H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release September 9, 1971 The average of daily figures for total reserves of member banks increased $338 million in the latest statement week to $30,869 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. An increase in Treasury deposits with Federal Reserve Banks and a seasonal rise in currency in circulation were the major factors absorbing reserves in the latest statement week. A seasonal increase in float partially offset these reserve drains. In addition System Open Market operations pro vided $411 million of reserves net, on a weekly average basis, through re purchase agreements and outright purchases of coupon issues. Member bank bor rowings increased to an average level of $765 million and exceeded excess re serves by $541 million compared tp $363 million for the previous week. Averaer es of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 8, Sept . i, 1 Sept. 9, Sept. 8, and related items 1971 1971 1 1970 1971 Reserve Bank credit: (Iri millions oiI dollars) U.S. Government securities— Bought outright—System account 66,726 + 91 +6,823 66,741 Held under repurchase agreements 335 + 218 + 79 554 Federal Agency obligations— Held under repurchase agreements 95 + 68 + 45 188 Acceptances Bought outright 53 + -- + 13 52 Held under repurchase agreements 54 + 34 + 28 83 Discounts and advances-- Member bank borrowings 765 + 57 + 2 338 Other Float 2,608 + 152 - 52 2,576 Other F. R. assets 816 + 40 - 336 848 Total Reserve Bank credit 71,452 + 661 +6,602 71,380 Gold stock 10,132 -- -1,235 10,132 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 7,494 + 18 + 451 7,512 89,478 + "579" +5,818 89,424 Currency in circulation 59,059 + 349 +4,042 59,472 Treasury cash holdings 464 - 11 + 1 466 Treasury deposits with F. R. Banks 1,318 + 105 + 190 1,185 Foreign deposits with F. R. Banks 165 - 29 + 9 152 Other deposits with F. R. Banks 711 + 20 54 733 Other F. R. liabilities and capital 2,402 + 78 + 10 2,427 64,120 + 513 +4,199 64,435 Member bank reserves: With Federal Reserve Banks 25,358 + 166 +1,617 24,990 Currency and coin 5,511 + 172 + 321 5,511 Total reserves held 30,869 + 338 +1,938 30,501 Required reserves 30,645 + 459 +2,129 30,645 Excess reserves 224 — 121 - 191 - 144 NOTE: A net of $170 million of surplus reserves were eligible to be carried forward from the week ended September 1, into the week ending September 8. On September 8, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $21,033 million, an increase of $687 million for the week. 2/ Includes $22 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 Sept. 8, Sept. 1, Sept. 9, 1971** 1971 1970 A S S E TS Gold certificate account 9,875 «. — -1,170 Special Drawing Rights certif. accts. 400 — — Cash (796) 278 4 + 70 Discounts and advances 338 - 651 - 153 Acceptances: Bought outright 52 -- + 13 Held under repurchase agreements 83 3 + 83 Federal Agency obligations-- Held under repurchase agreements 188 71 + 188 U. S. Government securities : Bought outright— Bills , 28,937 44,436 Certificates Notes 34,583 + 70 +1,983 Bonds 3,221 + 36 + 514 Total bought outright 1/ 66,741 + 106 +6,933 Held under repurchase agreements 554 31 + 554 Total U, S. Government securities 67,295 + 75 +7,487 Total loans and securities 67,956 - 508 +7,618 Cash items in process of collection (2,872) 10,752 + 625 +1,173 Bank premises 147 + 2 + 25 Other assets 2/ 701 + 18 - 373 TOTAL ASSETS/LIABILITIES 6c CAPITAL ACCOUNTS (3,668) 90,109 133 +7,343 Federal Reserve notes (796) 52,446 520 +3,726 Deposits: Member bank reserves 24,910 - 850 +2,161 U. S. Treasurer--general account 1,185 - 9 + 78 Foreign 152 + 10 5 Other 3/ 733 + 51 10 Total deposits 26,980 - 798 +2,224 Deferred availability cash items (2,872) 8,256 + 358 +1,366 Other liabilities and accrued dividends 607 - 12 19 TOTAL LIABILITIES (3,668) 88,289 + 68 +7,297 C A P I T AL A C C O U N TS Capital paid in 734 1 + 45 Surplus 702 — + 33 Other capital accounts 384 64 32 Contingent liability on acceptances purchased for foreign correspondents 269 24 + 25 * Figures in parentheses are the eliminations made in the consolidating proce ss. J7 Includes $22 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. **(Estimated Philadelphia District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 8, 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£ 8 Acceptances Holdings Weekly changes Within 15 days 337 99 4,317 +160 16 days to 90 days 1 36 18,202 - 92 91 days to 1 year — — 15,347 - 21 Over 1 year to 5 years •s — 23,323 + 83 Over 5 years to 10 ye»aarrss -- 5,388 + 11 Over 10 years __»_ -- 906 + 5 Total 338 135 67,483 +146 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 SEPTEMBER 8, 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 9,875 555 733 1,489 989 986 558 2,074 407 126 442 521 995 Special Drawing Rights certlf. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F. R. notes of other banks 796 102 142 60 65 68 158 40 19 33 25 21 63 Other cash 278 9 25 10 24 35 34 41 15 6 27 17 35 Discounts and advances 338 50 51 1 5 1 9 207 — 2 2 — 10 Acceptances: Bought outright 52 -- 52 —— - — —— "" — """• mmmm ""•" *"•" """" ». m. Held under repurchase agreements 83 -- 83 —— •""" •••• "" "" "" — wmmm •""" "" *" •" — <M V Federal Agency obligations— Held under repurchase agreements 188 ~~"~ 188 ~" ~ ~*"~ * — — ~"~ " "~ "" "" "~ U. S. Government securities: Bought outright— Bills 28,937 1,347 7,441 1,495 2,234 2,082 1,439 4,752 1,055 587 1 ,144 1,315 4,046 1 Certificates — -- — -- -- -- -- -- -- -- -- -- Notes 1 34,583 1,611 8,893 1,786 2,670 2,488 1,719 5,679 1,262 702 1 ,367 1,571 4,835 Bonds j 3,221 I 150 828 166 249 232 160 529 118 65 127 146 451 66,741 | 3,108 17,162 3,447 5,153 4,802 3,318 10,960 2,435 1,354 ~2 ,638 3,032 9,332 Total bought outright U Held under repurchase agreements 554' -- 554 — -- -- -- -- — -- -- -- -- Total U. S. Government securities 67.295 3,108 17,716 3,447 5,153 4,802 3,318 10,960 2,435 1,354 ~2 .638 3.032 9.332 Total loans and securities 67,956 3,158 18,090 3,448 5,158 4,803 3,327 11,167 2,435 1,356 2 ,640 3,032 9,342 Cash items in process of collection 13,624 767 3,146 700 873 1,155 1,252 2,014 693 471 733 753 1,067 Bank premises 147 2 8 3 20 13 16 17 14 19 18 9 8 Other assets 2/ 701 ,44 285 30 45 39_ 26 84 19 12 20 25 72 TOTAL ASSETS 93,777 4,660 22,522 5,763 7,207 7,135 5,393 15,507 3,617 2,030 3 ,920 4,392 ]L I,631 — i -"mi«r i i 1/ Includes $22 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. * Estimated. 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 SEPTEMBER 8, 1971 San New * Phila Cleve Rich St. Minne Kansas Total Bos ton 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 53,242 2,901 12,889 3,042 4,336 4,675 2,579 9,303 2,027 899 1,988 2,095 6,508 Deposits: Member bank reserves 24,910 846 6,585 1,012 1,768 1,202 1,532 3,988 882 589 1,054 1,506 3,946 U. S. Treasurer—general account 1,185 56 146 37 81 116 98 148 76 95 166 129 37 Foreign 152 6 1/ 49 7 13 7 9 21 5 3 6 8 18 Other 733 1 2/ 655 2 — 21 3 3 " 21 2 2 1 22 Total deposits 26,980 909 7,435 1,058 1,862 1,346 1,642 4,160 984 689 1,228 1,644 4,023 Deferred availability cash items 11,128 736 1,559 1,539 801 971 1,026 1,669 523 390 605 529 780 Other liabilities and accrued dividends 607 29 162 30 47 42 31 96 21 13 24 27 85 TOTAL LIABILITIES 91,957 4,575 22,045 5,669 7,046 7,034 5,278 15,228 3,555 1,991 3,845 4,295 11,396 CAPITAL ACCOUNTS Capital paid in 734 34 191 38 67 38 50 109 25 17 31 41 93 Surplus 702 33 185 36 63 36 47 105 24 16 30 39' 88 Other capital accounts 384 18 101 20 31 27 18 65 13 6 14 17 54 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 93,777 4,660 22,522 5,763 7,207 7,135 5,393 15,507 3,617 2,030 3,920 4,392 11,631 Contingent liability on ace: eptances purchased for forei gn correspondents 269 13 3/ 71 14 24 14 18 40 9_ 6_ 11 15 34 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 13,290 3,126 4,501 4,799 2,740 9,587 2,111 934 2,081 2,221 6,807 Collateral for F. R. notes: Gold certificate account 500 300 500 485 1,000 155 5 U. S. Government securities 2,920 13.000 3.000 4.100 4.375 2.900 8.750 2.030 960 2.125 2.280 7.000 Total collateral 3,120 13,500 3,300 4,600 4,860 2,900 9,750 2,185 960 2,125 2,285 7,000 1/ After deducting $ 103 million participations of other Federal Reserve Bahks. 2/ Includes IMF gold deposit. 3/ After deducting $ 198 million participations of other Federal Reserve Banks. * Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis