H.4.1 Factors Affecting Reserve Balances of Depository Institutions

vV^2!&: FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For Immediate release June 24, 1971 The average of daily figures of total reserves of member banks declined $254 million in the latest statement week to $29,953 million. Required reserves declined while excess reserves and member bank borrowings increased. A seasonal increase in float and a seasonal decline in currency in circulation were the major factors supplying reserves in the latest statement week. A sizable increase in Treasury deposits with Federal Reserve Banks, which had been reduced to very low levels over the previous two weeks, drained over $600 million of reserves. In addition, the redemption of special certificates issued by the Treasury earlier this month drained a substantial amount of reserves. System Open Market Operations in the last few days of the week provided reserves. Member bank borrowings averaged $618 million and exceeded excess reserves by $360 million compared to $165 million for the previous week. Averages of dai ly figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, June 23, June 16, June 24, June 23, and related items 1971 1971 1970 1971 (In millions of dollars) 1/ Reserve Bank credit: U.S. Government securities- Bought outright--System account 64,117 + 242 + 6,818 64,640 Held under repurchase agreements 162 + 162 + 162 288 Special Certificates -- - 510 -- -- Federal Agency obligations — Held under repurchase agreements 23 L 23 23 53 Acceptances- Bought outright 62 . 1 + 24 62 Held under repurchase agreements 28 + 28 + 28 64 Discounts and advances- Member bank borrowings 618 + 215 - 269 631 Other -- -- 90 -- Float 2,935 + 315 - 245 2,530 Other F.R. assets 1,007 4- 48 - 417 1,047 Total Reserve Bank credit 68,953 + 523 + 6,035 69,315 Gold Stock 10,332 -- - 1,035 10,332 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 7,429 + 12 + 425 7,434 87,114 + 535 + 5,425 87,481 Currency in circulation 58,005 - 73 + 3,833 58,050 Treasury cash holdings 493 - 1 + 9 493 Treasury deposits with F.R. Banks 670 + 661 - 525 719 Foreign deposits with F.R. Banks 155 + 5 52 181 Other deposits with F.R. Banks 689 - 6 111 701 Other F.R. liabilities and capital 2,169 + 21 20 2,197 62,181 + 607 + 3,134 62,341 Member bank reserves: With Federal Reserve Banks 24,933 «• 72 •4- 2,292 25,140 Currency and coin 5,020 - 182 + 388 5,020 Total reserves held 29,953 - 254 + 2,680 30,160 Required reserves 29,695 - 274 + 2,510 29,695 Excess reserves 258 + 20 + 170 465 NOTE: A net of $112 million of surplus reserves were eligible to be carried forward from the week ended June 16, into the week ending June 23. On June 23, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $19,380 million, a decrease of $774 million for the week. 1/ Includes $73 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 23, June 16, June 24, 1971 1971 1970 A S S E TS Gold certificate account 10,075 _ M M 970 * 400 -- — Special Drawing Rights certif. accts. (824) 288 + 14 + 72 Cash Discounts and advances 631 + 370 - 209 Acceptances: Bought outright 62 ... + 28 Held under repurchase agreements 64 • 64 + 64 Federal Agency obligations-- Held under repurchase agreements 53 i_ 53 + 53 U. S. Government securities Bought outright— Bills 27,113 + 996 +5 ,415 Certificates - Special — - 349 -- - Other Notes 34,307 __ +1 ,887 Bonds 3,220 — + 333 Total bought outright ]1 / 64.64U + 647 TT ,b3b 288 + 288 + 288 Held under repurchase agreements Total U. S. Government securities 64,928 + 935 +7, 923 Total loans and securities 65,738 +1, 422 +7, 859 Cash items in process of collection (2, 961) 10,631 -1, 558 + 507 Bank premises 143 — + 24 Other assets If 904 + 63 - 518 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3 ,785) 88,179 - 59 +6, 974 LIAlItlllls (824) 51,140 135 +3,555 Federal Reserve notes Deposits: 25,140 + 657 +3,559 Member bank reserves 719 + 712 - 417 U. S. Treasurer—general account 181 + 2 - 65 Foreign Other 3/ (1) 701 3 - 114 Total deposits (1) 26,741 +1,368 +2,%3 Deferred availability cash items (2,960) 8,101 -1,364 + 467 Other liabilities and accrued dividends 548 + 11 55 TOTAL LIABILITIES (3,785) 86,530 - 120 +6,930 £ A P I T A L A C C O U N TS Capital paid in 727 + 3 + 42 702 — + 33 Surplus Other capital accounts 220 + 58 31 Contingent liability on acceptances purchased for foreign correspondents 230 10 +2 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2J Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 23. 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 620 —W— "W" T F 5 5 3 3 B "" " 16 days to 90 days 11 +325 91 days to 1 year —— 50 1127,,879596. +125 Over 1 year to 5 ye. ars —— 23,563 Over 5 years to 10 ye«a rs -- 5,896 Over 10 years -- 880 Total 631 126 64,981 +988 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 23, 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 10,075 244 2,457 549 640 783 618 2,108 314 146 347 455 1,414 Special Drawing Rights certif. acct. 400 i 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 824 92 213 38 44 63 177 31 19 16 30 20 81 Other cash 288 10 24 9 28 37 37 34 18 9 27 19 36 Discounts and advances 631 28 43 55 86 76 19 209 8 6 7 15 79 Acceptances: Bought outright 62 62 — — — — — — — — — — — Held under repurchase agreements 64 64 — — — — — — — — — — — Federal Agency obligations— Held under repurchase agreements 53 — 53 — — — — — -- — — — — U. S. Government securities: Bought outright— 27,113 1,324 6,862 1,431 2,076 1,997 1,348 4,473 1,008 525 1,049 1,234 3,786 Bills Certificates -- — — — — — — — — — — — — Notes !34,307 !1,675 8,683 1,811 2,626 2,526 1,706 5,659 1,275 665 1,329 1,561 4,791 Bonds ! 3,220 157 815 170 246 237 160 531 120 63 125 146 450 Total bought outright 1/ 64,640 3,156 16,360 3,412 4,948 4,760 3,214 10,663 2,403 1,253 2,503 2,941 9,027 Held under repurchase agreements 288 • -- 288 -- -- -- -- -- -- — -- — -- Total U. S. Government securities 64,928 3,156 16,648 3.412 4,948 4.760 3.214 10,663 2,403 1,253 2,503 2,941 9,027 Total loans and securities 65,738 3,184 16,870 3,467 5,034 4,836 3,233 10,872 2,411 1,259 2,510 2,956 9,106 Cash items in process of collection 13,592 811 2,330 743 979 1,001 1,382 2,241 695 524 900 816 1,170 Bank premises 143 2 8 3 18 13 17 17 14 16 18 9 8 Other assets 2/ 904 | 52 331 43 55 55 36 111 25 14 29 33 120 TOTAL ASSETS 1 91,964 4,418 22,326 4,875 6,831 6,824 5,522 15,484 3,511 1,991 3,876 4,322 11,984 1/ Includes $73 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 JUNE 23, 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) L I A B I L I T I ES Federal Reserve notes 51,964 2,897 12,383 3,037 4,204 4,594 2,531 9,119 1,999 902 1,947 2,030 6,321 Deposits: Member bank reserves 25,140 687 6,304 1,117 1,580 1,249 1,685 4,103 864 592 1,090 1,532 4,337 U. S. Treasurer—general account 719 1 711 * 1 * * 1 1 1 1 * 2 Foreign 181 8 1/ 63 8 14 8 11 24 5 4 7 9 20 Other 702 * 11 657 3 1 7 3 6 * * 3 2 20 Total deposits 26,742 696 7,735 1,128 1,596 1,264 1,699 4,134 870 597 1,101 1,543 4,379 Deferred availability cash items 11,061 721 1,637 598 840 837 1,158 1,893 566 445 739 634 993 Other liabilities and accrtl ed dividends i 548 ! 27 143 27 43 39 27 88 20 11 20 25 78 TOTAL LIABILITIES 90,315 4,341 21,898 4,790 6,683 6,734 5,415 15,234 3,455 1,955 3,807 4,232 11,771 CAPITAL ACCOUNTS Capital paid in 727 34 189 38 66 38 49 108 25 17 31 40 92 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 220 10 54 11 19 16 11 37 7 3 8 11 33 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 91,964 4,418 22,326 4,875 6,831 6,824 5,522 15,484 3,511 1,991 3.876 4.322 11.984 Contingent liability on ace: eptances purchased for fore:L gn cor res pondents _ J>30_ __ 11 3/ 60 12 21 12_ 15_ li 8_ 5_ LQ_ n 24_ FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,045 13,085 3,105 4,364 4,738 2,719 9,420 2,084 934 2,011 2,179 6,640 Collateral for F. R. notes: Gold certificate account 170 500 300 510 530 — 1,000 155 5 U. S. Government securities 2,920 12,800 3,000 4,000 4,280 2,900 8,750 1.980 950 2,075 2,230 7,000 Total collateral 3,090 13,300 3,300 4,510 4,810 2,900 9,750 2,135 950 2,075 2,235 7,000 \J After deducting $ 118 million participations of other Federal Reserve Bahks. 2/ Includes IMF gold deposit. * Less than $500,000. 37 After deducting $ 170 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis