H.4.1 Factors Affecting Reserve Balances of Depository Institutions

0V GOw • . FEDERAL RESERVE Factors Affecting Bank Reserves and *«£l£&V Condition Statement of F.R. Banks H.4.1 For immediate release March 8, 1973 The average of daily figures for total reserves of member banks increased $656 million in the latest statement week to $31,962 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. A decline in float and increases in Treasury deposits, other Federal Reserve liabilities and capital and currency in circulation were the major factors absorbing reserves in the latest statement week. System Open Market operations provided $781 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, however, through outright sales of Treasury bills and matched sales-purchase transactions. Member bank borrowings averaged $1,687 million and exceeded excess reserves by $1,452 million as compared to $1,479 million in the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Mar. 7, Feb. 28, Mar. 8, Mar. 7, and related items 1973 1973 1 1972 1973 Reserve Bank credit: (Iri millions of dollars) U.S. Government securities- Bought outright--System account 71,889 +736 +3,844 1/2/ 70,792 Held under repurchase agreements 220 + 57 + 220 -- Federal Agency obligations-- Bought outright 1,294 - 10 + 567 1,294 Held under repurchase agreements 12 + 3 + 12 -- Acceptances-- Bought outright 78 __ + 14 78 Held under repurchase agreements 40 - 5 + 40 -- Loans-- Member bank borrowings 1,687 +208 +1,584 1,133 Other Float 2,521 -180 - 364 3,401 Other F.R. assets 749 + 55 + 42 794 Total Reserve Bank credit 78,490 +864 +5,958 77,492 Gold stock 10,410 -- + 822 10,410 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,387 + 16 + 553 8,390 97,687 +880 +7,333 96,692 Currency in circulation 64,683 +118 44,812 65,093 Treasury cash holdings 385 - 4 + 9 381 Treasury deposits with F.R. Banks 3,177 +106 +2,146 3,799 Foreign deposits with F.R. Banks 343 - 29 + 204 296 Other deposits with F.R, Banks 692 + 21 + 105 635 Other F.R. liabilities and capital 2,609 +103 + 272 2,615 71,889 +315 +7,547 72,819 Member bank reserves: With Federal Reserve Banks 25,798 +564 - 214 23,873 Currency and coin 5,885 + 92 + 432 5,885 Total reserves held 3/ 31,962 +656 + 497 30,037 Required reserves 31,727 +421 + 438 31,727 Excess reserves 3/ 235 +235 + 59 -1,690 NOTE: A net of $32 million of surplus reserves were eligible to be carried forward from the week ended February 28, into the week ending March 7. On March 7, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,860 * million, an increase of $793 million for the week. 1/ Excludes $1,041 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $112 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ 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. 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 Mar. 7, Feb. 28, Mar. 8, 1973 1973 1972 A S S E TS ^ Gold certificate account 10,303 — + 828 Special Drawing Rights certif. accts. * 400 -- -- Cash (1, 351) 365 1 + 43 Loans 1,133 - 432 + 429 Acceptances--Bought outright 78 1 + 15 Held under repurchase agreements -- - 154 -- Federal Agency obligations—Bought outright 1,294 567 Held under repurchase agreements 33 U. S. Government securities: Bought outright—Bills 30,452 -1,200 +1,806 Certificates Notes 36,839 -- + 805 Bonds 3,501 -- + 136 Total bought outright 1/2/ 70,792 -1,200 +2,747 Held under repurchase agreements -- - 628 -- Total U.S. Government securities 70,792 -1,828 +2,747 Total loans and securities 73,297 -2,448 +3,758 Cash items in process of collection (1,817) 9,379 +1,107 -1,407 Bank premises 196 + 2 + 39 Other assets 3/ 598 + 57 + 6 TOTAL ASSETS (3,168) 94,538 -1,283 +3 ,,267 L I A B I L I T I ES Federal Reserve notes (1,351) 57,342 + 387 +4,378 Deposits: Member bank--reserves account 23,793 -3,549 -2,377 U. S. Treasurer—general account 3,799 +1,726 +2,718 Foreign 296 - 159 + 146 Other 635 + 2 + 87 Total deposits 28,523 -1,980 + 574 Deferred availability cash items (1,817) 6,058 + 269 -1,940 Other liabilities and accrued dividends 656 - 39 + 132 TOTAL LIABILITIES (3,168) 92,579 -1,363 +3,144 £ A P I T A L A C C O U N TS Capital paid in 802 + 1 + 46 Surplus 793 -- + 51 Other capital accounts 364 + 79 + 26 Contingent liability on acceptances purchased for foreign correspondents 260 + 21 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $1,041 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $112 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, MARCH 7. 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 1,129 23 3,098 -1,511 14 •33 16 days to 90 days 4 55 21,433 + 680 40 91 days to 1 year -- — 12,543 - 997 191 Over 1 year to 5 years — _- 28,021 _» 611 Over 5 years to 10 years -- -- 4,119 _.. 247 Over 10 years -- -- 1,578 — 191 Total 1,133 78 70,792 -1,828 1,294 -33 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 MARCH 7, 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 10,303 605 2,650 484 771 901 285 1,855 321 216 347 369 1,499 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,351 182 297 37 82 124 225 87 19 27 29 59 183 Other cash 365 19 25 13 43 41 43 46 24 6 44 16 45 Loans 1,133 36 525 22 92 80 58 73 26 80 59 81 i Acceptances: Bought outright 78 -- 78 -- — -- -- -- -- -- -- -- -_ Held under repurchase agreements — -- -- -- -- -- — — -- -- -- -- -- Federal Agency obligations-- Bought outright 1,294 57 342 65 98 97 72 210 48 25 52 56 172 Held under repurchase agreements -- -- -- -- -- -- -- -- — -- -- -- "" U.S. Government securities: Bought outright-- Bills 1 30,452 1,337 8,046 1 ,536 2,295 2,274 1,683 4,939 1,135 592 1,230 1 ,324 4,061 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 " r Total bought outright .1/2/ 70,792 3,109 18,704 3~,5 70 5,336 5,285 3,913 11,483 2,638 ,376 2,861 — ,077 9,440 Held under repurchase agreements -- -- -- -- -- -- — -- -- -- -- -- -r Total U.S. Government securities 70,792 3,109 18,704 3~,5 70 5,336 5,285 3,913 11,483 2,638 ,376 2,861 ~T, 077 9,"440 ~ Total loans and securities 73,297 3,202 19,649 3 ,657 5,526 5,462 4,043 11,766 2,712 i ,481 2,972 3 ,214 9,613 Cash items in process of collection 11,196 353 1,643 963 593 1,045 1,280 1,632 565 547 712 641 1,222 Bank premises 196 31 7 5 27 13 15 16 14 31 17 12 8 Other assets 3/ 598 25 154 39 47 43 32 84 19 14 28 23 90 TOTAL ASSETS 97,706 4,440 24,518 5 ,221 7,122 7,665 5,945 15,556 3,689 2 ,329 4,164 4 ,348 12,709 \_l Excludes $1,041 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $112 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. 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 MARCH 7, 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 58,693 3,044 14,661 3,571 4,647 5,230 3,013 9,787 2,293 1,052 2,302 2,227 6,866 Deposits: Member bank reserves 23,793 768 6,553 901 1,482 1,132 1,615 3,782 676 588 943 1,291 4,062 U. S. Treasurer—general account 3,799 176 900 232 217 358 257 329 200 218 221 199 492 Foreign 296 13 1/ 64 16 29 16 22 49 11 7 13 17 39 Other 635 3 536 16 — 25 8 14 1 2 3 5 22 Total deposits 28,523 960 8,053 1,165 1,728 1,531 1,902 4,174 888 815 1,180 1,512 4,615 Deferred availability cash items 7,875 325 1,121 357 529 744 858 1,177 418 402 576 478 890 Other liabilities and accrued dividends 656 29 172 32 47 49 40 106 24 16 25 28 88 TOTAL LIABILITIES 95,747 4,358 24,007 5,125 6,951 7,554 5,813 15,244 3,623 2,285 4,083 4,245 12,459 CAPITAL ACCOUNTS Capital paid in 802 33 207 39 72 43 57 127 27 19 34 44 100 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 364 15 97 18 27 26 20 61 12 7 14 16 51 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 97.706 4.440 24.518 5.221 7.122 7,665 5.945 15,556 3,689 2-329 4.164 4,348 12.709 Contingent liability on ace: eptances purchased for foreign correspondents 260 11 V 68 13 24 13 18 41 2 6_ 11 14_ 32 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 61,440 3,238 15,480 3,633 4,842 5,397 3,286 10,085 2,400 1,071 2,386 2,339 7,283 Collateral for F. R. notes: Gold certificate account 2,191 280 200 350 501 700 155 5 U. S. Government securities 61,370 3,010 15,850 3.500 4.700 4.950 3.500 9 900 2 330 l 100 2 450 2 480 7,600 r r r r r 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 $ 232 million participations of other Federal Reserve Banks, 2/ After deducting $192 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis