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 22, 1973 The average of daily figures for total reserves of member banks increased $89 million in the latest statement, week to $31,915 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. A decline in other Federal Reserve assets was the only factor absorbing a significant amount of reserves in the latest statement week. Offsetting this reserve drain was a decline in Treasury deposits with Federal Reserve Banks and an increase in float. In addition, System Open Market operations provided $647 million reserves net, on a weekly average basis through outright purchase of Treasury bills and repurchase agreements Some reserves were absorbed late in the statement week through matched 6 sales-purchase transactions. Member bank borrowings averaged $1,670 million and exceeded excess reserves by $1,285 million compared to $1,799 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change froiri week ended Wednesday, Reserve Bank credit, Feb. 21, Feb . 14, 1 Feb. 23, Feb? 21, and related items 1973 1973 1 1972 1973 Reserve Bank credit; (Irl millions c f dollars) U.S. Government securities-- Bought outright--System account 70,772 + 199 +1,230 1/2/70,617 Held under repurchase agreements 424 4- 262 4- 424 154 Federal Agency obligations-- Bought outright 1,311 -- 4- 527 1,311 Held under repurchase agreements 62 50 4- 62 34 Acceptances-- Bought outright 83 4- 6 4- 18 76 Held under repurchase agreements 162 4- 130 -f 162 103 Loans- Member bank borrowings 1,670 323 4-1,656 393 Other Float 2,653 -1- 474 - 367 2,879 Other F.R. assets 662 „ 675 4- 88 675 Total Reserve Bank, credit 77,799 + 124 4-3,799 76,242 Gold stock 10,410 ».. 4- 822 10,410 Special Drawing Rights cert if. ace 400 -„ -„ 400 Treasury currency outstanding 8,352 + 5 4- 541 8,355 96,961 + 129 4-5,161 95,407 Currency in circulation 64,744 + 71 4-5,008 64,877 Treasury cash holdings 385 + 7 4- 13 396 Treasury deposits with F.R. BaiiKs 2,501 - 732 + 486 3,358 Foreign deposits with F.R, Banks 270 „ 20 4- 103 275 Other deposits with F.R. Banks 654 + 40 4- 62 660 Other F.R, liabilities and capital 2,430 + 34 4- 21.4 2,460 70,984 - 600 4-5,886 I 72,026 Member bank reserves: With Federal Reserve Banks 25,977 4- 728 - 725 23,381 Currency and coin 5,659 - 639 4- 538 5,659 Total reserves held 3-; 31,915 4- 89 4- 92 29,319 Required reserves 31,530 ~ 102 - 163 31,530 Excess reserves 3/ 385 -+- 191 4- 255 -2,211 NOTE: A net of $74 million of surplus reserves were eligible to be carried forward from the week ended February 14, into the week ending February 21. On February 21, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $33,250 million, an increase of $591 million for the week. \J Excludes $535 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $68 million securities loaned--fully secured by U.S. Government securities pledged with Federal. Reserve Banks. y 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 (Philadelphia, Cleveland, and Dallas 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 ** Feb. ; 1, Fe?97l4' Feb, 23, 197. 1972 ' A S S E TS Gold certificate account 10,303 — + 828 Special Drawing Rights certif. accts. * 400 -- -- Cash (1,481) 363 1 + 39 Loans 393 -2,372 + 375 Acceptances—Bought outright 76 -- + 13 Held under repurchase agreements 103 51 + 103 Federal Agency obligations—Bought outright 1,311 — + 573 Held under repurchase agreements 34 7 + 34 U. S. Government securities: Bought outright—Bills 30,277 • 152 + 795 Certificates Notes 36,839 + 158 + 805 Bonds 3,501 + 38 + 136 Total bought outright 1/ 2/ 70,617 + 4"4~ +1,736 Held under repurchase agreements 154 - 440 + 154 Total U.S. Government securities 70,771 - 396 +1,890 Total loans and securities 72,688 -2,826 +2,988 Cash items in process of collection (1,676) 9,171 + 101 -1,668 Bank premises 195 -- + 42 Other assets 3/ 480 - 722 8 TOTAL ASSETS (3,157) 91,600 -3,448 +2,221 Federal Reserve notes (1,481) 57,174 - 46 +4,498 Deposits: Member bank—reserves account 23,301 -3,609 -3,030 U. S. Treasurer—general account 3,358 + 549 +2,219 Foreign 275 57 + 97 Other (6) 660 + 45 + 70 Total deposits (6) 27,594 -3,072 - 554" Deferred availability cash items (1,670) 6,372 - 322 -1,857 Other liabilities and accrued dividends 652 77 + 129 TOTAL LIABILITIES (3,157) 91,792 -3,517 +2,126 C A P I T AL A C C O U N TS Capital paid in 801 + 49 Surplus 793 -- + 51 Other capital accounts 214 - 69 5 Contingent liability on acceptances purchased for foreign correspondents 2.33 + 11 32 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $535 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. u Includes $68 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. y Includes assets denominated in foreign currencies. Estimated (Philadelphia, Cleveland and Dallas Districts). ** MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 21, 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 390 123 4,173 -3,088 52 - 7 16 days to 90 days 3 56 20,414 + 371 38 91 days to 1 year — 12,466 + 741 199 Over 1 year to 5 years -- 28,021 +3,537 618 Over 5 years to 10 years -- 4,119 -1,989 247 Over 10 years — -- 1,578 + 32 191 Total 393 179 70,771 - 396 1,345 - 7 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 FEBRUARY 21, 1973 * * Total Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas Dallas San York delphia land mond Louis apolis City Francisco (In millions of dollars) A S S E TS Gold certificate account 10,303 359 3,068 549 709 949 431 2,022 451 61 268 14 1,422 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. nates of other banks 1,481 191 303 62 100 134 217 108 25 25 31 65 220 Other cash 363 20 24 13 41 42 45 44 25 6 44 16 43 Loans 393 22 106 47 12 28 36 29 24 53 19 16 1 Acceptances: Bought outright 76 -- 76 — — — — -- -- -- — -- -- Held under repurchase agreements 103 — 103 — — — — -- — -- -- — -- Federal Agency obligations-- Bought outright 1 1,311 58 341 67 97 96 76 206 48 26 54 61 181 Held under repurchase agreements 34 — 34 -- -- -- -- -- — -- -- -- -- U.S. Government securities: Bought outright-- Bills 30,277 1,347 7,874 1,544 2,253 2,214 1,747 4,752 1,105 609 1,254 1 ,401 4,177 Certificates: Other -- -- -- — -- -- -- -- -- -- -- -- -- Notes 36,839 1,639 9,580 1,880 2,742 2,694 2,125 5,782 1,344 740 1,526 1 ,705 5,082 Bonds 3,501 156 910 179 260 256 202 550 128 70 145 162 483 Total bought outright 1/2/ 70,617 3,142 18,364 3,603 5,255 5,164 4,074 11,084 2,577 1,419 2,925 ~T, 268 9,742 Held under repurchase agreements 154 -- 154 -- -- -- -- -- — — — -- -- Total U.S. Government securities 70,771 3,142 18,518 3,603 5,255 5,164 4,074 11,084 2,577 1,419 2,925 ~T, 268 9,742 ~ Total loans and securities 72,688 3,222 19,178 3,717 5,364 5,288 4,186 11,319 2,649 1,498 2,998 3 ,345 9,924 Cash items in process of collection 10,847 454 2,036 710 759 1,120 1,251 1,649 475 471 748 256 918 Bank premises 195 29 7 5 27 13 15 16 15 31 17 12 8 Other assets 3/ 480 23 123 24 38 34 34 66 15 14 18 29 62 TOTAL ASSETS 96,757 4,321 24,832 5,103 7,071 7,616 6,201 15,294 3,670 2,113 4,139 3 ,751 12,646 _1/ Excludes $535 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $68 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. .3/ Includes assets denominated in foreign currencies. * Estimated (Philadelphia, Cleveland and Dallas 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 FEBRUARY 21, 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 58,655 3,050 14,692 3,600 4,645 5,208 3,001 9,782 2,282 1,036 2,278 2,222 6,859 Deposits: Member bank reserves 23,301 602 6,610 1,033 1,367 1,093 1,669 3,395 715 505 1,009 1,124 4,179 U. S. Treasurer—general account 3,358 146 860 146 242 289 423 347 169 92 92 93 459 Foreign 275 10 1/ 90 12 23 13 18 39 8 6 11 14 31 Other 666 2 539 23 1 15 14 22 1 2 2 6 39 Total deposits 27,600 760 8,099 1,214 1,633 1,410 2,124 3,803 893 605 1,114 1,237 4,708 Deferred availability cash items 8,042 407 1,403 170 588 852 908 1,324 410 414 646 168 752 Other liabilities and accrued dividends 652 28 165 31 49 45 43 98 23 17 26 29 98 TOTAL LIABILITIES 94,949 4,245 24,359 5,015 6,915 7,515 6,076 15,007 3,608 2,072 4,064 3,656 12,417 CAPITAL ACCOUNTS Capital paid in 801 33 207 39 72 43 57 127 27 19 34 43 100 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 214 9 59 10 12 16 13 36 8 4 8 9 30 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 96,757 4,321 24,832 _Jj. 103 _J _jPl\__ 7,616 __6.201__. 15^294 3,670 2,113 4,139 3,751 12,646 Contingent liability on ace: eptances purchased for foreign correspondents 23J 10 Z! 61 n 2J 12 L6__ V a_ 5_ LD_ L3_ 29 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 61,593 3,268 15,474 3,651 4,863 5,415 3,297 10,123 2,383 1,069 2,363 2,355 7,332 Collateral for F. R. notes: Gold certificate account 2,241 280 250 350 501 700 155 5 U. S. Government securities 61,320 3.010 15.850 3,450 4.700 4.950 3.500 9.900 2,330 1.100 2.450 2.480 7.600 Total collateral 63,561 3,290 15,850 3,700 5,050 5,451 3,500 10,600 2,485 1,100 2,450 2,485 7,600 1/ After deducting $185 million participations of other Federal Reserve Banks 1) After deducting $172 million participations of other Federal Reserve Banks. * Estimated (Philadelphia, Cleveland and Dallas Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis