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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 circulation. 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. Member Dank 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 4/ Other F.R. liabilities and capital Averages oiE daily figures Week ended Change from week ended Wednesday, Nov. 7,* October 31, Nov. 8, Nov. 7, * 1972 1973 1973 1973 (Iri mi Llions of dollars) 76,268 -- - 65 - 232 -21 1,739 -48 -1,170 93 2,141 1,287 82,653 11,567 400 8,626 103,246 69,051 364 2,087 332 662 2,741 75,237 + - +6,174 - 598 + 1/2/75,468 -- 728 1,739 32 — 23 1 8 - 75 47 — _ 285 - 26 + + 211 93 839 85 . 120 + 89 - 641 --+ 2 - 641 + 272 6 - 335 + 53 + 7 z_ 263 - 272 -1,565 62 +4,757 +1,157 2,603 1,354 82,050 11,567 400 8,626 102,643 69,562 -- 1 + 358 +6,273 +5,250 ! 17 353 + 370 + 145 + 36 + 258 +6,042 1,557 413 654 2.78Q 75,319 Member bank reserves: « 369 With Federal Reserve Banks 27,324 + 231 28,009 Currency and coin + 563 6.479 25 J^_ -6,479 Total reserves held 3/ 33,887 + 878 - 394 34,572 Required reserves 34,370 + 800 34,370 - 473 Excess reserves 3/ 78 483 202 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 $48 million of certain deposits of domestic non-member banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in the Federal Reserve System's program of credit restraint. Estimated (New York District). H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Nov. 8, Nov. 7,** Oct. 31, 1972 1973 1973 ASSETS Gold certificate account 11,460 +1,157 Special Drawing Rights certif. accts. 400 Cash + 60 (1,039) 375 + 45 Loans 839 - 629 -1,359 Acceptances—Bought outright 47 19 Held under repurchase agreements 60 - Ill Federal Agency obligations—Bought outright + 728 1,739 Held under repurchase agreements 52 • 148 U.S. Government securities: Bought outright—Bills +4,902 34,666 -1,399 Certificates Other Notes 37,374 + 642 Bonds 3,428 - 170 Total bought outright 1/2/ 75,468' +5,374 •1,399 Held under repurchase agreements -1,243 -1,624 Total U.S. Government securities 75,468 -3,023 +4,131 Total loans and securities -4,590 +4,048 78,093 Cash items in process of collection (1,569) + 433 -3,340 8,657 Bank premises + 2 + 52 219 Other assets 3/ - 102 + 87 1,135 TOTAL ASSETS (2,608) 100,339 -4,008 +1,860 LIABILITIES. Federal Reserve notes Deposits: Member bank-reserves account U. S. Treasurer—general account Foreign Other 4/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES £ AP 1 T A L A C C O U N T S Capital paid in Surplus Other capital accounts (1,039) (1,569) (2,608) 61,557 27,244 1,557 413 654 29 ,868 6 ,134 930 98,489 834 793 223 + 614 -4,461 - 280 13 65 -4,819 + 482 56 -3,779 +4,870 -1,720 + 513 + 157 14 -1 ,064 -2 ,341 + 325 +1,790 + + 229 52 51 33 Contingent liability on acceptances purchased for foreign correspondents 59$ + 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.) Federal Agency U.S. Government obligations Loans Acceptsecurities ances Holdings Weekly Holdings Weekly Changes changes Within 15 days -782 -148 11 3,604 -3,785 16 days to 90 days 36 57 + 38 164 19,455 + 867 91 days to 1 year --252 19,201 - 38 - 105 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 -148 75,468 1,739 -3,023 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 7, 1973 H.4.Ub) Total Boston New * York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 0In millions of dollars) A S S E T S 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 1/ 2/ 3/ * 11,460 400 621 23 3,174 93 781 23 877 33 1,163 36 149 22 1,890 70 470 15 162 7 297 15 38 14 1,838 49 1,039 375 153 18 237 87 30 5 37 35 75 33 150 42 64 36 28 21 20 11 40 35 75 15 130 37 839 6 64 40 19 50 13C 215 36 10 131 121 9 _ .» _ 47 _«. __ _— _— — —_ —— „— —— -_. „. —— 60 «._ 33 .... 66 __ 75 __ 241 _— 1,324 1 ,497 4,805 -_ 1 ,614 14f 3 ,259 47 —— 1,805* 2,605 2,438 1,874 5,545 1,201 654 -10,112 -1,946 -2,808 .. 2,629 _2,021 -5,978 «1,295 -_ 705 1,427 Q27 17Q 258 241 185 548 11Q 65 131 3,930 5,671 -3,930_ 5,671 4,061 5,821 5,308 _- 2,615 «. _ 1,424 2,882 5,308 5,480 451 27 1,097 14 34,666 1,538 9,380 -37,374 -1,659 152 1 78,093 ; 10,226 219 465 42 75,fe6fi_ 471 «.„ 3,349 -3,349 3,432 &7_ 102,947 ; 4,801 20,419 -.20,419 21,001 1,950 10 349 26,901 91 .- 494 10 62__ 5,473 „ . 94 __, 4,080 ._ -AJHQ 27C „„ 12,071 „„ -- _... __ «„ 5,180 4ZI 10,460 „._ 12,071 12,564 2,635 2,711 1,424 l;467 2,8r,2 3,079 — 1 053. JLDsMD 4,312 3 ,455 10,710 1,080 15 1,208 16 459 14 536 34 24 735 17 12 648 12 -A3 1,103 8 3,752 2,261 4,255 4 ,300 14r044 75 1A 57 157 7,356 7,972 5,827 16,005 Excludes $979 million of securities sold, and scheduled to be bought: back, under matched sale-purchase transactions, Includes $43 million securities loaned--fully secured by U.S. Government securities pledgad with Federal Reserve Banks. Includes assets denominated in foreign curren Estimated (New York District). » m. 122 77 75,468 -- .„_, —— 131 ... 1,739 "• _JM2L_ „ !££ H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 7, 1973 Total Boston New York Phila- Clevedelphia land RichAtlanta mond 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 foreign correspondents 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 27,244 1,068 1,557 146 413 17 654 6 29,868] 1,237 7,703 321 7,839 312 1/117 550 8,818 1,716 860 67 20 16 963 481 1,604 127 36 2 1,769 367 1,214 167 21 25 1,427 787 1,582 134 28 11 1,755 616 3,948 141 63 11 4,163 924 757 96 13 2 868 323 573 63 9 3 648 436 1,012 97 17 4 1,130 581 1,269 15 22 6 1,312 475 5,518 192 50 18 5,778 676 62 53 7,872 5,700 143 15,729 31 3,693 20 2,220 33 4,182 39 4,205 131 13,819 930 101,097 40 4,728 265 26,364 45 5,384 68 7,201 834 793 223 34 34 5 211 207 119 42 39 8 74 72 9 47 42 11 61 55 11 130 124 22 28 27 4 20 18 3 35 33 5 46 43 6 106 102,947 4,801 26,901 5,473 7,356 7,972 5,827 16,005 3,752 2,261 4,255 4,300 14,044 596 25 2/156 29 54 31 42 94 20 14 25 32 74 1,158 2,569 2,528 7,687 1,200 1,200 2,700 2,700 2,580 2,585 7,900 7,900 n FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 3,300 175 3,185 3,360 16,306 « 16,650 16,650 3,947 5,161 5,745 350 350 680 3,800 4,150 4,850 5,200 5,145 5,825 3,481 3,600 3,600 10,723 2,587 700 155 10,400 11,100 2,520 2,675 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).
@FedFRASER