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 December 3, 1970 The average of daily figures of total reserves of member banks increased $454 million to $28,857 million in the latest week. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. The major factor absorbing reserves in the latest statement week was a decline in float of $378 million. This drop in float was somewhat greater than seasonal. Reserves were further drained by a seasonal rise in currency in circula tion and an increase in other F.R. liabilities and capital. System Open Market operations provided $967 million in reserves net, on a weekly average basis. These reserves were supplied in roughly equivalent amounts through repurchase agreements and outright purchases of securities, the latter including some buying of coupons toward the end of the statement week. Member bank borrowings averaged $454 million and exceeded excess reserves by $60 million compared with the unrevised figure of $327 million for the previous week. Averages of daily figures Member bank reserves, Week ended Chang e from week ended Wednesday, Reserve Bank credit, Dec. 2, Nov . 25, Dec. 3, Dec. 2, and related items 1970 1970 1969 1970 Reserve Bank credit: (Irt millions of dollars) U.S. Government securities— Bought outright—System account 60,866 + 516 +3,555 1/ 61,142 Held under repurchase agreements 427 + 337 + 268 " 1,357 Federal Agency obligations-- Held under repurchase agreements 85 73 76 235 Acceptances Bought outright 36 _ 1 - 14 38 Held under repurchase agreements 46 + 42 + 41 145 Discounts and advances-- Member bank borrowings 454 19 737 311 Other Float 2,832 .. 378 + 293 2,691 Other F. R. assets 952 - 61 -1,056 964 Total Reserve Bank credit 65,698 + 547 +2,425 66,883 Gold stock 11,117 -- + 750 11,117 Special Drawing Rights certif. acct. 400 -- + 400 400 Treasury currency outstanding 7,108 + 3 + 285 7,113 84,324 + 551 +3,862 85,513 Currency in circulation 56,355 + 315 +3,291 56,504 Treasury cash holdings 452 - 4 - 207 458 Treasury deposits with F. R. Banks 720 - 27 - 302 474 Foreign deposits with F. R. Banks 130 - 5 + 7 152 Other deposits with F. R. Banks 719 + 38 + 264 752 Other F. R. liabilities and capital 2,296 + 88 + 58 2,356 60,671 + 404 +3,110 60,696 Member bank reserves: With Federal Reserve Banks 23,652 + 145 + 750 24,817 Currency and coin 5,205 + 309 + 370 5,205 Total reserves held 28,857 + 454 +1,120 30,022 Required reserves 28,463 + 168 + 929 28,463 Excess reserves 394 + 286 + 191 1,559 NOTE: A net of $70 million of surplus reserves were eligible to be carried forward from the week ended November 25, into the week ending December 2. On December 2, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $11,010 million, an increase of $196 million for the week. \J Includes $34 million securities loaned — fully secured by U. S. Government securities pledged with Federal Reserve Banks. 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 Dec. 2, Nov. 25, Dec. 3, 1970 1970 1969 A S S E TS Gold certificate account 10,827 + 791 Special Drawing Rights certif. accts. 400 + 400 Cash (748) 214 3 + 96 Discounts and advances 311 - 833 - 503 Acceptances: Bought outright 38 + 2 _ 15 Held under repurchase agreements 145 + 118 + 137 Federal Agency obligations-- Held under repurchase agreements 235 + 149 + 215 U. S. Government securities : Bought outright— Bills 25,363 + 515 +2,595 Certificates Notes 32,973 + 109 +1,581 Bonds 2,806 + 24 - 690 Total bought outright 1/ 61,142 + 648 +3,486 Held under repurchase agreements 1,357 + 728 +1,201 Total U. S. Government securities 62,499 +1,376 +4,687 Total loans and securities 63,228 + 812 +4,521 Cash items in process of collection (2,834) 10,688 + 789 + 607 Bank premises 126 1 + 13 Other assets 2/ 838 72 -1,092 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (3,582) 86,321 +1,525 +5,336 L I A B I L I T I ES Federal Reserve notes (748) 49,773 + 166 +2,904 Deposits: Member bank reserves ,817 + 784 +2,264 U. S. Treasurer—general account 474 - 331 - 793 Foreign 152 + 35 + 39 Other 3/ 752 + 90 + 287 Total deposits 26,195 + 578 +1 ,797 Deferred availability cash items (2,834) 7,997 + 661 + 565 Other liabilities and accrued dividends 656 + 49 + 6 TOTAL LIABILITIES (3,582) 84,662211 +1, 454 +5,272 £ A P J 1 T AL A C C O U N TS Capital paid in 694 + 1 + 28 Surplus 669 — + 39 Other capital accounts 337 '^ 70 3 Contingent liability on acceptances purchased for foreign correspondents 242 _ 4 + 97 * Figures in parentheses are the eliminations made in the consolidating process. \J Includes $34 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2/ Incudes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 2, 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 309 151 3,989 + 112 16 days to 90 days 2 32 11,874 +1,151 91 days to 1 year — 21,462 + 131 Over 1 year to 5 years — 18,812 + 88 Over 5 years to 10 years -- 5,966 + 33 Over 10 years — 631 + 10 Total 311 183 62,734 +1,525 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 DECEMBER 2, 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 10,827 505 2,001 650 879 1,054 538 2,203 302 216 276 549 1,654 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 748 | 93 143 41 27 49 189 30 20 27 30 20 79 Other cash 214 9 21 10 23 14 28 28 12 7 16 14 32 Discounts and advances 311 1 2 19 1 — 2 — 281 1 1 4 -- -- Acceptances: Bought outright 38 -- 38 ~ w — -- -- -- -- -- -- -- -- Held under repurchase agreements 145 -- 145 — -- — — — — — -- — Federal Agency obligations-- Held under repurchase agreements 235 --. 235 -- -- U. S. Government securities: Bought outright— Bills 25,363 1,312 6,240 1,322 2,005 1,940 1,316 4,067 939 496 1,004 1,147 3,575 Certificates — — -- -- -- -- -- — -- -- -- -- — Notes 32,973 1,706 8,113 1,718 2,606 2,522 1,710 5,286 1,221 645 1,306 1,492 4 648 S Bonds 2,806 ! 145 69C 146 222 215 146 450 104 55 111 127 395 r Total bought outright 61,142 ! 3,163 15,043 3,186 4,833 4,677 3,172 9,803 2,264 ,196 2,421 2,766 8,618 Held under repurchase agreements 1,357 -- 1,357 «... -- -- -- — -- — -- -- -- Total U. S. Government securities 62,499 3,163 16,40C) 3,186 4,833 4,677 3,172 9,803 2,264 i. ,196 2,421 2,766 8,618 Total loans and securities 63,228 3,165 16,837' 3,187 4,833 4,679 3,172 10,084 2,265 i ,197 2,425 2,766 8,618 Cash items in process of collection 13,522 787 2,374y 717 998 954 1,275 2,321 785 526 875 822 1,088 Bank premises 126 2 £i 2 12 11 17 17 12 11 18 8 8 Other assets \J If 838 | 45 34S| 40_ 52 46_ 35 96_ 22 14 25 31 84 TOTAL ASSETS 89,903 4,629 21,825» 4,670 6,857 6,843 5,276 14,849 3,433 2 ,005 3,680 4,224 11,612 1/ Includes $34 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 DECEMBER 2, 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 50,521 2,869 11,955 2,884 4,139 4,544 2,577 8,856 1,914 864 1,860 1,888 6,171 Deposits: Member bank reserves 24,817 896 6,711 1,043 1,612 1,176 1,491 3,800 792 628 956 1,596 4,116 U. S. Treasurer--general account 474 29 92 55 19 98 38 30 39 20 31 13 10 Foreign 152 7 1/ 49 7 12 7 9 21 5 3 6 8 18 Other 752 1 2/710 1 -- 11 1 4 .* 3 2 1 18 Total deposits 26,195 933 7,562 1,106 1,643 1,292 1,539 3,855 836 654 995 1,618 4,162 Deferred availability cash items 10,831 715 1,665 562 877 866 1,021 1,784 603 437 730 599 972 Other liabilities and accrued dividends 656 32 194 32 49 46 32 97 22 13 25 28 86 TOTAL LIABILITIES 88,203 4,549 21,376 4,584 6,708 6,748 5,169 14,592 3,375 1,968 3,610 4,133 11,391 CAPITAL ACCOUNTS Capital paid in 694 32 184 35 63 35 46 103 24 16 29 39 88 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 337 16 88 17 26 26 18 55 11 6 13 15 46 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 89,903 4,629 21,825 4,670 6,857 6,843 5,276 14,849 3,433 2,005 3,680 4,224 11,612 Contingent liability on ace: eptances purchased for forei gn correspondents 242 12 3/ 64 12 22 12 16 36 . _ J_L J>_ __JL0_ _JL4 31 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 2,982 12,462 2,956 4,276 4,659 2,768 9,172 2,009 898 1,934 2,010 6,508 Collateral for F. R. notes: Gold certificate account 250 500 300 510 610 -- 1,000 155 5 U. S. Government securities 2,770 12,200 2,800 3,900 4,110 2,900 8,450 1,930 915 1,975 2,080 6,750 Total collateral 3,020 12,700 3,100 4,410 4,720 2,900 9,450 2,085 915 1,975 2,085 6,750 1/ After deducting $ 103 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 178 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis