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FEDERAL RESERVE Factors Affecting Bask Reserves and Condition Statement of F.R. Banks For immediate release H.4.1 June 4, ,1970 The average of daily figures for total reserves of member banks increased $305 million in the latest statement week to $27,613 million. Required reserves, excess reserves, and member bank borrowings from Federal Reserve Banks all increased. A seasonal increase in currency in circulation and a decline in other Federal Reserve assets were the major factors absorbing reserves in the latest week. System Open Market operations provided $348 million in reserves, on a weekly average basis, primarily through the outright purchase of U. S. Government securities. Late in the week some repurchase transactions were also made. Member bank borrowings were above the average level of recent weeks and exceeded excess reserves by $1,050 million compared to the revised figure of $899 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 Averagjes of daily figures Week ended Change from week ended Wednesday, June 3, June 4, June 3, May 27, 1970 1970 1970 1969 (Int millions of: dollars) !/ 57,295 71 + + 22 43 7 ~ + 1,225 + 90 2,778 1,192 62,723 11,367 400 6,990 81,480 53,773 535 1,230 134 801 2,292 58,765 22,715 4,898 27,613 27,438 175 255 71 +3,659 - 108 57,344 22 27 85 7 2 14 42 23 *7 / 294 -- 48 - 102 + 492 + + + + + + + + + + + 16 509 256 3 35 15 3 93 324 184 121 305 162 143 - 296 + 90 + 510 -1,316 +2,496 +1,000 + 400 + 248 +4,144 +3,332 - 154 + 730 + 29 + 354 + 240 +4,531 - 387 + 357 30 + 164 - 194 i 269 1,246 90 2,660 1,215 62,974 11,367 400 6,989 81,730 53,978 528 1,253 131 815 2,335 59,040 22,690 4,898 27,588 27,438 150 NOTE: A net of $82 million of surplus reserves were eligible to be carried forward from the week ended May 27, into the week ending June 3. 1/ Includes $35 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. On June 3, 1970, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $9,969 million, an increase of $217 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change Wednesday May 27, June 3, 1970 1970 ASSETS 11,045 Gold certificate account Special Drawing Rights certif. accts. 400 Cash (628) 201 4 Discounts and advances 1,336 358 Acceptances: Bought outright 42 4 Held under repurchase agreements 23 + 23 Federal Agency obligations-Held under repurchase agreements + 85 85 U. S. Government securities : Bought outright-Bills 22,248 + 134 Certificates Notes 32,233 68 + Bonds + 2,863 27 Total bought outright 1/ 57,344 + 229 Held under repurchase agreements 269 + 269 Total U. S. Government securities 57.613 + 498 Total loans and securities + 960 59,099 Cash items in process of collection (2,354) 9,626 + 465 Bank premises 1 117 Other assets 2/ 1,098 + 37 +1 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,982) 5Tf5gg 31 since June 4, 1969 +1,023 + 400 + 7 + 408 + 2 23 + 85 +3,044 +1,732 -1,265 +3,511 + 269 +3,780 +4,294 + 45 + 2 -1,264 +4,507 Itli i l t H I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other V Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES CAPJ.TAL ACCOUNTS C a p i t a l paid in Surplus Other capital accounts Contingent liability on acceptances purchased for foreign correspondents (628) (2,354) (2,982) 220 +2,996 959 52 + 22 + 2 + 931 + 198 38 + +1 ,387 + 155 + 956 + 21 + 383 +1,515 - 261 + 151 +4,401 47,396 22,690 1,253 131 815 24,889 6,966 638 79,889 684 669 344 + - 70 + + + 231 Figures in parentheses are the eliminations made in the consoli dating process, U Includes $35 million securities loaned—fully secured by U. S Government securities pledged with Federal Reserve Banks. Induces assets denominated in foreign currencies and IMF gold deposited. H 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 3, 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 advances Acceptances Holdings Weekly changes Within 15 days 2,762 1,244 -299 37 16 days to 90 days +744 92 10,294 28 91 days to 1 year — — 13,496 + 56 Over 1 year to 5 years •s — + 70 25,249 Over 5 years to 10 years >ars -+ 6 5,277 Over 10 years — -620 + 6 Total 57,698 +583 1,336 65 28 39 39 49 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 3 , Total Boston 1970 St. Louis New Phila- Cleve- Rich- Atlanta Chicago mond York delphia land Kansas City Minneapolis San Francisco Dallas (In millions of dollars) ASSETS Gold certificate account Special Drawing Rights certif, acct. F. R. notes of other banks Other cash 11,045 400 597 23 2,050 93 629 23 1,027 33 1,056 36 730 22 2,150 70 238 15 204 7 453 15 470 14 1,441 49 628 201 58 9 182 24 24 7 46 21 47 12 87 29 23 24 18 13 14 7 29 15 14 13 86 27 1,336 175 561 60 31 34 50 130 14 19 79 14 169 42 23 -— 42 23 --- __ — --- --- --- --- --- --- --- --- 85 -- 85 - - -_ -- - - - - - 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 1/ Held under repurchase agreements ~~ Total U. S. Government securities Total loans and securities 22,248 1,120 5,487 1,170 1,742 1,673 1,209 3,659 820 457 822 961 3,128 32,233 2,863 57,344 269 57,613 59,099 1,623 7,949 144 706 2,887 14,142 — 269 2,887 14,411 3,062 15,122 1,696 151 3,017 2,524 224 4,490 2,424 215 4,312 1,751 155 3,115 5,300 471 9,430 1.,188 106 ,114 662 59 1,178 1,192 106 2,120 1,393 124 2,478 4,531 402 8,061 -- -- -- -- -- -- -- Cash items in process of collection Bank premises Other assets 2J 11,980 117 1,098 84,568 TOTAL ASSETS — — T HI 3,017 3,077 4,490 4,521 4,312 4,346 3,115 3,165 9,430 9,560 2~ 2 ,128 1,178 1,197 2,120 2,199 2,478 2,492 87061 8,230 1,983 9 444 608 2 49 848 8 73 959 11 55 1,115 17 52 2,130 17 130 682 10 30 466 6 18 766 18 35 693 8 44 988 9 114 4,547 19,907 4,419 6,577 6,522 5,217 14,104 3~,134 1,919 3,530 -3,748 10,944 742 2 54 - 1/ 2/ I n c l u d e s $35 m i l l i o n s e c u r i t i e s loaned — f u l l y secured by U. S. Government s e c u r i t i e s pledged w i t h F e d e r a l Reserve Banks, I n c l u d e s a s s e t s denominated in f o r e i g n c u r r e n c i e s and IMF gold d e p o s i t e d . H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 3, 1970 Total Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Dallas Francisco (In millions of dollars) 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 accri.ted 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 48,024 2,766 11,263 2,728 3,904 4,281 2,564 8,419 1,828 844 1,804 1,755 5,868 22,690 1,253 131 815 [24,889 9,320 892 105 6 974 106 1,677 56 12 1,158 195 7 1,090 483 1,745 732 1,372 729 1,472 94 8 3 1,577 936 3,601 120 19 9 3,749 1,580 673 79 4 2 758 468 594 53 3 4 654 371 942 68 6 3 1,019 615 1,246 80 1,003 666 5,656 184 1/ 35 7/761 6,636 1,386 1,334 542 3,805 113 17 17 3,952 812 638 82,871 31 4,466 173 19,458 32 4,333 48 6,429 46 6,428 33 5,110 100 13,848 22 3,076 13 1,882 23 3,461 27 3,658 90 10,722 684 669 344 32 32 17 182 177 90 35 34 17 61 60 27 35 34 25 45 43 19 101 99 56 23 23 12 16 15 6 29 28 12 38 37 15 87 87 48 84,568 4,547 19,907 4,419 6,577 6,522 5,217 14,104 3,134 1,919 3,530 3,748 10,944 231 11 3/ 61 12 20 12 15 34 8 5 13 30 8,685 1,904 871 1,886 6,133 1,000 155 27 I 10 I FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securiti es Total collateral 17 2/ 37 49,960 2,846 11,814 2,806 4,052 4,399 3,327 250 500 300 510 580 48,275 2,650 11,600 2,620 3,750 3,860 2.800 7.950 1.830 860 1,925 1,930 51,602 2,900 12,100 2,920 4,260 4,440 2,800 8,950 1,985 JJ87 1,925 _1_»_?35_ 6,500 After deducting $ 96 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $170 million participations of other Federal Reserve Banks. 2,705 1,859 5 6,500
@FedFRASER