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 June 28, 1973 The average of daily figures for total reserves of member banks declined $76 million in the latest statement week to $32,214 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. An increase in Treasury deposits with Federal Reserve Banks was the major factor absorbing reserves in the latest statement week. Partially offsetting this reserve drain was an increase in float and a decline in currency in circulation. In addition, System Open Market operations provided $951 million reserves net, on a weekly average basis, through outright purchases of Treasury bills and repurchase agreements. Some reserves were absorbed, however, late in the statement week through matched sale-purchase transactions. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, June 27, June 20, June 28, June*27, and related items 1973 1973 1972 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 74,383 4-1,060 +3,853 1/2/74,416 Held under repurchase agreements 23 - 268 + 14 Federal Agency obligations-- Bought outright 1,449 + 229 + 331 1,449 Held under repurchase agreements 16 48 + 15 Acceptances — Bought outright 69 1 67 Held under repurchase agreements 2 23 Loans-- Total member bank borrowing 1,849 79 +1,720 1,587 Includes seasonal borrowing of: 96 23 + 96 119 Other borrowing Float 2,623 + 117 - 874 2,606 Other F.R. assets 999 + 59 - 3 Total Reserve Bank credit 81,413 +1,048 +5,046 81,206 Gold stock 10,410 10,410 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8,526 469 8,535 100,749 +1 ,054 +5 ,515 100,551 Currency in circulation 67,585 - 174 +5 ,714 67,891 Treasury cash holdings 381 - 4 + 27 381 Treasury deposits with F.R. Banks 3,062 +1 ,409 - 111 3,583 Foreign deposits with F.R. Banks 277 + 31 + 123 378 Other deposits with F.R. Banks 692 - 76 + 121 698 Other F.P. liabilities and capital 2,731 + 72 + 401 2,765 74,728 +1 ,257 +6 ,275 75,696 Member bank reserves: With Federal Reserve Banks 26,021 _ 204 _ 759 24,855 Currency and coin 6,021 + 128 + 500 6,021 Total reserves held V 32,214 U 76 - 87 31,048 Required reserves 32,002 - 128 - 175 32,002 Excess reserves 3/ 212 _i_ 52 + 88 - 954 NOTE: A net of $95 million of surplus reserves were eligible to be carried forward from the week ended June 20, into the week ended June 27. On June 27, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $29,7/94 million, a decrease, of $219 million for the week. J7 Excludes $230 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/ 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. Estimated (Boston, Cleveland, Chicago, and Dallas 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 ** June 20, June 28, June 27,1973 1973 1972 A S S E TS Gold certificate account 10,303 m — mt Special Drawing Rights certif. accts. * 400 — ~ Cash 949) 308 + 4 7 Loans 1,587 173 + 1,113 Acceptances—Bought outright 67 — 4 Held under repurchase agreements __ 56 77 Federal Agency obligations--Bought outright 1,449 + 229 + 331 Held under repurchase agreements -- - 111 10 U. S. Government securities: Bought outright —Bills 33,869 + 359 + 3,063 Certificates Notes 36,936 + 340 Bonds 3,611 + 109 Total bought outright 1/2/ 74,416 + 359 + 3,512 Held under repurchase agreements - 865 62 Total U.S. Government securities 74.416 - 506 + 3,450 Total loans and securities 77,519 — 617 + 4,803 Cash items in process of collection (1, 937) 8,955 - 914 - 2,604 Bank premises 203 + 1 + 40 Other assets 3/ 878 + 90 1 TOTAL ASSETS"" (2,886) 98,566 •1,436 + 2,231 L I A B I L I T I ES Federal Reserve notes (949) 59,938 + 55 + 5,269 Deposits: Member bank--reserves account 24,775 -3,174 - 2,753 U. S. Treasurer--general account 3,583 +1,520 + 660 Foreign 378 + 104 + 184 Other 698 + 39 + 113 Total deposits 29,434 -1,511 - 1,796 Deferred availability cash items (1,937) 6,429 - 49 - 1,642 Other liabilities and accrued dividends 821 9 + 232 TOTAL LIABILITIES (2,886) 96,622 -1,514 + 2,063 C A P I T AL A C C O U N TS Capital paid in 820 + 1 + 47 Surplus 793 — + 51 Other capital accounts 331 + 77 + 70 Contingent liability on acceptances purchased for foreign correspondents 398 146 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $230 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, Cleveland, Chicago and Dallas Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 27. 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 -ances securities obligations Loans Holdings Weekly Holdings Weekly [changes Changes Within 15 days 1,547 19 4,969 -909 -111 16 days to 90 days 40 48 18,165 +694 56 91 days to 1 year 13,578 -291 332 Over 1 year to 5 years 26,832 562 Over 5 years to 10 years 9,321 284 Over 10 years — -- 1,551 — 215 Total 1,587 67 74,416 -506 1,449 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 JUNE 27, 1973 -k New Phila ^Cleve Rich St. Minne Kansas 7C San Total Boston Atlanta Chicago Dallas York delphia land mond Louis apolis City Francisco jf — (In millions of dollars) A S S E TS Gold certificate account 10,303 527 2,619 487 371 713 698 1,651 363 171 384 300 2,019 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 949 89 210 29 50 88 169 65 24 21 34 47 123 Other cash 308 15 21 4 33 35 39 40 22 6 40 13 40 Loans 1,587 116 279 71 243 214 131 153 57 32 109 119 63 Acceptances: Bought outright 67 -- 67 -- -- -- -- -- -- -- -- -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright I 1,449 66 384 78 109 105 77 231 54 31 58 63 193 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 33,869 1,551 8,974 1,820 2,548 2,464 1,806 5,392 1,253 733 1,348 1 ,469 4,511 Certificates: Other -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 36,936 1,691 9,787 1,985 2,779 2,687 1,969 5,881 1,367 798 1,470 1 ,603 4,919 Bonds 3,611 165 957 194 271 263 192 575 134 78 144 157 481 Total bought outright 1/2/ 74,416 3,407 19,718 3,999 5,598 5,414 3,967 11,848 2,754 1,609 2,962 "T, 229 9,911 Held under repurchase agreements -- -- -- -- -- -- -„ -- -- -- -- -- -- Total U.S. Government securities 74,416 3,407 19,718 3,999 5,598 5,414 3,967 11,848 2,754 1,609 2,962 T ,229 9,911 Total loans and securities 77,519 3,589 20,448 4,148 5,950 5,733 4,175 12,232 2,865 1,672 3,129 3 411 10,167 Cash items in process of collection 10,892 550 1,504 742 614 1,129 1,202 1,711 507 410 727 695 1,101 Bank premises 203 34 7 5 27 14 15 17 14 33 17 12 8 Other assets 3/ 878 38 213 53 60 61 53 115 27 19 35 35 169 TOTAL ASSETS 101,452 4,865 25,115 5,491 7,138 7,809 6,373 15,901 3,837 2,339 4,381 4 527 13,676 1/ Excludes $230 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. ~ll 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, Cleveland, Chicago and Dallas 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 JUNE 27, 1973 * New Phila Cleve-* Rich * St. Minne Kansas -u 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 ' 60,887 3,140 15,110 3,788 4,819 5,405 3,142 10,140 2,393 1,108 2,397 2,330 7,115 Deposits: Member bank reserves ' 24,7751 777 6,296 964 1,391 1,157 1,836 3,591 776 641 1,052 1,239 5,055 U. S. Treasurer--general account 3,583 277 1,088 185 158 256 282 305 191 138 188 240 275 Foreign 378 15 1/ 110 18 33 19 26 57 12 8 15 20 45 Other 698 1 613 15 -- 9 9 10 3 3 4 3 28 Total deposits 29,434 1,070 8,107 1,182 1,582 1,441 2,153 3,963 982 790 1,259 1,502 5,403 Deferred availability cash items 8,366J 536 1,172 381 510 791 892 1,369 367 376 615 559 798 Other liabilities and accrued dividends 821 39 222 43 61 59 51 123 29 21 30 34 109 TOTAL LIABILITIES 99,508 4,785 24,611 5,394 6,972 7,696 6,238 15,595 3,771 2,295 4,301 4,425 13,425 CAPITAL ACCOUNTS Capital paid in 820 33 209 41 73 45 60 129 28 19 34 45 104 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 331 13 88 17 21 26 20 53 11 7 13 14 48 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 101,452 4,865 25,115 5,491 7.138 7.809 6.373 15.901 3.837 2,339 4-381 4 r 527 13,676 Contingent liability on acee ptances purchased for foreig n 398 17 2/ 103 19 36 21 28 63 14 9 17 21 50 correspondents FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,276 15,897 3.874 4,969 5,558 3,352 10,341 2,537 1,146 2,522 2,514 7,490 Collateral for F. R. notes: Gold certificate account 180 — 250 350 515 -- 700 155 — 5 U. S. Government securities 3,130 16.QW 3,700 4,700 5,115 T,snn 9.900 2 f 430 l f 170 2.600 2 r 580 7,600 Total collateral 3,310 16,050 3,950 5,050 5,630 3,500 10,600 2,585 1,170 2,600 2,585 7,600 \J After deducting $268 million participations of other Federal Reserve Banks. 2/ After deducting $295 million participations of other Federal Reserve Banks. ^Estimated (Boston,Cleveland,Chicago and Dallas Districts) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis