H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Or ^Ol'/ FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release July 29, 1971 The average of daily figures for total reserves of member banks declined $367 million in the latest statement week to $30,602 million. Re quired reserves, excess reserves, and member bank borrowings at the Federal Reserve Banks all declined. The major factors supplying reserves in the latest statement week were declines in currency in circulation and Treasury deposits with Federal Reserve Banks. Reserves were absorbed by a seasonal decline in float. In addition, System Open Market operations absorbed $381 million in reserves net, on a weekly average basis. Most of this absorption was through the maturing of repurchase agreements made in the previous week. Member bank borrowings were below the average of the previous two weeks and exceeded excess reserves by $469 million compared to $793 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 28, July 21, July 29, July 28, and related items 1971 1971 1970 1971 Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright—System account 65,, 721 + 27 + ,454 1/ 65,762 Held under repurchase agreements 267 386 + 267 Federal Agency obligations— Held under repurchase agreements 67 21 67 Acceptances Bought outright 57 1 + 20 54 Held under repurchase agreements 22 2 + 22 Discounts and advances-- Member bank borrowings 545 577 686 781 Other 40 Float 2,, 776 427 188 2,482 Other F. R. assets 1,1 87 31 120 1,205 Total Reserve Bank credit 70,641 1,356 7,172 70,284 Gold stock 10,332 1,035 10,332 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 7,443 450 7,449 88,817 - 1,351 587 88,465 Currency in circulation 58,683 272 195 58,781 Treasury cash holdings 488 + 18 28 493 Treasury deposits with F. R. Banks 1,383 219 324 1,413 Foreign deposits with F. R. Banks 137 29 36 149 Other deposits with F. R. Banks 708 + 5 50 722 Other F. R. liabilities and capital 2,236 + 53 19 2,251 Member bank reserves: 63,634 - 446 + 4,479 63,809 Uith Federal Reserve Banks 25,183 - 906 2,108 24,656 Currency and coin 5,419 + 539 311 5,419 Total reserves held 30,602 367 2,419 30,075 Required reserves 30,526 114 2,496 30,526 Excess reserves 76 253 77 - 451 NOTE: A net of $116 million of surplus reserves were eligible to be carried forward from the week ended July 21, into the week ending July 28. On July 28, 1971, marketable U.S. Government securities held in cust ody by the Federal Reserve Banks for foreign and international accounts were $1,82 58 million, an increase of $132 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 July 28, July 21, 'J uly 29, 1971 1971 1970 A S S E TS Gold certificate account 10,075 970 Special Drawing Rights certif. accts. * 400 Cash (878) 270 4 68 Discounts and advances 781 780 39 Acceptances: Bought outright 54 3 17 Held under repurchase agreements 25 Federal Agency obligations-- Held under repurchase agreements 75 U. S. Government securities : Bought outright— Bills 28,173 +5,142 58 Certificates Notes 34,354 -- +1,934 Bonds 3,235 — + 348 Total bought outright 1/ 65,762 + 58 +7,424 Held under repurchase agreements — - 901 -- Total U. S. Government securities 65,762 - 843 +7,424 Total loans and securities 66,597 -1,726 +7,402 Cash items in process of collection (2,946) 10,193 - 947 +1,080 Bank premises 144 — + 23 Other assets 2_/ 1,061 + 4 - 148 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,824) 88,740 -2,673 +7,455 h I A £ It LI I E S Federal Reserve notes (878) 51,838 145 +3,906 Deposits: Member bank reserves 24,656 -2,278 +2,292 U. S. Treasurer--general account 1,413 + 303 + 375 Foreign 149 + 34 22 Other 3/ 722 + 24 45 Total deposits 26,940 -1,917 +2,600 Deferred availability cash items (2,946) 7,711 - 651 + 932 Other liabilities and accrued dividends 542 26 33 TOTAL LIABILITIES (3,824) 87,031 -2,739 +7,405 C A P I T AL A C C O U N TS Capital paid in 731 1 + 45 Surplus 702 -- + 33 Other capital accounts 276 r 65 28 Contingent liability on acceptances purchased for foreign correspondents 228 + 1 11 * 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, JULY 28, 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 Ac<s eptances Holdings Weekly changes Within 15 days 777 21 4,518 -875 16 days to 90 days 4 33 13,326 - 51 91 days to 1 year — — 17,518 + 8 Over 1 year to 5 year•ss -- 23,600 -- Over 5 years to 10 yjeaarrss -- 5,907 -- Over 10 years — -- 893 -- Total 781 54 65,762 •918 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 28, 1971 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) A S S E TS Gold certificate account 10,075 1 872 2,489 521 785 920 540 1,957 398 199 382 230 782 Special Drawing Rights certif. acct. 400 : 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 878 1 95 174 53 58 80 167 34 27 28 35 30 97 Other cash 270 8 21 8 26 35 34 39 15 6 26 17 35 Discounts and advances | 781 44 165 2 2 104 68 200 8 4 9 68 107 Acceptances: Bought outright 54 -- 54 -- -- -- — — — -- — -- — Held under repurchase agreements -- -- -- -- -- -- -- — -- -- -- -- -- Federal Agency obligations-- Held under repurchase agreements -- U. S. Government securities: Bought outright— Bills 28,173 1,301 7,363 1,493 2,126 2,032 1,408 4,629 1,030 549 1,088 1,310 3,844 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 Bond 8 3,235 149 845 172 244 233 162 532 118 63 125 151 441 Total bought outright \l 65,762 3,036 17,186 3,486 4,962 4,743 3,287 10,806 2,404 1,281 2,540 3,059 8,972 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- Total U. S. Government securities 65,762 3,036 17,18T~ 3,486 4,962 4,743 3,287 10,806 2,404 1,281 2,540 3,059 8,972 Total loans and securities 66,597 3,080 17,405 3,488 4,964 4,847 3,355 11,006 2,412 1,285 2,549 3,127 9,079 Cash items in process of collection 13,139 757 2,237 680 931 1,008 1,268 2,221 656 515 838 885 1,143 Bank premises 144 2 8 3 19 13 16 17 14 17 18 9 8 Other assets 2/ 1,061 57 377 53 66 65 43 139 31 18 33 40 139 TOTAL ASSETS 92,564 4,894 22,804 4,829 6,882 7,004 5,445 15,483 3,568 2,075 3,896 4,352 11,332 1 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. 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 28, 1971 i • 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 52,716 2,918 12,656 3,060 4,283 4,682 2,561 9,206 2,022 907 1,979 2,073 6,369 Deposits: Member bank reserves 24,656 1,024 6,932 936 1,437 1,243 1,608 4,015 862 604 1,050 1,375 3,570 U. S. Treasurer--general account 1,413 170 266 132 143 130 66 107 55 67 75 109 93 Foreign 149 7 1/ 43 7 13 7 10 22 5 3 6 8 18 Other 722 1 2/ 648 3 — 15 2 19 2 2 3 3 24 Total deposits 26,940 1,202 7,889 1,078 1,593 1,395 1,686 4,163 924 676 1,134 1,495 3,705 Deferred availability cash items 10,657 670 1,672 575 812 795 1,061 1,766 544 443 692 666 961 Other liabilities and accrued dividends 542 26 139 27 42 38 27 88 20 11 22 25 77 TOTAL LIABILITIES 90,855 4,816 22,356 4,740 6,730 6,910 5,335 15,223 3,510 2,037 3,827 4,259 11,112 CAPITAL ACCOUNTS Capital paid in 731 33 191 38 66 38 50 109 25 17 31 41 92 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 276 12 72 15 23 20 13 46 9 5 8 13 40 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 92,564 4,894 22,804 4,829 6,882 7,004 5,445 15,483 3,568 2,075 3,896 4,352 11,3.32 Contingent liability on ace: eptances purchased for foreig n correspondents 228 11 3/ 60 12 20 12 15 34 8_ 5_ 9_ 13 29 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 55,087 3,082 13,248 3,133 4,462 4,832 2,758 9,508 2,114 947 2,065 2,223 6,715 Collateral for F. R. notes: Gold certificate account 3,250 250 500 300 510 530 1,000 155 5 U. S. Government securities 53,340 2,920 13,000 3.000 4.000 4.375 2.900 8.750 2,030 9W 2,125 2,280 7 r 000 Total collateral 56,590 3,170 13,500 3,300 4,510 4,905 2,900 9,750 2,185 960 2,125 2,285 7,000 1/ After deducting $ 106 million participations of other Federal Reserve Bahks. If 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