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FEDERAL f ?fe^*' RESERVE Factors Affecting Bonk Reserves and Conditio! Statement of F.R. Banks H.4.1 For immediate release July 9, 1970 The average of daily figures of total reserves of member banks increased $53 million in the latest week to $27,822 million. Excess reserves declined while required reserves and member bank borrowings at Federal Reserve Banks increased. An increase in float of $592 million, which was sizably greater than seasonal, was the major source of reserves in the latest statement week. This increase in reserves was offset by several factors which drained reserves by considerable amounts. A seasonal increase in currency in circulation was the most significant factor in this reserve absorption. However, increases in the Treasury deposits with Federal Reserve Banks and decreases in other Federal Reserve assets drained additional reserves. System Open market operations absorbed a modest amount of reserves, on a weekly average basis. Member bank borrowings were above the average levels of recent weeks and exceeded excess reserves by $1,235 million compared to the revised figure of $771 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 1, July 8, July 9, July 8, and related items 1970 197Q 1970 1969 Reserve Bank credit: (In millions of dollars) U.S. Government securities— 1/ Bought outright--System account 57,671 73 +3,228 57,671 Held under repurchase agreements - 119 Federal Agency obligationsHeld under repurchase agreements 24 Acceptances Bought outright 34 1 8 34 --14 Held under repurchase agreements Discounts and advances-1,296 + 303 + 276 Member bank borrowings 1,507 — Other 90 + 90 90 Float 3,185 + 592 + 383 2,654 Other F. R. assets - 143 1,378 -1,299 1,399 Total Reserve Bank credit 63,654 + 680 +2,513 63,355 Gold stock — 11,367 +1,000 11,367 Special Drawing Rights certif. acct. — 400 + 400 400 Treasury currency outstanding 7,000 10 + 260 6,988 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 Cur'rency and coin Total reserves held Required reserves Excess reserves NOTE: 82,422 54,653 444 1,311 186 791 2,321 59,708 22,713 5,109 27,822 27,761 61 + 671 + 473 13 + 182 + 23 + 5 + 65 + 736 66 + 119 + ~33~ + 214 "• 161 +4,174 82,110 +3,270 55,050 - 202 439 + 259 1,059 + 10 160 + 296 864 + 209 2,339 +3,843 59,911 + 329 22,199 + 317 5,109 + 646 27,308 + 698 | 27,761 " 52 j - 453 A net of $158 million of surplus reserves were eligible to be carried forward from the week ended July 1, into the week ending July 8. 1/ Includes $25 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On July 8, 1970, U. S. Government securities held in-custody by the Federal Reserve Banks for foreign account were $10,890 million, an increase of $225 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday July 8, July 1, July 9, 1970 1969 J-970 A S S E T S -Gold certificate account +1,018 11,045 -Special Drawing Rights certif. accts. * + 400 400 Cash (574) 10 206 + 34 + 673 + 938 1,597 Discounts and advances Acceptances: 34 Bought outright Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements U. S. Government securities : Bought outright-43 +3,345 22,364 Bills Certificates Notes 32,420 +1,867 Bonds 1/ -1,256 2,887 Total bought outright "~ +3,956 43 57,671 Held under repurchase agreements -+3,956 57,671 43 Total U. S. Government securities +4,887 Total loans and securities 59,302 + 630 42 - 694 Cash items in process of collection (2,389) 9,812 + 6 Bank premises 120 + 1 -1,323 Other assets 2/ 1,279 + 37 +4 980 82 164 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,963) 36 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 3/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (574) (2,389) (2,963) 582 +3,062 104 + 159 25 + 51 + 81 - 754 14 - 105 +1,392 - 45 + 21 + 377 +1,745 60 + 130 +4,877 48,385 + 22,199 1,059 160 864 24,282 7,158 595 80,420 - C A P I T A L ACCOUNTS _«, C a p i t a l paid Tn ~ 685 + -Surplus 669 + Other capital accounts 390 + + 69 Contingent liability on acceptances purchased for foreign correspondents 239 + 4 + * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $25 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 8, 1970 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) y. S. Government securities and Discounts and Federal Agency obligations Acceptances Holdings advance!8 Weekly changes 1,550 Within 15 days 13 2,186 - 17 10,530 +526 16 days to 90 days 47 21 mm -91 days to 1 year -552 13,622 --• Over 1 year to 5 years •s 25,395 mm .5,314 Over 5 years to 10 years »ars Over 10 years — -624 Total 1,597 34 57,671 - 43 24 39 40 80 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON July 8 , 1970 Total Boston New PhilaCleve- Rich- Atlanta Chicago mond York delphia land St. Louis Dallas < (In millions of dollars) ASSETS Gold certificate account Special Drawing Rights certif. acct. Kansas City Minneapolis San Francisco 11,045 400 585 23 2,533 93 730 23 865 33 968 36 412 22 1,857 70 312 15 265 7 568 15 346 14 1,604 49 574 206 41 8 148 24 30 8 44 24 38 12 84 29 20 29 17 12 19 7 34 16 18 14 81 23 Discounts and advances 532 40 1,597 Acceptances: _-. 34 Bought outright i 34 — — -Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements -U. S. Government securities: Bought outright-Bills 22,364 1,140 5,549 Certificates -« -.— _-. Notes 32,420 ' 1,652 8,044 Bonds 716 2,887 147 Total bought outright ^/ 57,671 2,939 14,309 Held under repurchase agreements ~~ Total U. S. Government securities 57,671 2,939 14,309 Total loans and securities 59,302 2,979 14,875 Cash items in process of collection 12,201 685 2,142 Bank premises 2 9 120 Other assets 2J 482 64_ 1,279 37 68 32 103 455 8 57 32 204 29 -— -— --- --- -— -— -— -— --- -— 3,149 F. R. notes of other banks Other cash TOTAL ASSETS JV 2/ 85,127 4,387 20,306 — — -- 1,144 ... 1,658 148 2,950 1,732 1,685 --. _-. 2,510 2,443 224 218 4,466 4,346 1,218 3,687 -.— 1,766 5,345 157 476 3,141 9,508 817 ... 1,184 105 2,106 424 .... 615 55 1 ,094 857 ..» 1 ,243 111 2~,211 962 _— 1 ,395 124 2 ,481 4,565 406 8,120 2,950 2,987 4,466 4,346 4,534 4,378 3,141 9,508 3,244 9,963 2,106 2,114 l_,094 1,151 2,,211 2 ,243 2.,481 2 ,685 8,120 8,149 mmm. 628 2 67 863 9 86_ 882 11 71 1,253 2,036 17 17 161 61_ 686 10 37 476 8 21 782 18 40 726 8 50 1,042 9 139 4,475 6,458 6,396 5,122 14,153 3,203 1 ,954 3 ,716 3 ,861 11,096 Includes $25 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) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON July 8, 1970 Total Boston New York 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 foreign correspondents 48,959 22,199 1,059 160 864 24,282 9,547 595 83,383 685 669 390 85,127 239 Phila- CleveRich- Atlanta Chicago delphia land mond (In millions of dollars) St. Kansas City Minneapolis Louis San Dallas Francisco 2,832 11,418 2,782 3,973 4,370 2,620 8,590 1,860 859 1,836 1,805 6,014 5,890 954 82 9 20 1,450 1,019 1,285 3,482 43 11 3 115 25 7 967 182 7 6 67 9 2 117 22 19 1,065 1,519 1,119 3,934 765 3,629 1,572 1,382 769 1,342 1,018 1,162 510 627 43 4 2 676 369 3,776 85 9 6 669 52 6 2 729 533 1,304 52 15 2 624 557 835 32 25 85 776 60 8 1 845 597 1/ 35 2/794 6,880 1,398 30 161 151 29 45 45 4,304 19,847 4,386 6,306 6,299 183 177 99 35 34 20 61 60 31 35 34 28 4,387 20,306 4,475 6,458 6,396 3/ 63 12 21 12 32 32 19 12 97 21 5,012 13,888 3,143 1,916 3,645 101 99 65 23 23 14 16 15 7 29 28 14 5.122 14,153 3.203 1.954 3.716 8 5 10 45 43 22 16 36 12 23 3,769 10,868 38 37 17 87 87 54 3,861 11.096 13 31 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral \J 2/ 3/ 1,917 6,302 4,122 4,484 2,771 8,816 1,921 887 500 300 510 580 -- 1,000 155 22 2,690 11,600 2,620 3.750 3.970 2.800 7.950 1.830 875 1.925 1.980 6.500 2,940 12,100 2,920 4,260 4,550 2,800 8,950 1,985 897 1,925 1,985 6,500 250 After deducting $ 125 million participations of other Federal Reserve Banks, Includes IMF gold deposit. After deducting $ 176 million participations of other Federal Reserve Banks. 1,914 2,862 2,194 11,887 5
@FedFRASER