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 July 12, 1973 The average of daily figures for total reserves of member banks declined $817 million in the latest statement week to $32,463 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. A more than seasonal increase in float was the major factor providing reserves in the latest statement week. Partially offsetting this reserve gain were increases in currency in circulation, Treasury deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital. In addition, System Open Market operations absorbed $793 million reserves net, on a weekly average basis, through matched sale-purchase transactions and maturing repurchase agreements made in the previous week. Some reserves were provided early in the statement week 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 11, Jul y 4, July 12, July 11, and related items 1973 1973 1972 1973 Reserve Bank credit: (IrI mil lions of dollars) U.S. Government securities-- Bought outright—System account 75,201 + 86 +4,599 1/2/72,724 Held under repurchase agreements 247 - 765 + 165 •- Federal Agency obligations-- Bought outright 1,449 _- + 363 1,449 Held under repurchase agreements 105 77 + 90 — Acceptances — Bought outright 63 _. 4 6 57 Held under repurchase agreements 21 - 33 + 8 -- Loans — Total member bank borrowing 1,680 « 721 +1,453 2,302 Includes seasonal borrowing of: 117 + 6 + 117 103 Other borrowing Float 3,675 +1 ,530 94 4,233 Other F.R. assets 1,090 - 8 + 29 1,165 Total Reserve Bank credit 83,530 + 7 +6,607 81,930 Gold stock 10,410 — -- 10,410 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,537 -- + 460 8,537 102,877 + 7 +7,066 101,277 Currency in circulation 68,662 + 614 +5,657 68,882 Treasury cash holdings 366 - 7 + 14 365 Treasury deposits with F.R. Banks 3,978 + 364 +1,551 4,241 Foreign deposits with F.R. Banks 284 - 24 + 108 269 Other deposits with F.R. Banks 729 - 11 + 130 689 Other F.R. liabilities and capital 2,972 + 122 + 608 2,620 76,991 +1 ,057 +8,068 77,066 Member bank reserves: With Federal Reserve Banks 25,887 -1, 050 -1,002 24,211 Currency and coin 6,464 + 233 + 606 6,464 Total reserves held ZJ 32,463 - 817 - 284 30,787 Required reserves 32,528 - 159 + 4 32,528 Excess reserves 3/ -1,741 NOTE: A net of $216 million of surplus reserves were eligible to be carried forward from the week ended July 4, into the week ending July 11. On July 11, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $28,680 million, a decrease of $396 million for the week. \J Excludes $3,030 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 7J Includes $164 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3_/ 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDIT ION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since July 11, July 4, July 12, 1973 1973 1972 A S S E TS ._ Gold certificate account 10,303 mm mm Special Drawing Rights certif. accts„ * 400 -- -- Cash ( 826) 294 + 2 9 Loans 2,302 - 697 +2,216 Acceptances--Bought outright 57 10 9 Held under repurchase agreements ... - 107 -- Federal Agency obligatons—Bought outright 1,449 + 363 Held under repurchase agreements 399 U. S. Government securities: Bought outright—Bills 31,922 -2,641 +3,591 Certificates Notes 37,138 + 27 + 542 Bonds 3,664 — + 162 Total bought outright 1/2/ 72,724 -2,614 +4,295 Held under repurchase agreements _« -1,962 -- Total U.S. Government securities 72,724 -4,576 +4,295 Total loans and securities 76,532 -5,789 +6,865 Cash items in process of collection (1,601) 10,079 +1,053 -2,571 Bank premises 207 + 2 + 44 Other assets 3^/ 958 + 98 + 14 TOTAL ASSETS (2,427) 98,773 -4,634 +4,343 .l_]—ULlmL~ Federal Reserve notes ( 826) 60,897 + 366 +5,318 Deposits: Member bank—reserves account 24,131 -5,046 - 214 U. S. Treasurer—general account 4,241 +1,080 +1,425 Foreign 269 + 17 + 97 Other 689 - 54 + 128 Total deposits 29,330 -4,003 +1,436 Deferred availability cash items (1,601) 5,926 - 697 -2,815 Other liabilities and accrued dividends 841 - 46 + 281 TOTAL LIABILITIES (2,427) 96,994 -4,380 +4,220 C A P I T AL A C C O U N T S, Capital paid in 822 -r 1 + 48 Surplus 793 -- + 51 Other capital accounts 164 - 255 + 24 Contingent liability on acceptances purchased for foreign correspondents 451 26 + 186 * Figures in parentheses are the eliminations made in the consolidating process, Excludes $3,030 million of securities sold, and scheduled to be bought back, 1/ under matched sale-purchase transactions. y Includes $164 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks„ 3/ Includes assets denominated in foreign currencies. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 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 2,209 19 2,308 -4,536 6 -393 16 days to 90 days 93 38 17,904 - 216 50 - 6 91 days to 1 year — «- 14,570 4- 150 331 Over 1 year to 5 years -- «- 26,982 + 26 562 Over 5 years to 10 years — — 9,358 284 Over 10 years -- j-- 1,602 216 Total 2,302 57 72,724 -4,576 1,449 -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 11, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia land mond Louis apolis City Francisco 0 n millions of dollars) A S S E TS Gold certificate account 10,303 747 955 941 1,182 793 468 1,582 497 17 650 487 1,984 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 826 85 186 20 29 79 142 63 21 19 38 43 101 Other cash 294 14 20 4 33 37 39 31 20 5 39 13 39 Loans 2,302 168 988 97 87 132 162 227 50 31 135 116 109 Acceptances: Bought outright 57 -- 57 -- -- -- -- — -- -- — — -- Held under repurchase agreements Federal Agency obligations-- Bought outright 1,449 66 390 75 105 103 78 231 53 30 56 64 198 Held under repurchase agreements U.S. Government securities: Bought outright-- Bills 31,922 1 ,457 8 ,585 1,662 2,307 2,279 1,708 5,094 1,179 662 1 ,230 1 ,404 4,355 Certificates: Other — -- -- -- -- -- — -- -- -- -- -- -- Notes 37,138 1 ,694 9 ,987 1,934 2,684 2,651 1,988 5,927 1,372 770 1 ,430 1 ,633 5,068 Bonds 3,664 167 985 191 265 262 196 585 135 76 141 161 500 Total bought outright 1/2/ 72.724 3 ,318 19 ,557 3.787 5,256 5,192 3.892 11,606 2,686 1,508 2 ,801 3,1 98 9,923 Held under repurchase agreements Total U S S ? Government securities 72,724."l "T,3 18 ] L 9 ,557 ~ ^ r , / 7 » Q -> 7 / Q 1 QO 3,892 11,606 2,686 1,508 OA1 J, 198 y, yt. J Total loans and securities 76,532 3 ,552 20 .992 3,959 5,448 5,427 4,132 12,064 2,789 1.569 2 ,992 3 378 10,230 Cash items in process of collection 11,680 421 2 ,327 636 481 1,400 1,125 1,507 488 560 899 567 1,269 Bank premises 207 35 7 7 27 14 15 17 14 34 17 12 8 Other assets 3/ 958 _ 43 243 56 68 66 53 136 33 29 33 38 160 TOTAL ASSETS 101,200 4 ,920 24 ,823 5,646 7,301 7,852 5,996 15,470 3,877 2,240 _ _4, 683 A ,552 13.840 1/ Excluded $3,030million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2_l Includes $164 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. 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 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 61,723 3,176 15,271 3,847 4,873 5,468 3,224 10,270 2,439 1,120 2,435 2,357 7,243 Deposits: Member bank reserves 24,131 919 6,444 991 1,505 1,009 1,562 3,410 696 515 987 1,215 4,878 U. S. Treasurer—general account 4,241 331 621 305 301 427 198 363 271 122 552 323 427 Foreign 269 10 1/ 91 12 22 13 17 38 8 5 10 13 30 Other 689 2 588 18 2 19 9 14 3 3 9 6 16 Total deposits 29,330 1,262 7,744 1,326 1,830 1,468 1,786 3,825 978 645 1,558 1,557 5,351 Deferred availability cash items 7,527 370 1,126 342 382 757 810 968 370 412 586 508 896 Other liabilities and accril ed dividends 841 39 226 42 57 60 50 127 29 22 31 35 123 TOTAL LIABILITIES 99,421 4,847 24,367 5,557 7,142 7,753 5,870 15,190 3,816 2,199 4,610 4,457 13,613 CAPITAL ACCOUNTS Capital paid in 33 209 41 74 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 164 6 40 9 13 12 11 26 6 4 6 7 24 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 101,200 4,920 24,823 5,646 7,301 7,852 5,996 Jj,470_ JL877_ 2,240 4,683 4,552 13,840 Contingent liability on ace: eptances purchased for foreiL gn correspondents 451 19 2/118 22 41 24 32 7±_ 1_5_ 10 19 24 56 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 64,110 3,302 16,002 3,903 5,036 5,624 3,397 10,485 2,555 1,178 2,547 2,523 7,558 Collateral for F. R. notes: Gold certificate account 2,195 180 250 350 555 700 155 5 U. S. Government securities 63,025 3,160 16,250 3,700 4,850 5,155 3,500 9,900 2,430 1,200 2,600 2,580 7,700 Total collateral 65,220 3,340 16,250 3,950 5,200 5,710 3,500 10,600 2,585 1,200 2,600 2,585 7,700 1/ After deducting $ 178 million participations of other Federal Reserve Banks, 27 After deducting $ 333 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis