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 13, 1973 The average of daily figures for total reserves of member banks declined $617 million in the latest statement week to $34,234 million. Required reserves showed little change while excess reserves and member bank borrowings at Federal Reserve Banks declined more sharply. Major factors providing reserves in the latest statement week were declines in Treasury and foreign deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital. Offsetting these reserve gains was an increase in currency in circulation. In addition, System Open Market operations absorbed $825 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 during the week through repurchase agreements. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 12, * Dec. 5, Dec. 13, Dec. 12, and related items 1973 1973 1972 1973 * Reserve Bank credit: (IrI millions of dollars) U.S. Government securities-- Bought outright--System account 76,262 - 160 +6,886 1/2/75,865 Held under repurchase agreements 576 - 562 + 240 537 Federal Agency obligations— Bought outright 1,774 - 36 + 603 1,725 Held under repurchase agreements 115 - 47 + 88 79 Acceptances — Bought outright 45 -- 18 48 Held under repurchase agreements 54 20 + 28 51 Loans — Total member bank borrowing 1,302 - 175 + 497 1,580 Includes seasonal borrowing of: 45 12 + 45 29 Other borrowing Float 2,369 75 - 647 2,607 Other F.R. assets 962 + 20 - 121 1,045 Total Reserve Bank credit 83,460 -1,055 +7,557 83,537 Gold stock 11,567 — +1,157 11,567 Special Drawing Rights certif. acct. 400 -- — 400 Treasury currency outstanding 8,666 + 5 + 376 8,668 104,092 -1,051 +9,089 104,172 Currency in circulation 71,223 + 730 +5,349 71,670 Treasury cash holdings 315 19 - 41 335 Treasury deposits with F.R. Banks 1,597 - 287 + 247 1,324 Foreign deposits with F.R. Banks 297 - 143 + 45 297 Other deposits with F.R. Banks 4/ 651 19 11 632 Other F.R. liabilities and capital 2,768 - 190 + 450 2,796 76,851 + 71 +6,039 77,254 Member bank reserves: With Federal Reserve Banks 27,241 -1,123 +3,050 26,918 Currency and coin 6,909 + 506 + 482 6,909 Total reserves held 3/ 34,234 - 617 +3,166 33,911 Required reserves 34,474 1 +3,650 34,474 Excess reserves 3/ - 240 - 616 484 563 NOTE: A net of $277 million of surplus reserves were eligible to be carried forward from the week ended December 5, into the week ending December 12. On December 12, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,136 million, a decrease of $353 million for the week. jL/ Excludes $490 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 1/ Includes $91 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 1/ Adjusted to include $84 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. 4/ Includes $46 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 F ^ M ^ ^ W S S ? !^ of credit restraint. Estimated (Philadelphia and Richmond 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 Dec. 12,** Dec. 5, Dec. 13, 1973 1Q7T 1972 A S S E TS Gold certificate account 11. 460 -- + 1,157 Special Drawing Rights certif. accts. * 400 -- — Cash ( 872 ) 315 + 21 + 1 Loans 580 + 894 + 585 Acceptances—Bought outright 48 + 5 14 Held under repurchase agreements 51 - 84 54 Federal Agency obligations--Bought outright 1.7 25 - 85 + 562 Held under repurchase agreements 79 - 136 65 U.S. Government securities: Bought outright--Bills 34 530 - 528 + 4,792 Certificates - Other Notes 38,186 — + 1,505 Bonds 3,149 — 449 Total bought outright 1/2/ 75,865 - 528 + 5,848 Held under repurchase agreements ~ ~~ 537 - 684 - 1,006 Total U.S. Government securities 76,402 -1,212 + 4,842 Total loans and securities 79,885 - 618 + 5,856 Cash items in process of collection (1,592) 8,209 -1,261 - 2,048 Bank premises 22.1 — + 50 Other assets £/ 824 + 75 149 TOTAL ASSETS (2,464) 101,314 -1,783 + 4,867 L I A B I L I T I ES Federal Reserve notes ( 872) 63,545 + 713 + 5,036 Deposits: Member bank-reserves account 26,838 -2,266 319 U. S. Treasurer—general account 1,524 - 181 1 Foreign 297 - 72 + 38 Other _4/ 632 84 + 20 Total deposits 29,291 -2,603 262 Deferred availability cash items (1,592) 5,682 + 31 385 Other liabilities and accrued dividends 959 - 16 + 345 TOTAL LIABILITIES (2,464) 99,477 »1,875 + 4,734 C A P I T AL A C C O U N TS Capital paid in 838 + 1 + 50 Surplus 793 — + 51 Other capital accounts 206 + 91 + 32 Contingent liability on acceptances purchased for foreign correspondents 613 + 6 + 431 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $490 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $91 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. 4/ Includes $46 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. ** Estimated (Philadelphia and Richmond Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, nEr.ffMttira 19 1Q71 (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 1,507 60 5,661 -1,234 79 -220 16 days to 90 days 73 39 19,007 710 133 + 44 91 days to 1 year 19,550 • 688 282 + 6 Over 1 year to 5 years 22,953 — 659 - 6 Over 5 years to 10 years 7,469 — 424 - 45 Over 10 years -- 1,762 -- 227 — Total 1,580 99 76,402 1,212 1,804 -221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.Ub) STATEMENT OF CONDITIO! 01 EACH FEDERAL RESERVE BANK ON DECEMLEL 12, 1973 New Phila-* Cleve Rich St. Minne- Kansas San Total Boston York delphia land mond * Atlanta Chicago Louis apo lis City Danas Francisco 0 .n millions of dollars) A S S E TS Gold certificate account 11,460 811 2,030 774 955 1,103 619 2,200 566 210 501 276 1,415 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 872 81 196 36 42 65 125 51 23 13 45 86 109 Other cash 315 17 21 4 34 51 41 35 19 10 34 16 33 Loans 1,580 71 859 50 2 94 95 137 21 60 82 27 82 Acceptances: Bought outright 48 -- 48 -- -- -- — -- -- -- .. _- Held under repurchase agreements 51 — 51 — — — -- — -- — -- -- — Federal Agency obligations-- Bought outright 1,725 81 440 92 133 127 95 276 61 34 66 74 246 Held under repurchase agreements 79 -- 79 — -- — — — -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 34,530 1,620 8,806 1,850 2,661 2,551 1,897 5,517 1,216 686 1,314 1 ,493 4,919 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 1/ 2/ 75,865 3,560 19,347 4,064 5,848 5,605 4,168 12,121 2,672 _, 508 2,887 T ,279 10,806 Held under repurchase agreements 537 -- 537 -- -- -- -- -- — -- -- — -- Total U.S. Government securities 76,402 3,560 19,884 4,064 5,848 5,605 4,168 12,121 2,672 _, 508 ~2,887 "T, 279 10,806 ~ Total loans and securities 79,885 3,712 21,361 4,206 5,983 5,826 4,358 12,534 2,754 1 ,602 3,035 3 ,380 11,134 Cash items in process of collection 9,801 311 1,533 490 480 1,050 1,133 1,295 523 477 697 616 1,196 Bank premises 221 42 10 10 27 14 15 16 14 36 17 12 8 Other assets 3/ 824 32 205 38 51 53 45 108 32 64 24 29 143 TOTAL ASSETS 103,778 i 5,029 25,449 5,581 7,605 8,198 6,358 16,309 3,946 2 ,419 4,368 4 ,429 14,087 \_l Excludes $490 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2_l Includes $91 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. * Estimated (Richmond, Philadelphia 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 DECEMBER 12, 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 64,417 3,214 15,805 4,031 5,181 5,757 3,486 10,777 2,569 1,155 2,511 2,433 7,498 Deposits: Member bank reserves 26,838 1,185 6,905 910 1,701 1,253 1,840 3,961 858 671 1,030 1,292 5,232 U. S. Treasurer--general account 1,524 161 289 79 92 202 68 126 80 60 91 72 204 Foreign 297 12 1/ 94 14 25 14 19 43 9 6 12 15 34 Other 3/ 632 3 528 20 21 13 17 1 1 4 6 18 Total deposits 29,291 1,361 7,816 1,023 1,818 1,490 1,940 4,147 948 738 1,137 1,385 5,488 Deferred availability cash items 7,274 336 1,107 389 374 783 747 956 336 464 611 474 697 Other liabilities and accnl ed dividends 959 42 247 47 71 65 53 141 31 20 34 38 170 TOTAL LIABILITIES 101,941 4,953 24,975 5,490 7,444 8,095 6,226 16,021 3,884 2,377 4,293 4,330 13,853 CAPITAL ACCOUNTS Capital paid in 838 34 214 42 74 47 62 131 28 20 35 46 105 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 206 8 53 10 15 14 15 33 7 4 7 10 30 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 1.03,778 5,029 25,449 5,581 7,605 8,198 6,358 16,309 3.946 2 A 419 4,368^ 4,429 14,087 Contingent liability on ace: eptances purchased for fore]L gn correspondents 613 25 2/160 30 56 32 43 96 21 .. J4_. 26... 33 77 -SB FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,345 16,485 4,115 5,371 5,901 3,675 11,021 2,678 1,185 2,622 2,590 7,898 Collateral for F. R. notes: Gold certificate account 175 -- 400 350 750 -- 700 155 5 U. S. Government securities 3,210 16,650 3,800 5,200 5,250 3,800 10,600 2,570 1,220 2,700 2,630 8,000 Total collateral 3,385 16,650 4,200 5,550 6,000 3,800 11,300 2,725 1,220 2,700 2,635 8,000 1^/ After deducting $ 203 million participations of other Federal Reserve Banks. 2/ After deducting $453 million participations of other Federal Reserve Banks. 3/ Includes $46 million of certain deposits of domestic non-member banks and 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. ,f Estimated (Richmond, Philadelphia Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis