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 November 1, 1973 The average of daily figures for total reserves of member banks declined $55 million in the latest statement week to $34,966 million. Required reserves increased while excess reserves and member bank borrowings at Federal Reserve Banks declined. Major factors supplying reserves in the latest statement week were reductions in Treasury cash holdings, currency in circulation and other deposits with Federal Reserve Banks. A decline in float and an increase in Treasury deposits with Federal Reserve Banks were the major factors absorbing reserves. In addition, System Open Market Operations absorbed $95 million reserves net, on a weekly average basis, primarily through matched sale-purchase transactions early in the statement week. Reserves were also provided later in the week through outright purchase of Treasury bills and repurchase agreements. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Oct. 31,* October 24, Nov. 1, October 31, and related items 1973 1973 1972 1973 * Reserve Bank credit: (Irl millions of dollars) U.S. Government securities-- Bought outright--System account 76,333 - 192 +6,187 1/76,867 Held under repurchase agreements 232 + 104 + 197 1,624 Federal Agency obligations-- Bought outright 1,739 - 3 + 720 1,739 Held under repurchase agreements 21 3 + 21 148 Acceptances — Bought outright 47 . 2 - 23 47 Held under repurchase agreements 8 + 1 3 60 Loans-- Total member bank borrowing 1,455 _ 459 + 900 2,197 Includes seasonal borrowing of: 119 ~ 6 + 119 117 Other borrowing Float 2,265 « 755 -1,980 2,675 Other F.R. assets 1.198 -- - 120 1.266 Total Reserve Bank credit 83,299 -1, 308 +5,899 86,623 Gold stock 11,567 -- +1,157 11,567 Special Drawing Rights certif. acct. 400 -- — 400 Treasury currency outstanding 8,624 + 2 + 372 8,626 103,890 -1, 307 +7,428 107,216 Currency in circulation 68,783 - 187 +5,327 69,013 Treasury cash holdings 370 -1, 152 + 2 375 Treasury deposits with F.R. Banks 2,422 + 856 + 846 1,837 Foreign deposits with F.R. Banks 279 + 25 + 95 426 Other deposits with F.R. Banks 3/ 655 - 295 + 47 715 Other F.R. liabilities and capital 3,004 + 100 + 590 3,065 75,512 - 655 +6,907 75,431 Member bank reserves: With Federal Reserve Banks 28,378 „ 652 + 521 31,785 Currency and coin 6,504 + 597 + 657 6,504 Total reserves held 2/ 34,966 - 55 +1,262 38,373 Required reserves 34,843 + 97 +1,344 34,843 Excess reserves 2/ 123 152 82 3,530 NOTE: A net of $153 million of surplus reserves were eligible to be carried forward from the week ended October 24, into the week ending October 31. On October 31, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,230 million, a decrease of $373 million for the week. 1/ Includes $65 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. * Estimated (Boston 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 October 31, Oct. 24, Nov. 1, 1973 1973 1?72 A S S E TS Gold certificate account 11,460 +1,157 +-1,157 Special Drawing Rights certif. accts. 400 Cash (1,167) 313 + 2 20 Loans 2,197 -1,170 + 4,630 Acceptances — Bought outright 47 1 22 Held under repurchase agreements 60 + 13 16 Federal Agency obligations—Bought outright 1,739 + 728 Held under repurchase agreements 148 24 + • 144 U.S. Government securities: Bought outright--Bills 36,065 + 304 + -6,301 Certificates - Other Notes 37„374 -- + 642 Bonds 3,428 — - 170 Total bought outright 1/ 76,867" + 304 + •6,773 HeJ.d under repurchase agreements 1,624 + 727 + .1,381 Total U.S. Government securities 78,491 +1 ,031 + .•8,154 Total loans and securities 82,682 - 151 +10,618 Cash items in process of collection (1,786) 8,261 -1, 044 -<.4,503 Bank premises 217 + 1 + 50 Other assets 7J 1,049 + 50 157 TOTAL ASSETS (2,953) 104,382 + 15 + 7,145 L I A B I L I T I E S. Federal Reserve notes (1,167) 60,968 70 + 4,984 Deposits: Member bank-reserves account 31,705 - 243 +4,134 U. S. Treasurer--general account 1,837 + 585 + 240 Foreign 426 + 154 + 266 Other 3/ ( H7) 715 + 42 + 61 Total deposits ( H7) 34,683 + 538 + 4,701 Deferred availability cash items (1,669) 5,666 - 532 - 3,138 Other liabilities and accrued dividends 987 - 14 + 382 TOTAL LIABILITIES (2,953) 102,304 - 78 + 6,929 £ A I I 1 A k A C C O U N TS Capital paid in "" 834 •>» + 52 Surplus 793 -- + 51 Other capital accounts 451 + 93 + 113 Contingent liability on acceptances purchased for foreign correspondents 539 + 59 359 + * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $65 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. !_! 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 participation by non-member institutions in the Federal Reserve System1s program of credit restraint. ** Estimated (Boston District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, OCTOBER 31. 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 2,146 71 7,389 +1,268 148 -24 16 days to 90 days 51 36 18,588 - 225 126 +10 91 days to 1 year -- 19,306 12 290 -10 Over 1 year to 5 years — 22,148 -- 671 -- Over 5 years to 10 years -- 9,358 — 425 — Over 10 years -- -- 1,702 -- 227 -- Total 2,197 107 ' 78,491 + 1,031 1,887 -24 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 31, 1973 New Phila Cleve Rich St. Minne 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 11,460 740 1,611 846 891 1,120 469 2,041 377 260 367 329 2,409 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,167 157 269 34 46 90 172 57 31 25 44 83 159 Other cash 313 16 25 5 33 34 42 37 21 10 35 15 40 Loans 2,197 109 266 66 81 246 135 755 58 26 160 91 204 Acceptances: Bought outright 47 -.- 47 __ «... -« _- «._ _«. «.«. «.«. ... __, Held under repurchase agreements 60 -- 60 .- _- ... «... _._ «,«, _«. __, __, Federal Agency obligations- Bought outright 1,739 77 471 91 131 122 94 278 60 33 66 75 241 Held under repurchase agreements 148 -- 148 --. -- _- __ -- «._ «... __ U.S. Government securities: Bought outright-- Bills 36,065 1,600 9,759 1,878 2,710 2,537 1,950 5,768 1,250 681 1,377 1 ,557 4,998 Certificates: Other -- -- — — ..- -- -- -- __ -- __ -._ -- Notes 37,374 1,659 10,112 1,946 2,808 2,629 2,021 5,978 1,295 705 1,427 1 ,614 5,180 Bonds 3,428 152 927 179 258 241 185 548 119 65 131 148 475 Total bought outright \j 76,867 3,411 20,798 4,003 5,776 5,407 4,156 12,294 2,664 1,451 2,935 3 ,319 10,653 Held under repurchase agreements l r 624 -- l t 624 ._ _.„ „«. .... «... «,_ — _. _ — • .» «.«, Total U.S. Government securities 78,491 3,411 22,422 4,003 5,776 5,407 4,156 12,294 2,664 1,451 2,935 3 ,319 10,653 Total loans and securities 82,682 3,597 23,414 4,160 5,988 5,775 4,385 13,327 2,782 1,510 3,161 3 ,485 11,098 Cash items in process of collection 10,047 435 1,616 447 449 1,025 969 1,490 466 623 724 716 1,087 Bank premises 217 40 10 10 27 14 15 16 14 34 17 12 8 Other assets 2/ 1,049 44 295 60 71 ?tt ST 147 -u 22 Tft 40 16? TOTAL ASSETS 107,335 5,052 27,333 5,585 7,538 8,177 6,127 17,185 3,740 2,491 4,401 4 ,694 15,012 y Includes $65 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (Boston 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 31, 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 62,135 3,135 15,455 3,844 4,969 5,566 3,211 10,422 2,446 1,110 2,426 2,365 7,186 Deposits: Member bank reserves 31,705 1,350 8,643 1,087 1,803 1,445 1,865 4,861 758 753 1,093 1,599 6,448 U. S. Treasurer--general account 1,837 68 435 130 140 122 122 216 55 101 139 79 230 Foreign 426 17 1/119 30 38 22 29 65 14 10 17 23 52 Other 3/ 832 6 664 17 1 35 20 52 2 2 3 7 23 Total deposits 34,800 1,441 9,861 1,254 1,982 1,624 2,036 5,194 829 866 1,252 1,708 6,753 Deferred availability cash items 7,335 349 1,180 333 339 800 684 1,096 360 448 601 474 671 Other liabilities and accrued dividends 987 42 300 48 69 65 53 146 35 21 35 39 134 TOTAL LIABILITIES 105,257 4,967 26,/96 5,479 7,359 8,055 5,984 16,858 3,670 2,445 4,314 4,586 14,744 CAPITAL ACCOUNTS Capital paid in 834 34 211 42 74 47 61 130 28 20 35 46 106 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 451 17 119 25 33 33 27 73 15 8 19 19 M TOTAL LIABILITIES AND CAPITAL ACCOUNTS 107,335 5,052 27,333 5,585 7,538 8,177 6,127 17,185 3.74Q 2,491 4,401 4,694 15,012 Contingent liability on ace: eptances purchased for foreiL gn cor respondents 589 23 2/191 26 49 28 38_ 85_ 18 12 23 29 67 — FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,315 16,312 3,904 5,115 5,748 3,468 10,699 2,588 1,164 2,566 2,538 7,701 Collateral for F. R. notes: Gold certificate account 175 — 350 350 680 700 155 5 U. S. Government securities 3,185 16,650 3,900 4,850 5,145 3,600 10,400 2,520 1,200 2,700 2,580 7,900 Total collateral 3,360 16,650 4,250 5,200 5,825 3,600 11,100 2,675 1,200 2,700 2.585 7.900 1/ After deducting $ 307 million participations of other Federal Reserve Banks. 27 After deducting $ 398 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 "~ 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, * (Estimate^ Boston District,) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis