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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. 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 Acceptances — Bought outright Held under repurchase agreements Loans-Total member bank borrowing Includes seasonal borrowing of: Other borrowing 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 3/ Other F.R. liabilities and capital Averages of daily figures Week ended Change from week ended Wednesday, October 31, October 24, Nov. 1, Oct. 31,* 1973 1973 1973 * 1972 (Irl millions of dollars) 76,333 232 1,739 - 192 + 104 +6,187 + 197 - 3 3 + + 720 21 1,739 2 1 - 23 47 60 _ 459 6 ~ + + 900 119 2,197 « 755 --1,308 --+ 2 -1,307 - 187 -1,152 + 856 25 + - 295 + 100 - 655 -1,980 - 120 +5,899 +1,157 2,675 1.266 86,623 11,567 21 47 8 1,455 119 2,265 1.198 83,299 11,567 400 8,624 103,890 68,783 370 2,422 279 655 3,004 75,512 . + 3 — + 372 +7,428 +5,327 + 2 + 846 + 95 + 47 + 590 +6,907 1/76,867 1,624 148 117 400 8,626 107,216 69,013 375 1,837 426 715 3,065 75,431 Member bank reserves: „ With Federal Reserve Banks 31,785 + 521 28,378 652 Currency and coin 6,504 + 657 + 597 6,504 Total reserves held 2/ 38,373 +1,262 34,966 - 55 34,843 Required reserves +1,344 + 97 34,843 3,530 82 152 123 Excess reserves 2/ 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). CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday October 31, Oct. 24, Nov. 1, 1?72 1973 1973 A S S E T S Gold certificate account +1,157 +-1,157 11,460 Special Drawing Rights certif. accts. 400 Cash 20 313 + 2 (1,167) Loans + 4,630 2,197 -1,170 Acceptances — Bought outright 22 47 1 Held under repurchase agreements 16 60 + 13 Federal Agency obligations—Bought outright + 728 1,739 Held under repurchase agreements + • 144 24 148 U.S. Government securities: Bought outright--Bills + -6,301 + 304 36,065 Certificates Other Notes + 642 37„374 -Bonds 170 3,428 — Total bought outright + 304 76,867" + •6,773 1/ HeJ.d under repurchase agreements 1,624 + 727 + .1,381 Total U.S. Government securities +1 ,031 78,491 + .•8,154 Total loans and securities 82,682 - 151 +10,618 Cash items in process of collection 8,261 (1,786) -<.4,503 -1,044 Bank premises + 50 217 + 1 Other assets 7J 1,049 + 50 157 TOTAL ASSETS 104,382 15 (2,953) + 7,145 + H.4.1(a) L I A B I L I T I E S . Federal Reserve notes Deposits: Member bank-reserves account U. S. Treasurer--general account Foreign Other 3/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES £ A I I 1 A k A C C O U N T S Capital paid in "" Surplus Other capital accounts (1,167) ( H7) ( H7) 60,968 31,705 1,837 426 715 (1,669) 34,683 5,666 (2,953) 102,304 987 834 793 451 + + + + - 70 243 585 154 42 538 532 14 78 •>» + 52 + -93 + + 51 113 + 4,984 +4,134 + 240 + 266 + 61 + 4,701 - 3,138 + 382 + 6,929 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.) Federal Agency U.S. Government Loans Acceptobligations securities ances Holdings Weekly Holdings Weekly Changes [changes Within 15 days 2,146 +1,268 71 7,389 148 -24 16 days to 90 days 51 18,588 - 225 36 126 +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 -227 -1,702 --Total 2,197 + 1,031 1,887 107 -24 ' 78,491 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1973 Total Boston * New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco (1.n millions of dollars) ASSETS 11,460 400 740 23 1,611 93 846 23 891 33 1,120 36 469 22 2,041 70 377 15 260 7 367 15 329 14 2,409 49 F.R. notes of other banks Other cash 1,167 313 157 16 269 25 34 5 46 33 90 34 172 42 57 37 31 21 25 10 44 35 83 15 159 40 Loans Acceptances: Bought outright Held under repurchase agreements Federal Agency obligationsBought outright Held under repurchase agreements U.S. Government securities: Bought outright-Bills Certificates: Other Notes Bonds Total bought outright \j Held under repurchase agreements Total U.S. Government securities Total loans and securities 2,197 109 266 66 81 246 135 755 58 26 160 91 204 47 60 -.-- 47 60 __ .- «... _- «._ _._ _«. «.«. _«. «.«. «,«, ... __, __, __, 1,739 148 77 -- 471 148 91 --. 66 75 241 __ 36,065 1,600 9,759 1,377 1 ,557 4,998 -37,374 3,428 76,867 lr624 78,491 82,682 __ 1,427 131 2,935 _— 2,935 3,161 -._ 1 ,614 148 3 ,319 • .» 3 ,319 3 ,485 -5,180 475 10,653 Gold certificate account Special Drawing Rights certif. acct. Cash items in process of collection Bank premises Other assets 2/ TOTAL ASSETS -« ... _«... 131 -- 122 _- 94 __ 278 -- 60 «._ 33 1,878 2,710 2,537 1,950 5,768 1,250 681 — -1,659 10,112 927 152 3,411 20,798 -lt624 3,411 22,422 3,597 23,414 — 1,946 179 4,003 ._ 4,003 4,160 ..2,808 258 5,776 -2,629 241 5,407 5,776 5,988 5,407 5,775 -2,021 185 4,156 .... 4,156 4,385 -5,978 548 12,294 «... 12,294 13,327 __ 1,295 119 2,664 «,_ 2,664 2,782 _.„ „«. -705 65 1,451 — _. 1,451 1,510 10,047 217 1,049 435 40 44 1,616 10 295 447 10 60 449 27 71 1,025 14 ?tt 969 15 ST 1,490 16 147 466 14 -u 623 34 22 107,335 5,052 27,333 5,585 7,538 8,177 6,127 17,185 3,740 2,491 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). «... 724 17 Tft 4,401 «.«, 10,653 11,098 716 12 40 1,087 8 16? 4 ,694 15,012 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1973 Total Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St, Louis Minneapolis 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 3/ 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 foreiLgn cor respondents 62,135 3,135 15,455 31,705 1,837 426 832 34,800 7,335 1,350 68 17 6 1,441 349 987 105,257 3,844 4,969 5,566 3,211 10,422 2,446 1,110 2,426 2,365 7,186 8,643 435 1/119 664 9,861 1,180 1,087 130 30 17 1,254 333 1,803 140 38 1 1,982 339 1,445 122 22 35 1,624 800 1,865 122 29 20 2,036 684 4,861 216 65 52 5,194 1,096 758 55 14 2 829 360 753 101 10 2 866 448 1,093 139 17 3 1,252 601 1,599 79 23 7 1,708 474 6,448 230 52 23 6,753 671 42 4,967 300 26,/96 48 5,479 69 7,359 65 8,055 53 5,984 146 16,858 35 3,670 21 2,445 35 4,314 39 4,586 134 14,744 834 793 451 34 34 17 211 207 119 42 39 25 74 72 33 47 42 33 61 55 27 130 124 73 28 27 15 20 18 8 35 33 19 46 43 19 106 99 107,335 5,052 27,333 5,585 7,538 8,177 6,127 17,185 3.74Q 2,491 4,401 4,694 15,012 589 23 2/191 — 26 49 28 18 12 23 29 67 1,164 2,566 2,538 7,701 38_ 85_ M FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account 3,315 3,468 10,699 2,588 700 155 3,900 4,850 5,145 3,600 10,400 2,520 1,200 2,700 2,580 7,900 3,360 16,650 4,250 5,200 5,825 1/ After deducting $ 307 million participations of other Federal Reserve Banks. 3,600 11,100 2,675 1,200 2,700 2.585 7.900 27 3/ "~ 16,650 350 5,748 680 3,185 — 3,904 5,115 350 U. S. Government securities Total collateral 175 16,312 5 After deducting $ 398 million participations of other Federal Reserve Banks. 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,)
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