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 ondition Statement of F.R. Banks H.4.1 For immediate release March 11, 1971 The average of daily figures of total reserves of member banks decreased $66 million to $29,451 million. Required reserves also decreased while excess reserves and member bank borrowings at Federal Reserve Banks increased. An increase in float was the only factor supplying a significant amount of reserves in this latest statement week. Reserves were drained by a greater than seasonal rise in currency in circulation and an increase in Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed $438 million of reserves net, on a weekly average basis. Member bank borrowings rose above the average of the past two weeks and exceeded excess reserves by $291 million compared to $146 million for the previous week. Averages o f daily figures Member bank reserves, Week ended [Change from week ended Wednesday, Reserve Bank credit, March 10, 'March 3, March 11, March 10, and related items 1971 1 1971 1970 1971 Reserve Bank credit: (In millions of: dollars) U.S. Government securities— Bought outright—System account 62,169 _ 310 +6,776 1/ 62,233 Held under repurchase agreements 33 - 104 + 33 232 Federal Agency obligations- Held under repurchase agreements 4 7 4 30 Acceptances Bought outright 48 2 7 47 Held under repurchase agreements 4 15 4 28 Discounts and advances— Member bank borrowings 421 + 161 - 511 1,521 Other -- -- - 40 -- Float 2,905 + 202 + 478 2,304 Other F. R. assets 829 - 15 -1,184 861 Total Reserve Bank credit 66,413 - 89 +5,553 67,256 Gold stock 10,732 -- - 635 10,732 Special Drawing Rights certif. acct. 400 -- + 100 400 Treasury currency outstanding 7,223 + 13 + 336 7,225 84,768 - 76 +5,354 85,613 Currency in circulation 56,000 + 281 +3,681 56,270 Treasury cash holdings 467 - 2 - 108 469 Treasury deposits with F. R. Banks 1,044 + 120 5 1,203 Foreign deposits with F. R. Banks 136 - 2 76 134 Other deposits with F. R. Banks 732 - 36 + 18 745 Other F. R. liabilities and capital 2,379 + 58 + 146 2,402 Member bank reserves: 60,759 + 419 +3,656 61,223 With Federal Reserve Banks 24,010 - 494 +1,699 24,391 Currency and coin 5,441 + 428 + 519 5 441 ? Total reserves held 29,451 - 66 +2,218 29,832 Required reserves 29,321 - 82 +2,159 29,321 Excess reserves 130 + 16 + 59 511 NOTE: A net of $147 million of surplus reserves were eligible to be carried forward from the week ended March 3, into the week ending March 10. On March 10, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $14,141 million, an increase of $890 million for the week. \J Includes $42 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. 10, Mar. 3, Mar. 11, 1971 1971 1970 A S S E TS Gold certificate account 10,464 - 581 Special Drawing Rights certif. accts. 400 + 100 Cash (1,034) 266 + 1 + 70 Discounts and advances 1,521 +1,259 +1 ,025 Acceptances: Bought outright 47 _ 6 Held under repurchase agreements 28 16 + 28 Federal Agency obligations-- Held under repurchase agreements 30 1 30 U. S. Government securities : Bought outright— Bills 25,437 257 +5,403 Certificates Notes 33,718 -- +1,645 Bonds 3,078 — + 263 Total bought outright 1/*,. 62,233 - 257 +7,311 Held under repurchase agreements 232 16 + 232 Total U. S. Government securities 62,465 - 273 +7,543 Total loans and securities 64,091 + 971 +8,620 Cash items in process of collection (2,561) 9,720 -1,221 + 691 Bank premises 133 — + 17 Other assets 2J 728 6 -1,190 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,595) 85,802 - 255 +7,727 tlAHLIHiS Federal Reserve notes (1,034) 49,511 360 +3,405 Deposits: Member bank reserves 24,391 - 185 +3, 731 U. S. Treasurer—general account 1,203 + 243 + 30 Foreign 134 + 20 - 80 Other 3/ 745 + 5 + 5 Total deposits 26,473 + 83 +3, 686 Deferred availability cash items (2,561) 7,416 - 745 + 484 Other liabilities and accrued dividends 537 - 17 + 5 TOTAL LIABILITIES (3,595) 83,937 - 319 +7 ,580 £ A P I T A L A C C O U N TS Capital paid in 713 + 32 Surplus 702 + 33 Other capital accounts 450 63 + 82 Contingent liability on acceptances purchased for foreign correspondents 261 + 100 * Figures in parentheses are the eliminations made in the consolidating proces s. JL/ Includes $42 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, MARCH 10, 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 1,521 45 3,127 +168 16 days to 90 days — 30 14,911 -233 91 days to 1 year — — 14,302 -207 Over 1 year to 5 year'3s — 23,420 -- Over 5 years to 10 ye>aarrss — 5,922 — Over 10 years — -- 813 — Total 1,521 75 62,495 •272 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 10, 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 10,464 562 2,176 649 864 892 451 1,794 450 141 412 630 1,443 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1,034 128 241 39 60 62 321 24 15 10 26 24 84 Other cash 266 11 19 11 30 16 35 41 15 7 26 16 39 Discounts and advances 1,521 11 865 1 -- 14 9 544 -.- 3 1 -- 73 Acceptances: Bought outright i 47 ! 47 -- -- -- -- -- -- -- -- -- — Held under repurchase agreements ' 28 -- 28 -- -- -- -- -- -- -- — -- -- Federal Agency obligations-- Held under repurchase agreements 30 30 U. S. Government securities: Bought outright— Bills 25,437 1,276 6,467 1,315 1,952 1,918 1,273 4,147 943 511 1,004 1,177 3,454 Certificates -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 33,718 1,691 8,573 1,743 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 Total bought outright 1/ 62,233 3,121 15,823 3,217 4,775 4,692 3,115 10,145 2,309 1,250 2,455 2,880 8,451 Held under repurchase agreements 232 -- 232 -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 62,465 3,121 16,055 3,217 4,775 4,692 3,115 10,145 2,309 T723T7 2,455 2,880 874TT Total loans and securities "64,091 3,132 17,025 3,218 4,775 4,706 3,124 10,689 2,-309 1,253 2,456 2,880 8,524 Cash items in process of collection 12,281 651 2,090 o30 848 959 1,230 2,056 637 507 880 757 1,036 Bank premises 133 2 8 3 14 11 17 17 13 13 18 9 8 Other assets 2/ 728 38 296 41 41_ 43 40 82 20 U_ 20 25_ 70 TOTAL ASSETS 89,397 4,547 21,948 4,614 6,665 6,725 5,240 14,773 3,474 1,950 3,853 4,355 11,253 1/ Includes $42 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 10, 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 50,545 2,854 12,097 2,883 4,114 4,514 2,511 8,835 1,934 866 1,864 1,908 6,165 Deposits: Member bank reserves 24,391 906 6,872 993 1,536 1,160 1,427 3,696 862 556 1,048 1,616 3,719 U. S. Treasurer—general account 1,203 49 147 84 73 114 117 168 66 52 107 101 125 Foreign 134 6 1/ 38 7 12 7 9 20 4 3 5 7 16 Other 745 1 7/669 3 — 15 1 18 1 2 2 8 25 Total deposits 26,473 962 7,726 1,087 1,621 1,296 1,554 3,902 933 613 1,162 1,732 3,885 Deferred availability cash items 9,977 617 1,497 522 726 769 1,033 1,665 524 420 729 592 883 Other liabilities and accrued dividends 537 27 142 26 40 39 26 85 19 11 21 24 77 TOTAL LIABILITIES 87,532 4,460 21,462 4,518 6,501 6,618 5,124 14,487 3,410 1,910 3,776 4,256 11,010 CAPITAL ACCOUNTS Capital paid in 713 33 186 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 450 21 115 23 36 34 21 74 16 8 17 20 65 TOTAL LIABILITIES AND 89,397 4,547 21,948 4,614 6,665 6,725 5,240 14,773 3,474 1,950 3,853 4,355 11,253 CAPITAL ACCOUNTS Contingent liability on ace: eptances purchased for forei- gn _ correspondents 261 12 3/ 69 13 24 13 17 39 9 6__ 11 15 33 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,003 12,748 2,949 4,297 4,647 2,768 9,050 2,005 901 ^ 1,939 2,030 6,445 Collateral for F. R. notes: Gold certificate account 250 500 300 510 500 1,000 155 5 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 V After deducting $ 96 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $192 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis