H.4.1 Factors Affecting Reserve Balances of Depository Institutions

VPJ2S&-. ^ T^ Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release November 19, 1970 The average of daily figures of total reserves of member banks increased $99 million to $28,812 million in the latest statement week. Required reserves increased while excess reserves and member bank borrowings at Federal Reserve Banks both decreased. The major factors draining reserves in the latest week were a somewhat greater than seasonal rise in currency in circulation and a decline in other F.R. assets. Float, which normally rises sharply in the middle of the month, declined contraseasonally by $168 million. System Open Market operations supplied $786 million of reserves net, on a weekly average basis, through outright purchases and repurchase agreements. Member bank borrowings declined below the average of the past three weeks and exceeded excess reserves by $127 million compared with the revised figure of $160 million for the previous week. It should be noted that $80 million is being added currently to preliminary figures for float, reserves at Federal Reserve Banks and excess reserves to correct for average upward revisions in these figures. This is an increase from the $50 million added since the beginning of the year to better approximate the recent adjustments. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 18, Nov. 11, 1 Nov. 19, Nov. 18, and related items 1970 1970 1 1969 1970 Reserve Bank credit: (ITi millionso f dollars) U.S. Government securities— Bought outright—System account 59,943 + 509 +3,198 1/60,097 Held under repurchase agreements 590 + 202 + 590 464 Federal Agency obligations— Held under repurchase agreements 119 •4- 62 + 119 153 Acceptances Bought outright 36 -- 7 36 Held under repurchase agreements 52 + 13 + 52 71 Discounts and advances-- Member bank borrowings 332 113 739 325 Other Float 2,949 - 168 + 57 3,255 Other F. R. assets 1,382 - 260 - 998 1,019 Total Reserve Bank credit 65,403 + 245 +2,272 65,420 Gold stock 11,117 — + 750 11,117 Special Drawing Rights certif. acct. 400 — + 400 400 Treasury currency outstanding 7,099 + 2 + 290 7,101 84,019 + 248 +3,711 84,038 Currency in circulation 55,961 + 309 +3,410 56,060 Treasury cash holdings 451 + 3 - 211 463 Treasury deposits with F, R. Banks 899 - 89 - 175 837 Foreign deposits with F. R. Banks 153 - 17 + 6 124 Other deposits with F. R. Banks 716 - 42 + 280 703 Other F. R. liabilities and capital 2,145 - 234 + 77 2,162 Member bank reserves: 60,326 - 70 +3,387 60,349 With Federal Reserve Banks 23,692 + 316 + 322 23,689 Currency and coin 5,120 - 217 + 521 5,120 Total reserves held 28,812 + 99 + 843 28,809 Required reserves 28,607 + 179 + 784 28,607 Excess reserves 205 - 80 + 59 202 NOTE: A net of $160 million of surplus reserves were eligible to be carried forward from the week ended November 11, into the week ending November 18. 1/ Includes $116 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. On November 18, 1970, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $10,647 million, an increase of $229 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. 18, Nov. 11, Nov. 19, 1970 1970 1969 A S S E TS Gold certificate account 10, 827 — mm + 791 Special Drawing Rights certif• acctss. * 400 — + 400 Cash (720) 223 + 4 + 93 Discounts and advances 325 - 228 - 327 Acceptances: Bought outright 36 -.- 9 Held under repurchase agreements 71 + 71 + 71 Federal Agency obligations— Held under repurchase agreements 153 + 153 + 153 U. S. Government securities : Bought outright-- Bills 24,607 +1,311 +2,692 Certificates Notes 32,758 +1,366 Bonds 2,732 - 764 Total bought outright 1/ 60,097 +1,311 +3,294 Held under repurchase agreements 464 + 464 + 464 Total U. S. Government securities 60,561 +1.775 +3,758 Total loans and securities 61,146 +1,771 +3,646 Cash items in process of collection (3,061) 11,951 +1,939 +1,015 Bank premises 127 + 14 Other assets 2,/ 892 - 651 -1,004 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,781) 85,566 +3,063 +4,955 Federal Reserve notes (720) 49,355 + 43 +3,050 Deposits: Member bank reserves 23,689 +2,428 +1,050 U. S. Treasurer—general account 837 - 673 - 262 Foreign 124 17 23 Other 3/ 703 - 47 + 305 Total deposits 25,353 +1,691 +1,070 Deferred availability cash items (3,061) 8,696 +1,559 + 760 Other liabilities and accrued dividends 603 + 3 + 18 TOTAL LIABILITIES (3,781) 84,007 +3,296 +4,898 C A P I T AL A C C O U N TS Capital paid in 692 + 2 + 27 Surplus 669 + 39 —• Other capital accounts 198 • 235 9 Contingent liability on acceptances purchased for foreign correspondents 246 — + 101 * Figures in parentheses are the eliminations made in the consolidating process, JL/ Ihcludes $116 million securities loaned—fully sec ured by U.S. Government securities pledged with Federal Reserve Banks. 27 Includes assets denominated in foreign currencies and IMF gold deposited 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 18, 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 318 79 4,065 +1,529 16 days to 90 days 7 28 10,423 - 987 91 days to 1 year -- — 21,067 +7,747 Over 1 year to 5 year*ss — 18,644 -6,712 Over 5 years to 10 yesaarrss — 5,910 + 386 Over 10 years —->_ — 605 - 35 Total 325 107 60,714 +1,928 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 18, 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 10,827 536 2,085 567 996 1,117 587 1,930 424 203 321 594 1,467 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 720 92 142 38 25 47 179 29 17 28 31 18 74 Other cash 223 10 22 10 25 14 30 32 12 7 16 15 30 Discounts and advances | 325 17 10 5 •*• 273 * 2 10 8 Acceptances: Bought outright 36 -- 36 — -- -- -- -- -- -- -- -- -- Held under repurchase agreements 71 -- 71 __ -- -- -- -- -- __ __ __ __ Federal Agency obligations-- Held under repurchase agreements j 153 153 - _ _ - U. S. Government securities: Bought outright— Bills | 24,607 1,238 6,212 1,272 1,916 1,865 1 ,254 3,964 895 481 957 1,078 3,475 Certificates 1 -- -- -- -- -- -- — -- -- -- -- — Notes 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 jL/* 60,097 3,023 15,172 3,106 4,679 4,555 ~T, 063 9,681 ~T, 186 1,174 2,338 2,633 8,487 Held under repurchase agreements \ 464 -- 464 -- — — — -- -- -- — -- -- Total U. S. Government securities 60,561 3,023 15,636 3,106 4,679 4,555 ~3~, 063 9,681 ~ ,186 1,174 2,338 2,633 8,487 Total loans and securities 61,146 3,023 15,913 3,116 4,679 4,560 3 ,063 9,954 2 ,186 1,176 2,348 2,633 8,495 Cash items in process of collection 15,012 878 2,769 747 1,121 1,160 1 ,331 2,635 749 554 919 857 1,292 Bank premises 127 2 8 2 12 11 17 17 12 11 18 8 9 Other assets 2/ 892 47 361 44 57 45 39 104 23 14_ 28 37 93 TOTAL ASSETS , 89,347 4,611 21,393 4,547 6,948 6,990 5 ,268 14,771 3 ,438 2,000 3,696 4,176 11,509 \J Includes $116 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. * 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 NOVEMBER 18, 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 50,075 2,842 11,818 2,851 4,109 4,504 2,540 8,803 1,895 860 1,840 1,869 6,144 Deposits: Member bank reserves 23,689 828 6,349 932 1,680 1,247 1,427 3,562 809 592 954 1,462 3,847 U. S. Treasurer—general account 837 56 108 57 32 127 69 49 73 29 61 59 117 Foreign 124 6 1/ 32 6 11 7 8 19 4 3 5 7 16 Other 703 1 2/651 3 3 10 1 6 1 2 3 1 21 Total deposits 25,353 891 7,140 998 1,726 1,391 1,505 3,636 887 626 1,023 1,529 4,001 Deferred availability cash items 11,757 775 1,862 589 928 968 1,093 2,001 582 468 745 667 1,079 Other liabilities and accnl ed dividends 603 30 159 30 47 44 30 97 21 12 23 26 84 TOTAL LIABILITIES 87,788 4,538 20,979 4,468 6,810 6,907 5,168 14,537 3,385 1 ,966 3,631 4,091 11,308 CAPITAL ACCOUNTS Capital paid in 692 32 184 35 62 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 198 9 53 10 16 14 11 33 6 3 8 9 26 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 89,347 4,611 21,393 4,547 6,948 6,990 5,268 14,771 3,438 2 ,000 3,696 4,176 11,509 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 2,969 12,318 2,917 4,241 4,620 2,709 9,060 1,997 896 1,919 2,012 6,448 Collateral for F. R. notes: Gold certificate account 250 500 300 510 610 1,000 155 5 U. S. Government securities 2.770 12.000 2.700 3.900 4.075 2.900 8.250 l 930 -215 1,975 2,Q$0 6,750 f Total collateral 3,020 12,500 3,000 4,410 4,685 2,900 9,250 2,085 915 1,975 2,085 6,750 JL/ After deducting $ 92 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