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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H. 4. 1 For immediate release September 13, 1973 The average of daily figures for total reserves of member banks declined $725 million in the latest statement week to $33,419 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. An increase in float and declines in both Treasury deposits with Federal Reserve Banks and other liabilities and capital were the major factors supplying reserves in the latest statement week. Reserves were drained by a seasonal rise in currency in circulation. During the week, in order to meet temporary seasonal cash n^eds, the Treasury borrowed $131 million from the System, on weekly average, through the issuance of special certificates. System Open Market operations absorbed $2,683 million of reserves net, on a weekly average basis. Member hank reserves, Reserve Bank credit, and related items Reserve Bank credit: U.S. Government securities-Bought outright--System account Held under repurchase agreements Special Certificates 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 47 Other F.R. liabilities and capital Averages of daily figures Week ended Change from week ended Wednesday, Sept. 12, Sept. 5, Sept. 13, Sept. 12, 1972 1973 * 1973 * 1973 (In millions of dollars) +4,545 + 116 + 126 1/2/73,271 - 288 + 131 14 143 521 7 1,567 40 3 6 18 20 3 38 1,487 145 - 875 23 +1,,338 + 145 1,279 139 3,297 834 +1,520 + 53 -1,985 — — + 6 -1,978 + 456 3 -1,093 + 65 29 - 408 -1,012 486 10 +6,159 — — + 397 +6,556 +5,728 + 36 - 160 + 141 + 169 + 471 +6,385 3,859 865 81,048 10,410 400 8,577 100,435 69,071 347 2 277 776 2,687 73,160 72,887 116 131 1,582 7 80,384 10,410 400 8,574 99,768 68,955 340 2 336 758 2,661 73,052 -2,345 - 169 Member bank reserves: With Federal Reserve Banks 26,716 + 172 - 967 27,275 Currency and coin + 242 6,591 + 615 6.591 Total reserves held ^J 33,419 - 725 899 33,978 Required reserves 33,412 - 230 777 33,412 Excess reserves 3/ 7 122 - 495 566 NOTE: A net of $ 92 million of surplus reserves were eligible to be carried forward from the week ended September 5, into the week ending September 12. On September 12, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,260 million, a decrease of $667 million for the week. 1/ Excludes $1,301 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Adjusted to include $112 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 $24 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, Minneapolis and Dallas Districts). H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Sept. 12, Sept. 3, Sept. 13, 1973 ** 1973 1972 A S S E T S Gold certificate account 10,303 Special Drawing Rights certif. accts. * 400 — -Cash 299 -26 (1, 115) Loans 1,279 +1,132 - 63 Acceptances—Bought outright 38 3 19 Held under repurchase agreements Federal Agency obligations--Bought outright 1,567 25 + 525 Held under repurchase agreements U.S. Government securities: Bought outright—Bills 32,469 -1,033 +4,998 Certificates - Special 169 + 169 + 169 Other Notes »« 37,374 + 671 Bonds 3,428 -.83 Total bought outright 1/2/ 73,440 - 864 +5,755 Held under repurchase agreements --— Total U.S. Government securities 73,440 - 864 +5,755 Total loans and securities 76,324 -. 955 +7,393 Cash items in process of collection 9,776 (1,458) -2,562 +1 ,325 Bank premises 210 — + 44 Other assets 3/ 655 + 46 53 TOTAL ASSETS (2,573) 97,967 + 416 +4,796 tiABunns Federal Reserve notes Deposits: Member bank-reserves account U. S. Treasurer—general account Foreign Other Lj Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES Q. ^.L 1 1 hk Capital paid in Surplus Other capital accounts (1,115) 61,033 27,195 2 277 776 (1,458) 28,250 5,997 (2,573) 96,155 875 + 103 +1 ,855 -1,100 7 + 35 + 783 - 146 - 15 + 725 +5,389 +1,678 - 406 + 101 + 171 +1,544 -2,609 + 331 +4,655 ACCOUNTS, 828 793 191 — - 309 ' + + + 50 51 40 Contingent liability on acceptances purchased for foreign correspondents 534 + 1 2 + 251 * Figures in parentheses are the eliminations made in the consolidating process. 17 Excludes $1,301 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. V Includes assets denominated in foreign currencies. 4/ Includes $24 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, Minneapolis, Dallas District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. SEPTEMBER 12. 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 Acceptsecurities Loans ances Weekly Holdings Weekly Holdings changes Changes 5.,214 Within 15 days 1,190 33 +1 ,021 — -25 16,494 16 days to 90 days 89 5 -1,807 92 +85 91 days to 1 year -18,501 - 78 302 -77 Over 1 year to 5 years -22,171 ... 615 - 7 Over 5 years to 10 years 9,358 -... 347 +40 Over 10 years 1,702 ... 211 -41 Total 1,279 73,440 38 1,567 - 864 -25 H.4.Ub) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 12, 1973 Total Boston New * York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne* apolis Kansas City * Dallas San Francisco (1n millions of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. 10,303 400 432 23 3,351 93 647 23 1,092 33 713 36 388 22 2,186 70 282 15 20 7 218 15 22 14 952 49 F.R. notes of other banks Other cash 1,115 299 156 16 264 22 37 5 40 31 97 36 181 40 55 34 24 20 26 6 35 37 74 14 126 38 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: Special Other Notes Bonds Total bought outright \_jl_l Held under repurchase agreements Tota1 U.S. Government securities Total loans and securities 1,279 59 219 9 64 126 194 198 13 32 142 157 66 38 --- 38 -- -- --- --- --- --- --- --- --- — -- -— --- 1,567 71 Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS 422 85 117 111 80 254 57 30 60 67 213 -- — -- -- -- -- -- -- -- -- -- -- -- 32,469 169 1,478 8,745 169 1,755 2,422 2,299 620 1 ,239 -- -- -- -- -- -- -- -- 37,374 3.428 73,440 1,701 156 3,33 5 10,066 923 19,903 2,019 185 3,959 2,788 256 5,466 2,647 243 5,189 1,909 175 3,743 6,056 556 11,873 1,353 124 2,652 713 65 ,398 -- -- -- -- -- -- -- -- -- 73,440 76,324 3,335 3,465 19,903 20,582 3,959 4,053 5,466 5,647 5,189 5,426 3,743 4,017 11,873 12,325 2,652 2,722 11,234 210 655 377 38 28 2,544 7 178 486 8 41 452 27 45 1,233 14 43 1,065 15 36 1,406 16 96 474 14 21 100,540 4,535 27,041 5,300 7,367 7,598 5,764 16,188 3,572 1,659 5,261 1,175 1/ Excludes $1,301 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes$105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. }_/ * Includes assets denominated in foreign currencies. Estimated (New York, Minneapolis and Dallas Districts). ~~T -- — 1 ,427 _131 ,797 ~y — 1,391 4,425 -- -- 1,601 147 3,139 5,094 467 9,986 -- -- ~T ,398 T .797 2 ,999 I ,460 3,139 3,363 9,986 10,265 585 34 16 836 17 24 584 12 25 1,192 8 102 ,154 4 ,181 4,108 12,732 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 13, 1973 1 Total w Boston Phila- CleveNew* York delphia land Richmond St. Atlanta Chicago 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 forei gn correspondents 62,148 3,161 15,446 27,195 891 * 11 3 905 355 8,928 4,944 5,489 3,202 10,419 2,439 943 1,799 * 1 13 25 3 19 976 1,827 374 353 1,079 1,644 4,307 * 14 31 * 19 10 * 43 15 1,124 1,673 4,365 817 711 982 684 * 9 2 695 346 3,832 1,111 2,437 2,370 7,298 1,021 1,143 4,210 * 11 7 * 15 7 * 34 22 1,039 1,165 4,266 597 440 810 875 40 227 47 62 67 49 137 31 546 * 6 4 556 424 • 21 33 36 125 98,728 4,461 26,578 5,208 7,207 7,497 5,635 15,903 3,511 2,112 4,106 4,011 12,499 828 793 191 33 34 7 209 207 47 41 39 12 74 72 14 46 42 13 61 55 13 130 124 31 28 27 6 20 18 4 35 33 7 45 43 9 106 99 28 100,540 4.535 27.041 5.300 7.367 7.598 5.764 3.572 2.154 4.181 4.108 12.732 534 22 2/139 26 49 28 38 22 29 67 2,571 2,538 7,711 2 277 776 28,250 7,455 1 1/ 77 653 9,659 1,246 16^188^ 84 __12_ 18 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S, Government securities Total collateral 3,334 250 16,306 — 16,450 16,450 3,,893 5,124 5,676 350 350 605 3,700 4,050 4,850 5,200 5,120 5,725 3,455 — 3^600 3,600 * 10,613 2,564 1,158 700 155 -- 10,100 10,800 2,480 2,635 1^200 1,200 — 2,600 2,600 5 2,580 2,585 Estimated (New York, Minneapolis and Dallas Districts), 1/ After deducting $ 200 million participations of other Federal Reserve Banks. l_l 3/ After deducting $ 395 million participations of other Federal Reserve Banks. Includes $24 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. 7,900 7,900
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