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FEDERAL RESERVE Factors Afftctiig Baik Rtstrvts aid ConditioM Stateneit tf F.I. links H.4.1 For immediate release September 3, 1970 The average of daily figures of total reserves of member banks increased $184 million in the latest week to $28,345 million. Required reserves and excess reserves both increased while member bank borrowings at Federal Reserve Banks were about unchanged from the level of the previous week. Factors supplying and absorbing reserves for the most part displayed only minor changes in the latest statement week. A greater than seasonal decline in float did absorb a sizeable amount of reserves. However, this float drain of $242 million was mostly offset by System Open Market operations which supplied $189 million in reserves net, on a weekly average basis. These reserves were provided largely through repurchase agreements, although some outright purchases were made toward the end of the statement week. Member bank borrowings remained at the level of the past two weeks and exceeded excess reserves by $471 million compared to $535 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 NOTE: Avera;res of daily figures Week ended Change from week ended Wednesday, Sept. 2, Aug. 26, Sept. 3, Sept. 2, 1970 1970 1969 1970 (Iri millions of dollars) 59,710 133 + 31 + 133 13 + 36 13 + 661 + 2,239 1,109 63,915 11,367 _ mm + - 7,032 82,714 + 54,673 - 461 + 1,041 160 761 " 2,311 59,407 + + 23,307 5,038 28,345 28,155 190 + 1/59,941 9 22 4 1 39 31 579 843 + 144 -1,661 +2,966 +1,000 + 400 + 278 +4,644 2,156 1,126 64,490 11,367 13 1 13 1 7 242 41 16 --- 400 +5,072 + 2 21 5 29 10 4 27 25 80 5 -- + 184 + 184 + 119 + 65 + • 332 400 7,040 83,297 +3,174 - 217 + 173 + 12 + 299 + 190 i +3,631 2,358 59,561 +1,012 + 383 +1,395 +1,607 | 23,736 5,038 28,774 28,155 - 212 1 619 , 54,857 471 967 151 757 A net of $94 million of surplus reserves were eligible to be carried forward from the week ended August 26, into the week ending September 2. 1/ Includes $21 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. On September 2, 1970, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $12,458 million, and increase of $6 million for the week. R.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change Wednesday Sept. 2, Aug. 26, 1970 1970 A S S E T S -Gold certificate account 11. 045 -Special Drawing Rights certif. accts. * 400 Cash " (887) + 2 213 Discounts and advances - 201 843 Acceptances: + 2 39 Bought outright 31 + 31 Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements 22 22 U. S. Government securities : Bought outrightBills 24,634 f 323 Certificates Notes 32,600 Bonds 2,707 -Total bought outright 1/ 59,941 + 323 Held under repurchase agreements 332 -f 332 Total U. S. Government securities 60,273 + 655 Total loans and securities + 509 61,208 Cash items in process of collection (2,651) 9,581 + 468 -Bank premises 122 Other assets 2j 1,004 + 39 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,538) 83,573 +1 ,018 L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer--general account Foreign (887) Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES £ A112 A L +1,018 + 400 + 69 + 145 1 + 22 +4,871 +2,047 -1,436 +5,482 + 332 +5,814 +6,011 + 395 + 9 -1,794 +6,108 f 111 +2,697 23,736 + 110 + 30 38 + 8 + 110 + 691 + 41 + 953 +2,16,8 + 219 (2,651) 25,611 7,425 (3,538) 81,870 655 27 + 244 +2,604 + 594 + 123 +6,018 A££2£NTS 1 + 689 Capital paid in — 669 + Surplus 345 64 + Other capital accounts Contingent liability on acceptances purchased 5 + for foreign correspondents 250 * Figures in parentheses are the eliminations made in the consolidating process. \_l Includes $21 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 2. 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 839 41 2,754 -435 16 days to 90 days 4 29 12,444 +789 91 days to 1 year 13,743 +323 Over 1 year to 5 years -25,266 Over 5 years to 10 years -_ 5,464 Over 10 years J524 — Total 843 70 60,295 +677 31 48,179 967 151 757 Other V since Sept. 3, 26 39 25 92 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 2, 1970 Total Boston PhilaNew Cleve- Rich- Atlanta Chicago mond York delphia land St. Louis Minneapolis Kansas City Dallas I San Francisco (In millions of dollars) ASSETS Gold certificate account Special Drawing Rights certif. acct. 11,045 400 704 23 1,862 93 575 23 925 33 1,027 36 666 22 1,891 70 421 15 94 7 466 15 353 14 2,061 49 F. R. notes of other banks Other cash 887 213 102 8 169 23 74 11 58 24 65 13 157 29 37 31 29 12 45 7 44 15 20 13 87 27 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 843 20 302 i 76 11 4 217 19 31 8 24 130 39 31 __ -- 39 31 __ __ -_ -- __ —_ -.— _. «... «. _ __ ..— —— — .. __ _— 22 -— 22 _ _ 1,832 1,304 4,035 882 504 978 1 ,096 -- -- -- — -- -- -- 1,725 143 3,172 5,340 444 9,819 1,167 97 2,146 1,295 107 2,380 1 ,451 120 2 ,667 4,441 369 8,166 Cash items in process of collection Bank premises Other assets g/ TOTAL ASSETS 1/ 2/ 24,634 ; 1,236 6,265 — 1/ 32,600 2,707 59,941 332 60,273 61,208 12,232 122 1,004 87,111 — -- ._ 1,245 — . __ 1,901 — — 1,637 8,290 136 688 3,009 15,243 -332 3,009 15,575 3,029 15,969 3,030 3,031 4,625 4,701 4,457 4,468 2,012 8 413 696 2 44_ 937 10 62 936 11 55 4,629 20,549 4,456 6,750 6,611 711 2 50 1,648 137 3,030 -- 2,515 209 4.625 — 2,424 201 4,457 — m. — «. «. __ 667 56 1,227 3,356 -- -- -- -- -- 3,172 9,819 3,176 10,036 2,146 2,165 1,227 1,258 2,380 2,388 1 ~Mn~ 2 ,691 8,166 8,296 446 9 17 836 18 33_ 746 8 38 1,155 9 102 3 ,883 11,786 — 1,162 17 43 1,958 17 120 5,272 14,160 637 11 27. 3,317 1,883 3,815 Includes $21 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 SEPTEMBER 2, 1970 Total Boston 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 New York Phila- CleveRich- Atlanta Chicago St. MinneLouis apolis delphia land mond (In nillions of dollars) Kansas City San Dallas Francisco 49,066 2,793 11,544 2,755 4,002 4,382 2,548 8,656 1,854 852 1,838 1,831 6,011 23,736 967 151 757 25,611 10,076 1,002 58 7 2 1,069 654 5,945 165 1/ 41 7/697 6,848 1,529 944 82 8 1 1,035 548 1,681 69 13 3 1,766 785 1,152 113 8 18 1,291 797 1,472 68 10 1 1,551 1,032 3,423 71 22 8 3,524 1,619 787 91 5 1 884 498 545 39 3 3 590 388 1,072 70 6 3 1,151 730 1,295 69 8 2 1,374 560 4,418 72 20 18 4,528 936 655 85,408 32 4,548 175 20,096 32 49 4,370 6,602 47 6,517 34 5,165 104 13,903 23 3,259 15 1,845 26 3,745 28 3,793 90 11,565 689 669 345 32 32 17 183 177 93 35 34 17 61 60 27 35 34 25 45 43 19 102 99 56 24 23 11 16 15 7 29 28 13 39 37 14 88 87 46 1 87,111 4,629. 20,549 4,456 6,750 6,611 5,272 14,160 3,317 1,883 3,815 3,883 11,786 13 22 13 16 14 32 1,976 6,308 1 250 12 3/66 37_ 9 _ 6 10___ FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral \l 2/ 3/ 2,917 11,999 2,827 4,186 4,518 250 500 300 510 580 2,730 2,980 11,600 12,100 2,700 3,000 3,750 4,260 3,970 4,550 After deducting $110 million participations of other Federal Reserve Banks, Includes IMF gold deposit. After deducting $184 million participations of other Federal Reserve Banks. 2,725 2,900 2,900 8,951 1,950 888 1,000 155 22 8,250 1,880 885 1,975 2.030 6.750 9,250 2,035 907 1,975 2,035 6,750 1,928 — 5
@FedFRASER