H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bonk Reserves and f ?fe^*' Conditio! Statement of F.R. Banks H.4.1 For immediate release July 9, 1970 The average of daily figures of total reserves of member banks increased $53 million in the latest week to $27,822 million. Excess reserves declined while required reserves and member bank borrowings at Federal Reserve Banks increased. An increase in float of $592 million, which was sizably greater than seasonal, was the major source of reserves in the latest statement week. This increase in reserves was offset by several factors which drained reserves by considerable amounts. A seasonal increase in currency in circulation was the most significant factor in this reserve absorption. However, increases in the Treasury deposits with Federal Reserve Banks and decreases in other Federal Reserve assets drained additional reserves. System Open market operations absorbed a modest amount of reserves, on a weekly average basis. Member bank borrowings were above the average levels of recent weeks and exceeded excess reserves by $1,235 million compared to the revised figure of $771 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 8, July 1, July 9, July 8, and related items 1970 1970 1969 197Q Reserve Bank credit: (In millions of dollars) U.S. Government securities— 1/ Bought outright--System account 57,671 73 +3,228 57,671 Held under repurchase agreements - 119 Federal Agency obligations- Held under repurchase agreements 24 Acceptances Bought outright 34 - 1 8 34 Held under repurchase agreements -- -- - 14 Discounts and advances-- Member bank borrowings 1,296 + 303 + 276 1,507 Other 90 — + 90 90 Float 3,185 + 592 + 383 2,654 Other F. R. assets 1,378 - 143 -1,299 1,399 Total Reserve Bank credit 63,654 + 680 +2,513 63,355 Gold stock 11,367 — +1,000 11,367 Special Drawing Rights certif. acct. 400 — + 400 400 Treasury currency outstanding 7,000 - 10 + 260 6,988 82,422 + 671 +4,174 82,110 Currency in circulation 54,653 + 473 +3,270 55,050 Treasury cash holdings 444 - 13 - 202 439 Treasury deposits with F. R. Banks 1,311 + 182 + 259 1,059 Foreign deposits with F. R. Banks 186 + 23 + 10 160 Other deposits with F. R. Banks 791 + 5 + 296 864 Other F. R. liabilities and capital 2,321 + 65 + 209 2,339 Member bank reserves: 59,708 + 736 +3,843 59,911 With Federal Reserve Banks 22,713 - 66 + 329 22,199 Cur'rency and coin 5,109 + 119 + 317 5,109 Total reserves held 27,822 + ~33~ + 646 27,308 Required reserves 27,761 + 214 + 698 | 27,761 Excess reserves 61 "• 161 " 52 j - 453 NOTE: A net of $158 million of surplus reserves were eligible to be carried forward from the week ended July 1, into the week ending July 8. 1/ Includes $25 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On July 8, 1970, U. S. Government securities held in-custody by the Federal Reserve Banks for foreign account were $10,890 million, an increase of $225 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 July 8, July 1, July 9, 1970 J-970 1969 A S S E TS Gold certificate account 11,045 -- +1,018 Special Drawing Rights certif. accts. * 400 -- + 400 Cash (574) 206 10 + 34 Discounts and advances 1,597 + 673 + 938 Acceptances: Bought outright 34 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities : Bought outright-- Bills 22,364 43 +3,345 Certificates Notes 32,420 +1,867 Bonds 1/ 2,887 -1,256 Total bought outright "~ 57,671 - 43 +3,956 Held under repurchase agreements -- Total U. S. Government securities 57,671 - 43 +3,956 Total loans and securities 59,302 + 630 +4,887 Cash items in process of collection (2,389) 9,812 - 694 - 42 Bank premises 120 + 1 + 6 Other assets 2/ 1,279 + 37 -1,323 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,963) 82 164 - 36 +4 980 L I A B I L I T I ES Federal Reserve notes (574) 48,385 + 582 +3,062 Deposits: Member bank reserves 22,199 - 104 +1,392 U. S. Treasurer--general account 1,059 + 159 - 45 Foreign 160 - 25 + 21 Other 3/ 864 + 51 + 377 Total deposits 24,282 + 81 +1,745 Deferred availability cash items (2,389) 7,158 - 754 60 Other liabilities and accrued dividends 595 - 14 + 130 TOTAL LIABILITIES (2,963) 80,420 - 105 +4,877 C A P I T AL A C C O U N TS Capital paid Tn ~ 685 _«, + 24 Surplus 669 -- + 39 Other capital accounts 390 + 69 + 40 Contingent liability on acceptances purchased for foreign correspondents 239 + 4 + 80 * Figures in parentheses are the eliminations made in the consolidating proces s. 1/ Includes $25 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, July 8, 1970 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) y. S. Government securities and Discounts and Federal Agency obligations advance! 8 Acceptances Holdings Weekly changes Within 15 days 1,550 13 2,186 - 17 16 days to 90 days 47 21 10,530 +526 91 days to 1 year mm -- 13,622 -552 Over 1 year to 5 year•ss -- 25,395 -• Over 5 years to 10 ye»aarrss .- 5,314 mm Over 10 years -- — 624 Total 1,597 34 57,671 - 43 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 July 8 , 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 11,045 585 2,533 730 865 968 412 1,857 312 265 568 346 1,604 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 574 41 148 30 44 38 84 20 17 19 34 18 81 Other cash 206 8 24 8 24 12 29 29 12 7 16 14 23 Discounts and advances 1,597 40 532 37 68 32 103 455 8 57 32 204 29 Acceptances: Bought outright i 34 _-. 34 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements — — -- — — -- -- — — — — -- — Federal Agency obligations-- Held under repurchase agreements -- — — -- U. S. Government securities: Bought outright-- Bills 22,364 1,140 5,549 1,144 1,732 1,685 1,218 3,687 817 424 857 962 3,149 Certificates -« -.— _-. ... --. _-. -.— ... .... ..» _ mmm. — Notes 32,420 ' 1,652 8,044 1,658 2,510 2,443 1,766 5,345 1,184 615 1 ,243 1 ,395 4,565 Bonds 2,887 147 716 148 224 218 157 476 105 55 111 124 406 Total bought outright ^/ 57,671 2,939 14,309 2,950 4,466 4,346 3,141 9,508 2,106 1 ,094 2~, 211 2 ,481 8,120 Held under repurchase agreements ~~ Total U. S. Government securities 57,671 2,939 14,309 2,950 4,466 4,346 3,141 9,508 2,106 l_, 094 2,, 211 2., 481 8,120 Total loans and securities 59,302 2,979 14,875 2,987 4,534 4,378 3,244 9,963 2,114 1 ,151 2 ,243 2 ,685 8,149 Cash items in process of collection 12,201 685 2,142 628 863 882 1,253 2,036 686 476 782 726 1,042 Bank premises 120 2 9 2 9 11 17 17 10 8 18 8 9 Other assets 2J 1,279 64_ 482 67 86_ 71 61_ 161 37 21 40 50 139 TOTAL ASSETS 85,127 4,387 20,306 4,475 6,458 6,396 5,122 14,153 3,203 1 ,954 3 ,716 3 ,861 11,096 JV Includes $25 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2/ 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 July 8, 1970 San Total Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 48,959 2,832 11,418 2,782 3,973 4,370 2,620 8,590 1,860 859 1,836 1,805 6,014 Deposits: Member bank reserves 22,199 776 5,890 954 1,450 1,019 1,285 3,482 669 627 967 1,304 3,776 U. S. Treasurer—general account 1,059 60 161 82 52 85 43 115 52 43 182 67 117 Foreign 160 8 1/ 35 9 15 9 11 25 6 4 7 9 22 Other 864 1 2/794 20 2 6 3 7 2 2 6 2 19 Total deposits 24,282 845 6,880 1,065 1,519 1,119 1,342 3,629 729 676 1,162 1,382 3,934 Deferred availability cash items 9,547 597 1,398 510 769 765 1,018 1,572 533 369 624 557 835 Other liabilities and accrued dividends 595 30 151 29 45 45 32 97 21 12 23 25 85 TOTAL LIABILITIES 83,383 4,304 19,847 4,386 6,306 6,299 5,012 13,888 3,143 1,916 3,645 3,769 10,868 CAPITAL ACCOUNTS Capital paid in 685 32 183 35 61 35 45 101 23 16 29 38 87 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 390 19 99 20 31 28 22 65 14 7 14 17 54 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 85,127 4,387 20,306 4,475 6,458 6,396 5.122 14,153 3.203 1.954 3.716 3,861 11.096 Contingent liability on ace. eptances purchased for foreign correspondents 239 12 3/ 63 12 21 12 16 36 8 5 10 13 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,194 11,887 2,862 4,122 4,484 2,771 8,816 1,921 887 1,914 1,917 6,302 Collateral for F. R. notes: Gold certificate account 250 500 300 510 580 -- 1,000 155 22 5 Eligible paper U. S. Government securities 2,690 11,600 2,620 3.750 3.970 2.800 7.950 1.830 875 1.925 1.980 6.500 Total collateral 2,940 12,100 2,920 4,260 4,550 2,800 8,950 1,985 897 1,925 1,985 6,500 \J After deducting $ 125 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. 3/ After deducting $ 176 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis