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 March 7, 1974 The average of daily figures for total reserves of member banks declined $283 million in the latest statement week to $34,602 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. A decline in Treasury deposits with Federal Reserve Banks was the major factor providing reserves in the latest statement week. Partially offsetting this reserve gain were a decline in float and an increase in currency in circulation. In addition, System Open Market Operations absorbed $377 million reserves net, on a weekly average basis through outright sales of Treasury bills. Averages o f daily Ji igures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 6, * Feb. 27, March 7, March 6,* and related items 1974 1974 1973 1974 Reserve Bank credit: (In mi llions of dollars) U.S. Government securities-- Bought outright--System account 78,204 367 + 6,315 1/78,159 Held under repurchase agreements — -- 220 — Federal Agency obligations— Bought outright 1,999 7 + 705 1,997 Held under repurchase agreements -- -- 12 — Acceptances — Bought outright 69 3 9 67 Held under repurchase agreements -- 40 — Loans — Total member bank borrowing 912 - 343 773 844 Includes seasonal borrowing of: 19 + 3 + 19 19 Other borrowing Float 1,980 - 465 - 615 2,622 Other F.R. assets 878 + 50 + 129 917 Total Reserve Bank credit 84,042 - 1,134 + 5,480 84,606 Gold stock 11,567 -- + 1,157 11,567 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 8,758 + 2 + 371 8,760 104,767 - 1,132 + 7,008 105,333 Currency in circulation 70,577 + 139 + 5,894 71,061 Treasury cash holdings 334 - 10 51 341 Treasury deposits with F.R. Banks 1,927 - 724 - 1,250 1,528 Foreign deposits with F.R. Banks 328 + 68 15 282 Other deposits with F.R. Banks 3/ 694 + 4 + 2 687 Other F.R. liabilities and capital 2,942 - 89 + 333 2,783 76,803 - 610 + 4,914 76,682 Member bank reserves: With Federal Reserve Banks 27,964 _ 521 + 2,094 28,651 Currency and coin AJ71 + 238 + 661 6,571 Total reserves held 2/ 34,602 - 283 + 2,543 35,289 Required reserves 34,510 - 134 + 2,787 34,510 Excess reserves 2/ 92 NOTE: A net of $132 million of surplus reserves were eligible to be carried forward from the week ended February 27, into the week ending March 6. On March 6, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $25,520 million, an increase of $520 million for the week. 1/ Includes $85 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 $43 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. * Estimated (Dallas District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CQNSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Mar. 6,*** Feb. 27, Mar. 7, 1974 1974 1973 A S S E TS Gold certificate account 11,460 — +1,157 Special Drawing Rights certif. accts. 400 — — Cash (1,253) 298 3 - 67 Loans 844 - 351 - 289 Acceptances—Bought outright 67 2 11 Held under repurchase agreements Federal Agency obligations—Bought outright 1,997 4 + 703 Held under repurchase agreements U.S. Government securities: Bought outright—Bills 36,389 - 388 +5,937 Certificates - Other Notes 38,796 +1,957 Bonds 2,974 - 527 Total bought outright 78,159 - 388 +7,367 Held under repurchase agreements -« Total U.S. Government securities 78,159 - 388 +7,367 Total loans and securities 81,067 -. 745 +7,770 Cash items in process of collection (1,629) 8,377 + 843 -1,222 Bank premises 227 + 2 + 31 Other assets 2/ 690 + 68 + 92 TOTAL ASSETS (2,882) 102.519 + 165 +7,761 Federal Reserve notes (1,253) 62,833 + 471 +5,491 Deposits: Member bank-reserves account 28,571 + 338 +4,558 U. S. Treasurer—general account 1,528 - 809 -2,271 Foreign 282 + 9 14 Other 3/ 6&L = S£L ± 52. Total deposits 31,068 - 542 +2,325 Deferred availability cash items (1,629) 5,835 + 510 - 223 Other liabilities and accrued dividends 972 + 6 + 316 TOTAL LIABILITIES (2,882) 100,708 + 445 +7,909 £ AP I T AL A C C O U N TS Capital paid in 864 + 2 + 62 Surplus 844 — + 51 Other capital accounts 103 - 282 - 261 Contingent liability on acceptances purchased for foreign correspondents 59^ + 1 + 335 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $85 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3./ Includes $43 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. k* Estimated (Dallas District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MARCH 6, 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 832 21 5,911 +181 44 - 4 16 days to 90 days 12 46 19,406 +380 63 — 91 days to 1 year -- -. 21,030 -949 248 — Over 1 year to 5 years -- — 22,235 — 846 — Over 5 years to 10 years -- — 7,780 -- 557 — Over 10 years ... 1,797 — 239 .. Total 844 67 78,159 -388 1,997 - 4 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 MARCH 6, 1974 Total Boston N Yo e r w k d P e hi l l p a h ia C l l a e n v d e m R o i n c d h Atlanta Chicago L S o t u . i s M a i p n o n l e i s K C a i n t s y a s Dallas* F S r a a n n cisco (In millions of dollars) A S S E TS Gold certificate account 11,460 563 3,316 661 954 903 453 1,722 334 112 319 452 1,671 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,253 85 348 33 88 108 158 76 21 14 29 100 193 Other cash 298 19 27 4 35 32 41 32 19 9 32 15 33 Loans 844 46 329 41 25 75 75 41 43 6 73 26 64 Acceptances: Bought outright 67 -. 67 — — — — — — — — — Held under repurchase agreements — -- -- — — -- -_ — -- -- .- -- Federal Agency obligations-- Bought outright 1,997 92 521 108 146 149 111 313 73 42 79 88 275 Held under repurchase agreements -- — — — — — — — .. — «- ~„ -- U.S. Government securities: Bought outright-- Bills 36,389 1,666 9,502 1,970 2,655 2,713 2,017 5,711 1,324 773 1,442 1,599 5,017 Certificates: Other __ -• — -- -- _- — „- — -- — -. — Notes 38,796 1,776 10,131 2,101 2,830 2,892 2,151 6,089 1,412 824 1,538 1,704 5,348 Bonds j 2.974 136 776 161 217 222 165 467 108 63 118 131 410 Total bought outright 1/ | 78,159 3,578 20,409 4,232 5,702 5,827 4,333 12,267 2,844 1,660 3,098 3,434 10,775 Held under repurchase agreements — — .. — -_ — — — — ... -. ... _____ •— Total U.S. Government securities [78,159 3,578 20,409 4.232 5,702 5,827 4,333 12.267 2,844 TT660"~^ 3T098~ ~Hr434~~~ 10,775~~~~"~~"~ Total loans and securities ["81,067 3,716 21,326 4,381 5,873 6,051 4,519 12,621 2,960 1,708 3,250 3,548 11,114 Cash items in process of collection 10,006 369 1,612 374 479 985 1,182 1,408 433 500 833 679 1,152 Bank premises 227 47 10 12 27 14 15 16 14 35 17 12 8 Other assets 2/ 690 27 203 44 43 45 35 90 20 18 21 28 116 TOTAL ASSETS |.05,401 j 4,849 26,935 5,532 7,532 8,174 6,425 16,035 3,816 2,403 4,516 4,848 - 14,336 1/ Includes $85 million securities loaned-—fully secured by U.S. Government securities pledged with Federal Reserve Banks, 2/ Includes assets denominated in foreign currencies. * Estimated (Dallas District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDXTIOK OF EACH FEDERAL RESERVE BANK ON MARCH 6, 1974 New Phila Cleve Rich 1 St. Minne Kansas * San Total Boston York delphia land mond Atlanta Chicago Louie apolis City Dallas Fran- Cisco (In millions of dollars) - L I A B I L I T I ES Federal Reserve notet 64,086 3,150 15,862 4,034 5,107 5,744 3,379 10,584 2,572 1,173 2,469 2,409 7,603 Deposits: Member bank reserves 28,571 1,083 8,262 877 1,693 1,175 2,011 3,842 740 631 1,144 1,774 5,339 U. S. Treasurer—general account 1,528 130 320 106 67 220 107 87 80 72 88 86 165 Foreign 282 11 1/ 77 14 24 16 20 43 10 6 11 15 35 Other 3/ 687 5 574 16 2 26 16 8 2 2 4 17 15 Total deposits 31,068 1,229 9,233 1,013 1,786 1,437 2,154 3,980 832 711 1,247 1,892 5,554 Deferred availability cash items 7,464 355 1,133 348 410 822 705 1,047 319 438 670 411 806 Other liabilities and accrued dividends 972 42 239 4C 69 69 55 145 -M ™ " 40 141 TOTAL LIABILITIES 103,590 4,776 26,467 5,443 7,372 8,072 6,293 15,754 3,756 2,360 4,441 4,752 14,104 CAPITAL ACCQUJSTS Capital paid in 864 35 223 42 77 48 64 134 28 21 36 46 110 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 103 4 30 5 9 7 6 15 T 2 4 4 14 TOTAL LIABILITIES AND CAFITAL ACCOUNTS 105,401 , 4,849 26,935 7,532 O, J./*f 6,425 16,035^ 3,itU6 2t403 4,516 _4.848 14.336 Contingent liability on ace: eptances purchased for foreign correspondents 596 24 152 29 53 22_ 44 94 2ft I£- 24_ 22- 76 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,303 16,683 4,106 5,299 5,932 3,687 10,850 2,675 1,205 2,580 3,539 t,025 Collateral for F. R. notes: Gold certificate account 175 — 400 350 625 700 5 U. S. Government securities 1*230 16.850 3.800 5.200 5.390 3 r 900 10,600 2i735 1,240 2,7M 2.655 6.3ft) Total collateral 3,405 16,850 4,200 5,550 6,015 3,900 11,300 2,735 1,240 2,700 2,660 $,300 V After deducting $ 205 million participations of other Federal Reserve Banks 2/ After deducting $ 444 million participations of other Federal Reserve Banks* 3/ Includes $43 million of certain deposits of domestic non-member banks and foreign-owned banking institutions heldw ith member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-memberi nstitutions. in the Federal Reserve System's program of credit restraint. * Estimated ^Dallas District^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis