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 May 16, 1974 The average of daily figures for total reserves of member banks increased $289 million in the latest statement week to a level of $36,713 million. Required reserves, excess reserves and member bank borrowings from Federal Reserve Banks all increased. Major factors absorbing reserves in the latest statement week were a decline in other Federal Reserve assets and increases in currency in circulation and other Federal Reserve liabilities and capital. A decline in Treasury deposits with Federal Reserve Banks was the only factor providing a significant amount of reserves. System Open Market Operations provided $455 million reserves net, on a weekly average basis through outright purchases of Treasury bills and repurchase agreements. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, May 15,* May 8^ I May 16, May 15,* and related items 1974 1974 1973 1974 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 79,515 83 +4,475 1/79,652 Held under repurchase agreements 1,186 282 + 570 1,102 Federal Agency obligations-- Bought outright 2,436 +1 =1 80 2,436 Held under repurchase agreements 489 71 + 381 480 Acceptances — Bought outright 92 + 4 90 Held under repurchase agreements 215 + 15 + 134 250 Loans — Total member bank borrowing 1,977 360 162 3,499 Includes seasonal borrowing of: 94 12 71 95 Other borrowing Float 1. 959 73 435 2,772 Other F.R. assets 1,2 53 83 194 863 Total Reserve Bank credit 89, 121 + 804 +6,660 91, 144 Gold stock 11, 567 +1,157 11, 567 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8 ,830 + 362 8 ,832 109,918 807 +8,178 111,943 Currency in circulation 72,995 532 +6,144 73,188 Treasury cash holdings 285 14 - 132 296 Treasury deposits with F.R. Banks 2,723 236 -1,670 2,569 Foreign deposits with F.R. Banks 277 17 37 358 Other deposits with F.R. Banks .3/ 710 48 + 73 714 Other F.R. liabilities and capital 3,122 161 + 500 3,134 80,112 + 474 +4,877 80,259 Member bank reserves: With Federal Reserve Banks 29,805 + 333 +3,300 31,684 Currency and coin 6,850 - 44 + 585 6,850 Total reserves held 2/ 36,713 + 289 +3,771 38,592 Required reserves 36,463 + 252 +3,861 36,463 Excess reserves^/ 250 + 37 - 90 2,129 NOTE A net of $101 million of surplus reserves were eligible to be carried forward from the week ended May 8, into the week ending May 15. On May 15, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,968 million, an increase of $139 million for the week. 1/ Includes $131 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $58 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 $45 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 System's program of credit restraint. v Estimated (New York and Chicago 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 BAN*C S (In millions of dollars) Wednesday Change since May 15,** May 8, May 16, 1974 1974 1973 A S S E TS Gold certificate account 11,460 -•• +1,157 Special Drawing Rights certif. accts. * 400 — — Cash ( 958) 232 1 - 84 Loans 3,499 +1,576 +1,054 Acceptances—Bought outright 90 + 4 — Held under repurchase agreements 250 + 71 + 150 Federal Agency obligations—Bought outright 2,436 -- +1,180 Held under repurchase agreements 480 + 93 + 323 U.S. Government securities: Bought outright—Bills 37,520 + 172 +3,027 Certificates - Other Notes 39,365 + 237 +2,429 Bonds 2,767 - 237 - 844 Total bought outright 79,652 + 172 +4,612 Held under repurchase agreements 1,102 + 280 - 108 Total U.S. Government securities 80,754 + 452 +4,504 Total loans and securities 87,509 +2,196 +7,211 Cash items in process of collection (1,900) 9,452 +1,748 -1,078 Bank premises 233 -- + 31 Other assets 2/ 630 - 467 + 93 TOTAL ASSETS (2,858) 109.916 +3,476 +7,330 Federal Reserve notes ( 958) 64,777 + 200 +5,621 Deposits: Member bank-reserves account 31,604 +1,997 +3,973 U. S. Treasurer—general account 2,569 - 424 -2,356 Foreign 358 + 104 + 25 Other 3/ 714 + 25 + 70 Total deposits 35,245 +1,702 +1,712 Deferred availability cash items (1,900) 6,760 +1,449 - 429 Other liabilities and accrued dividends 1,168 + 26 + 274 TOTAL LIABILITIES (2,858) 107,950 +3,377 +7,178 C A P I T AL ACCOUNTS. Capital paid in 874 + 1 + 59 Surplus 844 — + 51 Other capital accounts 248 + 98 + 42 Contingent liability on acceptances purchased for foreign correspondents 703 - 3 + 320 * Figures in parentheses are the eliminations made in the consolidating process. J7 Includes $131 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3/ Includes $45 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 System's program of credit restraint. ** Estimated (New York and Chicago Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 15. 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 3,429 272 6,226 - 985 496 +109 16 days to 90 days 70 68 18,511 + 150 104 - 16 91 days to 1 year 26,406 +3,850 259 Over 1 year to 5 years 19,853 -2,663 1,008 Over 5 years to 10 years 7,836 693 Over 10 years — 1,922 + 100 356 — Total 3,499 340 80,754 + 452 2,916 + 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1U>) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 15, 1974 New * Phila Cleve Rich j- St. Minne Total Boston York delphia land mond Atlanta Chicago" Louis apolis 0„ n millions of dollars) A S S E TS Gold certificate account 11,460 755 1,837 763 1,205 1,134 566 2,122 575 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 F.R. notes of other banks 958 48 275 32 36 92 146 65 32 Other cash 232 14 18 3 31 26 35 24 15 Loans I 3,499 183 1,744 100 86 168 217 271 28 Acceptances: Bought outright 90 — 90 -- — -_ _- -- -- Held under repurchase agreements 250 -- 250 -- -- _- — -- -- Federal Agency obligations-- Bought outright 2,436 109 625 130 174 180 134 391 91 Held under repurchase agreements 480 -- 480 -- -- -_ -- -- .- U.S. Government securities: Bought outright-- Bills 37,520 1,676 9,629 2,000 2,676 2,770 2,060 6,021 1,403 Certificates: Other _- -- -- -- __ -- -_ -- _.. Notes 39,365 1,758 10,103 2,098 2,808 2,906 2,160 6,318 1,472 Bonds 2,767 124 710 148 197 204 152 444 104 Total bought outright U 79,652 3,558 20,442 4,246 5,681 5,880 4,372 12,783 2,979 _____ Held under repurchase agreements 1,102 -_ 1,102 — -_ — _« -- -_ Total U.S. Government securities 80,754 3,558 21,544 4,246 5,681 5,880 4,372 12,783 2,979 Total loans and securities | 87,509 3,850 24,733 4,476 5,941 6,228 4,723 13,445 3,098 Cash items in process of collection 11,352 481 1,509 680 586 1,444 1,181 1,458 544 Bank premises | 233 50 10 15 27 14 15 16 14 Other assets 2/ 630 24 142 34 37 46 30 120 18 TOTAL ASSETS f.12,774 ! 5,245 28,617 6,026 7,896 9,020 6,718 17,320 4,311 i—i Kansas San City Dallas Francisco 208 138 220 1,937 7 15 14 49 15 31 61 125 7 26 12 21 101 224 139 238 -- -- -- -- -- -- _- -- 51 93 110 348 -- _- -- -- 789 1,438 1 ,701 5,357 __ -- -_ -- 828 1,509 1 ,785 5,620 58 106 125 395 ,675 3,053 ~T, 611 11,372 _- -- __ -- ,675 3,053 _ ,611 11,372 1 ,827 3,370 3 ,860 11,958 513 958 842 1,156 35 17 12 8 23 21 23 112 2 ,635 4,576 5 ,044 15,366 1/ Includes $131 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (New York and Chicago Districts). 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 MAY 15, 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 65,735 3,229 16,243 4,143 5,225 5,824 3,471 10,865 2,668 1,235 2,510 2,468 7,854 Deposits: Member bank reserves 31,604 1,306 8,933 964 1,819 1,552 2,103 4,637 900 727 1,164 1,626 5,873 U. S. Treasurer—general account 2,569 140 587 139 118 152 174 352 241 134 39 136 357 Foreign 358 10 1/168 13 22 14 19 40 9 6 10 14 33 Other 3/ 72.4. 5 560 16 2 24 19 29 2 3 7 15 32 Total deposits 35,245 1,461 10,248 1,132 1,961 1,742 2,315 5,058 1,152 870 1,220 1,791 6,295 Deferred availability cash items 8,660 429 1,260 600 463 1,265 729 923 385 460 725 634 787 Other liabilities and accrued dividends 1,168 48 356 55 77 76 60 170 39 24 40 47 176 TOTAL LIABILITIES 110,808 5,167 28,107 5,930 7,726 8,907 6,575 17,016 4,244 2,589 4,495 4,940 15,112 CAPITAL ACCOUNTS Capital paid in 874 35 227 42 77 48 66 135 29 21 36 47 111 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 248 9 68 12 19 18 15 37 9 5 10 11 35 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 112,774 | 5,245 28,617 6,026 7,896 9,020 6,718 17,32Q 4,311 2.635 4.576 *?, 044 i c: o££ Contingent liability on ace .ept— ances purchased for forei -gn correspondents 703 29 2/179 34 62 40 51 119 2A. 1£_ 22 _, 39 90 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,346 17,080 4,219 5,379 6,021 3,731 1,062 2,791 1,281 2,641 2,623 8,209 Collateral for F. R. notes: Gold certificate account 100 — 400 350 595 — 700 50 5 U. S. Government securities 3,280 17,250 3,900 5,200 5,500 3.900 10,600 2.785 l 300 2,700 ?,6ft0 ft^oo r Total collateral 3,380 17,250 4,300 5,550 6,095 3,900 11,300 2,835 1,300 2,700 2,685 8,400 _!/ After deducting $ 190 million participations of other Federal Reserve Banks. 2/ After deducting $ 524 million participations of other Federal Reserve Banks. 3/ Includes $45 million 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. * Estimated (New York and Chicago Districts) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis