H.4.1 Factors Affecting Reserve Balances of Depository Institutions

of cow-. FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release March 29, 1973 The average of daily figures for total reserves of member banks declined $343 million in the latest statement to $31,659 million. Required reserves, excess reserves and member bank borrowings all declined. A sharp decline in float was the major factor absorbing reserves in the latest week. Declines in currency in circulation and Treasury deposits at Federal Reserve Banks partially offset this reserve drain. In addition, System Open Market operations provided $154 million reserves, on a weekly average basis. Member bank borrowings averaged $2,013 million and exceeded excess reserves by $1,943 million compared to $1,867 million in the previous week. Averages of dal ily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, * March 28,* March 21, March 29, March 28, and related items 1Q7T 1071 1Q7? 1Q7^ Reserve Bank credit: (Itl millions of dollars) U.S. Government securities- Bought outright—System account 72,609 +106 +3,804 V 72,770 Held under repurchase agreements 342 + 56 + 214 1,084 Federal Agency obligations-- Bought outright 1,280 -- + 470 1,280 Held under repurchase agreements 27 + 13 + 26 59 Acceptances-- Bought outright 76 - 1 + 6 75 Held under repurchase agreements 22 - 20 + 9 69 Loans-- Member bank borrowings 2,013 -128 +1,860 2,028 Other Float 1,775 -848 - 911 1,970 Other F.R. assets 908 + 32 + 58 949 Total Reserve Bank credit 79,051 -792 +5,535 80,284 Gold stock 10,410 -- + 822 10,410 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding ..8,420 + 12 + 538 8,422 98,281 -780 +6,895 99,516 Currency in circulation 65,129 -121 +4,954 65,349 Treasury cash holdings 388 + 8 18 396 Treasury deposits with F.R. Banks 3,625 -106 +2,739 3,382 Foreign deposits with F.R. Banks 304 - 61 + 126 359 Other deposits with F.R. Banks 643 - 7 + 67 709 Other F.R. liabilities and capital 2,559 + 60 + 296 2^596 72,648 -228 +8,165 72,791 Member bank reserves: With Federal Reserve Banks 25,633 -552 -1,270 26,726 Currency and coin 5,747 +209 + 431 5,747 Total reserves held 2/ 31,659 -343 - 560 32,752 Required reserves 31,589 -139 - 345 31,589 Excess reserves 2/ 70 -204 - 215 1,163 NOTE: A net of $131 million of surplus reserves were eligible to be carried forward from the week ended March 21, into the week ending March 28. On March 28, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,120 million, an increase of $24 million for the week. 1/ Includes $71 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 District). 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 March 28, March 21, March 29, 1973 ** 1973 1972 A S S E TS Gold certificate account 10,303 — + 828 Special Drawing Rights certif. accts. * 400 — -- Cash (1,1 68) 353 - 8 + 30 Loans 2,028 - 955 + 998 Acceptances--Bought outright 75 -- 4 Held under repurchase agreements 69 + 69 21 Federal Agency obligatons—Bought outright 1,280 + 470 Held under repurchase agreements 59 + 59 + 51 U. S. Government securities: Bought outright—Bills 32,430 + 947 +3,034 Certificates Notes 36,839 + 692 Bonds 3,501 + 69 Total bought outright 1/ 72,770 + 947 +3,795 Held under repurchase agreements 1,084 +1, 084 + 188 Total U,S» Government securities 73,854 +2 ,031 +3,983 Total loans and securities 77,365 +1 ,204 +5,477 Cas^ lt*ms in process of collection (1,9 13) 7,563 -1, 288 -2,624 Bank premises 197 + 38 Other assets 2/ 752 + 48 + 14 TOTAL ASSETS (3,0 81) 96,933 - 44 +3,763 Federal Reserve notes (1,168) 57,568 + 15 +4,396 Deposits: Member bank--reserves account 26,646 + 932 -1,825 U. S. Treasurer—general account 3,382 -1,042 +2,465 Foreign 359 + 72 + 154 Other 709 + 76 + 120 Total deposits 31,096 + 38 + 914 Deferred availability cash items (1,913) 5,673 - 200 -1,841 Other liabilities and accrued dividends 685 + 21 + 151 TOTAL LIABILITIES (3,081) 95,022 126 +3,620 C A P I T AL A C C O U N TS Capital paid in 807 + 1 + 46 Surplus 793 — + 51 Other capital accounts 311 + 81 + 46 Contingent liability on acceptances purchased for foreign correspondents 282 + 3 + 18 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $71 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. ** Estimated (Cleveland District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MARCH 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 2 ,011 84 6,199 +2 ,074 68 +68 16 days to 90 days 17 60 20,890 + 56 51 - 9 91 days to 1 year — — 13,047 - 99 214 — Over 1 year to 5 years -- — 28,021 -- 568 — Over 5 years to 10 years -- -- 4,119 — 247 — Over 10 years — -- 1,578 — lfl — Total 2 ,028 144 73,854 +2,031 1,339 +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 28, 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 10,303 924 1,403 820 449 861 202 1,828 272 289 369 378 2,508 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,168 154 209 37 65 98 238 64 21 18 27 61 176 Other cash 353 19 26 10 42 38 42 44 24 6 44 14 44 Loans 2,028 46 524 156 172 186 79 547 81 53 91 44 49 Acceptances: Bought outright 75 -- 75 -- -- -- -- -- -- — -- -- -- Held under repurchase agreements 69 -- 69 -- -- -- -- -- — -- -- -- -- Federal Agency obligations-- Bought outright I 1,280 56 338 64 96 95 71 208 48 25 52 56 171 Held under repurchase agreements I 59 -- 59 -- -- -- -- -- -- — -- -- -- U.S. Government securities: Bought outright-- Bills I 32,430 1,424 8,568 1,635 2,444 2,421 1,793 5,260 1,209 631 1,310 1 ,410 4,325 Certificates: Other i -- -- -- -- -- -- -- -- -- -- -- -- Notes 36,839 1,618 9,733 1,858 2,777 2,750 2,036 5,976 1,373 716 1,489 i, 601 4,912 Bonds 3,501 154 925 176 264 261 194 568 130 68 142 152 467 Total bought outright J7 j 72,770 3,196 19,226 3,669 5,485 5,432 4,023 11,804 2,712 1,415 2,941 ~T, 163 9,704 Held under repurchase agreements j 1,084 -- 1,084 -- -- -- -- -- -- -- -- -- -- Total U.S. Government securities 73,854 3,196 20,310 3,669 5,485 5,432 4,023 11,804 2,712 1,415 2,941 ,163 9,704 Total loans and securities 77,365 3,298 21,375 3,889 5,753 5,713 '4,173 12,559 2,841 1,493 3,084 3*, 263 9,924 Cash items in process of collection 9,476 345 1,490 580 666 974 1,100 1,361 421 346 600 582 1,011 Bank premises 197 31 7 5 27 13 15 16 14 32 17 12 8 Other assets 2/ 752 31 196 45 52 57 39 105 24 35 26 29 113 TOTAL ASSETS 100,014 4,825 24,799 5,409 7,087 7,790 5,831 16,047 3,632 2,226 4,182 4,3 53 13,833 1/ Includes $71 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. \l Includes assets denominated in foreign currencies. * Estimated (Cleveland District). 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 28, 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) Federal Reserve notes 58,736 3,039 14,606 3,621 4,656 5,235 3,014 9,822 2,300 1,056 2,309 2,225 6,853 Deposits: Member bank reserves 26,646 1,086 6,671 1,077 1,446 1,247 1,652 4,155 726 578 1,037 1,380 5,591 U. S. Treasurer—general account 3,382 238 807 220 188 393 190 453 149 186 171 133 254 Foreign 359 12 1/ 156 14 25 14 19 43 9 6 12 15 34 Other 709 1 599 15 20 7 37 2 3 4 3 18 Total deposits 31,096 1,337 8,233 1,326 1,659 1,674 1,868 4,688 886 773 1,224 1,531 5,897 Deferred availability cash items 7,586 341 1,220 337 554 724 778 1,126 356 337 543 469 751 Other liabilities and accrtt ed dividends 685 29 193 32 51 48 40 107 24 17 27 28 89 TOTAL LIABILITIES 98,103 4,746 24,302 5,316 6,920 7,681 5,700 15,743 3,566 2,183 4,103 4,253 13,590 CAPITAL ACCOUNTS Capital paid in 807 33 208 39 72 43 58 127 28 19 34 44 102 Surplus 793 34 207 39 72 42 55 124 37 18 33 43 99 Other capital accounts 311 12 82 15 23 24 18 53 11 6 12 13 42 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 100,014 4,825 24,799 5,409 7,087 7,790 5,831 16,047 3,632 2,226 4,182 4,353 13,833 Contingent liability on ace: eptances purchased for foreiL gn correspondents 282 12 .2 / 74 14 26 15 20 44_ 9 t 12 15 35 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 61,591 3,230 15,545 3,675 4,815 5,402 3,297 10,087 2,408 1,084 2,388 2,356 7,304 Collateral for F. R. notes: Gold certificate account 2,191 280 200 350 501 700 155 5 U. S. Government securities 61,380 3.010 15,850 3,500 4,700 4.950 3,500 9.900 2.330 1.110 2.450 2.480 7.600 Total collateral 63,571 3,290 15,850 3,700 5,050 5,451 3,500 10,600 2,485 1,110 2,450 2,485 7,600 1/ After deducting $203 million participations of other Federal Reserve Banks. 2/ After deducting $ 208 million participations of other Federal Reserve Banks. "* Estimated (Cleveland District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis