H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bank Reserves and :?f«M^-'' Condition Statement of F*E. Banks H.4.1 For immediate release July 30, 1970 The average of daily figures of total reserves of member banks declined $950 million in the latest week to $22,973 million. Excess reserves dropped sharply to a very low level. Required reserves and member bank borrowings at Federal Reserve Banks also decreased. Currency declined at a greater than seasonal rate for the second week and was the only factor supplying a significant amount of reserves in the latest statement week. Float, falling sharply by $681 million, drained reserves. In addition, open market operations absorbed $305 million in reserves net, on a weekly average basis. A run off of repurchase agreements made in the previous week accounted for most of this reserve absorption. However, a small amount of reserves were drained (on a weekly average basis) through matched sales purchases toward the end of the statement week. Member bank borrowings averaged below recent weeks and exceeded excess reserves by $1,229 million compared to the revised figure of $1,220 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 29, July 22, July 30, July 29, and related items 1970 1970 1969 1970 Reserve Bank credit: (In millions of dollars) 1/ U.S. Government securities— Bought outright--System account 58,267 42 +4,370 58,338 Held under repurchase agreements 188 Federal Agency obligations- Held under repurchase agreements 38 Acceptances Bought outright 37 + 4 4 37 Held under repurchase agreements -- - 41 — — Discounts and advances-- Member bank borrowings 1,231 - 156 - 38 776 Other 40 - 43 + 40 40 Float 2,486 - 681 + 262 2,262 Other F. R. assets 1^307 + 50 -1,383 Ij330 Total Reserve Bank credit 63,367 -1, 137 +3,246 62,783 Gold stock 11,367 -- +1,000 11,367 Special Drawing Rights certif. acct. 400 -- + 400 400 Treasury currency outstanding 6,993 + 3 + 256 6j999 82,128 -1, 133 +4,903 81,549 Currency in circulation 54,488 - 259 +3,482 54,587 Treasury cash holdings 460 + 5 - 216 464 Treasury deposits with F. R. Banks 1,059 + 23 - 118 1,038 Foreign deposits with F. R. Banks 173 - 8 + 50 171 Other deposits with F. R. Banks 758 + 10 + 305 767 Other F. R. liabilities and capital 2,217 + 47 + 198 2,234 Member bank reserves: 59,155 - 182 +3,700 59,261 With Federal Reserve Banks 22,973 - 950 +1,203 22,288 Currency and coin 5,090 + 651 + 266 5,090 Total reserves held 28,063 - 299 +1,469 27,378 Required reserves 28,061 - 134 +1,613 28,061 Excess reserves 2 - 165 - 144 - 683 NOTE: A net of $130 million of surplus reserves were eligible to be carried forward from the week ended July 22, 1970, into the week ending July 29, 1970. 1/ Includes $22 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On July 29, 1970, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $11,726 million, an increase of $487 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 29, July 22, July 30, 1970 1970 1969 A S S E TS Gold certificate account 11,045 .. — +1,018 Special Drawing Rights certif. accts. 400 -- + 400 Cash (850) 202 1 + 46 Discounts and advances 816 - 399 - 169 Acceptances: Bought outright 37 Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements U. S. Government securities : Bought outright-- Bills 23,031 + 200 +4,744 Certificates Notes 32,420 +1,867 Bonds 2,887 -1,256 Total bought outright 1/ 58,338 f 200 +5,355 Held under repurchase agreements Total U. S, Government securities 58,338 + 200 +5,355 Total loans and securities 59,191 - 199 +5,182 Cash items in process of collection (2,517) 9,041 -1,128 + 298 Bank premises 121 -- + 7 Other assets 2/ 1,209 + 46 -1,387 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,367) 81,209 -1,282 +5,564 Federal Reserve notes (850) 47,932 138 +3,051 Deposits: Member bank reserves 22,288 - 585 +1,922 U. S. Treasurer—general account 1,038 + 57 - 189 Foreign 171 9 + 50 Other 37 767 3 + 302 Total deposits 24,264 - 540 +2,085 Deferred availability cash items (2,517) 6,779 - 656 + 222 Other liabilities and accrued dividends 575 - 17 + 123 TOTAL LIABILITIES (3,367) 79,550 -1,351 +5,481 C A P I T AL A C C O U N TS Capital paid in 686 + 24 Surplus 669 + 39 Other capital accounts 304 69 •+ 20 Contingent liability on acceptances purchased for foreign correspondents 239 4- 87 * Figures in parentheses are the eliminations made in the consoli dating process. J7 Includes $22 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 29, 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 768 6 3,146 +322 16 days to 90 days 48 3L 10,099 - 22 91 days to 1 year 13,760 -100 Over 1 year to 5 years 25,395 — Over 5 years to 10 years 5,314 — Over 10 years 624 Total 816 37 58,338 +200 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 29, 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 11,045 630 3,101 587 857 1,152 551 1,653 355 283 464 314 1,098 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 850 i 72 184 68 58 65 131 31 30 32 40 27 112 Other cash 202 1 8 23 7 24 12 30 28 12 6 16 13 23 Discounts and advances 816 i 42 103 24 103 13 18 288 18 12 15 128 52 Acceptances: Bought outright 37 -- 37 -- -- -- -- -_ __ -- -- -- -- Held under repurchase agreements __ -- __ -- - - -- -- -- — _ _ _ _ _ _ _ w Federal Agency obligations- Held under repurchase agreements -- -- -- -- -- — -- __ -- -- -- -- -- U. S. Government securities: Bought outright— Bills f: 23,031 1,174 5,715 1,178 1,783 1,736 1,254 3,797 842 436 882 991 '3,Z43 Certificate* -- -- -- — -- -- -- — -- -- -- -- -- 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 1/ 58,338 2,973 14,475 2,984 4,517 4,397 3,177 9,618 2,131 1,106 2,236 2 ,510 8,214 Held under repurchase agreements Total U. S. Government securities 58,338 2,973 14,475 2,984 4,517 4,397 3,177 9,618 2,131 1,106 2,236 2 ,510 8,214 Total loans and securities 59,191 3,015 14,615 3,008 4,620 4,410 3,195 9,906 2,149 1,118 2,251 2 ,638 8,266 Cash items in process of collection 11,558 679 1,890 657 855 856 1,101 1,905 570 444 783 730 1,088 Bank premises 121 2 9 2 9 11 17 17 11 8 18 8 9 Other assets 2/ 1,209 60 459 56 83 70 56 153 35 19 39 46 133 TOTAL ASSETS 84,576 4,489 20,374 4,408 6,539 6,612 5,103 13,763 3,177 1,917 3,626 3 ,790 10,778 ...•.'•>&»$. k&ui-...xi Includes $2^2 Mtnillion securities o1a ned--fully secured by U.S. Government securities pledged with Federal Reserve Banks, 2/ Includes assets denominated in for eign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 (c^ STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 29, 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 E 5 Federal Reserve notes 48,782 2,807 11,429 2,764 3,980 4,357 2,581 8,596 1,850 852 1,821 1,810 5,935 Deposits: Member bank reserves 22,288 910 6,041 937 1,546 1,251 1,374 3,221 730 615 921 1,220 3,522 U. S. Treasurer—general account 1,038 49 167 57 73 125 77 58 55 32 138 68 139 Foreign 171 8 1/ 45 9 15 9 11 25 6 / 10 22 Other 767 2 2/704 3 2 11 2 8 5 2 5 2 21 Total deposits 24,264 969 6,957 1,006 1,636 1,396 1,464 3,312 796 65.3 1,071 1,300 3,704 Deferred availability cash items 9,296 605 1,408 525 733 725 922 1,511 454 365 644 566 838 Other liabilities and accrued dividends 575 29 141 28 45 43 31 93 21 11 22 25 86 TOTAL LIABILITIES 82,917 4,410 19,935 4,323 6,394 6,521 4,998 13,512 3,121 1,881 3,558 3,701 •1 0,563, CAPITAL ACCOUNTS Capital paid in 686 32 183 35 61 35 45 101 23 16 29 39 87' Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other cflnlt^^ #rr mints 304 15 79 16 24 22 .... .-...17., 51 10 5 11 13 41 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 84,576 4,489 20,374 4,408 6,539 6,612 5,103 13,763 3,177 1,917 3,626 3,790 L0,778 Contingent liability on accept ances purchased for foreign c orrespondents 239 12 3/ 63 12 21 12 16 36 8 5 10 13 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 51,063 2,916 11,983 2,844 4,151 4,499 2,754 8,898 1,936 889 1,910 1,957 6,326 Collateral for F. R. notes: Gold certificate account 3,322 2 50 500 300 510 580 — 1,000 155 22 — 5 -- Eligible paper U. S. Government securities 49,110 2,730 11,600 2,700 3,750 3.970 2.900 8.250 1.880 875 1.975 1.980 6.500 Total collateral 52,432 2,980 12,100 3,000 4,260 4,550 2,900 9,250 2,035 897 J:'?7£L 1,905 $?509.l J7 After deducting $126 million participations of other Federal Reserve Banks. l_l 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