H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Of <-'-Ol'£ FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release August 2, 1973 The average of daily figures for total reserves of member banks increased $221 million in the latest statement week to $34,030 million. Excess reserves and member bank borrowings at Federal Reserve Banks increased while required reserves declined. A decline in float and an increase in other Federal Reserve liabili ties and capital were the major factors absorbing reserves in the latest state ment week. Offsetting these reserve drains were declines in currency in circula tion and Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations provided $674 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, August 1, July 2b, August 2, August 1, and related items 1973 1973 1972 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 75,788 + 528 +4,966 1/76,133 Held under repurchase agreements 440 + 126 + 348 723 Federal Agency obligations-- Bought outright 1,617 + 24 + 549 1,614 Held under repurchase agreements 44 32 + 36 76 Acceptances — Bought outright 53 1 10 55 Held under repurchase agreements 46 27 + 37 97 Loans-- Total member bank borrowing 2,094 + 14 4-1,731 1,378 Includes seasonal borrowing of: 141 + 13 + 141 139 Other borrowing Float 2,267 -1,032 - 928 3,404 Other F.R. assets 1,278 + 34_ + 66 1,351 Total Reserve Bank credit 83,627 - 309 +6,795 84*831 Gold stock 10,410 10,410 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8,539 443 8,540 102,976 311 +7,238 104,181 Currency in circulation 68,051 216 +5,603 68,259 Treasury cash holdings 324 7 12 331 Treasury deposits with F.R. Banks 2,928 240 + 464 2,281 Foreign deposits with F.R. Banks 407 + 2 + 257 250 Other deposits with F.R. Banks 2/818 + 38 + 207 3/778 Other F.R. liabilities and capital 2,903 + 123 + 526 2,994 75,431 - 300 +7,045 74,893 Member bank reserves: With Federal Reserve Banks 27,545 12 + 193 29,288 Currency and coin 6,373 + 233 + 586 6,373 Total reserves held 2/ 34,030 + 221 + 891 35,773 Required reserves 33,554 - 239 + 657 33,554 Excess reserves 2/ 476 + 460 + 234 2,219 NOTE: A net of $32 million of surplus reserves were eligible to be carried forward from the week ended July 25, into the week ending August 1. On August 1, 1973, marketable U.S. Government securities held in custody by Federal Reserve Banks for foreign and international accounts were $29,003 million, a decrease of $261 million for the week. 1/ Includes $177 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. 3/ Includes $4 million of certain deposits of domestic non-member banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in the Federal Reserve System's program of credit restraint,. 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 August 1, July 25, August 2, 1973 1973 1972 A S S E TS Gold certificate account 10,303 — — Special Drawing Rights certif. accts. * 400 -- — Cash (1,172) 305 -- - 17 Loans 1,378 - 647 + 107 Acceptances—Bougnt outright 55 + 4 - 8 Held under repurchase agreements 97 + 63 + 42 Federal Agency obligations—Bought outright 1,614 - 3 + 573 Held under repurchase agreements 76 + 24 + 28 U. S. Government securities: Bought outright—Bills 35,331 +1,159 44,606 Certificates Notes 37,138 — + 542 Bonds 3,664 -- + 162 Total bought outright 1/ 76,133 +1,159 +5,310 Held under repurchase agreements 723 + 489 + 91 Total U.S. Government securities 76,856 +1,648 +5,401 Total loans and securities 80,076 +1,089 +6,143 Cash items in process of collection (1,536) 9,525 + 496 -2,405 Bank premises 207 -- + 43 Other assets 1/ 1,144 + 79 + 75 TOTAL ASSETS (2,708) 101,960 +1.664 +3,839 L I A 1 I L L I Z I . E S, Federal Reserve notes (1,172) 60,248 + 1 +5,146 Deposits: Member bank—reserves account 29,208 +1,671 + 128 U. S. Treasurer—general account 2,281. - 751 + 144 Foreign 250 27 + 82 Other 3/ 778 + 12 + 88 Total deposits 32,517 + 905 + 442 Deferred availability cash items (1,536) 6,201 + 567 -2,323 Other liabilities and accrued dividends 944 + 97 + 369 TOTAL LIABILITIES (2,708) 99,910 +1,570 +3,634 C A P I T AL A C C O U N TS Capital paid in 824 + 2 + 51 Surplus 793 -- + 51 Other capital accounts 433 + 92 + 103 Contingent liability on acceptances purchased for foreign correspondents 498 -- + 235 * Figures in parentheses are the eliminatiais made in the consolidating process. \J Includes $177 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2_l Includes assets denominated in foreign currencies. 3/ Includes $4 million of certain deposits of domestic non-member banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member insti tutions in the Federal Reserve System's program of credit restraint. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, AUGUST l 1973 r (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 1,314 13 6,456 +1,023 76 +22 16 days to 90 days 64 39 17,468 - 392 52 -- 91 days to 1 year -- 14,990 +1,017 372 - 1 Over 1 year to 5 years -- 26,982 -- 630 — Over 5 years to 10 years — 9,358 — 308 -- Over 10 years -- 1,602 — 252 — Total 1,378 152 76,856 +1,648 1,690 +21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.Hb) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 1, 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 10,303 577 1,656 569 661 714 563 1,829 323 14 130 328 2,939 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49' F.R. notes of other banks 1,172 140 225 56 50 107 188 78 38 31 47 66 146 Other cash 305 15 21 4 33 35 40 35 21 5 39 14 43 Loans 1,378 137 103 66 81 133 147 303 55 38 128 132 55 Acceptances: Bought outright 55 — 55 -- -- -- -- -- -- -_. -- -- -- Held under repurchase agreements 97 -- 97 -- — -- -- -- -- -- -- -- — Federal Agency obligations-- Bought outright 1,614 72 428 87 119 115 84 256 59 33 67 72 222 Held under repurchase agreements 76 -- 76 -- -- — -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 35,331 1,577 9,366 1,912 2,599 2,514 1,852 5,600 1,288 724 1,476 1 568 4,855 Certificates: Other -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 37,138 1,657 9,846 2,010 2,732 2,642 1,947 5,886 1,353 761 1,552 1 ,649 5,103 Bonds 3,664 164 971 198 270 261 192 581 133 75 153 163 503 Total bought outright 1/ 76,133 3,398 20,183 4,120 5,601 5,417 3,991 12,067 2,774 r 560 3,181 3*3 80 10,461 Held under repurchase agreements 723 -- 723 -- -- — -- -- -- -- -- — = = Total U.S. Government securities 76,856 3,398 20,906 4,120 5,601 5,417 3,991 12,067 2,774 1 ,560 3,181 3", 380 10,461 Total loans and securities 80,076 3,607 21,665 4,273 5,801 5,665 4,222 12,626 2,888 1 ,631 3,376 3 ,584 10,738 Cash items in process of collection 11,061 436 2,044 539 521 1,372 1,146 1,487 437 496 751 592 1,240 Bank premises 207 35 7 7 27 14 15 17 14 34 17 12 8 Other assets 2/ 1,144 47 310 64 75 79 83 160 37 31 43 45 170 TOTAL ASSETS 104,668 4,880 26,021 5,535 7,201 8,022 6,279 16,302 3,773 2 ,249 4,418 4 655 15,333 1/ Includes $177 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ 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 AUGUST 1, 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) ilA£IiIiIES Federal Reserve notes 61,420 3,146 15,300 3,818 4,867 5,439 3,171 10,246 2,420 1,109 2,418 2,343 7,143 Deposits: Member bank reserves 29,208 1,136 7,559 1,015 1,543 1,322 1,864 4,266 786 533 1,079 1,531 6,574 U. S. Treasurer—general account 2,281 145 364 142 154 242 204 170 114 113 170 160 303 Foreign 250 11 1/ 57 13 24 13 18 41 9 6 11 14 33 Other 3/ 778 1 646 30 1 22 11 27 4 2 9 5 20 Total deposits 52,517 1,293 " o762o- 17200 " T77"22— 1,599 2,097 4,504 9T3 654 1,269 ' 1,710 H57?3T5 Deferred availability cash items Other liabilities and accrued 7,737 317 1,283 368 371 804 821 1,091 339 414 611 456 862 dividends 944 40 280 46 64 61 50 137 31 26 37 39 133 TOTAL LIABILITIES 102,618 4,796 25,489 5,432 7,024 7,903 6,139 15,978 3,703 2,203 4,335 4,548 15,068 CAPITAL ACCOUNTS Capital paid in 824 33 209 41 74 45 60 130 28 19 34 45 106 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 433 12 116 23 31 32 25 2D 15 9 US L9 60. TOTAL LIABILITIES AND CAPITAL ACCOUNTS 104,668 LR*n 9^091 s s^ 7.201 8.022 6.279 16.302 3,773 2.249 4,418 4.655 15,333, t Contingent liability on accept ances purchased for foreign 498 21 2/ 130 24 45 26 35 78 17 12 21 27 62 correspondents FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,321 16,039 3,896 5,053 5,651 3,434 10,486 2,568 1,165 2,544 2,509 7,578 Collateral for F. R. notes: Gold certificate account 180 — 350 350 555 700 155 -- -- 5 U. S. Government securities 3,160 16.250 3.700 4.850 5.155 3.600 9.900 2.480 1,2QQ 2.600 2.^80 7.900 Total collateral 3,340 16,250 4,050 5,200 5,710 3,600 10,600 2,635 1,200 2,600 2,585 7,900 1/ After deducting $193 million participations of other Federal Reserve Banks. 3/ Includes $4 million of certain deposits of domestic non-member banks and 2/ After deducting $ 368 million participations of other Federal Reserve Banks. ~" foreign-owned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in the Federal Reserve System's program of credit restraint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis