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 January 24, 1974 The average of daily figures for total reserves of member banks declined $1,061 million in the latest statement week to $36,581 million. Required reserves and excess reserves declined while member bank borrowings at Federal Reserve Banks increased. A decline in currency in circulation was the only factor supply ing a significant amount of reserves in the latest statement week. This reserve gain was more than offset by a decline in float and increases in Treasury deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital. In addition, System Open Market Operations absorbed $458 million reserves net, on a weekly average basis, primarily through redemptions of Treasury bills and matched sale-purchase transactions. Reserves were provided late in the week through repurchase agreements. Averages of daily figures Member Dank reserves, Week ended Chang e from week ended Wednesday, Reserve Bank credit, Jan. 23, * Jan. 16, Jan. 24, Jan. 23, and related items 1974 1974 1973 1974 * Reserve Bank credit: (In mill ions of d<D llars) U.S. Government securities-- Bought outright—System account 78,286 _. 486 4-8,042 1/78,592 Held under repurchase agreements 97 + 28 - 430 678 Federal Agency obligations-- Bought outright 1,916 -. 2 •- 605 1,909 Held under repurchase agreements 10 7 -- 72 Acceptances — Bought outright 64 -» 16 65 Held under repurchase agreements 1 5 20 10 Loans-- Total member bank borrowing 1,182 + 193 + 88 2,664 Includes seasonal borrowing of: 13 - 7 + 13 15 Other borrowing Float 3,183 - 418 + 352 3,169 Other F.R. assets 1,273 + 62 - 110 1,306 Total Reserve Bank credit 86,013 - 620 + 8,512 88,465 Gold stock 11,567 -. + 1,157 11,567 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,723 + 32 + 397 8.723 106,702 - 588 +10,065 109,155 Currency in circulation 70,593 - 621 + 5,784 70,464 Treasury cash holdings 363 + 13 - 9 368 Treasury deposits with F.R, Banks 2,351 + 181 + 48 2,898 Foreign deposits with F.R. Banks 398 + 80 + 92 713 Other deposits with F.R. Banks 2/ 705 - 1 + 91 663 Other F.R. liabilities and capital 2,956 + 106 ±_ 545 2,979 77,366 - 242 + 6,550 78,085 Member bank reserves: With Federal Reserve Banks 29,336 - 346 + 3,515 31,070 Currency and coin 7,178 - 715 + 769 7,178 Total reserves held 2/ 36,581 -1, 061 + 4,072 38,315 Required, reserves 36,675 - 646 + 4,133 36,675 Excess reserves 2/ - 94 - 415 - 61 1,640 NOTE: A net of $171 million of surplus reserves were eligible to be carried forward from the week ended January 16, into the week ending January 23. On January 23, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $24,654 million, a decrease of $824 million for the week. 1/ Includes $73 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $67 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 $37 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 (New York 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 Jan. 23,** Jan. 16, Jan. 24, 1974. •• 19.7A. 1973 A S S E TS Gold certificate account 11,460 +1,157 Special Drawing Rights certif. accts. 400 Cash (1, 719) 292 + 12 - 56 Loans 2,664 +1,425 + 656 Acceptances — Bought outright 65 - 17 Held under repurchase agreements 10 - 33 - 49 Federal Agency obligations--Bought outright 1,909 - 11 + 598 Held under repurchase agreements 72 + 50 + 45 U.S. Government securities: Bought outright—Bills 36,929 - 159 +6,616 Certificates Other Notes 38,514 — +1,833 Bonds 3,149 — - 314 Total bought outright 1/ 78,592 - 159 +8,135 Held under repurchase agreements 678 + 196 - 825 Total U.S. Government securities 79,270 + 37 +7,310 Total loans and securities 83,990 +1, 468 +8,543 Cash items in process of collection (1,753) 9,325 -1, 475 + 163 Bank premises 224 - 1 + 30 Other assets 2/ 1,082 - 3 - 246 TOTAL ASSETS (3,472) 106,773 + 1 +9,591 i l i B I L I T I ES Federal Reserve notes (1,719) 62,294 615 +5,392 Deposits: Member bank-reserves account 30,990 - 631 +2,496 U. S. Treasurer—general account 2,898 +1, 0A7 + 691 Foreign 713 + 474 + 449 Other 3/ 663 + 13 + 70 Total deposits 35,264 + 903 +3,706 Deferred availability cash items (1,753) 6,2.16 - 318 2? Other liabilities and accrued dividends 975 - 59 + 3*5 TOTAL LIABILITIES (3,472) 104,769 - Z'l +9,416 £ A L I 1 £ II A C C O U N TS Capital paid in 848 + 1 + 51 Surplus 844 — + 51 Other capital accounts 312 + 89 + 73 Contingent liability on acceptances purchased for foreign correspondents 575 9 + 376 * Figures in parentheses are the eliminations made in the consolidating process. l! Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3/ Includes $37 million of certain deposits of dotnestic 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 (New York District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, J^UAfiY 23f 1974 (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 2 ,655 33 5,816 +115 121 +78 16 days to 90 days 9 42 19,982 +395 104 +10 91 days to 1 year -- _.. 21,079 -473 234 -/,8 Over 1 year to 5 years — .,- 23,128 — 791 + 4 Over 5 years to 10 years3 -- _.- 7,503 -- 492 - 5 Over 10 years — 1,762 — 239 — Total 2 ,664 75 79,270 + 37 1,981 +39 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 JANUARY 23, 1974 New * Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 0 .n millions of dollars) A S S E TS j Gold certificate account 11,460 391 3,585 537 923 832 379 1,455 413 100 575 515 1,755 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,719 127 282 87 125 173 258 125 59 27 50 119 287 Other cash 292 17 23 4 33 32 41 33 20 10 33 15 31 Loans 2,664 134 1,397 178 16 197 86 159 123 17 43 157 157 Acceptances: Bought outright 65 -- 65 — — -- — — -- -- ~- -- -" Held under repurchase agreements 10 -- 10 Federal Agency obligations-- Bought outright 1,909 90 470 105 146 145 110 311 71 40 75 87 259 Held under repurchase agreements 72 — 72 — — — — — — — — -- -- U.S. Government securities: Bought outright-- Bills 36,929 1,732 9,091 2,022 2,831 2,805 2,121 6,016 1,381 768 1,455 1 ,692 5,015 Certificates: Other -. -- -- -- -- -- -- — — -- -- -- -- Notes 38,514 1,806 9,481 2,109 2,953 2,925 2,212 6,274 1,441 801 1,517 1 ,764 5,231 Bonds 3.149 148 775 172 242 239 181 513 118 65 124 144 428 Total bought outright \j 1 78,592 3,686 19,347 4,303 6,026 5,969 4,514 12,803 2,940 1,634 ""3,056 ~~T, 600 ~"1 0,674 Held under repurchase agreements _ 678 — 678 -- -- — — — -- — -- — .. Total U.S. Government securities ; 79,270 3,686 20,025 4,303 6,026 5,969 4,514 12,803 2,940 " 1,634 " 3,056 ~~T,e oo 10,674 Total loans and securities 83,990 3,910 22,039 4,586 6,188 6,311 4,710 13,273 3,134 __ 3,214 _ __ 11,09*0 Cash items in process of collection 11,078 392 1,895 446 502 993 1,218 1,538 521 536 829 735 1,473 Bank premises 224 44 10 11 27 14 15 16 14 36 17 12 8 Other assets 2/ ,1.082 46 285 57 77 82 60 1SS -\l . ?1 16 4A 178 _ TOTAL ASSETS 110,245 4,950 28,212 5,751 7,908 8,473 6,703 16,665 4,213 2,430 4,769 5,, 300 14,871 1/ Includes $73 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks, 2J Includes assets denominated in foreign currencies. * Estimated (New York District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION 07 EACH FEDERAL RESERVE BANK ON JANUARY 23, 1974 ' ' Phila Cleve Rich St. Minne Kansas San Total Boston New* delphia land mond Atlanta Chicago Louis apolis City Dallas Fran York cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 64,013 3,173 15,860 4,022 5,143 5,711 3,368 10,654 2,552 1,156 2,470 2,409 7,495 Deposits: Member bank reserves 30,990 1,063 8,781 1,015 1,814 1,411 2,129 4,264 956 680 1,241 1,940 5,696 U. S. Treasurer—general account 2,898 209 540 175 232 306 204 145 208 79 164 235 401 Foreign 713 21 1/326 25 46 29 38 82 18 12 21 29 66 Other 3/ 1 663 3 550 21 1 18 15 15 2 2 6 15 15 Total deposits 35,264 1,296 10,197 1,236 2,093 1,764 2,386 4,506 1,184 773 1,432 2,219 6,178 Deferred availability cash items 7,989 354 1,410 340 422 809 748 1,035 374 434 749 523 791 Other liabilities and accrued dividends 975 45 240 53 75 71 59 152 35 22 36 43 144 TOTAL LIABILITIES 108,241 j 4,868 27,707 5,651 7,733 8,355 6,561 16,347 4,145 2,385 4,687 5,i$4 - X \ « A + , " U ZA U P O " " '"" CAPITAL ACCOUNTS Capital paid in 848 34 215 41 76 47 63 133 29 20 35 46 109 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 312 14 75 17 25 24 17 53 10 5 12 14 46 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 110,245 4,950 28,212 5,751 7,908 8,473 6,703 16,665 4,213 2,430 4,769 5,300 14,871 Contingent liability on accept ances purchased for foreign correspondents 575 1 23 2/147 28 51 32 42 90 20 13 23 32 74 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 67,498 I 3,350 16,630 4,109 5,413 5,987 3,735 11,059 2,692 1,204 2,619 2,589 8,111 Collateral for F. R. notes: Gold certificate account 2,485 175 400 350 700 700 155 5 U. S. Government securities 66,485 1 3,230 16,850 3,800 5,200 5,390 3,900 10,600 2,620 1,240 2,700 2,655 8,300 Total collateral 68,970 3,405 16,850 4,200 5,550 6,090 3,900 11,300 2,775 1,240 2,700 2,660 8,300 J7 After deducting $ 387 million participations of other Federal Reserve Banks. 2/ After deducting $ 428 million participations of other Federal Reserve Banks. 3/ Includes $37 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 (New York District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis