H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•vo°ys^>; statistical r e l e a se WLRE^V H.4.1 For immediate release November 12, 1970 The average of daily figures of total reserves of member banks increased $61 million to $28,695 million in the latest statement week. Both required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves decreased by a modest amount. An increase in float of $476 million was the major factor supplying reserves in the latest week. The most significant drain on reserves was a rather large seasonal rise in currency in circulation. In addition, System Open Market operations absorbed $70 million in reserves net, on a weekly average basis. This net absorption of reserves in part reflected $750 million in matched sale-purchases placed late in the statement week. Member bank borrowings remained roughly at the level of the preceding two weeks and exceeded excess reserves by $178 million compared with the revised figure of $120 million for the previous week. Averages of daily figures Member bank reserves, Week ended Chang** from week ended Wednesday, Reserve Bank credit, Nov. 11, Nov. 4, 1 Nov. 12, Nov. 11, and related items 1970 1970 1 1969 1970 Reserve Bank credit: (Irt millions 3<f dollars) U.S. Government securities-- 1/ Bought outright--System account 59,434 - 94 +3,504 2/58,786 Held under repurchase agreements 388 + 19 + 321 -- Federal Agency obligations-- Held under repurchase agreements 57 6 + 47 — Acceptances Bought outright 36 -- 6 36 Held under repurchase agreements 39 + 11 + 35 — Discounts and advances-- Member bank borrowings 445 22 - 799 553 •4- Other Float 3,099 + 476 + 787 2,806 Other F. R. assets 1,642 + 9 -1,239 1,670 Total Reserve Bank credit 65,140 + 437 +2,649 63,851 Gold stock 11,117 — + 750 11,117 Special Drawing Rights certif. acct. 400 — + 400 400 Treasury currency outstanding 7,097 + 9 + 293 7,099 83,753 + 445 +4,091 82,467 Currency in circulation 55,652 + 517 +3,338 56,029 Treasury cash holdings 448 - 19 - 222 453 Treasury deposits with F. R. Banks 988 - 53 - 167 1,510 Foreign deposits with F. R. Banks 170 + 1 + 33 141 Other deposits with F. R. Banks 758 + 8 + 311 750 Other F. R. liabilities and capital 2,379 + 87 + 240 2,392 60,395 -f-~54T +3,534 61,275 Member bank reserves: With Federal Reserve Banks 23,358 - 96 + 558 21,192 Currency and coin 5,337 + 157 + 412 5,337 Total reserves held 28,695 + 61 + 970 26,529 Required reserves 28,428 + 97 +1,074 28,428 Excess reserves 267 - 36 - 104 - 1,899 NOTE A net of $189 million of surplus reserves were eligible to be carried forward from the week ended November 4, into the week ending November 11. 1/ Reflects $750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. On November 11, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international account were $10,418 million an increase of $305 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 Nov. 11, Nov. 4, Nov. 12, 197Q 197Q. 1969 A 1 1 £ 1 1 Gold certificate account 10,827 + 791 Special Drawing Rights certif. accts. * 400 + 400 Cash (691) 219 4 + 85 Discounts and advances 553 31 - 142 Acceptances: Bought outright 36 Held under repurchase agreements 28 Federal Agency obligations-- Held under repurchase agreements 51 U. S. Government securities : Bought outright— Bills 23,296 742 +1,824 Certificates Notes 32,758 +1,401 Bonds 2,732 — - 736 Total bought outright 1/ 2/ 58,786 - 742 +2,489 Held under repurchase agreements -- - 331 Total U. S. Government securities 58.786 -1.073 +2.489 Total loans and securities 59,375 -1,183 +2,341 Cash items in process of collection (4,623) 9,943 - 995 + 548 Bank premises 127 + 2 + 14 Other assets 3/ 1,543 + 55 -1,251 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (5,314) 82,434 -2J.25 +2,928 LIAlItlllEs (691) 49,312 + 585 +3,029 Federal Reserve notes Deposits: 21,192 -1,769 - 899 Member bank reserves 1,510 + 316 + 636 U. S. Treasurer—general account 141 22 + 35 Foreign Other 4/ (2,154) 750 + 12 + 302 Total deposits (2,154) 23j593 -1,463 + 74 Deferred availability cash items (2,469) 7,137 -1,312 - 560 Other liabilities and accrued dividends - 2. + 31 TOTAL LIABILITIES (5,314) 80,642 +2,574 -2,193 C A P I T AL A C C O U N TS Capital paid in 690 + 24 Surplus 669 + 39 Other capital accounts 433 - 68 + 291 Contingent liability on acceptances purchased for foreign correspondents 246 + 7 + 101 * Figures in parentheses are the eliminations made in the consolidating process, J7 Reflects $750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $73 million securities loaned—fully secured by IK S. Government securities pledged with Federal Reserve Banks. ZJ Includes assets denominated in foreign currencies and IMF gold deposited. 47 Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, November 11, 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 553 9 2,536? -2,168 16 days to 90 days -- 27 11,410 + 867 91 days to 1 year -- -- 13,320 + 177 Over 1 year to 5 year•ss -- 25,356 -- Over 5 years to 10 yesaarrss -- 5,524 — Over 10 years — —i— 640 — Total 553 36 58,786 -1,124 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 NOVEMBER 11, 1970 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) A S S E TS Gold certificate account 10,827 853 2,36S > 635 981 1,128 686 1,955 424 229 363 452 752 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 691 100 127 30 28 44 166 25 10 32 37 18 74 Other cash 219 1 10 22 9 24 14 29 31 11 7 16 15 31 Discounts and advances 553 1 253 1 19 .... 271 a. m. mm ^ 6 2 Acceptances: Bought outright 36 1 36 -- -- -_ -- --. -- —— .«, »» Held under repurchase agreements -- __ «- -- «... «. — . «» M Mw — m, a» w Federal Agency obligations-- Held under repurchase agreements —— OTM —- «.•» Imim U. S. Government securities: Bought outright— Bills 23,296 1,172 5,881. 1,204 1,813 1,766 1,187 3,753 847 456 906 1 ,021 3 j 290 Certificates — — — — — — — — — — -- -- -- Motes 32,758 1,648 8,270 1,693 2,550 2,483 1,670 5,277 1,192 640 1,274 1 ,435 4,626 Bonds 2,732 137 690 141 213 207 139 440 99 53 107 120 386 Total bought outright 1/2/ | 58,786 2,957 14,841 3,038 4,576 4,456 2,996 9,470 2,138 1,149 2,287 2~, 576 8,302 Held under repurchase agreements — — — __ — — -- -- — -- -- -- -- Total U. S. Government securities 58,786 2,957 14,841 3.038 4,576 4,456 2,996 9,470 2.138 1,149 2,287 2 ,576 8,302 Total loans and securities 59,375 2,958 15,130 3,038 4,577 4,475 2,996 9,741 2,138 1,149 2,293 2 ,578 8,302 Cash items in process of collection 14,566 668 2,230 743 823 1,257 1,804 2,004 618 711 729 1 ,198 1,781 Bank premises 1 127 2 8 2 12 11 17 17 12 11 18 8 9 Other assets 3/ 1.543 78 522; 79. 108 96 72 206 47 27_ 53 73 182 TOTAL ASSETS ' 87,748 4,692 20,501. 4,559 6,586 7,061 5,792 14,049 3,275 2,173 3,524 4 ,356 11,180 17 Reflects $750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, 2/ Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ 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 NOVEMBER 11, 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 50,003 2,826 11,806 2,820 4,088 4,488 2,536 8,797 1,892 858 1,842 1,865 6,185 Deposits: Member bank reserves 21,192 942 5,885 943 1,498 1,139 1,305 3,239 783 580 925 1,346 2,607 U. S. Treasurer—general account 1,510 69 194 72 63 201 170 102 26 72 70 118 353 Foreign 141 7 1/ 31 8 13 8 10 22 5 3 6 8 20 Other 2,904 1 7/678 5 3 325 548 18 2 229 3 337 755 Total deposits 25,747 1,019 6,788 1,028 1,577 1,673 2,033 3,381 816 884 1,004 1,809 3,735 Deferred availability cash items 9,606 733 1,280 589 721 755 1,081 1,502 484 380 582 560 939 Other liabilities and accril ed 600 30 154 31 45 44 30 96 22 12 23 26 87 dividends TOTAL LIABILITIES 85,956 ! 4,608 20,028 4,468 6,431 6,960 5,680 13,776 3,214 2,134 3,451 4,260 10,946 CAPITAL ACCOUNTS Capital paid in 690 32 183 35 61 35 46 102 24 16 29 39 O o O o Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 433 20 113 22 34 32 23 72 14 8 16 20 59 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 87,748 4,692 20,501 4,559 6,586 7,061 5,792 14,049 3,275 2,173 3,524 4,356 11,180 Contingent liability on ace: eptances purchased for forei- gn correspondents 246 12 3/ 65 13 22 13 16 36 8 5 10 14 32 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,948 12,260 2,886 4,204 4,609 2,7.21 9,032 1,964 892 1,926 2,008 6,454 Collateral for F. R. notes: Gold certificate account 250 500 300 510 580 1,000 155 5 U. S. Government securities 2,730 12,000 2.700 3.750 4.075 2.900 8.250 1.880 915 1.975 2.030 6,750 Total collateral 2,980 12,500 3,000 4,260 4,655 2,900 9,250 2,035 915 1,975 2,035 6,750 JL/ After deducting $110 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $181 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis