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 April 12, 1973 The average of daily figures for total reserves of member banks declined $817 million in the latest statement week to $31,785 million. Required reserves, excess reserves, and member bank borrowings at Federal Reserve Banks all declined. An increase in float was the major factor supplying reserves in the latest statement week. Reserves were absorbed by increases in currency in circulation and Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed. $572 million reserves net, on a weekly average basis primarily through maturing repurchase agreements made in the previous week and matched sale-purchase transactions made late in the current statement week. Reserves were provided during the week through outright purchases of Treasury bills and repurchase agreements. Member bank borrowings averaged $1,500 million and exceeded excess reserves by $1,578 million compared to $1,248 million in the previous week. Averages of daily figures Member bank reserves, Week ended Chang e from week ended Wednesday, Reserve Bank credit, April*ll, April 4, April 12, April*ll, and related items 1973 1973 1972 1973 Reserve Bank credit: (IrI millions of dollars) U.S. Government securities-- Bought outright--System account 73,310 + 186 +3,564 1/2/73,078 Held under repurchase agreements 75 - 689 57 -- Federal Agency obligations-- Bought outright 1,276 4 + 466 1,272 Held under repurchase agreements 39 16 + 23 -- Acceptances- Bought outright 76 6 75 Held under repurchase agreements 6 49 25 -- Loans-- Member bank borrowings 1,500 255 +1,486 1,243 Other Float 2,370 + 529 - 524 2,837 Other F.R. assets 968 + 30 + 25 1,014 Total Reserve Bank credit 79,620 - 270 +4,952 79,519 Gold stock 10,410 .- + 822 10,410 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,437 + 10 + 525 8,440 98,867 - 259 +6,299 98,769 Currency in circulation 65,903 + 522 +5,045 66,330 Treasury cash holdings 413 + 4 + 10 414 Treasury deposits with F.R. Banks 3,438 + 321 +2,165 3,533 Foreign deposits with F.R. Banks 279 - 39 + 24 267 Other deposits with F..R. Banks 649 - 23 + 22 703 Other F.R. liabilities and capital 2,639 - 23 + 250 2,453 73,321 + 762 +7,517 73,700 Member bank reserves: With Federal Reserve Banks 25,547 -1, 021 -1,217 25,070 Currency and coin 6,066 + 204 + 485 6,066 Total reserves held 3/ 31,785 - 817 - 560 31,308 Required reserves 31,863 - 232 - 316 31,863 Excess reserves 3/ 78 - 585 - 244 - 555 NOTE: A net of $265 million of surplus reserves were eligible to be carried forward from the week ended April 4, into the week ending April 11. On April 11, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $31,605 million, an increase of $144 million for the week. \J Excludes $379 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $115 million securities loaned--.ful.ly secured by U.S. Government securities pledged with Federal Reserve Banks. V Adjusted to include $172 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, $279 million from December 28, through March 28, 1973. Estimated (Cleveland and St. Louis 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 April 11, April 4, April 12, 1973 ** 1973 1972 A S S E TS Gold certificate account 10,303 — + 828 Special Drawing Rights certif. accts. * 400 -- -- Cash (933) 340 - 3 + 23 Loans 1,243 + 161 +1,233 Acceptances--Bought outright 75 -- 7 Held under repurchase agreements Federal Agency obligations—Bought outright 1,272 + 462 Held under repurchase agreements U. S. Government securities: Bought outright--Bills 32,738 135 +2,984 Certificates Notes 36,839 — + 543 Bonds 3,501 -- + 19 Total bought outright 1/ 2/ 73,078" - 135 +3,546 Held under repurchase agreements — -- — Total U.S. Government securities 73,078 - 135 +3,546 Total loans and securities 75,668 + 18 +5,234 Cash items in process of collection (1,733) 8,510 - 304 -3,074 Bank premises 199 -- + 38 Other assets 3/ 815 + 65 27 TOTAL ASSETS (2,666) 96,235 - _224 rJLp.22 Federal Reserve notes (933) 58,536 + 482 +4,801 Deposits: Member bank--reserves account 24,990 - 232 -1,403 U. S. Treasurer—general account 3,533 - 63 +1,992 Foreign 267 - 4 + 79 Other 703 + 67 + 78 Total deposits 29,493 - 232 + 746 Deferred availability cash items (1,733) 5,753 - 236 -2,799 Other liabilities and accrued dividends 716 + 7 + 168 TOTAL LIABILITIES (2,666) 94,498 + 21 +2,916 C A P I T AL A C £ 0 U N T S_ Capital paid in 809 1 + 48 Surplus 793 -- + 51 Other capital accounts 135 - 246 + 7 Contingent liability on acceptances purchased for foreign correspondents 311 26 50 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $379 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $115 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. ** Estimated (Cleveland and St. Louis Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, APRIL 11, 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 1,203 18 4,335 - 291 — 8 16 days to 90 days 40 57 21,773 + 88 52 91 days to 1 year 13,252 + 68 214 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 1,243 75 73,078 - 135 1,272 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 APRIL 11, 1973 _ Cleve Rich St. * Minne Kansas San Total Boston New Phila Atlanta Chicago Dal ias land * mond Louis apolis City Francisco York delphia (In millions of dollars) A S S E TS 1 Gold certificate account 10,303 513 2,581 692 730 414 530 1,756 347 197 282 224 2,037 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 933 124 197 21 52 60 201 49 19 16 22 42 130 Other cash 340 18 25 8 41 38 41 40 24 6 43 13 4 3 Loans 1,243 39 399 58 165 55 122 201 6 33 48 81 36 Acceptances: Bought outright 75 -- 75 — -- -- -- -- — — -« -- «- Held under repurchase agreements -- .- -- — — -- — -- — -- -- -- -. Federal Agency obligations-- Bought outright | 1,272 59 334 65 93 94 66 204 47 27 52 57 174 Held under repurchase agreements -- -- — — -- «- — — -- -- -- __ _- U.S. Government securities: Bought outright-- Bills 32,738 1,512 8,608 1 ,667 2,399 2,414 1,713 5,241 1,203 699 1,328 1 ,473 4,481 Certificates: Other -- -- — — -- -- -- -- -- -- -- -- -- Notes 1 36,839 1,702 9,686 1 ,876 2,699 2,716 1,928 5,898 1,353 786 1,494 1 ,657 5,044 Bonds 3,501 162 920 178 257 258 183 560 129 75 142 158 479 r Total bought outright 1/ 2/ 73,078 3,376 19,214 J ,721 5,355 5,388 3,824 11,699 2,685 ,560 2,964 3",2 88 10,004 Held under repurchase agreements -- -- — -- — — -- — -- -- -- -- -- Total U.S. Government securities 73,078 3,376 19,214 3 J1L. 5,355 5,388 3,824 11,699 2,685 T ,560 2,964 3~,2 88 10,004 " Total loans and securities 75,668 3,474 20,022 3 ,844 5,613 5,537 4,012 12,104 2,738 1 ,620 3,064 3 ,426 10,214 Cash items in process of collection 10,243 376 1,404 602 542 1,326 1,216 1,422 535 376 627 559 1,258 Bank premises 199 31 7 5 27 14 15 17 14 32 17 12 8 Other assets 3/ 815 37 204 54 58 59 44 121 27 23 29 35 124 TOTAL ASSETS 98,901 4,596 24,533 J r ,249 7,096 7,484 6,081 15,579 3,719 2 ,277 4,099 4 ,325 13,863 1/ Excludes $379 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $115 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. * Estimated (Cleveland and St. Louis 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 April 11, 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 59,469 3,072 14,727 3,670 4,704 5,296 3,082 9,913 2,332 1,081 2,345 2,264 6,983 Deposits: Member bank reserves 24,990 827 6,669 905 1,379 964 1,670 3,829 647 591 942 1,277 5,290 U. S. Treasurer—general account 3,533 215 779 164 293 312 277 371 214 188 153 196 371 Foreign 267 11 1/ 68 13 25 14 19 42 9 6 11 15 34 Other 703 1 565 28 1 21 9 37 1 2 5 4 29 Total deposits 29,493 1,054 8,081 1,110 1,698 1,311 1,975 4,279 871 787 1,111 1,492 5,724 Deferred availability cash items 7,486 365 1,094 348 488 731 861 999 431 350 542 444 833 Other liabilities and accrued dividends 716 33 182 37 52 51 40 113 26 19 29 31 103 TOTAL LIABILITIES 97,164 4,524 24,084 5,165 6,942 7,389 5,958 15,304 3,660 2,237 4,027 4,231 13,643 CAPITAL ACCOUNTS Capital paid in 809 33 208 39 72 43 59 128 28 19 34 44 102 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 135 5 34 6 10 10 9 23 4 3 5 7 19 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 98,901 4,596 24,533 5,249 J^096 7,484 6, _081__J J5J579_ _3^719_ JU277 ,_4,_099__ 4^325 13,863 Contingent liability on acee ptances purchased for forei- gn correspondents 311 _____13_ 2/ 81 15 28 16 22 49 11 7 13 17 39 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 61,859 3,226 15,516 3,718 4,831 5,425 3,299 10,149 2,449 1,099 2,430 2,403 7,314 Collateral for F. R. notes: Gold certificate account 2,200 280 300 350 410 700 155 5 U. S. Government securities 61,585 3,010 15,850 3,500 4,700 5,085 3,500 9,900 2,330 1,130 2,500 2,480 7,600 Total collateral 63,785 3,290 15,850 3,800 5,050 5,495 3,500 10,600 2,485 1,130 2,500 2,485 7,600 \J After deducting $199 million participations of other Federal Reserve Banks, * Estimated (Cleveland and St. Louis Districts), 2l After deducting $230 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis