H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F E D E R AL R E S E R VE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks ***f*UR£^ H.4.1 For immediate release December 24, 1970 The average of daily figures of |:$$@ffiYreserves of member banks increased $315 million in the latest statement week to $29,330 million. Required reserves and excess reserves both increased while member bank borrowings at Federal Reserve Banks declined. An increase in float of $905 million was the major source of reserves in the latest week. This increase was somewhat greater than seasonal. Further adding to reserves was a decline in other Federal Reserve liabilities and capital. Partially offsetting these reserve increases were a seasonal rise in currency in circulation. In addition, System Open Market operations absorbed $48 million in reserves net, on a weekly average basis. Member bank borrowings averaged $324 million and exceeded excess reserves by $66 million compared with $300 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 23, Dec. 16, Dec. 24, Dec. 23, and related items 1970 1970 1969 1970 Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright--System account 61,512 + 286 44,339 1/ 61,707 Held under repurchase agreements 187 321 + 136 Federal Agency obligations-- Held under repurchase agreements 72 59 Acceptances Bought outright 54 + 8 6 56 Held under repurchase agreements 37 - 14 + 31 -- Discounts and advances-- Member bank borrowings 324 75 - 772 620 Other Float 3,814 + 905 + 258 3,562 Other F. R. assets 1,051 + 45 -1,197 1,070 Total Reserve Bank credit 67,050 + 825 +2,847 67,015 Gold stock 11,117 + 750 11,117 Special Drawing Rights certif. acct. 400 -- + 400 400 Treasury currency outstanding 7,178 + 54 + 332 7,179 85,746 + 880 +4,330 85,711 Currency in circulation 57,234 + 270 +3,477 57,534 Treasury cash holdings 417 - 12 - 234 423 Treasury deposits with F. R. Banks 828 + 65 - 418 774 Foreign deposits with F. R. Banks 143 + 8 -- 144 Other deposits with F. R. Banks 696 - 38 + 247 708 Other F. R. liabilities and capital 2,176 - 123 + 43 I 2,196 Member bank reserves: 6i;493 + 169 +3,114 61,779 With Federal Reserve Banks 24,252 + 710 +1,215 23,932 Currency and coin 5,078 - 395 + 239 5,078 Total reserves held 29,330 + 315 +1,454 1 29,010 Required reserves 29,072 + 156 +1,460 29,072 Excess reserves 258 + 159 - 6 ! 62 NOTE: A net of $137 million of surplus reserves were eligible to be carried forward from the week ended December 16, into the week ending December 23. On December 23, 1970 marketable U.S Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $11,049 million, a decrease of $28 million for the week. 1/ Includes $31 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. 23, Dec. 16, Dec. 24, 1970 1970 1969 A S S E TS Gold certificate account 10,842 8 + 806 Special Drawing Rights cert;if. accts. 400 + 400 Cash (753) 219 + 104 Discounts and advances 620 ^ 314 - 102 Acceptances: Bought outright 56 + 5 3 Held under repurchase agreements - 134 42 Federal Agency obligations—> Held under repurchase agreements 191 90 U. S. Government securities : Bought outright— Bills 25,639 81 +3,367 Certificates Notes 33,182 + 209 +1,790 Bonds 2,886 + 80 - 610 Total bought outright 1/ 61^707 + 370 44,547 Held under repurchase agreements -- -1,416 - 359 Total U. S. Government securities 61,707 -1,046 +4,188 Total loans and ^securities 62,383 -1,680 +3,951 Cash items in process of collection (2,784) 11,850 + 2 + 731 Bank premises 128 — + 13 Other assets 2j 942 + 28 -1,207 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,537) 86^764 -1,642 +4,798 L I A B IL I T I ES Federal Reserve notes (753) 50,722 + 338 +3,098 Deposits: Member bank reserves 23,932 -1,761 +1,071 U. S. Treasurer*-general account 774 + 187 - 284 Foreign 144 1 24 Other V 708 21 + 187 Total deposits 25,558 -1,596 + 950 Deferred availability cash items (2,784) 8,288 - 406 + 717 Other liabilities and accrued dividends 578 - 49 18 TOTAL LIABILITIES (3,537) 85,146 -1,713 +4,747 £ £ 1 1 1 £ h £ £ £ 2 H H T S Capital paid in ~ ' ~" 698 __ + 29 Surplus 669 — + 39 Other capital accounts 251 71 17 Contingent liability on acceptances purchased for foreign correspondents 251 13 + 104 * Figures in parentheses are the eliminations made in the consolidating process. JL/ Includes $31 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 23, 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 617 12 3,036 -1,301 16 days to 90 days 3 44 12,069 + 158 91 days to 1 year — -- 20,907 - 379 Over 1 year to 5 year•ss — 19,007 + 195 Over 5 years to 10 years sars — 6,029 + 63 Over 10 years Total mmmm^mm ZZ 659 + 27 620 56 61,707 •1,237 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 23, 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 10,842 492 2,232 677 980 923 645 1,773 435 251 355 688 1,391 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 753 98 129 39 40 53 176 37 22 22 31 19 87 Other cash 219 9 19 10 25 13 30 31 12 6 17 14 33 Discounts and advances 620 75 280 -- 2 1 * 250 8 -- 4 -- -_ Acceptances: Bought outright 56 -- 56 — — -- — — -- -- — -- -- -- Held under repurchase agreements — — -- — -- -- -- -- -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements -- -- -• -- -- -- -- -- U. S. Government securities: Bought outright-- Bills 25,639 1,326 6,3081 1,336 2,027 1,962 1,330 4,110 949 502 1,015 1,160 3,614 Certificates Notes 33,182 1,717 8,164• 1,729 2,623 2,538 1,721 5,320 1,229 649 1,314 1,501 4,677 Bonds 1 2,886 149 71C1 150 228 221 150 463 107 56 114 131 407 r Total bought outright 61,707 I 3,192 15,182 3,215 4,878 4,721 3,201 9,893 2,285 ,207 2,443 2,792 8,698 Held under repurchase agreements 1 -- -- — -- — -- — — — — — -- Total U. S. Government securities 61,707 1 3,192 15,182. 3,215 4,878 4,721 3,201 9,893 2,285 " T, 207 2,443 2,792 8,698 Total loans and securities 62,383 3,267 15,518I 3,215 4,880 4,722 3,201 10,143 2,293 1 ,207 2,447 2,792 8,698 Cash items in process of collection 14,634 \ 872 2,754 753 998 1,100 1,372 2,528 694 558 928 869 1,208 Bank premises 128 ! 2 8t 3 12 11 17 17 12 12 18 8 8 Other assets 1/ 942 52 36CI 39_ 63 56_ 42 115 Z7 18 31 37_ 102 TOTAL ASSETS 90,301 4,815 21,112\ 4,759 7,031 6,914 5,505 14,714 3,510 2 ,081 3,842 4,441 11,576 1/ Includes $31 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks, * 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 23, 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 51,475 2,914 12,188 2,955 4,210 4,601 2,653 9,041 1,959 878 1,879 1,945 6,252 Deposits: Member bank reserves 23,932 1,004 5,911 995 1,670 1,226 1,500 3,361 832 686 1,061 1,669 4,017 U. S. Treasurer—general account 774 50 78 56 56 94 96 83 72 30 75 65 19 Foreign 144 6 1/ 45 7 12 7 9 20 5 3 6 7 17 Other 708 1 1/662 4 1 9 1 4 1 2 2 1 20 Total deposits 25,558 1,061 6,696 1,062 1,739 1,336 1,606 3,468 910 721 1,144 1,742 4,073 Deferred availability cash items 11,072 734 1,661 631 892 846 1,113 1,869 565 434 729 640 958 Other liabilities and accril ed dividends 578 30 142 28 47 43 29 92 21 12 23 26 85 TOTAL LIABILITIES 88,683 4,739 20,687 4,676 6,888 6,826 5,401 14,470 3,455 2,045 3,775 4,353 11,368 CAPITAL ACCOUNTS Capital paid in 698 32 184 36 63 36 47 104 24 16 29 39 88 Surplus 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts 251 12 65 13 20 18 14 41 8 5 10 12 33 TOTAL LIABILITIES AND 90,301 4,815 21,113 4,759 7,031 6,914 5,505 14,714 3,510 2,081 3,842 4,441 11,576 CAPITAL ACCOUNTS Contingent liability on ace: eptances purchased for forei- gn correspondents 251 12 3/ 66 13 22 13 16 37 9 5 11 14 33 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,066 12,706 3,013 4,359 4,722 2,843 9,310 2,032 914" 1,948 2,064 6,583 Collateral for F. R. notes: Gold certificate account 250 500 300 510 610 — 1,000 155 5 U. S. Government securities 2,840 12,400 2.800 3.900 4.160 2.900 8.450 1.930 930 1,975 ?,130 7,000 Total collateral 3,090 12,900 3,100 4,410 4,770 2,900 9,450 2,085 930 1,975 2,135 7,000 17 After deducting $ 99 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $185 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis