H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Of COW. '. FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release December 21, 1972 The average of daily figures for total reserves of member banks increased $322 million in the latest statement week to $31,393 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. A seasonal increase in currency in circulation was the major factor absorbing reserves in the latest statement week. Partially offsetting this reserve drain was an increase in float. In addition, System Open Market operations provided $507 million reserves net, on a weekly average basis. Member bank borrowings were above the average of recent weeks and exceeded excess reserves by $1,070 million compared to $564 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 20, Dec . 13. Dec. 22, Dec. 20, and related items 1972 1972 1971 1972 Reserve Bank credit: (Irl mi llions of dollars) U.S. Government securities-- Bought outright-~System account 69,851 + 475 +1,453 1/2/69,578 Held under repurchase agreements 364 + 28 + 276 594 Federal Agency obligations-- Bought outright 1,163 8 + 698 1,163 Held under repurchase agreements 21 6 + 14 39 Acceptances- Bought outright 66 + 3 1 67 Held under repurchase agreements 41 + 15 + 19 91 Loans-- Member bank borrowings 1,223 + 416 +1,082 1,442 Other Float 3,184 + 162 -1,260 3,995 Other F.R. assets 1,144 + 61 + 156 1,176 Total Reserve Bank credit 77,056 +1 ,145 +2,435 78,145 Gold stock 10,410 — + 278 10,410 Special Drawing Rights certif. acct. 400 — -._ 400 Treasury currency outstanding 8,294 + 4 + 679 8.294 96,160 +1 ,149 +3,392 97,249 Currency in circulation 66,188 + 314 +4,946 66,521 Treasury cash holdings 352 - 4 98 359 Treasury deposits with F.R. Banks 1,389 + 39 - 506 1,145 Foreign deposits with F.R. Banks 278 + 26 - 148 271 Other deposits with F.R. Banks 578 - 84 - 158 546 Other F.R. liabilities and capital . 2^335 + 17 + 101 2.363 71,120 + 308 +4,137 71,205 Member bank reserves: With Federal Reserve Banks 25,041 + 842 - 744 26,045 Currency and coin 5,902 - 520 + 536 5.902 Total reserves held 3/ 31,393 + 322 + 242 32,397 Required reserves ~~ 31,240 + 412 + 60 31,240 Excess reserves 3/ 153 - 90 + 182 1 1,157 NOTE: A net of $128 million of surplus reserves were eligible to be carried forward from the week ended December 13, into the week ending December 20. On December 20, 1972, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $31,373 million, a decrease of $62 million for the week. JL/ Excludes $257 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $65 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Adjusted to include $450 million of certain reserve deficiencies on which penalties can be waived for a transition period in connection with bank adapation to Regulation J as amended effective November 9, 1972. * Estimated (Cleveland District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Dec. 20, Dec 13, Dec. 22, 1972 ** 1972 1971 A S S E TS Gold certificate account 10,303 + 428 Special Drawing Rights certif. accts. * 400 -- — Cash 854) 314 — + 68 Loans 1,442 + 447 + 614 Acceptances--Bought outright 67 + 5 8 Held under repurchase agreements 91 14 + 88 Federal Agency obligations — Bought outright 1,163 -- + 678 Held under repurchase agreements 39 - 105 + 39 U. S. Government securities: Bought outright--Bills 29,434 304 + 119 Certificates Notes 36,681 — +1,127 Bonds 3,463 - 135 + 177 Total bought outright 1/ 2/ 69,578 - 439 +1,423 Held under repurchase agreements 594 - 949 + 582 Total U.S. Government securities 70,172 -1,388 +2,005 Total loans and securities 72,974 -1,055 +3,416 Cash items in process of collection (1,906) 10,556 + 379 -2,871 Bank premises 173 + 2 + 23 Other assets J3/ 1,003 + 30 + 135 TOTAL ASSETS (2,760) 95,723 - 644 +1,199 L I A B I L I T I ES Federal Reserve notes ( 854) 58,792 + 283 +4,353 Deposits: Member bank—reserves account 25,965 -1,112 + 727 U. S. Treasurer--general account 1,145 - 380 - 886 Foreign 271 + 12 - 202 Other 546 66 - 179 Total deposits 27,927 -1,546 - 540 Deferred availability cash items (1,906) 6,641 + 574 -2,727 Other liabilities and accrued dividends 591 - 23 + 18 TOTAL LIABILITIES (2,760) 93,951 - 712 +1,104 £ A L I 1 A L A C C O U N TS Capital paid in 790 + 2 + 52 Surplus 742 — + 40 Other capital accounts 240 + 66 + 3 Contingent liability on acceptances purchased for foreign correspondents 180 75 Figures in parentheses are the eliminations made in the consolidating process Estimated (Cleveland District). 1/ Excludes $257 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 1/ Includes $65 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks 3/ Includes assets denominated in foreign currencies. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 20, 1972 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Accept U. S. Government Federal Agency Loans -ances securities obligations Holdings Weekly Holdings Weekly changes Changes Within 15 days 1,440 111 5,138 - 363 39 -105 16 days to 90 days 2 47 16,592 - 920 32 — 91 days to 1 year -- — 16,304 - 105 191 -- Over 1 year to 5 years — — 24,484 -- 540 — Over 5 years to 10 years -- -- 6,108 -- 238 -- Over 10 years -- — U546 — 162 — Total 1,442 158 70,172 •1,388 1,202 •105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 20, 1972 New Phila Cleve- Rich St. Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia 1 and * mond Louis apolis City Francisco (In millions of dollars) A S S E TS Gold certificate account 10,303 608 1,202 973 1,038 663 615 2,759 376 239 334 211 1,285 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 854 144 170 30 37 82 106 72 20 19 39 34 101 Other cash 314 13 16 10 38 36 41 41 22 5 41 14 37 Loans 1,442 85 671 103 71 29 58 201 g 12 191 11 Acceptances: Bought outright 67 -- 67 -- -- -- -- -- -- -- -- -- Held under repurchase agreements 91 -- 91 -- -- -- -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright 1,163 54 295 58 89 88 61 188 42 22 46 51 169 Held under repurchase agreements 1 39 ! -- 39 -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 29,434 1,377 7,462 1,456 2,238 2,237 1,553 4,754 1,073 557 1,167 1 ,291 4,269 Certificates: Other Notes 36,681 1,715 9,299 1,814 2,789 2,788 1,936 5,924 1,338 694 1,455 1 ,609 5,320 Bonds 3,463 162 878 171 263 263 183 559 126 66 138 152 502 Total bought outright 1/ 2/ 69,578 3,254 17,639 3,441 5,290 5,288 3,672 11,237 2,537 ~1,317 ~ 2,760 _ ^052 10,091 Held under repurchase agreements 594 -- 594 -_ -- -- -- -- __ -- -- u -- -- Total U.S. Government securities 70,172 j 3,254 18,233 3,441 5,290 5,288 3,672 _A1^37_ 2,537 1^317 JLL760 ^052 10,091 Total loans and securities 72,974 | 3,393 19,396 3,602 5,450 5,405 3,791 11,626 2,587 1 ,341 2,818 """" 3 ,294 10,271" Cash items in process of collection 12,462 ! 479 2,694 511 742 1,160 1,283 1,772 571 512 804 732 1,202 Bank premises 173 6 8 4 28 13 15 17 15 30 17 12 8 Other assets 3/ 1,003 72 255 47 75 65 51 143 32 21 36 55 _ 151 TOTAL ASSETS 98,483 4,738 23,834 5,200 7,441 7,460 5,924 16,500 JJOJU 2,174 4,104 -+, 366 i o 1 n/. \_l Excludes $257 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, 2_/ Includes $65 million securities loaned--fully secured by U.S. Government securities pledged wit h Federal Reserve Banks, 3/ Includes assets denominated in foreign currencies. * Estimated (Cleveland District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 20, 1972 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land** mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 59,646 3,113 14,743 3,632 4,726 5,281 3,184 10,050 2,316 1,035 2,310 2,280 6,976 Deposits: Member bank reserves 25,965 1,043 6,513 963 1,711 1,053 1,628 4,498 739 615 964 1,392 4,846 U, S, Treasurer--general account 1,145 52 171 66 74 130 85 154 82 43 78 78 132 Foreign 271 12 1/ 82 13 23 13 17 38 9 6 11 14 33 Other 546 — 487 7 1 11 6 5 * 2 4 4 19 Total deposits 27,927 1,107 7,253 1,049 1,809 1,207 1,736 4,695 830 666 1,057 1,488 5,030 Deferred availability cash items 8,547 415 1,223 403 705 832 852 1,385 411 420 632 479 790 Other liabilities and accrued dividends 591 26 152 28 45 43 33 92 21 14 31 25 81 TOTAL LIABILITIES 96,711 4,661 23,371 5,112 7,285 7,363 5,805 16,222 3,578 2,135 4,030 4,272 12,877 CAPITAL ACCOUNTS Capital paid in 790 33 206 39 71 42 55 124 27 18 33 43 99 Surplus 742] 34 193 38 68 38 50 111 25 17 32 41 95 Other capital accounts 240 10 64 11 17 17 14 43 8 4 9 10 33 TOTAL LIABILITIES AND CAPITAL ACCOUNTS :98,483 4,738 23,834 5,200 7,441 7,460 5,924 16^500 _3,63_8__ 2.174_ 4,j.04 4,366 13,104 Contingent liability on acee ptances purchased for foreig n correspondents 180 8 2/ 47 9 17 9 12 27 6 4 8 10 23 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 62,011 3,273 15,331 3,730 4,917 5,402 3,369 10,328 2,420 1,069 2,390 2,404 7,378 Collateral for F. R. notes: Gold certificate account 2,511 250 600 350 451 700 155 U. S. Government securities 60,625 3,060 15,450 3,300 4,700 5 ,,025 3,500 9,700 2,330 1,080 2,450 2,430 7,600 Total collateral 63,136 3,310 15,450 3,900 5,050 5,476 3,500 10,400 2,485 1,080 2,450 2,435 7,600 \J After deducting $ 189 million participations of other Federal Reserve Banks. * Less than $500,000. 2_/ After deducting $ 133 million participations of other Federal Reserve Banks. ** Estimated (Cleveland District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis