H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE •^£^m&- •>,& Factors Affecting Bank Reserves and •V^f^^ Condition Statement of F.R. Banks H.4.1 For immediate release September 6, 1973 The average of daily figures for total reserves of member banks increased $326 million in the latest statement week to $34,1-44 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. A decline in float and increases in currency in circulation 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 Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations provided $530 million reserves net, on a weekly average basis, through outright purchase of Treasury bills and repurchase agree ments. Some reserves were absorbed late in the statement week through matched sale-purchase transactions. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 5, Aug. 29, Sept. 6, Sept. 5, and related items 197 3 1973 1972 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 75,232 +300 +5,436 111 174,304 Held under repurchase agreements 404 4-162 69 Federal Agency obligations-- Bought outright 1, 596 - 11 + 520 1,592 Held under repurchase agreements 150 + 92 + 78 Acceptances — Bought outright 46 - 2 20 41 Held under repurchase agreements 21 - 11 12 Loans-- Total member bank borrowing 2,362 -196 +1,525 1,342 Includes seasonal borrowing of: 168 - 17 + 168 164 Other borrowing Float 1,777 -298 -1,279 2,388 Other F.R. assets 781 + 33 _± & fi!9 Total Reserve Bank credit 82,369 + 68 +6,185 80,486 Gold stock 10,410 10,410 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8,568 + 14 + 407 8,573 101, 746 + 81 +6,591 99,869 Currency in circulation 68, 499 +291 +5,631 68,965 Treasury cash holdings 343 - 2 + 37 346 Treasury deposits with F.R. Banks 095 -554 - 120 1,102 Foreign deposits with F.R. Banks 271 - 15 + 95 284 Other deposits with F.R. Banks 4/ 787 + 5 + 186 741 Other F.R. liabilities and capital 069 +125 + 645 3,011 74,064 -149 +6,475 74,449 Member bank reserves: With Federal Reserve Banks 27,683 +230 117 25,420 Currency and coin 6,349 + 96 553 6.349 Total reserves held 3/ 34,144 +326 + 782 31,881 Required reserves 33,642 - 31 +1,076 33,642 Excess reserves 3/ 502 +357 - 294 -1,761 NOTE: A net of $157 million of surplus reserves were eligible to be carried forward from the week ended August 29, into the week ending September 5. On September 5, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,927 million, a decrease of $288 million for the week. 1/ Excludes $682 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 21/ Includes $75 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Adjusted to include $112 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. 47 Includes $24 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. 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 Sept. 5, Aug. 29, Sept. 6, 1973 1973 1972 A S S E TS __ ^ Gold certificate account 10,303 m Special Drawing Rights certif. accts. * 400 — — Cash (1,110) 299 8 21 Loans 1,342 -2,123 +1,238 Acceptances—Bought outright 41 5 22 Held under repurchase agreements Federal Agency obligations--Bought outright 1,592 5 + 516 Held under repurchase agreements U.S. Government securities: Bought outright--Bills 33,502 65 +5,429 Certificates - Other Notes 37, 374 + 671 Bonds 3,4 28 - §2 Total bought outright 1/2/ 74,304 65 +6,017 Held under repurchase agreements Total U.S. Government securities 74,304 65 +6,017 Total loans and securities 77,279 -2,198 +7,749 Cash items in process of collection (1,283) 8,451 + 696 -3,224 Bank premises 210 -- + 45 Other assets 3/ 609 + 22 - 36 TOTAL ASSETS (2,393) 97,551 -1,488 44,513 L I A B I L I T I ES Federal Reserve notes (1,110) 60,930 + 497 +5,236 Deposits: Member bank-reserves account 25,340 -2,312 + 192 U. S. Treasurer—general account 1,102 - 329 + 531 Foreign 284 + 27 + 100 Other 4/ 741 + 1 + 103 Total deposits 27,467 -2,613 + 926 Deferred availability cash items (1,283) 6,143 + 699 -2,227 Other liabilities and accrued dividends 890 - 168 + 347 TOTAL LIABILITIES (2,393) 95,430 -1,585 +4,282 £ LZ11 A L. ACCOUNTS, Capital paid in 828 + 1 + 51 Surplus 793 — + 51 Other capital accounts 500 v 96 + 129 Contingent liability on acceptances purchased for foreign correspondents 522 +4 + 231 * Figures in parentheses are the eliminations made in the consolidating process. _1/ Excludes $682 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2] Includes $75 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. 4/ Includes $24 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. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 5, 1973 (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 1,254 6 4,193 +234 25 16 days to 90 days 88 35 18,301 + 16 7 91 days to 1 year 18,579 -315 379 Over 1 year to 5 years 22,171 -- 622 Over 5 years to 10 years 9,358 -- 307 Over 10 years — 1,702 -- 252 Total 1,342 41 74,304 - 65 1,592 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 SEPTEMBER 5, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City D alias Francisco (In millions of dollars) A S S E TS Gold certificate account 10,303 420 1,702 769 1,060 985 527 2,167 405 201 332 279 1,456 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,110 153 224 48 49 89 194 61 27 29 43 72 121 Other cash 299 16 22 5 31 36 40 35 20 6 37 13 38 Loans 1,342 96 84 53 122 114 287 241 24 29 112 119 61 Acceptances: Bought outright 41 -- 41 — -- — -- -- -.- -- __ ». _ „ Held under repurchase agreements — -- — __ -- — -- -- -- -- __ .. „_ Federal Agency obligations-- Bought outright 1,592 72 429 86 119 113 81 258 58 30 61 68 217 Held under repurchase agreements — -- -- -- — — -- -- __ -_ .. ... _„ U.S. Government securities: Bought outright-- Bills 33,502 ; 1,525 9,023 1,811 2,499 2 ,372 1 ,712 5,429 1,212 639 1,279 1 ,435 4,566 Certificates: Other -- -- -- -- -- -- -- -- -- — -- __ __ Notes 37,374 ! 1,701 10,066 2,019 2,788 2 ,647 1 ,909 6,056 1,353 713 1,427 1 ,601 5,094 Bonds 3,428 156 923 185 256 243 175 556 124 65 131 147 467 Total bought outright 1/ 2/ 74,304 3,382 20,012 4,015 5,543 ~5 ,262 3~, 796 12,041 2,689 1,417 2,837 ~T, 183 10,127 Held under repurchase agreements —• --. ... -- -- .. _- __ __ «._ -_. „„ _ — Total U.S. Government securities 74 f 304 3 f 382 20,012 4,015 5, 543 5 ,262 1 ,796 12,041 2,639 •^2,837-^ ^L83 . 10,127 Total loans and securities 77,279 | 3,550 20,566 4,154 5,784 5 ,489 4 ,164 12,540 2,771 1,476 3,010 3 ,370 10,405 Cash items in process of collection 9,734 354 2,076 428 459 1 S 162 964 1,287 402 527 701 523 851 Bank premises 210 38 7 8 27 14 15 16 14 34 17 12 8 Other assets 3/ 609 27 157 50 45 47 32 89 21 19 20 25 77 TOTAL ASSETS 99,944 4,581 24,847 5,485 7,488 7 ,858 5 ,958 16,265 3,675 2,299 4,175 4 ,308 13,005 y Excludes $682 million of securities sol d, and scheduled to be bought back, under matched sale-purchase transactions. _2/ Includes $75 million securities loaned fully secured by U.S. Government securities pledged with Federal Reserve Banks, 3/ Includes assets denominated in foreign currencies. 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 SEPTEMBER 5, 1973 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 62,040 3,154 15,443 3,821 4,923 5,498 3,200 10,387 2,435 1,108 2,435 2,369 7,267 Deposits: Member bank reserves 25,340 855 6,598 1,066 1,808 1,121 1,769 4,180 670 595 971 1,353 4,354 U. S. Treasurer--general account 1,102 90 95 90 78 120 7 189 142 100 37 38 116 Foreign 284 11 1/ 95 12 23 13 18 40 9 6 11 14 32 Other 1/ . 741 3 628 18 3 25 12 11 2 2 5 5 27 Total deposits 27,467 959 7,416 1,186 1,912 1,279 1,806 4,420 823 703 1,024 1,410 4,529 Deferred availability cash items 7,426 340 1,205 325 406 877 783 984 314 421 594 382 795 Other liabilities and accrued dividends 890 41 235 47 64 80 25 139 31 21 34 37 136 TOTAL LIABILITIES Q7 K91 1L ?QQ 5,379 7,305 7 7-3/, 5,814 15,930 3,603 1 O CO 4,087 4,198 1 O -1 O -7 • 5 ' •* ' 1Z , /Z / CAPITAL ACCOUNTS Capital paid in 828 33 209 41 74 46 61 130 28 20 35 45 106 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 500 20 132 26 37 36 28 81 17 8 20 22 73 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 99,944 4,581 24,847 5,485 7,488 7,858 5,958 16,265 3,675 2,299 4,175 4,308 13,005 Contingent liability on acee ptances purchased for forei- 8n correspondents 522 22 27136 26 47 27 37 82 18 12 22 28 65 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 64,700 3,320 16,249 3,883 5,083 5,665 3,434 10,579 2,565 1,155 2,566 2,533 7,668 Collateral for F. R. notes: Gold certificate account 2,415 250 -- 350 350 605 — 700 155 — -- 5 U. S. Government securities 63,690 3,110 16,450 3,700 4,850 5,120 3,600 10,100 2,480 1,200 2,600 2,580 7,900 Total collateral 66,105 3,360 16,450 4,050 5,200 5,725 3,600 10,800 2,635 1,200 2,600 2,585 7,900 1/ After deducting $ 189 million participations of other Federal Reserve Banks. If After deducting $386 million participations of other Federal Reserve Banks. 3/ Includes $ 24 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis