H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release January 11, 1973 The average of daily figures for total reserves of member banks declined $104 million in the latest statement week to $32,439 million. Required reserves increased while excess reserves and member bank borrowings at Federal Reserve Banks declined. Major factors supplying reserves in the latest statement week were a seasonal decline in currency in circulation and a contraseasonal increase in float. System Open Market operations absorbed $150 million reserves net, on a weekly average basis through the maturing of repurchase agreements made in the previous week and matched sale-purchase transactions made in the current week. Member bank borrowings averaged $691 million and exceeded excess reserves by $631 million compared to $1,265 million in the previous week. Averages of daily figures Member bank reserves, Week ended Change from wee k ended Wednesday, Reserve Bank credit, * Jan. 10, Jan. 3, Jan. 12, Jan. 10, and related items 1973 1973 1972 1973 Reserve Bank credit: (Iri millions of dcl iars) U.S. Government securities-- Bought outright — System account 70,262 + 423 + 701 1/ 70,198 Held under repurchase agreements 50 - 486 - 410 -- Federal Agency obligations-- Bought outright 1,311 __ + 661 1,311 Held under repurchase agreements 6 45 - 35 -- Acceptances-- Bought outright 76 + 5 „ 2 76 Held under repurchase agreements 6 - 47 - 60 -- Loans-- Member bank borrowings 691 -1, 060 + 674 831 Other Float 4,483 + 497 + 889 4,518 Other F.R. assets 1,276 + 21 + 151 1,299 Total Reserve Bank credit 78,162 - 690 +2 ,570 78,233 Gold stock 10,410 -_ + 278 10,410 Special Drawing Rights certif. acct. 400 -- -_ 400 Treasury currency outstanding 8,314 + 11 + 680 8,316 97,286 - 679 +3 ,528 97,359 Currency in circulation 66,031 - 522 +5 ,342 65,937 Treasury cash holdings 350 + 4 - 123 363 Treasury deposits with F.R. Banks 1,707 - 8 -1, 053 1,961 Foreign deposits with F.R. Banks 287 - 35 + 116 305 Other deposits with F.R. Banks 673 - 94- - 54 845 Other F.R. liabilities and capital 2,252 + 39 + 97 2,266 71,299 - 617 +4 ,324 71,677 Member bank reserves: With Federal Reserve Banks 25,987 - 62 _. 797 25,682 Currency and coin 6,173 - 42 + 164 6,173 Total reserves held 2/ 32,439 - 104 - 354 32,134 Required reserves 32,379 + 322 - 309 32,379 Excess reserves 2/ 60 - 426 - 45 - 245 NOTE: A net of $248 million (est.) of surplus reserves were eligible to be carried forward from the week ended January 3, into the week ending January 10. On January 10, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $30,613 million, a decrease of $216 million for the week. 1/ Includes $30 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. Tj Adjusted to include $279 million of certain reserve deficiencies on which penalties can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. The adjustment amounted to $450 million from November 9, through December 27. Estimated (Richmond 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 ** Jan. 10. Jan. 3, Jan. 12, 1973 1973 1972 A S S E TS Gold certificate account 10,303 -- + 428 Special Drawing Rights certif. accts. * 400 -- -- Cash (1,349) 313 + 10 + 41 Loans 831 - 58 + 814 Acceptances--Bought outright 76 + 4 1 Held under repurchase agreements _. - 121 57 Federal Agency obligations--Bought-outright 1,311 -- + 661 Held under repurchase agreements -- - 151 38 U. S. Government securities: Bought outright—Bills 30,054 + 148 • 600 Certificates Notes 36,681 + 948 Bonds 3,463 + 139 Total bought outright 1/ 70,198 h 148 + 487 Held under repurchase agreements •2,103 - 119 Total U.S. Government securities 70,198 -1,955 + 368 Total loans and securities 72,416 -2,281 +1,747 Cash items in process of collection (1,753) 10,721 - 716 -1,079 Bank premises 194 -- + 43 Other assets 2/ 1,105 + 25 + 77 TOTAL ASSETS (3,102) 95,452 -2,962 +1,257 Federal Reserve notes 1,349) 58,190 - 569 +4,684 Deposits: Member bank--reserves account 25,602 -2,225 -1,256 U. S„ Treasurer—general account 1,961 + 913 - 147 Foreign 305 15 + 159 Other ( 60) 845 + 132 + 138 Total deposits ( 60) 28,713 -1,195 -1,106 Deferred availability cash items (1,693) 6,283 -1,212 -2,414 Other liabilities and accrued dividends TOTAL LIABILITIES (3,102) 93,772 •3,026 +1,174 £ A P I T A L A C C O U N TS Capital paid in 794 + 2 + 51 Surplus 793 -- + 51 Other capital accounts 93 + 62 - 19 Contingent liability on acceptances purchased for foreign correspondents 189 + 5 - 65 * Figures in parentheses are the eliminations made in the consolidating process. JL/ Includes $30 million securities loaned--fully secured by U. S. Government: securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. ** Estimated (Richmond District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, January 10, 1973 (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 830 20 4,598 -2,002 -- -151 16 days to 90 days 1 56 17,190 94 40 + 8 91 days to 1 year -- 16,272 + 141 199 - 8 Over 1 year to 5 years -- 24,484 -- 612 - - Over 5 years to 10 years -- 6,108 -- 269 -- Over 10 years — JL.546 -- 191 — Total 83l 76 70,198 •1,955 1,311 -151 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 JANUARY 10, 1973 New Phila Cleve Rich St, Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia land mond * Louis apolis City Francisco (In millions of dollars) A S S E TS Gold certificate account 10,303 442 1,913 574 1,051 938 415 2,045 355 238 483 349 1,500 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,349 184 243 64 80 139 185 126 39 31 35 55 168 Other cash 313 14 18 11 40 35 41 40 21 4 41 14 34 Loans 831 36 59 21 81 46 5 236 107 74 4 57 105 Acceptances: Bought outright 76 -- 76 -- - -- -- -- -- -- -- -- — -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright 1,311 62 332 72 98 98 72 211 47 26 52 57 184 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 30,054 1,413 7,621 1,653 2,249 2,245 1,650 4,835 1,080 589 1,185 1 ,312 4,222 Certificates: Other Notes 36,681 1,724 9,302 2,018 2,746 2,741 2,013 5,901 1,318 718 1,446 1 ,602 5,152 Bonds 3,463 163 878 191 259 259 190 557 124 68 137 151 486 Total bought outright 17 | 70,198 3,300 17,801 3,862 5,254 5,245 3,853 11,293 2,522 ~T, 375 2,768 ~T, 065 9,860 Held under repurchase agreements — — -- -- -- -- -- -- -- -- -- -- -- Total U.S. Government securities 70,198 3,300 17,801 3,862 5,254 5,245 3,853 11,293 2,522 "T. 375 2,768 ~T, 065 9,860 Total loans and securities 72,416 3,398 18,268 3,955 5,433 5,389 3,930 11,740 2,676 1 ,475 2,824 3 ,179 10,149 Cash items in process of collection 12,474 456 3,255 508 662 1,166 1,274 1,562 527 500 701 709 1,154 Bank premises 194 29 7 5 27 13 15 16 15 30 17 12 8 Other assets 2/ 1,105 51 274 63 85 77 60 168 37 27 40 49 174 TOTAL ASSETS 98,554 4,597 24,071 5,203 7,411 7,793 5,942 15,767 3,685 2 ,312 4,156 4 ,381 13,236 1/ Includes $30 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currenci es. * Estimated (Richmond 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 JANUARY 10, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond ,v 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 59,539 3,108 14,789 3,627 4,735 5,283 3,139 9,960 2,310 1,040 2,302 2,275 6,971 Deposits: Member bank reserves 25,602 860 6,929 931 1,727 1,214 1,530 3,789 778 615 969 1,405 4,855 U. S. Treasurer--general account 1,961 134 264 110 122 241 161 169 122 152 121 141 224 Foreign 305 13 1/ 83 16 27 16 20 45 10 7 13 16 39 Other 905 3 608 6 1 10 67 181 1 2 3 5 18 Total deposits 28,773 1,010 7,884 1,063 1,877 1,481 1,778 4,184 911 776 1,106 1,567 5,136 Deferred availability cash items 7,976 380 813 400 604 897 875 1,264 387 442 654 424 836 Other liabilities and accrued dividends 586 28 146 31 43 47 34 93 20 16 23 25 80 TOTAL LIABILITIES 96,874 4,526 23,632 5,121 7,259 7,708 5,826 15,501 3,628 2,274 4,085 4,291 13,023 CAPITAL ACCOUNTS Capital paid in 794 33 207 38 72 42 56 126 27 18 33 43 99 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 93 4 25 5 8 i 16 3 2 5 4 15 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 98,554 4,597 24,071 5,203 7,411 7,793 5,942 15,767 3.685 2.312 4.156 4.381 13.236 Contingent liability on ace. eptances purchased for forei- gn correspondents 189 9_ 2/ 49 10 17 10 13 28 7_ 1_ 8 10 24 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R, notes outstanding 62,461 3,313 15,519 3,712 4,926 5,484 3,383 10,370 2,424 1,074 2,410 2,423 7,423 Collateral for F. R. notes: Gold certificate account 2,261 250 300 350 501 700 155 5 U. S. Government securities 61,425 3,090 15,650 3,600 4.700 5,025 3,500 9.900 2.330 1.100 2.450 2,480 7.600 Total collateral 63,686 3,340 15,650 3,900 5,050 5,526 3,500 10,600 2,485 1,100 2,450 2,485 7,600 1/ After deducting $222 million participations of other Federal Reserve Banks, 27 After deducting $ 140 million participations of other Federal Reserve Banks. * Estimated (Richmond District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis