H.4.1 Factors Affecting Reserve Balances of Depository Institutions

po^ov^; FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For Immediate release June 10, 1971 The average of daily figures of total reserves of member banks de clined $378 million to $29,907 million in the latest statement week. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. An increase in float and a decline in Treasury deposits with Federal Reserve Banks were the major factors supplying reserves in this latest statement week. Reserves were drained by a seasonal rise in currency in circulation. Dur ing the week, in order to meet temporary seasonal cash needs, the Treasury bor rowed $94 million from the System, on weekly average, through the issuance of special certificates. System Open Market operations absorbed $481 million of reserves net, on a weekly average basis. Member bank borrowings averaged $154 million and exceeded excess reserves by $69 million compared with $354 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, June 9, June 2, June 10, June 9, and related items 1971 1971 1970 1971 (In nli llions of dollars) Reserve Bank credit: U.S. Government securities— Bought outright--System account 64,338 — 439 + 6,900 64,031 Held under repurchase agreements — - 73 86 -- Special Certificates 94 + 94 + 94 582 Federal Agency obligations — Held under repurchase agreements — 27 16 1 Acceptances— Bought outright 64 . 1 + 23 62 Held under repurchase agreements — - 37 11 — Discounts and advances-- Member bank borrowings 154 491 703 590 Other — — - , 90 Float 2,781 + 302 + 180 2,327 Other F.R. assets 911 - 12 - 317 955 Total Reserve Bank credit 68,342 - 682 + 5,974 68,547 Gold Stock 10,332 — - 1,035 10,332 Special Drawing Rights certif. acct. 400 — -- 400 Treasury currency outstanding 7,404 + 14 + 413 7,414 86,478 - 668 + 5,351 86,693 Currency in circulation 57,851 + 373 + 3,814 58,121 Treasury cash holdings 494 - 12 22 498 Treasury deposits with F.R. Banks 394 - 496 - 425 7 Foreign deposits with F.R. Banks 151 - 36 + 6 194 Other deposits with F.R. Banks' 695 - 8 98 668 Other F.R. liabilities and capital 2,328 + 24 41 2,345 61,913 - 154 + 3,234 61,833 Member bank reserves: With Federal Reserve Banks 24,566 - 512 + 2,118 24,860 Currency and coin 5,341 + 134 + 320 5,341 Total reserves held 29,907 - 378 + 2,438 30,201 Required reserves 29,822 - 172 + 2,489 29,822 Excess reserves 85 - 206 51 379 NOTE: A net of $171 million of surplus reserves were eligible to be carried forward frorrr the week ended June 2, into the week ending June 9. On June 9, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $20,043 million, an increase of $382 million for the week. 1/ Includes $27 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 June 9, June 2, June 10, 1971 1971 1970 A S S E TS Gold certificate account 10,075 -- - 970 Special Drawing Rights certif. accts. * 400 -- — Cash (747) 272 + 2 + 67 Discounts and advances 590 + 553 - 244 Acceptances: Bought outright 62 — *- 24 Held under repurchase agreements -- 9 — Federal Agency obligations-- Held under repurchase agreements -- 48 -- U. S. Government securities Bought outright— Bills 26,504 - 778 +4,259 Certificates - Special 582 + 582 + 582 - Other — — — Notes 34,307 — +1,887 Bonds 3,220 — + 333 Total bought outright 1/ 64,613 - 196 +7,061 Held under repurchase agreements — 102 — Total U. S. Government securities 64,613 — "79T +7,061 Total loans and securities ST7Z5"? + T5S +6,841 Cash items in process of collection (2, 641) 9,925 -i ,053 + 795 Bank premises 141 + 2 + 22 Other assets 2/ 814 - 4 - 328 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3, 388) 86,892 - 855 +6,427 L I A B I L I T I ES Federal Reserve notes (747) 51,220 + 309 +3,510 Deposits: Member bank reserves 24,860 + 462 +3,220 U. S. Treasurer--general account 7 - 862 - 873 Foreign 194 + 54 + 77 Other 3/ 668 - 83 - 127 Total deposits 25,725 T75 +2,297 •- Deferred availability cash items (2,641) 7,598 - 758 + 652 Other liabilities and accrued dividends 550 - 12 62 TOTAL LIABILITIES (3,388) 85,097 - "395 +67597 C A P I T AL A C C O U N TS Capital paid in 725 1 + 41 Surplus 702 -- + 33 Other capital accounts 368 34 - 44 Contingent liability on acceptances purchased for foreign correspondents 241 9 4-12 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $27 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, JUNE 9, 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 advance! S Acceptances Holdings Weekly changes Within 15 days 589 12 3,400 +320 16 days to 90 days 1 50 12,992 -469 91 days to 1 year -- -.- 17,800 -197 Over 1 year to 5 years -- -- 23,645 -- Over 5 years to 10 yeatrrss — 5,896 — Over 10 years -- —• 880 -- Total 590 62 64,613 -346 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 JUNE 9, 1971 • •I.. 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 10,075 600 2,294 595 953 817 589 2,315 307 128 322 350 805 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 747 1 91 202 36 37 50 185 23 15 12 27 17 52 Other cash | 272 11 22 10 26 32 35 33 17 8 27 18 33 Discounts and advances 590 17 365 i 122 5 25 * - 8 i 46 Acceptances: Bought outright 62 -- 62 -- -- -- -- -- — -- -- -- -- Held under repurchase agreements " -- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations— Held under repurchase agreements 1 -- -- -- -- -- -- U. S. Government securities: Bought outright— Bills 126,504 1,294 6,709 1,399 2,029 1,952 1,317 4,372 985 514 1,026 1,206 3,701 Certificates 582 " 582 _« — -- -- -- -- -- -- -- — Notes 134,307 1,675 8,683 1,811 2,626 2,526 1,706 5,659 1,275 665 1,329 1,561 4,791 Bonds 1 3,220 157 815 170 246 237 160 531 120 63 125 146 450 Total bought outright 1/ 64,613 3,126 L6,789 3,380 4,901 4,715 3,183 10,562 2,380 1,242 2,480 2,913 8,942 Held under repurchase agreements -- -- -- •_ -- -- -- -- -- -- -- -- -- Total U. S. Government securities 64,613 !3,126 L6,789 3,380 4,901 4,715 3,183 10,562 2,380 1,242 2,480 2,913 8,942 Total loans and securities 65,265 3,143 L7,216 3,381 5,023 4,715 3,188 10,587 2,380 1,242 2,488 2,914 8,988 Cash Items in process of collection 12,566 706 2,106 697 901 974 1,208 2,149 634 497 770 750 1,174 Bank premises 141 2 8 3 17 13 17 17 13 16 18 9 8 Other assets 2/ 814 45 307 41 48 46 32 99 23 11 38 40 84 TOTAL ASSETS 90,280 4,621 ;2 2,248 4,786 7,038 6,683 5,276 15,293 3,404 1,921 3,705 4,112 11,193 1/ Includes $27 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 JUNE 9,1971 i ' ' " " 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 51,967 2,900 12,364 3,020 4,206 4,606 2,548 9,098 2,003 904 1,951 2,022 6,345 Deposits: Member bank reserves 24,860 967 7,014 1,084 1,831 1,137 1,573 3,999 788 534 1,024 1,359 3,550 U. S. Treasurer—general account 7 * * * 1 1 * 1 * 1 1 * 2 Foreign 194 8 1/ 69 9 15 9 11 25 6 4 7 10 21 Other 668 * 2/624 3 -- 8 2 4 1 1 2 2 21 Total deposits 25,729 975 7,707 1,096 1,847 1,155 1,586 4,029 795 540 1,034 1,371 3,594 Deferred availability cash items 10,239 636 1,574 549 784 783 1,000 1,802 524 425 625 598 939 Other liabilities and accrued dividends 550 27 136 28 42 39 28 90 21 13 21 25 80 TOTAL LIABILITIES 88,485 4,538 21,781 4,693 6,879 6,583 5,162 15,019 3,343 1,882 3,631 4,016 10,958 CAPITAL ACCOUNTS Capital paid in 725 34 188 38 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 368 16 94 19 30 26 18 61 13 6 13 17 55 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 90,280 4,621 22,248 4,786 7,038 6,683 5,276 15,293 3,404 1.921 3.705 4,112 11.193 Contingent liability on ace: eptances purchased for forei gn correspondents 241 11 3/ 64 12 22 12 16 36 8_ 6_ 10 14 30 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,030 13,026 3,097 4,353 4,702 2,728 9,338 2,080 934 2,027 2,141 6,588 Collateral for F. R. notes: Gold certificate account 250 500 300 510 530 1,000 155 5 U. S. Government securities 2,840 12,800 2.900 3,900 4.250 2.900 8.450 1.980 -9_5J3 2.075 21ftO 7000 r r Total collateral 3,090 13,300 3,200 4,410 4,780 2,900 9,450 2,135 950 2,075 2,185 7,000 1/ After deducting $ 125 million participations of other Federal Reserve Bahks. 2/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 177 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis