H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RE SERVE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release March 4, 1971 The average of daily figures of total reserves of member banks decreased $378 million to $29,517 million. Required reserves and excess reserves both declined while member bank borrowings at Federal Reserve Banks increased by a small amount. A drop in float of $745 million, following last week's sizable increase, was the major factor draining reserves in the latest statement week. Further absorbing reserves was an increase in Treasury deposits with Federal Reserve Banks. A decline in currency in circulation was the only factor supplying a significant amount of reserves. In addition, System Open Market operations supplied $271 million in reserves net, on a weekly average basis. Member bank borrowings averaged $260 million and exceeded excess reserves by $146 million compared with the previous week when they were $73 million less than excess reserves. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 3, Feb. 24, Mar. 4, March 3, and related items 1971 1 1971 1970 1971 Reserve Bank credit: (In millions oJ: dollars) [7/ U.S. Government securities— Bought outright—System account 62,479 + 327 + 6,779 62,490 Held under repurchase agreements 137 - 41 + 137 i 248 Federal Agency obligations-- Held under repurchase agreements 11 9 + 11 29 Acceptances Bought outright 50 5 7 47 Held under repurchase agreements 19 • 1 + 19 44 Discounts and advances-- Member bank borrowings 260 + 11 - 576 1 262 Other -- — 40 -- Float 2,703 - 745 + 321 2,761 Other F. R. assets 844 +_ 47 - 1,144 867 Total Reserve Bank credit 66,502 - 417 + 5,500 66,748 Gold stock 10,732 — - 635 10,732 Special Drawing Rights certif. acct. 400 — + 100 400 Treasury currency outstanding 7,210 + 15 + 327 7,212 84,844 - 401 + 5,292 85,092 Currency in circulation 55,719 - 97 + 3,612 55,897 Treasury cash holdings 469 + 6 119 469 Treasury deposits with F. R. Banks 924 + 108 81 960 Foreign deposits with F. R. Banks 138 - 17 129 114 Other deposits with F. R. Banks 768 + 9 2 740 Other F. R. liabilities and capital 2,321 + 78 + 148 2,355 Member bank reserves: 60,340 + 89 + 3,430 60,535 With Federal Reserve Banks 24,504 - 490 + 1,864 24,557 Currency and coin 5,013 + 112 + 191 5,013 Total reserves held 29,517 - 378 + 2,055 29,570 Required reserves 29,403 - 170 + 2,139 29,403 Excess reserves 114 " 208 84 167 NOTE: A net of $187 million of surplus reserves were eligible to be carried forward from the week ended February 24, into the'week ending March 3. On March 3, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $13,251 million, an increase of $425 million for the week. 1/ Includes $66 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 Mar. 3, Feb. 24, Mar. 4, 1971 1971 1970 A S S E TS Gold certificate account 10,464 _„ - 581 Special Drawing Rights certif. accts. * 400 — + 100 Cash (1,185) 265 + 8 + 58 Discounts and advances 262 + 11 - 190 Acceptances: Bought outright 47 - 5 9 Held under repurchase agreements 44 i- 44 + 44 Federal Agency obligations-- Held under repurchase agreements 29 29 29 U. S. Government securities : Bought outright— Bills 25,694 + 500 +5,518 Certificates Notes 33,718 + 184 +1,645 Bonds 3,078 + 106 + 263 Total bought outright 1/ 62,490 + 790 +7,426 Held under repurchase agreements 248 + 248 + • 248 Total U. S. Government securities 62,738 +1,038 +7,674 Total loans and securities 63,120 +1,117 +7,548 Cash items in process of collection (2,875) 10,922 + 508 + 898 Bank premises 133 + 1 + 17 Other assets 2J 734 + 62 -1,157 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (4,060) 86,038 +1,696 +6,883 Federal Reserve notes (1,185) 49,151 70 +3,335 Deposits: Member bank reserves 24,557 +1,142 +2,906 U. S. Treasurer—general account 960 - 390 "- 98 Foreign 114 39 60 Other 3/ 740 + 30 24 Total deposits 26,371 + 743 +2, 724 Deferred availability cash items (2,875) 8,161 + 789 + 673 Other liabilities and accrued dividends 554 + 33 + 2 TOTAL LIABILITIES (4,060) 84,237 +1,635 46,734 C A P I T AL A C C O U N TS Capital paid in 712 + 33 Surplus 702 + 33 Other capital accounts 387 60 + 83 Contingent liability on acceptances purchased for foreign correspondents 265 4 106 * Figures in parentheses are the eliminations made in the consolidating process. jL/ Includes $66 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. 37 Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MARCH 3, 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 advance1 8 Acceptances Holdings Weekly changes Within 15 days 262 61 2,959 16 days to 90 days -- 30' 15,144 + 955 91 days to 1 year -- --• 14,509 - 175 Over 1 year to 5 year•ss -- 23,420 + 100 Over 5 years to 10 yjeaarrss — 5,922 + 131 Over 10 years — — 813 + 59 Total 262 91 62,767 +) i 1i ,ii 067 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 MARCH 3, 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 10,464 578 1,577 654 921 937 505 2,065 359 163 346 555 1,804 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1,185 137 261 52 78 76 343 37 17 16 29 30 109 Other cash 265 11 20 12 31 16 35 41 16 7 21 16 39 Discounts and advances 262 -- 2 2 -- — 10 244 i -- 3 -- -- Acceptances: Bought outright 47 -- 47 -- — -- -- -- -- -- — -- -- Held under repurchase agreements 44 -- 44 — -- -- -- — -- -- -- -- -- Federal Agency obligations- Held under repurchase agreements 29 — 29 — — -- -- -- U. S. Government securities: Bought outright— Bills 25,694 1,289 6,533 1,328 1,971 1,937 1,286 4,189 953 516 1,014 1,189 3,489 Certificates -- -- -- __ -- -- __ -- -- -- -- -- Notes 33,718 1,691 8,572 1,744 2,587 2,542 1,688 5,496 1,251 677 1,330 1,561 4,579 Bonds 3,078 154 783 159 236 232 154 502 115 62 121 142 418 r Total bought outright _1/ 62,490 3,134 1 5,888 3,231 4,794 4,711 3,128 10,187 2,319 ,255 2,465 2,892 8,486 Held under repurchase agreements 248 -- 248 -- -- -- -- — -- -- -- -- -r Total U. S. Government securities 62,738 3,134 16,136 3,231 4,794 4,711 3,128 10,187 2,319 ,255 2,465 2,892 8,486 Total loans and securities 63,120 3,134 16,258 3,233 4,794 4,711 3,138 10,431 2,320 1 ,255 2,468 2,892 8,486 Cash items in process of collection 13,797 781 2,258 736 965 1,059 1,331 2,405 723 523 935 870 1,211 Bank premises 133 2 8 3 14 11 17 17 13 13 18 9 8 Other assets 2/ 734 40 305 35 43 44 29 87 19 11 21 27 73 TOTAL ASSETS 90,098 4,706 20,780 4,748 6,879 6,890 5,420 15,153 3,482 1 ,995 3,853 4,413 11,779 1/ Includes $66 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 MARCH 3, 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) L I A B I L I T I ES Federal Reserve notes 50,336 2,848 12,055 2,867 4,101 4,501 2,512 8,796 1,921 861 1,854 1,896 6,124 Deposits: Member bank reserves 24,557 992 5,632 1,082 1,675 1,258 1,614 3,934 845 609 1,056 1,653 4,207 U. S. Treasurer--general account 960 56 165 73 55 126 61 95 77 35 59 72 86 Foreign 114 5 1/ 33 6 10 6 7 16 4 2 5 6 14 Other 740 1 2/664 3 1 18 2 21 3 3 2 2 20 Total deposits 26,371 1,054 6,494 1,164 1,741 1,408 1,684 4,066 929 649 1,122 1,733 4,327 Deferred availability cash items 11,036 692 1,619 597 837 839 1,083 1,926 550 434 781 663 1,015 Other liabilities and accril ed dividends 554 28 143 27 42 40 27 89 20 12 22 25 79 TOTAL LIABILITIES 88,297 4,622 20,311 4,655 6,721 6,788 5,306 14,877 3,420 1,956 3,779 4,317 11,545 CAPITAL ACCOUNTS Capital paid in 712 33 185 37 65 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 387 18 99 20 30 29 19 64 14 7 14 17 56 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 90,098 4,706 20,780 4,748 6,879 6,890 5,420 15,153 3,482 1,995 3,853 4,413 11,779 Contingent liability on ace: eptances purchased for forei gn correspondents 265 12 3/ 70 14 24 13 18 40 9 6 11 15 33 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 12,751 2,940 4,293 4,643 2,773 9,056 2,001 888 1,932 2,033 6,443 Collateral for F. R. notes: Gold certificate account 500 300 510 500 1,000 155 5 U. S. Government securities 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 \_l After deducting $ 81 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $ 195 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis