H.4.1 Factors Affecting Reserve Balances of Depository Institutions

aSSSSfc-. F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release December 17, 1970 The averages of daily figures of total reserves of member banks increased $305 million to $29,015 million in the latest week. Excess reserves declined while required reserves and member bank borrowings at Federal Reserve Banks both increased. The major factors absorbing reserves in this latest statement week were a greater than seasonal rise in currency in circulation and an increase in Treasury deposits with Federal Reserve Banks. Several factors added to reserves in small amounts. In addition, System Open Market operations supplied $588 million in reserves net, on a weekly average basis. Member bank borrowings averaged $399 million and exceeded excess reserves by $300 million compared with $153 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 16, Dec. 9, 1 Dec. 17, Dec. 16, and related items 1970 1970 | 1969 | 1970 Reserve Bank credit: (Iri millions of dollars) U.S. Government securities— Bought outright—System account 61,226 + 328 +3,947 1/ 61,337 Held under repurchase agreements 508 + 258 + 376 1,416 Federal Agency obligations— Held under repurchase agreements 79 + 24 + 55 191 Acceptances Bought outright 46 + 6 13 51 Held under repurchase agreements 51 - 28 + 33 134 Discounts and advances-- Member bank borrowings 399 + 108 • 645 934- Other Float 2,909 «. 103 - 141 3,128 Other F. R. assets 1,006 + 28 -1,128 1,042 Total Reserve Bank credit 66,225 + 621 +2,485 68,233 Gold stock 11,117 — + 750 11,117 Special Drawing Rights certif. acct. 400 -- + 400 400 Treasury currency outstanding 7,124 + 9 + 283 7,174 84,866 + 631 +3,918 ! 86,924 Currency in circulation 56,964 + 398 +3,439 j 57,190 Treasury cash holdings 429 - 13 - 227 431 Treasury deposits with F. R. Banks 763 + 129 - 212 587 Foreign deposits with F. R. Banks 135 - 3 14 145 Other deposits with F. R. Banks 734 + 17 + 297 729 Other F. R. liabilities and capital 2,299 - 64 + 173 2,174 Member bank reserves: 61,324 + 463 +3,456 61,256 With Federal Reserve Banks 23,542 + 167 + 462 25,667 Currency and coin 5,473 + 138 + 537 5,473 Total reserves held 29,015 + 305 + 999 31,140 Required reserves 28,916 + 344 + 997 j 28,916 Excess reserves 99 - 39 + 2 2,224 NOTE: A net of $122 million of surplus reserves were eligible to be carried forward from the week ended December 9, into the week ending December 16. On December 16, 1970 marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $11,077 million^ decrease of $141 million for the week. •1/ Includes $50 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. 16, Dec. 9, Dec. 17, 1970 1970 1969 A S S E TS Gold certificate account 10,834 + 798 Special Drawing Rights certif. accts. 400 + 400 Cash (748) 219 + 1 + 108 Discounts and advances 934 + 649 + 251 Acceptances: Bought outright 51 + 10 - 9 Held under repurchase agreements 134 + 134 + 91 Federal Agency obligations-- Held under repurchase agreements 191 + 134 + 191 U. S. Government securities : Bought outright— Bills 25,558 +3,217 +1,400 Certificates Notes 32,973 +1,581 Bonds 2,806 - 690 Total bought outright 1/ 61,337 -hi, 400 +4,108 Held under repurchase agreements 1^416 +1,416 +1,118 Total U. S. Government securities 62,753 +2,816 +5,226 Total loans and securities 64,063 +3,800 +5,693 Cash items in process of collection (2,894) 11,822 +1,970 + 174 Bank premises 128 — + 13 Other assets 2/ 914 + 29 -1,228 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,642) 88,380 +5,800 +5,958 LIABILITIES. Federal Reserve notes (748) 50,384 + 177 +3,097 Deposits: Member bank reserves 25,667 +4,543 +2,300 U. S. Treasurer—general account 587 - 243 - 274 Foreign 145 + 27 + 17 Other 3/ 729 24 + 279 Total deposits 27,128 +4,303 +2,322 Deferred availability cash items (2,894) 8,694 +1,520 + 475 Other liabilities and accrued dividends 627 + 23 + 13 TOTAL LIABILITIES . _ <3,642) 86,833 +6,023 +5,907 C A P I T AL A C C O U N TS Capital paid in ~ 698 + 3 + 31 Surplus 669 — + 39 Other capital accounts 180 - 226 19 Contingent liability on acceptances purchased for foreign correspondents 238 + 91 * Figures in parentheses are the eliminations mad£ in the consolidating proces s. 1/ Includes $50 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. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 16, 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 932 142 4,337 +2,561 16 days to^ 90 days 2 43 11,911 + 625 91 days to 1 year 21,286 - 179 Over 1 year to 5 years 18,812 Over 5 years to 10 years 5,966 Over 10 years 632 Total 934* 185 62,944 +3,007 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 16, 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 10,834 647 2,267 580 872 1,114 501 2,379 301 214 267 405 1,287 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 92 149 38 30 49 173 31 18 21 31 20 96 Other cash 219 8 19 10 25 13 31 31 12 7 17 14 32 Discounts and advances 934 434 13 1 * 15 367 1 6 7 .._ 90 Acceptances: Bought outright 51 — 51 -- -- __ -- -- -- -- -- -- Held under repurchase agreements 134 -- 134 -- -- __ -- -- -- __ - - -_ _ Federal Agency obligations— Held under repurchase agreements -- 191 -- -- -- -- -- __ 191 U. S. Government securities: Bought outright— Bills 25,558 1,322 6,288 1,332 2,021 1,955 1,326 4,098 946 500 1,012 1,156 3,602 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 r Total bought outright 61,337 3,173 15,091 3,196 4,849 4,692 3,182 9,834 2,271 ,200 2,429 2,775 8,645 Held under repurchase agreements 1,416 -- 1,416 — -- _- -- — -- -- -- -r Total U. S. Government securities 62,753 3,173 16,507 3,196 4,849 4,692 3,182 9,834 2,271 ,200 2,429 2,775 §7641 Total loans and securities 64,063 3,173 17,317 3,209 4,850 4,692 3,197 10,201 2,272 1 ,206 2,436 2,775 8,735 Cash items in process of collection 14,716 813 2,606 762 1,099 1,028 1,453 2,411 815 559 964 923 1,283 Bank premises 128 2 8 3 12 11 17 17 12 12 18 8 8 Other assets 1/ 2/ 914 48 368 42 60 51 39 107 25 14 30 35 95 TOTAL ASSETS 92,022 4,806 22,827 4,667 6,981 6,994 5,433 15,247 3,470 2 ,040 3,778 4,194 11,585 1/ Includes $50 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 DECEMBER 16, 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) Federal Reserve notes 51,132 2,904 12,080 2,922 4,198 4,582 2,638 8,951 1,946 874 1,876 1,924 6,237 Deposits: Member bank reserves 25,667 1,019 7,592 963 1,597 1,244 1,471 3,994 782 657 1,009 1,426 3,913 U. S. Treasurer—general account 587 42 12 36 45 74 7 96 51 12 64 45 103 Foreign 145 6 1/ 46 7 12 7 9 20 5 3 6 7 17 Other 729 1 2/681 2 9 1 5 1 2 3 2 22 Total deposits 27,128 1,068 8,331 1,008 1,654 1,334 1,488 4,115 839 674 1,082 1,480 4,055 Deferred availability cash items 11,588 731 1,827 628 944 952 1,177 1,854 611 446 732 679 1,007 Other liabilities and accnt ed dividends 627 30 181 30 47 43 31 94 21 12 24 26 88 TOTAL LIABILITIES 90,475 4,733 22,419 4,588 6,843 6,911 5,334 15,014 3,417 2,006 3,714 4,109 11,387 CAPITAL ACCOUNTS Capital paid in 698 33 184 36 63 36 46 104 24 16 29 39 88 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 180 8 47 9 15 13 10 30 6 3 7 9 23 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 92,022 4,806 22,827 4,667 6,981 6,994 5,433 15,247 3,470 2,040 3,778 4,194 11,585 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 3,019 12,633 2,985 4,336 4,681 2,828 9,256 2,028 907 1,945 2,049 6,572 Collateral for F. R. notes: Gold certificate account 250 500 300 510 610 — 1,000 155 5 U. S. Government securities 2.820 12.400 2.800 3.900 4.160 2.900 8.450 1.930 930 1.975 2.080 7.000 Total collateral 3,070 12,900 3,100 4,410 4,770 2,900 9,450 2,085 930 1,975 2,085 7,000 y After deducting $ 99 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