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 For immediate release January 28, 1971 The average of daily figures of total reserves of member banks decreased $801 million to $30,202 million in the latest week. Excess reserves increased while both required reserves and member bank borrowings at Federal Reserve Banks declined. A decrease in currency in circulation of $514 million was the major factor supplying reserves in this latest statement week. Offsetting this source of reserves was a significantly greater than seasonal decline in float and an increase in Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed $86 million in reserves net, on a weekly average basis. Member bank borrowings averaged $354 million and exceeded excess reserves by $59 million compared with the revised figure of $383 million for the previous week. Averages of daily fig ures Member bank reserves, Week ended Chang e from week ended Wednesday, Reserve Bank credit, Jan. 27, Jan. 20, Jan. 28, Jan. 27, and ielated items 1 Q71 1971 1970 1971 Reserve Bank credit: (InL millions of: dollars) 1/ U.S. Government securities— Bought outright—System account 61,809 - 65 + 6,307 61,883 Held under repurchase agreements 67 - 16 + 67 151 Federal Agency obligations— Held under repurchase agreements 13 — 13 10 -• Acceptances Bought outright 62 m 1 —— 63 Held under repurchase agreements 3 - 4 - 3 5 Discounts and advances— Member bank borrowings 354 117 676 741 Other Float 3,052 - 827 + 4 2,887 Other F. R. assets 1,256 + 34 - 777 1,270 Total Reserve Bank credit 66,616 - 995 + 4,941 67,010 Gold stock 10,732 — - 635 10,732 Special Drawing Rights certif. acct. 400 — + 200 400 Treasury currency outstanding 7,164 + 9 + 310 7,165 84,913 - 985 + 4,817 85,307 Currency in circulation 55,585 - 514 + 3,495 55,586 Treasury cash holdings 465 + 25 - 184 471 Treasury deposits with F. R. Banks 1,184 + 259 - 13 1,237 Foreign deposits with F. R. Banks 159 + 1 + 22 155 Other deposits with F. R. Banks 737 + 19 + 62 717 Other F. R. liabilities and capital 2,169 + 49 + 64 2,188 60,300 - 159 + 3,447 60,354 Member bank reserves: With Federal Reserve Banks 24,613 - 825 + 1,370 24,953 Currency and coin 5,589 + 24 + 314 5,589 Total reserves held 30,202 - 801 + 1,684 30,542 Required reserves 29,907 - 1 ,008 + 1,501 29,907 Excess reserves 295 + 207 + 183 635 NOTE: A net of $12 million of deficit reserves were eligible to be carried forward from the week ended January 20, into the week ending January 27. On January 27, 1971, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $11,640 million, an increase of $5 million for the week. 1/ Includes $45 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 off dollars) Wednesday Change since Jan. 27, Jan. 20, Jan. 28, 1971 1971 1970 A S S E TS 10,464 - 572 Gold certificate account Special Drawing Rights certif. accts. * 400 -- + 200 Cash (1,477) 247 + 8 + 90 Discounts and advances 741 - 781 - 330 Acceptances: Bought outright 63 . — + 3 Held under repurchase agreements 5 44 + 5 Federal Agency obligations-- 10 78 + 10 Held under repurchase agreements U. S. Government securities : Bought outright— Bills 25,706 150 +5,026 Certificates Notes 33,236 _- +1,844 Bonds 2,941 — - 555 f Total bought outright 1/ 61,883 - 150 +6,315 Held under repurchase agreements 151 - 429 + 151 Total U. S. Government securities 62,034 - 579 +6,466 Total loans and securities 62,853 -1,482 +6,154 Cash items in process of collection (2,707) 10,569 - 649 + 924 Bank premises 129 -- + 12 Other assets 2/ 1,141 + 22 - 754 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (4,184) 85,803 -2,101 +6,054 k 1 A $. 1L 11 11 $ Federal Reserve notes (1,477) 48,871 308 +3,176 Deposits: 24,953 -1,790 +2,094 Member bank reserves U. S. Treasurer—general account 1,237 + 629 19 Foreign 155 30 3 Other 3/ 717 + 4 + 16 Total deposits 27,062 -1,187 +2,088 Deferred availability cash items (2,707) 7,682 - 643 + 729 Other liabilities and accrued dividends 519 32 2 TOTAL LIABILITIES (4,184) 84,134 -2,170 +5,991 C A P I T AL A C C O U N TS 708 + 2 + 33 Capital paid in 702 — + 33 Surplus 259 67 3 Other capital accounts Contingent liability on acceptances purchased for foreign correspondents 248 4 + 102 * Figures in parentheses are the eliminations made in the consolidating process. J7 Includes $45 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. JANUARY 27, 1971 (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 741 27 4,100 - 330 16 days to 90 days 41 11,910 + 49 91 days to 1 year 20,230 - 376 Over 1 year to 5 years 19,089 Over 5 years to 10 years 6,046 Over 10 years 669 Total 747 68 62,044 - 657 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 JANUARY 27, 1971 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 10,464 619 2,277 469 749 1,112 403 2,042 409 194 383 381 1,426 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks I 1,477 | 150 285 92 103 106 338 73 44 34 33 55 164 Other cash i 247 11 22 12 28 16 32 36 14 7 18 15 36 Discounts and advances 741 28 192 15 — 4 52 302 * 3 7 — 138 Acceptances: Bought outright i 63 63 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements 5 -- 5 -- -- -- -- -- -- -- -- — Federal Agency obligations— Held under repurchase agreements 10 10 U. S. Government securities: Bought outright— 25,706 1,258 6,554 1,349 2,005 1,914 1,335 4,048 942 504 1,004 1,165 3,628 Bills Certificates — -- -- — -- -- -- -- -- -- -- -- — Notes 33,236 1,626 8,474 1,744 2,593 2,474 1,727 5,234 1,219 652 1,298 1,505 4,690 Bonds 2,941 144 750 154 229 219 153 463 108 58 115 133 415 Total bought outright 1/ 61,883 3,028 15,778 3,247 4,827 4,607 3,215 9,745 2,269 1,214 2,417 2,803 8,733 Held under repurchase agreements 151 — 151 — -- -- -- -- — -- -- -- -- Total U. S. Government securities 62,034 3,028 15,929 3,247 4,827 4,607 3,215 9,745 2.269 1,214 2,417 2,803 8,733 Total loans and securities 62,853 3,056 16,199 3,262 4,827 4,611 3,267 10,047 2,269 1,217 2,424 2,803 8,871 Cash items in process of collection 13,276 771 2,292 716 912 960 1,368 2,066 680 454 1,027 934 1,096 Bank premises 129 2 8 3 13 11 17 17 12 12 18 8 8 Other assets %J 1,141 59 408 60 78 70 55 145 34 19 38 46 129 TOTAL ASSETS 89,987 4,691 21,584 4,637 6,743 6,922 5,502 14,496 3,477 1,944 3,956 4,256 11,779 1/ Includes $45 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 JANUARY 27, 1971 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 50,348 2,858 12,005 2,882 4,111 4,530 2,537 8,797 1,919 863 1,837 1,902 6,107 Deposits: Member bank reserves 24,953 1,016 6,549 1,021 1,564 1,365 1,577 3,590 880 583 1,108 1,461 4,239 U. S. Treasurer—general account 1,237 68 183 52 99 93 121 120 53 46 81 110 211 Foreign 155 7 1/ 48 7 13 7 10 22 5 4 6 8 18 Other 717 1 2/665 - 3 2 13 1 7 1 1 .2 1 20 Total deposits 27,062 1,092 7,445 1,083 1,678 1,478 1,709 3,739 939 634 1,197 1,580 4,488 Deferred availability cash items 10,389 637 1,562 558 766 785 1,122 1,627 544 400 832 662 894 Other liabilities and accrued dividends 519 26 134 28 40 38 27 79 18 10 20 23 76 TOTAL LIABILITIES 88,318 4,613 21,146 4,551 6,595 6,831 5,395 14,242 3,420 1,907 3,886 4,167 11,565 CAPITAL ACCOUNTS Capital paid in 708 33 185 36 64 37 48 106 24 16 30 39 90 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 259 12 68 14 21 18 12 43 9 5 10 11 36 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 89,987 4,691 21,584 4,637 6,743 6,922 5,502 14,496 3,477 1,944 3,956 4.256 11,779 Contingent liability on aces ept ances purchased for forei s'* correspondents 248 12 3/ 65 13 22 13 17 37 8 6 10 14 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 53,122 3,029 12,721 2,962 4,305 4,705 2,808 9,183 2,001 904 1,929 2,030 6,545 Collateral for F. R. notes: Gold certificate account 3,330 250 500 300 510 610 -- 1,000 155 -- 5 -• Eligible paper U. S. Government securiti. es 51,415 2,840 12,400 2,800 3,900 4,160 2,900 8,450 1,930 930 1.975 2.130 7.000 Total collateral 54,745 3,090 12,900 3,100 4,410 4,770 2,900 9,450 2,085 930 1,975 2,135 7,000 JL/ After deducting $ 107 million participations of other Federal Reserve Banks. 27 Includes IMF gold deposit, 3/ After deducting $ 183 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis