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 22, 1973 The average of daily figures for total reserves of member banks increased $379 million in the latest statement week to $32,002 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased* A decline in float and an increase in currency in circulation were the major factors absorbing reserves in the latest week. Offsetting these reserve drains was a decline in Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations provided $376 million reserves net, on a weekly average basis. Member bank borrowings averaged $2,141 million and exceeded excess reserves by $1,867 million as compared to $1,400 million in the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 21,* March 14, March 22, March 21,* and related items 1973 1973 1972 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright—System account 72,503 + 452 +4,218 1/2/ 71,823 Held under repurchase agreements 286 62 + 286 -- Federal Agency obligations— Bought outright 1,280 8 + 470 1,280 Held under repurchase agreements 14 9 + 14 i Acceptances-- Bought outright 77 1 + 10 75 Held under repurchase agreements 42 + 4 + 42 — Loans-- Member bank borrowings 2,141 + 650 +2,026 2,983 Other Float 2,623 - 251 - 616 3,061 Other F.R. assets 876 + 86 ±—7± 901 Total Reserve Bank credit 79,843 + 862 +6,530 80,123 Gold stock 10,410 — + 822 10,410 Special Drawing Rights certif. acct. 400 — -- 400 Treasury currency outstanding 8,408 + 6 + 540 8,412 99,061 + 868 +7,893 99,345 Currency in circulation 65,248 + 91 44,991 65,304 Treasury cash holdings 380 + 4 11 394 Treasury deposits with F.R. Banks 3,731 - 398 +2,753 4,424 Foreign deposits with F.R. Banks 365 + 30 + 176 287 Other deposits with F.R. Banks 652 18 + 35 646 Other F.R. liabilities and capital 2,500 + 95 + 309 2,497 72,877 - 194 +8,255 73,552 Member bank reserves: With Federal Reserve Banks 26,185 +1,063 - 361 25,794 Currency and coin 5,538 - 684 + 526 5,538 Total reserves held _3/ 32,002 + 379 + 444 31,611 Required reserves 31,728 + 196 + 37 31,728 Excess reserves V 274 4- 183 + 407 - 117 NOTE: A net of $64 million of surplus reserves were eligible to be carried forward from the week ended March 14, into the week ending March 21. On March 21, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,096 million, a decrease of $579 million for the week. V Excludes $900 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $79 million securities loaned--fully secured by U.S. Government securi ties 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. * Estimated (Boston, New York and Cleveland Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1 (*) CONSOLIDATED STATEtffiW OP CONDITION OF ALL FEDERAL RESERVE BANKS (Itt::jntl lionS Df <ic>^l«Srs;) '•'• Wednesday Change since March 21, March 14, March 22, 1973** 1973 1222 Gold certificate account 10,303 — + 828 Special Drawing Rights certif. accts. * 400 Cash (1,235) 360 4 + 36 Loans 2,983 +1,1.61 +2,250 Acceptances--Sought outright 75 3 +6 88 Held under repurchase agreements 1,280 — + 470 Federal Agency obligaLions"Bought outright 59 Held under repurchase agreements U. S. (jovertiment securities: 31,483 456 +2,477 Bought outright ~Bilis Certificates 36,839 — + 692 Notes 3,501. — + 69 3onds 1/ 2/ 71,823 - 456 +3,238 Total bought outright -- - 639 — Held under repurchase agreements 7L,823 -^095 +3^238 Total U.S. Government securities 76,161 84 +5,964 Total loans and securities 938) 9,200 - 268 -2,135 CasbrltemS in; px£Q&s§ of Cdll^ct ion 197 -- + 38 Bank premises 704 + - 2:3 * •. 20 Ot her- asiet S: ~§/ (3,173.) 97,325 333 *4,751 TOTAL ASSETS LI A E I i i l ii S Federal Reserve notes (1,235) 57,538 - 98 +4,477 De pp§i t s: Member bank—rese rves ac count 25,714 - 366 -1,224 U. S. Treasurer—general account 4,424 + 103 +3,110 Foreign 287 -' 24 + 112 Other 646 - 19 + 38 " Total deposits 31,071 -' 306 +2,036 t Deferred availability cash items (1,938) 6,219 f 16 -2,044 Oth&r-liabilities rind accrued dividends 668 - 17 + 155 TOTAL LIABILITIES (3,173) 95,496 — 405 +4,624 S A P I T AX ACC.flDNTS Capital paid in 806 2 50 Surplus 793 — + 51 Other capital accounts 230 70 + 26 Contingent liability on acceptances purchased for foreign correspondents 279 -I- 12 + 17 * Figures in parentheses are the eliminations made in the consolidating process, 1/ Excludes $900 million of securities sold, and scheduled to be bought back; under matched sale-purchase transactions. 2/ Includes $79 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. * Estimated (Boston, New York and Cleveland Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 21. 1.973 (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 -ances securities obligations I Loans 1 Holdings Weekly Holdings Weekly 1 changes Changes Within 15 days 2,962 21 4,125 - 657 -- - 59 16 days to 90 days 21 54 20,834 - 703 60 91 days to 1 year -- -- 13,146 + 265 214 Over 1 year to 5 years -- -- 28,021 -- 568 Over 5 years to 10 years -- — 4,119 -- 247 Over 10 years -- -- 1,578 — 191 Total 2,983 75 71,823 •1,095 1,280 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 21, 1973 l * * * New Phila Cleve Rich St. Minne Kansas San Total ; Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 0. n millions of dollars) A S S E TS Gold certificate account 10,303 635 1,425 529 597 758 97 2,529 402 283 320 480 2,248 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,235 169 238 28 73 110 244 67 20 16 27 62 181 Other cash 360 18 27 11 42 39 43 44 24 7 44 15 46 -Loans 2,983 153 1,544 92 132 114 141 247 41 72 131 127 189 Acceptances: Bought outright 75 -- 75 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements -- -- -- — -- — -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright 1,280 56 338 64 96 95 71 208 48 25 52 56 171 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright— Bills 1 31,483 1,383 8,318 1,588 2,373 2,351 1,740 5,106 1,173 612 1,272 1,369 4,198 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 bought outright 1/2/ 71,823 3,155 18,976 3,622 5,414 5,362 3,970 11,650 2,676 1,396 2,903 3,122 9,577 Held under repurchase agreements -- — -- — -- -- -- -- -- -- — -- Total U.S. Government securities 71,823; 3,155 18,976 3,622 5,414 5,362 3,970 11,650 2,676 1,396 2,903 3,122 ~~ 9,577 Total loans and securities 76,161 3,364 20,933 3,778 5,642 5,571 4,182 12,105 2,765 1,493 3,086 3,305 9,937 Cash items in process of collection 11,138 240 1,936 979 712 1,067 1,255 1,468 459 441 660 665 1,256 Bank premises 197 31 7 5 27 13 15 16 14 32 17 12 8 Other assets 3/ 704 29 170 39 50 50 38 98 23 37 30 27 113 TOTAL ASSETS 100,498 4,509 24,829 5,392 7,176 7,644 5,896 16,397 3,722 2,316 4,199 4,580 13,838 1/ Excludes $900 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions « "2/ Includes $79 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve. Banks. 3/ Includes assets denominated in foreign currencies. * Estimated (Boston, New York 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 MARCH 21, 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) t i i i i i i i i ns 58,773 3,055 14,637 3,602 4,658 5,212 3,034 9,820 2,303 1,056 2,306 2,225 6,865 Federal Reserve notes Deposits: Member bank reserves 25,714 893 6,024 1,080 1,596 1,270 1,617 3,991 742 563 1,045 1,425 5,468 U. S. Treasurer—general account 4,424 232 1,303 209 286 206 149 905 191 236 155 254 298 Foreign 287 13 1/ 65 15 27 16 21 47 10 7 13 16 37 Other 646 — 550 17 — 21 8 11 1 2 3 4 29 Total deposits 31,071 1,138 7,942 1,321 1,909 1,513 1,795 4,954 944 808 1,216 1,699 5,832 Deferred availability cash items 8,157 210 1,601 348 398 767 899 1,225 388 394 575 530 822 Other liabilities and accrued dividends 668 30 176 32 52 49 41 106 24 16 26 29 87 TOTAL LIABILITIES 98,669 4,433 24,356 5,303 7,017 7,541 5,769 16,105 3,659 2,274 4,123 4,483 13,606 CAPITAL ACCOUNTS Capital paid in 806 33 207 39 72 43 58 128 28 19 34 44 101 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 230 9 59 11 15 18 14 40 8 5 9 10 32 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 100,498 4,509 24,829 5,392 7,176 7,644 5,896 16,397 3,722 2,316 4,199 4,580 13,838 Contingent liability on ace eptances purchased for foreign correspondents 279 12 2/ 73 14 25 14 20 44 9 6 12 15 35 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,239 15,523 3,661 4,829 5,387 3,292 10,094 2,417 1,079 2,396 2,354 7,281 Collateral for F. R. notes: Gold certificate account 280 200 350 501 700 155 5 U. S. Government securities 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 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 $ 222 million participations of other Federal Reserve Banks. 2_/ After deducting $ 206 million participations of other Federal Reserve Banks. * Estimated (Boston, New York and Cleveland Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis