H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and •^r^t- Condition Statement of F.R. Banks H.4.1 For immediate release March 21, 1974 The average of total reserves of member banks increased $408 million in the latest statement week to $35,168 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. A decline in float and an increase in other Federal Reserve liabilities and capital were the major factors absorbing reserves in the latest statement week. Offsetting these reserve drains was a decline in Treasury deposits with Federal Reserve Banks. System Open Market Operations provided $677 million reserves net, on a weekly average basis, through outright purchases of Treasury bills and repurchase agreements. Averages of daily 1f igures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 20, March 13, March 21, March 20, and related items 1974 1974 1973 1974 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 78,350 + 561 +5 ,847 1/78,378 Held under repurchase agreements 492 + 114 + 206 1,094 Federal Agency obligations-- Bought outright 1,953 _ 25 + 673 1,953 Held under repurchase agreements 18 - 4 + 4 36 Acceptances — Bought outright 70 + 3 - 7 74 Held under repurchase agreements 45 + 28 + 3 92 Loans — Total member bank borrowing 1,484 + 500 „ 655 2,162 Includes seasonal borrowing of: 34 + 15 + 34 39 Other borrowing Float 1,846 - 237 . 753 2,225 Other F.R. assets 961 + 23 + 85 998 Total Reserve Bank credit 85,219 + 963 +5, 402 87,012 Gold stock 11,567 -- +1 ,157 11,567 Special Drawing Rights certif. acct. 400 — -- 400 Treasury currency outstanding 8,768 + 6 + 360 8,769 105,955 + 970 +6, 920 107,748 Currency in circulation 71,286 + 93 +6 ,036 71,343 Treasury cash holdings 337 + 7 - 43 347 Treasury deposits with F.R. Banks 1,324 - 470 -2, 407 2,079 Foreign deposits with F.R. Banks 300 + 23 - 65 261 Other deposits with F.R. Banks 3/ 731 + 17 + 81 675 Other F.R. liabilities and capital 2,994 + 152 + 495 3,022 76,972 - 177 +4, 096 77,727 Member bank reserves: With Federal Reserve Banks 28,983 +1 ,147 +2 ,824 30,021 Currency and coin 6,118 - 739 +• 584 6,118 Total reserves held 2/ 35,168 + 408 +3 ,196 36,206 Required reserves 35,126 + 494 +3 ,402 35,126 Excess reserves 2/ 42 - 86 - 206 1,080 NOTE: A net of $75"~million of surplus reserves were eligible to be carried forward from the week ended March 13, into the week ending March 20. On March 20, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $26,270 million, an increase of $445 million for the week. 1/ Includes $133 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 $44 million of certain deposits of domestic nonmember banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by nonmember 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) CQNSOLIDATED STATEMENT OF CONDITION ,L FEDERAL RESERVE BANKS (In millions of Wednesday Change since Mar. 20, Mar. 13, Mar. 21, 1974 1974 1973 A S S E TS Gold certificate account 11,460 +1,157 Special Drawing Rights certif. accts, 400 — Cash (1,225) 282 - 8 - 79 Loans 2,162 + 534 - 822 Acceptances--Bought outright 74 + 7 - 1 Held under repurchase agreements 92 + 6 + 92 Federal Agency obligations—Bought outright 1,953 + 673 Held under repurchase agreements 36 92 + 36 U.S. Government securities: Bought outright—Bills 36,418 + 445 +4,935 Certificates - Other Notes 38,956 + 160 +2,117 Bonds 3,004 + 30 - 497 Total bought outright 1/ 78,378 + 635 +6,555 Held under repurchase agreements 1,094 - 808 +1,094 Total U.S. Government securities 79.472 - 173 +7.649 Total loans and securities 83,789 +. 282 +7,627 Cash items in process of collection (1,719) 7,882 - 362 - 733 Bank premises 228 + 1 + 31 Other assets 2) 770 - 26 + 66 TOTAL ASSETS (2,944) 104.811 - 113 +8.069 i i i i i t n ns (1,225) 63,096 141 +5,543 Federal Reserve notes 29,941 - 95 +4,462 Deposits: Member bank-reserves account 2,079 + 135 -2,345 U. S. Treasurer—general account 261 - 13 - 26 Foreign 2) 675 - 62 + 42 Other 3/ 2) 34,956 - 35 +2,133 Total deposits (1,717) 5,737 - 14 - 136 Deferred availability cash items 1,001 - 28 + 337 Other liabilities and accrued dividends (2,944) 102,790 - 218 +7,877 TOTAL LIABILITIES C A P I T AL A C C O U N TS Capital paid in 870 1 + 64 Surplus 844 — + 51 Other capital accounts 307 + 106 + 77 Contingent liability on acceptances purchased for foreign correspondents 673 + 16 + 394 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $133 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 27 Includes assets denominated in foreign currencies. 3/ Includes $44 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. MARCH 20 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 2,140 106 6,194 -782 36 -92 16 days to 90 days 22 60 19,555 +130 135 91 days to 1 year Over 1 year to 5 years — — 21,721 +289 274 Over 5 years to 10 years -- — ± 22, m 344 +109 m 768 Over 10 years -- + 56 Total + 25 2,162 166 79,472 -173 1,989 -92 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 MARCH 20, 1974 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 0. n milliont s of dollars) A S S E TS Gold certificate account 11,460 895 1,466 540 1,193 1,061 428 2,821 539 229 456 525 1,307 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,225 66 380 37 64 106 159 65 24 15 31 99 179 Other cash 282 18 27 4 35 29 39 28 18 9 31 13 31 Loans 2,162 52 1,054 181 238 186 142 73 41 10 82 41 62 Acceptances: Bought outright 74 .. 74 .. -«=> _- .- -«= __ -- „„ „«. _- Held under repurchase agreements 92 — 92 -_ _- _„ _„ „.«. „» __ __ ... _„ Federal Agency obligations-- Bought outright 1,953 89 510 106 143 146 108 307 71 41 77 86 269 Held under repurchase agreements 36 __ 36 __ -. .. .. .. __ -c= ._ _«. «... U.S. Government securities: Bought outright-- Bills 36,418 1,667 9,510 1,972 2,657 2,715 2,018 5,716 1,325 773 1,444 1,600 5,021 Certificates: Other ... -- — — — — — — -- _- -« — -- Notes 38,956 1,783 10,173 2,109 2,842 2,905 2,160 6,114 1,418 827 1,544 1,711 5,370 Bonds 3,004 _ 138 784 163 219 224 167 471 109 64 119 132 414 Total bought outright \J 7|-.3o7l 3,588 20,467 4,244 5,718 5,844 4,345 12,301 2,852 1,664 3,107 3,443 10,805 Held under repurchase agreements 9 -- 1-094 -- -- ... C3-. -_ -_ Total U.S. Government securities 79.472 3.588 21.561 4.244 5.718 5,844 4.345 12.301 2.852 1.664 3.107 3.443 10.805 Total loans and securities 83,789 3,729 23,327 4,531 6,099 6,176 4,595 12,681 2,964 1,715 3,266 3,570 11,136 Cash items in process of collection 9,601 299 1,474 314 486 1,023 1,020 1,396 458 445 741 754 1,191 Bank premises 228 48 10 12 27 14 15 16 14 35 17 12 8 Other assets 2/ j 770 11 9-9-1 W\ so ^ 38 101 23 19 26 32 133 TOTAL ASSETS 107,755 1 5,109 26,998 5,504 7,987 8,498 6,316 17,178 4,055 2,474 4,583 5,019 14,034 1/ Includes $133 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks 0 l_l 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 MARCH 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 64,321 3,159 15,950 4,057 5,128 5,746 3,372 10,642 2,587 1,185 2,467 2,413 7,615 Deposits: Member bank reserves 29,941 1,146 8,007 842 2,082 1,378 1,907 4,752 892 733 1,291 1,800 5,111 U. S. Treasurer--general account 2,079 265 566 122 108 277 79 206 120 66 62 118 90 Foreign 261 10 1/ 71 13 22 14 19 40 9 6 10 14 33 Other 3/ 677 4 563 11 1 29 20 12 2 2 5 12 16 Total deposits 32,958 1,425 9,207 988 2,213 1,698 2,025 5,010 1,023 807 1,368 1,944 5,250 Deferred availability cash items 7,454 399 1,038 309 397 866 720 1,063 345 414 626 515 762 Other liabilities and accrued dividends 1,001 45 279 51 74 71 56 150 -u 99 ™ 42 139 TOTAL LIABILITIES 105,734 5,028 26,474 5,405 7,812 8,381 6,173 16,865 3,989 2,428 4,499 4,914 13,766 CAPITAL ACCOUNTS Capital paid in 870 34 226 42 77 48 65 135 28 21 36 47 111 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 307 13 83 15 24 22 16 46 9 5 13 12 49 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 107,755 5,109 26,998 5,504 7,987 8,498 6,316 17 s 178 4,055 9~ ~M •» IL• • •4 ,503 5,019 *'T>Yi,T. Contingent liability on accept ances purchased for foreign correspondents __ 673 28 2/171 33 J!_ 38 -42- JLQ£L_ 33- -15- .28- JLL. 86 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,274 16,762 4,118 5,286 5,943 3,673 10,910 2,729 1,225 2,602 2,584 8,024 Collateral for F. R. notes: Gold certificate account 175 — 400 350 625 — 700 50 5 U. S. Government securities 3,230 17,050 3,800 5,200 5,390 3.900 10.600 2,735 1,940 9,700 2,655 8,300 Total collateral 3,405 17,050 4,200 5,550 6,015 3,900 11,300 2,785 1,240 2,700 2,660 8,300 1/ After deducting $ 190 million participations of other Federal Reserve Banks. 2/ After deducting $ 502 million participations of other Federal Reserve Banks. 3/ Includes $44 mill ion of certain deposits of domestic nonmember banks and foreign-owned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System's program of credit restraint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis