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 July 18, 1974 The average of daily figures for total reserves of member banks increased $1,086 million in the latest statement week to a level, of $37,941 million. Required reserves and member bank borrow ing 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, More than offsetting these reserve drains was a decline in Treasury deposits with Federal Reserve banks. System Open Market Operations provided $811 million reserves net, on a weekly average basis, through repurchase agreements and 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*17, July 10, July 18, July*17, and related items 1974 1974 1973 1974 Reserve Bank credit: (In millions of dollars) 1/ U.S. Government securities-- Bought outright—System account 80, 172 274 +4,800 80,333 Held under repurchase agreements 724 160 + 385 622 Federal Agency obligations-- Bought outright ,442 333 +1 ,993 3,442 Held under repurchase agreements 380 39 + 276 432 Acceptances — Bought outright 118 + 16 + 61 128 Held under repurchase agreements 282 + 67 + 267 219 Loans — Total member bank borrowing 3,176 534 +1 ,454 4,050 Includes seasonal borrowing of: 152 15 + 35 145 Other borrowing Float 2,508 430 -1, 362 2,916 Other F.R. assets 1,320 + 61 + 137 1,367 Total Reserve Bank credit 92,122 + 976 +8 ,011 93,509 Gold stock 11,567 +1 ,157 11,567 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8,903 + 366 8,906 112,992 982 +9 ,534 114,382 Currency in circulation 74,850 26 +6 ,237 74,858 Treasury cash holdings 266 9 - 78 285 Treasury deposits with F.R. Banks 2,366 591 - 858 2,714 Foreign deposits with F,R. Banks 303 14 + 22 257 Other deposits with F.R.. Banks 2/ 786 33 - 31 797 Other F.R. liabilities and capital 3,193 143 + 463 3,169 81,764 81,764 "T37 +5 755 82,080 Member bank reserves: With Federal Reserve Banks 31,228 +1,419 +3 778 32,302 Currency and coin 6,713 - 333 + 554 6,713 Total reserves held 37,941 +1,086 +4, 220 39,015 Required reserves 37,849 +1,236 +4, 585 37,849 Excess reserves 92 - 150 - 365 1,166 NOTE: A net of $200 million of surplus reserves were eligible to be carried forward from the week ended July 10, into the week ending July 17. On July 17, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $29,921 million, an increase of $132 million for the week. \J Includes $152 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. If 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 System's program of credit restraint. Estimated (Cleveland District). 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 i of dolla rs) Wednesday Change since July 17,** July 10, July 18, 1974 1974 1973 A S S E TS Gold certificate account 11,460 „— + 1,157 Special Drawing Rights certif. accts. * 400 — -- Cash (1,110) 197 + 1 , 101 Loans 4,050 +1,780 + 2,377 Acceptances--Bought outright 128 + 14 + 77 Held under repurchase agreements 219 - 56 + 203 Federal Agency obligations—Bought outright 3,442 + 291 + 1,993 Held under repurchase agreements 432 - 246 + 225 U.S. Government securities: Bought outright--Bills 37,694 + 273 + 3,168 Certificates - Other Notes 39,781 89 + 2,643 Bonds 2,858 36 806 Total bought outright 80,333 398 + 5,005 Held under repurchase agreements 622 124 + 245 Total U.S. Government securities 80.955 + 274 + 5 .250 Total loans and securities 89,226 +2,057 +10 ,125 Cash items in process of collection (1,900) 10,085 +1,423 - 1 ,058 Bank premises 240 1 + 33 Other assets 2/ 1,127 + 25 + 124 TOTAL ASSETS (3,010) 112,735 +3,505 +10,280 Federal Reserve notes (1,110) 66,327 - 296 + 5,693 Deposits: Member bank-reserves account 32,302 +1,944 + 3,758 U. S. Treasurer—general account 2,714 + 267 291 Foreign 257 + 16 -- Other 3/ (3) 797 + 33 + 15 Total deposits (3) 36,070 +2,260 + 3,482 Deferred availability cash items (1,897) 7,169 +1,516 + 673 Other liabilities and accrued dividends 1,137 85 + 269 TOTAL LIABILITIES (3,010) 110,703 +3,395 +10,117 £ A £ I 1 AL A C C O U N TS Capital paid in 879 — „. + 57 Surplus 844 — + 51 Other capital accounts 309 + 110 + 55 Contingent liability on acceptances purchased for foreign correspondents 918 + 52 + 430 * Figures in parentheses are the eliminations made in the consolidating process. \_l Includes$152 million securities loaned—fully secured by U.S. Government securities pledged with Federal: Reserve Banks. 2./ Includes assets denominated in foreign currencies 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 System's program of credit restraint. ** Estimated (Cleveland District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, July 17,1974 (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 3,959 239 6,100 +299 461 16 days to 90 days 91 108 23,528 -175 68 91 days to 1 year 21,395 + 53 466 Over 1 year to 5 years 19,967 + 53 1,631 Over 5 years to 10 years 7,953 + 8 835 Over 10 years 2,012 + 36 413 Total 4,050 347 80,955 +274 3,874 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 JULY 17, 1974 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia land * mond Louis apolis City Francisco (In millions of dollars) A S S E TS Gold certificate account li,460 859 1,615 493 1,023 1,070 317 2,785 282 340 258 544 1,874 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,110 53 261 40 45 117 166 56 34 28 47 68 195 Other cash 197 11 17 4 26 20 29 19 14 5 21 10 21 Loans 4,050 55 2,381 166 90 252 346 251 54 88 116 77 174 Acceptances: Bought outright 128 _- 128 — — -- -- -- — — _- Held under repurchase agreements 219 -- 219 -- -- — -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright 3,442 160 848 193 266 254 190 544 132 71 135 156 493 Held under repurchase agreements 432 -- 432 ^- _- — -- -- „- -- -- -- -- U.S. Government securities: Bought outright-- Bills 37,694 1,747 9,285 2,110 2,911 2,786 2,079 5,961 1,444 784 1,479 1 ,705 5,403 Certificates: Other I -- -- -- -- — -- -- — — -- -- -- -- Notes 39,781 1,845 9,798 2,226 3,073 2,941 2,194 6,290 1,524 827 1,561 1 ,799 5,703 Bonds 2,858 133 704 160 221 211 158 452 109 _ 59 112 129 410 Total bought outright —' 80,333 3,725 19,787 4,496 6,205 5,938 4,431 12,703 3,077 ,670 3,152 3 ,633 11,516 Held under repurchase agreements 622 _- 622 -- -- -- __ -- -- — -- -- -- Total U.S. Government securities 80,955 3,725 20,409 4,496 6,205 5,938 4,431 12,703 3,077 ~ j™, 670 3,152 3 ,633 11,516 Total loans and securities 89,226 ! 3,940 24,417 4,855 6,561 6,444 4,967 13,498 3,263 1 ,829 3,403 3 ,866 12,183 Cash items in process of collection 11,985 1 537 2,094 444 460 1,214 1,630 1,492 625 481 823 800 1,385 Bank premises 240 53 11 18 27 14 15 16 14 35 17 12 8 Other assets 2/ 1,127 49 265 65 78 80 71 163 38 27 40 51 200 TOTAL ASSETS 115,745 5,525 28,773 5,942 8,253 8,995 7,217 18,099 4,285 2 ,752 4,624 5 ,365 15,915 — Includes $152 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. — Includes assets denominated in foreign currencies. * Estimated (Cleveland 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 July 17, 1974 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land c 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 67,437 3,297 16,711 4,216 5,399 6,012 3,612 11,097 2,726 1,262 2,555 2,553 7,997 Deposits: Member bank reserves 32,302 1,378 8,803 991 1,904 1,561 1,982 4,841 856 830 1,037 1,869 6,250 U. S. Treasurer--general account 2,714 222 263 201 323 198 211 453 186 115 143 193 206 Foreign 257 10 1/ 82 11 21 13 17 37 8 5 10 13 30 Other 3/ 800 3 596 13 3 26 21 56 34 3 8 20 17 Total deposits 36,073 1,613 9,744 1,216 2,251 1,798 2,231 5,387 1,084 953 1,198 2,095 6,503 Deferred availability cash items 9,066 482 1,460 352 341 989 1,161 1,129 370 464 743 558 1,017 Other liabilities and accrued dividends 1,137 52 326 60 87 79 64 172 41 25 43 50 138 TOTAL LIABILITIES 113,713 5,444 28,241 5,844 8,078 8,878 7,068 17,785 4,221 2,704 4,539 5,256 15,655 CAPITAL ACCOUNTS Capital paid in 879 35 228 41 78 49 67 136 28 21 37 48 111 O S t u h r e pl r u s c apital accounts 8 30 4 9 4 3 1 4 2 21 8 5 9 4 1 2 5 2 7 3 4 4 2 7 1 28 HI 2 ? 2 9 3 1 5 3 n m TOTAL LIABILITIES AND CAPITAL ACCOUNTS 115,745 5,525 28,773 5,942 8,253 8,995 7,217 18,099 4,285 2,752 4,624 5,365 15,915 Contingent liability on ace: eptances purchased for foreign 918 38 2/ 236 45 80 51 67 144 31 21 38 50 117 ._ correspondents FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,426 17,454 4,276 5,551 6,240 3,922 11,307 2,883 1,314 2,689 2,719 8,500 Collateral for F. R. notes: Gold certificate account 100 -- 300 350 720 700 50 5 U. S. Government securities 3,350 17,650 4,100 5,400 5,610 4,000 10,700 2,885 1,350 2,800 2,755 8,700 Total collateral 3,450 17,650 4,400 5,750 6,330 4,000 11,400 2,935 1,350 2,800 2,760 8,700 \J After deducting $ 175 million participations of other Federal Reserve Banks. ^Estimated (Cleveland District) 2/ After deducting $ 682 million participations of other Federal Reserve Banks. 3/ Includes $44 miliion 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