H.4.1 Factors Affecting Reserve Balances of Depository Institutions

v v « &- FEDERAL RESERVE Factors Affecting Bank Reserves and "•^f^T- Condition Statement of F.R. Banks H.4.1 For immediate release July 8, 1971 The average of daily figures for total reserves of member banks declined $2 million in the latest statement week to $30,340 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. A seasonal increase in currency in circulation was the major factor ab sorbing reserves in the latest statement week. Partially offsetting this reserve drain was a rise in float. In addition, System Open Market operations supplied $451 million in reserves net, on a weekly average basis, primarily through re purchase agreements. Member bank borrowings exceeded excess reserves by $351 million compared to $466 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 7, June 30, iJuly 8, July 7, and related items 1971 1971 1 1970 1971 Reserve Bank credit: (InL millions oiE dollars) U.S. Government securities— Bought outright—System account 65,461 + 166 + 7,790 65,118 Held under repurchase agreements 250 + 207 + 250 — Federal Agency obligations- Held under repurchase agreements 61 + 47 + 61 -- Acceptances Bought outright 63 + 1 + 29 61 Held under repurchase agreements 33 + 30 + 33 — Discounts and advances-- Member bank borrowings 667 85 - 627 471 Other -- -- 90 -- Float 2,968 + 332 - 245 2,922 Other F. R. assets 1,092 + 45 286 1,123 Total Reserve Bank credit 70,594 + 742 + 6,914 69,695 Gold stock 10,332 -- - 1,035 10,332 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 7,431 - 3 + 431 7,430 88,757 + 739 + 6,309 87,857 Currency in circulation 58,671 + 660 + 4,018 59,184 Treasury cash holdings 460 - 20 + 16 468 Treasury deposits with F. R. Banks 1,535 + 71 + 224 2,065 Foreign deposits with F. R. Banks 170 + 4 16 196 Other deposits with F. R. Banks 707 + 14 84 713 Other F. R. liabilities and capital 2,307 + 74 14 2,321 63,851 + 805 + 4,143 64,947 Member bank reserves: With Federal Reserve Banks 24,906 - 65 + 2,167 22,910 Currency and coin 5,434 + 63 + 326 5,434 Total reserves held 30,340 - 2 + 2,493 28,344 Required reserves 30,024 - 32 + 2,251 30,024 Excess reserves 316 + 30 + 242 -1,680 NOTE: A net of $160 million of surplus reserves were eligible to be carried forward from the week ended June 30, into the week ending July 7. On July 7, 1971, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $17,970 million, a decrease of $10 million for the week. U Excludes $400 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $55 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 July 7, June 30, July 8, 1971 1971 1970 A S S E TS Gold certificate account 10,075 - 970 Special Drawing Rights certif. accts. * 400 Cash (623) 274 9 + 68 Discounts and advances 471 + 25 -1,127 Acceptances: Bought outright 61 + 27 Held under repurchase agreements Federal Agency obligations-- Held under repurchase agreements U. S. Government securities : Bought outright— Bills 27,529 400 +5,165 Certificates Notes 34,354 — +1,934 Bonds *v U Vl : 8y.2S5 -- + 348 Total bought outright 1/ 2/ 65,118 - 400 +7,447 Held under repurchase agreements Total U. S. Government securities 65,118 - 400 +7,447 Total loans and securities 65,650 - 376 +6,347 Cash items in process of collection (2,942 • '• ) ;*. ' ;• 10,943 + 208 +1,037 Bank premises 143 + 2 + 23 Other assets Zl 980 + 35 - 299 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,565) 88,465 - 140 +6,206 L I A B I L I T I ES Federal Reserve notes (623) 52,239 787 +3,854 Deposits: Member bank reserves 22,910 -1,630 + 616 U. S. Treasurer—general account 2,065 + 791 +1,006 Foreign 196 3 + 36 Other 4/ 713 + 25 - 151 Total deposits 25,884 - 817 +1,507 Deferred availability cash items (2,942) 8,021 - 175 + 863 Other liabilities and accrued dividends 548 + 2 - 47 TOTAL LIABILITIES (3,565) 86,692 - 203 +6,177 C A P I T AL A C C O U N TS Capital paid in 727 2 + 42 Surplus 702 -- + 33 Other capital accounts 344 65 - 46 Contingent liability on acceptances purchased for foreign correspondents 228 2 «. 11 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Reflects $400 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $55 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. JULY 7. 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 469 14 3,117 -151 16 days to 90 days 2 47 13,566 +268 91 days to 1 year -- — 18,035 -517 Over 1 year to 5 year"sS -- 23,600 -- Over 5 years to 10 yetaarrss -- 5,907 — Over 10 years — — 893 — Total 471 61 65,118 •400 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 JULY 7, 1971 - San New Phila Rich St. Minne Kansas Total Boston Cleve Atlanta Chicago Dallas Fran York delphia mond Louis apolis City land cisco (In mi illions of dollars) A S S E TS Gold certificate account 10,075 603 2,866 580 928 998 600 1,341 419 181 657 212 690 Special Drawing Rights certif. acct. 400 1 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 623 67 151 29 43 41 141 21 12 19 27 21 51 Other cash 274 9 22 8 26 37 35 36 16 7 26 18 34 Discounts and advances 471 49 26 3 104 18 59 166 3 18 9 Q Acceptances: Bought outright 61 61 -- — -- — -- -- -- -- — -- " Held under repurchase agreements " -- — — -- -- -- -- -- -- -- -- Federal Agency obligations- Held under repurchase agreements " -- -- -- -- -- -- -- U. S. Government securities: Bought outright— Bills 27,529 1,272 7,194 1,459 2,078 1,985 1,375 4,523 1,006 537 1,063 1,281 3,756 Certificates ! -- -- -- -- -- -- — -- — -- -- -- Notes 34,354 •1,586 8,978 1,821 2,592 2,478 1,717 5,645 1,256 669 1,327 1,598 4,687 Bonds 3,235 149 845 172 244 233 162 532 118 63 125 151 441 Total bought outright \)]J 65,118 3,007 17,017 3,452 4,914 4,696 3,254 10,700 2,380 1,269 2,515 3,030 8,884 Held under repurchase agreements -- -- -- -- -- -- -- -- -- — -- -- — Total U. S. Government securities 65,118 3,007 17,017 3,452 4,914 4,696 3,254 10,700 2,380 1,269 2,515 3,030 8,884 Total loans and securities 65,650 3,056 17,104 3,455 5,018 4,714 3,313 10,866 2,383 1,276 2,533 3,039 8,893 Cash items in process of collection 13,885 871 2,495 702 951 1,193 1,332 2,168 713 533 840 782 1,305 Bank premises 143 2 8 3 18 13 16 17 14 17 18 9 8 Other assets 3/ \ 980 54 358 56 59 57 42 127 28 16 30 48 105 TOTAL ASSETS j 92,030 4,685 23,097 4,856 7,076 7,089 5,501 14,646 3,600 2,056 4,146 4,143 11,135 1/ Includes $400 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, 2V Includes $55 million securities loaned — fully secured by U.S. Government securities pledged with Federal Reserve Banks, 3/ 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 JULY 7, 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 52,862 2,943 12,613 3,068 4,265 4,699 2,594 9,225 2,039 910 1,986 2,074 6,446 Deposits: Member bank reserves 22,910 738 6,796 955 1,678 1,201 1,578 3,109 847 531 1,010 1,212 3,255 U. S. Treasurer—general account 2,065 92 695 104 79 58 111 151 81 129 366 170 29 Foreign 196 8 1/ 71 9 15 9 11 25 6 4 7 10 21 Other 713 1 2/ 666 2 1 6 3 5 2 1 3 2 21 Total deposits 25,884 839 8,228 1,070 1,773 1,274 1,703 3,290 936 665 1,386 1,394 3,326 Deferred availability cash items 10,963 795 1,652 600 839 979 1,063 1,771 545 429 680 555 1,055 Other liabilities and accrued dividends 548 26 142 26 42 39 28 89 20 13 21 25 77 TOTAL LIABILITIES 90,257 4,603 22,635 4,764 6,919 6,991 5,388 14,375 3,540 2,017 4,073 4,048 10,904 CAPITAL ACCOUNTS Capital paid in 727 33 189 38 66 38 49 108 25 17 31 41 92 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 344 16 88 18 28 24 17 58 11 6 12 15 SI TOTAL LIABILITIES AND CAPITAL ACCOUNTS 92,030 4,685 23,097 4,856 7,076 7,089 5,501 14,646 3,600 2,056 4,146 4,143 11,135 Contingent liability on ace: eptances purchased for foreiL gn correspondents 228 11 3/ 60 12 20 12 15 34 8 5 9 13 29 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 54,772 3,071 13,212 3,117 4,402 4,806 2,751 9,435 2,109 938 2,046 2,200 6,685 Collateral for F. R. notes: Gold certificate account 3,170 170 500 300 510 530 1,000 155 5 U. S. Government securities 52,995 2,920 12.850 3.000 4.000 4.330 2.9QQ 8,750 1.980 2&L 2,07s 2,2^0 7,nnn Total collateral 56,165 3,090 13,350 3,300 4,510 4,860 2,900 9,750 2,135 960 2,0,75 2,235 7,000 1/ After deduct ing $ 125 million participations of other Federal Reserve Bahks. 2/ Includes IMF gold deposit. 3/ After deducting $ 168 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis