H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and '••f^n*sf:- Condition Statement of F.R. Banks H.4.1 For immediate release July 5,1973 The average of daily figures for total reserves of member banks increased $914 million in the latest statement week to $33,128 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. A decline in float and increases in both currency in circulation and Treasury deposits with Federal Reserve Banks were the major factors absorbing reserves in the latest statement week. System Open Market Operations provided $1,937 million reserves net,on a weekly average basis, through outright purchases of Treasury bills and repurchase agreements. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 4, June 27, July 5, July*4, and related items 1973, 1973 1973 1973 , Reserve Bank credit: (In millions of dollars) 1/ U.S. Government securities-- Bought outright—System account 75,115 + 732 + 3,781 75,338 Held under repurchase agreements 1,012 + 989 + 963 1,962 Federal Agency obligations— Bought outright 1,449 + 352 1,449 Held under repurchase agreements 182 166 + 175 399 Acceptances — Bought outright 67 2 4 67 Held under repurchase agreements 54 52 47 107 Loans — Total member bank borrowing 2,401 + 552 + 2,089 2,999 Includes seasonal borrowing of: 111 + 18 + 111 127 Other borrowing Float 1 ,997 - 621 1,056 2,301 Other F.R. assets 1 ,096 + 97 + 86 1,049 Total Reserve Bank credit 83 ,372 + ]. ,964 + 6,433 85 ,671 Gold stock 10 ,410 10 ,410 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8 ,537 + 11 + 481 8 ,537 102,719 + 1,974 6,914 105,018 Currency in circulation 68,048 + 468 5,664 68,509 Treasury cash holdings 373 8 11 375 Treasury deposits with F.R. Banks 3,614 + 552 1,448 3,161 Foreign deposits with F.R. Banks 308 31 56 252 Other deposits with F.R. Banks 740 + 47 18 741 Other F.R. liabilities and capital 2,852 + 120 480 2,931 75,935 + 1,211 + 7,677 75,969 Member bank reserves: With Federal Reserve Banks 26,785 + 764 763 29,050 Currency and coin 6,231 + 210 636 6,231 Total reserves held 2/ 33,128 + 914 - 15 35,393 Required reserves 32,687 + 685 - 128 32,687 Excess reserves 2/ 441 + 229 + 113 2,706 NOTE: A net of $100 million of surplus reserves were eligible to be carried forward from the week ended June 27, into the week ending July 4. On July 4, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $29,076 million, decrease of $718 million for the week. 1/ Includes $105 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $112 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 (Dallas 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 July 4,** June 27, July 5, 1973 1973 1?72 A S S E TS Gold certificate account 10 303 Special Drawing Rights certif. accts. 400 Cash ( 859) 292 7 13 Loans 2,999 +1,412 +2,486 Acceptances--Bought outright 67 Held under repurchase agreements 107 + 107 + 59 Federal Agency obligatons—Bought outright 1,449 + 363 Held under repurchase agreements 399 + 399 + 353 U. S. Government securities: Bought outright—Bills 34,563 + 694 +3,165 Certificates Notes 37,111 + 175 + 515 Bonds 3.664 + _-52 + -LS2. Total bought outright 1/ 75,338 + 922 +3,842 Held under repurchase agreements 1.962 +1 r 96? +1.621 Total U.S. Government securities 77.300 +2.884 +5.463 Total loans and securities 82,321 +4,802 +8,724 Cash items in process of collection (1,374) 8,821 + 420 -2,506 Bank premises 205 + 3 + 42 Other assets 2/ S4A. Jl 25_ J=. 55. TOTAL ASSETS (2,233) 103.186 +5.183 +6,1?? Federal Reserve notes ( 859) 60,531 + 638 +5,096 Deposits: Member bank—reserves account 28,970 +4,195 + 639 U. S. Treasurer—general account 3,161 - 422 +1,366 Foreign 252 - 126 + 63 Other (5) UA. _J: 4£ ±-JM. Total deposits (5) 33,124 +3,687 +2,234 Deferred availability cash items (1,369) 6,600 + 696 -1,655 Other liabilities and accrued dividends MS. J: 8JL + 315 TOTAL LIABILITIES (2,233) 101,153 +5,101 +5,990 C A P I T AL A C C O U N TS Capital paid in 821 + 1 + 48 Surplus 793 -- + 51 Other capital accounts 419 + 81 •4- 103 Contingent liability on acceptances purchased for foreign correspondents 425 + 27 + 170 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $105 million securities loaned — fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. ** Estimated (Dallas District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. JULY 4. 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 ,916 132 6,844 +1, 875 399 +399 16 days to 90 days 83 42 18,120 - 45 56 -- 91 days to 1 year — — 14,420 + 842 331 - 1 Over 1 year to 5 years — — 26,956 + 124 562 -- Over 5 years to 10 years — — 9,358 + 37 284 -- Over 10 years lt602 + 51 216 + 1 —• Total 2,9 99 174 77,300 +2 ,884 1,848 +399 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 JULY 4, 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. £ E T S. Gold certificate account 10,303 539 924 378 852 1,044 529 2,209 367 116 486 494 2,365 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 859 84 182 28 36 74 146 85 18 21 33 50 102 Other cash 292 13 21 4 32 36 39 30 21 5 39 14 38 Loans 2,999 241 746 313 195 300 174 491 87 26 185 130 111 Acceptances: Bought outright 67 67 Held under repurchase agreements 107 107 Federal Agency obligations-- Bought outright 1,449 66 389 75 105 103 78 231 53 31 56 64 198 Held under repurchase agreements 399 399 U.S. Government securities: Bought outright-- Bills 34,563 1,577 9,283 1,799 2,498 2,468 1,850 5,516 1,276 728 1,331 1,521 4,716 Certificates: Other Notes 37,111 1,693 9,968 1,933 2,682 2,649 1,986 5,922 1,371 782 1,429 1,632 5,064 Bonds 3,664 167 984 191 265 262 196 585 135 77 141 161 500 Total bought outright 1/ 75,338 3,437 20,235 3,923 5,445 5,379 4,032 12,023 2,782 1,587 2,901 3,314 10,280 Held under repurchase agreements 1,962 1,962 Tota1 U.S. Government securities 77_^300 3,437 ^2^91 3,923 5,445 5,379 4,032 12,023 2,782 1,587 2,901 3,314 10,280 Total loans and securities 82,321 3,744 23,905 4,311 5,745 5,782 4,284 12,745 2,922 1,644 3,142 3,508 10,589 Cash items in process of collection 10,200 402 1,942 715 565 1,060 1,153 1,417 415 69 651 559 852 Bank premises 205 34 7 7 27 14 15 17 14 33 17 12 8 Other assets 2/ 844 38 225 59 60 63 46 124 30 21 33 35 110 TOTAL ASSETS 105,424 4,877 27,299 5,525 7,350 8,109 6,234 16,697 3,802 2,316 4,416 4,686 14,113 l_/ Includes $105 million securities loaned -- fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2] Includes assets denominated in foreign currencies. * Estimated (Dallas 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 JULY 4, 1973 * San New Phila Cleve Rich St. Minne Kansas 1 Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 61,390 3,161 15,241 3,818 4,833 5,458 3,176 10,227 2,419 1,112 2,416 2,341 7,188 Deposits: Member bank reserves 28,970 1,014 8,489 931 1,577 1,406 1,758 4,448 791 605 1,066 1,535 5,350 U. S. Treasurer--general account 3,161 202 749 196 176 221 197 329 143 108 225 223 392 Foreign 252 11 1/ 61 13 23 13 18 41 9 6 11 14 32 Other 746 645 17 2 10 12 21 1 2 5 2 29 Total deposits 33,129 1,227 9,944 1,157 1,778 1,650 1,985 4,839 944 721 1,307 1,774 5,803 Deferred availability cash items 7,974 368 1,297 408 501 826 887 1,185 341 417 579 419 746 Other liabilities and accn led dividends 898 37 291 40 60 57 47 126 29 21 31 46 113 TOTAL LIABILITIES 103,391 4,793 26,773 5,423 7,172 7,991 6,095 16,377 3,733 2,271 4,333 4,580 13,850 CAPITAL ACCOUNTS Capital paid in 821 33 209 41 73 45 60 130 28 19 34 45 104 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 419 17 110 22 33 31 24 66 14 8 16 18 60 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 105,424 4,877 27,299 5,525 7,350 8,109 6,234 16^697 _3_, 802 2,316 4,416 4.686_ 14,113_ Contingent liability on ace .eptances purchased for forei -gn correspondents 425 18 2/111 21 39 22 30 66 14 10 18 23 53 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 15,907 3,887 4,971 5,605 3,367 10,455 2,534 1,157 2,530 2,504 7,539 Collateral for F. R. notes: Gold certificate account 250 350 515 700 155 5 U. S. Government securities 16,250 3,700 4,700 5,155 3,500 9,900 2,430 1,200 2,600 2,580 7,700 Total collateral 3,310 16,250 3,950 5,050 5,670 3,500 10,600 2,585 1,200 2,600 2,585 7,700 1/ After deducting $ 191 million participations of other Federal Reserve Banks, * Estimated (Dallas District), 2/ After deducting $ 314 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis