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 February 1, 1973 The average of daily figures for total reserves of member banks in the latest statement week of $32,548 million showed little change from the previous week. Required reserves declined while excess reserves and member bank borrowings at Federal Reserve Banks increased. A more than seasonal decline in float and increases in both Treasury deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital were the major factors absorbing reserves in the latest statement week. A decline in currency in circulation was the only factor supplying a significant amount of reserves. In addition, System Open Market operations provided $884 million of reserves net, on a weekly average basis through outright purchase of Treasury bills and through repurchase agreements. Member bank borrowings a^erag.d $1,311 million and exceeded excess reserves by $877 million compared to $1,080 million for the previous week. Averages of daily i figures Member bank reserves, Week,ended Chang e from week ended Wednesday, Reserve Bank credit, Jan. 31, Jan . 24, Feb. 2, Jan. 31, and related items 1973 1973 1972 1973 Reserve Bank credit: (Irl millions of dollars) U.S. Government securities- Bought outright--System account 71,032 + 788 +1,316 1/ 71,133 Held under repurchase agreements 571 + 44 + 571 889 Federal Agency obligations-- Bought outright 1,311 -- + 663 1,311 Held under repurchase agreements 43 33 + 43 61 Acceptances-- Bought outright 81 + 1 + 5 82 Held under repurchase agreements 39 + 18 + 39 59 Loans-- Member bank borrowings 1,311 + 216 +1,295 | 1,310 Other Float 1,640 -1, 226 -1,151 2,269 Other F.R. assets 1,374 - 9 + 95 1 1,345 Total Reserve Bank credit 77,401 - 136 +2,875 78,459 Gold stock 10,410 -- + 278 10,410 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,331 + 5 + 619 8 331 ? l'b,54l - 132 +3,770 1 97,600 Currency in circulation 64,233 - 576 +^,838 64,325 Treasury cash holdings 377 + 5 - 131 373 Treasury deposits with F.R. Banks 2,671 + 368 - 382 2,747 Foreign deposits with F.R. Banks 278 - 28 + 112 310 Other deposits with F.R. Banks 635 + 21 - 120 668 Other F.R. liabilities and capital 2,535 + 124 + 217 2,577 70,730 - 86 4^,536 71,000 Member bank reserves: With Federal Reserve Banks 25,812 . 45 - 764 26,600 Currency and coin 6,457 + 44 + 598 6,457 Total reserves held 2/ 32,548 - 1 + 113 33^31? Required reserves 32,114 - 420 76 32,114 Excess reserves 2/ 434 + 419 + 189 1,222 NOTE: A net of $27 million of surplus reserves were eligible to be carried forward from the week ended January 24, into the week ending January 31. On January 31, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $30,155 million, a decrease of $390 million for the week. \J Includes $54 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2./ 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 0, 1972. The adjustment amounted to $4^0 million from November 9, through December 27, Estimated (Boston, Philadelphia and Cleveland Districts). 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. 31, Jan. 24, Feb. 2, 1973 1?73 1972 A S S E TS Gold certificate account 10,303 -- + 428 Special Drawing Rights certif. accts. * 400 -- -- Cash (1,8 33) 350 + 2 + 41 Loans 1,310 - 698 +1, 285 Acceptances--Bought outright 82 — + 9 Held under repurchase agreements 59 -- + 59 Federal Agency obligations — Bought outright 1,311 .- + 668 Held under repurchase agreements 61 + 34 + 61 U. S. Government securities: Bought outright — Bills 30,989 + 676 + 693 Certificates Notes 36,681 + 776 Bonds 3,463 + 112 Total bought outright y 71,133 + 676 +1,581 Held under repurchase agreements 889 - 614 + 889 Total U.S. Government securities 72,022 + 62 +2 470 ? Total loans and securities 74,845 - 602 +4,552 Cash items in process of collection (1,798) 8,267 - 614 -2,639 Bank premises 194 — + 42 Other assets 1) 1,151 - 177 8 TOTAL ASSETS (3,631) 95,510 -1,391 +2,416 L I A B I L I T I E S. Federal Reserve notes (1,833) 56,610 - 292 +4,264 Deposits: Member bank--reserves account 26,520 -1,693 + 404 U. S. Treasurer--general account 2,747 + 540 - 426 Foreign 310 + 46 + 138 Other 668 + 75 - Ill Total deposits 30,245 -1,032 + 5 Deferred availability cash items (1,798) 6,078 - 185 -2,079 Other liabilities and accrued dividends 678 + 48 + 122 TOTAL LIABILITIES (3,631) 93,611 -1,461 +2,312 C A P I T AL A C £ 0 U N T £ Capital paid in 797 + 45 •m mm Surplus 793 -- + 51 Other capital accounts 309 «- 70 + 8 Contingent liability on acceptances purchased for foreign correspondents 198 1 - 55 * Figures in parentheses are the eliminations made in the consolidating process. ** Estimated (Boston, Philadelphia and Cleveland). 1/ Includes $54 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2y Includes assets denominated in foreign currencies. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 31, 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 1,307 80 7,277 +553 61 +34 16 days to 90 days 3 61 15,674 -911 55 +15 91 days to 1 year 16,933 +420 199 -10 Over 1 year to 5 years 24,484 — 597 - 5 Over 5 years to 10 years 6,108 -- 269 -- Over 10 years 1,546 -- 191 — Total 1,310 141 72,022 + 62 1,372 +34 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.Hb) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 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 10,303 690 3,124 161 864 1,021 95 1,932 489 344 439 243 901 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,833 228 310 110 120 171 274 153 47 36 29 75 280 Other cash 350 17 21 12 40 41 46 43 24 5 43 16 42 Loans 1,310| 64 287 27 28 45 95 200 62 20 15 172 295 Acceptances: Bought outright 82 82 Held under repurchase agreements 59 59 Federal Agency obligations-- Bought outright 1,311 58 341 67 97 96 76 206 48 26 54 61 181 Held under repurchase agreements 61 61 U.S. Government securities: Bought outright-- Bills 30,989 1,379 8,059 1,581 2,306 2,266 1,788 4,864 1,131 623 1,283 1,434 4,275 Certificates: Other Notes 36,681 1,632 9,539 1,872 2,730 2,682 2,116 5,758 1,339 737 1,519 1,697 5,060 Bonds 3,463 154 900 177 258 253 200 543 126 70 144 160 478 Total bought outright 1/ 71,133 3,165 18,498 3,630 5,294 5,201 4,104 11,165 2,596 1,430 2,946 3,291 9,813 Held under repurchase agreements 889 889 Total U.S. Government securities 72,022 3,165 19,387 3,630 5,294 5,201 4,104 11,165 2,596 1,430 2,946 3,291 9,813 Total loans and securities 74,845 3,287 20,217 3,724 5,419 5,342 4,275 11,571 2,706 1,476 3,015 3,524 10,289 Cash items in process of collection 10,065 410 1,482 1,069 827 823 1,119 1,324 417 382 627 529 1,056 Bank premises 194 29 7 5 27 13 15 16 15 30 17 12 8 Other assets 27 1,151 55 285 63 95 81 70 172 38 27 44 52 169 TOTAL ASSETS 99,141 4,739 25,539 5,167 7,425 7,528 5,916 15,281 3,751 2,307 4,229 4,463 12,794 1/ Includes $54 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. II Includes assets denominated in foreign currencies. * Estimated (Boston, Philadelphia and Cleveland Districts), 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 31, 1973 | * 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 58,443 3,062 14,573 3,576 4,661 5,197 3,034 9,751 2,273 1,028 2,260 2,222 6,806 Deposits: Member bank reserves 26,520 991 7,733 875 1,503 1,248 1,668 3,784 813 682 1,071 1,484 4,668 U. S, Treasurer—general account 2,747 173 684 179 241 208 159 157 206 167 225 176 172 Foreign 310 11 1/110 13 25 14 19 43 9 6 11 15 34 Other 668 1 ~ 603 5 -- 6 8 10 5 1 3 5 21 Total deposits 30,245 1,176 9,130 1,072 1,769 1,476 1,854 3,994 1,033 856 1,310 1,680 4,895 Deferred availability cash items 7,876 391 1,161 394 780 704 859 1,136 358 364 554 435 740 Other liabilities and accrued dividends 678 29 179 32 49 44 42 99 22 18 27 29 108 TOTAL LIABILITIES 97,242 4,658 25,043 5,074 7,259 7,421 5,789 14,980 3,686 2,266 4,151 4,366 12,549 CAPITAL ACCOUNTS Capital paid in 797 33 207 38 72 42 56 127 27 18 34 43 100 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 309 14 82 16 22 23 16 50 11 5 11 13 46 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 99,141 4,739 25.539 5.167 7.425 7,528 5,916 15,281 3.751 2,307 4.229 4.465 12,794 Contingent liability on acee ptances purchased for foreig n correspondents 198 8 2/ 51 10 18 10 14 31 7 5 8 11 25 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 61,931 3,281 15,503 3,676 4,888 5,437 3,328 10,225 2,400 1,070 2,380 2,384 7,359 Collateral for F. R. notes: Gold certificate account 2,021 210 100 350 501 700 155 5 U. S. Government securities 61.625 3.090 15.850 3.600 4.700 5.025 3.500 9.900 2.330 1.100 2.450 2.480 7.600 Total collateral 63,646 3,300 15,850 3,700 5,050 5,526 3,500 10,600 2,485 1,100 2,450 2,485 7,600 1/ After deducting $200 million participations of other Federal Reserve Banks, * Estimated (Boston, Philadelphia and 2/ After deducting $ 147 million participations of other Federal Reserve Banks. Cleveland Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis