H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release October 29, 1970 The average of daily figures of total reserves of member banks decreased $496 million to $28,406 million. Required reserves, excess reserves, and member bank borrowings at Federal Reserve Banks all declined. A seasonal decline in currency in circulation was the major factor supplying reserves during the latest statement week. Reserves were drained in significant amounts by a seasonal decline in float and a modest rise in Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed $326 million in reserves net, on a weekly average basis. Most of this reserve absorption was through the run off repurchase agreements made in the previous week. Member bank borrowings were below the average of the previous two weeks and exceeded excess reserves by $291 million compared with the revised figure of $388 million for the previous week. Averaej es of daily figures Member bank reserves, Week ended Changei from week ended Wednesday, Reserve Bank credit, Oct. 28, Oct. 21, Oct. 29, Oct. 28, and related items 1970 1970 1969 1970 Reserve Bank credit: (Irt millions of dollars) U.S. Government securities— Bought outright--Systera account 59,287 - 63 +4,730 1/ 59,283 Held under repurchase agreements — - 205 -- — Federal Agency obligations- Held under repurchase agreements -- 44 — -- Acceptances Bought outright 35 - — 5 36 Held under repurchase agreements -- 14 -- — Discounts and advances— Member bank borrowings 435 153 744 417 Other Float 2,982 . 339 + 605 2,822 Other F. R. assets 1,778 + 17 -1,339 1,821 Total Reserve Bank credit 64,516 - 803 +3,246 64,379 Gold stock 11,117 -- + 750 11,117 Special Drawing Rights certif. acct. 400 -- + 400 400 Treasury currency outstanding 7,075 + 5 + 283 7,080 83,109 - 797 +4,680 82,976 Currency in circulation 55,015 - 213 +3,365 55,115 Treasury cash holdings 459 + 4 - 201 472 Treasury deposits with F. R. Banks 1,182 + 72 + 237 1,271 Foreign deposits with F. R. Banks 145 + 15 + 28 197 Other deposits with F. R. Banks 711 - 35 + 261 713 Other F. R. liabilities and capital 2,205 + 51 + 120 2,225 59,716 - 107 +3,810 59,993 Member bank reserves: With Federal Reserve Banks 23,393 - 690 + 871 22,983 Currency and coin 5,013 + 194 + 363 5 013 ? Total reserves held 28,406 - 496 +1,234 27,996 Required reserves 28,262 - 440 +1,170 28,262 Excess reserves 144 - 56 + 64 - 266 NOTE: A net of $88 million of surplus reserves were eligible to be carried forward from the week ended October 21, into the week ending October 28. J7 Includes $37 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On October 28, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international account were $9,907 million, a decrease of $116 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 Oct. 28, I Oct. 21, Oct. 29, _1970 I 1970 1969 A S S E TS Gold certificate account 10,819 -- + 783 Special Drawing Rights certif. accts. * 400 — + 400 Cash (949) 223 1 + 79 Discounts and advances 417 - 862 - 758 Acceptances: Bought outright 36 «... 4 Held under repurchase agreements 10 Federal Agency obligations-- Held under repurchase agreements 32 U. S. Government securities : Bought outright- E m* 2233,,779933 26 +3,835 Certificates Notes 32,758 +1,401 Bonds 2,732 - 736 Total bought outright 1/ 59,283 26 +4,500 Held under repurchase agreements mm 294 Total U. S. Government securities 59,283 - 320 +4,500 Total loans and securities 59,736 -1 ,224 +3,738 Cash items in process of collection (2,558) 9,859 803 + 904 Bank premises 125 + 12 Other assets 2/ 1,696 + 59 -1,210 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,507) 82,858 -1 ,969 +4,706 LI A B I L^ T^ E S Federal Reserve notes (949) 48,432 83 +2,975 Deposits: Member bank reserves 22,983 -1,414 + 856 U. S. Treasurer—general account 1,271 + 118 + 216 Foreign 197 + 90 + 78 Other 3/ 713 __ + 251 Total deposits 25,164 -1,206 +1,401 Deferred availability cash items (2,558) 7,037 - 724 + 208 Other liabilities and accrued dividends 570 24 + 48 TOTAL LIABILITIES (3,507) 81,203 -2,037 +4,632 C A P I T AL A C C O U N TS Capital paid in 690 + 25 Surplus 669 + 39 Other capital accounts 296 68 + 10 Contingent liability on acceptances purchased for foreign correspondents 238 + 89 * Figures in parentheses are the eliminations made in the consolid ating process. JV Includes $37 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. J2/ Includes assets denominated in foreign currencies and IMF gold deposited 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, OCTOBER 28, 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 410 14 3,597 -188 16 days to 90 days 7 22 11,139 + 9 91 days to 1 year — -- 13,027 -173 Over 1 year to 5 year•ss — 25,356 --. Over 5 years to 10 jars — 5,524 — Over 10 years — — 640 -- Total 417 36 59,283 -352 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 OCTOBER 28, 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 10,819 632 2,658 695 975 1,030 514 2,128 510 205 559 353 560 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 949 122 216 58 45 59 182 40 22 41 43 28 93 Other cash 223 11 21 10 25 15 30 32 12 8 16 14 29 -» Discounts and advances 417 12 92 3 2 5 11 272 5 8 2 4 Acceptances: Bought outright 36 -~ 36 -- -- -- _-. -- - - - _ _ «, «, — «. «. Held under repurchase agreements „._ «. — _ «. «._ __ .. — m. .. — — _ _ _ — — mm -- Federal Agency obligations- Held under repurchase agreements •" •" •" •» ™ "" — _ •"*" ~ "* — — -" — — — -- — - -- -- U. S. Government securities: Bought outright— Bills 23,793 1,212 5,987 1,215 1,873 1,792 1 ,236 3,857 835 466 916 1,076 3,328 Certificates — — -- -- -- -- -- -- -- -- -- __ -_ Notes 32,758 1,669 8,244 1,672 2,579 2,467 1 ,702 5,31.1 1,149 641 1 ,261 1,481 4,582 Bonds 2,732 139 688 139 215 206 142 443 96 53 105 124 382 Total bought outright 1/ 59,283 3,020 14,919 3,026 4,667 4,465 ~T, 080 9,611 2,080 ~T, 160 2 ,282 2,681 8,292 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- TotalU, S. Government securities 59,283 3,020 i4,9iq 3,026 4,667 4,465 3 ,080 9,611 2,080 I J 60 2 ,282 2,681 8,292 Total loans and securities 59,736 3,032 15,047 3,029 4,669 4,470 3 ,091 9,883 " 2,085 i ,161 2 ,290 2,683 8,296 Cash items in process of collection 12,417 737 2,398 597 905 888 1 ,148 2,017 587 476 771 821 1,072 Bank premises 125 2 8 2 11 11 17 17 12 10 18 8 9 Other assets 27 1,696 86 571 82 123 102 87 229 51 32 59 75 199 TOTAL ASSETS 86,365 4,645 21,012 4,496 6,786 6,611 5 ,091 14,416 3,294 l ,940 3 ,771 3,996 10,307 l_/ Includes $37 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 OCTOBER 28, 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 X ES Federal Reserve notes 49,381 2,801 11,651 2,766 4,038 4,453 2,505 8,697 1,860 853 1,823 1,847 6,087 Deposits: Member bank reserves 22,983 967 6,402 991 1,717 1,167 1,426 3,668 781 565 1,068 1,357 2,874 U. S. Treasurer—general account 1,271 88 203 116 78 102 81 93 93 60 105 83 169 Foreign 197 8 1/ 72 9 15 9 11 25 6 4 7 9 22 Other 713 2 2/663 3 1 11 1 6 2 2 2 1 19 Total deposits 25,164 1,065 7,340 1,119 1,811 1,289 1,519 3,792 882 631 1,182 1,450 3,084 Deferred availability cash items 9,595 672 1,441 499 747 735 932 1,586 476 407 676 583 841 Other liabilities and accrit.e d dividends 570 29 143 28 46 42 30 91 20 13 22 26 80 TOTAL LIABILITIES 84,710 4,567 20,575 4,412 6,642 6,519 4,986 14,166 3,238 1,904 3,703 3,906 10,092 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 296 14 77 15 23 23 16 49 9 5 11 14 40 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 86,365 4,645 21,012 4,496 6,786 6,611 5,091 14,416 3,294 1,940 3,771 3,996 10,307 Contingent liability on acee ptances purchased for foreig n correspondents 238 12 3/ 63 12 21 12 16 35 8 5 10 13 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 51,618 2,945 12,203 2,841 4,201 4,580 2,688 8,977 1,957 891 1,915 2,005 6,415 Collateral for F. R. notes: Gold certificate account 3,300 250 500 300 510 580 1,000 155 5 U. S. Government securitie s 49,755 2,730 11,800 2,700 3,750 4,075 2,900 8,250 1,880 915 1,975 2,030 6,750 Total collateral 53,055 2,980 12,300 3,000 4,260 4,655 2,900 9,250 2,035 915 1,975 2,035 6,750 17 After deducting $125 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $175 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis