H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and '•.firsts?: Condition Statement of F.R. Banks H.4.1 For immediate release October 25, 1973 The average of daily figures for total reserves of member banks increased slightly in the latest statement week to $34,989 million. Required reserves declined while excess reserves and member bank borrowings at Federal Reserve Banks increased. A decline in float and increases in Treasury cash holdings, Treasury deposits and other deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital were all factors absorbing a significant amount of reserves in the latest statement week. Partially offsetting these reserve drains were increases in gold stock and other Federal Reserve assets and a decline in currency in circulation. In addition, System Open Market Operations provided $351 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, Oct. 24, Oct. 17, Oct. 25, Oct. 24, and related items 1973 . 1973 1972 1973 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 76,525 + 419 +6,647 1/ 76,563 Held under repurchase agreements 128 - 176 - 53 897 Federal Agency obligations-- Bought outright 1,742 + 156 + 721 1,739 Held under repurchase agreements 24 - 33 + 22 172 Acceptances — Bought outright 49 + 4 - 23 48 Held under repurchase agreements 7 - 19 3 47 Loans-- Total member bank borrowing 1,914 + 746 +1,149 3,367 Includes seasonal borrowing of: 125 + 5 + 125 123 Other borrowing Float 2,988 - 459 -1,491 3,078 Other F.R. assets 1,198 + 89 - 71 l 215 f Total Reserve Bank credit 84,575 + 727 +6,898 87,126 Gold stock 11,567 +1 ,157 +1,157 11,567 Special Drawing Rights certif. acct. 400 — — 400 Treasury currency outstanding 8,622 + 8 + 383 8,623 105,165 +1 ,892 +8,439 107,716 Currency in circulation 68,970 - 186 +5,486 69,077 Treasury cash holdings 1,522 +1 ,168 +1,156 1,537 Treasury deposits with F.R. Banks 1,566 + 127 + 104 1,252 Foreign deposits with F.R. Banks 254 - 22 + 33 272 Other deposits with F.R. Banks 3/ 950 + 186 + 335 673 Other F.R. liabilities and capital 2,904 + 102 + 556 2,986 76,167 +1 ,375 +7,671 75,797 Member bank reserves: With Federal Reserve Banks 28,998 + 516 + 768 31,919 Currency and coin 5,907 - 507 + 582 5,907 Total reserves held 27 34,989 + 9 +1,434 37,910 Required reserves 34,746 - 352 +1,341 34,746 Excess reserves 2/ 243 3,164 NOTE: A net of $100 million of surplus reserves were eligible to be carried forward from the week ended October 17, into the week ending October 24. On October 24, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,603 million, an increase of $237 million for the week. 1/ Includes $53 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 $36 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

H.4.1(A) CONSOLIDATED STATEMENT OP CONDITION pF ALL FEDERAL RESERVE BANKS (In Billion* of dollars) Wednesday Change 8ince Oct. 24, Oct. 17, Oct. 25, 1973 1973 1972 A S S E TS Gold certificate account 10,303 — — Special Drawing Rights certif. accts. * 400 -- — Cash (1,167) 311 — - 26 Loans 3,367 +1,831 + 192 Acceptances—Bought outright 48 + 2 - 23 Held under repurchase agreements 47 •- 37 - 27 Federal Agency obligations—Bought outright 1,739 + 153 + 719 Held under repurchase agreements 172 + 6 + 160 U.S. Government securities: Bought outright--Bills 35,761 300 +5,924 Certificates - Other Notes 37,374 -- + 642 Bonds 3,428 -- - 170 Total bought outright 1/ 76,563 + 300 +6,396 Held under repurchase agreements 897 - 40 - 367 Total U.S. Government securities 77,460 + 260 +6,029 Total loans and securities 82,833 +2,215 -•-7,050 Cash items in process of collection (1,601) 9,196 -1,010 -3,613 Bank premises 216 + 3 + 49 Other assets 2/ 999 + 42 - 285 TOTAL ASSETS (2,768) 104,258 +1,250 +3,175 Federal Reserve notes (1,167) 61,038 - 116 +5,035 Deposits: Member bank-reserves account 31,839 +1,438 + 130 U. S. Treasurer—general account 1,252 + 128 - 140 Foreign 272 14 + 75 Other 37 673 70 + 105 Total deposits 34,036 +1,482 + 170 Deferred availability cash items (1,601) 6,198 - 256 -2,637 Other liabilities and accrued dividends 1,001 + 39 + 418 TOTAL LIABILITIES (2,768) 102,273 +1,1*9 +2,986 C A P I T AL A C C O U N T S. Capital paid in "" 834 + 3 + 53 Surplus 793 — + 51 Other capital accounts 358 + 98 + 85 Contingent liability on acceptances purchased for foreign correspondents 530 - 5 + 309 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $53 million securities loaned?»fully secured by U.S. Government securities pledged with Federal Reserve Banks* 2/ Includes assets denominated in foreign currencies. 3/ Includes $36 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 participa tion by non-meir»ber institutions in the Federal Reserve System1 s program of credit restraint. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. OCTOBER 24, 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 3,310 64 6,121 -682 172 + 2 16 days to 90 days 57 31 18,813 + 37 116 + 10 91 d*ys to 1 year -- 19,318 +905 300 + 7 Ow»r 1 year to 5 years -- 22,148 -- 671 + 46 C"»r 5 years to 10 years -. 9,358 — 425 + 78 Over 10 years _L702 — 227 + 16 Total 3,367 TT 77,460 +260 1,911 +159 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 24, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Da lias York delphia land mond Louis apolis City Francisco (In millions of dollars) A S S E TS Gold certificate account 10,303 507 1,120 448 826 966 527 1,195 283 208 239 676 3,308 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,167 157 263 33 41 93 171 70 31 23 44 83 158 Other cash 311 16 25 5 33 34 42 37 21 9 35 14 40 Loans 3,367 111 980 186 99 276 162 741 51 69 135 181 376 Acceptances: Bought outright 48 -- 48 -- -- -- -- -- -- -- -- — -- Held under repurchase agreements 47 -- 47 -- -- -- — -- -- -- -- -- -- Federal Agency obligations-- Bought outright 1,739 79 466 95 132 124 93 276 63 33 72 73 233 Held under repurchase agreements 172 -- 172 -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 35,761 1,625 9,576 1,951 2,715 2,552 1,924 5,675 1,296 673 1,487 1 ,502 4,735 Certificates: Other -- -- -- -- -- -- -- -- -- -- -- -- -- Notes 37,374 1,699 10,007 2,038 2,838 2,668 2,010 5,932 1,354 703 1,554 1 ,569 5,002 Bonds 3,428 156 918 187 260 245 184 544 124 64 143 144 459 Total bought outright 17 76,563 3,480 20,501 4,176 5,813 5,465 4,118 12,151 2,774 1,440 3,184 ~T ,215 10,246 Held under repurchase agreements 897 -- 897 -- -- -- -- -- -- -- -- -- -- Total U.S. Government securities 77,460 3,480 21,398 4,176 5,813 5,465 4,118 12,151 2,774 1,440 3,184 ~ ,215 10,246 Total loans and securities 82,833 3,670 23,111 4,457 6,044 5,865 4,373 13,168 2,888 1,542 3,391 3 ,469 10,855 Gash items in process of collection 10,797 419 2,468 475 593 1,186 865 1,252 434 645 886 668 906 Bank premises 216 40 10 9 27 14 15 16 14 34 17 12 8 Other assets 2_/ 999 41 277 55 68 70 54 143 31 21 36 55 148 TOTAL ASSETS 107,026 4,873 27,367 5,505 7,665 8,264 6,069 15,951 3,717 2,489 4,663 4 ,991 15,472 \_l Includes $53 million ^curities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ 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 OCTOBER 24, 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 62,205 3,131 15,489 3,843 4,970 5,554 3,210 10,463 2,444 1,115 2,425 2,371 7,190 Deposits: Member bank reserves 31,839 1 1,140 8,816 1,008 1,895 1,482 1,933 3,865 782 739 1,297 1,833 7,049 U. S. Treasurer—general account 1,252 80 90 110 89 166 114 80 76 50 79 98 220 Foreign 272 10 1/ 95 12 22 12 17 38 8 5 10 13 30 Other 3/ 673 5 561 18 1 24 10 12 1 4 4 6 27 Total deposits 34,036 1,235 9,562 1,148 2,007 1,684 2,074 3,995 867 798 1,390 1,950 7,326 Deferred availability cash items 7,799 381 1,505 363 439 845 591 1,034 305 512 727 526 571 Other liabilities and accrued dividends 1,001 44 300 50 77 66 56 148 34 19 38 39 130 TOTAL LIABILITIES 105,041 4,791 26,856 5,404 7,493 8,149 5,931 15,640 3,650 2,444 4,580 4,.886 15,217 CAPITAL ACCOUNTS Capital paid in 834 34 211 42 1L /- 7 O 1 130 28 20 35 46 106 Surplus 793 34 207 39 72 4 —• 2 / 55 124 27 18 33 43 99 Other capital accounts 358 14 93 20 26 26 22 57 12 7 15 16 50 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 107,026 4,873 27,367 5.505 7,665 8,264 6^069 15,951 3,71.7 2,489 4,663 4,991 15,472 Contingent liability on accept ances purchased for foreign correspondents 530 22 2/138 26 48 28 37 83 18 12 22 29 67 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 65,169 3,318 16,309 3,908 5,133 5,748 3,470 10,716 2,596 1,151 2,578 2,552 7,690 Collateral for F. R. notes: Gold certificate account 2,190 175 125 350 680 700 155 5 U. S. Government securities 64,600 3,185 16,650 3,900 4,850 5,115 3,600 10,400 2,520 1,200 2,700 2,580 7,900 Total collateral 66,790 3,360 16,560 4,025 5,200 5,795 3,600 11,100 2,675 1,200 2,700 2,585 7,900 1/ After deducting $177 million participations of other Federal Reserve Banks. 2/ After deducting $392 million participations of other Federal Reserve Banks. 3/ Includes $36 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