H.4.1 Factors Affecting Reserve Balances of Depository Institutions

of cow. FEDERAL RESERVE Factors Affecting Bank Reserves and f^LRt^fT* Condition Statement of F.R. Banks H.4.1 For immediate release May 20, 1971 The average of daily figures of total reserves of member banks increased $281 million in the latest statement week to $30,385 million. Required reserves and member bank borrowings at Federal Reserve Banks both increased while excess reserves declined. The major factors draining reserves in the latest week were declines both in the gold stock and Other F.R. assets and an increase in currency in circulation. These reserve drains were offset by a decline in Other F.R. liabilities and a moire than seasonal increase in float. In addition, System Open Market operations supplied $296 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. Member bank borrowings averaged $308 million and exceeded excess reserves by $193 million. In the previous week member bank borrowings were $144 million less than excess reserves. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 19, May 12, May 20, May 19, and related items 1971 1971 1970 1971 Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright—System account 64,452 471 +7, 191 1/ 64,530 Held under repurchase agreements 311 167 + 173 521 Federal Agency obligations— Held under repurchase agreements 41 97 Acceptances Bought outright 60 1 + 7 59 Held under repurchase agreements 33 5 + 13 89 Discounts and advances-- Member bank borrowings 308 210 871 985 Other 90 Float 2,966 + 405 230 2,701 Other F. R. assets 1,109 188 480 826 Total Reserve Bank credit 69,280 + 723 +5,718 69,808 Gold stock 10,332 229 -1,035 10,332 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 7,354 + 386 7,360 87,367 + 505 +5,070 87,900 Currency in circulation 57,266 + 102 +3,677 57,306 Treasury cash holdings 499 - 8 43 507 Treasury deposits with F. R. Banks 1,248 - 66 - 183 1,224 Foreign deposits with F. R. Banks 162 - 5 - 41 195 Other deposits with F. R. Banks 697 + 8 - 157 646 Other F. R. liabilities and capital 2,148 - 151 + 16 2,197 62,019 - 120 +3 ,268 62,075 Member bank reserves: With Federal Reserve Banks 25,348 625 +1 ,802 25,825 Currency and coin 5,037 344 + 488 5,037 Total reserves held 30,385 + 281 +2,290 30,862 Required reserves 30,270 + 408 +2,389 30,270 Excess reserves 115 - 127 99 592 NOTE: A net of $142 million of surplus reserves were eligible to be carried forward from the week ended May 12, into the week ending May 19. On May 19, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $18,905 million, an increase of $391 million for the week. \J Includes $98 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 May 19, May 12, May 20, 1971 1971 1970 A S S E TS Gold certificate account 10,075 970 Special Drawing Rights certif, accts. 400 Cash (907) 270 + 6 + 70 Discounts and advances 985 + 960 + 450 Acceptances: Bought outright 59 + 1 + 9 Held under repurchase agreements 89 + 89 + 89 Federal Agency obligations-- Held under repurchase agreements 97 97 97 U. S. Government securities : Bought outright-- Bills 27,011 + 490 +4,642 Certificates Notes 34,299 + 119 +2,134 Bonds 3,220 + 384 Total bought outright 1/ 64,530 + 609 +7,160 Held under repurchase agreements 521 + 257 + „„531 Total U. S. Government securities 65,051 + 666 +7,681 Total loans anci securities 66,281 +2 ,013 +8,326 Cash items in process of collection (2,996) 11,159 + 632 + 761 Bank premises 140 + 1 + 22 Other assets 2/ 686 - 499 - 564 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,903) 89,011 +2. .153 +7,. 645 Federal Reserve notes (907) 50,466 73 +3,405 Deposits: Member bank reserves 25,825 +1,837 +2,866 U. S. Treasurer--general account 1,224 + 112 + 482 Foreign 195 + 54 Other J/ 646 - 167 Total deposits 27,890 +1,942 +3,235 Deferred availability cash items (2,996) 8,458 + 236 + 961 Other liabilities and accrued dividends 559 + 27 jz 3£ TOTAL LIABILITIES (3,903) 87,373 +2,132 +7,566 £ £ £ I 1 £ L A C C O U N TS Capital"~paid in 723 1 + 39 Surplus 702 + 33 Other capital accounts 213 + 20 + 7 Contingent liability on acceptances purchased for foreign correspondents 243 14 * Figures in parentheses are the eliminations made in the consolidating proce ss. 1/ Includes $98 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 1/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MAY 19. 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 984 101 4,509 -1,184 16 days to 90 days 1 47 12,333 + 180 91 days to 1 year 17,893 +2,312 Over 1 year to 5 years 23,641 - 95 Over 5 years to 10 years 5,892 - 250 Over 10 years 880 -_ Total 985 148 65,148 + 963 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 MAY 19, 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 10,075 634 1,167 633 881 1,048 436 1,976 543 177 393 444 1,743 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 907 103 229 43 40 65 254 24 19 12 28 25 65 Other cash 270 12 24 10 28 27 33 34 16 8 26 18 34 Discounts and advances 985 10 711 4 12 56 21 122 2 * 10 — 37 Acceptances: Bought outright 59 -- 59 — -- -- -- — -- -- -- -- — Held under repurchase agreements 89 -- 89 — __ -- __ -- -- — — -- -- Federal Agency obligations— Held under repurchase agreements 97 97 — — - -- --- -- U. S. Government securities: Bought outright— Bills 27,011 1,320 6,866 1 ,395 2,068 2,004 1,356 4,407 979 539 1,029 1,257 3,791 Certificates Notes 34,299 1,675 8,718 1 ,771 2,627 2,545 1,723 5,596 1 ,243 685 1,306 1,596 4,814 Bonds 3,220 157 818 166 247 239 162 525 117 64 123 150 452 Total bought outright 1/ 64,530 3,152 16,402 ""T,3 32 4,942 4,788 3,241 10,528 T ,339 1,288 2,458 3,003 9,057 Held under repurchase agreements 521 — 521 -- -- -- -- — -- — .. — — Total D. S. Government securities 65,051 3,152 16,923 T ,332 4,942 4,788 3,241 10,528 T ,339 1,288 2,458 3,003 9,057 Total loans and securities 66,281 3,162 17,879 3 ,336 4,954 4,844 3,262 10,650 2., 341 1,288 2,468 3,003 9,094 Cash items in process of collection 14,155 794 2,389 747 1,073 1,129 1,360 2,405 717 523 915 873 1,230 Bank premises 140 - 2 8 3 17 13 17 17 13 15 18 9 8 Other assets Zl 686 38 280 31 38 35 54 76 17 10 18 24 65 TOTAL ASSETS 92,914 4,768 22,069 4., 826 7,064 7,197 5,438 15,252 3., 681 2,040 3,881 4,410 12,288 1/ Includes $98 million securities loaned—fully secured by U.S Government securities pledged with Federal Reserve Banks. 0 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 MAY 19,1971 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 51,373 2,882 12,264 2,995 4,162 4,555 2,518 9,002 1,979 893 1,913 1,983 6,227 Deposits: Member bank reserves 25,825 980 6,640 1,020 1,717 1,384 1,586 3,835 902 608 1,072 1,526 4,555 U. S. Treasurer—general account 1,224 , 80 149 82 84 187 65 64 140 47 61 105 160 Foreign 195 8 1/ 70 9 15 9 11 26 6 4 7 9 21 Other 646 * 2/ 592 3 1 10 2 5 2 2 2 3_ 24 Total deposits 27,890 1,068 7,451 1,114 1,817 1,590 1,664 3,930 1,050 661 1,142 1,643 4,760 Deferred availability cash items 11,454 717 1,779 609 898 927 1,095 1,988 579 438 738 671 1,015 Other liabilities and accrued dividends 559 27 155 26 43 39 27 88 19 12 20 25 78 TOTAL LIABILITIES 91,276 4,694 21,649 4,744 6,920 7,111 5,304 15,008 3,627 2,004 '3,813 4,322 12,080 CAPITAL ACCOUNTS Capital paid in 723 33 188 37 66 38 49 108 24 17 31 40 92 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 213 8 47 9 15 12 38 31 6 3 7 9 28 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 92,914 4.768 22.069 4.826 7.064 7.197 5.438 15.252 3.681 2.040 3.ool 4.410 12.288 . Contingent liability on ac:ee ptances purchased for forei- gn correspondents 243 ii 3/ 64 12 22 12^_ 16 37 8 6 10 14 31 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,039 12,951 3,082 4,332 4,682 2,732 9,261 2,079 927 2,002 2,129 6,492 Collateral for F. R. notes: Gold certificate account 250 500 300 510 530 — 1,000 155 5 Eligible paper U. S. Government securities 2,840 12,600 2.900 3.900 4,250 2.900 8.450 l f 98Q -2£Q 2.Q25 ,2, ifiQ 7,QQ0 Total collateral 3,090 13,100 3,200 4,410 4,780 2,900 9,450 2,135 950 2,025 2,185 7,000 1/ After deducting $125 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. * Less than $500,000. 37 After deducting $179 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis