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 'fSuR^'* Condition Statement of F.R. Banks H.4.1 For immediate release August 20, 1970 The average of daily figures of total reserves of member banks decreased $17 million in the latest week to $28,518 million. Required reserves increased while excess reserves and member bank borrowings at Federal Reserve Banks both decreased. A rise in the level of Treasury deposits with Federal Reserve Banks and a decline in other Federal Reserve assets were the major factors draining reserves in the latest statement week. These reserve drains were more than off set by several factors which supplied important amounts of reserves. Float rose at a rate considerably lower than seasonal and provided $293 million in reserves. This reserve gain was further augmented by a drop in other Federal Reserve liabilities and capital. In addition System Open Market operations provided $724 million in reserves on a weekly average basis through outright purchases and repurchase agreements. Member bank borrowings declined sharply from the billion dollar level of recent weeks, in part reflecting the ebbing of pressures in the commercial paper market, and exceeded excess reserves by $609 million compared to $945 million for the previous week. Averag: es of daily figures Member bank reserves, Week ended Change; from week ended Wednesday, Reserve Bank credit, Aug. 19, Aug. 12, Aug. 20, Aug. 19, and related items 1970 1970 1969 1970 Reserve Bank credit: (Iri mill.io ns of: dollars) 1/ U.S. Government securities— Bought outright--System account 59,470 + 644 +5,048 59,508 Held under repurchase agreements 452 j. 9 + 419 244 Federal Agency obligations— Held under repurchase agreements 50 45 46 21 Acceptances Bought outright 37 + 1 4 37 Held under repurchase agreements 29 + 25 + 26 30 Discounts and advances-- Member bank borrowings 680 _ 493 - 541 826 Other 25 - 14 + 25 20 Float 2,647 + 293 + 6 2,508 Other F. R. assets 1,299 - 104 -1,383 1,207 Total Reserve Bank credit 64,690 + "4Ti6" +3,642 64;46l Gold stock 11,367 — +1,000 11,367 Special Drawing Rights certif. acct. 400 — + 400 400 Treasury currency outstanding 7,006 + 4 + 272 7,010 83,464 + 412 +5,315 83,178 Currency in circulation 54,917 + 19 +3,542 54,932 Treasury cash holdings 442 - 8 - 232 451 Treasury deposits with F. R. Banks 1,169 + 173 + 423 1,041 Foreign deposits with F. R. Banks 179 + 8 + 44 172 Other deposits with F. R. Banks 921 + 55 + 438 877 Other F. R. liabilities and capital 2,175 - 180 + 203 2,193 59,804 + 69 +4,420 59,666 Member bank reserves: With Federal Reserve Banks 23,660 + 343 + 896 23,511 Currency and coin 4,858 - 360 + 463 4,858 Total reserves held 28,518 - 17 +1,359 28,369 Required reserves 28,447 + 140 +1,347 28,447 Excess reserves 71 - 157 + 12 1 - 78 NOTE: A net of $160 million of surplus reserves were eligible to be carried forward from the week ended August 12, into the week ending August 19. \J Includes $40 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On August 19, 1970, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $12,199 million, an increase of $69 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 Aug. 19, Aug. 12, Aug. 20, 1970 1970 1969 A S S E TS Gold certificate account 11,045 +1,018 Special Drawing Rights certif. accts. 400 + 400 Cash (836) 209 + 56 Discounts and advances 846 386 - 279 Acceptances: Bought outright 37 _ 4 Held under repurchase agreements 30 30 + 30 Federal Agency obligations-- Held under repurchase agreements 21 21 21 U. S. Government securities : Bought outright— Bills 24,201 658 +4,500 Certificates Notes 32,600 + 180 +2,047 Bonds 2,707 - 180 -1,436 Total bought outright 1/ 59,508 + 658 +5,111 Held under repurchase agreements 244 - 149 + 244 Total U. S. Government securities 59,752 + 509 +5.355 Total loans and securities 60,686 + 946 +5,123 Cash items in process of collection (2,727) 10,071 + 513 + 724 Bank premises 122 — + 8 Other assets 2./ 1,085 - 217 -1,632 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,563) 83.618 +1. 242 +5.697 E S Federal Reserve notes (836) 48,261 129 +3,062 Deposits: Member bank reserves 23,511 +1,139 +1, 372 U. S. Treasurer—general account 1,041 2 + 85 Foreign 172 35 + 56 Other 2LI 877 39 + 393 Total deposits 25,601 +1,063 +1, 906 Deferred availability cash items (2,727) 7,563 + 226 + 524 Other liabilities and accrued dividends 628 + 12 + 137 TOTAL LIABILITIES (3,563) 82,053 +1,172 +5 ,629 £ £ P I! T. A L A C C O U N TS Capital paid in 688 ... + 25 Surplus 669 -- + 39 Other capital accounts 208 + 70 + 4 Contingent liability on acceptances purchased for foreign correspondents 255 - 4 94 * Figures in parentheses are the eliminations made in the consolidating process \_l Includes $40 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. August 19, 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 843 43 3,557 -117 16 days to 90 days 3 24 11,352 +989 91 days to 1 year 13,510 -363 Over 1 year to 5 years 25,266 -129 Over 5 years to 10 years 5,464 +150 Over 10 years — 624 Total 846 67 +530 59,773 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 AUGUST 19, 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 1,744 604 924 1,045 580 2,414 329 154 411 573 1,557 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 836 87 167 68 52 60 148 33 24 32 44 24 97 Other cash 209 8 23 10 25 13 29 28 12 6 15 14 26 Discounts and advances 846 29 240 24 81 17 8 283 18 37 5 13 91 Acceptances: Bought outright 37 -- 37 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements 30 -- 30 -- -- — -- -- -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements 21 21 U. S. Government securities: Bought outright— Bills 24,201 1,234 6,193 1,219 1,849 1,814 1,310 3,880 880 482 953 1,002 3,385 Certificates --. ... -- -- -- -_ _- -- -- -- Notes 32,600 1,663 8,342 1,643 2,491 2,443 1,764 5,226 1,185 649 1,284 1,350 4,560 Bonds 2,707 138 693 136 207 203 147 434 98 54 107 112 378 Total bought outright \_l 59,508 3,035 15,228 2,998 4,547 4,460 3,221 9,540 2,163 T, 185 2,344 2,464 8,323 Held under repurchase agreements 244 -- 244 -- -- — -- — -- -- -- -- -- Total U. S. Government securities 59,752 3,035 15,472 2,998 4,547 4,460 3,221 9,540 2,163 l ,185 2,344 2,464 8,323 Total loans and securities 60,686 3,064 15,800 3,022 4,628 4,477 3,229 9,823 2,181 I ,222 2,349 2,477 8,414 Cash items in process of collection 12,798 744 2,108 715 920 985 1,242 2,116 678 463 848 745 1,234 Bank premises 122 2 9 2 10 11 17 17 11 8 18 8 9 Other assets 2/ 1,085 47 528 39 56 53 41 108 24 15 29 45 100 TOTAL ASSETS 87,181 4,685 20,472 4,483 6,648 6,680 5,308 14,609 3,274 I ,907 3,729 3,900 11,486 1/ Includes $40 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 AUGUST 19, 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) L I A B I L I T I ES Federal Reserve notes 49,097 2,804 11,513 2,771 4,015 4,360 2,575 8,671 1,863 857 1,836 1,839 5,993 Deposits: Member bank reserves 23,511 1,071 5,796 990 1,586 1,184 1,459 3,765 760 557 1,040 1,294 4,009 U. S. Treasurer—general account 1,041 39 192 66 38 162 72 56 72 37 87 58 162 Foreign 172 7 1/ 58 8 14 8 10 23 5 3 7 9 20 Other 877 2 2/793 5 3 16 2 19 3 5 5 4 20 Total deposits 25,601 1,119 6,839 1,069 1,641 1,370 1,543 3,863 840 602 1,139 1,365 4,211 Deferred availability cash items 10,290 656 1,539 533 808 820 1,057 1,743 496 400 665 585 988 Other liabilities and accrued dividends 628 32 164 31 47 45 33 98 22 13 25 26 92 TOTAL LIABILITIES 85,616 4,611 20,055 4,404 6,511 6,595 5,208 14,375 3,221 1,872 3,665 3,815 11,284 CAPITAL ACCOUNTS Capital paid in 688 32 183 35 61 35 45 101 24 16 29 39 88 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 208 10 57 10 16 16 12 34 6 4 7 9 27 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 87,181 4.685 20.472 4.483 6.648 6.680 5.308 14.609 3.274 1.907 3.729 3.900 11.486 Contingent liability on ace. eptances purchased for foreig n correspondents 255 12 3/ 67 13 23 13 16 38 9 6 11 14 33 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 2,926 12,001 2,842 4,182 4,493 2,739 8,970 1,945 895 1,935 1,982 6,327 Collateral for F. R. notes: Gold certificate account 250 500 300 510 580 1,000 155 22 — 5 U. S. Government securities 2,730 11,600 2,700 3,750 3.970 2.900 8.250 1.880 885 1.975 2.030 6.750 Total collateral 2,980 12,100 3,000 4,260 4,550 2,900 9,250 2,035 907 1,975 2,035 6,750 \_l After deducting $114 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit, 37 After deducting $188 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis