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 •.f*tt&e Condition Statement of F.R. Banks H.4.1 For immediate release December 10, 1970 The average of daily figures of total reserves of member banks decreased $166 million to $28,710 million in the latest week. Required reserves increased while excess reserves and member bank borrowings declined, A seasonal increase in float and a modest decrease in Treasury deposits with Federal Reserve Banks were the major factors supplying reserves in the latest statement week. Offsetting these reserve gains was a seasonal increase in currency in circulation. In addition, System open market operations absorbed $138 million in reserves, net on a weekly average basis. Member bank borrowings declined significantly from the $445 million average of the previous two weeks and exceeded excess reserves by $153 million compared with the revised figure of $41 million from the previous week. Aver a;;e s of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec.9, Dec . 2, Dec. 10, Dec. 9, and related items 1970 1970 1969 1970 Reserve Bank credit: (Int millions oi: dollars) 1/ U.S. Government securities— Bought outright--Systera account 60,898 + 32 +3,415 V 59,937 Held under repurchase agreements 250 - 177 + 88 — Federal Agency obligations-- Held under repurchase agreements 55 30 36 — Acceptances Bought outright 40 + 4 16 41 Held under repurchase agreements 79 + 33 + 68 -- Discounts and advances-- 291 163 909 285 Member bank borrowings Other Float 3,012 + 161 + 324 2,640 Other F. R. assets 978 + 26 -1,057 1,013 Total Reserve Bank credit 65,604 - 113 +1,950 63,916 Gold stock 11,117 -- + 750 11,117 Special Drawing Rights cercif. acct. 400 -- + 400 400 Treasury currency outstanding 7,115 + 7 + 279 7,116 84,235 - 108 +3,379 82,549 Currency in circulation 56,566 + 211 +3,279 56,946 Treasury cash holdings 442 - 10 - 210 441 Treasury deposits with F. R. Banks 634 - 86 - 549 830 Foreign deposits with F. R. Banks 138 + 8 -- 118 Other deposits with F. R. Banks 717 - 2 + 290 753 Other F. R. liabilities and capital 2,363 + 67 + 45 2,374 Member bank reserves: 60,861 + 190 +2,857 61,462 With Federal Reserve Banks 23,375 - 296 + 523 21,086 Currency and coin 5,335 + 130 + 412 5,335 Total reserves held 28,710 - 166 + 935 26,421 Required reserves 28,572 + 109 +1,088 28,572 Excess reserves 138 - 275 - 153 -2,151 NOTE: A net of $204 million of surpli; reserves we re e ligible to be car:r ied forward from the week ended December 2, into the week ending December 9. On December 9, 1970, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $11,218 million, an increase of $208 million for the week. 1/ Includes $1,205 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes'$36 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. 9, Dec. 2, Dec . 10, 1970 1970 1969 A S S E TS Gold certificate account 10,834 + 7 + 798 Special Drawing Rights certif. acctss. •A. 400 + 400 Cash (731) 218 + 4 + 103 Discounts and advances 285 - 26 381 Acceptances: Bought outright 41 + 3 17 Held under repurchase agreements __ - 145 -- Federal Agency obligations-- Held under repurchase agreements 235 U. S. Government securities : Bought outright — Bills 24,158 -1,205 +1,893 Certificates Notes 32,973 — +1,581 Bonds 2,806 — - 690 Total bought outright 1/ 2/ 59,937 -1,205 +2,784 Held under repurchase agreements ^ -1,357 — Total U. S. Government securities 59,937 -2,562 +2,784 Total loans anfl securities 60,263 -2,965 +2,386 Cas*h items in process of collection (2,387) 9,814 -1,021 + 399 Bank premises 128 + 2 J. 14 Other assets 3/ 885 + 47 -1,083 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,118) 82,542 -3T9T6 jgfrl7 t l A H L I T I ES Federal Reserve notes (731) 50,207 434 +3,050 Deposits: Member bank reserves 21,086 -3,878 - 531 U. S. Treasurer—general account 830 + 356 - 286 Foreign 118 34 + 14 Other 4/ 753 + 1 + 337 Total deposits 22,787 -3,555 - 466 Deferred availability cash items (2,387) 7,174 - 823 + 375 Other liabilities and accrued dividends 604 52 - 6 TOTAL LIABILITIES (3,118) 80,772 -3,996 +2 ,953 £ A P 1 J AL A C C O U N TS Capital paid in 695 1 + 28 Surplus 669 — + 39 Other capital accounts 406 69 - 3 Contingent liability on acceptances purchased for foreign correspondents 238 4 + 93 Figures in parentheses are the eliminations made in the consolid ating process, 1/ Reflects $1,205 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $36 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. 4/ Includes IMF gold deposit, MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 9, 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 advance J8 Ac ceptances Holdings Weekly changes Within 15 days 283 6 1,776 -2,213 16 days to 90 days 2 35 11,286 - 588 91 days to 1 year — — 21,465 + 3 Over 1 year to 5 year"Ss — 18,812 — Over 5 years to 10 *ars — 5,966 _- Over 10 years ______ — 632 + 1 Total 285 41 59,937 -2,797 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 9, 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 10,834 832 2,188 672 1,066 989 617 2,127 341 228 459 448 867 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 731 91 150 37 25 44 178 27 15 21 29 22 92 Other cash 218 8 21 11 25 14 29 30 11 7 16 15 31 Discounts and advances 285 4 1 * * 275 i 3 Acceptances: Bought outright 41 41 Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements U. S. Government securities: Bought outright— Bills 24,158 1,250 5,944 1,259 1,910 1,848 1,253 3,873 895 472 956 1,093 3,405 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 Bonds 2,806 145 690 146 222 215 146 450 104 55 111 127 395 Total bought outright 59,937 3,101 14,747 3,123 4,738 4,585 3,109 9,609 2,220 1,172 2,373 2,712 8,448 Held under repurchase agreements Total U. S. Government securities 59,937 3,101 ]L 4,747 3,123 4,738 4,585 3,109 9,609 2,220 1,172 2,373 2,712 8,448 Total loans and securities 60,263 3,101 ]L 4,792 3,124 4,738 4,585 3,109 9,884 2,221 1,173 2,376 2,712 8,448 12,201 730 2,117 645 850 949 1,156 2,018 707 479 823 691 1,036 Cash items in process of collection 128 2 8 3 12 11 17 17 12 12 18 8 8 Bank premises 885 46 348 44 56 50 37 110 23 14 26 33 98 Other assets V2/ 3/ TOTAL ASSETS 85,660 4,833 19,717 4,559 6,805 6,678 5,165 14,283 3,345 1,941 3,762 3,943 10,629 —»W»—'• JII'IMI 1/ Reflects $1,205 million of s'ecurities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $36 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. J/ Includes assets denominated in foreign currencies and IMF gold deposited. "" * Eess 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 DECEMBER 9, 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 50,938 2,890 12,017 2,901 4,177 4,565 2,622 8,920 1,935 872 1,877 1,914 6,248 Deposits: Member bank reserves 21,086 1,114 4,981 944 1,608 1,072 1,333 3,283 761 579 1,040 1,326 3,045 U. S. Treasurer--general account 830 77 36 66 75 99 96 96 47 39 91 28 80 Foreign ' 118 6 1/ 27 6 11 6 8 19 4 3 5 7 16 Other 753 1 1/691 11 -- 10 1 5 1 1 3 1 28 Total deposits 22,787 1,198 5,735 1,027 1,694 1,187 1,438 3,403 813 622 1,139 1,362 3,169 Deferred availability cash items 9,561 630 1,350 511 731 781 964 1,596 515 394 650 546 893 Other liabilities and accrued dividends 604 31 148 30 48 45 31 96 21 15 24 27 88 TOTAL LIABILITIES 83,890 4,749 19,250 4,469 6,650 6,578 5,055 14,015 3,284 1,903 3,690 3,849 10,398 CAPITAL ACCOUNTS Capital paid in 695 33 184 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 406 19 106 21 32 31 21 66 14 7 15 18 56 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 85,660 4,833 19,717 4,559 6,805 6,678 5,165 14,283 3,345 1,941 3,762 3,943 10,629 Contingent liability on ac:ee ptances purchased for forei- gn cprresjjondents 238 12 3/ 63 12 21 12 16 35 8 5 10 13 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,993 12,530 2,966 4,293 4,673 2,782 9,183 2,009 905 1,942 2,038 6,751 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 1.930 930 1.975 2.080 7.000 Total collateral 3,020 12,700 3,100 4,410 4,720 2,900 9,450 2,085 930 1,975 2,085 7,000 1/ After deducting $ 91 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