H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and '^LRt^V Condition Statement of F.R. Banks H.4.1 For immediate release December 20, 1973 The average of daily figures for total reserves of member banks increased $727 million in the latest statement week to $35,093 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. Major factors absorbing reserves in the latest statement week were increases in currency in circulation, foreign deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital. Offsetting these reserves drains was an increase in float. In addition, System Open Market operations provided $873 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 Chang e from week . ended Wednesday, Reserve Bank credit, Dec. 19, * Dec . 12, Dec. 20, Dec. 19,* and related items 1973 1973 1972 1973 Reserve Bank credit: (IrI millions of dollars) U.S. Government securities-- Bought outright--System account 76,954 + 692 +7 ,103 1/77,425 Held under repurchase agreements 667 + 91 + 303 2,323 Federal Agency obligations-- Bought outright 1,798 + 24 + 635 1,798 Held under repurchase agreements 152 + 37 + 131 419 Acceptances — Bought outright 54 + 9 - 12 53 Held under repurchase agreements 74 + 20 + 33 187 Loans-- Total member bank borrowing 1,489 + 187 + 268 1,568 Includes seasonal borrowing of: 40 - 5 + 40 43 Other borrowing Float 3,216 + 710 „ 1 4,596 Other F.R. assets 1,037 + 74 - 107 | 1,067 Total Reserve Bank credit 85,441 +1 ,843 +8 ,353 89,436 Gold stock 11,567 -- +1 ,157 11,567 Special Drawing Rights certif. acct. 400 -- -- | 400 Treasury currency outstanding 8,668 + 2 + 374 8,668 106,076 +1 ,845 +9 ,884 110,071 Currency in circulation 71,679 + 450 +5 ,488 72,102 Treasury cash holdings 307 - 8 - 45 ! 303 Treasury deposits with F.R. Banks 1,654 + 57 + 265 2,092 Foreign deposits with F.R. Banks 397 + 100 + 119 | 283 Other deposits with F.R. Banks 3/ 674 + 23 + 96 ! 670 Other F.R. liabilities and capital 2,922 + 153 + 587 2,980 77,634 + 776 +6 ,511 78,430 Member bank reserves: With Federal Reserve Banks 28,442 +1 ,069 +3 ,373 31,640 Currency and coin 6,567 - 342 + 678 6,567 Total reserves held 2/ 35,093 + 727 +3 ,685 38,291 Required reserves 34,865 + 391 +3 ,663 34,865 Excess reserves 2/ 228 + 336 + 22 3,426 NOTE: A net of $53 million of surplus reserves were eligible to be carried forward from the week ended December 12, into the week ending December 19. On December 19, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $26,955 million, a decrease of $181 million for the week. 1/ Includes $113 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 penalties can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. 3/ 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 insti tutions in the Federal Reserve System's program of credit restraint. - Estimated (Philadelphia 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 Dec. 19, Dec. 12, Dec. 20, 1973 1973 1972 A S S E TS Gold certificate account 1,460 — + 1,157 Special Drawing Rights certif. accts. * 400 — — Cash ( 922) 289 - 4 26 Loans 1,568 - 12 + 126 Acceptances—Bought outright 53 + 5 14 Held under repurchase agreements 187 + 136 4- 96 Federal Agency obligations—Bought outright 1,798 + 73 + 635 Held under repurchase agreements 419 + 340 + 380 U.S. Government securities: Bought outright--Bills 36,017 +1,487 + 6,583 Certificates - Other Notes 38,259 73 + 1,578 Bonds 3,149 - 314 Total bought outright 77,425 +1,560 + 7 ,847 Held under repurchase agreements 2,323 +1,786 + 1 ,729 Total U.S. Government securities 79,748 +3,346 + 9,576 Total loans and securities 83,773 +3,888 +10,799 Cash items in process of collection (1,820) 10,698 +2,182 + 29 Bank premises 222 + 1 + 49 Other assets 2/ 845 + 10 157 TOTAL ASSETS" (2,742) 107,687 +6,077 +11,851 k1 A 1 Ik11IE S. Federal Reserve notes 922) 63,920 + 356 + 5,103 Deposits: Member bank-reserves account 31,560 +4,405 + 5,473 U. S. Treasurer—general account 2,092 + 568 + 947 Foreign 283 14 + 12 Other V 670 + 38 + 124 Total deposits 34,605 +4,997 + 6,556 Deferred availability cash items (1,820) 6,182 + 545 - 424 Other liabilities and accrued dividends 1,046 + 87 + 456 TOTAL LIABILITIES (2,742) 105,753 +5,985 +11,691 £ A I 1 1 A k A C C O U N TS _ _ Capital paid in 838 + 48 Surplus 793 -- + 51 Other capital accounts 303 + 92 + 61 Contingent liability on acceptances purchased for foreign correspondents 616 436 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $113 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. 27 Includes assets denominated in foreign currencies. 3/ 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 District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 19, 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 1,499 200 7,345 +1,684 436 +357 16 days to 90 days 69 40 19,374 + 367 115 - 18 91 days to 1 year -- — 20,773 +1,223 282 — Over 1 year to 5 years — -- 22,991 + 38 733 + 74 Over 5 years to 10 years -- -- 7,503 + 34 424 — Over 10 years -- -- 1,762 -- 227 __ --_ Total 1,568 240 79,748 +3,346 2,217 +413 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 19, 1973 — New Phila-* Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco O n millions of dollars) A S S E TS Gold certificate account 11,460 594 2,038 684 657 877 611 2,669 674 216 337 658 1,445 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R, notes of other banks 922 82 183 40 52 75 146 54 30 16 42 72 130 Other cash 289 17 21 4 33 29 40 34 20 11 33 15 32 Loans 1,568 87 196 81 255 100 117 142 40 39 64 52 395 Acceptances: Bought outright 53 — 53 — — — — -- — -- — — -- Held under repurchase agreements 187 -- 187 -- -- — — -- -- -- -- -- _.. Federal Agency obligations-- Bought outright 1,798 k 84 459 96 139 133 99 287 63 36 68 78 256 Held under repurchase agreements 419 — 419 -- -- -- -- -- -- — -- -- -- U.S. Government securities: Bought outright-- Bills 36,0L7 1,690 9,185 1,930 2 ,776 2,661 1,979 5,755 1,268 716 1,370 1 ,557 5,130 Certificates: Other ! -- -- -- -- — — -- — -- -- -- — Notes 1 38,259 1,795 9,757 2,050 2 ,949 2,827 2,102 6,112 1,347 761 1,456 1 ,653 5,450 Bonds 3,149 148 803 169 243 233 173 503 111 62 120 _ 136 448 Total bought outright 1/ ! 77,425 3,633 19,745 4,149 5 ,968 5,721 4,254 12,370 2,726 I7539 ~~2,946 ,346 11,028 Held under repurchase agreements 2 323 -- 2,323 _- -- -- -- — -- -- -- -- -f Total U.S. Government securities 79,748 3,633 22,068 4,149 5 ,968 5,721 4,254 12,370 2,726 1,539 2,946 3 ,346 11,028 Total loans and securities | 83,773 3,804 23,382 4,326 6 ,362 5,954 4,470 12,799 2,829 1,614 3,078 3 476 11,679 Cash items in process of collection ! 12,518 528 2,138 503 646 1,381 1,379 1,803 457 594 981 759 1,349 Bank premises ! 222 43 10 10 27 14 15 16 14 36 17 12 8 Other assets 2/ 845 36 223 60 57 59 49 112 26 18 25 31 149 TOTAL ASSETS 110,429 5,127 28,088 5,650 7 ,867 8,425 6,732 17,557 4,065 2,512 4,528 5 ,037 14,841 1/ Includes $113 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (Philadelphia 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 DECEMBER 19, 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: 64,842 3,226 15,899 4,054 5,220 5,792 3,544 10,870 2,582 1,163 2,516 2,440 7,536 Member bank reserves 31,560 1,191 8,950 1,012 1,815 1,284 2,046 4,676 873 726 1,243 1,775 5,969 U. S. Treasurer—general account 2,092 184 517 67 95 130 122 387 160 77 58 136 159 Foreign 283 13 1/ 61 15 27 16 21 47 10 7 13 16 37 Other V 670 6 552 15 20 13 27 1 2 4 4 26 Total deposits 34,605 1,394 10,080 1,109 1,937 1,450 2,202 5,137 1,044 812 1,318 1,931 6,191 Deferred availability cash items 8,002 382 1,279 345 465 1,000 793 1,094 341 472 588 522 721 Other liabilities and accril ed dividends 1,046 45 329 48 77 70 56 152 33 21 ?9 41 145 TOTAL LIABILITIES 108,495 5,047 27,587 5,556 7,699 8,312 6,595 17,253 4,000 2,468 4,451 4,934 14,593 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 303 12 80 13 22 24 20 49 10 6 9 14 44 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 110,429 5,127 28,088 5,650 7,867 8,425 6,732 17,557 4J)65_ 2,51j 4,j28 5,037 14,841 Contingent liability on ace: eptances purchased for fore:L gn correspondents 616 26 2/161 30 56 32 ......A3_ £L_ 21- 1A_. 2Q„ 33 77. FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 67,359 3 ,367 16 574 4,144 5,394 5,953 3,737 11 ,082 2,707 1,202 2,633 2,598 7 968 Collateral for F. R. notes: Gold certificate account 2,535 175 — 400 350 750 — 700 155 — -- 5 — U. S. Government securities 65,940 3 ,230 16 ,650 3,800 5,200 5,290 3,800 10 ,600 2,600 1,240 2,700 2,630 8 200 Total collateral 68,475 3 ,405 16 ,650 4,200 5,550 6,040 3,800 11 ,300 2,755 1,240 2,700 2,635 8 200 \j After deducting $222 million participations of other Federal Reserve Banks. 2/ After deducting $455 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. * Estimated (Philadelphia District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis