H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE ."SiP: •>MMM Factors Affecting Bank Reserves and '^SS5K. Condition Statement of F.R. Banks H.4.1 For immediate release March 28, 1974 The average of total reserves of member banks declined $429 million in the latest statement week to $34,765 million. Required reserves declined while excess reserves and member bank borrowings at Federal Reserve Banks increased. A decline in float and increases in Treasury deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital were the major factors absorbing reserves in the latest statement week. Partially offsetting these reserve drains was a decline in currency in circulation. System Open Market Operations provided $136 million reserves net, on a weekly average basis, through repurchase agreements and outright: purchases of Federal Agency obligations. Some reserves were drained, however, through sales of Treasury bills and matched sale-purchase transactions. Averages of daily figures Member Dank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, March 27,* March 20, March 28, March 27, and related items 1974 1974 1973 1974 * Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 78,203 _ 147 +5,594 1/2/77,658 Held under repurchase agreements 588 + 96 + 246 371 Federal Agency obligations-- Bought outright 2,099 + 146 + 819 2,123 Held under repurchase agreements 30 + 12 + 3 24 Acceptances-- Bought outright 74 + 4 2 74 Held under repurchase agreements 70 + 25 + 48 56 Loans — Total member bank borrowing 1,713 + 229 - 298 2,034 Includes seasonal borrowing of: 44 + 10 4- 44 44 Other borrowing Float 1,735 - 137 51 2,428 Other F.R. assets 1,009 + 48 + 101 1,072 Total Reserve Bank credit 85,521 + 276 +6,460 85,840 Gold stock 11,567 -. +1,157 11,567 Special Drawing Rights certif. acct. 400 __ -- 400 Treasury currency outstanding 8,772 + 4 + 352 8,773 106,261 + 280 +7,971 106,580 Currency in circulation 71,117 - 169 +5,987 71,378 Treasury cash holdings 335 - 2 53 338 Treasury deposits with F.R. Banks 2,317 + 993 -1,308 2,094 Foreign deposits with F.R. Banks 307 + 7 + 3 355 Other deposits with F.R. Banks 4/ 667 - 64 + 24 670 Other F.R. liabilities and capital 3,096 + 102 + 537 3,093 77,839 + 867 +5,190 77,928 Member bank reserves: With Federal Reserve Banks 28,422 - 587 +2,780 28,653 Currency and coin 6,276 + 158 + 533 6,276 Total reserves held 3/ 34,765 - 429 +3,101 34,996 Required reserves 34,600 - 526 +3,024 34,600 Excess reserves 3/ 396 NOTE: A net of $36 million of surplus reserves were eligible to be carried forward from the week ended March 20, into the week ending March 27. On March 27, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $26,117 million, a decrease of $153 million for the week. 1/ Excludes $702 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 1/ Includes $227 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. 4/ Includes $45 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. Estimated (New York 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. 27,** Mar. 20, Mar. 28, 1974 1974 1973 A S S E TS Gold certificate account 11,460 +1,157 Special Drawing Rights certif. accts. 400 — — Cash (1,152) 272 - 10 80 Loans 2,034 - 128 + 6 Acceptances—Bought outright 74 -.. 1 Held under repurchase agreements 56 - 36 13 Federal Agency obligations—Bought outright 2,123 + 170 + 843 Held under repurchase agreements 24 - 12 - 35 U.S. Government securities: Bought outright--Bills 35,698 - 720 +3,268 Certificates - Other Notes 38,956 — +2,117 Bonds 3.004 — - 497 Total bought outright 1/ If 77,658 - 720 +4,888 Held under repurchase agreements 371 - 723 - 713 Total U.S. Government securities 78,029 -1,443 +4,175 Total loans and securities 82,340 -1,449 +4,975 Cash items in process of collection (1,519) 7,397 - 603 - 306 Bank premises 228 — + 31 Other assets 3/ 844 + 74 + 92 TOTAL ASSETS (2,671) 102,941 -1,988 +5,869 L I A B I L I T I ES Federal Reserve notes (1,152) 63,107 + 11 +5,535 Deposits: Member bank-reserves account 28,573 -1,486 +1,701 U. S. Treasurer—general account 2,094 + 15 -1,288 Foreign 355 + 94 4 Other £/ 670 5 - 39 Total deposits 31,692 -1,382 + 370 Deferred availability cash items (1,519) 5,049 - 688 - 533 Other liabilities and accrued dividends 1,002 + 1 + 317 TOTAL LIABILITIES (2,671) 100,850 -2,058 +5,689 C A P I T AL A C C 0 U N T £ Capital paid in 871 + 1 + 64 Surplus 844 — + 51 Other capital accounts 376 + 69 + 65 Contingent liability on acceptances purchased for foreign correspondents 682 +9 + 400 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $702 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2) Includes $227 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreigh currencies. 4/ Includes $45 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 (New York District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 27, 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 2,012 83 5,465 - 729 24 - 12 16 days to 90 days 22 47 18,951 - 604 135 91 days to 1 year — 21,611 - 110 275 + 1 Over 1 year to 5 years -- 22,344 — 821 + 53 Over 5 years to 10 years -- 7,836 -- 608 + 71 Over 10 years — 1,822 .. 284 + 45 Total 2^34 130 78,029 -1,443 2,147 +158 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.100 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 27, 1974 Total Boston New . -k d P e h l il p a h ia C l l a e nd v e m R o i n c d h Atlanta Chicago L St o . u is 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 York 0 !n millions of dollars) A S S E TS Gold certificate account 11,460 534 1,496 746 1,222 843 562 2,413 507 321 357 437 2,022 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,152 62 312 49 60 106 17°. 66 23 16 31 90 164 Other cash 272 18 25 4 34 28 38 26 18 9 30 13 29 Loans 2,034 122 377 98 319 239 169 105 71 14 67 138 315 Acceptances: Bought outright 74 — 74 -- -- — -- — — — — — -- Held under repurchase agreements 56 j -- 56 -- — — — -- — — — — — Federal Agency obligations-- Bought outright 2,123 97 555 115 155 158 118 333 77 45 84 93 293 Held under repurchase agreements 24 — 24 .. — — — — — — — — U.S. Government securities: Bought outright-- Bills 35,698 1,634 9,322 1,933 2,604 2,661 1 ,979 5,603 1,299 758 1,415 1,568 4,922 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 1/ 2/ 1 77,658 3,555 20,279 4,205 5,665 5,790 ,306 12,188 2,826 1,649 3,078 3,411 10,706 Held under repurchase agreements 371 -- 371 • - «.- -- .. -- -- -- .. -- ... Total U.S. Government securities 1 78,029 3,555 20,650 4,205 5,665 5,790 "T,3 06 12,188 2,826 1,649 3,078 3,411 To,706 Total loans and securities 82,340 3,774 21,736 4,418 6,139 6,187 4 ,593 12,626 2,974 1,708 3,229 3,642 11,314 Cash items in process of collection 8,916 334 1,576 322 460 875 984 1,243 374 402 673 700 973 Bank premises 228 48 10 12 27 14 15 16 14 35 17 12 8 Other assets 3/ 844 41 238 50 53 72 44 109 24 19 28 32 134 TOTAL ASSETS 105,612 4,834 25,486 5,624 8,028 8,161 6 ,431 16,569 3,949 2,517 4,380 4,940 14,693 1,/ Excludes $702 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, 2/ Includes $227 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks0 3./ Includes assets denominated in foreign currencies. * Estimated (New York District). 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 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 64,259 3,156 15,891 4,068 5,124 5,746 3,368 10,627 2,584 1,187 2,463 2,415 7,630 Deposits: Member bank reserves 28,573 936 6,939 971 2,031 1,248 2,006 4,215 839 111 1,124 1,727 5,760 U. S. Treasurer--general account 2,094 263 297 102 202 204 191 261 115 99 69 157 134 Foreign 355 14 1/ 98 17 31 19 25 54 12 8 14 19 44 Other 3/ 670 4 " 565 13 * 28 16 10 1 1 5 10 17 Total deposits 31,692 1,217 7,899 1,103 2,264 1,499 2,238 4,540 967 885 1,212 1,913 5,955 Deferred availability cash items 6,568 332 869 299 390 723 623 930 294 373 582 463 690 Other liabilities and accnl ed dividends 1,002 45 280 51 71 71 56 149 35 24 37 42 141 TOTAL LIABILITIES 103,521 4,750 24,939 5,521 7,849 8,039 6,285 16,246 3,880 2,469 4,294 4,833 14,416 CAPITAL ACCOUNTS Capital paid in 871 35 226 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 376 15 106 19 28 27 19 56 12 7 15 14 58 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 105,612 4,834 25,486 5,624 8,028 8,161 _.M_3_1___ 16,569_ 3,949 2,517 4,380 4,940 1&.693 Contingent liability on ace. eptances purchased for forei- gn correspondents 682 28 2/174 33 60 38 5.0. 107 23 16 22 36 87 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,263 16,788 4,122 5,284 5,929 3,664 10,890 2,725 1,219 2,593 2,576 8,009 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 1,260 2.70? 2.655 8.300 Total collateral 3,405 17,050 4,200 5,550 6,015 3,900 11,300 2,785 1,260 2,700 2,660 8,300 \l After deducting $ 257 million participations of other Federal Reserve Banks. 2/ After deducting $ 508 million participations of other Federal Reserve Banks. 3/ Includes $45 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 District). * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis