H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Afftctiig Baik Rtstrvts aid Condition Statoaioat of F.R. Baiks H.4.1 For immediate release March 12, 1970 The average of daily figures of total reserves of member banks decreased $204 million in the latest statement week to $27,210 million. Required reserves and excess reserves declined while member bank borrowings increased in this latest period. Several factors supplied a modest amount of reserves in this latest statement week. The more significant of these reserve sources were decreases in both other deposits with Federal Reserve Banks and foreign deposits with Federal Reserve Banks. A seasonal rise in currency in circulation, however, more than offset these reserve gains. System Open Market operations absorbed $300 million in reserves net, on a weekly average basis, through matched salepurchases and outright sales. Member bank borrowings exceeded excess reserves by $892 million compared to $694 million for previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 11, March 4, March 12, March 11, and related items 1970 1970 1969 1970 Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright--System account 55,393 - 307 +3,353 1/2/54,922 Held under repurchase agreements - 31 Federal Agency obligations-- Held under repurchase agreements Acceptances Bought outright 55 2 + 5 53 Held under repurchase agreements 5 Discounts and advances-- Member bank borrowings 934 + 101 + 59 455 Other 40 — + 40 40 Float 2,397' + 37 - 26 1,957 Other F. R. assets 2.013 + 25 - 669 2.034 Total Reserve Bank credit 60,832 - 145 +2,723 59,461 Gold stock 11,367 — +1,000 11,367 Special Drawing Rights certif. acct. 300 -- + 300 300 Treasury currency outstanding 6,887 + 2 + 69 6,888 79,385 - 144 +4,090 78,016 Currency in circulation 52,319 + 215 +2,860 52,546 Treasury cash holdings 575 - 20 - 157 575 Treasury deposits with F. R. Banks 1,049 + 44 + 584 1,173 Foreign deposits with F. R. Banks 212 - 55 + 56 214 Other deposits With F. R. Banks 714 - 56 + 246 740 Other F. R. liabilities and capital 2,233 + 60 + 284 2.250 57)103 + T59" +3,873 57)498 Member bank reserves: With Federal Reserve Banks 22,283 - 332 + 219 20,519 Currency and coin 4.927 + _L2& + 223 4.927 Total reserves held 27,210 - 204 + 442 25,446 Required reserves 27,168 - 107 + 648 27,168 Excess reserves 42 - 97 - 206 -1,722 NOTE: A net of $67 million of surplus reserves were elibible to be carried forward from the week ended March 4, into the week ending March 11. 1/ Reflects $565 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $25 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On March 11, 1970, U. S. Government securities held in custody by the Federal Re serve Banks for foreign account were $8,915 million, an increase of $301 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 March 11, March 4, March 12, 1970 1970 1969 A S S E TS Gold certificate account 11,0 45 -- +1,020 Special Drawing Rights certif. accts. * 300 -- + 300 Cash (829) 196 - 11 31 Discounts and advances 495 + 44 - 236 Acceptances: Bought outright 53 Held under repurchase agreements Federal Agency obligations- Held under repurchase agreements U S. Government securities : Bought outright— Bills 20,034 142 +2,389 Certificates Notes 32,073 — +2,085 Bonds 2,815 — -1,549 Total bought outright 1/ 2/ 54,922 - 142 +2,925 Held under repurchase agreements -- -.- -- Total U. S. Government securities 54,922 - 142 +2,925 Total loans and securities 55.47Q - 101 +2,693 Cash items in process of collection (2,334) 8,889 -1,068 + UO Bank premises 116 -- + 1 Other assets 3/ 1,918 + 27 - 660 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS <3,163) 77,934 -1.153 +3.463 L I A B I L I T I ES Federal Reserve notes (829) 46,106 + 290 +2 ,715 Deposits: Member bank reserves 20,519 -1,064 -1 ,109 U. S. Treasurer--general account 1,173 + 115 + 753 Foreign 214 + 40 + 77 Other 4/ 740 _= Ik + 272 Total deposits 22,646 - 933 - 7 Deferred availability cash items (2,334) 6,932 - 556 + 280 Other liabilities and accrued dividends 532 20 + 128 TOTAL LIABILITIES (3,163) 76,216 -1,219 +3 ,116 C A P I T AL A C C O U N TS Capital paid in 681 + 2 + 43 Surplus 669 -- + 39 Other capital accounts 368 + 64 + 265 Contingent liability on acceptances purchased for foreign correspondents 161 + 2 + 56 * Figures in parentheses are the eliminations made in the consolidating process. \_l Reflects $565 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. _2/ Includes $25 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MARCH 11. 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 449 28 1,860 +233 16 days to 90 days 46 25 21,745 -334 91 days to 1 year 9,622 - 41 Over 1 year to 5 years 14,130 — Over 5 years to 10 years 6,953 — Over 10 years 612 — Total 495 53 54,922 •142 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 MARCH 11, 1970 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E TS Gold certificate account 11,045 710 2,543 584 897 1,190 576 1,966 387 192 381 333 1,286 Special Drawing Rights certif. acct. 300 17 70 17 25 27' 16 53 11 5 11 11 37 F. R. notes of other banks 829 87 221 41 79 57 125 32 19 12 34 29 93 Other cash 196 8 27 8 20 13 25 24 13 6 11 12 29 Discounts and advances 495 95 63 6 22 37 70 69 19 7 51 10 46 Acceptances: Bought outright 53 «._ ' 53 mm mm _ — _ — «. _ — » —— — ... mmmm mm mm mm mm Held under repurchase agreements —— mm mm mm mm mm mm „ „ Federal Agency obligations— Held under repurchase agreements ! — -- -- -- -- -- -- -- -- _- -- _- U. S. Government securities: Bought outright— Bills 20,034 986 5,018 1,032 1,592 1,460 1 ,066 3,320 724 413 765 867 2,791 Certificates -- — -- -- -- _- -- -- -- -_ -_ „«. Notes 32,073 1 ,578 8,033 1,652 2,548 2,338 1 ,708 5,315 1,159 661 1 ,224 1 ,389 4,468 Bonds 2.815 138 705 145 224 205 150 467 102 58 107 122 •*°? rr Total bought outright 1/ 2/ 54,922 ,702 ]L 3,756 2,829 4,364 4,003 ~T, 924 9,102 1,985 1,132 ~~2 ,096 2 ,378 7,651 Held under repurchase agreements -- _- -- -- -- -- _-. -_ __ i -- „_ Total U. S. Government securities 54,922 rT ,702 13,756~ 2,829 4,364 4,003 ~2 ,924 9,102 1,985 1,132 ~2 ,096 2 ,378 7,651 Total loans and securities 55,470 2 ,797 ]L 3,872 2,835 4,386 4,040 2 ,994 9,171 2,004 1,139 2 ,147 2 ,388 " 7,697 Cash items in process of collection 11,223 699 1,804 625 783 868 1 ,126 1,835 570 436 857 676 944 Bank premises 116 2 9 2 7 11 17 17 10 6 18 8 9 Other assets 37 1,918 94 651 93 146 99 103 258 58 37 69 88 222 TOTAL ASSETS 81,097 4 ,414 ]L 9,197 4,205 6,343 6,305 4., 982 13,356 3,072 1,833 3 ,528 3 ,545 10,317 JV Reflects $565 million of securities sold and scheduled to be bought back, under matched sales-purchase transactions. 2/ Includes $25 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ 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 MARCH 11, 1970 San New Phila Cleve Rich St. Minne Kansas Total Bos ton Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) Federal Reserve notes 46,935 2,692 10,995 2,644 3,844 4,217 2,514 8,229 1,773 812 1,736 1,697 5,782 Deposits: Member bank reserves 20,519 931 5,285 892 1,517 1,067 1,293 3,112 685 544 886 1,110 3,197 U. S. Treasurer—general account 1,173 39 203 42 82 138 101 110 69 40 111 76 162 Foreign 214 10 1/ 67 10 18 10 13 30 7 4 8 11 26 Other 740 1 7/681 3 1 15 3 8 2 2 5 2 17 Total deposits 22,646 981 6,236 947 1,618 1,230 1,410 3,260 763 590 1,010 1,199 3,402 Deferred availability cash items 9,266 633 1,377 499 690 726 923 1,519 458 382 691 536 832 Other liabilities and accrued dividends 532 26 132 28 42 38 28 88 19 12 21 23 75 TOTAL LIABILITIES 79,379 4,332 18,740 4,118 6,194 6,211 4,875 13,096 3,013 1,796 3,458 3,455 10,091 CAPITAL ACCOUNTS Capital paid in 681 32 182 34 61 35 45 100 23 15 29 38 87 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 368 18 98 19 28 25 19 61 13 7 13 15 52 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 81.097 4.414 19.197 4 205 6 343 6 305 4 982 13,356 3,072 1 ,833 3,528 3,545 10,317 r r r f Contingent liability on ace: eptances purchased for foreiL gn correspondents 161 8 3/ 43 S_ 14_ 8_ 10 Ik. 5_ 4_ Z_ 9_ 21 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,813 11,615 2,723 4,064 4,337 2,686 8,463 1,832 841 1,801 1,816 6,069 Collateral for F. R. notes: Gold certificate account 250 500 300 510 545 1,000 155 27 5 U. S. Government securities 2.600 11.400 2.620 3.750 3,860 2,850 7,950 1,780 835 1,875 1,930 6,500 Total collateral 2,850 11,900 2,920 4,260 4,405 2,850 8,950 1,935 862 1,875 1,935 6,500 1/ After deducting $147 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $118 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis