H.4.1 Factors Affecting Reserve Balances of Depository Institutions

• ••ofcowA-. FEDERAL RESERVE Factors Affecting Bank Reserves and 'f^Ti^V Condition Statement of F.R. Banks H.4.1 For immediate release March 15, 1973 The average of daily figures for total reserves of member banks declined $408 million in the latest statement week to $31,623 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. Increases in Treasury deposits with Federal Reserve Banks and currency in circulation were the major factors absorbing reserves in the latest week. Offsetting these reserve drains were an increase in float and a decline in other Federal Reserve liabilities and capital. In addition, System Open Market operations provided $293 million reserves net, on a weekly average basis, through outright purchase of Treasury bills and repurchase agreements. Member bank borrowings averaged $1,491 million and exceeded excess reserves by $1,400 million as compared to $1,383 million in the previous week. Averages of daily JE igures Member bank reserves, Week-ended Change from week ended Wednesday, Reserve Bank credit, Mar. 14, Mar • 7, Mar. 15, Mar. 14, and related items 1973 1973 1972 1973 Reserve Bank credit: (Irl millions of dollars) U.S. Government securities-- Bought outright--System account 72,051 + 162 -+4,000 1/ 72,279 Held under repurchase agreements 348 + 128 + 60 639 Federal Agency obligations-- Bought outright 1,288 - 6 + 526 1,280 Held under repurchase agreements 23 + 11 + 14 59 Acceptances-- Bought outright 78 -_ + 14 78 Held under repurchase agreements 38 2 + 5 88 Loans-- Member bank borrowings 1,491 • 196 +1,478 1,822 Other Float 2,873 + 283 - 59 3,340 Other F.R. assets 790 + 41 + 41 874 Total Reserve Bank credit 78,980 + 421 +6,079 80,459 Gold stock 10,410 -- + 822 10,410 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,402 + 15 + 554 I 8,407 98,192 + 436 +7,456 99,676 Currency in circulation 65,156 + 473 44,934 65,400 Treasury cash holdings 376 - 9 1 378 Treasury deposits with F.R. Banks 4,129 + 952 +3,375 4,321 Foreign deposits with F.R. Banks 335 - 8 + 164 311 Other deposits with F„R. Banks 670 - 22 + 74 668 Other F.R. liabilities and capital 2,404 - 205 + 235 2,439 73,070 +1 ,181 +8,782 73,517 Member bank reserves: With Federal Reserve Banks 25,122 _ 745 -1,326 26,160 Currency and coin 6,222 + 337 + 562 6,222 Total reserves held 2/ 31,623 - 408 - 485 32,661 Required reserves 31,532 - 195 - 183 31,532 Excess reserves 2/ 91 - 213 - 302 1,129 NOTE: A net of $170 million of surplus reserves were eligible to be carried forward from the week ended March 7, into the week ending March 14. On March 14, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,675 million, a decrease of $185 million for the week. V Includes $1Q5 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 and Minneapolis 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 dollars0 Wei dnesday Change since ** March 7, March 15, M<a rch 14, 1973 1973 1972 A S S E TS Gold certificate account 10,303 — mm + 828 Special Drawing Rights certif. accts. * 400 — — Cash (1,180) 365 — + 43 Loans 1,822 + 689 +1,795 Acceptances--Bought outright 78 -- + 11 Held under repurchase agreements 88 + 88 + 88 Federal Agency obligations—Bought outright 1,280 14 + 470 Held under repurchase agreements 59 + 59 + 59 U. S. Government securities: Bought outright—Bills 31,939 +1,487 +3,422 Certificates Notes 36,839 + 763 Bonds 3,501 + 102 Total bought outright 1/ 72,279 +1 ,487 +4,287 Held under repurchase agreements 639 + 639 + 639 Total U.S. Government securities 72,918 +2 ,126 +4,926 Total loans and securities 76,245 +2 ,948 +7,349 Cash items in process of collection (1,888) 9,360 - 141 -3,336 Bank premises 197 + 1 + 38 Other assets 2/ 677 + 79 + 46 TOTAL ASSETS (3,068) 97,547 +2 .887 +4,968 L I A B U I i nS Federal Reserve notes (1,180) 57,628 + 286 +4,500 Deposits: Member bank—reserves account 26,080 +2 ,165 - 511 U. S. Treasurer—general account 4,321 + 522 +3,470 Foreign 311 + 15 + 127 Other 668 + 33 + 48 Total deposits 31,380 +2 ,735 +3,134 Deferred availability cash items (1,888) 6,100 + 42 -2,959 Other liabilities and accrued dividends 682 + 26 + 177 TOTAL LIABILITIES (3,068) 95,790 4-3,089 +4,852 £ AZ11LL A C C O U N TS Capital paid in 804 + 2 + 48 Surplus 793 + 51 Other capital accounts 160 - 204 + 17 Contingent liability on acceptances purchased for foreign correspondents 267 * Figures in parentheses are the eliminations made in the consolidating process. \_l Includes $105 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2y Includes assets denominated in foreign currencies. ** Estimated (Cleveland and Minneapolis Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 14, 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 1,811 111 4,782 +1,684 59 +45 16 days to 90 days 11 55 21,537 + 104 60 +20 91 days to 1 year -- 12,881 + 338 214 +23 Over 1 year to 5 years — 28,021 — 568 -43 Over 5 years to 10 years — 4,119 — 247 — Over 10 years -- — 1,578 — 191 — Total 1,822 166 72,918 +2,126 1,339 +45 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 14, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Da lias York delphia land mond Louis apolis City Francisco (1. n millions of dollars) A S S E TS Gold certificate account 10,303 660 1,901 387 728 641 344 2,158 233 251 386 441 2,173 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 "/7 15 14 49 F.R. notes of other banks 1,180 1.65 22 7 79 103 231 68 18 18 29 56 165 £- JL Other cash 365 18 27 12 43 40 44 45 25 6 44 15 46 Loans 1,822 30 834 23 89 67 96 347 107 50 81 66 32 Acceptances: Bought outright 78 -- 78 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements 88 -- 88 -- -. -- -- -- -- -- -- -- Federal Agency obiigations-- Bought outright 1,280 56 338 64 96 95 71 208 48 25 52 56 Held under repurchase agreements 59 -- 59 -- _- -- -- -« -- -- -- -- U.S. Government securities: Bought outright-- Bills 31,939 1,403 8,439 1,610 2,407 2,385 1,765 5,180 1,190 621 1,291 1 ,389 4,259 Certificates: Other -- -- -- -- -- -- -- -- -- -_ -- -- _- Notes 36,829 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 bought outright 1/ 72,279 3,175 19,097 3,644 5,448 5,396 3,995 11,724 2,693 1,405 2,922 ~~T, 142 9,638 Held under repurchase agreements 639 -- 639 -- — -- -. -- -- -- -- -- -- Total U.S. Government securities 72,918 3,175 19,736 3,644 5,448 5,396 3,995 11,724 2,693 1,405 2,922 —T ,142 976"3fiT" Total 1cans and securities 76,245 3,261 21,133 3,731 5,633 5,558 4,162 12,279 2,848 1,480 3,055 3 ,264 9,841 Cash items in process of collection 11,248 393 1,590 1,128 547 1,228 1,264 1,502 526 483 681 648 1,258 Bank premises 197 31 7 5 27 13 15 16 14 32 17 12 8 Other assets 2/ 677 27 162 40 45 85 37 91 21 15 22 25 107 _ TOTAL ASSETS 100,615 4,578 25,140 5,347 7,135 7,704 6,119 16,229 3,700 2,292 4,249 4 ,475 13,647 1/ Includes $105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2J Includes assets denominated in foreign currencies, * Estimated (Cleveland and Minneapolis 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 MARCH 14, 1973 San New Phila Cleve Rich St. Minne-* Kansas 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 58,808 3,050 14,635 3,591 4,665 5,216 3,047 9,819 2,307 1,054 2,312 2,231 6,881 Deposits: Member bank reserves 26,080 909 6,629 1,039 1,537 1,132 1,694 4,181 741 550 1,008 1.434 5,226 U. S. Treasurer--general account 4,321 139 1,444 217 243 365 289 533 130 216 236 180 329 -Foreign 311 13 1/89 15 27 16 21 47 10 7 13 16 37 Other 668 1 546 14 — 23 8 42 1 5 3 4 21 Total deposits 31,380 1,062 8,708 1,285 1,807 1,536 2,012 4,803 882 778 1,260 1,634 5,613 Deferred availability cash items 7,988 363 1,156 351 459 806 897 1,221 426 402 578 487 842 Other liabilities and accrued dividends 682 30 186 34 48 49 40 107 2S 18 26 29 90 TOTAL LIABILITIES 98,858 4,505 24,685 5,261 6,979 7,607 5,996 15,950 3,640 2,252 4,176 4,381 13,426 CAPITAL ACCOUNTS Capital paid in 804 33 207 39 72 43 58 127 28 19 34 44 100 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 160 6 41 8 12 12 10 28 5 3 6 7 22 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 100,615 4,578 25,140 5,347 7,135 7,704 6,119 16.229 3.700 2.292 4.249 4.475 13,647 Contingent liability on ace: eptances purchased for foreign correspondents 267 11 1/.7.Q. JJ_ 2L-. . .14... 19 42 9_ 6 11 15 33 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 61,577 3,254 15,510 3,649 4,846 5,393 3,292 10,092 2,410 1,080 2,396 2,362 7,293 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 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 \J After deducting $ 222 million participations of other Federal Reserve Banks, * Estimated (Cleveland and Minneapolis Districts). 2/ After deducting $ 197 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis