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 March 1, 1973 The average of daily figures for total reserves of member banks declined $670 million in the latest statement week to $31,306 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. A seasonal decline in currency in circulation was the major factor supplying reserves in the latest statement week. Reserves were absorbed by increases in both Treasury deposits and foreign deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed $62 million reserves net, on a weekly average basis primarily through maturing repurchase agreements made in the previous week. Some reserves were supplied during the week through outright purchases of Treasury bills and repurchase agreements. Member bank borrowings averaged $1,479 million and exceeded excess reserves by $1,479 million compared to the revised figure of $1,224 million in the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit,, Feb. 28, Feb. 21, Mar. 1, Feb. 28, and related items 1973 * 1973 1972 1973 * Reserve Bank credit: (Irl millions of dollars) U.S. Government securities-- Bought outright--System account 71,153 +381 +3,260 1/ 71,992 Held under repurchase agreements 163 -261 + 163 628 Federal Agency obligations-- Bought outright 1,304 - 7 + 575 1,294 Held under repurchase agreements 9 - 53 + 9 33 Acceptances-- Bought outright 78 - 5 + 14 79 Held under repurchase agreements 45 -117 + 45 154 Loans-- Member bank borrowings 1,479 -191 +1,412 1,565 Other Float 2,710 - 6 - 737 2,624 Other F.R. assets 691 + 29 + 29 713 Total Reserve Bank credit 77,631 -231 +4,768 79,082 Gold stock 10,410 -- + 822 10,410 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,371 + 19 + 553 8,386 96,813 -210 +6,145 98,278 Currency in circulation 64,567 -176 +4,871 64,712 Treasury cash holdings 389 4- 4 + 20 390 Treasury deposits with F.R. Banks 3,071 +570 +1,732 2,073 Foreign deposits with F.R. Banks 372 +102 + 153 455 Other deposits with F.R. Banks 675 + 18 + 85 662 Other F.R. liabilities and capital 2,505 + 75 + 236 2,564 71,579 +594 +7,098 70,856 Member bank reserves: With Federal Reserve Banks 25,234 -804 - 953 27,422 Currency and coin 5,793 +134 + 366 5,793 Total reserves held 2_/ 31,306 -670 - 308 33,494 Required reserves 31,306 -224 - 226 31,306 Excess reserves 2/ -- -446 82 2,188 NOTE: A net of $252 million of surplus reserves were eligible to be carried forward from the week ended February 21, into the week ending February 28. On February 28, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,067 million, a decrease of $1,183 million for the week. \_l Includes $90 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 9, 1972. The adjustment amounted to $450 million from November 9, through December 27. ' Estimated (Cleveland, Chicago and San Francisco 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. 28, Feb. 21, Mar. 1, 1973 1973 1972 A S S E TS Gold certificate account 10,303 + 828 Special Drawing Rights certif. accts. * 400 -- -- Cash (1,584) 360 3 + 35 Loans 1,565 +1,172 +1,507 Acceptances--Bought outright 79 + 3 + 16 Held under repurchase agreements 154 + 51 + 154 Federal Agency obligations — Bought outright 1,294 17 + 567 Held under repurchase agreements 33 1 + 33 U. S. Government securities: Bought outright—Bills 31,652 +1,375 +2,906 Certificates Notes 36,839 + 805 Bonds 3,501 + 136 Total bought outright 1/ 71,992 +1,375 +3,847 Held under repurchase agreements 628 + 474 + 628 Total U.S. Government securities 72,620 +1,849 +4,475 Total loans and securities 75,745 +3,057 +6,752 Cash items in process of collection (1,778) 8,237 -1,646 -2,997 Bank premises 194 1 + 40 Other assets 2j 519 + 43 - 34 TOTAL ASSETS (3,362) 95,758 +1,450 +4,624 Federal Reserve notes (1,584) 56,969 - 196 +4,409 Deposits: Member bank—reserves account 27,342 +4,021 +1,317 U. S. Treasurer—general account 2,073 -1,285 + 945 Foreign 455 + 180 .+ 318 Other 662 19 + 87 Total deposits 30,532 +2,897 +2 ,667 Deferred availability cash items (1,778) 5,693 -1,354 -2, 717 Other liabilities and accrued dividends 688 40 + 163 TOTAL LIABILITIES (3,362) 93,882 +1,387 +4,522 £ A I I 1 k L A C C O U N T S, Capital paid in 801 + 46 Surplus 793 + 51 Other capital accounts 282 63 + 5 Contingent liability on acceptances purchased for foreign correspondents 239 27 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $90 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. 1^1 Includes assets denominated in foreign currencies. ** Estimated (Cleveland, Chicago, and San Francisco Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. FEBRUARY 28, 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 1,559 175 4,609 + 436 • 47 - 5 16 days to 90 days 6 58 20,753 + 339 40 + 2 91 days to 1 year — — 13,540 +1,074 191 - 8 Over 1 year to 5 years — — 28,021 — 611 - 7 Over 5 years to 10 years — — 4,119 — 247 — Over 10 years — — 1,578 — 191 — Total 1,565 233 72,620 +1,849 1,327 -18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.Ub) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago^ Dallas York delphia land * mond Louis apolis City Francisco1* (In millions of dollars) A S S E TS Gold certificate account 10,303 697 1,644 253 751 844 229 2,067 417 313 370 580 2,138 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,584 194 315 56 92 131 271 112 26 26 31 74 256 Other cash 360 19 24 13 41 42 44 44 25 6 44 15 43 Loans 1,565 81 635 43 56 60 75 239 48 57 82 10 179 Acceptances: Bought outright 79 — _ 79 -- -- — -- -- -- — -- -- -- Held under repurchase agreements 154 154 Federal Agency obligations-- Bought outright 1,294 57 342 65 98 97 72 210 48 25 52 56 172 Held under repurchase agreements 33 33 -- — -- — -- -- — -- -- -- U.S. Government securities: Bought outright— Bills 31,652 1,390 8,363 1,596 2 ,386 2 ,363 1,749 5,134 1,179 616 1,279 1 ,376 4,221 Certificates: Other Notes 36,839 1,618 9,733 1,858 2 ,777 2 ,750 2,036 5,976 1,373 716 1,489 1 ,601 4,912 Bonds 3,501 154 925 176 264 261 194 568 130 68 142 152 467 Total sought outright 1/ 71,992 3,162 19,021 3,630 5 ,427 5 ,374 3,979 11,678 2,682 1,400 2,910 3 ,129 9,600 Held under rafwirchase agreements 628 ~ ™ 628 -- — — -- — -- -- — -- -- Total U.S. Gewcnment securities 72,620 3,162 19,649 3,630 5 ,427 5 ,374 3,979 11,678 2,682 1,400 2,910 3 ,129 9,600 Total loans and securities 75,745 3,300 20,892 3,738 5 ,581 5 ,531 4,126 12,127 2,778 1,482 3,044 3 ,195 9,951 Cash items in process of collection 10,015 373 1,585 1,047 572 1, 031 1,160 951 455 402 638 620 1,181 Bank premises 194 29 7 5 27 13 15 16 14 31 17 12 8 Other assets %j 1 519 24 134 35 37 37 29 72 17 12 22 35 65 TOTAL ASSETS 99,120 4,659 24,694 5,170 7 ,134 7 ,665 5,896 15,459 3,747 2,279 4,181 4 ,545 13,691 1/ Includes $90 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (Cleveland, Chicago and San Francisco 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 28, 1973 * San * New Phila Cleve-* Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 58,553 3,038 14,635 3,575 4,640 5,209 3,014 9,775 2,279 1,035 2,285 2,217 6,851 Deposits: Member bank reserves 27,342 1,057 7,149 979 1,607 1,280 1,677 4,076 857 700 1,069 1,553 5,338 U. S. Treasurer—general account 2,073 84 319 131 165 252 161 183 120 101 127 169 261 Foreign 455 15 1/195 17 32 18 25 55 12 8 15 19 44 Other 662 2 553 16 1 13 8 35 4 1 3 5 21 Total deposits 30,532 1,158 8,216 1,143 1,805 1,563 1,871 4,349 993 810 1,214 1,746 5,664 Deferred availability cash items 7,471 355 1,161 326 476 737 843 938 388 373 577 454 843 Other liabilities and accrued dividends 688 30 192 34 48 51 40 99 24 19 27 29 95 TOTAL LIABILITIES 97,244 4,581 24,204 5,078 6,969 7,560 5,768 15,161 3,684 2,237 4,103 4,446 13,453 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 282 11 76 14 21 20 16 47 9 5 11 13 39 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 99,120 4.659 24,694 5,170 7,134 7,665 5,896 15,459 3,747 2,279 4,181 4,545 13,691 Contingent liability on ace. eptances purchased for forei- gn 239 10 2/ 62 12 22 12 17 38 8 5 10 13 30 corre s pondent s FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 15,472 3,635 4,845 5,415 3,293 10,097 2,384 1,063 2,369 2,343 7,307 Collateral for F. R. notes: Gold certificate account 200 350 501 700 155 5 U. S. Government securities 15,850 3,500 4,700 4,950 3,500 9^900 2,330 1,100 2,450 2,480 7,600 Total collateral 3,290 15,850 3,700 5,050 5,451 3,500 10,600 2,485 1,100 2,450 2,485 7,600 \J After deducting $ 260 million participations of other Federal Reserve Banks. 2/ After deducting $ 177 million participations of other Federal Reserve Banks. * Estimated (Cleveland, Chicago and San Francisco Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis