H.4.1 Factors Affecting Reserve Balances of Depository Institutions

• < ^ ^^ FEDERAL RESERVE Factors Affecting Bank Reserves and • • ?*Al. Rfc^ Condition Statement of F.R. Banks H.4.1 For immediate release July 25, 1974 The average of daily figures for total reserves of member banks declined $403 million in the latest statement week to a level of $37,467 million. Excess reserves and member bank borrowing at Federal Reserve banks increased while required reserves declined. A decline in currency in circulation was the major factor providing reserves in the latest statement week. More than offsetting this increase in reserves was a decline in float and an increase in Treasury deposits with Federal Reserve Banks. System Open Market Operations absorbed $462 million reserves net, on a weekly average basis. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July*24, July 17, July 25, July*24, and related items 1974 1974 1973 1974 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- 1/ Bought outright--System account 80,575 +403 +5,315 80,707 Held under repurchase agreements 135 -589 - 179 607 Federal Agency obligations-- Bought outright 3,578 +136 +1,985 3,587 Held under repurchase agreements 141 -239 + 65 328 Acceptances — Bought outright 168 + 50 116 200 Held under repurchase agreements 59 -223 40 265 Loans-- Total member bank borrowing 3,641 +465 +1,551 5,638 Includes seasonal borrowing of: 155 + 3 + 27 159 Other borrowing Float 2,079 -356 -1,226 2,159 Other F.R. assets 1,397 + 76 + 153 1,418 Total Reserve Bank credit 91,774 -276 +7,832 94,909 Gold stock 11,567 -- +1,157 11,567 Special Drawing Rights certif. acct. 400 -- _. 400 Treasury currency outstanding 8,907 + 4 + 367 8,911 112,647 -273 +9,354 115,787 Currency in circulation 74,443 -406 +6,176 74,428 Treasury cash holdings 2 70 + 4 61 268 Treasury deposits with F.R. Banks 2,721 +355 - 447 3,001 Foreign deposits with F.R. Banks 283 - 20 - 122 254 Other deposits with F.R. Banks 2/ 757 - 29 23 732 Other F.R. liabilities and capital 3,271 + 78 + 491 3,347 81,744 - 18 +6,013 82,030 Member bank reservesi With Federal Reserve Banks 30,903 -254 +3,340 33,756 Currency and coin JL*364 -149 + 426 6,564 Total reserves held 37,467 -403 +3,654 40,320 Required reserves 37,314 -535 +3,514 37,314 Excess reserves 153 +132 + 140 3,006 NOTE : A net of $23 million of surplus reserves were eligible to be carried forward from the week ended July 17, into the week ending July 24. On July 24, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $29,930 million, an increase of $9 million for the week. 1/ Includes ': I 3C million "tcurii ies loaned--fulLy secured by U.S. Government secui i i- ieb pledged with Federal Reserve Ranks. 2/ Includes SV9 mil'ion >f ceil.nn deposit- of domestic nonmember banks and foreignowned banning insr itnti.in'> held wi tn member banks and redeposited in full with Federa1 ii-ser\e H.HK^ :r ofine~lion with /oluntary participation by nonmember institj. : ris in Lht Tech •-•' Reserve System'** program of credit restraint. Estimated '( UxC |}.i nisi* lets). 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 July 24,** July 17, July 25, 1974 1974 1973 A S S E TS Gold certificate account 11,460 + 1,157 Special Drawing Rights certif. accts. * 400 — Cash (1,312) 198 + 1 107 Loans 5,638 +1,588 + 3,605 Acceptances — Bought outright 200 + 72 + 149 Held under repurchase agreements 265 + 46 + 231 Federal Agency obligations--Bought outright 3,587 + 145 + 1,970 Held under repurchase agreements 328 - 104 + 276 U.S. Government securities: Bought outright--Bills 38,068 374 + 3,896 Certificates - Other Notes 39,781 — + 2,643 Bonds 2,858 — 806 Total bought outright ' 80,707 + 374 + 5,733 Held under repurchase agreements 607 15 + 373 Total U.S. Government securities 81,314 + 359 + 6,106 Total loans and securities 91,332 +2,106 +12,337 Cash items in process of collection (1,746) 7,860 -2,308 - 1,366 Bank premises 242 + 2 + 35 Other assets 2/ 1,176 + 47 + 111 TOTAL ASSETS (3,058) 112,668 - 152 +12,167 Federal Reserve notes (1,312) 65,877 - 440 + 5,630 Deposits: Member bank-reserves account 33,756 +1,454 + 6,014 U. S. Treasurer—general account 3,001 + 287 31 Foreign 254 3 23 Other V ( 8) 732 - 65 34 Total deposits ( 8) 37,743 +1,673, + 5,926 Deferred availability cash items (1,738) 5,701 -1,562 + 67 Other liabilities and accrued dividends 1,205 + 68 + 358 TOTAL LIABILITIES (3,058) 110,526 - 261 +11,981 £ kLll A II i£COUNTS Capital paid in 880 + 58 Surplus 844 + 51 Other capital accounts 418 + 108 + 77 Contingent liability on acceptances purchased for foreign correspondents 975 + 57 + 477 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $134 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3_/ Includes $49 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 (Cleveland and Dallas Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 24 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 5,571 288 6,482 +382 330 -131 16 days to 90 days 67 177 24,083 +555 85 + 17 91 days to 1 year — -- 20,816 -579 449 - 17 Over 1 year to 5 years — — 19,967 -_ 1,719 + 88 Over 5 years to 10 years _- — 7,954 + 1 865 + 30 Over 10 years — -- 2,012 -- 467 + 54 Total 5,638 465 81,314 +359 3,915 + 41 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 24, 1974 New Phila *Cleve- Rich St. Minne Kansas * San Total Boston Atlanta Chicago York delphia land mond Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 11,460 596 2,922 549 887 1,091 456 1,853 389 270 503 346 1,598 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,312 78 289 57 44 131 191 74 40 35 48 85 240 Other cash 198 11 Id 5 25 20 29 19 15 5 20 9 22 Loans 5,638 236 2,544 196 104 308 257 890 94 161 200 214 434 Acceptances: Bought outright 200 -- 200 — — — — — — — — — .- Held under repurchase agreements 265 — 265 — — — — -- -. -- — — Federal Agency obligations-- . Bought outright 3,587 166 884 201 277 265 198 567 137 75 141 162 514 Held under repurchase agreements 328 — 328 -- — — — -- — -- — — -- U.S. Government securities: Bought outright-- Bills 38,068 1,765 9,377 2,131 2,940 2,814 2,100 6,020 1,458 791 1,494 1 ,721 5,457 Certificates: Other Notes 39,781 1,845 9,798 2,226 3,073 2,941 2,194 ,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 1/ 80,707 3,743 19,879 4,517 6,234 5,966 4,452 12,762 3,091 r, 677 3,167 3~, 649 11,570 Held under repurchase agreements 607 -• 607 — — — — — — _ — — — — Total U.S. Government securities 81,314 3,743 20,486 4,517 6,234 5,966 4,452 12,762 3,091 ,677 3,167 3~, 649 11,570 Total loans and securities 91,332 4,145 24,707 4,914 6,615 6,539 4,907 14,219 3,322 i ,913 3,508 4 ,025 12,518 Cash items in process of collection 9,606 388 1,395 347 673 948 1,007 1,366 444 433 725 742 1,138 Bank premises 242 54 11 19 27 14 15 16 14 35 17 12 8 Other assets 2_/ 1,176 52 285 69 85 85 66 175 41 26 44 49 199 TOTAL ASSETS 115,726 5,347 29,720 5,983 8,389 8,864 6,693 17,792 4,280 2 ,724 4,880 5 ,282 15,772 1/ Includes $134 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (Cleveland and Dallas 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 JUNE 24, 1974 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land^ mond Atlanta Chicago Louis apolis City Dallas Fran -k cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 67,189 3,279 16,708 4,195 5,379 5,996 3,576 11,073 2,712 1,255 2,543 2,543 7,930 Deposits: Member bank reserves 33,756 1,299 9,979 1,082 1,901 1,487 1,948 4,843 914 865 1,324 1,889 6,225 U. S. Treasurer--general account 3,001 235 443 220 228 281 242 283 209 107 213 200 340 Foreign 254 11 1/ 49 14 24 16 20 43 10 6 11 15 35 Other 3/ 740 4 597 13 2 21 24 24 13 3 9 16 14 Total deposits 37,751 1,549 11,068 1,329 2,155 1,805 2,234 5,193 1,146 981 1,557 2,120 6,614 Deferred availability cash items 7,439 382 1,069 293 584 857 662 1,022 312 413 648 456 741 Other liabilities and accril ed dividends 1,205 51 317 62 87 80 66 173 41 25 43 49 211 TOTAL LIABILITIES 113,584 5,261 29,162 5,879 8,205 8,738 6,538 17,461 4,211 2,674 4,791 5,168 15,496 CAPITAL ACCOUNTS Capital paid in 880 35 228 41 78 49 67 136 29 21 37 48 111 Surplus 844 34 215 42 74 47 62 132 29 20 35 46 108 Other capital accounts 418 17 115 21 32 30 26 63 11 9 17 20 57 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 115,726 5,347 29,720 5,983 8,389 8,864 6,693 17,792 4,280 2,724 4,880 5,282 15,772 Contingent liability on ace: eptances purchased for foreiL gn 975 40 2/ 249 48 86 55 71 153 33 22 40 53 125 corre s ppnden t s^ FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,414 17,589 4,267 5,530 6,251 3,914 11,320 2,881 1,315 2,692 2,710 8,489 Collateral for F. R. notes: Gold certificate account 100 -- 300 350 720 700 50 -- -- 5 -- U. S. Government securities 3,350 17,850 4,100 5,400 5,610 4,000 10,800 2,885 1,350 2,800 2,755 8,700 Total collateral 3,450 17,850 4,400 5,750 6,330 4,000 11,500 2,935 1,350 2,800 2,760 8,700 \J After deducting $ 205 million participations of other Federal Reserve Banks. * Estimated (Cleveland and Dallas Districts). 2/ After deducting $ 726 million participations of other Federal Reserve Banks. 3/ 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 of credit restraint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis