H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks ^•4*1 For immediate release July 5, 1974 The average of daily figures for total reserves of member banks increased $673 million in the latest statement week to a level of $37,202 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. Major factors absorbing reserves in the latest statement week were increases in currency in circulation, Treasury deposits and other deposits with Federal Reserve Banks. An increase in float was the only factor providing a significant amount of reserves. In addition, System Open Market Operations provided $197 million reserves net, on a weekly average basis, primarily through outright purchases of Treasury bills and Federal Agency obligations. Averages of daily figures Member bank reserves, Week-ended Change from week ended Wednesday, Reserve Bank credit, July 3, June 26, July 4, June 3,* and related items 1974 1974 1973 1974 Reserve Bank credit: (In millions of dollars) 1/ U.S. Government securities-- Bought outright—System account 79,807 + 307 +4,692 79,892 Held under repurchase agreements 786 - 442 - 226 649 Federal Agency obligations— Bought outright 2,856 + 307 +1,407 2,853 Held under repurchase agreements 484 - 54 + 302 633 Acceptances — Bought outright 98 + 3 + 31 99 Held under repurchase agreements 231 + 76 + 177 284 Loans-- Total member bank borrowing 3,434 + 646 +1,034 3,001 Includes seasonal borrowing of: 126 - 7 + 15 133 Other borrowing Float 2,126 + 71 72 2,728 Other F.R. assets 1,252 + 92 + 154 1,262 Total Reserve Bank credit 91,074 +1 ,006 +7,499 91,401 Gold stock 11,567 .- +1,157 11,567 Special Drawing Rights certif. acct. 400 -- -- 400 Treasury currency outstanding 8,894 + 3 + 357 8,897 111,935 +1 ,009 +9,013 112,265 Currency in circulation ** 74,105 + 416 +6,057 74,747 Treasury cash holdings ** 289 - 9 84 289 Treasury deposits with F.R. Banks 2,781 + 122 - 833 2,590 Foreign deposits with F.R. Banks 350 + 7 + M 269 Other deposits with F.R. Banks 2/ 777 + 90 + 37 637 Other F.R. liabilities and capital 3,243 - 22 + 393 2,992 81,545 - 605 +5,611 81,524 Member bank reserves: With Federal Reserve Banks 30,390 + 405 +3,401 30,740 Currency and coin 6,812 + 326 + 586 6,812 Total reserves held 37,202 + 673 +3,875 37,552 Required reserves 36,904 + 479 +4,209 36,904 Excess reserves 298 + 194 - 334 648 NOTE: A net of $88 million of surplus reserves were eligible to be carried forward from the week ended June 26, 1974, into the week ended July 3, 1974. On July 3, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $29,497 million, an increase of $187 million for the week. \J Includes $160 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes $49 million of certain deposits of domes Lie 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 (Richmond District) Treasury figures estimated. •k-k 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 July 3, June 26, July 4, 1974 ** 1974 1973 A S S E TS Gold certificate account 11,460 •»•> +1,157 * 400 — — Special Drawing Rights certif. accts. Cash 947) 205 - 11 - 87 Loans 3,001 + 22 + 3 Acceptances—Bought outright 99 + 3 + 32 Held under repurchase agreements 284 + 123 + 177 Federal Agency obligations—Bought outright 2,853 + 304 +1,404 Held under repurchase agreements 633 + 99 + 234 U.S. Government securities: Bought outright—Bills 37,378 289 +2,815 Certificates - Other Notes 39,692 + 159 +2,581 Bonds 2,822 + 17 - 842 Total bought outright 1/ 79,892 + 465 +4,554 Held under repurchase agreements 649 - 396 -1,313 Total U.S. Government securities 80,541 + 69 +3,241 Total loans and securities 87,411 + 620 +5,091 Cash items in process of collection (1,940) 9,200 +1 ,035 + 53 Bank premises 240 + 2 + 35 Other assets 2/ 1,022 + 64 + 162 TOTAL ASSETS (2,887) 109 f 938 +1 ,710 +6,411 L I A B I L I T I ES Federal Reserve notes ( 947) 66,238 + 785 +5,707 Deposits: Member bank-reserves account 30,660 + 605 +1,363 U. S. Treasurer—general account 2,590 - 103 - 571 Foreign 269 - 13 + 17 Other 3/ 637 - 62 - 106 Total deposits 34,156 + 427 + 703 Deferred availability cash items (1,940) 6,552 + 792 - 71 Other liabilities and accrued dividends 1,153 + 28 + 266 TOTAL LIABILITIES (2,887) 108,099 +2 ,032 +6,605 £ £ I I 1 £L A C C O U N TS Capital paid in 879 + 3 + 58 Surplus 844 — + 51 Other capital accounts 116 - 325 - 303 Contingent liability on acceptances purchased for foreign correspondents 835 66 + 410 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $160 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 37 Includes $49 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 in credit restraint. ** Estimated (Richmond District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 3, 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 2,919 308 5,602 -1,253 633 + 95 16 days to 90 days 82 75 23,849 + 477 63 + 8 91 days to 1 year -- -- 21,255 + 716 403 + 70 Over 1 year to 5 years — — 19,914 + 35 1,262 +162 Over 5 years to 10 years -- — 7,945 + 78 754 + 51 Over 10 years „ zz. -- 1,976 + 16 371 + 17 Total 3,001 383 80,541 69 3,486 +403 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 JULY 3, 1974 New Phila Cleve Rich St. Mili ne- 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 11,460 722 2,021 475 1,048 1,217 710 2,189 281 196 395 280 1,926 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 947 32 228 32 48 85 135 56 29 26 42 62 172 Other cash 205 12 17 4 27 21 31 20 15 6 23 9 20 Loans 3,001 143 1,507 82 100 137 119 362 28 93 105 152 173 Acceptances: Bought outright 99 — 99 — -- — — — — Held under repurchase agreements 284 -- 284 -- — — -- — — »- — ~_ -- Federal Agency obligations- Bought outright 2,853 132 703 160 220 211 158 451 109 59 112 129 409 Held under repurchase agreements | 633 — 633 -- _. -- _- -- -- -- — -- -- U.S. Government securities: Bought outright-- Bills 37,378 1,733 9,206 2,092 2,887 2,764 2,062 5,910 1,432 777 1,466 1 690 5,359 Certificates: Other — — — -- — -- -- -- -.- -- -~ -- __ Notes 1 39,692 1,841 9,777 2,221 3,066 2,934 2,189 6,277 1,520 825 1,557 1 ,795 5,690 Bonds 1 2,822 131 695 15P 218 208 156 446 108 59 111 128 404 Total bought, outright 1/ S* 79,892 3,705 19,678 4,471 6,171 5,906 4,407 12,633 3,060 I ,661 3,134 ~y ,613 11,453 Held under repurchase agreements ! 649 — 649 — __ -- — — — -- _._. -- «... Total U.S. Government securities i 80^541 3,705 20,327 4,471 clJ-71 5,906 4,407 12,633 3,060 T, 661 " 3,134 ~y3 ^3 ZjX^453 Total loans and securities 87,411 3,980 23,553 4 S 713 6,491 6,254 4,684 13,446 3,197 1 ,813 3,351 3 ,894 12,035 Cash items in process of collection 1 11,140 473 1,711 460 496 1,247 1,456 1,399 564 463 920 732 1,219 Bank premises I 240 54 11 17 27 14 15 16 14 35 17 12 8 Other assets 2/ 1,022 48 259 53 70 70 67 143 35 23 37 59 158 TOTAL ASSETS 112,825 5,344 27,893 5,777 8,240 8,944 7,120 17,339 4,150 2 ,569 4,800 5 ,062 15,587 1/ Includes $160 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated, (Richmond District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON July 3, 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 67,185 3,276 16,657 4,196 5,343 5,989 3,606 11,044 2,715 1,256 2,557 2,537 8,009 Deposits: Member bank reserves 30,660 1,143 8,279 880 2,024 1,501 2,101 4,441 820 672 1,140 1,693 5,966 U. S. Treasurer—general account 2,590 226 410 171 197 220 173 299 136 132 181 158 287 Foreign 269 10 1/ 90 12 21 13 17 38 8 6 10 13 31 Other 3/ 637 6 515 11 2 13 30 14 5 1 7 18 15 Total deposits 34,156 1,385 9,294 1,074 2,244 1,747 2,321 4,792 969 811 1,338 1,882 6,299 Deferred availability cash items 8,492 561 1,151 360 408 1,003 991 1,054 366 433 787 495 883 Other liabilities and accrued dividends 1,153 51 323 61 85 76 64 170 40 25 42 49 167 TOTAL LIABILITIES 110,986 5,273 27,425 5,691 8,080 8,815 6,982 17,060 4,090 2,525 4,724 4,963 15,358 CAPITAL ACCOUNTS Capital paid in 879 35 228 41 78 49 67 136 28 21 37 48 111 Surplus 844 34 215 42 74 47 62 132 29 20 3l 46 108 Other capital accounts 116 2 25 3 8 33 9 11 3 5 10 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 112,825 5,344 27,893 5,777 8,240 8,944 7,120 17,339 4,150 2,569 4,800 5,062 15,587 Contingent liability on ace: eptances purchased for foreign 835 34 2/ 212 41 74 47 61 131 29 19 34 46 107 correspondents — FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 3,360 17,398 4,249 5,502 6,141 3,886 11,270 2,835 1,298 2,686 2,682 8,430 Collateral for F. R. notes: Gold certificate account 100 -- 300 350 670 -- 700 50 -- -- 5 U. S. Government securities 3,280 17,450 4,100 5,200 5,530 4,000 10,600 2,885 1,320 2,800 2,705 8,700 Total collateral 3,380 17,450 4,400 5,550 6,200 4,000 11,300 2,935 1,320 2,800 2,710 8,700 _!/ After deducting $ 179 ixiion participations of other Federal Reserve Banks. * Estimated (Richmond District). m 2/ After deducting $ 623 million participations of other Federal Reserve Banks. 37 Includes $49 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 in credit restraint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis