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•vo°ys^>; statistical release WLRE^V For immediate release H.4.1 November 12, 1970 The average of daily figures of total reserves of member banks increased $61 million to $28,695 million in the latest statement week. Both required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves decreased by a modest amount. An increase in float of $476 million was the major factor supplying reserves in the latest week. The most significant drain on reserves was a rather large seasonal rise in currency in circulation. In addition, System Open Market operations absorbed $70 million in reserves net, on a weekly average basis. This net absorption of reserves in part reflected $750 million in matched sale-purchases placed late in the statement week. Member bank borrowings remained roughly at the level of the preceding two weeks and exceeded excess reserves by $178 million compared with the revised figure of $120 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 Averages of daily figures Week ended Chang** from week ended Wednesday, Nov. 11, Nov . 4 , 1 Nov. 12, Nov. 11, 1970 1970 1970 1 1969 < dollars) (Irt millions 3f 1/ 59,434 - 388 + 94 19 57 6 36 39 445 -- 3,099 1,642 65,140 11,117 400 7,097 83,753 55,652 448 988 170 758 2,379 + •4- 11 22 + 476 9 + + 437 — — + 9 + 445 + 517 19 53 + 1 + 8 + 87 +3,504 + 321 2/58,786 -- + 47 — 6 36 + 35 — - 799 553 + 787 -1,239 +2,649 + 750 + 400 + 293 +4,091 +3,338 - 222 - 167 + 33 + 311 + 240 +3,534 + 558 + 412 + 970 +1,074 - 104 2,806 1,670 63,851 11,117 400 7,099 82,467 56,029 453 1,510 141 750 2,392 -f- ~54T 60,395 61,275 Member bank reserves: 23,358 96 21,192 With Federal Reserve Banks 5,337 Currency and coin + 157 5,337 Total reserves held 28,695 + 61 26,529 Required reserves 28,428 + 97 28,428 Excess reserves 267 36 - 1,899 NOTE A net of $189 million of surplus reserves were eligible to be carried forward from the week ended November 4, into the week ending November 11. 1/ Reflects $750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. On November 11, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international account were $10,418 million an increase of $305 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday Nov. 12, Nov. 4, Nov. 11, 197Q A1 1 £1 1 Gold certificate account Special Drawing Rights certif. accts. Cash 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 Held under repurchase agreements Total U. S. Government securities Total loans and securities Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS * (691) 10,827 400 219 553 197Q. 4 31 1969 + + + - 791 400 85 142 36 28 51 23,296 742 +1,824 — +1,401 - 736 +2,489 32,758 2,732 1/ 2 / 58,786 -- (4,623) 58.786 59,375 9,943 (5,314) 1,543 82,434 127 - 742 - 331 -1.073 -1,183 - 995 + 2 + 55 -2J.25 LIAlItlllEs +2.489 +2,341 + 548 + 14 -1,251 +2,928 +3,029 + 585 (691) 49,312 Federal Reserve notes Deposits: -1,769 - 899 21,192 Member bank reserves + 316 + 636 1,510 U. S. Treasurer—general account 141 + 35 22 Foreign 750 (2,154) + 302 + 12 Other 4/ 74 + 23j593 (2,154) -1,463 Total deposits 560 (2,469) 7,137 -1,312 Deferred availability cash items + 31 Other liabilities and accrued dividends +2,574 (5,314) 80,642 TOTAL LIABILITIES -2,193 A C C O U N T S C A P I T A L + 24 Capital paid in 690 + 39 Surplus 669 + 291 Other capital accounts 433 - 68 Contingent liability on acceptances purchased + 101 for foreign correspondents 246 + 7 * Figures in parentheses are the eliminations made in the consolidating process, J7 Reflects $750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $73 million securities loaned—fully secured by IK S. Government securities pledged with Federal Reserve Banks. ZJ Includes assets denominated in foreign currencies and IMF gold deposited. 47 Includes IMF gold deposit. - 2. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, November 11, 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 advances Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years •s Over 5 years to 10 years sars Over 10 years Total 553 --- — 553 Acceptances 9 27 ---—i— 36 Federal Agency obligations Holdings Weekly changes -2,168 2,536? + 867 11,410 + 177 13,320 -25,356 — 5,524 640 58,786 — -1,124 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 11, 1970 H.4.1(b) Total Boston New Phila- Clevedelphia land York Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco (In millions of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. F. R. notes of other banks Other cash 10,827 400 691 219 1 853 23 100 10 2,36S > 93 127 22 635 981 33 1,128 36 686 22 1,955 23 70 424 15 229 7 363 15 452 14 752 49 30 9 28 24 44 14 166 29 25 31 10 11 32 7 37 16 18 15 74 31 1 19 .... a. m. mm^ 6 2 -- -M«. -_ -- --. -- —— .«, »» —. Mw — «» m, a» w Discounts and advances 1 553 Acceptances: Bought outright 36 1 Held under repurchase agreements __ -Federal Agency obligations-Held under repurchase agreements OTM —— U . S. Government securities: Bought o u t r i g h t — 23,296 1,172 Bills Certificates — — Motes 32,758 1,648 Bonds 2,732 137 Total bought outright 1/2/ | 58,786 2,957 Held under repurchase agreements — — Total U. S. Government securities 58,786 2,957 Total loans and securities 59,375 2,958 5,881. — 8,270 690 14,841 — 14,841 15,130 1,204 1,813 — 1,693 141 3,038 __ 3.038 3,038 — 213 207 139 440 99 4,576 4,456 2,996 9,470 2,138 -- -- 4,576 4,577 4,456 4,475 2,996 2,996 9,470 9,741 2.138 2,138 14,566 1 127 1.543 668 2 78 2,230 8 522; 743 2 79. 823 12 108 1,257 1,804 2,004 11 96 17 72 17 206 618 12 ' 87,748 4,692 20,501. 4,559 6,586 7,061 5,792 14,049 Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS 17 2/ 3/ 253 36 «- -- «... —- «.•» Imim 2,550 — 1,766 — 2,483 — 1,187 — 1,670 271 3,753 — 5,277 847 — 1,192 — 47 3,275 456 — 640 53 1,149 -1,149 1,149 906 -1,274 107 2,287 -2,287 2,293 1 ,021 -1 ,435 120 2~,576 -2 ,576 2 ,578 3 j 290 711 11 27_ 729 18 53 1 ,198 8 73 1,781 3,524 4 ,356 11,180 2,173 Reflects $750 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, Includes $73 million securities l o a n e d — f u l l y secured by U . S . Government securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies and IMF gold deposited. -4,626 386 8,302 -8,302 8,302 9 182 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 11, 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 accriled 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 4,088 4,488 2,536 8,797 1,892 858 1,842 1,865 6,185 943 1,498 72 63 1,139 1,305 3,239 102 580 72 925 70 2,607 170 783 26 1,346 201 118 353 10 548 2,033 1,081 22 18 3,381 1,502 5 2 3 229 816 484 884 380 6 3 1,004 8 337 1,809 20 755 3,735 582 560 939 2,820 50,003 2,826 11,806 21,192 1,510 141 2,904 25,747 9,606 942 69 5,885 7 1 1,019 733 1/ 31 7/678 6,788 1,280 30 154 31 45 44 30 96 22 12 23 26 87 85,956 ! 4,608 20,028 4,468 6,431 6,960 5,680 13,776 3,214 2,134 3,451 4,260 10,946 600 194 8 5 1,028 13 3 1,577 8 325 1,673 589 721 755 690 32 183 35 61 35 46 102 24 16 29 39 oo OO 669 433 32 20 177 113 34 22 60 34 34 32 43 23 99 72 23 14 15 8 28 16 37 20 87 59 87,748 4,692 20,501 4,559 6,586 7,061 5,792 14,049 3,275 2,173 3,524 4,356 11,180 246 12 3/ 65 13 22 13 16 36 8 5 10 14 32 9,032 1,964 892 1,926 2,008 6,454 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral JL/ 2/ 3/ 2,948 12,260 250 500 2,886 300 4,204 4,609 510 580 1,000 155 5 2,730 12,000 2.700 3.750 4.075 2.900 8.250 1.880 915 2,980 12,500 3,000 4,260 4,655 2,900 9,250 2,035 915 After deducting $110 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $181 million participations of other Federal Reserve Banks. 2,7.21 1.975 1,975 2.030 6,750 2,035 6,750
@FedFRASER