H.4.1 Factors Affecting Reserve Balances of Depository Institutions

*i»* FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release November 29, 1973 The average of daily figures for total reserves of member banks decreased $688 million in the latest statement week to $34,366 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. An increase in float and a reduction in Treasurydeposits with Federal Reserve Banks were the major factors supplying reserves in the latest week. Offsetting these reserve gains were increases in currency in circulation and foreign deposits with Federal Reserve Banks. In addition, System Open Market opera tions absorbed $827 million reserves net, on a weekly average basis, primarily through maturing repurchase agreements made in the previous week. Reserves were also provide*3, through outright purchases of Treasury bills and repurchase agreer"!<*nts. Averages o f daily figures Member bank reserves, Week ended Change from wee c ended Wednesday, Reserve Bank credit, Nov. 28, Nov. 21, No\' . 29, Nov. 28, and related items 1973 '1 973 1 1972 1973 Reserve Bank credit: (Ir\ mil lions of dollars) U.S. Government securities-- Bought outright—System account 76,609 - 3 + 7 ,141 j 1/76,697 Held under repurchase agreements 425 - 727 + 393 ! 8*0 Federal Agency obligations- Bought outright 1,795 + 42 + 618 1,810 Held under repurchase agreements 57 - 118 + 46 79 Acceptances-- Bought outright 42 + 1 „ 18 43 Held under repurchase agreements 13 - 22 + 5 17 Loans-- Total member bank borrowing 1,288 « 281 + 716 1,486 Includes seasonal borrowing of: 84 - 1 + 84 76 Other borrowing Float 3,270 + 444 + 365 4,025 Other F.R. assets 871 +_ 45 - 137 923 Total Reserve Bank credit 84,370 - 620 + 9 ,129 85,960 Gold stock 11,567 -- + 1 ,157 11,567 Special Drawing Rights certif. acct. 400 — 400 Treasury currency outstanding 8,659 ±_ 9 + 369 8 .,661 104,996 - 611 +10 ,655 106,3*8 Currency in circulation 70,502 + 321 + 5 ,360 70,655 Treasury cash holdings 329 - 4 - 36 334 Treasury deposits with F.R. Banks 1,853 - 93 + 682 2,001 Foreign deposits with F.R. Banks 651 + 94 + 439 516 Other deposits with F.R. Banks V 684 - 38 + 99 645 Other F.R. liabilities and capital 2,986 ±_ 73 + 595 3,029 77,006 + 355 + 7 ,141 77,ISO Member bank reserves: With Federal Reserve Banks 27,990 _ 965 + 3 514 29,408 Currency and coin 6,292 + 277 + 490 _6,292 Total reserves held 2/ 34,366 - 6^3 + 3 638 35,7*4 Required reserves 34,34.9 - 369 + 3 961 34,349 Excess reserves 2/ 17 319 323 1,435 NOTE: A net of $212 million of surplus reserves were eligible to be carried forward from the week ended November 21, into the week ending November 28. On November 28, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $26,958 million, an increase of $457 million/ for the week. 1/ Includes $84 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 $46 million of certain deposits of domestic non-member banks and foreigm- Fe^r^a£king ^f i5Utions held with me*iber banks and redeposited in full with instltilti^rin ^ in C?nnection *ith 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 OF CONDITION OF ALL FEDERAL RESERVE RANKS (In millions of dollars) Wednesday ! Change since Nov. 28, Nov. 21", ~ Nov™. 29, 1973 1973 -137.2 — A S S E TS Gold1certificate account 11,460 — + 1,157 Special Drawing Rights certif. accts. * 400 — — Cash (987) 297 - 12 23 Loans 1,486 4- 99 + 809 Acceptances—Bought outright 43 + 2 19 lleld under repurchase agreements 17 - 60 + 17 Federal Agency obligations—Bought outright 1,810 •f 21 + 633 H«ld under repurchase agreements 79 - 244 -1- 79 U.S. Government securities: Bought outright—Bills 35,362 + 11 + 6,480 Certificates - Other Notes 3&,186 + 34 + 1,505 Bonds 3,149 .- - 449 Total bought outright 1/ 76,697 + 45 + 7,536 Held under repurchase agreements 880 -1,218 + 880 Total U.S. Government securities 77,577 dUiZl .+ 8,416 Total loans and securities 61,012 -1,355 + 9,?35 Carh items in process of collection (1,687) 9,481 - 70 + 994 B*nk premises 221 + 2 + 52 Other assets 2) TOTAL ASSETS 702 4- fy"). - 188 (2,674) 103,5/3 zl^ll j-11,927 L I A B I L I T I ES Federal Reserve notes (987) 62,518 + 117 + 4,932 Deposits: Member bank-reserves account 29,328 -1,437 + 5,408 U. S. Treasurers-general account 2,001 +.' 597 + 927 Foreign 516 - 243 + 316 Other 3/ - 645 - 17 + 42 Total deposits 32,490 -1,100 + 6,*°3 Deferred availability cash items (1,687) 5,536 - 431 309 Other liabilities and accrued dividends 973 - 61 + 400 TOTAL LIABILITIES (2,674) 101,517 -1,475 -H.1,/16 £ A £ I1 A L. £££2UNT;S Capital paid in 838 + 2 + 51 Surplus 793 „„ + 51 Other capital accounts 425 + 100 + 109 Contingent liability on acceptances purchased for foreign correspondents gQ^ -, , *Q# + * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $84 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3/ Includes $46 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. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, NOVEMBER 28. 1973 (Acceptances c\d securities held under repurchase agreements are cl?«sifi<>d as maturing within 15 days in accordance with maximum maturity of the agreements.) U.S. ( overtznn ct federal Agency Loans Accept securities obligations ances Holdings Weekly Holdings Weekly changes [Changes Within 15 days 1 ,428 25 5,895 -1, 267 163 -163 16 days to 90 days 58 35 19,139 + 69 85 - 76 91 days to 1 year — — 20,359 - 9 280 + 29 Over 1 year to 5 years — -- 22,953 -- 665 - 37 Over 5 years to 10 years — -- 7,469 + 34 469 + 24 Over 10 years — 1,762 227 Total 1 ,486 60 77,i>/7 -1, 173 I,ar9 -223 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 28, 1973 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City D alias Francisco (In millions of dollars) A S S E TS Gold certificate account 11,460 912 1,489 707 899 1,335 541 1,713 531 183 342 448 2,360 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 987 104 218 27 45 71 149 66 27 16 46 87 131 Other cash 297 18 21 3 34 31 41 34 20 10 34 16 35 Loans 1,486 168 363 121 12 278 120 151 50 8 163 42 10 Acceptances: Bought outright 43 -- 43 — — -- — — — — — -- -- Held under repurchase agreements 17 — 17 -- -- — -- -- — -- -- — — Federal Agency obligations-- Bought outright 1,810 81 473 94 136 127 98 290 63 34 69 78 267 Held under repurchase agreements 79 — 79 — — -- — -- -- — -- — -_ U.S. Government securities: Bought outright-- Bills 35,362 1,569 9,253 1,841 2,657 2,487 1,912 5,655 1,226 667 1,351 1 ,527 5,217 Certificates: Other — — — -- — -- -- -- -- -- .. __ „. Notes 38,186 1,694 9,991 1,989 2,869 2,686 2,065 6,108 1,323 721 1,458 1 ,649 5,633 Bonds j 3,149 140 824 164 237 222 170 504 109 59 120 136 464 Total bought outright 1/ 76,697 3,403 20,068 3,994 5,763 5,395 4,147 12,267 2,658 1,447 2,929 T ,312 11,314 Held under repurchase agreements 880 ' — 880 — — -- — -- — -- — — -- Total U.S. Government securities 1 77,577 3,403 20,948 3,994 5,763 5,395 4,147 12,267 2,658 1,447 2,929 j[, 312 Tl,314~ ~ Total loans and securities 81,012 3,652 21,923 4,209 5,911 5,800 4,365 12,708 2,771 1,489 3,161 3 ,432 11,591 Gash items in process of collection 11,168 423 1,898 563 532 1,042 1,107 1,618 520 577 787 728 1,373 Bank premises 221 42 10 10 27 14 15 16 14 36 17 12 8 Other assets 2/ 1 702 28 190 43 46 45 38 95 24 15 22 25 131 TOTAL ASSETS 106,247 5,202 25,842 5,585 7,527 8,374 6,278 16,320 3,922 2,333 4,424 4 ,762 15,678 1/ Includes $84 million securities 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 NOVEMBER 28, 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 63,505 3,180 15,693 3,999 5,103 5,670 3,365 10,640 2,511 1,131 2,465 2,403 7,345 Deposits: Member bank reserves 29,328 ! 1,351 7,004 983 1,625 1,434 1,828 3,936 909 641 1,084 1,571 6,962 U. S. Treasurer--general account 2,001 178 534 80 145 224 115 196 36 49 88 145 211 Foreign 516 20 1/169 23 43 24 33 74 16 11 20 25 58 Other 3/ 645 5 540 20 1 21 12 10 3 3 4 5 21 Total deposits 32,490 1,554 8,247 1,106 1,814 1,703 1,988 4,216 964 704 1,196 1,746 7,252 Deferred availability cash items 7,223 337 1,097 328 361 817 726 994 346 433 645 466 673 Other liabilities and accrt led dividends 973 46 271 48 7? 64 57 147 32 20 34 40 142 TOTAL LIABILITIES 104,191 5,117 25,308 5,481 7,350 8,254 6,136 15,997 3,853 2,288 4,340 4,655 15,412 CAPITAL ACCOUNTS Capital paid in 838 34 214 42 74 47 62 131 28 20 35 46 105 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 425 17 113 23 31 31 25 68 14 7 16 18 6? TOTAL LIABILITIES AND CAPITAL ACCOUNTS 106,247 5,202 25,842 5,585 7 y 527 8,374 6,278 lL,32t> —J,922 2,333 4,424 4,762 15,678 Contingent liability on ace. eptances purchased for forea- gn correspondents 605 25 2/158 30 55 31 42 __ 2£_ ii- 14_-. 25 32L 26 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 3,330 16,393 4,063 5,303 5,808 3,561 10,890 2,629 1,162 2,593 2,566 7,786 Collateral for F. R. notes: Gold certificate account 175 — 350 350 720 700 155 - — 5 U. S. Government securities 3,185 16,650 3,800 5,000 5,145 3,700 10.400 2,520 U222 ? 700 ?,6V> 8,000 r Total collateral 3,360 16,650 4,150 5,350 5,865 3,700 11,100 2,675 1,200 2,700 2,635 8,000 \J After deducting $347 million participations of other Federal Reserve Banks. 2/ After deducting $447 million participations of other Federal Reserve Banks. 3/ Includes $46 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