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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release April 12, 1973 The average of daily figures for total reserves of member banks declined $817 million in the latest statement week to $31,785 million. Required reserves, excess reserves, and member bank borrowings at Federal Reserve Banks all declined. An increase in float was the major factor supplying reserves in the latest statement week. Reserves were absorbed by increases in currency in circulation and Treasury deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed. $572 million reserves net, on a weekly average basis primarily through maturing repurchase agreements made in the previous week and matched sale-purchase transactions made late in the current statement week. Reserves were provided during the week through outright purchases of Treasury bills and repurchase agreements. Member bank borrowings averaged $1,500 million and exceeded excess reserves by $1,578 million compared to $1,248 million in the previous week. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U.S. Government securities-Bought outright--System account Held under repurchase agreements Federal Agency obligations-Bought outright Held under repurchase agreements AcceptancesBought outright Held under repurchase agreements Loans-Member bank borrowings Other Float Other F.R. assets Total Reserve Bank credit Gold stock Special Drawing Rights certif. acct. Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F.R. Banks Foreign deposits with F.R. Banks Other deposits with F..R. Banks Other F.R. liabilities and capital Member bank reserves: With Federal Reserve Banks Currency and coin Total reserves held 3/ Required reserves Excess reserves 3/ NOTE: Averages of daily figures Week ended Chan ge from week ended Wednesday, April*ll, April 4, April 12, April*ll, 1973 1973 1972 1973 (IrI millions of dollars) 73,310 75 + - 186 689 1,276 39 4 16 76 6 +3,564 57 + + 1/2/73,078 -- 466 23 1,272 -- 49 6 25 75 -- 1,500 255 +1,486 1,243 2,370 968 79,620 10,410 400 8,437 98,867 65,903 413 3,438 279 649 2,639 73,321 + 529 + 30 - 270 .-+ 10 - 259 + 522 4 + + 321 39 23 23 + 762 - 524 + 25 +4,952 + 822 -+ 525 +6,299 +5,045 + 10 +2,165 + 24 + 22 + 250 +7,517 2,837 1,014 79,519 10,410 400 8,440 98,769 66,330 414 3,533 267 703 2,453 73,700 25,547 6,066 31,785 31,863 78 -1 ,021 + 204 - 817 - 232 - 585 -1,217 + 485 - 560 - 316 - 244 25,070 6,066 31,308 31,863 - 555 A net of $265 million of surplus reserves were eligible to be carried forward from the week ended April 4, into the week ending April 11. On April 11, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $31,605 million, an increase of $144 million for the week. \J Excludes $379 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $115 million securities loaned--.ful.ly secured by U.S. Government securities pledged with Federal Reserve Banks. V Adjusted to include $172 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. The adjustment amounted to $450 million from November 9, through December 27, $279 million from December 28, through March 28, 1973. Estimated (Cleveland and St. Louis Districts). CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday April 4, April 12, April 11, 1973 1973 ** 1972 A S S E T S — 10,303 + 828 Gold certificate account * --400 Special Drawing Rights certif. accts. (933) 340 3 + 23 Cash 1,243 +1,233 Loans + 161 -Acceptances--Bought outright 75 7 Held under repurchase agreements 1,272 Federal Agency obligations—Bought outright + 462 Held under repurchase agreements U. S. Government securities: 32,738 135 +2,984 Bought outright--Bills Certificates — + 543 36,839 Notes -3,501 + 19 Bonds - 135 1/ 2/ 73,078" +3,546 Total bought outright — -— Held under repurchase agreements - 135 73,078 +3,546 Total U.S. Government securities Total loans and securities 75,668 +5,234 + 18 - 304 (1,733) 8,510 Cash items in process of collection -3,074 -Bank premises + 38 199 Other assets 3/ 815 65 27 + (2,666) - _224 TOTAL ASSETS 96,235 rJLp.22 H.4.1(a) Federal Reserve notes Deposits: Member bank--reserves account U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (933) 58,536 24,990 3,533 267 703 (1,733) 29,493 5,753 (2,666) 94,498 716 C A P I T A L A C £ 0 U N T S_ Capital paid in Surplus Other capital accounts 809 793 135 Contingent liability on acceptances purchased for foreign correspondents 311 + 482 232 63 4 + 67 - 232 - 236 7 + + 21 - 1 - +4,801 -1,403 +1,992 + 79 + 78 + 746 -2,799 + 168 +2,916 -- + + 48 51 246 + 7 26 50 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $379 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $115 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. ** Estimated (Cleveland and St. Louis Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, APRIL 11, 1973 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Federal Agency Accept U. S. Government obligations securities -ances Loans Holdings Weekly Holdings Weekly Changes changes - 291 — Within 15 days 1,203 4,335 18 8 16 days to 90 days 40 21,773 + 88 52 57 91 days to 1 year 13,252 214 + 68 Over 1 year to 5 years -28,021 568 Over 5 years to 10 years — 4,119 247 Over 10 years — — 1,578 191 Total 1,243 73,078 135 1,272 75 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 11, 1973 H.4.1(b) Total Boston New York _ Philadelphia Cleveland * Richmond Atlanta Chicago Minneapolis St. * Louis Kansas City Da lias San Francisco (In millions of dollars) ASSETS 1 10,303 400 513 23 2,581 93 692 23 730 33 414 36 530 22 1,756 70 347 15 197 7 282 15 224 14 2,037 49 933 340 124 18 197 25 21 8 52 41 60 38 201 41 49 40 19 24 16 6 22 43 42 13 130 1,243 39 399 58 165 55 122 201 6 33 48 81 36 75 -- -.- 75 -- — — -— --- -— --- — — — -- -« -- --- «-. 1,272 -- 59 -- 334 — 65 — 93 -- 94 «- 66 — 204 — 47 -- 27 -- 52 -- 57 __ 174 _- 32,738 1,512 8,608 1 ,667 2,399 2,414 1,713 5,241 1,203 699 1,328 1 ,473 4,481 -1 36,839 3,501 73,078 -73,078 75,668 -1,702 162 3,376 -3,376 3,474 — 9,686 920 19,214 — 19,214 20,022 — 1 ,876 178 ,721 J -3 J1L. 3 ,844 -2,699 257 5,355 — 5,355 5,613 -2,716 258 5,388 — 5,388 5,537 -1,928 183 3,824 -3,824 4,012 -5,898 560 11,699 — 11,699 12,104 -1,353 129 2,685 -2,685 2,738 -786 75 ,560 -,560 1 ,620 -1,494 142 2,964 -2,964 3,064 -1,657 158 3",288 -3~,288 3 ,426 -5,044 479 10,004 -- 10,243 199 815 376 31 37 1,404 7 204 602 5 54 542 27 58 1,326 14 59 1,216 15 44 1,422 17 121 535 14 27 376 32 23 627 17 29 559 12 35 1,258 8 124 98,901 4,596 24,533 ,249 7,096 7,484 6,081 15,579 3,719 2 ,277 4,099 4 ,325 13,863 Gold certificate account Special Drawing Rights certif. acct. F.R. notes of other banks Other cash Loans Acceptances: Bought outright Held under repurchase agreements Federal Agency obligations-Bought outright Held under repurchase agreements U.S. Government securities: Bought outright-Bills Certificates: Other Notes Bonds Total bought outright 1/ 2/ Held under repurchase agreements Total U.S. Government securities Total loans and securities Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS | r J r T 1/ Excludes $379 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $115 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. * Estimated (Cleveland and St. Louis Districts). 43 10,004 " 10,214 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON H.4.1(c) Total Boston New York Phila- Cleve-* Richmond delphia land April 11, 1973 Atlanta Chicago St. * MinneLouis apolis Kansas City San Dallas Francisco (In millions of dollars) L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace eptances purchased for forei-gn correspondents 59,469 3,072 14,727 3,670 4,704 5,296 3,082 9,913 2,332 1,081 2,345 2,264 6,983 24,990 3,533 267 703 29,493 7,486 827 215 11 1 1,054 365 6,669 779 1/ 68 565 8,081 1,094 905 164 13 28 1,110 348 1,379 293 25 1 1,698 488 964 312 14 21 1,311 731 1,670 277 19 9 1,975 861 3,829 371 42 37 4,279 999 647 214 9 1 871 431 591 188 6 2 787 350 942 153 11 5 1,111 542 1,277 196 15 4 1,492 444 5,290 371 34 29 5,724 833 716 97,164 33 4,524 182 24,084 37 5,165 52 6,942 51 7,389 40 5,958 113 15,304 26 3,660 19 2,237 29 4,027 31 4,231 103 13,643 809 793 135 33 34 5 208 207 34 39 39 6 72 72 10 43 42 10 59 55 9 128 124 23 28 27 4 19 18 3 34 33 5 44 43 7 102 99 19 98,901 4,596 24,533 5,249 J^096 7,484 6, _081__JJ5J579_ _3^719_ JU277 ,_4,_099__ 4^325 13,863 311 _____13_ 2/ 81 15 28 16 49 22 11 7 13 17 39 1,099 2,430 2,403 7,314 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 61,859 3,226 2,200 280 61,585 63,785 3,010 3,290 15,516 15,850 15,850 3,718 4,831 5,425 300 350 410 3,500 3,800 4,700 5,050 5,085 5,495 \J After deducting $199 million participations of other Federal Reserve Banks, 2l After deducting $230 million participations of other Federal Reserve Banks. 3,299 3,500 3,500 * 10,149 2,449 700 155 9,900 10,600 2,330 2,485 5 1,130 1,130 2,500 2,500 2,480 2,485 7,600 7,600 Estimated (Cleveland and St. Louis Districts),
@FedFRASER