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 Restrves aid ''**&&£'' Condition Statement of F.R. Banks •«•••• H.4.1 For immediate release February 25, 1971 The average of daily figures of total reserves of member banks declined $297 million to $29,895 million. Excess reserves increased moderately while required reserves and member bank borrowings decreased. An increase in float of $839 million was the major factor supplying reserves in the latest statement week. Augmenting this source of reserves were declines in currency in circulation and Treasury deposits with Federal Reserve Banks. Offs etting some of these reserve supplies were a $146 million increase in Other F.R. 1 iabilities and capital and a $369 million decrease in Other F.R. assets. In addition, System Open Market operation absorbed $617 million in reserves net, on a weekly average basis. Member Bank borrowings averaged $249 million and were $73 million less than excess reserves. In the previous week they exceeded excess reserves by $285 million. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 24, Feb. 17, Feb. 25, Feb. 24, and related items 1971 1971 1970 1971 Reserve Bank credit: (IrL millions of dollars) U.S. Government securities— Bought outright—System account 62,152 - 9 +6,665 1/2/61,700 Held under repurchase agreements 178 - 509 48 — Federal Agency obligations— Held under repurchase agreements 20 68 36 — Acceptances Bought outright 55 + 1 5 52 Held under repurchase agreements 20 - 32 3 — Discounts and advances-- Member bank borrowings 249 315 - 816 251 Other — -- 12 -- Float 3,448 + 839 + 916 2,976 Other F. R. assets 797 - 369 - 968 804 Total Reserve Bank credit 66,919 - 462 +5,693 65,783 Gold stock 10,732 — - 635 10,732 Special Drawing Rights certif. acct. 400 -- + 100 400 Treasury currency outstanding 7.195 .j- 6 + 322 7.201 85,245 - 457 +5,479 84,116 Currency in circulation 55,816 - 130 +3,736 55,828 Treasury cash holdings 463 - 2 - 137 465 Treasury deposits with F. R. Banks 816 - 410 - 269 1,350 Foreign deposits with F. R. Banks 155 - 2 41 153 Other deposits with F. R. Banks 759 -- — 710 Other F. R. liabilities and capital 2,243 + 146 + 143 ! 2,261 Member bank reserves: 60,251 - 398 +3,431 60,767 With Federal Reserve Banks 24,994 - 59 +2,048 23,349 Currency and coin 4,901 - 238 + 270 4,901 Total reserves held 29,895 - 297 +2,318 28,250 Required reserves 29,573 - 340 +2,168 29,573 Excess reserves 322 + 43 + 150 -1,323 NOTE: A net of $129 million of surplus reserves were eligible to be carried forward from the week ended February 17, into the week ending February 24. On February 24, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $12,826 million, an increase of $240 million for the week. 1/ Excludes $814 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $43 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 doll.ar s) Wednesday Change since Feb. 24, Feb. 17, Feb. 25, 1971 1971 1970 A S S E TS Gold certificate account 10,464 - 581 Special Drawing Rights certif. acctss . * 400 + 100 Cash (1,227) 257 + 1 + 64 Discounts and advances 251 -1,347 - 622 Acceptances: Bought outright 52 2 8 Held under repurchase agreements - 162 25 Federal Agency obligations-- Held under repurchase agreements 197 59 U. S. Government securities : Bought outright-- 685 44,539 Bills 25,194 Certificates Notes 33,534 + 35 +1,461 Bonds 2,972 + 70 + 157 Total bought outright 1/2/ 61,700 - 580 +6,157 Held under repurchase agreements — -1,984 - 147 Total U. S. Government securities 61,700 -2,564 +6,010 Total loans and securities 62,003 -4,272 +5,296 Cash items in process of collection (2,790) 10,348 -1,369 +1,611 Bank premises 132 -- + 15 Other assets V 672 35 -1,013 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (4,017) 84.276 -5.675 +5,492 L. I A 1 1L II I£ ±L Federal Reserve notes (1,227) 49,081 253 +3,263 Deposits: Member bank reserves 23,349 -4,536 U. S. Treasurer—general account 1,350 + 865 + 450 Foreign 153 19 - 75 Other 4/ 710 52 - 127 Total deposits 25,562 -3,742 +1 ,503 Deferred availability cash items (2,790) 7,372 -1,727 + 590 Other liabilities and accrued dividends 521 23 - 18 TOTAL LIABILITIES (4,017) 82,536 -5,745 +5, 338 £ A P I T A L A C C O U N TS Capital paid in 711 -i_ 32 Surplus 702 + 33 Other capital accounts 327 68 + 89 Contingent liability on acceptances purchased for foreign correspondents 269 119 * Figures in parentheses are the eliminations made in the consolidating proc ess. jL/ Excludes $814 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $43 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/ Include? IW gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 24. 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 230 lH 2,962 -3,054 16 days to 90 days 1 28 14,189 + 33 91 days to 1 year 14,684 + 156 Over 1 year to 5 years 23,320 + 33 Over 5 years to 10 years 5,791 + 21 Over 10 years 754 + 50 Total 251 52 61,700 -2,761 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 24, 1971 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco I (In millions of dollars) A S S E TS Gold certificate account 10,464 671 2,217 615 897 1,063 633 2,161 408 119 350 580 750 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1,227 133 270 53 78 84 330 39 24 21 32 36 127 Other cash 257 11 19 12 30 16 34 40 14 7 20 15 39 Discounts and advances 251 ; i 4 3 -- 1 -- 239 * -- 3 _- __ Acceptances: Bought outright 52 i 52 -- -- -- — — -- -- — -- -- Held under repurchase agreements -- _- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations— Held under repurchase agreements — — — -- — -- — -- — -- -- — — U. S. Government securities: Bought outright— Bills 25,194 1,255 6,444 1,293 1,942 1,885 1., 252 4,055 930 503 983 1,146 3,506 Certificates -- — — -- -- -- -- — -- -- — -- -- Notes 33,534 ! 1,671 8,577 1,722 2,586 2,508 1., 666 5,396 1,238 669 1 ,309 1,526 4,666 Bonds 2,972 148 760 153 229 222 148 478 110 59 116 135 414 Total bought outright \Jlf 61,700 3,074 15,781 3,168 4,757 4,615 "T, 066 9,929 2,278 1,231 2 ,408 2,807 8,586 Held under repurchase agreements -- -- -- — -- — -- — — -- -- -- -- Total U. S. Government securities 61,700 3,074 15,781 3,168 4,757 4,615 T ,066 9,929 2,278 1,231 2 ,408 2,807 8,586 Total loans and securities 62,003 3,075 15,837 3,171 4,757 4,616 3 ,066 10,168 2,278 1,231 2 ,411 2,807 8,586 Cash items in process of collection 13,138 736 2,722 668 987 910 1 ,241 2,093 626 463 830 785 1,077 Bank premises 132 2 8 3 14 11 17 17 13 13 18 8 8 Other assets 3/ 672 38 289 30 40 39 26 76 17_ 9_ 20 23 65 TOTAL ASSETS 88,293 4,689 21,455 4,575 6,836 6,775 5 ,369 14,664 3,395 1,870 3 ,696 4,268 10,701 ~f7 Excludes $814 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. "ll Includes $43 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. "~ * 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 FEBRUARY 24, 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 50,308 2,853 12,037 2,869 4,105 4,496 2,518 8,795 1,916 862 1,849 1,892 6,116 Deposits: Member bank reserves 23,349 994 6,099 946 1,618 1,263 1,596 3,653 821 519 1,031 1,558 3,251 U. S. Treasurer—general account 1,350 90 299 89 119 115 90 141 78 50 76 96 107 Foreign 153 6 1/ 50 7 13 7 9 21 5 3 6 8 18 Other 710 1 2/ 643 2 -. 11 1 28 1 3 2 1 17 Total deposits 25,562 1,091 7,091 1,044 1,750 1,396 1,696 3,843 905 575 1,115 1,663 3,393 Deferred availability cash items 10,162 638 1,740 546 788 747 1,018 1,677 496 385 640 597 890 Other liabilities and accrued dividends 521 26 134 26 40 38 26 83 19 10 19 23 77 TOTAL LIABILITIES 86,553 4,608 21,002 4,485 6,683 6,677 5,258 14,398 3,336 1,832 3,623 4,175 10,476 CAPITAL ACCOUNTS Capital paid in 711 33 185 37 64 37 48 107 24 16 30 40 90 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 327 15 83 17 26 25 16 54 11 6 13 14 47 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 88,293 4,689 21,455 4,575 6,836 6,775 5,369 14,664 3,395 1.870 3.696 4,268 10,701 Contingent liability on ace: eptances purchased for foreign correspondents 269 13 3/ 71 14 24 14 18 40 9_ 6_ 11 15 34 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,013 12,776 2,938 4,297 4,643 2,770 9,066 2,004 890 1,934 2,020 6,469 Collateral for F. R. notes: Gold certificate account 250 500 300 510 500 1,000 155 5 Eligible paper U. S. Government securities 2,840 12,600 2,800 3,900 4,210 2,900 8,450 1,930 930 1,975 2,130 7.000 Total collateral 3,090 13,100 3,100 4,410 4,710 2,900 9,450 2,085 930 1,975 2,135 7,000 1/ After deducting $ 103 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. 3/ After deducting $ 198 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis