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 February 21, 1974 The average of daily figures for total reserves of member banks declined slightly in the latest statement week to $35,356 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. Major factors absorbing reserves in the latest statement week were increases in currency in circulation and other Federal Reserve liabilities and capital and a decrease in other Federal Reserve assets. Partially offsetting these reserve drains was a decline in Treasury deposits with Federal Reserve Banks. In addition, System Open Market Operations provided $887 million reserves net, on a weekly average basis, through Treasury bills, Federal Agency obligations and repurchase agreements. Averages of daily figures Member Dank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Feb. 20, 'FeF. 13, Feb . 21, Feb. 20, and related items 1974 1974 1973 1974 Reserve Bank credit: (In millions of dollars) U.S, Government securities-- Bought outright—System account 78,944 + 382 + 8 ,172 1/79,038 Held under repurchase agreements 498 + 290 + 74 2,221 Federal Agency obligations-- Bought outright 2,009 + 120 + 698 2,009 Held under repurchase agreements 84 4- 65 + 22 327 Acceptances — Bought outright 71 + 1 12 71 Held under repurchase agreements 43 + 29 119 188 Loans-- Total member bank borrowing 1,377 + 224 - 293 1,062 Includes seasonal borrowing of: 20 + 5 + 20 14 Other borrowing Float 2,266 - 19 _ 515 2,474 Other F.R. assets 869 - 593 + 207 790 Total Reserve Bank credit 86,160 + 498 + 8 ,233 88,180 Gold stock 11,567 -- + 1 ,157 11,567 Special Drawing Rights certif. acct. 400 -- -_ 400 Treasury currency outstanding 8,750 + 3 + 398 8,753 106,877 + 501 + 9 ,789 108,900 Currency in circulation 70,686 + 186 + 5 ,943 70,836 Treasury cash holdings 334 - 9 - 51 335 Treasury deposits with F.R. Banks 2,844 - 587 + 343 2,863 Foreign deposits with F.R. Banks 327 + 71 + 57 342 Other deposits with F.R. Banks 3/ 682 + 18 + 25 655 Other F.R. liabilities and capital 2,950 + 144 + 520 3,014 77,822 - 177 + 6 ,837 78,045 Member bank reserves: With Federal Reserve Banks 2^,055 + •6T8- -h-2-,952 30,354 Currency and coin 6,234 - 689 + 578 6,234 Total reserves held 2/ 35,356 - 11 + 3 ,318 37,155 Required reserves 35,269 + 221 + 3 ,736 | 35,269 Excess reserves 2/ 87 - 232 - 418 1,886 NOTE: A net of $167 million of surplus reserves were eligible to be carried forward from the week ended February 13, into the week ending February 20. On February 20, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $25,149 million, an increase of $380 million for the week. 1/ Includes $141 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 penalities can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. 3/ Includes $35 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 System1s 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 Feb. 20, Feb. 13, Feb. 21, 1974 1974 1973 A S S E TS Gold certificate account 11,460 + 1,157 Special Drawing Rights certif. accts. * 400 -- -- Cash (1 ,300) 304 5 59 Loans 1,062 -1,437 + 670 Acceptances—Bought outright 71 5 Held under repurchase agreements 188 + 88 + 85 Federal Agency obligations—Bought outright 2,009 + 120 + 698 Held under repurchase agreements 327 + 197 + 293 U.S. Government securities: Bought outright—Bills 37,268 + 185 + 6,991 Certificates - Other Notes 38,796 + 205 + 1,957 Bonds 2,974 - 175 527 Total bought outright 79,038 + 215 + 8,421 Held under repurchase agreements 2,221 + 763 + 2,067 Total U.S. Government securities 81,259 + 978 +10,488 Total loans and securities 84,916 - 54 +12,229 Cash items in process of collection (1, 523) 9,183 +1, 397 - 746 Bank premises 225 + 1 + 30 Other assets 2/ 565 - 754 + 89 TOTAL ASSETS (2, 823) 107,053 ±_ 585 +12,700 LL I A 1 Ik LI n s. Federal Reserve notes (1,300) 62,616 + 9 + 5,451 Deposits: Member bank-reserves account 30,774 - 395 + 7,408 U. S. Treasurer—general account 2,863 - 124 495 Foreign 342 + 84 + 67 Other 2/ 655 - 44 26 Total deposits 34,634 - 479 + 6,954 Deferred availability cash items (1,523) 6,789 + 953 258 Other liabilities and accrued dividends -1*023 z_ 3 + 375 TOTAL LIABILITIES (2,823) 105,062 480 +12,522 £ A L 11 A L. A£couNT;5 Capital paid in 858 + 57 Surplus 844 + 51 Other capital accounts 289 98 + 70 Contingent liability on acceptances purchased for foreign correspondents 602 +4 + 369 * Figures in parentheses are the eliminations made in the consolidating process. JL/ Includes $141 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. V Includes $35 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, FEBRUARY 20. 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 1,051 217 7,610 + 67 340 +202 16 days to 90 days n 42 19,918 +1,493 91 - 5 91 days to 1 year 21,919 + 76 259 -- Over 1 year to 5 years 22,235 - 893 850 + 55 Over 5 years to 10 years 7,730 + 200 557 + 65 Over 10 years 1,797 + 35 239 -- Total TjML 259 81,259 + 978 2,336 +317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 20, 1974 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (1n millions of dollars) A S S E TS Gold certificate account 11,460 811 1,648 499 648 1,031 427 1,801 127 202 388 473 3,405 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,300 94 282 32 102 133 154 89 29 17 36 104 228 Other cash 304 19 27 4 36 33 42 34 20 9 32 16 32 Loans 1,062 37 64 134 31 148 137 61 86 12 22 138 192 Acceptances: Bought outright 71 — 71 — — — — .-- — — — -- Held under repurchase agreements 188 — 188 — — — — — -- — -- -- ._ Federal Agency obligations-- Bought outright 2,009 91 527 109 151 149 Ill 310 79 42 82 90 268 Held under repurchase agreements 327 -- 327 — — — — — — — • - .. -- U.S. Government securities: Bought outright-- Bills 37,268 1,695 9,782 2,018 2,798 2,746 2,061 5,748 1,471 778 1,519 1,671 4,981 Certificates: Other — — -- — — -- — -- _- .. -- .„ -_. Notes 38,796 1,764 10,183 2,100 2,913 2,858 2,146 5,984 1,532 810 1,581 1,740 5,185 Bonds 2,974 135 781 161 223 '219 165 459 118 62 121 133 397 Total bought outright 1/ 79,038 3,594 20,746 "~ IT, 275 5,93^ 5,823 4,372 12,191 "T^TZV"-' ~Tp53t7— -™yjZ2T~ -37553— 10,56-3 — Held under repurchase agreements 2,221 _ 2,221 — — — -- -_ ~ -- -- -- — Total U.S. Government securities 81,259] 3,594 22,967 4,279 5.934 5 r 823 4,372 I2,i<n ^i?j 1 &5Q ^ 991 3,544 10 563 Total loans and securities 84,916 3,722 24,144 4,522 6,116 6,120 4,620 12,562 3,286 1,704 3,325 3,772 11,023 B O G a t a n h s e k h r p i r t a e e s m m s i e s s t e s i s n 2 / p rocess of collection — 10, 5 2 7 0 2 0 5 5 6 4 2 4 2 3 6 8 2,0 1 4 7 1 8 6 0 _ 5 3 0 1 0 1 3 _ 6 3 2 0 7 7 8 1,14 . 1 1 8 4 5 1,12 1 1 1 6 5 1,63 1 7 2 6 0 49 1 1 4 4 8 5 3 2 1 5 0 7 7 1 7 7 8 52 1 3 2 90 8 8 —' —4r& —2A—- TOTAL ASSETS 109,876 -5,166 , 28,428 5.624 7.607 8,55Q_ ,6.437 16,274 4,003 . 2,511 4.609 15,729 __ y L eludes $141 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 FEBRUARY 20, 1974 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 63,916 3,153 15,827 4,041 5,110 5,714 3,353 10,607 2,548 1,160 2,456 2,394 7,553 Deposits: Member bank reserves 30,774 1,309 9,067 827 1,591 1,425 1,914 3,692 784 673 1,225 1,622 6,645 U. S. Treasurer--general account 2,863 161 746 164 130 281 137 275 206 101 107 217 338 Foreign 342 12 1/119 15 26 17 22 47 10 7 12 17 38 Other 3/ _. .6.5.5.. 5 544 18 2 22 15 12 2 2 3 11 19 Total deposits 34,634 1,487 10,476 1,024 1,749 1,745 2,088 4,026 1,002 783 1,347 1,867 7,040 Deferred availability cash items 8,312 400 1,310 410 498 906 795 1,184 348 500 686 530 745 Other liabilities and accrvt ed dividends 1,023 45 301 51 76 69 58 147 37 22 39 43 135 TOTAL LIABILITIES 107,885 5,085 27,914 5,526 7,433 8,434 6,2$4 15,464 3,935 2,465 4,52$ 4,634 15,4?3 CAPITAL ACCOUNTS Capital paid in 858 35 222 41 76 48 64 134 28 20 35 46 109 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 289 12 77 15 24 21 17 44 11 6 11 12 39 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 109,876 5,166 28,428 5,624 7,607 8,550 _jv437_ 16^274^ 4 003 2J5U 4,^09 4,938 15,729 ? Contingent liability on acee ptances purchased for forei- gn correspondents 602 25 2/154 29 53 34 44 94 20 14 25 33 77 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 66,959 3,334 16,625 4,110 5,327 5,929 3,700 10,915 2,677 1,197 2,572 2,546 8,027 Collateral for F. R. notes: Gold certificate account 2,365 175 400 350 700 700 35 5 U. S. Government security. es 66,565 3,230 16,850 3,800 5,200 5,390 3.900 10.600 2.700 1.240 2.700 2.655 8.300 Total collateral 68,930 3,405 16,850 4,200 5,550 6,090 3,900 11,300 2,735 1,240 2,700 2,660 8,300 y After deducting $223 million participations of other Federal Reserve Banks. 2i/ After deducting $448 million participations of other Federal Reserve Banks. 3/ Includes $35 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