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 September 13, 1973 The average of daily figures for total reserves of member banks declined $725 million in the latest statement week to $33,419 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. An increase in float and declines in both Treasury deposits with Federal Reserve Banks and other liabilities and capital were the major factors supplying reserves in the latest statement week. Reserves were drained by a seasonal rise in currency in circulation. During the week, in order to meet temporary seasonal cash n^eds, the Treasury borrowed $131 million from the System, on weekly average, through the issuance of special certificates. System Open Market operations absorbed $2,683 million of reserves net, on a weekly average basis. Averages of daily figures Member hank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 12, Sept. 5, Sept. 13, Sept. 12, and related items 1973 * 1973 1972 1973 * Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 72,887 -2,345 +4,545 1/2/73,271 Held under repurchase agreements 116 - 288 + 116 Special Certificates 131 + 131 + 126 169 Federal Agency obligations-- Bought outright 1,582 14 521 1,567 Held under repurchase agreements 7 - 143 7 Acceptances — Bought outright 40 6 20 38 Held under repurchase agreements 3 18 3 Loans — Total member bank borrowing 1,487 - 875 +1,, 338 1,279 Includes seasonal borrowing of: 145 23 + 145 139 Other borrowing Float 3,297 +1,520 486 3,859 Other F.R. assets 834 + 53 10 865 Total Reserve Bank credit 80,384 -1,985 +6,159 81,048 Gold stock 10,410 — — 10,410 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 8,574 + 6 + 397 8,577 99,768 -1,978 +6,556 100,435 Currency in circulation 68,955 + 456 +5,728 69,071 Treasury cash holdings 340 3 + 36 347 Treasury deposits with F.R. Banks 2 -1,093 - 160 2 Foreign deposits with F.R. Banks 336 + 65 + 141 277 Other deposits with F.R. Banks 47 758 29 + 169 776 Other F.R. liabilities and capital 2,661 - 408 + 471 2,687 73,052 -1,012 +6,385 73,160 Member bank reserves: With Federal Reserve Banks 26,716 - 967 + 172 27,275 Currency and coin 6,591 + 242 + 615 6.591 Total reserves held ^J 33,419 - 725 899 33,978 Required reserves 33,412 - 230 777 33,412 Excess reserves 3/ 7 - 495 122 566 NOTE: A net of $ 92 million of surplus reserves were eligible to be carried forward from the week ended September 5, into the week ending September 12. On September 12, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,260 million, a decrease of $667 million for the week. 1/ Excludes $1,301 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $105 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. 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. * Estimated (New York, Minneapolis and Dallas 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 BANKS (In millions of dollars) Wednesday Change since Sept. 12, Sept. 3, Sept. 13, 1973 ** 1973 1972 A S S E TS Gold certificate account 10,303 Special Drawing Rights certif. accts. * 400 — -- Cash (1, 115) 299 -- - 26 Loans 1,279 - 63 +1,132 Acceptances—Bought outright 38 - 3 19 Held under repurchase agreements Federal Agency obligations--Bought outright 1,567 25 + 525 Held under repurchase agreements U.S. Government securities: Bought outright—Bills 32,469 -1, 033 +4,998 Certificates - Special 169 + 169 + 169 Other Notes 37,374 »« + 671 Bonds 3,428 -.- - 83 Total bought outright 1/2/ 73,440 - 864 +5,755 Held under repurchase agreements -- -- — Total U.S. Government securities 73,440 - 864 +5,755 Total loans and securities 76,324 -. 955 +7,393 Cash items in process of collection (1,458) 9,776 +1, 325 -2,562 Bank premises 210 — + 44 Other assets 3/ 655 + 46 - 53 TOTAL ASSETS (2,573) 97,967 + 416 +4,796 t i A B u n ns Federal Reserve notes (1,115) 61,033 + 103 +5,389 Deposits: Member bank-reserves account 27,195 +1, 855 +1,678 U. S. Treasurer—general account 2 -1, 100 - 406 Foreign 277 - 7 + 101 Other Lj 776 + 35 + 171 Total deposits 28,250 + 783 +1,544 Deferred availability cash items (1,458) 5,997 - 146 -2,609 Other liabilities and accrued dividends 875 - 15 + 331 TOTAL LIABILITIES (2,573) 96,155 + 725 +4,655 Q. ^.L 1 1 hk ACCOUNTS, Capital paid in 828 + 50 Surplus 793 — + 51 Other capital accounts 191 - 309 ' + 40 Contingent liability on acceptances purchased for foreign correspondents 534 + 12 + 251 * Figures in parentheses are the eliminations made in the consolidating process. 17 Excludes $1,301 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. V 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. ** Estimated (New York, Minneapolis, Dallas District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. SEPTEMBER 12. 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 1,190 33 5.,214 +1, 021 — -25 16 days to 90 days 89 5 16,494 -1, 807 92 +85 91 days to 1 year -- 18,501 - 78 302 -77 Over 1 year to 5 years -- 22,171 ... 615 - 7 Over 5 years to 10 years -- 9,358 ... 347 +40 Over 10 years 1,702 ... 211 -41 Total 1,279 38 73,440 - 864 1,567 -25 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 SEPTEMBER 12, 1973 New * Phila Cleve Rich St. Minne* Kansas * San Total Boston Atlanta Chicago Dallas York delphia land mond Louis apolis City Francisco (1n millions of dollars) A S S E TS Gold certificate account 10,303 432 3,351 647 1,092 713 388 2,186 282 20 218 22 952 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,115 156 264 37 40 97 181 55 24 26 35 74 126 Other cash 299 16 22 5 31 36 40 34 20 6 37 14 38 Loans 1,279 59 219 9 64 126 194 198 13 32 142 157 66 Acceptances: Bought outright 38 -- 38 -- -- -- -- -- -- -- — -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- — -- Federal Agency obligations-- Bought outright 1,567 71 422 85 117 111 80 254 57 30 60 67 213 Held under repurchase agreements -- — -- -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 32,469 1,478 8,745 1,755 2,422 2,299 1,659 5,261 1,175 620 1 ,239 1,391 4,425 Certificates: Special 169 -- 169 -- -- -- -- -- -- -- — -- -- 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 \_jl_l 73,440 3,33 5 19,903 3,959 5,466 5,189 3,743 11,873 2,652 ~~T,3 98 ~y , 797 3,139 9,986 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- — -- -- Tota1 U.S. Government securities 73,440 3,335 19,903 3,959 5,466 5,189 3,743 11,873 2,652 ~T ,398 T .797 3,139 9,986 Total loans and securities 76,324 3,465 20,582 4,053 5,647 5,426 4,017 12,325 2,722 I ,460 2 ,999 3,363 10,265 Cash items in process of collection 11,234 377 2,544 486 452 1,233 1,065 1,406 474 585 836 584 1,192 Bank premises 210 38 7 8 27 14 15 16 14 34 17 12 8 Other assets 3/ 655 28 178 41 45 43 36 96 21 16 24 25 102 TOTAL ASSETS 100,540 4,535 27,041 5,300 7,367 7,598 5,764 16,188 3,572 ,154 4 ,181 4,108 12,732 1/ Excludes $1,301 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes$105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. }_/ Includes assets denominated in foreign currencies. * Estimated (New York, Minneapolis 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 SEPTEMBER 13, 1973 1 w 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 62,148 3,161 15,446 3,832 4,944 5,489 3,202 10,419 2,439 1,111 2,437 2,370 7,298 Deposits: Member bank reserves 27,195 891 8,928 943 1,799 1,079 1,644 4,307 684 546 1,021 1,143 4,210 U. S. Treasurer—general account 2 * 1 1 * * * * * * * * * Foreign 277 11 1/ 77 13 25 14 19 43 9 6 11 15 34 Other 3/ 776 3 653 19 3 31 10 15 2 4 7 7 22 Total deposits 28,250 905 9,659 976 1,827 1,124 1,673 4,365 695 556 1,039 1,165 4,266 Deferred availability cash items 7,455 355 1,246 353 374 817 711 982 346 424 597 440 810 Other liabilities and accrued • dividends 875 40 227 47 62 67 49 137 31 21 33 36 125 TOTAL LIABILITIES 98,728 4,461 26,578 5,208 7,207 7,497 5,635 15,903 3,511 2,112 4,106 4,011 12,499 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 191 7 47 12 14 13 13 31 6 4 7 9 28 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 100,540 4.535 27.041 5.300 7.367 7.598 5.764 16^188^ 3.572 2.154 4.181 4.108 12.732 Contingent liability on acee ptances purchased for foreig n correspondents 534 22 2/139 26 49 28 38 84 18 __12_ 22 29 67 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,334 16,306 3,,893 5,124 5,676 3,455 10,613 2,564 1,158 2,571 2,538 7,711 Collateral for F. R. notes: Gold certificate account 250 — 350 350 605 — 700 155 -- — 5 U. S, Government securities 16,450 3,700 4,850 5,120 3^600 10,100 2,480 1^200 2,600 2,580 7,900 Total collateral 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 $ 200 million participations of other Federal Reserve Banks. * Estimated (New York, Minneapolis and Dallas Districts), l_l After deducting $ 395 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 System1s program of credit restraint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis