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-•:*&& 'fSuR^'* FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release August 20, 1970 H.4.1 The average of daily figures of total reserves of member banks decreased $17 million in the latest week to $28,518 million. Required reserves increased while excess reserves and member bank borrowings at Federal Reserve Banks both decreased. A rise in the level of Treasury deposits with Federal Reserve Banks and a decline in other Federal Reserve assets were the major factors draining reserves in the latest statement week. These reserve drains were more than offset by several factors which supplied important amounts of reserves. Float rose at a rate considerably lower than seasonal and provided $293 million in reserves. This reserve gain was further augmented by a drop in other Federal Reserve liabilities and capital. In addition System Open Market operations provided $724 million in reserves on a weekly average basis through outright purchases and repurchase agreements. Member bank borrowings declined sharply from the billion dollar level of recent weeks, in part reflecting the ebbing of pressures in the commercial paper market, and exceeded excess reserves by $609 million compared to $945 million for the previous week. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U.S. Government securities— Bought outright--System account Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements Acceptances Bought outright Held under repurchase agreements Discounts and advances-Member bank borrowings Other Float Other F. R. assets Total Reserve Bank credit Gold stock Special Drawing Rights certif. acct. Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F. R. Banks Other deposits with F. R. Banks Other F. R. liabilities and capital Member bank reserves: With Federal Reserve Banks Currency and coin Total reserves held Required reserves Excess reserves Averag:es of daily figures Week ended Change; from week ended Wednesday, Aug. 2 0 , Aug. 12, Aug. 19, Aug. 19, 1970 1969 1970 1970 .ons of: dollars) (Iri milli 1/ 59,470 452 + j. 50 37 29 680 25 2,647 1,299 64,690 11,367 400 7,006 83,464 54,917 442 1,169 179 921 2,175 59,804 23,660 4,858 28,518 28,447 71 + + 644 9 +5,048 419 59,508 244 45 46 21 4 26 37 30 - 541 + 25 + 6 -1,383 +3,642 +1,000 + 400 + 272 +5,315 +3,542 - 232 + 423 + 44 + 438 + 203 +4,420 826 20 2,508 1,207 1 25 _ 493 14 + 293 - 104 + "4Ti6" — — + 4 + 412 + 19 8 + 173 8 + + 55 - 180 + 69 + 343 - 360 17 + 140 - 157 + + + 896 + 463 +1,359 +1,347 + 12 64;46l 11,367 400 7,010 83,178 54,932 451 1,041 172 877 2,193 59,666 23,511 4,858 28,369 28,447 1 - 78 NOTE: \J A net of $160 million of surplus reserves were eligible to be carried forward from the week ended August 12, into the week ending August 19. Includes $40 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On August 19, 1970, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $12,199 million, an increase of $69 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday Aug. 20, Aug. 19, Aug. 12, 1969 1970 1970 ASSETS +1,018 11,045 Gold certificate account 400 Special Drawing Rights certif. accts. + 400 Cash 209 (836) + 56 Discounts and advances - 279 846 386 Acceptances: _ 4 37 Bought outright 30 30 + 30 Held under repurchase agreements Federal Agency obligations-21 21 21 Held under repurchase agreements U. S. Government securities : Bought outright— Bills +4,500 24,201 658 Certificates Notes 32,600 +2,047 + 180 Bonds - 180 -1,436 2,707 Total bought outright +5,111 + 658 59,508 1/ Held under repurchase agreements - 149 244 + 244 59,752 Total U. S. Government securities + 509 +5.355 60,686 Total loans and securities + 946 +5,123 Cash items in process of collection 10,071 (2,727) + 513 + 724 — Bank premises 122 + 8 Other assets 2./ - 217 1,085 -1,632 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,563) +5.697 83.618 +1.242 E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign (836) 129 +3,062 23,511 1,041 +1,139 +1 ,372 85 + + 56 + 393 +1 ,906 + 524 + 137 +5 ,629 172 877 Other 2LI Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES 48,261 (2,727) 25,601 7,563 (3,563) 82,053 628 2 35 39 +1,063 + 226 + 12 +1,172 £ £ P I! T. A L A C C O U N T S ... + Capital paid in 688 Surplus -669 + Other capital accounts + 70 208 + Contingent liability on acceptances purchased for foreign correspondents 255 4 * Figures in parentheses are the eliminations made in the consolidating process \_l Includes $40 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. August 19, 1970 (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 Acceptances advances Holdings Weekly changes Within 15 days 843 43 3,557 -117 16 days to 90 days 3 24 11,352 +989 91 days to 1 year 13,510 -363 Over 1 year to 5 years -129 25,266 Over 5 years to 10 years +150 5,464 Over 10 years — 624 Total 846 67 +530 59,773 25 39 4 94 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON Total Boston AUGUST 19, 1970 New Phila- Cleve- Rich- Atlanta Chicago mond York delphia land St. Louis Minneapolis Kansas City Dallas San Francisco (In millions of dollars) ASSETS Gold certificate account Special Drawing Rights certif. acct. 11,045 400 710 23 1,744 93 604 23 924 33 1,045 36 580 22 2,414 70 329 15 154 7 411 15 573 14 1,557 49 F. R. notes of other banks Other cash 836 209 87 8 167 23 68 10 52 25 60 13 148 29 33 28 24 12 32 6 44 15 24 14 97 26 Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements U. S. Government securities: Bought outright— Bills Certificates Notes Bonds Total bought outright \_l Held under repurchase agreements Total U. S. Government securities Total loans and securities 846 29 240 24 81 17 8 283 18 37 5 13 91 37 30 --- 37 30 --- --- -— --- --- --- --- --- --- --- 21 21 24,201 --. 32,600 2,707 59,508 244 59,752 60,686 1,234 6,193 ... -1,663 8,342 138 693 3,035 15,228 -244 3,035 15,472 3,064 15,800 1,219 1,814 1,310 1,643 136 2,998 -2,998 3,022 1,849 -2,491 207 4,547 -4,547 4,628 2,443 203 4,460 — 4,460 4,477 1,764 147 3,221 -3,221 3,229 3,880 -5,226 434 9,540 — 9,540 9,823 880 -_ 1,185 98 2,163 -2,163 2,181 482 _649 54 ,185 -l,185 I ,222 953 -1,284 107 2,344 -2,344 2,349 1,002 -1,350 112 2,464 -2,464 2,477 3,385 -4,560 378 8,323 -8,323 8,414 Cash items in process of collection Bank premises Other assets 2/ 12,798 122 1,085 2,108 9 528 715 2 39 920 10 56 985 11 53 1,242 17 41 2,116 17 108 678 11 24 463 8 15 848 18 29 745 8 45 1,234 9 100 4,685 20,472 4,483 6,648 6,680 5,308 14,609 3,274 I ,907 3,729 3,900 11,486 TOTAL ASSETS 1/ 2/ 87,181 744 2 47 T Includes $40 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies and IMF gold deposited. H.4.1(c) L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace.eptances purchased for forei gn correspondents STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 19, 1970 New York Phila- CleveRich- Atlanta Chicago St. MinneLouis apolis delphia land mond (In millions of dollars) Kansas City San Dallas Francisco Total Boston 49,097 2,804 11,513 2,771 4,015 4,360 2,575 8,671 1,863 857 1,836 1,839 5,993 23,511 1,041 172 877 25,601 10,290 1,071 39 7 2 1,119 656 5,796 192 1/ 58 2/793 6,839 1,539 990 66 8 5 1,069 533 1,586 38 14 3 1,641 808 1,184 162 8 16 1,370 820 1,459 72 10 2 1,543 1,057 3,765 56 23 19 3,863 1,743 760 72 5 3 840 496 557 37 3 5 602 400 1,040 1,294 58 9 4,009 162 20 20 4,211 988 628 85,616 32 4,611 164 20,055 31 4,404 47 6,511 45 6,595 33 5,208 98 14,375 22 13 25 26 3,221 1,872 3,665 3,815 688 669 208 32 32 10 183 177 57 35 34 10 61 60 16 35 34 16 45 43 12 101 99 34 24 23 16 15 29 28 39 37 6 4 7 9 88 87 27 87,181 4.685 20.472 4.483 6.648 6.680 5.308 14.609 3.274 1.907 3.729 3.900 11.486 255 12 3/ 67 13 23 13 16 38 9 6 11 14 33 8,970 1,945 895 1,935 1,982 6,327 1,000 155 22 87 7 5 4 1,139 1,365 665 585 92 11,284 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral \_l 2/ 37 2,926 12,001 2,842 4,182 4,493 250 500 300 510 580 2,730 11,600 2,700 3,750 3.970 2.900 8.250 1.880 885 1.975 2.030 6.750 2,980 12,100 3,000 4,260 4,550 2,900 9,250 2,035 907 1,975 2,035 6,750 After deducting $114 million participations of other Federal Reserve Banks, Includes IMF gold deposit, After deducting $188 million participations of other Federal Reserve Banks. 2,739 — 5
@FedFRASER