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FEDERAL ••i*«SS^*' RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release September 24, 1970 The average of daily figures of total reserves decreased $583 million in the latest week to $28,267 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. Several factors supplied important amounts of reserves in the latest statement week. Float increased by $497 million. This source of reserves was augmented by a greater than seasonal decline in currency in circulation and a decrease in other Federal Reserve liabilities and capital. These reserve gains were in some part offset by a rise in Treasury deposits with Federal Reserve Banks. In addition Open Market operations drained reserves by $942 million net, on a weekly average basis. Over a third of this reserve reduction was through matched sale-purchase agreements. Member bank borrowings dropped by a modest amount and exceeded excess reserves by $638 million compared to the revised figure of $235 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 Averasjes of daily figures Week ended Change from week ended Wednesday, Sept. 23, Sept . 16, Sept. 24, Sept. 23, 1970 1969 1970 1970 : dollars) i millions of (In 59,309 -- - -- 358 506 +5,583 90 38 12 — 1/ 59,694 -- 39 mm ~ 40 2 7 36 -- 458 42 • 648 1,373 3,261 1,215 64,281 11,331 400 7,050 83,062 54,864 451 1,117 129 760 2,191 59,512 23,551 4,716 28,267 28,447 - 180 + + 497 9 - 479 36 -- + - + - 2 513 381 11 137 21 8 152 435 77 506 583 138 445 + + 441 -1,852 +3,416 + 964 + 400 + 289 +5,070 +3,549 - 225 51 5 + 325 + 202 +3,794 +1,277 + 59 +1,336 +1,720 - 384 1 -- 2,740 1,238 65,081 11,117 400 7,050 83,648 54,804 456 1,032 138 725 2,216 59,371 24,278 4,716 28,994 28,447 547 NOTE: 1/ A net of $210 million of surplus reserves were eligible to be carried forward from the week ended September 16, into the week ending September 23. Includes $61 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. On September 23, 1970, marketable U. S. Government securities held in custody by the Federal Reserve Banks for foreign and international account were $9,284 million, an increase of $130 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday Sept. 23, Sept. 16, Sept . ^ 4 , 1969 1970 1970 A S S E T S + 792 • 226 10,819 Gold certificate account + 400 — 400 Special Drawing Rights certif. accts. + 64 + 6 Cash (1,02*4) 217 Discounts and advances 152 +1,163 1,373 Acceptances: _ 1 3 36 Bought outright -- 23 __ Held under repurchase agreements Federal Agency obligationsHeld under repurchase agreements 36 U. S. Government securities : Bought outright-Bills +5,363 + 660 24,289 Certificates Notes +2,137 32, 690 Bonds -1,428 2,715 Total bought outright +6,072 1/ 59,694 + 660 Held under repurchase agreements - 310 +~~660 +5,762 Total U. S. Government securities 59,^94" Total loans and securities +5,550 +1,820 61,103 Cash items in process of collection -1,446 + 945 (2,743) 10,415 Bank premises — + 8 122 Other assets £/ -2,055 1,116 55 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,767) 84,192 + 99 +5,704 k 1 A 1 Ik 11 1H 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 (1,024) 48,128 - 371 +3,101 24,278 1,032 138 725 26 ,173 (2,743) 7 ,675 611 (3,767) 82,587 +1,620 + 36 + 12 32 z +1,636 -1,230 3 + 32 +1,770 - 171 11 + 286 +1 ,874 + 518 + 135 +5,628 CAPITAL A C C O U N T S + Capital paid in*" ~ 690 + Surplus 669 + 67 Other capital accounts 246 Contingent liability on acceptances purchased for foreign correspondents 234 * Figures in parentheses are the eliminations made in the consolidating process. 17 Includes $61 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, SEPTEMBER 23, 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 1,371 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 2 -- —i 1,373 Acceptances 10 26 --— — 36 Federal Agency obligations Holdings Weekly changes 2,964 +641 11,676 -202 13,607 +221 -25,326 __ 5,491 630 59,694 — +660 24 39 13 74 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 23, 1970 H.4.1(b) Total Boston New York PhilaCleve- Rich- Atlanta Chicago mond delphia land St. Louis Minneapolis Kansas City _ _ _ _ _ _ t Dallas , San Francisco (In millions of dollars) ASSETS Gold certificate account Special Drawing Rights certif. acct. 10,819 400 799 23 1,990 93 654 23 1,045 33 1,081 36 539 22 1,634 70 354 15 125 7 341 15 595 14 1,662 49 1 1,024 ! 217 116 10 206 24 77 11 56 24 79 13 170 29 48 29 27 13 42 7 48 14 27 14 128 29 76 609 ! 1,373 Discounts and advances Acceptances: Bought outright 36 36 — — — — Held under repurchase agreements Federal Agency obligations— [ — Held under repurchase agreements I U. S. Government securities: Bought outright— Bills 24,289 1,220 6,177 ---Certificates Notes 32,690 1,641 8,313 Bonds 136 2,715 690 Total bought outright \j 59,694 2,997 15,180 Held under repurchase agreements ~" -— -Total U. S. Government securities 59,694 2,997 15,180 Total loans and securities 61,103 3,073 15,825 5 9 28 7 315 22 5 3 3 291 -— -— — — -— — -- --- — -- --- --- --- — — — — — -- — — F. R. notes of other banks Other cash Cash items in process of collection Bank premises Other assets 2j TOTAL ASSETS 1/ 2/ 13,158 122 1,116 87,959 646 2 57 2,397 8 424 4,726 20,967 1,228 1,874 1,806 1 ,285 869 498 964 1,081 3,309 -- -- -- -- -.-. -- -- -.. -- -- 1,652 137 3,017 2,522 210 4,606 5,355 445 9,778 1,171 97 2,137 669 55 ,222 1,455 121 2,657 4,453 370 8,132 -- r 1 ,298 108 2 ,370 -- 2,431 1 ,730 202 144 4,439 ~T,159 3,017 3,022 4,606 4,615 2,137 2,159 1 ,222 1 ,227 2~,370 2 ,373 2,657 2,660 8,423 492 9 21 907 18 40 758 8 43 1,188 9 119 1 ,930 3 ,756 4,119 11,607 710 2 51_ 4,550 909 10 74 6,766 4,439 4,467 3,978 -- ~TJ39~ 9,778 3 ,166 10,093 966 1 ,306 17 11 50 66_ 2,179 17 140 5 ,299 14,210 6,719 700 11 31. 3,310 -- Includes $61 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. — 87T3T 11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 23, 1970 Total 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 accnted 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 Boston Phila- CleveNew St. MinneRich- Atlanta Chicago Louis apolis mond York" delphia land (In millions of dollars) 49,152 2,800 11,573 2,749 4,021 4,387 2,527 8,687 24,278 1,032 138 725 26,173 10,418 1,056 65 6 1,085 32 7 3 1,127 562 1,668 56 12 1,127 692 6,311 245 1/ 42 2/653 7,251 1,561 1,736 821 1,245 96 7 15 1,363 837 1,469 69 8 2 1,548 1,090 3,369 111 19 26 3,525 1,658 611 86,354 31 4,650 156 20,541 31 4,469 47 6,625 44 6,631 32 5,197 99 13,969 690 669 246 32 32 12 183 177 66 35 34 12 61 60 20 35 34 19 46 43 13 87,959 4.726 20.967 4.550 6.766 6.719 5.299 234 11 3/ 62 12 21 12 15 1,857 Kansas City ~Tan Dallas Francisco 853 1,830 1,842 571 39 3 1 614 413 1,029 59 6 2 1,096 740 1,490 4,170 71 142 7 17 2 19 1,570 4,348 942 593 21 3,255 14 1,894 24 3,690 27 85 4,032 11,401 102 99 40 24 23 8 16 15 5 29 28 9 14.210 3.310 . 1.930 3.756 81547 4 2 868 509 8_ 35_ 5_ 10 39 37 11 6,026 88 87 31 4.119 11.607 I3_ 30 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 2,942 12,108 2,833 4,210 4,547 250 500 300 510 580 2,730 2,980 11,800 12,300 2,700 3,000 3,750 4,260 4,020 4,600 1/ After deducting $ 96 million participations of other Federal Reserve Banks, 27 Includes IMF gold deposit, 3/ After deducting $ 172 million participations of other Federal Reserve Banks. 2,710 2.900 2,900 9,028 1,949 1,000 155 8.250 9,250 1.880 2,035 892 1,930 1,988 6,396 915 915 l,97g 1,975 2,030 2,035 6,750 6,750
@FedFRASER