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 31, 1974 The average of daily figures for total reserves of member banks declined $430 million in the latest statement week to $36,151 million. Required reserves declined while excess reserves and member bank borrow ings at Federal Reserve Banks increased. A decline in float and an increase in Treasury deposits with Federal Reserve Banks were the major factors absorbing reserves in the latest statement week. A decline in currency in circulation was the only factor providing a significant amount of reserves. In addition, System Open Market Operations provided $803 million reserves net, on a weekly average basis, through outright purchases of Treasury bills and repurchase agreements. Averages of daily figures Member Dank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Jan. 30, Jan. 23, „J an. 31, Jan. 30, and related items 1974 1974 1973 1 1974 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 78,784 + 498 + 7,752 1/78,815 Held under repurchase agreements 323 + 226 - 248 1,020 Federal Agency obligations-- Bought outright 1,929 + 13 + 618 1,927 Held under repurchase agreements 52 + 42 + 9 160 Acceptances — Bought outright 67 + 3 14 67 Held under repurchase agreements 22 + 21 17 83 Loans-- Total member bank borrowing 1,221 + 39 - 89 1,601 Includes seasonal borrowing of: 17 + 4 + 17 15 Other borrowing Float 2,152 -1, 028 •f 501 2,304 Other F.R. assets 1,329 + 58 - 44 1,373 Total Reserve Bank credit 85,880 - 128 + 8,470 87,350 Gold stock 11,567 + 1,157 11,567 Special Drawing Rights certif. acct. 400 -.. -- 400 Treasury currency outstanding 8,726 + 3 + 395 8,729 106,573 - 125 +10,022 108,046 Currency in circulation 69,931 - 650 4-5,702 69,977 Treasury cash holdings 359 - 4 - 18 370 Treasury deposits with F.R. Banks 3,099 + 748 4- 428 3,013 Foreign deposits with F.R. Banks 494 + 96 4- 216 485 Other deposits with F.R. Banks 2/ 646 - 63 4- 10 668 Other F.R. liabilities and capital 3,059 + 100 4- 524 3,103 77,588 + 227 4-6,861 77,616 Member bank reserves: With Federal Reserve Banks 28,985 - 351 4-3,161 30,430 Currency and coin 7,099 - 79 4- 649 7,099 Total reserves held 2/ 36,151 - 430 +•3 ,598 37,596 Required reserves 35,875 - 800 4-3,777 - 35,875 Excess reserves 2/ 276 + 370 - 179 1,721 NOTE: A net of $31 million of deficit reserves were eligible to be carried forward from the week ended January 23, into the week ending January 30. On January 30, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $24,346 million, a decrease of $308 million for the week. 1/ Includes $135 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 $39 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 Jan. 30, Jan. 23, Jan. 31, 1974 1974 1973 A S S E TS Gold certificate account 11,460 -- +1,157 Special Drawing Rights certif. accts. * 400 — -- Cash (1,778) 305 + 12 - 48 Loans 1,601 -1, 063 + 291 Acceptances—Bought outright 67 + 2 - 15 Held under repurchase agreements 83 + 73 + 24 Federal Agency obligations--Bought outright 1,927 + 18 + 616 Held under repurchase agreements 160 + 88 + 99 U.S. Government securities: Bought outright—Bills 37,075 + 146 +6,086 Certificates - . Other Notes 38,591 77 +1,910 Bonds 3,149 - 314 Total bought outright 1/ 78,815 + 223 +7,682 Held under repurchase agreements . 1,020 + 342 + 131 Total U.S. Government securities 79,835 565 +7,813 Total loans and securities 83,673 - 317 +8,828 Cash items in process of collection (1,574) 7,577 -1,329 - 693 Bank premises 224 + 30 Other assets Ij 1JL49 79 + 4 TOTAL ASSETS (3,352) 104,788 -1,555 +9,278 LIA1III1IES. Federal Reserve notes ~~ (1,778) 61,816 - 395 +5,227 Deposits: Member bank-reserves account 30,350 - 640 +3,617 U. S. Treasurer—general account 3,013 + 115 + 266 Foreign 485 - 228 + 175 Other 3/ 668 - 25 6 Total deposits 34,516 - 778 +4,052 Deferred availability cash items (1,574) 5,353 - 484 - 528 Other liabilities and accrued dividends 994 + 1 + 319 TOTAL LIABILITIES (3,352) 102,67$) -1,656 +9,070 £ £ £ I I £L A C C O U N T S. Capital paid in "" "" "" 849 + 1 + 52 Surplus 844 — + 51 Other capital accounts 416 + 100 + 105 Contingent liability on acceptances purchased for foreign correspondents 562 13 + 364 * Figures in parentheses are the eliminations made in the consolidating process. \J Includes $135 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. _3/ Includes $39 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. JANUARY 30, 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 1 changes Changes Within 15 days 1,592 109 7,042 +1, 226 199 + 78 16 days to 90 days 9 41 19,192 - 790 104 — 91 days to 1 year — -- 21,131 + 52 234 — Over 1 year to 5 years -- -- 23,128 -- 819 + 28 Over 5 years to 10 years -- -- 7,580 + 77 492 — Over 10 years — 1,762 — 239 — Total 1,601 150 79,835 + 565 2,087 +106 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 30, 1974 New Phila Cleve Rich St. Minne Kansas San Total i Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 11,460 415 3,670 746 820 804 376 1,707 381 135 554 348 1,504 Special Drawing Rights certif. acct. 1 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,778 131 340 83 137 171 224 133 59 28 48 127 297 Other cash 305 18 27 4 35 33 43 33 21 10 32 15 34 Loans 1,601 184 235 57 65 215 122 166 125 30 23 81 298 Acceptances: Bought outright 67 — 67 -- — _- -- .- «. _«. __ .... __ Held under repurchase agreements 83 -- 83 — -- .. __ __ _. «... .... «.- — _ Federal Agency obligations-- Bought outright 1,927 90 474 106 148 146 111 314 72 40 76 88 262 Held under repurchase agreements 160 — 160 — -- .. _„ .. -- -- «... U.S. Government securities: Bought outright-- Bills i 37,075 1,739 9,127 2,031 2,842 2,816 2,129 6,039 1,387 771 1,461 1,698 5,035 Certificates: Other — — — — — — — __ «.- ~» «... ... «- Notes 38,591 1,810 9,500 2,113 2,959 2,931 2,216 6,287 1,444 802 1,520 1,768 5,241 Bonds 3,149 148 775 172 242 239 181 513 118 65 124 144 428 Total bought outright 1/ 78,815 3,697 19,402 4,316 6,043 5,986 4,526 12,839 2,949 T ,638 3,105 3,610 10,704 Held under repurchase agreements ~~ 1,020 — 1,Q20 — — -.. -- -- -«. • Total U.S. Government securities 79,835 3,697 20,422 4,316 6,043 5,986 4,526 12,839 2,949 I7 638 "~ 3,105 3,610 10,704~~~~ Total loans and securities 83,673 3,971 21,441 4,479 6,256 6,347 4,759 13,319 3,146 I, 708 3,204 3,779 11,264 Cash items in process of collection 9,151 : 359 1,445 384 456 866 1,013 1,232 392 485 741 693 1,085 Bank premises 224 45 10 11 27 14 15 16 14 35 17 12 8 Other assets 2/ 1,149 50 303 63 82 82 63 165 38 27 38__ 64 174 TOTAL ASSETS 108,140 5,012 27,329 5,793 7,846 8,353 6,515 16,675 4,066 2 ,435 4,649 5,052 14,415 17 Includes $135 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 JANUARY 30, 1974 San New Phila Cleve Rich St. Minne Kansas 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 63,594 1 3,145 15,703 4,005 5,110 5,701 3,341 10,577 2,541 1,150 2,457 2,392 7,472 Deposits: Member bank reserves 30,350 1,161 8,584 1,060 1,815 1,362 1,960 4,442 930 649 1,259 1,734 5,394 U. S. Treasurer—general account 3,013 206 403 234 278 314 286 139 184 110 175 255 429 Foreign 485 19 1/138 23 41 26 34 73 16 11 19 25 60 Other 3/ 668 4 557 22 2 18 15 14 2 2 6 6 20 Total deposits 34,516 1,390 9,682 1,339 2,136 1,720 2,295 4,668 1,132 772 1,459 2,020 5,903 Deferred availability cash items 6,927 345 1,142 291 345 735 675 944 286 444 608 486 626 Other liabilities and accrued dividends 994 45 268 52 73 71 58 150 35 22 39 43 138 TOTAL LIABILITIES 106,031 4,925 26,795 5,687 7,664 8,227 6,369 16,339 3,994 2,388 4,563 4,941 14,139 CAPITAL ACCOUNTS Capital paid in 849 35 215 41 76 48 63 133 28 20 35 46 109 Surplus 844 | 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 416 18 104 23 32 31 21 71 15 7 16 19 SQ TOTAL LIABILITIES AND CAPITAL ACCOUNTS 108,140 5,012 27,329 5,793 7,846 8,353 6,515 16,675 4,966 2,435 4. $49 5.052 14,415 Contingent liability on acee pt- i ances purchased for foreign correspondents 562 23 2/143 28 50 31 41 88_ 1SL 13„ 21.,,.. 31 72 _ FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,330 16,578 4,088 5,390 5,965 3,710 10,996 2,693 1,200 2,601 2,572 8,077 Collateral for F. R. notes: Gold certificate account 175 — 400 350 700 — 700 155 5 U. S. Government securities 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 3,405 16,850 4,200 5,550 6,090 3,900 11,300 2,775 1,240 2,700 2,660 8,300 \J After deducting $347 million participations of other Federal Reserve Banks. 2/ After deducting $419 million participations of other Federal Reserve Banks. 3/ Includes $39 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis