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 December 6, 1973 The average of daily figures for total reserves of member banks increased $418 million in the latest statement week to $34,784 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. A decline in float was the major factor absorbing reserves in the latest statement week. Partially offsetting this reserve drain was a decline in foreign deposits with Federal Reserve Banks. In addition, System Open Market operations provided $710 million reserves net, on a weekly average basis, through repurchase agreements. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 5, Nov. 28, Dec. 6, Dec. 5, and related items 1973 1973 1972 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 76,422 187 + 6,811 1/ 76,393 Held under repurchase agreements 1,138 713 + 607 1,221 Federal Agency obligations— Bought outright 1,810 15 + 633 1,810 Held under repurchase agreements 162 105 + 146 215 Acceptances — Bought outright 45 3 19 43 Held under repurchase agreements 74 + 61 46 135 Loans-- Total member bank borrowing 1,477 189 686 Includes seasonal borrowing of: 57 27 57 45 Other borrowing Float 2,377 893 126 3,675 Other F.R, assets 942 71 120 970 Total Reserve Bank credit 84,448 78 + 8,866 85,148 Gold stock 11,567 + 1,157 11,567 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8,661 378 8,664 105,076 80 •no, 'oi 105,779 Currency in circulation 70,493 9 + j,318 70,977 Treasury cash holdings 334 5 15 333 Treasury deposits with F.R. Banks 1,884 31 + 786 1,705 Foreign deposits with F.R. Banks 440 211 + 199 369 Other deposits with F.R. Banks 3/ 670 14 + 59 716 Other F.R. liabilities and capital 2,958 98 + 448 2,720 76,780 226 + 6,796 76,820 Member bank reserves: With Federal Reserve Banks 28,297 307 + 3,606 28,960 Currency and coin 6,403 111 + 535 6,403 Total reserves held 2/ 34,784 + 418 + 3,775 35,447 Recmired reserves 34,475 + 126 + 3,802 34,475 Excess reserves 2/ 309 + 292 27 972 NOTE: A net of $78 million of surplus reserves were eligible to be carried forward from the week ended November 28, into the week ending December 5. On December 5, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,489 million, an increase of $531 million for the week. 1/ Includes $q4 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $84 million of certain reserve deficiencies on which penalities can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. 3/ Includes $42 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 Dec. 5, Nov. 28, Dec. 6, 12Zi_ 1973 1972 A S S E TS Gold certificate account 11,460 -- 4-1,157 Special Drawing Rights certif. accts. * 400 — — Cash ( 986) 294 - 3 19 Loans 686 - 800 + 412 Acceptances—Bought outright 43 -- 19 Held under repurchase agreements 135 + 118 + 116 Federal Agency obligations—Bought outright 1,810 -- + 633 Held under repurchase agreements 215 + 136 + 201 U.S. Government securities: Bought outright—Bills 35,058 - 304 +6,283 Certificates - _- -- _- Other Notes 38,186 ... +1,505 Bonds 3,149 -- - 449 Total bought outright 76,393 - 304 +7,339 Held under repurchase agreements 1,221 + 341 + 725 Total U.S. Government securities 76,614 + 37 +8,064 Total loans and securities 80,503 -. 509 +9,407 Cash items in process of collection (1,632) 9,246 - 235 - 552 Bank premises 221 + 56 Other assets 2] 749 47 - 235 TOTAL ASSETS (2,618) 102,873 700 +9,814 Federal Reserve notes (986) 62,832 + 314 +4,868 Deposits: Member bank-reserves account 28,880 - 448 +4,490 U. S. Treasurer—general account 1,705 - 296 + 517 Foreign 369 - 147 + 85 Other 3/ 716 + 71 + 169 Total deposits 31,670 - 820 +5,261 Deferred availability cash items (1,632) 5,651 + 115 - 445 Other liabilities and accrued dividends 975 + 2 + 295 TOTAL LIABILITIES (2,618) 101,128 - 389 +9,979 £ A Z I 1 A L ACCOUNTS Capital paid in 837 1 + 49 Surplus 793 -- + 51 Other capital accounts 115 - 310 - 265 Contingent liability on acceptances purchased for foreign correspondents 607 + 2 + 418 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $94 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. ^3/ Includes $42 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. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 5. 1973 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U.S. Government Federal Agency Loans Accept securities obligations ances Holdings Weekly Holdings Weekly changes Changes Within 15 days 645 143 6,895 +1, 000 299 +136 16 days to 90 days 41 35 18,297 - 842 89 + 4 91 days to 1 year — -- 20,238 - 121 276 - 4 Over 1 year to 5 years -- — 22,953 -- 665 _- Over 5 years to 10 years — 7,469 — 469 -- Over 10 years 1,762 — 227 — Total 686 178 77,614 + 37 2,025 +136 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 DECEMBER 5, 19/3 Total Boston N Yo e r w k d P e hi l l p a hi a C l l a e n v d e m R o i n c d h Atlanta Chicago L S o t u . i s M a i p n o n l e i s K C a i n t s y a s Dallas F S r a a n n cisco 0 .n millions of dollars) A S S E TS ! Gold certificate account 11,460 606 ?,406 640 947 1,013 396 2,163 514 108 715 164 1,788 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 986 102 209 36 48 84 142 55 28 19 49 84 130 Other cash 294 17 21 3 34 31 41 33 20 11 34 16 31 Loans 686 40 73 61 2 29 177 84 38 8 84 80 10 Acceptances: Bought outright 43 -- 43 -- __ -- _- _„. -_ _- ._ «._ -_ Held under repurchase agreements 135 --. 135 _- -- __ _.. __ __ „„ _„ _- Federal Agency obligations-- Bought outright 1,810 85 462 97 139 134 99 289 64 36 69 78 258 Held under repurchase agreements 215 -- 215 -- _- -- __ _« -_ ._ _«. „_ __ U.S. Government securities: Bought outright-- Bills 35,058 1,644 8,941 1,878 2 ,702 2,590 1,927 5,601 1,234 697 1,334 1 ,516 4,994 Certificates: Other -- — -- — — -- — -- -- -- -_ _- _._ Notes 38,186 1,792 9,738 2,046 2 ,944 2,821 2,098 6,101 1,345 759 1,453 1 ,650 5,439 Bonds 3,149 148 803 168 243 233 173 503 111 63 120 136 448 Total bought outright \j 76,393 3,584 19,482 4,092 T ,889 5,644 4,198 12,205 2,690 1,519 2,907 ~ ,302 10,881 Hel-d under repurchase agreements ! 1.221 — 1,221 -- -- — -- — -- -- -- -- ..- Total U.S. Government securities 77,614 3,584 20,703 4,092 T ,889 5,644 4,198 12,205 2,690 1,519 2,907 — ,302 10,881 " Total loans and securities 80,503 3,709 21,631 4,250 6 ,030 5,807 4,474 12,578 2,792 1,563 3,060 3 ,460 11,149 Cash items in process of collection 10,878 479 1,870 516 550 1,215 1,220 1,481 488 787 422 747 1,103 Bank premises 221 42 10 10 27 14 15 16 14 36 17 12 8 Other assets 2/ 749 32 201 72 50 52 38 100 22 15 26 28 113 TOTAL ASSETS !105,491 5,010 26,441 5,550 7 ,719 8,252 6,348 16,496 3,893 2,546 4,338 4 ,525 14,373 \J Includes $94 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 DECEMBER 5, 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 Deposits: 63,818 3,188 15,739 4,001 5,122 5,708 3,412 10,674 2,539 1,141 2,485 2,410 7,399 M I e L m b S_ e - r T b r a e n a k s u r r e e s r e - r - v g e e s n eral account 28,880 1,181 7,862 896 1,864 1,308 1,837 4,201 814 729 1,071 1,375 5,742 Foreign 1,705 126 279 97 115 230 123 147 84 108 97 113 186 Other 3/ 369 15 1/110 17 32 18 24 55 12 8 15 19 44 TotaF deposits 716 4 586 17 1 22 13 28 3 13 4 10 15 Deferred availability cash items 31,670 1,326 8,837 1,027 2,012 1,578 1,997 4,431 913 858 1,187 1,517 5,987 Other liabilities and accrued 7,283 383 1,132 387 359 801 760 976 351 487 560 464 623 dividends 975 42 285 48 73 66 52 142 31 20 34 39 143 TOTAL LIABILITIES 103,746 4,939 25,993 5,463 7,566 8,153 6,221 16,223 3,834 2,506 4,266 4,430 14,15 2 CAPITAL ACCOUNTS K ' vr a n p i l t u a s l paid in 8 7 3 9 7 3 3 3 4 3 2 2 0 1 7 4 4 3 2 9 7 7 2 4 4 4 2 7 5 6 5 2 1 1 2 3 4 1 2 2 7 8 2 1 0 8 3 3 3 5 4 4 3 6 10 9 5 9 r capital accounts 115 4 27 6 7 10 10 18 4 2 4 6 17 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 105,491 5,010 26,441 5,550 7,719 8,252 6,348 16,496 3,893 2,546 4,338 4,525 14,373 -nt-ngent liability on acct.pta nr i • « purchased f or Ior t •; c or re s pondent s 607 25 2/158 30 55 32 43 95 21 14 25 33 76 FEDERAL RESERVE AGENTS' ACCOUNTS R, notes outstanding 66,388 3,352 16,408 4,074 5,320 5 ,859 3,618 10,900 2 ,639 1,183 2,609 2,580 7,846 •'"lateral for F, R, notes: • d ctrtif:' it*- itM'nunl 2,485 175 -. 350 350 750 -- 700 155 ._ -. 3 -- U• S. Government securities 65,225 3,210 16,650 3,800 5,200 5 ,145 3,700 10,400 2 ,570 1,220 2,700 2,630 8,000 Total collateral 67,710 3,385 16,650 4,150 5,550 5 ,895 3,700 11,100 2 ,725 1,220 2,700 2,635 8,000 1/ After df.'.i i^.u - 259 million participations of other Federal Reserve Banks. 2/ Aftei dt-uu >n ^449 •• i ; : ivn participations of other Federal Reserve Banks. h 3/ Inc ludes . . > , rLlli*n ^f^'rtiin deposits of domestic non-member banks and foreign-owned banking institutions held with member banks and A redeposited m full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in mtehmeo eFre dnearmaels Raensae rve System s program of credit restraint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis