H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release April 1, 1971 The average of daily figures of total reserves of member banks increased $478 million in the latest statement week to $29,979 million. Required reserves and excess reserves both increased while member bank borrowings at Federal Reserve Banks declined. In the latest statement week the major factor absorbing reserves was a decline in float of $337 million. Partially offsetting this reserve drain was a seasonal decline in currency in circulation. In addition, System Open Market operations supplied $578 million in reserves net, on a weekly average basis. These reserves were provided both through repurchase agreements and outright purchases of securities, the latter including some System buying of coupons toward the end of the statement week. Member bank borrowings averaged $257 million and were $163 million less than excess reserves. In the previous week borrowings exceeded excess reserves by $270 million. Averasr es of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 31, March 24, "April 1, March 31, and related items 1971 .L 971 1970 1971 Reserve Bank credit: (Iri millions of: dollars) U.S. Government securities— Bought outright--System account 62,581 + 158 +6,867 1/ 62,841 Held under repurchase agreements 455 + 372 + 223 1,319 Federal Agency obligations— Held under repurchase agreements 40 + 36 — 185 Acceptances Bought outright 53 _ 1 + 1 53 Held under repurchase agreements 40 + 13 + 18 85 Discounts and advances-- Member bank borrowings 257 76 - 692 391 Other — -- - 40 -- Float 2,525 - 337 - 361 2,550 Other F. R. assets 966 + 44 -1,159 997 Total Reserve Bank credit 66,917 + 209 +4,857 68,421 Gold stock 10,732 — - 635 10,732 Special Drawing Rights certif. acct. 400 — -- 400 Treasury currency outstanding 7,255 + 13 + 352 7,263 85,304 + "TIT +4,575 86*816 Currency in circulation 56,110 - 103 +3,544 56,294 Treasury cash holdings 475 + 10 97 481 Treasury deposits with F. R. Banks 806 + 63 - 475 858 Foreign deposits with F. R. Banks 162 + 41 76 201 Other deposits with F. R. Banks 694 - 4 - 126 794 Other F. R. liabilities and capital 2.198 + 57 + 47 2,255 60,444 + 63 +2,815 60,883 Member bank reserves: With Federal Reserve Banks 24,860 + 160 +1,760 25,932 Currency and coin 5,119 + 318 + 413 5,119 Total reserves held 29,979 + 478 +2,173 31,051 Required reserves 29,559 + 121 +2,092 29,559 Excess reserves 420 + 357 + 81 1,492 NOTE: A net of $52 million of surplus reserves were eligible to be carried forward from the week ended March 24, into the week ending March 31. On March 31, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $15,130 million, an increase of $211 million for the week. 1/ Includes $60 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. 31, March 24, Apri1 1, 1971 1971 1970 A S S E TS Gold certificate account 10,464 — mm _ 581 Special Drawing Rights certif. acctss.. * 400 — — Cash (1,080) 268 2 + 81 Discounts and advances 391 - 428 - 221 Acceptances: Bought outright 53 + 2 _ 5 Held under repurchase agreements 85 + 75 + 55 Federal Agency obligations-- Held under repurchase agreements 185 176 + 151 U. S. Government securities : Bought outright— Bills 25,638 + 159 +4,741 Certificates Notes 34,031 + 206 +1,958 Bonds 3,172 + 71 + 357 Total bought outright 1/ 62,841 + 436 +7,056 Held under repurchase agreements 1,319 +1,278 +1,103 Total U. S. Government securities 64,160 +1,714 +8,159 Total loans and securities 64,874 +1,539 +8,139 Cash items in process of collection (2,743) 9,892 + 436 - 594 Bank premises 134 -- + 18 Other assets 2/ 863 + 16 -1,180 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,823) 86,895 +1,989 +5,883 I i I A l l I i I l l ii Federal Reserve notes (1,080) 49,513 + 61 +3,265 Deposits: Member bank reserves 25,932 +1,735 +3,052 U. S. Treasurer--general account 858 - 68 - 199 Foreign 201 + 55 11 Other V 794 + 125 - 114 Total deposits 27,785 +1,847 +2,728 Deferred availability cash items (2,743) 7,342 + 6 - 180 Other liabilities and accrued dividends 546 + 9 + 21 TOTAL LIABILITIES (3,823) 85,186 +1,923 +5,834 C A P I T AL A C C O U N TS Capital paid in 717 + 36 Surplus 702 + 33 Other capital accounts 290 + 64 20 Contingent liability on acceptances purchased for foreign correspondents 255 4 + 85 * Figures in parentheses are the eliminations made in the consolidating process. J7 Includes $60 million securities loaned—fully secured by U.S. Government securities pleged with Federal Reserve Banks. J2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 31, 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 advanceI B Acceptances Holdings Weekly changes Within 15 days 389 98 4,434 + 954 16 days to 90 days 2 40 14,414 - 102 91 days to 1 year -- — 14,934 + 760 Over 1 year to 5 year'8s — 23,619 + 167 Over 5 years to 10 jars -« 6,080 + 79 Over 10 years 864 +____32 Total •mmmmm—m mmam^mm 391 138 64,345 +1,890 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 31, 1971 San New Phila Cleve Rich St. Minne- Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apol is City cisco (In millions of dollars) A S S E TS Gold certificate account 110,464 460 1,686 811 848 977 574 1,889 339 230 375 336 1,939 Special Drawing Rights certif. acct. 400 93 23 33 36 22 7C1 15 7 15 14 49 ! 23 F. R. notes of other banks 1,080 121 242 36 60 60 364 27 16 13 26 21 94 Other cash 268 11 22 10 29 17 36 38 15 7 28 17 38 Discounts and advances 391 26 52 * -- 3 * 307 * * 3 -- -- Acceptances: Bought outright 53 -- 53 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements I 85 85 — -- -- -- -- — -- -- -- -- — Federal Agency obligations— Held under repurchase agreements 185 185 — -- -- -- -- -- — -- — — U. S. Government securities: Bought outright— 25,638 1,285 6,544 1,332 1,987 1,922 1,254 4,145 965 506 1,001 1,195 3,502 Bills Certificates -- — -- -- -- -- -- -- -- -- -- -- -- Notes 34,031 1,705 8,686 1,768 2,638 2,552 1,664 5,502 1 ,281 671 1,329 1,586 4,649 Bonds 3,172 159 810 164 246 238 155 513 119 r 63 124 148 433 Total bought outright 1/ 62,841 3,149 16,040 3,264 4,871 4,712 3,073 10,16C1 2 ,365 ,240 2,454 2,929 8,584 Held under repurchase agreements 1,319 — 1,319 -- -- — -- -- — -- — -- -rr r Total D. S. Government securities 64,160 3,149 17,359 3,264 4,871 4,712 3,073 10.16C ,365 ,240 2,454 2,929 8,584 Total loans and securities 64,874 3,175 17,734 3,264 4,871 4,715 3,073 10,467 2 ,365 1 ,240 2,457 2,929 8,584 Cash items in process of collection 12,635 699 2,297 745 926 925 1,258 2,031 610 431 834 806 1,073 Bank premises 134 2 8 3 15 11 17 17 13 13 18 9 8 Other assets 2/ 863 46 348 42 51 53 3_3 105 25 14 25_ 32 89 TOTAL ASSETS 90,718 4,537 22,430 4,934 6,833 6,794 5,377 14,644- 3 ,398 1 ,955 3,778 4,164 11,874 1/ Includes $60 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 31, 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) v L I A B I L I T I ES Federal Reserve notes 50,593 2,853 12,121 2,901 4,118 4,524 2,515 8,850 1,938 867 1,864 1,923 6,119 Deposits: Member bank reserves 25,932 881 7,111 1,289 1,636 1,301 1,612 3,679 847 629 1,065 1,478 4,404 U. S. Treasurer--general account 858 49 203 85 71 66 64 42 45 32 54 19 128 Foreign 201 8 1/ 79 8 15 8 11 25 6 4 7 9 21, Other 794 * 1/746 2 — 14 2 6 * 1 2 2 19= Tota1 deposits 27,785 938 8,139 1,384 1,722 1,389 .1,689 3,752 898 666 1,128 1,508 4,572; Deferred availability cash items 10,085 640 1,575 533 800 748 1,037 1,697 484 374 694 617 886E Other liabilities and accrued dividends 546 27 149 28 42 38 26 85 20 11 20 24 761 TOTAL LIABILITIES 89,009 4,458 21,984 4,846 6,682 6,699 5,267 14,384 3,340 1,918 3,706 4,072 11,653|- § CAPITAL ACCOUNTS Capital paid in 717 33 188 37 65 37 49 107 24 16 31 40 901 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 881 Other capital accounts 290 13 73 15 23 22 14 48 10 5 11 13 431 TOTAL LIABILITIES AND 1 CAPITAL ACCOUNTS 90,718 4,537 22,430 4,934 6,833 6,794 5,377 14,644 3,398 1,955 3,778 4,164 11,874} Contingent liability on ace: eptances purchased for forei gn corre s ponden t s 255 12 3/ 67 13 23 13 17 38 9_ 6 11 14 22 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 52,996 3,014 12,844 2,981 4,286 4,653 2,751 9,122 2,027 898 1,948 2,054 6,418 Collateral for F. R. notes: Gold certificate account 3,220 250 500 300 510 500 — 1,000 155 — — 5 —! U. S. Government securities 51,665 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 54,885 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 $122 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $188 million participations of other Federal Reserve Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis