H.4.1 Factors Affecting Reserve Balances of Depository Institutions

oOfilO^'. FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release October 18, 1973 The average of daily figures for total reserves of member banks increased $205 million in the latest statement week to $34,926 million. Required reserves increased while excess reserves and member bank borrowings at Federal Reserve Banks declined. An increase in float was the major factor providing reserves in the latest statement week. Partially offsetting this reserve gain was an increase in currency in circulation. System Open Market Operations provided $632 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, October 17, October 10 October 18 October 17, and related items 1973 * 1973 1972 1973* Reserve Bank credit: (Irl millions of dollars) U.S. Government securities-- Bought outright--System account 76,106 +1 ,332 +5,849 1/76,263 Held under repurchase agreements 304 - 449 + 304 937 Federal Agency obligations— Bought outright 1,586 __ + 564 1,586 Held under repurchase agreements 57 - 206 + 57 I 166 Acceptances — Bought outright 45 + 1 - 26 46 Held under repurchase agreements 26 - 46 + 26 84 Loans— Total member bank borrowing 1,168 . 187 + 734 1,536 Includes seasonal borrowing of: 120 - 11 + 120 115 Other borrowing Float 3,393 + 371 -1,137 3,651 Other F.R. assets 1,109 + 68 - 94 1,170 Total Reserve Bank credit 83,794 + 883 +6,276 85,439 Gold stock 10,410 -. — 10,410 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 8,614 + 15 + 384 8,619 103,219 + 899 +6,661 104,868 Currency in circulation 69,157 + 271 +5,541 69,193 Treasury cash holdings 354 + 4 5 381 Treasury deposits with F.R. Banks 1,439 + 77 + 406 1,124 Foreign deposits with F.R. Banks 276 + 6 + 77 286 Other deposits with F.R. Banks V 764 + 82 + 140 743 Other F.R. liabilities and capital 2,801 + 66 + 511 2,841 74,792 + 507 +6,671 74,568 Member bank reserves: With Federal Reserve Banks 28,428 + 393 9 30,300 Currency and coin 6,414 - 188 + 753 6,414 Total reserves held 2/ 34,926 + 205 + 828 36,798 Required reserves 35,098 + 714 +1,121 35,098 Excess reserves 2/ - 172 - 509 - 293 1,700 NOTE: A net of $247million of surplus reserves were eligible to be carried forward from the week ended October 10, into the week ending October 17, On October 17, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,366 million, an increase of $129 million for the week. 1/ Includes $59 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $84 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 $44 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 System1s program of credit restraint. * Estimated (San Francisco 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 (In millions of dollars) Wednesday Change since Oct**17, Oct. 10, Oct. 18, 1973 1973 1972 A S S E TS Gold certificate account 10,303 -- — Special Drawing Rights certif. accts. * 400 Cash (1,109) 311 + 7 - 25 Loans 1,536 + 843 +1,110 Acceptances—Bought outright 46 + 3 - 25 Held under repurchase agreements 84 + 84 + 84 Federal Agency obligations—Bought outright 1,586 --. + 564 Held under repurchase agreements 166 + 166 + 166 U.S. Government securities: Bought outright—Bills 35,461 +4,047 +6,024 Certificates - Other Notes 37,374 -. + 642 Bonds 3,428 -. - 170 Total bought outright 1/ 76,263 +4,047 +6,496 Held under repurchase agreements 937 + 937 + 937 Total U.S. Government securities 77,200 44,984 +7,433 Total loans and securities 80,618 +6,080 +9,332 Cash items in process of collection (1,836) 10,025 - 575 -4,059 Bank premises 213 -- + 45 Other assets 2/ 957 + 53 - 146 TOTAL ASSETS (2,945) 102,827 +5,565 +5,147 L I A B I L I T I ES Federal Reserve notes (1,109) 61,159 - 125 +5,119 Deposits: Member bank-reserves account 30,220 +6,725 +2,127 U. S. Treasurer—general account 1,124 -1,514 16 Foreign 286 + 21 + 58 Other 3/ (3) 743 + 89 + 98 Total deposits (3) 32,373 +5,321 +2,267 Deferred availability cash items (1,833) 6,454 + 270 -2,772 Other liabilities and accrued dividends 957 + 5 + 378 TOTAL LIABILITIES (2,945) 100,943 +5,471 +4,992 £ A 2. I 1 A L A C C O U N TS Capital paid in 831 .. + 52 Surplus 793 -. + 51 Other capital accounts 260 f 94 + 52 Contingent liability on acceptances purchased for foreign correspondents 535 3 + 305 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $59 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 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 Systtim's program of credit restraint. ** Estimated (San Francisco District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, OCTOBER 17, 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 oans Accept securities obligations ances Holdings Weekly Holdings Weekly changes Changes Within 15 days 1,471 104 6,803 +3,044 170 +166 16 days to 90 days 65 26 18,776 +2,394 106 91 days to 1 year — — 18,413 - 454 293 Over 1 year to 5 years -- — 22,148 625 Over 5 years to 10 years _- -- 9,358 347 Over 10 years — — 1,702 — 211 H Total 1,536 130 77,200 44,984 1,752 +166 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 OCTOBER 17, 1973 New Phila Cleve Rich St. Minne Kansas San * Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 10,303 525 783 476 850 1,001 228 1,988 348 107 43 573 3,381 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,109 157 280 29 34 84 158 60 27 23 40 74 143 Other cash 311 16 25 5 33 34 42 36 20 9 36 14 41 Loans 1,536 64 117 115 189 59 164 455 32 45 149 66 81 Acceptances: Bought outright 46 -- 46 -- -- -- .- -- -- — -- — -- Held under repurchase agreements 84 -- 84 -- -- -- -- -- — -- -- -- -- Federal Agency obligations-- Bought outright 1,586 72 424 87 120 113 85 252 57 30 67 67 212 Held under repurchase agreements 166 _- 166 -- — -- -- -- _- -- — -- -- U.S. Government securities: Bought outright-- Bills 35,461 1,611 9,473 1,934 2,692 2,531 1,908 5,628 1,285 667 1,497 1,490 4,745 Certificates: Other Notes 37,374 1,699 9,983 2,038 2,838 2,668 2,010 5,932 1,354 703 1,578 1,569 5,002 Bonds 3,428 156 916 187 260 245 184 544 124 64 145 144 459 Total bought outright 1/ 76,263 3,466 20,372 4,159 5,790 5,444 4,102 12,104 2,763 1,434 3,220 3,203 10,206 Held under repurchase agreements 937 .. 937 -« -- -. — -- -- -- -- _- -- Total U.S. Government securities 77,200 3,466 21,309 4,159 5,790 5,444 4,102 12,104 2,763 1,434 3,220 3,203 10,206 ~ Total loans and securities 80,618 3,602 22,146 4,361 6,099 5,616 4,351 12,811 2,852 1,509 3,436 3,336 10,499 Cash items in process of collection 11,861 450 2,192 577 540 1,433 1,278 1,739 499 659 776 687 1,031 Bank premises 213 40 7 9 27 14 15 16 14 34 17 12 8 Other assets 2/ 957 41 254 52 63 63 67 129 30 19 36 36 167 TOTAL ASSETS 105,772 4,854 25,780 5,532 7,679 8,281 6,161 L6,849 3,805 2,367 4,399 4,746 15,319 1/ Includes $59 million securities loaned-fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (San Francisco 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 OCTOBER 17, 1973 San New Phila Cleve Rich St. Minne Kansas Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran- * exsco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 62,268 3,135 15,451 3,853 4,975 5,547 3,216 10,481 2,448 1,114 2,429 2,379 7,240 Deposits: Member bank reserves 30,220 1,090 7,357 1,026 1,915 1,422 1,873 4,508 801 653 1,071 1,634 6,870 U. S. Treasurer—general account 1,124 49 230 56 83 149 65 95 66 35 87 58 151 Foreign 286 12 1/ 79 14 25 15 20 44 9 6 12 15 35 Other 3/ 746 5 541 18 1 27 14 100 2 3 5 9 21 Total deposits 32,376 1,156 8,207 1,114 2,024 1,613 1,972 4,747 878 697 1,175 1,716 7,077 Deferred availability cash items 8,287 443 1,356 423 446 950 785 1,185 386 490 678 513 632 Other liabilities and accrued dividends 957 43 281 47 70 63 55 141 29 23 38 37 130 TOTAL LIABILITIES 103,888 4,777 25,295 5,437 7,515 8,173 6,028 16,554 3,741 2,324 4,320 4,645 15,079 CAPITAL ACCOUNTS Capital paid in 831 33 211 41 74 46 61 130 28 20 35 46 106 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 260 10 67 15 18 20 17 41 9 5 11 12 35 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 105,772 4,854 25,780 5,532 7,679 8,281 6,161 16,84?_ 3,805 2^367 4,399 4,746 15,319 Contingent liability on ace. eptances purchased for forei. gn correspondents 535 22 2/140 26 49 28 38 84 18 12 22 29 67 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 65,168 3,328 16,353 3,922 5,141 5,724 3,462 10,696 2,575 1,153 2,573 2,550 7,691 Collateral for F. R. notes: Gold certificate account 2,415 175 350 350 680 700 155 5 U. S. Government securities 64,060 3,185 16,650 3,700 4,850 5,115 3,600 10,100 2,480 1,200 2,700 2,580 7,900 Total collateral 66,475 3,360 16,650 4,050 5,200 5,795 3,600 10,800 2,635 1,200 2,700 2,585 7,900 1/ After deducting $207 million participations of other Federal Reserve Banks. * Estimated (San Francisco District). 21 After deducting $395 million participations of other Federal Reserve Banks. 3/ Includes $44 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