H.4.1 Factors Affecting Reserve Balances of Depository Institutions

$&&. FEDERAL RESERVE Factors Affecting Bank Reserves and ••f«AUtt&r-- Condition Statement of F.R. Banks H.4.1 For immediate release October 28, 1971 The average of daily figures for total reserves of member banks declined in the latest statement week to $30,424 million. Required reserves and excess reserves declined while member bank borrowings at the Federal Reserve Banks increased. A seasonal decline in currency in circulation was the major factor supplying reserves in the latest statement week. A decline in float drained $552 million of reserves on average. System Open Market operations absorbed $504 million of reserves net, on a weekly average basis. However, some reserves were added at the end of the week through repurchase agreements. Member bank borrowings averaged $414 million and exceeded excess reserves by $370 million compared to $28 million in the previous week. Averages of daily iE igures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Oct. 27, Oct. 20, Oct. 28, Oct. 27, and related items 1971 1971 1970 1971 Reserve Bank credit: (In millions of dollars) U.S. Government securities- Bought outright—System account 67,161 _ 239 +7,874 1/ 67,256 Held under repurchase agreements 72 - 193 + 72 502 Federal Agency obligations- Bought outright 96 -- + 96 96 Held under repurchase agreements 5 44 + 5 32 Acceptances- Bought outright 51 . 1 + 16 51 Held under repurchase agreements 5 - 27 + 5 35 Discounts and .advances- Member bank borrowings 414 + 82 19 2,043 Other Float 3,097 . 552 + 73 1 2,685 Other F.R. assets 1.160 + 47 - 618 1,201 Total Reserve Bank credit 72,060 - 929 +7,504 73,901 Gold stock 10,132 -- - 985 10,132 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 7,560 + 11 + 485 7,561 90,153 - 917 +7,004 91,994 Currency in circulation 59,174 - 173 +4,159 59,402 Treasury cash holdings 456 - 4 3 462 Treasury deposits with F.R. Banks 2,183 + 66 +1,001 1,709 Foreign deposits with F.R. Banks 156 + 11 + 11 156 Other deposits with F.R. Banks 711 - 19 — 688 Other F.R. liabilities and capital 2,281 + 29 + 76 2,305 64,962 - 90 +5,246 64,722 Member bank reserves: With Federal Reserve Banks 25,191 «. 827 +1,758 27,272 Currency and coin 5,233 + 90 + 219 5,233 Total reserves held 30,424 - 737 +1,977 32,505 Required reserves 30,380 - 477 +2,124 30,380 Excess reserves 44 - 260 - 147 2,125 NOTE: A net of $110 million of surplus reserves were eligible to be carried forward from the week ended October 20, into the week ending October 27. On October 27, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $22,678 million, an increase of $301 million for the week. 1/ Includes $14 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 October 27, Oct. 20, Oct. 28, 1971 1971 1970 A S S E TS Gold certificate account 9,875 944 Special Drawing Rights certif. accts. 400 Cash (829) 306 5 + 83 Discounts and advances 2,043 +1,547 + 1,625 Acceptances—Bought outright 51 + 15 Held under repurchase agreements 35 + 35 + 35 Federal Agency obligations—Bought outright 96 + 96 Held under repurchase agreements 32 + 32 + 32 U. S. Government securities: Bought outright—Bills 29,274 + 664 + 5,481 Certificates Notes 34,719 + 1,961 Bonds 3,263 + 531 Total bought outright 1/ 67,256 + 664 + 7,973 Held under repurchase agreements 502 + 502 4- 502 Total U.S. Government securities 67.758 +1, 166 + 8.475 Total loans and securities 70,015 +2 780 +10,273 Cash items in process of collection (3,328) 11,199 - 912 + 1,178 Bank premises 150 + 1 + 25 Other assets 2/ 1,051 + 30 - 645 TOTAL ASSETS (4,157) 92,996 +1, 894 + 9,975 LIABILITIES. Federal Reserve notes (829) 52,352 + 53 + 3,920 Deposits: Member bank--reserves account 27,192 +2,683 + 4,046 U. S. Treasurer--general account 1,709 - 439 + 438 Foreign 156 + 27 41 Other 3/ 688 - 13 25 Total deposits 29,745 +2,258 + 4,418 Deferred availability cash items (3,328) 8,594 - 477 +1,557 Other liabilities and accrued dividends 583 5 + 13 TOTAL LIABILITIES (4,157) 91,274 +1,829 + 9,908 £ £ I I 1 A L. ACCOUNTS Capital paid in 735 1 + 45 Surplus 702 — + 33 Other capital accounts 285 + 66 11 Contingent liability on acceptances purchased for foreign correspondents 258 4 - 7 + 20 * Figures in parentheses are the eliminations made in the consolidating process. 1./ Includes $14 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. October 27. 1971 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts Accept U. S. Government Federal Agency and -ances securities obligations Advances Holdings Weekly Holdings Weekly changes Changes Within 15 days 2 ,040 48 5,055 +1,503 32 + 32 16 days to 90 days 3 38 17,229 - 178 -- — 91 days to 1 year — — 15,822 - 159 51 -- Over 1 year to 5 years — — 23,325 — 20 — Over 5 years to 10 years — — 5,411 — 18 — Over 10 years — 916 — 7 -- Total 2 ,043 86 67,758 +1,166 128 + 32 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 OCTOBER 27, 1971 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia land mond Louis apolis City Francisco 0\ n millions of dollars) A S S E TS Gold certificate account 9,875 641 2,159 503 809 725 507 1,412 638 179 267 539 1,496 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 829 121 131 43 51 68 155 34 22 30 34 34 106 Other cash 306 9 31 10 26 39 42 38 19 7 28 16 41 Discounts and advances i 2,043 58 1,041 63 18 .29 50 613 2 5 12 78 74 Acceptances: Bought outright 51 -- 51 -- -- -- -- -- -- -- — — — Held under repurchase agreements 35 -- 35 -- -- -- -- -- -- -- -- — -- Federal Agency obligations-- Bought outright 96 5 24 5 7 7 5 16 4 2 4 4 13 Held under repurchase agreements 32 -- 32 -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright— Bills 29,274 1,365 7,466 1,550 2,255 2,132 1,474 4,796 1,069 554 1,172 1,359 4,082 Certificates: Special — i — -- — -- -- — — -- — -- -- -- Other Notes 34,719 1 1,618 8,855 1,838 2,674 2,529 1,748 5,688 1,268 657 1,390 1,613 4,841 Bonds 3,263 152 832 173 251 238 164 535 119 62 130 152 455 Total bought outright 1/ 67,256 3,135 17,153 3,561 5,180 4,899 3,386 11,019 2,456 1,273 2,692 3,124 9,378 Held under repurchase agreements 502 -- 502 -- -- -- — -- -- -- — — — Total U.S. Government securities 67,758 3,135 17,655 3,561 5,180 4,899 3,386 11,019 2,456 1,273 2,692 3,124 9,378 Total loans and securities 70,015 1 3,198 18,838 3,629 5,205 4,935 3,441 11,648 2,462 1,280 2,708 3,206 9,465 Cash items in process of collection 14,527 ! 871 2,271 757 1,085 1,258 1,332 2,537 807 651 936 910 1,112 Bank premises 150 2 8 3 22 13 16 17 14 20 18 9 8 Other assets 2/ 1,051 60 369 53 67 63 43 134 30 19 34 51 128 TOTAL ASSETS 97,153 4,925 23,900 5,021 7,298 7,137 5,558 15,890 4,007 2,193 4,040 4,779 12,405 JL/ Includes $14 million securities loaned--fully 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 OCTOBER 27, 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) L I A B I L I T I ES Federal Reserve notes 53,181 2,869 12,983 3,073 4,346 4,674 2,591 9,303 2,027 892 1,987 2,081 6,355 Deposits: Member bank reserves 27,192 925 7,463 967 1,738 1,283 1,630 3,940 966 598 1,128 1,717 4,837 U. S. Treasurer—general account 1,709 134 330 126 76 44 188 124 257 110 69 118 133 Foreign 156 6 1/ 61 7 12 7 9 19 4 3 5 7 16 Other 688 * 2/ 617 2 -- 16 3 3 1 1 2 2 41 Total deposits 29,745 1,065 8,471 1,102 1,826 1,350 1,830 4,086 1,228 712 1,204 1,844 5,027 Deferred availability cash items 11,922 884 1,843 728 928 977 994 2,146 672 539 754 734 723 Other liabilities and accrued dividends 583 28 153 29 45 41 31 94 21 12 23 27 79 TOTAL LIABILITIES 95,431 4,846 23,450 4,932 7,145 7,042 5,446 15,629 3,948 2,155 3,968 4,686 12,184 CAPITAL ACCOUNTS Capital paid in 735 34 192 38. 67 38 50 109 25 17 31 41 93 Surplus 702 H 185 36 §2 36 47 105 24 16 30 39 88 Other capital accounts 285 73 15 23 21 15 47 10 5 11 13 40 TOTAL LIABILITIES AND ' CAPITAL ACCOUNTS 97,153 4,925 23,900 5,021 7,298 7,137 5,558 15.890 4.007 2,193 4.Q4Q 4,779 12.405 Contingent liability on accept ances purchased for foreign correspondents 258 12 3/ 68 13 23 13 17 39 9 6_ 11_ 14. Jl_ FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,022 13,397 3,143 4,500 4,802 2,788 9,570 2,126 927 2,066 2,230 6,817 Collateral for F. R. notes: Gold certificate account 200 500 300 500 485 1,000 155 5 U. S. Government securities 2,920 13,000 3,000 4,100 4,415 2,900 8,750 2,030 960 2.125 2.280 7.QQQ Total collateral 3,120 13,500 3,300 4,600 4,900 2,900 9,750 2,185 960 2,125 2,285 7,000 1/ After deducting $ 95 million participations of other Federal Reserve Banks. 7/ Includes IMF gold deposit. * Less than $500,000. 3/ After deducting $ 190 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis