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 ••i*«SS^*' Condition Statement of F.R. Banks H.4.1 For immediate release September 24, 1970 The average of daily figures of total reserves decreased $583 million in the latest week to $28,267 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. Several factors supplied important amounts of reserves in the latest statement week. Float increased by $497 million. This source of reserves was augmented by a greater than seasonal decline in currency in circulation and a decrease in other Federal Reserve liabilities and capital. These reserve gains were in some part offset by a rise in Treasury deposits with Federal Reserve Banks. In addition Open Market operations drained reserves by $942 million net, on a weekly average basis. Over a third of this reserve reduction was through matched sale-purchase agreements. Member bank borrowings dropped by a modest amount and exceeded excess reserves by $638 million compared to the revised figure of $235 million for the previous week. Averasj es of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 23, Sept . 16, Sept. 24, Sept. 23, and related items 1970 1970 1969 1970 Reserve Bank credit: (Ini millions o:f dollars) U.S. Government securities— Bought outright—System account 59,309 - 358 +5,583 1/ 59,694 Held under repurchase agreements -- - 506 90 -- Federal Agency obligations— Held under repurchase agreements -- 38 12 — Acceptances Bought outright 39 + 2 36 mm ~ Held under repurchase agreements -- 40 7 -- Discounts and advances-- Member bank borrowings 458 42 • 648 1,373 Other Float 3,261 + 497 + 441 2,740 Other F. R. assets 1,215 + 9 -1,852 1,238 Total Reserve Bank credit 64,281 - 479 +3,416 65,081 Gold stock 11,331 - 36 + 964 11,117 Special Drawing Rights certif. acct. 400 -- + 400 400 Treasury currency outstanding 7,050 + 2 + 289 7,050 83,062 - 513 +5,070 83,648 Currency in circulation 54,864 - 381 +3,549 54,804 Treasury cash holdings 451 - 11 - 225 456 Treasury deposits with F. R. Banks 1,117 + 137 - 51 1,032 Foreign deposits with F. R. Banks 129 - 21 5 138 Other deposits with F. R. Banks 760 - 8 + 325 725 Other F. R. liabilities and capital 2,191 - 152 + 202 2,216 59,512 - 435 +3,794 59,371 Member bank reserves: With Federal Reserve Banks 23,551 - 77 +1,277 24,278 Currency and coin 4,716 - 506 + 59 4,716 Total reserves held 28,267 - 583 +1,336 28,994 Required reserves 28,447 - 138 +1,720 28,447 Excess reserves - 180 - 445 - 384 1 547 NOTE: A net of $210 million of surplus reserves were eligible to be carried forward from the week ended September 16, into the week ending September2 3. 1/ Includes $61 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. On September 23, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international account were $9,284 million, an increase of $130 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. 23, Sept. 16, Sept . ^4, 1970 1970 1969 A S S E TS Gold certificate account 10,819 • 226 + 792 Special Drawing Rights certif. accts. 400 — + 400 Cash (1,02*4) 217 + 6 + 64 Discounts and advances 1,373 +1,163 - 152 Acceptances: Bought outright 36 3 _ 1 Held under repurchase agreements __ -- - 23 Federal Agency obligations- Held under repurchase agreements 36 U. S. Government securities : Bought outright-- Bills 24,289 + 660 +5,363 Certificates Notes 32, 690 +2,137 Bonds 2,7 15 -1,428 Total bought outright 1/ 59,694 + 660 +6,072 Held under repurchase agreements - 310 Total U. S. Government securities 59,^94" +~~660 +5,762 Total loans and securities 61,103 +1,820 +5,550 Cash items in process of collection (2,743) 10,415 -1,446 + 945 Bank premises 122 — + 8 Other assets £/ 1,116 55 -2,055 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,767) 84,192 + 99 +5,704 k 1 A 1 Ik 11 1H Federal Reserve notes (1,024) 48,128 - 371 +3,101 Deposits: Member bank reserves 24,278 +1,620 +1,770 U. S. Treasurer—general account 1,032 + 36 - 171 Foreign 138 + 12 11 Other 3/ 725 32 + 286 z Total deposits 26 ,173 +1,636 +1 ,874 Deferred availability cash items (2,743) 7 ,675 -1,230 + 518 Other liabilities and accrued dividends 611 - 3 + 135 TOTAL LIABILITIES (3,767) 82,587 + 32 +5,628 C A P I T AL A C C O U N TS + 24 Capital paid in*" ~ 690 + 39 Surplus 669 Other capital accounts 246 67 + 13 Contingent liability on acceptances purchased 74 for foreign correspondents 234 * Figures in parentheses are the eliminations made in the consoldia ting process. 17 Includes $61 million securities loaned—fully secured by U. S.G overnment 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, SEPTEMBER 23, 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 1,371 10 2,964 +641 16 days to 90 days 2 26 11,676 -202 91 days to 1 year -- -- 13,607 +221 Over 1 year to 5 years •s -- 25,326 -- Over 5 years to 10 years sars — 5,491 __ Over 10 years —i — 630 — Total 1,373 36 59,694 +660 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 23, 1970 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco ______ t , (In millions of dollars) A S S E TS Gold certificate account 10,819 799 1,990 654 1,045 1,081 539 1,634 354 125 341 595 1,662 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1 1,024 116 206 77 56 79 170 48 27 42 48 27 128 Other cash ! 217 10 24 11 24 13 29 29 13 7 14 14 29 Discounts and advances ! 1,373 76 609 5 9 28 7 315 22 5 3 3 291 Acceptances: Bought outright 36 — 36 -- -- — -- — -- — -- -- -- Held under repurchase agreements — — — — — — — -- -- -- -- -- -- Federal Agency obligations— Held under repurchase agreements I [ — — — — — — -- — — — U. S. Government securities: Bought outright— Bills 24,289 1,220 6,177 1,228 1,874 1,806 1 ,285 3,978 869 498 964 1,081 3,309 Certificates -- -- -- -- -- -- -- -.-. -- -- -.. -- -- 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 r Total bought outright \j 59,694 2,997 15,180 3,017 4,606 4,439 ~T, 159 9,778 2,137 ,222 2 ,370 2,657 8,132 Held under repurchase agreements ~" -- — -- -- -- -- -- Total U. S. Government securities 59,694 2,997 15,180 3,017 4,606 4,439 ~TJ 39~ 9,778 2,137 1 ,222 2~, 370 2,657 87T3T Total loans and securities 61,103 3,073 15,825 3,022 4,615 4,467 3 ,166 10,093 2,159 1 ,227 2 ,373 2,660 8,423 Cash items in process of collection 13,158 646 2,397 710 909 966 1 ,306 2,179 700 492 907 758 1,188 Bank premises 122 2 8 2 10 11 17 17 11 9 18 8 9 Other assets 2j 1,116 57 424 51_ 74 66_ 50 140 31. 21 40 43 119 TOTAL ASSETS 87,959 4,726 20,967 4,550 6,766 6,719 5 ,299 14,210 3,310 1 ,930 3 ,756 4,119 11,607 1/ Includes $61 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

11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 23, 1970 ~Tan 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 49,152 2,800 11,573 2,749 4,021 4,387 2,527 8,687 1,857 853 1,830 1,842 6,026 Deposits: Member bank reserves 24,278 1,056 6,311 1,085 1,668 1,245 1,469 3,369 815- 571 1,029 1,490 4,170 U. S. Treasurer—general account 1,032 65 245 32 56 96 69 111 47 39 59 71 142 Foreign 138 6 1/ 42 7 12 7 8 19 4 3 6 7 17 Other 725 2/653 3 15 2 26 2 1 2 2 19 Total deposits 26,173 1,127 7,251 1,127 1,736 1,363 1,548 3,525 868 614 1,096 1,570 4,348 Deferred availability cash items 10,418 692 1,561 562 821 837 1,090 1,658 509 413 740 593 942 Other liabilities and accnt ed dividends 611 31 156 31 47 44 32 99 21 14 24 27 85 TOTAL LIABILITIES 86,354 4,650 20,541 4,469 6,625 6,631 5,197 13,969 3,255 1,894 3,690 4,032 11,401 CAPITAL ACCOUNTS Capital paid in 690 32 183 35 61 35 46 102 24 16 29 39 88 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 246 12 66 12 20 19 13 40 8 5 9 11 31 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 87,959 4.726 20.967 4.550 6.766 6.719 5.299 14.210 3.310 1.930 3.756 4.119 11.607 . Contingent liability on acee ptances purchased for foreig n correspondents 234 11 3/ 62 12 21 12 15 35_ 8_ 5_ 10 I3_ 30 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 2,942 12,108 2,833 4,210 4,547 2,710 9,028 1,949 892 1,930 1,988 6,396 Collateral for F. R. notes: Gold certificate account 250 500 300 510 580 1,000 155 U. S. Government securities 2,730 11,800 2,700 3,750 4,020 2.900 8.250 1.880 915 l,97g 2,030 6,750 Total collateral 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 $ 96 million participations of other Federal Reserve Banks, 27 Includes IMF gold deposit, 3/ After deducting $ 172 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis