H.4.1 Factors Affecting Reserve Balances of Depository Institutions

OfJ^Vf/-. FEDERAL RESERVE Factors Affecting Bank Reserves and f^LRE*?: Condition Statement of F.R. Banks H.,4.1 For immediate release September 27, 1973 The average of daily figures for total reserves of member banks increased $257 million in the latest statement week to $34,136 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. A decline in float and increases in both Treasury deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital were the major factors absorbing reserves in the latest statement week. Partially offsetting these reserve drains were declines in currency in circulation and other deposits with Federal Reserve Banks. In addition, System Open Market operations provided $1,438 million reserves net, on a weekly average basis, through outright purchases of Treasury bills and repurchase agreements. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Sept. 26,* Sept. 19, Sept. 27, Sept, 26, * and related items __1973 J32A JL32L 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities- Bought outright—System account 74,720 +1,333399 +5,372 1/74,779 Held under repurchase agreements 170 + 117700 + 170 515 137 Special Certificates Federal Agency obligations — Bought outright ,567 + 526 1,567 Held under repurchase agreements 42 42 + 42 108 Acceptances — Bought outright 37 22 38 Held under repurchase agreements 24 24 + 24 19 Loans — Total member bank borrowing 2,,119911 + 484 +1,641 4,520 Includes seasonal borrowing of: 115500 + 11 + 150 147 Other borrowing Float 2 ,569 ,259 -1,263 3 ,043 Other F.R. assets 940 39 - 42 977 Total Reserve Bank credit 8822,, 225599 + 701 +6,448 85, 566 Gold stock 10, 410 10, 410 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8 ,592 + 396 8 i595 101,661 707 +6,844 104,971 Currency in circulation 68,344 372 +5,674 68,457 Treasury cash holdings 355 + 12 + 19 372 Treasury deposits with F.R. Banks 1,326 + 972 285 1,125 Foreign deposits with F.R. Banks 373 + 9 + 175 459 Other deposits with F.R. Banks 2/ 746 113 + 157 670 Other F.R. liabilities and capital 2,874 115 + 657 2,940 74,018 + 622 +6,397 74,023 Member bank reserves: With Federal Reserve Banks 2277,,664433 ++ 848 4 + 446 30,949 Currency and coin 66..3388;1 ++ 11Z723 + 525 6,391 Total reserves held 2/ 34,136 + 257 +1,083 37,442 Required reserves "~ 34,068 + 350 +1,052 34,068 Excess reserves 2/ 68 - 93 + 31 1 3,374 NOTE: A net of $24 million of surplus reserves were eligible to be carried forward from the week ended September 19, into the week ending September 26. On September 26, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,504 million, an increase of $242 million for the week. 1/ Includes $135 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ 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. 3/ Includes $27 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 nonmember institutions in the Federal Reserve System's program of credit restraint. * Estimated (Philadelphia and Chicago Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF .A LL FEDERAL RESERVE BANKS (In millions of dolL ars) Wednesday Change since Sept. 26, Sept. 19, Sept. 27, 1973** 1973 1972 A S S E TS Gold certificate account 10,303 Special Drawing Rights certif. accts. 400 Cash CI,342) 306 + 3 29 Loans 4,520 +2,234 + 3 ,678 Acceptances — Bought outright 38 + 2 22 Held under repurchase agreements 19 + " 19 + 19 Federal Agency obligations—Bought outright 1,567 + 526 Held under repurchase agreements 108 + 108 + 108 U.S. Government securities: Bought outright—Bills 33,977 +1,526 + 5,214 Certificates - Other Notes 37,374 671 Bonds 3,428 83 Total bought outright 1/ 74,779 +1,526 5,802 Held under repurchase agreements 515 + 515 515 Total U.S. Government securities 75,294 +2,041 + 6,317 Total loans and securities 81,546 +4,404 +10,626 Cash items in process of collection (1,709) 9,220 -1,568 - 2,831 Bank premises 212 + 2 + 46 Other assets jj 765 + 25 - 135 TOTAL ASSETS (3,051) 102,752 +2,866 + 7 6?7 a L I A B I L I T I ES Federal Reserve notes (1,342) 60,432 - 190 + 5,278 Deposits: Member bank-reserves account 30,869 +3,387 + 4,177 U. S. Treasurer--general account 1,125 + 20 737 Foreign 459 + 48 + 276 Other 3/ 670 - 340 + 10 Total deposits 33,123 +3,115 + 3,726 Deferred availability cash items (1,709) 6,257 - 213 - 2,052 Other liabilities and accrued dividends 948 + 61 + 415 TOTAL LIABILITIES (3,051) 100,760 +2,773 +7,367 £ £ I I 1 £L A C C O U N TS Capital paid in 829 + 1 + 51 Surplus 793 — + 51 Other capital accounts 370 92 + 208 Contingent liability on acceptances purchased for foreign correspondents 546 5 + 283 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $135 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3/ Includes $27 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 (Philadelphia and Chicago Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, SEPTEMBER 26, 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 1 changes Changes Within 15 days 4 ,451 25 5,228 +1,357 108 +107 16 days to 90 days 69 32 18,326 - 42 92 — 91 days to 1 year — — 18,509 + 726 302 + 1 Over 1 year to 5 years — — 22,171 — 615 -- Over 5 years to 10 years — _- 9,358 — 347 — Over 10 years — -- 1,702 — 211 — Total 4,520 57 75,294 +2,041 1,675 +108 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 26, 1973 New Phila-* Cleve Rich * St. Min ne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (1. n millions of dollars) A S S E TS Gold certificate account 10,303 488 1,374 522 733 716 605 1,632 382 360 402 459 2,630 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,342 178 300 54 53 113 210 64 34 28 42 80 186 Other cash 306 16 25 5 31 35 41 35 20 7 37 14 40 Loans 4,520 117 1,305 92 144 275 312 1,096 100 86 139 180 674 Acceptances: Bought outright 38 -- 38 _- -- -- _- _. «.- -- .. .- ... Held under repurchase agreements 19 -- 19 -- -- -- -- -- — — — -- -- Federal Agency obligations-- Bought outright 1,567 71 426 85 117 111 80 254 57 27 60 66 213 Held under repurchase agreements 108 — 108 — -- -- — -- — -- -- — -- U.S. Government securities: Bought outright-- Bills 33,977 1,546 9,234 1,836 2 ,535 2 ,406 1,736 5,506 1,230 594 1,297 1,426 4,631 Certificates: Other -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 37,374 1,701 10,158 2,019 2 ,788 2 ,647 1,909 6,056 1,353 653 1,427 1,569 5,094 Bonds 3,428 156 932 185 256 243 175 556 124 60 131 143 467 Total bought outright V 74,779 3,403 20,324 4,040 T ,579 T ,296 3,820 12,118 2,707 ~T, 307 2,855 3,138 10,192 Held under repurchase agreements 515 -- 515 -- -- -- -- -- -- .. .. ._ _- Total U.S. Government securities 75,294 3,403 20,839 4,040 T ,579 T ,296 3,820 12,118 2,707 1 ,307 2,855 3,138 10,192 Total loans and securities 81,546 3,591 22,735 4,217 5 ,840 5 ,682 4,212 13,468 2,864 1 ,420 3,054 3,384 11,079 Cash items in process of collection 10,929 393 1,618 745 482 I ,206 1,035 1,700 466 550 821 626 1,287 Bank premises 212 39 7 9 27 14 15 16 14 34 17 12 8 Other assets 765 38 206 39 54 55 41 107 24 16 25 30 130 TOTAL ASSETS 2/ 105,803 4,766 26,358 5,614 7 ,253 7 ,857 6,181 17,092 3,819 2 ,422 4,413 4,619 15,409 lV Includes $135 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2y Includes assets denominated in foreign currencies. * Estimated (Philadelphia and Chicago 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 26, 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 61,774 3,130 15,386 3,815 4,923 5,486 3,149 10,400 2,423 1,105 2,416 2,347 7,194 Deposits: Member bank reserves 30,869 991 8,153 1,020 1,576 1,204 1,950 4,829 805 765 1,167 1,562 6,847 U. S. Treasurer—general account 1,125 119 293 51 56 59 102 37 101 43 48 75 141 Foreign 459 19 1/122 22 41 24 32 71 16 11 19 25 57 Other 2/ 670 2 562 18 2 28 9 15 1 1 5 6 21 Total deposits 33,123 1,131 9,130 1,111 1,675 1,315 2,093 4,952 923 820 1,239 1,668 7,066 Deferred availability cash items 7,966 379 1,062 539 413 875 750 1,282 373 433 641 462 757 Other liabilities and accrtt ed dividends 948 44 265 48 70 66 52 145 32 19 35 38 134 TOTAL LIABILITIES 103,811 4,684 25,843 5,513 7,081 7,742 6,044 16,779 3,751 2,377 4,331 4,515 15,151 CAPITAL ACCOUNTS Capital paid in 829 33 210 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 370 15 98 21 26 27 21 59 13 7 14 16 53 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 105,803 4,766 26,358 5.614 7.253 7.857 jj.181 17,092 __3 i _8_19_ 2,422 „4,413 4,619 15,409 Contingent liability on ace. eptances purchased for forei. gn correspondents 546 23 2/142 27 50 28 38 86 19 13- 2J_ 11. 68 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 64,898 3,323 16,364 3,877 5,117 5,693 3,421 10,620 2,546 1,151 2,564 2,525 7,697 Collateral for F. R. notes: Gold certificate account 2,415 175 350 350 680 700 155 5 U. S. Government securities 64,025 3,185 16,650 3,700 4,850 5,080 3,600 10,100 2,480 1,200 2,700 2,580 7,900 Total collateral 66,440 3,360 16,650 4,050 5,200 5,760 3,600 10,800 2,635 1,200 2,700 2,585 7,900 \J After deducting $ 337 million participations of other Federal Reserve Banks, !_/ After deducting $ 404 million participations of other Federal Reserve Banks. 3/ Includes $27 million of certain deposits of domestic non-member banks and for eign-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 (Philadelphia and Chicago Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis