H.4.1 Factors Affecting Reserve Balances of Depository Institutions

o* GOV/ FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release March 18, 1971 The average of daily figures of total reserves of member banks increased $476 million to $29,927 million in the latest week. Required reserves and excess reserves both increased while member bank borrowings at Federal Reserve Banks decreased. A decline in float of $391 million and a much greater than seasonal rise in currency in circulation were the major factors absorbing reserves in this latest week. Offsetting these reserve drains were a decline in Treasury deposits wich Federal Reserve Banks and a seasonal decrease in other F.R. liabilities and capital. In addition, System Open Market operations supplied $892 million in reserves net on a weekly average basis. Most of these reserves were provided through repurchase agreements. Member bank borrowings averaged $290 million and exceeded excess reserves by $56 million compared with $291 million for the previous week. Averages ci f daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 17, March 10, March 18, March 17, and related items 1971 1971 1970 1971 Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright--System account 62,301 + 132 +6,395 1/ 62,301 Held under repurchase agreements 637 + 604 + 548 657 Federal Agency obligations— Held under repurchase agreements 94 + 90 + 57 96 Acceptances Bought outright 48 ... 7 50 Held under repurchase agreements 70 + 66 + 62 98 Discounts and advances-- Member bank borrowings 290 131 - 527 566 Other -- — - 40 -- Float 2,514 - 391 + 64 2,586 Other F. R. assets 879 + 50 -1,190 921 Total Reserve Bank credit 66,832 + 419 +5,361 67,275 Gold stock 10,732 — - 635 10,732 Special Drawing Rights certif. acct. 400 — + 86 400 Treasury currency outstanding 7,230 + 7 + 342 7,238 85,195 + 427 +5,155 85,645 Currency in circulation 56,300 + 300 +3,792 56,363 Treasury cash holdings 463 - 4 - 106 460 Treasury deposits with F. R. Banks 547 - 497 - 515 363 Foreign deposits vgrith F. R. Banks 141 + 5 74 134 Other deposits with F. R. Banks 742 + 10 3 718 Other F. R. liabilities and capital 2.139 ^_ 240 ± 22 2.10? 60,333 - 426 +3,195 60,141 Member bank reserves: With Federal Reserve Banks 24,862 + 852 +1,960 25,504 Currency and coin 5,065 - 376 + 336 5,065 Total reserves held 29,927 + 476 +2,296 30)569 Required reserves 29,693 + 372 +2,212 29,693 Excess reserves 234 + 104 + 84 876 NOTE: A net of $41 million of surplus reserves were eligible •t-o_ vb_e carried forward from the week ended March 10, into the week ending March 17. On March 17, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $14,705 million, an increase of $564 million for the week. \J Includes $65 million securities loaned—fully secured by US. 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. 17, March 1"0 , March 18, 1971 1971 1970 A S S E TS Gold certificate account 10,464 - 581 Special Drawing Rights certif. accts. 400 Cash (1,010) 269 + 3 + 72 Discounts and advances 566 - 955 55 Acceptances: Bought outright 50 + 3 3 Held under repurchase agreements 98 70 + 70 Federal Agency obligations- Held under repurchase agreements 96 66 13 U. S. Government securities : Bought outright— Bills 25,437 +4,223 Certificates Notes 33,777 + 59 +1,704 Bonds 3,087 + 9 + 272 Total bought outright 1/ 62,301 + 68 +6,199 Held under repurchase agreements " 657 + 425 + 421 Total U. S. Government securities 62,958 + 493 +6.620 Total loans and securities 63,768 - 323 +6,619 Cash items in process of collection (3,099) 11,193 +1 ,398 + 991 Bank premises 134 + 1 + 17 Other assets 2/ 787 + 59 -1.267 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (4,109) 67,015 +1, 138 +5JW L I A B I L I T I ES Federal Reserve notes (1,010) 49,586 + 75 +3,458 Deposits: Member bank reserves 25,504 +1,038 +2,015 U. S. Treasurer—general account 363 - 840 - 685 Foreign 134 - 46 Other 3/ 718 27 - 114 Total deposits 26,719 + 171 +1,170 Deferred availability cash items (3,099) 8,607 +1,191 +1,182 Other liabilities and accrued dividends 525 - 12 10 TOTAL LIABILITIES (4,109) 85,437 +1,425 +5,800 £ ^ F _ I T AL A C C O U N TS Capital paid in 713 + 32 Surplus 702 + 33 Other capital accounts 163 287 - 14 Contingent liability on acceptances purchased fdr foreign correspondents 260 1 + 95 * Figures in parentheses are the eliminations made in the consoli dating process r Includes $65 million securities loaned—fully secured by U. S. Government 1/ 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 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 Hlooilddlinnggas Week E l l y y c ch h a a n n i g es Within 15 days 565 110 4,26? +1,140' 16 days to 90 days 1 38 14,280 - 631 91 days to 1 year -- -- 14,284 18 Over 1 year to 5 yea rs -- -- 23,436 + 16 Over 5 years to 10 years — — 5,970 + 48 Over 10 years — — 817 + 4 Total 566 148 63,054 + 559 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 17, 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) i I, i • i • i ..II A S S E TS Gold certificate account 10,464 782 1,352 513 1,053 942 493 2,353 439 207 387 504 1,439 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 1,010 121 234 35 54 63 322 23 14 11 23 23 87 Other cash 269 12 18 11 30 15 37 40 16 7 27 16 40 Discounts and advances 566 1 329 -- 2 ^r 227 ^ i -- 6 Acceptances: Bought outright 50 — 50 -- — -- -- -- -- -- -- — Held under repurchase agreements 98 -- 98 -- -- -- -- -- -- -- -- -- Federal Agency obligations— Held under repurchase agreements 96 -- 96 -- -- -- -- — -- -- -- -- U. S. Government securities: Bought outright— Bills 25,437 1,276 6,467 1,315 1,952 1,918 1,273 4,147 944 511 1,003 1,177 3,454 Certificates -- — — -- -- — -- -- -- -- -- — Notes 33,777 1,694 8,588 1,746 2,591 2,546 1,691 5,506 1 ,253 678 1,333 1,564 4,587 Bonds 3,087 155 785 160 237 233 155 503 115 62 121 142 419 Total bought outright 1/ 62,301 3,125 15,840 3,221 4,780 4,697 3,119 10,156 2 ,312 i ,251 2,457 2,883 8,460 Held under repurchase agreements 657 -- 657 -- -- -- -- -- -- -- -- Totai_U... S. Government securities 62,958 3,125 16,497 3,221 4,780 4,697 3,119 10,156 2 ,312 i ,251 2,457 2,883 8,460 Total loans and securities 63,768 3,126 17,070 3,221 4,780 4,699 3,119 10,383 2 ,312 i ,251 2,458 2,883 8,466 Cash items in process of collection 14,292 801 2,433 747 1,102 1,143 1,412 2,340 718 506 902 817 1,371 Bank premises 134 2 8 3 15 11 17 17 13 13 18 9 8 Other assets 2,/ 787 41 338 35 44 47 27 94 20 12 24 29 76 TOTAL ASSETS 91,124 4,908 21,546 4,588 7,111 6,956 5,449 15,320 3., 547 2 ,014 3,854 4,295 11,536 Ml '• • • ITr.ii -T- 1- •• 1 III !•!•!• II ... — 1/ Includes $65 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 MARCH 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) LIABILITIES. Federal Reserve notes 50,596 2,858 12,125 2,897 4,123 4,502 2,506 8,857 1,937 868 1,858 1,913 6,152 Deposits: Member bank reserves 25,504 1,204 6,230 945 1,820 1,311 1,589 4,176 880 642 1,116 1,585 4,006 U. S. Treasurer--general account 363 9 yll 14 53 38 33 26 43 15 38 12 55 Foreign 134 6 7 12 7 9 20 4 3 5 7 16 Other 718 1 2/652 2 15 2 12 1 2 2 8 21 Total deposits 26,719 1,220 6,947 968 1,885 1,371 1,633 4,234 928 662 1,161 1,612 4,098 Deferred availability cash items 11,706 731 1,924 616 920 959 1,181 1,907 609 438 749 661 1,011 Other liabilities and accril ed dividends 525 26 139 26 41 38 26 83 19 11 20 23 73 TOTAL LIABILITIES 89,546 4,835 21,135 4,507 6,969 6,870 5,346 15,081 3,493 1,979 3,788 4,209 11,334 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 163 7 40 8 14 13 8 27 6 3 6 7 24 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 91,124 4,908 21,546 4,588 7,111 6,956 5,449 15,320 3,547 2,014 3,854 4,295 11,536 • Contingent liability on ac:ee ptances purchased for fore]8 n correspondents 260 12 3/ 68 13 23 13 18 39 9_ 6^ 11 15 33^ FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,020 12,783 2,961 4,282 4,647 2,765 9,133 2,023 898 1,945 2,053 6,446 Collateral for F. R. notes: Gold certificate account 250 500 300 510 500 1,000 155 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 If 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