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 Condition Statement of F.R. Banks H.4.1 For Immediate release September 17, 1970 The average of daily figures of total reserves of member banks decreased $172 million in the latest week to $28,718 million. Required reserves increased by a modest amount while excess reserves and member bank borrowings at Federal Reserve Banks declined. Currency in circulation increased by a sizable amount for the second week and was the major factor draining reserves in the latest statement week. However, this reserve absorption was partly offset by a decline in Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations supplied a small amount of reserves net, on a weekly average basis. Member bank borrowings declined below the average level of the preceding four weeks and exceeded excess reserves by $367 million compared to the revised figure of $393 million for the previous week. Averages of dai. ly figures Member bank reserves, Week ended Chart ge from week ended Wednesday Reserve Bank credit, Sept. 16, Sept . 9, Sept. 17, Sept. 16, and related items 1970 1970 1969 1970 (In millions of dollars) Reserve Bank credit: U.S. Government securities-- Bought outright--System account 59,667 — 236 +7,195 1/2/59,034 Held under repurchase agreements 506 + 250 + 456 -- Special Certificates — -- - 661 -- Federal Agency obligations — Held under repurchase agreements 38 12 34 — Acceptances-- Bought outright 39 . 1 + 2 39 Held under repurchase agreements 40 + 14 + 33 — Discounts and advances-- Member bank borrowings 500 - 262 - 518 210 Other Float 2,632 + 11 + 13 2,869 Other F.R. assets 1,206 + 54 -1,748 1,293 Total Reserve Bank credit 64,628 - 182 +4,805 63,445 Gold Stock 11,367 — +1,000 11,367 Special Drawing Rights certif. acct. 400 — + 400 400 Treasury currency outstanding 7,048 + 5 + 290 7,049 83,443 - 177 +6,496 82,261 Currency in circulation 55,245 + 228 +3,700 55,187 Treasury cash holdings 462 - 1 - 221 472 Treasury deposits with F.R # Banks 980 - 148 + 947 996 Foreign deposits with F.R. Banks 150 - 6 + 27 126 Other deposits with F.R. Banks 768 + 3 + 323 757 Other F.R. liabilities and capital 2,343 - 49 + 373 2,152 59,947 + 27 +5,148 59,690 Member bank reserves: With Federal Reserve Banks 23,496 _ 205 +1,347 22,571 Currency and coin 5,222 + 33 + 557 5,222 Total reserves held 28,718 - 172 +1,904 27,793 Required reserves 28,585 + 64 +1,903 28,585 Excess reserves 133 - 236 + 1 - 792 NOTE: A net of $214 million of surplus reserves were eligible to be carried forward from the week ended September 9, into the week ending September 16. 1/ Reflects $630 millioa of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $24 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On September 16, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international account were $9,154 million, an increase of $614 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 Sept. 16, Sept. 9, Sept. 17, 197Q 197Q JL262 A S S E TS Gold certificate account 11,(K5 +1,018 Special Drawing Rights certif. accts. * 400 mm + 400 Cash (882) 211 + 3 -!- 64 Discounts and advances 210 281 - 447 Acceptances: Bought outright 39 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities : Bought outright-* Bills 23,629 872 +5,521 Certificates Notes 32,690 + 90 .12,137 Bonds 2,715 + 8 -1,428 Total bought outright 1/ 2/ 59,034 - 774 +6,230 Held under repurchase agreements -- -- -- Total U. S. Government securities 59^034 - 774 +6,230 Total loans and securities 59,283 -1,055 +5,785 Cash items in process of collection (3,051) 11,774 +2,314 + 688 Bank premises 122 -- + 8 Other assets V 1,171 + 97 -1,684 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,933) 84;006 +1,359 +6,279 L I A B I L I T I ES Federal Reserve notes (882) 48,499 221 +3,246 Deposits: Member bank reserves 22,571 59 + 875 U. S. Treasurer—general account 996 111 + 811 Foreign 126 31 - 17 Other 4/ (1) 757 + 14 + 326 Total deposits 24,450 - 187 +1,995 Deferred availability cash items (3,050) 8,905 +2,015 + 828 Other liabilities and accrued dividends 614 12 + 139 TOTAL LIABILITIES (3,933) 82,468 +1,595 +6,208 S.APJITAL A C C O U N TS Capital paid in ~" 690 + 1 + 27 Surplus 669 + 39 Other capital accounts 179 - 237 + 5 Contingent liability on acceptances purchased for foreign correspondents 239 5 + 78 * Figures in parentheses are the eliminations made in the consolidating proces8 . J7 Reflects $630 million of securities sold, and sch eduled to be bought back, under matched sale-purchase transactions. 2/ Includes $24 million securities loaned--fully sec ured 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, September 16, 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 Weekl Within 15 days —im 2,32T 16 days to 90 days 29 11,878 91 days to 1 year 13,386 Over 1 year to 5 years 25,326 Over 5 years to 10 years 5,491 Over 10 years 630 Total 210 39 59,034 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 SEPTEMBER 16, 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 11,045 746 2,799 676 892 1,082 529 1,901 376 96 314 461 1,173 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 882 104 168 67 50 67 155 42 23 39 47 22 98 Other cash 211 9 22 11 24 13 28 29 11 7 14 13 30 Discounts and advances 210 1 9 Ma » __ 2 8 181 * 4 2 3 — mm Acceptances: Bought outright 1 39 ! 39 -- -- -- -- -- -- __ -- -- .. Held under repurchase agreements -- -• _- -- -- _- _- -- -- -- -_ -- .- Federal Agency obligations— Held under repurchase agreements ! -- — — -- — — — — — — -- -- U. S. Government securities: Bought outright— Bills 23,629 1 1,186 6,009 1,195 1,823 1,757 1,250 3,871 846 484 938 1,051 3,219 Certificates -- 1 — -- -- -- -- -- -- — -- -- -- Notes 32,690 1,641 8,313 1,652 2,522 2,431 1,730 5,355 1 ,171 669 1,298 1,455 4,453 Bonds 2,715 136 690 137 210 202 144 445 97 55 108 121 370 Total bought outright 1/ 2/ 59,034 ! 2,963 15,012 2,984 4,555 4,390 3,124 9,671 ~2 ,114 T, 208 2,344 2,627 8,042 Held under repurchase agreements -- — -- — -- -- -- -- -- -- -- -- Total U. S. Government securities 59,034 2,963 15,012 2,984 4,555 4,390 3,124 9,671 ~2 liE l ,208 2,344 2,627 8,042 Total loans and securities 59,283 2,964 15,060 2,984 4,555 4,392 3,132 9,852 2 ,114 l ,212 2,346 2,630 8,042 Gash items in process of collection 14,825 832 2,485 818 1,160 1,177 1,470 2,513 817 562 967 812 1,212 Bank premises 122 2 8 2 10 11 17 17 11 9 18 8 9 Other assets 3/ 1,171 55 433 47 7JL_ 61 48 134 30 19 117 44 112 TOTAL ASSETS 87,939 4,735 21,068 4,628 6,795 6,839 5,401 14,558 3 ,397 l ,951 3,838 4,004 10,725 JL/ Includes $630 million of securities sold, and scheduled to be. bought back, under matched sale-purchase transactions. 27 Includes $24 million securities loaned—fully secured by IKS, Government securities pledged with Federal Reserve Banks, 3/ Includes assets denominated in foreign currencies and IMF gold deposited. * Less than $500 000. 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 SEPTEMBER 16, 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 49,381 2,810 11,610 2,765 4,033 4,402 2,554 8,715 1,863 858 1,842 1,849 6,080 Deposits: Member bank reserves 22,571 1,008 6,306 1,001 1,510 1,187 1,418 3,356 761 523 1,015 1,307 3,179 U. S. Treasurer--general account 996 54 138 57 72 102 64 95 73 31 - 88 71 151 Foreign 126 6 1/ 34 7 11 6 8 19 4 3 5 7 16 Other 758 1 7/695 2 1 16 2 7 6 1 3 4 20 Total deposits 24,451 1,069 7,173 1,067 1,594 1,311 1,492 3,477 844 558 1,111 1,389 3,366 Deferred availability cash items 11,955 752 1,721 689 985 999 1,224 2,035 615 488 796 654 997 Other liabilities and accn.l ed dividends 614 31 156 29 4£L 45. 32 100 22 13 25 28 85 TOTAL LIABILITIES 86,401 4,662 20,660 4,550 6,660 6,757 5,302 14,327 3,344 1,917 3,774 3,920 10,528 CAPITAL ACCOUNTS Capital paid in 690 ! 32 183 35 61 35 46 102 24 16 29 39 88 Surplus 1 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 179 9 48 9 14 13 10 _. 3J0 6 3 7 8 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 87,939 4,735 21,068 4,628 6,795 6.839 5.401 14.558 3.397 1.951 3.838 4.004 10.725 Contingent liability on ace :eptances purchased for fore:L gn correspondents 239 12 3/ 63 12 21 12 16 36 8_ 5_ 10 13 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 51,497 2,930 12,074 2,835 4,207 4,541 2,725 9,019 1,947 894 1,928 1,989 6,408 Collateral for F. R. notes: Gold certificate account 3,300 250 500 300 510 580 -- 1,000 155 5 U. S. Government securities 49,700 2,730 11,800 2,700 3,750 4.020 2.900 8.250 1.880 915 1.975 2.030 6.750 Total collateral 53,000 2,980 12,300 3,000 4,260 4,600 2,900 ' 9,250 2,035 915 1,975 2,035 6,750 1/ After deducting $ 92 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