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. Bonks H.4.1 For immediate release February 18, 1971 The average of daily figures of total reserves of member banks increased $426 million to $30,192 million in the latest week. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. Several factors drained reserves in significant amounts during the latest statement week. Float dropped by $551 million. This decline was con siderably greater than seasonal and in part reflected the occurrence of two holidays within the statement week. In addition, reserves were absorbed by an increase in currency in circulation and a decrease in other F.R. assets. Offsetting some of these decreases in reserves was a decline in other F.R. liabilities and capital. System Open Market operations supplied $1,209 million in reserves net, on a weekly average basis. More than two-thirds of these reserves were supplied through repurchase agreements and the remainder through outright purchases of securities, including purchases of coupons. Member bank borrowings were above the average for recent weeks and exceeded excess reserves by $285 million, compared with $65 million for the previous week. Averages o f daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 17, Feb . 10, Feb. 18, Feb. 17, and related items 1971 1971 1970 1971 Reserve Bank credit: (Iri millions of dollars) U.S. Government securities— Bought outright—System account 62,161 + 439 +6,618 1/62,280 Held under repurchase agreements 687 + 643 + 7 1,984 Federal Agency obligations— Held under repurchase agreements 88 85 12 197 Acceptances Bought outright 54 - 5 4 54 Held under repurchase agreements 52 + 47 14 162 Discounts and advances— Member bank borrowings 564 + 316 546 1,598 Other Float 2,609 - 551 + 214 2,624 Other F. R. assets 1,166 - 118 - 563 839 Total Reserve Bank credit 67,381 + 855 +5,724 69,738 Gold stock 10,732 — - 635 10,732 Special Drawing Rights certif. acct. 400 — + 171 400 Treasury currency outstanding 7,189 + 12 + 322 7,191 85,702 + 867 +5,582 88,061 Currency in circulation 55,946 + 282 +3,744 56,069 Treasury cash holdings 465 - 1 - 142 468 Treasury deposits with F. R. Banks 1,226 + 63 + 179 485 Foreign deposits with F. R. Banks 157 + 10 12 172 Other deposits with F. R. Banks 759 - 12 + 35 762 Other F. R. liabilities and capital 2,097 - 203 + 13 2,214 Member bank reserves: 60,649 + 138 +3,815 60,170 With Federal Reserve Banks 25,053 + 729 +1,767 27,891 Currency and coin 5,139 - 303 + 366 5,139 Total reserves held 30,192 426 +2,133 33,030 -!•• Required reserves 29,913 i" 330 :-2,103 29,913 Excess reserves 279 + 96 + 30 3,117 NOTE: A net of $101 million of surplus reserves were eligible to be carried forward from the week ended February 10, into the week ending February 17, On February 17, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $12,586 million, an increase of $445 million for the week. \J Includes $84 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 Feb. 17, Feb. 10, Feb. 18, 1971" 1971 1970 A S S E TS Gold certificate account 10,464 - 581 Special Drawing Rights certif. accts. 400 + 100 Cash (1,141) 256 2 + 69 Discounts and advances 1,598 +1,344 + 935 Acceptances: Bought outright 54 6 Held under repurchase agreements 162 + 162 + 83 Federal Agency obligations-- Held under repurchase agreements 197 + 197 86 U. S. Government securities : Bought outright-- Bills 25,879 +1,409 +5,224 Certificates Notes 33,499 + 263 +1,426 Bonds 2,902 39 + 8_7_ Total bought outright 1/ 62,280 +1,633 +6,737 Held under repurchase agreements 1,984 +1,984 +1,267 Total U. S. Government securities 64,264 +3,617 +8,004 Total loans and securities 66,275 +5,320 +9,102 Cash items in process of collection (2,913) 11,723 +1,944 +1,366 Bank premises 132 + 15 Other assets 2/ 707 - 475 - 748 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (4,054) 89,957 +6,787 +9,323 Federal Reserve notes (1,141) 49,334 + 122 +3,529 Deposits: Member bank reserves 27,891 +6,144 +4,808 U. S. Treasurer--general account 485 -1,257 - 387 Foreign 172 + 43 15 Other V (7) 762 + 41 11 Total deposits (7) 29,310 +4 = 971 +4,3 95 Deferred availability cash items (2,906) 9,099 +1 = 7 98 +1,2 76 Other liabilities and accrued dividends 544 + 30 - 30 TOTAL LIABILITIES (4,054) 287 +6,921 +9,170 C A P I T AL A C C O U N TS Capital paid in 709 + 1 + 32 Surplus 702 — + 33 Other capital accounts 259 • 135 + 88 Contingent liability on acceptances purchased 270 5 + 121 for foreign correspondents * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $84 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, FEBRUARY 17, 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 1,597 186 6,016 +3,162 16 days to 90 days 1 30 14,156 +2,252 91 days to 1 year 14,528 -5,557 Over 1 year to 5 years 23,287 +4,198 Over 5 years to 10 years 5,770 - 276 Over 10 years 704 + 35 Total 1,598 216 64,461 +3,814 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 FEBRUARY 17, 1971 San New Phila Cleve Rich St Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) A S S E TS Gold certificate account 10,464 704 1,395 721 1,060 758 336 2,271 504 160 505 665 1,385 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1,141 130 234 55 81 84 303 38 20 20 30 38 108 Other cash 256 11 20 12 30 16 35 37 14 7 20 16 38 Discounts and advances 1,598 145 631 — 156 101 31 381 27 2 7 -- 117 Acceptances: Bought outright 54 — 54 — -•" — " - — - — - — " — -" - — — Held under repurchase agreements 162 -- 162 -- -- -- -- -- -- -- -- — Federal Agency obligations- Held under repurchase agreements 197 197 U. S. Government securities: Bought outright— Bills 25,879 1,289 6,619 1,329 1,995 1,936 1,286 4,164 956 516 1,010 1,178 3,601 Certificates -- -- -- — -- -- -- -- -- -- -- — -- Notes 33,499 1,669 8,568 1,720 2,583 2,505 1,665 5,391 1 ,236 668 1,308 1,524 4,662 Bonds 2,902 145 742 149 224 217 144 467 107 58 113 132 404 Total bought outright 1/ 62,280 3,103 :L 5,929 3,198 4,802 4,658 3,095 10,022 2 ,299 1,242 2,431 2,834 8,667 Held under repurchase agreements 1,984 -- 1,984 -- -- — -- -- -- -- -- -- -- Total U. S. Government securities 64,264 3,103 :L 7,913 3,198 4,802 4,658 3,095 10,022 2~, 299 1,242 2,431 2,834 8,667 Total loans and securities 66,275 3,248 ]L 8,957 3,198 4,958 4,759 3,126 10,403 2 ,326 1,244 2,438 2,834 8,784 Cash items in process of collection 14,636 766 2,783 751 1,137 1,017 1,400 2,551 793 500 939 807 1,192 Bank premises 132 2 8 3 14 11 17 17 13 13 18 8 8 Other assets 2J 707 39 313 31 41 38 27 77 18 12 20 25 66_ TOTAL ASSETS 94,011 4,923 23,803 4,794 7,354 6,719 5,266 15,464 3 ,703 1,963 3,985 4,407 11,630 1/ Includes $84 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 FEBRUARY 17, 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 50,475 2,859 12,092 2,876 4,114 4,508 2,518 8,828 1,922 864 1,848 1,897 6,149 Deposits: Member bank reserves 27,891 1,129 7,979 1,092 1,950 1,241 1,458 4,299 998 580 1,182 1,764 4,219 U. S. Treasurer—general account 485 45 57 43 48 26 98 12 35 27 46 34 14 Foreign 172 6 1/ 76 7 12 7 9 20 4 3 5 7 16 Other 769 2 11 681 3 — 14 8 33 3 * 2 3 20 Total deposits 29,317 1,182 8,793 1,145 2,010 1,288 1,573 4,364 1,040 610 1,235 1,808 4,269 Deferred availability cash items 12,005 778 2,325 662 1,043 793 1,043 1,936 665 441 812 590 917 Other liabilities and accrued dividends 544 26 157 25 39 38 25 82 19 11 20 23 79 TOTAL LIABILITIES 92,341 4,845 23,367 4,708 7,206 6,627 5,159 15,210 3,646 1,926 3,915 4,318 11,414 CAPITAL ACCOUNTS Capital paid in 709 33 185 37 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 66 13 21 19 12 43 9 5 10 11 38 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 94,011 4,923 23,803 4,794 7,354 6,719 5,266 15,464 3,703 1,963 - 3,985 4,407 11,630 Contingent liability on ace: eptances purchased for forei gn correspondents 270 13 3/71 14_ 24_ =„iiL= 18 41 _9 6 11 15 34 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 2,999 12,790 2,936 4,291 4,661 2,783 9,089 2,003 893 1,919 2,022 6,485 Collateral for F. R. notes: Gold certificate account 250 500 300 510 500 -- 1,000 155 5 U. S. Government securities 2,840 12,400 2,800 3,900 4,210 2,9.00 8,450 1,930 930 1,975 2,130 7,000 Total collateral 3,090 12,900 3,100 4,410 4,710 2,900 9,450 2,085 930 1,975 2,135 7,000 1/ After deducting $ 96 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 199 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis