Bought outright — Bills 20,811 1,056 5,069 1,119 1,613 1,556 1,161 3,459 766 418 812 896 2,886 Certificates -- _. — — -- . — -- -- — -- -_ -- --. Notes 31,392 1,593 7,646 1,687 2,434 2,347 1,751 5,217 1 ,157 632 1,225 1 ,350 4,353 Bonds 3,496 177 852 188 271 261 195 581 129 70 137 150 485 Total bought outright 55,699 2,826 13,567 2,994 4,318 4,164 3,107 9,257 1 ,052 1,120 2,174 ~2 ,396 7,724 Held under repurchase agreements -. — — -- — — — — — -- — — -- Total U. S. Government securities 55,699 2,826 13,567 2,994 4,318 4,164 3,107 9,257 7T ,052 1,120 2,174 ~2 ,396 7,724 Total loans and securities 56,768 2,883 14,092 3,012 4,324 4,188 3,146 9,335 2 ,063 1,124 2,259 2 ,436 7,906 Cash items in process of collection 13,599 807 2,573 737 886 1,044 1,300 2,202 667 546 894 781 1,162 Bank premises 1 117 2 9 2 7 11 18 17 10 6 18 8 9 Other assets l^/ U760 80 615 81 130 93_ 95 235 53 33_ 63 80 202 TOTAL ASSETS 84,695 4,701 20,662 4,423 6,562 6,355 5,229 13,684 3 ,222 1,985 3,716 3 ,729 10,427 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 JANAURY 14, 1970 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 47,568 2,726 11,124 2,718 3,907 4,277 2,567 8,326 1,782 813 1,753 1,717 5,858 Deposits: Member bank reserves 22,551 1,081 6,631 892 1,618 1,012 1,353 3,181 783 625 1,033 1,195 3,147 U. S. Treasurer—general account 1,194 67 171 80 79 118 79 126 64 59 116 75 160 Foreign 122 6 1/ 26 7 12 7 8 19 4 3 6 7 17 Other 704 5 2/624 4 2 15 5 9 3 3 10 4 20 Total deposits 24,571 1,159 7,452 983 1,711 1,152 1,445 3,335 854 690 1,165 1,281 3,344 Deferred availability cash items 10,519 718 1,562 618 772 803 1,092 1,710 516 437 715 627 949 Other liabilities and accrued dividends 561 28 133 29 42 45 31 92 20 12 22 24 83 TOTAL LIABILITIES 83,219 4,631 20,271 4,348 6,432 6,277 5,135 13,463 3,172 1,952 3,655 3,649 10,234 CAPITAL ACCOUNTS Capital paid in 673 32 181 34 60 34 43 99 23 15 28 37 87 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 134 6 33 7 10 10 8 23 4 3 5 6 19 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 84,695 4,701 20,662 4,423 6,562 6,355 5,229 13,684 3,222 1,985 3,716 3,729 10,427 Contingent liability on ac(: eptances purchased for forejLg n correspondents ' 144 7 3/ 38 7 13 7 10 21 5 3 6 8 19 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 50,138 2,855 11,714 2,814 4,178 4,440 2,771 8,715 1,866 850 1,835 1,868 6,232 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 48,162 2,717 11,400 2,620 3,750 3,955 2,850 7,950 1,780 835 1,875 1,930 6,500 Total collateral 51,384 2,897 11,900 2,920 4,260 4,500 2,850 8,950 1,935 862 1,875 1,935 6,500 1/ After deducting $ 96 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. 3/ After deducting $106 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis