H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks K . 4 . 1 For immediate release November 8, 1973 The average of daily figures for total reserves of member banks declined $394 million in the latest statement week to $34,572 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. Both Treasury deposits with Federal Reserve Banks and other Federal Reserve liabilities and capital declined and were the major factors supplying reserves in the latest week. Reserves were drained by a reduction in float and an increase in currency in circu lation. In addition, System Open Market Operations absorbed $325 million reserves net, on a weekly average basis, through redemptions of Treasury Bills and matched sale-purchase transactions. Averages oiE daily figures Member Dank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Nov. 7, * October 31, Nov. 8, Nov. 7,* and related items 1973 1973 1972 1973 Reserve Bank credit: (Iri mi Llions of dollars) U.S. Government securities-- Bought outright—System account 76,268 - 65 +6,174 1/2/75,468 Held under repurchase agreements -- - 232 - 598 -- Federal Agency obligations-- Bought outright 1,739 -- + 728 1,739 Held under repurchase agreements -- 21 32 — Acceptances — 48 + 1 23 47 Bought outright Held under repurchase agreements -- - 8 - 75 — Loans-- Total member bank borrowing 1,170 _ 285 + 211 839 Includes seasonal borrowing of: 93 - 26 + 93 85 Other borrowing Float 2,141 . 120 -1,565 2,603 Other F.R. assets 1,287 + 89 - 62 1,354 Total Reserve Bank credit 82,653 - 641 +4,757 82,050 Gold stock 11,567 -- +1,157 11,567 Special Drawing Rights certif. acct. 400 -- -- 1 400 Treasury currency outstanding 8,626 + 2 + 358 8,626 103,246 - 641 +6,273 102,643 Currency in circulation 69,051 + 272 +5,250 ! 69,562 Treasury cash holdings 364 - 6 17 353 Treasury deposits with F.R. Banks 2,087 - 335 + 370 1,557 Foreign deposits with F.R. Banks 332 + 53 + 145 413 Other deposits with F.R. Banks 4/ 662 + 7 + 36 654 Other F.R. liabilities and capital 2,741 z_ 263 + 258 2.78Q 75,237 - 272 +6,042 75,319 Member bank reserves: With Federal Reserve Banks 28,009 « 369 + 231 27,324 Currency and coin -6,479 J^_ 25 + 563 6.479 Total reserves held 3/ 34,572 - 394 + 878 33,887 Required reserves 34,370 - 473 + 800 34,370 Excess reserves 3/ 202 78 483 NOTE: A net of $120 million of surplus reserves were eligible to be carried forward from the week ended October 31, into the week ending November 7. On November 7, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $26,908 million, a decrease of $322 million for the week. 1/ Excludes $979 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $43 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ 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. 4/ Includes $48 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 System's program of credit restraint. Estimated (New York 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 Nov. 7,** Oct. 31, Nov. 8, 1973 1973 1972 A S S E TS Gold certificate account 11,460 +1,157 Special Drawing Rights certif. accts. 400 Cash (1,039) 375 + 60 + 45 Loans 839 -1,359 - 629 Acceptances—Bought outright 47 19 Held under repurchase agreements 60 - Ill Federal Agency obligations—Bought outright 1,739 + 728 Held under repurchase agreements • 148 - 52 U.S. Government securities: Bought outright—Bills 34,666 -1,399 +4,902 Certificates - Other Notes 37,374 + 642 Bonds 3,428 - 170 Total bought outright 1/2/ 75,468' •1,399 +5,374 Held under repurchase agreements -1,624 -1,243 Total U.S. Government securities 75,468 -3,023 +4,131 Total loans and securities 78,093 -4,590 +4,048 Cash items in process of collection (1,569) 8,657 + 433 -3,340 Bank premises 219 + 2 + 52 Other assets 3/ 1,135 + 87 - 102 TOTAL ASSETS (2,608) 100,339 -4,008 +1,860 L I A B I L I T I E S. Federal Reserve notes (1,039) 61,557 + 614 +4,870 Deposits: Member bank-reserves account 27,244 -4,461 -1,720 U. S. Treasurer—general account 1,557 - 280 + 513 Foreign 413 13 + 157 Other 4/ 654 - 65 14 Total deposits 29 ,868 -4, 819 -1, 064 Deferred availability cash items (1,569) 6 ,134 + 482 -2, 341 Other liabilities and accrued dividends 930 - 56 + 325 TOTAL LIABILITIES (2,608) 98,489 -3,779 +1,790 £ AP 1 T A L A C C O U N TS Capital paid in 834 + 52 Surplus 793 + 51 Other capital accounts 223 229 33 Contingent liability on acceptances purchased for foreign correspondents 59$ + 7 373 + * Figures in parentheses are the eliminations made in the consolidating process, 1/ Excludes $979 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $43 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. _3/ Includes assets denominated in foreign currencies. 4/ Includes $48 million of certain deposits of domestic non-member banks and foreign-downed 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 District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 7, 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 782 11 3,604 -3,785 -- -148 16 days to 90 days 57 36 19,455 + 867 164 + 38 91 days to 1 year -- -- 19,201 - 105 252 - 38 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 839 47 75,468 -3,023 1,739 -148 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 NOVEMBER 7, 1973 New * Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 0 In millions of dollars) A S S E TS Gold certificate account 11,460 621 3,174 781 877 1,163 149 1,890 470 162 297 38 1,838 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,039 153 237 30 37 75 150 64 28 20 40 75 130 Other cash 375 18 87 5 35 33 42 36 21 11 35 15 37 Loans 839 6 64 40 19 50 13C 215 36 10 131 121 9 Acceptances: Bought outright 47 _ .» 47 _«. _ _ _ — — „ .„_, —— » m. -- „. _... Held under repurchase agreements _ —— _ — —— — _ —— „ — —— _. -- __ Federal Agency obligations-- Bought outright 1,739 77 471 91 131 122 94 27C 60 33 66 75 241 Held under repurchase agreements "• «.„ .- ... „ . __, „„ «._ .... _ _ _ _ _ — U.S. Government securities: Bought outright-- Bills 34,666 1,538 9,380 1,805* 2,605 2,438 1,874 5,545 1,201 654 1,324 1 ,497 4,805 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 _JM2L_ 152 Q27 17Q 258 241 185 548 11Q 65 131 14f 4ZI Total bought outright 1/ 2/ 75,468 3,349 20,419 3,930 5,671 5,308 4,080 12,071 2,615 1,424 2,882 3 ,259 10,460 Held under repurchase agreements -- -- -.- -- _- . _ „„ «. _ „._ Total U.S. Government securities 75,fe6fi_ 3,349 20,419 3,930_ 5,671 5,308 -AJHQ 12,071 2,635 1,424 2,8r,2 —1 053. JLDsMD Total loans and securities 1 78,093 3,432 21,001 4,061 5,821 5,480 4,312 12,564 2,711 l;467 3,079 3 ,455 10,710 Cash items in process of collection ; 10,226 465 1,950 494 451 1,097 1,080 1,208 459 536 735 648 1,103 Bank premises 219 42 10 10 27 14 15 16 14 34 17 12 8 Other assets 3/ &7_ 349 62__ 75 1A 57 157 24 12 -A3 !££ TOTAL ASSETS 102,947 ; 4,801 26,901 5,473 7,356 7,972 5,827 16,005 3,752 2,261 4,255 4 ,300 14 044 r 1/ Excludes $979 million of securities sold, and scheduled to be bought: back, under matched sale-purchase transactions, 2/ Includes $43 million securities loaned--fully secured by U.S. Government securities pledgad with Federal Reserve Banks. 3/ Includes assets denominated in foreign curren * Estimated (New York 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 NOVEMBER 7, 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 62,596 3,130 15,565 3,895 4,997 5,596 3,276 10,499 2,471 1,116 2,438 2,379 7,234 Deposits: Member bank reserves 27,244 1,068 7,839 860 1,604 1,214 1,582 3,948 757 573 1,012 1,269 5,518 U. S. Treasurer—general account 1,557 146 312 67 127 167 134 141 96 63 97 15 192 Foreign 413 17 1/117 20 36 21 28 63 13 9 17 22 50 Other 3/ 654 6 550 16 2 25 11 11 2 3 4 6 18 Total deposits 29,868] 1,237 8,818 963 1,769 1,427 1,755 4,163 868 648 1,130 1,312 5,778 Deferred availability cash items 7,703 321 1,716 481 367 787 616 924 323 436 581 475 676 Other liabilities and accrued dividends 930 40 265 45 68 62 53 143 31 20 33 39 131 TOTAL LIABILITIES 101,097 4,728 26,364 5,384 7,201 7,872 5,700 15,729 3,693 2,220 4,182 4,205 13,819 CAPITAL ACCOUNTS Capital paid in 834 34 211 42 74 47 61 130 28 20 35 46 106 n Surplus 793 34 207 39 72 42 55 124 27 18 33 43 Other capital accounts 223 5 119 8 9 11 11 22 4 3 5 6 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 102,947 4,801 26,901 5,473 7,356 7,972 5,827 16,005 3,752 2,261 4,255 4,300 14,044 Contingent liability on ace: eptances purchased for foreign correspondents 596 25 2/156 29 54 31 42 94 20 14 25 32 74 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,300 16,306 3,947 5,161 5,745 3,481 10,723 2,587 1,158 2,569 2,528 7,687 Collateral for F. R. notes: Gold certificate account 175 « 350 350 680 700 155 U. S. Government securities 3,185 16,650 3,800 4,850 5,145 3,600 10,400 2,520 1,200 2,700 2,580 7,900 Total collateral 3,360 16,650 4,150 5,200 5,825 3,600 11,100 2,675 1,200 2,700 2,585 7,900 1/ After deducting $ 296 million participations of other Federal Reserve Banks. 2/ After deducting $ 440 million participations of other Federal Reserve Banks. 3/ Includes $48 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 District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis