H.4.1 Factors Affecting Reserve Balances of Depository Institutions

of GOV FEDERAL RESERVE &1>. Factors Affecting Bank Reserves and Condition Statement of F.R. Banks f*4L RE** H.4.1 For immediate release November 18, 1971 The average of daily figures for total reserves of member banks increased $613 million in the latest statement week to $31,229 million. Required reserves, excess reserves and member bank borrowings at the Federal Reserve Banks all increased. A seasonal rise in currency in circulation was the major factor absorbing reserves in the latest statement week. Partially offsetting this reserve drain was an increase in float. In addition, System Open Market Operations provided $539 million reserves net, on a weekly average basis through repurchase agreements and outright purchases of coupon issues. Member bank borrowings averaged $289 million and exceeded excess reserves by $43 million compared to $103 million in the previous week. Averages of daily figures Member bank reserves, Week ended Chang e from wee k ended Wednesday, Reserve Bank credit, Nov. 17, Nov, 10, No\' . 18, Nov. 17, and related items 1971 1971 1970 1971 Reserve Bank credit: (Irl millions of dol iars) U.S. Government securities- 11/ Bought outright — System account 67,235 + 211 +7 ,292 67,426 Held under repurchase agreements 375 + 234 - 215 i 832 Federal Agency obligations- Bought outright 179 + 48 + 179 179 Held under repurchase agreements 39 + 28 - 80 104 Acceptances- Bought outright: 58 + 5 + 22 ! 51 Held under repurchase agreements 32 + 13 - 20 | 82 Discounts and advances- Member bank borrowings 289 f 167 41 390 Other Float 3,282 + 148 + 368 3,570 Other F.R. assets 1,061 - 179 - 321 801 Total Reserve Bank credit 72,550 + 674 +7 ,184 73,435 Gold stock 10,132 -- - 985 10,132 Special Drawing Rights certif. acct. 400 -- — 400 Treasury currency outstanding 7,573 + 16 + 474 7,574 90,655 + 690 +6 ,673 91,541 Currency in circulation 59,925 + 331 +3 ,964 60,094 Treasury cash holdings 465 - 14 + 14 472 Treasury deposits with F.R. Banks 1,582 - 16 + 683 1,532 Foreign deposits with F.R. Banks 123 + 4 - 30 145 Other deposits with F.R. Banks 725 + 15 + 9 705 Other F.R. liabilities and capital 2,244 - 178 + 99 2,226 65,064 + 142 +4 ,738 65,174 Member bank reserves: With Federal Reserve Banks 25,592 + 549 +1 ,937 26,367 Currency and coin 5,637 + 64 + 529 5,637 Total reserves held 31,229 + 613 +2 ,466 32,004 Required reserves 30,983 + 386 +2 ,384 30,983 Excess reserves 246 + 227 + 82 | 1,021 NOTE: A net of $54 million of surplus reserves were eligible to be carried forward from the week ended November 10, into the week ending November 17. On November 17, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $23,579 million, an increase of $162 million for the week. 1/ Includes $36 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 Nov. 17, Nov. 10, Nov. 18, 1971 1971 1970 A S S E TS Gold certificate account 9,875 -- 952 Special Drawing Rights certif. accts. 400 -- -- Cash (749) 263 - 5 + 40 Discounts and advances 390 + 194 + 65 Acceptances—Bought outright 51 - 6 + 15 Held under repurchase agreements 82 + 82 + 11 Federal Agency obligations—Bought outright 179 — + 179 Held under repurchase agreements 104 + 104 - 49 U. S. Government securities: Bought outright—Bills 29,196 + 413 +4,589 Certificates Notes 35,032 + 313 +2,274 Bonds 3,198 - W + 466 Total bought outright 1/ 67,426 + 661 +7,329 Held under repurchase agreements 832 + 832 + 368 Total U.S. Government securities 68,258 +1,493 +7,697 Total loans and securities 69,064 +1,867 +7,918 Cash items in process of collection (3,637) 13,061 +2,192 +1,026 Bank premises 148 — + 21 Other assets 2/ 653 - 488 - 239 TOTAL ASSETS (4,386) 93,464 +3,566 +7,814 Federal Reserve notes (749) 52,998 + 142 +3,643 Deposits: Member bank—reserves account 26,287 +1,964 +2,514 U. S. Treasurer—general account 1,532 + 121 + 695 Foreign 145 + 8 + 21 Other 3/ 705 9 + 2 Total deposits 28,669 +2,084 +3,232 Deferred availability cash items (3,637) 9,571 +1,557 + 875 Other liabilities and accrued dividends 597 + 7 6 TOTAL LIABILITIES (4,386) 91,835 +3,790 +7,744 £ A 1 I 1 A L A £ £ 0 U N T IS Capital paid in 736 + 1 + 44 Surplus 702 -- + 33 Other capital accounts 191 - 225 7 Contingent liability on acceptances purchased for foreign correspondents 246 11 * Figures in parentheses are the eliminations made in the consolidating process, 1/ Includes $36 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, November 17, 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 386 104 5,420 - 712 104 + 104 16 days to 90 days L 29 14,219 - 983 1 91 days to 1 year 15,175 - 604 74 Over 1 year to 5 years 24,920 +1,595 68 Over 5 years to 10 years 7,432 +2,021 22 Over 10 years — 1,092 + 176 14 Total 390 133 68,258 +1,493 283 + 104 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 NOVEMBER 17, 1971 New Phila Cleve Rich St. Minne Kansas San 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 53,747 2,883 13,146 3,143 4,420 4,712 2,649 9,382 2,057 893 2,002 2,084 6,376 Deposits: Member bank reserves 26,287 1,050 6,251 1,032 1,557 1,354 1,647 4,337 871 637 1,059 1,531 4,961 U. S. Treasurer—general account 1,532 56 266 112 57 151 146 202 112 47 65 96 222 Foreign 145 6 1/ 42 7 13 7 9 21 5 3 6 8 18 Other 705 1 2/ 645 1 — 15 3 4 1 1 2 2 30 Total deposits 28,669 1,113 7,204 1,152 1,627 1,527 1,805 4,564 989 688 1,132 1,637 5,231 Deferred availability cash items 13,208 837 1,786 704 1,039 1,054 1,445 2,248 750 559 826 762 1,198 Other liabilities and accrued dividends 597 29 163 30 46 41 30 93 23 13 23 ?7 7Q TOTAL LIABILITIES 96,221 4,862 22,299 5,029 7,132 7,334 5,929 16,287 3,819 2,153 3,983 4,510 12,884 CAPITAL ACCOUNTS Capital paid in 736 34 192 38 67 38 50 109 25 17 31 41 94 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 191 8 48 10 17 14 11 30 7 3 7 9 27 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 97,850 4,937 22,724 5,113 7,279 7,422 6,037 16,531 3,875 2,189 M51 4,599 13.093 Contingent liability on ace. eptances purchased for forei- gn correspondents 246 12 3/ 65 13 22 13 16 37 8 5 10 14 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 55,832 3,029 13,598 3,221 4,546 4,849 2,833 9,643 2.134 924 2,074 2,208 6,773 Collateral for F. R, notes: Gold certificate account 3,145 200 500 300 500 485 -- 1,000 155 -- -- 5 -- U. S. Government securiti. es 53,830 2,920 13,200 3,150 4,100 4,415 2,900 8,750 2,030 960 2,125 2.280 7.000 Total collateral 56,975 3,120 13,700 3,450 4,600 4,900 2,900 9,750 2,185 960 2,125 2,285 7,000 1/ After deducting $ 103 million participations of other Federal Reserve Banks. 7/ Includes IMF gold deposit. 3/ After deducting $ 181 million participations of other Federal Reserve Banks. 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 NOVEMBER 17, 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 9,875 563 893 601 715 1,031 566 2,476 212 106 247 334 2,131 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 749 113 123 50 44 59 144 24 17 25 36 27 87 Other cash 263 8 23 9 24 36 36 30 16 7 25 15 34 Discounts and advances 390 2 204 9 3 4 128 3 _ 12 L 20 Acceptances: Bought outright 51 -- 51 -- -- -- -- -- -- -- -- — Held under repurchase agreements 82 -- 82 -- -- -- -- — -- -- -- -- -- Federal Agency obligations-- Bought outright 1 179 9 46 9 14 13 9 29 7 4 7 8 24 Held under repurchase agreements 104 -- 104 -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 29,196 1,401 7,463 1,523 2,242 2,138 1,510 4,733 1,149 565 1,159 1 ,364 3,949 Certificates: Other -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 35,032 1 1,680 8,955 1,827 2,690 2,566 1,811 5,679 1,378 679 1,392 1 ,637 4,738 Bonds 3,198 153 818 167 246 234 165 519 126 62 127 149 432 Total bought outright U 67,426 3,234 17,236 3,517 5,178 4,938 3,486 10,931 2,653 1,306 2,678 ~T, 150 9,119 Held under repurchase agreements 832 -- 832 — -- — — — -- -- -- -- -- Total U.S. Government securities 68,258 I 3,234 18,068 3,517 5,178 4,938 3,486 10,931 2,653 1,306 2,678 ~T, 150 9,119 Total loans and securities 69,064 3,245 18,555 3,526 5,201 4,954 3,499 11,088 2,663 1,311 2,697 3 ,162 9,163 Cash items in process of collection 16,698 939 2,763 867 1,206 1,260 1,727 2,761 921 703 996 l ,016 1,539 Bank premises 148 2 8 3 23 13 16 17 14 18 17 9 8 Other assets 2_/ 653 44 266 34 33 33 27 65 17 12 18 22 82 TOTAL ASSETS 97,850 4,937 22,724 5,113 7,279 7,422 6,037 16,531 3,875 2,189 4,051 4 ,599 13,093 1/ Includes $36 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks, 27 Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis