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 28, 1974 The average of daily figures for total reserves of member banks declined $508 million in the latest statement week to $34,885 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. An increase in float and declines in currency in circulation and Treasury deposits with Federal Reserve Banks were the major factors providing reserves in the latest statement week. System Open Market Operations absorbed $1,000 million reserves net, on a weekly average basis through outright sales of Treasury Bills and matched sale-purchase transactions. Averages of daily Jf igures Member bank reserves, Week ended Chang e from week ended Wednesday, Reserve Bank credit, Feb. 27, Feb . 20, Feb. 28, Feb. 27, and related items 1974 * 1974 1973 1974 * Reserve Bank credit; (In millions of dollars) U.S. Government securities-- - Bought outright--System account 78,571 373 +7,418 1/2/78,547 Held under repurchase agreements -- - 498 - 163 ~" Federal Agency obligations-- Bought outright 2,006 3 + 702 1 2,001 Held under repurchase agreements -- 84 9 -- Acceptances — Bought outright 72 + 1 6 69 Held under repurchase agreements -- - 43 45 -- Loans-- _ Total member bank borrowing 1,255 122 - 224 1,195 Includes seasonal borrowing of: 16 - 4 + 16 17 Other borrowing Float 2,434 + 131 - 249 2,214 Other F.R. assets 828 - 41 . + 134 848 Total Reserve Bank credit 85,165 -1 ,032 +7,557 84,874 Gold stock 11,567 __ +1,157 11,567 Special Drawing Rights certif. acct. 400 __ -- 400 Treasury currency outstanding 8,756 + 6 + 385 8,756 105,888 -1 ,026 +9,099 105,597 Currency in circulation 70,439 - 247 +5,874 70,583 Treasury cash holdings 344 + 10 - 45 352 Treasury deposits with F.R. Banks 2,651 - 193 - 420 2,337 Foreign deposits with F.R. Banks 260 - 67 - 112 273 Other deposits with F.R. Banks 4/ 679 - 3 + 8 689 Other F.R. liabilities and capital 3,030 + 80 + 524 3,050 77,403 - 419 +5,829 77,284 Member bank reserves: _ With Federal Reserve Banks 28,485 607 +3,269 28,313 Currency and coin _6^33_ + 99 + 544 j 6,333 Total reserves held 3/ 34,885 - 508 +3,601 1 34,713 Required reserves 34,644 - 625 +3,339 34,644 Excess reserves 3/ 241 + 117 + 262 69 NOTE: A net of $128 million of surplus reserves were eligible to be carried forward from the week ended February 20, into the week ending February 27. On February 27, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $25,000 million, a decrease of $149 million for the week. 1/ Excludes $370 millbn securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $83 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ 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. 4/ Includes $36 million of certain deposits of domestic non-member banks and for eign-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 and Cleveland 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 Feb. 27** Feb. 20, Feb. 28, 1974 1974 1973 A S S E TS Gold certificate account 11,460 — +1,157 Special Drawing Rights certif. accts. * 400 — — Cash (1,326) 302 - 2 - 64 Loans 1,195 + 133 - 369 Acceptances—Bought outright 69 - 2 - 10 Held under repurchase agreements — - 188 - 154 Federal Agency obligations—Bought outright 2,001 - 8 + 707 Held under repurchase agreements — - 327 - 33 U.S. Government securities: Bought outright—Bills 36,777 491 +5,125 Certificates - Other Notes 38,796 .. +1,957 Bonds 2,974 •- - 527 Total bought outright 1/ IL 78,547 - 491 +6,555 Held under repurchase agreements « -2.221 - 628 Total U.S. Government securities 78.547 -2.712 +5,927 Total loans and securities 81,812 -3,104 +6,068 Cash items in process of collection (1,548) 7,933 -1,523 - 650 Bank premises 225 — + 31 Other assets y/ 623 + 58 + 82 TOTAL ASSET? (2,874) 102.755 -4.571 +6.624 Federal Reserve notes (1,326) 62,374 - 242 +5,419 Deposits: Member bank-reserves account 28,233 -2,814 + 581 U. S. Treasurer—general account 2,337 - 526 + 264 Foreign 273 - 69 - 182 Other y 689 + 34 + 56 Total deposits 31,532 -3,375 + 719 Deferred availability cash items (1,548) 5,799 - 990 + 10 Other liabilities and accrued dividends 969 - 54 + 274 TOTAL LIABILITIES (2,874) 100,674 -4,661 +6,422 C A P I T AL A C C O U N TS Capital j>aid in "~ 861 + 3 + 60 Surplus 844 — + 51 Other capital accounts 376 + 87 + 91 Contingent liability on acceptances purchased for foreign correspondents 595 7 + 355 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $370 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. II Includes $83 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. II Includes assets denominated in foreign currencies. 4/ Includes $36 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 and Cleveland Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. FEBRUARY 27 1974 r (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 1,185 29 5,730 -1, 880 48 -292 16 days to 90 days 10 40 19,026 - 892 63 - 28 91 days to 1 year -- — 21,979 + 60 248 - 11 Over 1 year to 5 years — — 22,235 — 846 - 4 Over 5 years to 10 years — -- 7,780 — 557 — Over 10 years —_ -- 1,797 — 239 -- Total 1,195 69 78,547 -2,712 2,001 -335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1tb) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 27, 1974 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 11,460 514 3,269 774 629 1,059 693 1,900 238 183 256 286 1,659 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,326 101 253 43 101 135 172 96 30 18 35 108 234 Other cash 302 19 28 4 36 32 41 32 20 10 32 15 33 Loans 1,195 94 106 93 78 163 98 75 118 12 51 78 229 Acceptances: Bought outright 69 — 69 •_ -- — — _- -_ -- «... .» „._ Held under repurchase agreements — — — — — — -_ -- -«. -- -- -.- „«, Federal Agency obligations-- Bought outright 2,001 91 525 108 150 147 111 309 79 42 82 90 267 Held under repurchase agreements — — — — — — — — -«. -• __ U.S. Government securities: Bought outright-- Bills 36,777 1,673 9,653 1,991 2,761 2,709 2,034 5,672 1,452 768 1,499 1,649 4,916 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/ 2/ 1 78,547 3,572 20,617 4,252 5,897 5,786 4,345 12,115 3,102 1,640 3,201 3,522 10,498 Held under repurchase agreements Total U.S. Government securities 78.547 3.572 20.617 4.252 5.897 5,796 4,345 .7 12,115 J~ 3AoT~ " 1.640 3.201 3.522 10.498" Total loans and securities 81,812 3,757 21,317 \ 453 6,125 6,096 4,554 12,499 3,299 1,694 3,334 3,690 10,994 Cash items in process of collection 9,481 333 1,644 349 567 877 958 1,382 410 420 761 723 1,057 Bank premises 225 46 10 11 27 14 15 16 14 35 17 12 8 Other assets 3/ 623 24 181 32— _ 4Q .„ 45_ _ifl_ „_Z6__ —^20^. 18 20 23 109 TOTAL ASSETS 105,629 1 4,817 26,795 5,694 7,558 8,294 6,485 16,071 4,046 2,385 4,470 4,871 14.143 17 Excludes $370 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2J_ Includes $83 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ 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 27, 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 63,700 3,148 15,692 4,026 5,110 5,720 3,350 10,563 2,546 1,160 2,454 2,388 7,543 Deposits: Member bank reserves 28,233 989 7,945 1,041 1,526 1,468 2,067 3,793 891 612 1,144 1,646 5,111 U. S. Treasurer—general account 2,337 202 378 158 144 175 191 208 176 146 97 159 303 Foreign 273 11 1/ 75 13 23 15 19 42 9 6 11 15 34 Other 689 4 575 19 1 23 15 16 10 1 5 6 14 Total deposits 31,532 1,206 8,973 1,231 1,694 1,681 2,292 4,059 1,086 765 1,257 1,826 5,462 Deferred availability cash items 7,347 334 1,340 283 501 702 639 981 305 390 636 507 729 Other liabilities and accrued dividends 969 43 258 49 75 68 56 143 37 23 37 42 138 TOTAL LIABILITIES 103,548 4,731 16,i63 5,589 7,380 8,171 6,337 15,746 3,974 2,338 4,384 4,763 13,872 CAPITAL ACCOUNTS Capital paid in 861 35 222 42 76 48 64 134 28 20 36 46 110 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 376 17 95 21 28 28 22 59 15 7 15 16 53 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 105,629 4 ? 817 2& ? 795 5,694 7,558 8,294 6,485 _ 16,071 4,046 2,385 4,470 4,871 14.143 Contingent liability on ace. eptances purchased for foreign correspondents 595 25 2/152 29 52 33 43 93 20 14 25 33 76 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,319 16,696 4,094 57517 57930 57689 10,881 27679 1,196 2,575 2,551 8,006 Collateral for F. R. notes: Gold certificate account 175 — 400 350 625 — 700 5 U. S. Government securities 3,230 16,850 3,800 5,200 5,390 3,900 10,600 2.J35 1,240 2,700 2,655 8,300 Total collateral 3,405 16,850 4,200 57550 §7015 57900 11,300 2/735 17240 2,700 2,660 8,300 1/ After deducting $ 198 million participations of other Federal Reserve Banks. 2/ After deducting $443 million pariticipations of other Federal Reserve Banks. 3/ Includes $36 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 System1s program of credit restraint. * Estimated (New York, Cleveland Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis