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Supplement to BANKING & MONETARY STATISTICS SECTION 10 Member Bank Reserves and Related Items BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Preface In 1943 the Board of Governors published Banking and Monetary Statistics to make available in one place and on a uniform basis major series relating to banking, monetary, and other financial developments. The statistics usually covered the period from 1914, when the Federal Reserve System was established, through December 1941. To bring together for the period since 1941 the most important series in that volume, to revise the data previously published, and to present new series, the Board now plans to publish within the next year or so a series of pamphlets. Most of these pamphlets will correspond to sections in Banking and Monetary Statistics, but some may cover new SUbjects. Most of the data to be included in these pamphlets have already been published in the Federal Reserve Bulletin, and current figures for most of the series are published in it each month. In some instances, however, the type of presentation in the pamphlets may vary considerably from that in the Bulletin. This is the first of the new pamphlets. Others scheduled for early publication include: Section 1, Banks and the Monetary System; Section 14, Gold; and Section 15, International Finance. As in Banking and Monetary Statistics, there is a brief description of the purpose and history of the data, the source of the figures and the methods by which they were compiled, and other facts to guide the reader in using the figures. Much of the information customarily included in footnotes to tables has been incorporated in the text. Footnotes have been used primarily to call attention to any lack of comparability of items over the period covered. Board of Governors of the Federal Reserve System Washington, D. C. January 1962 Price per copy. so cents. Contents Page INTRODUCTION 1 RELATIONSHIP OF I T E M S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Effect on Reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shifting Importance of Factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 FACTORS SUPPLYING RESERVE F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Reserve Bank Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gold Stock ...................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treasury Currency Outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 6 FACTORS ABSORBING RESERVE F U N D S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 9 9 9 9 Currency in Circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treasury Cash Holdings and Treasury Deposits with Federal Reserve Banks. Foreign Deposits with Federal Reserve Banks. . . . . . . . . . . . . . . . . . . . . . . . . Other Deposits with Federal Reserve Banks. . . . . . . . . . . . . . . . . . . . . . . . . . Other Federal Reserve Accounts (Net). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Member Bank Reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ... ... ... ... ... .. .. .. .. .. .. ... ... ... ... ... ... ILLUSTRATION OF DERIVATION OF STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 12 TABLES: 1. Member Bank Reserves, Reserve Bank Credit, and Related Items: A. Annual Averages of Daily Figures, 1917-60............. .. .. . . ....... B. Monthly Averages of Daily Figures, 1941-60. . . . . . . . . . . . . . . . . . . . . . . . .. C. Weekly Averages of Daily Figures, 1951-60..... . . . . . . . . . . . . . . . . . . . .. D. Wednesday Figures, 1941-60...................................... 2. Reserves and Borrowings of Member Banks, by Class of Bank, Monthly A verages of Daily Figures, 1929-60 ................................. 3. Member Bank Reserve Requirements, 1917-60 .... :................ . .. . . ... 4. Changes in Central Reserve and Reserve City Designations, 1914-60. . . . . . . . . . .. KEYS TO SYMBOLS USED IN TABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 14 15 20 30 50 62 63 64 10. Member Bank Reserves and Related Items influence member bank reserves. 2 This statement-sometimes referred to as the bank reserve equation-combines the "Statement of Condition of All Federal Reserve Banks" with such items in the Treasury "Circulation Statement of United States Money" as have a direct relationship to the supply or absorption of reserve funds. It is necessary to combine the two statements because the Treasury has important monetary and currency functions that have a direct effect on the volume of member bank reserves. Figures for the two basic statements for November 30, 1960, are given in slightly condensed form in Tables A and B at the end of this text, as are tables showing the methods by which the two statements are consolidated. All the items except required and excess reserves and currency and coin counted as reserves are derived from these two statements. The table on page 2 gives the various items that make up the combined statement, with figures as of November 30, 1960. Table 1 (pages 14-49) shows figures for the consolidated statement. Parts A, B, and C of this table provide averages of daily figuresannual, monthly, and weekly, in that order; Part D provides Wednesday figures. Parts A, B, and D are similar to tables that appeared in Banking and Monetary Statistics. Part C is new and contains weekly averages, which are available only for the period beginning with 1951. Current statistics are available in the Board's weekly release (H.4.1), "Factors Affecting Bank Reserves and Condition State- THE PRINCIPAL TASK of the Federal Reserve System is to foster a flow of credit and money that will facilitate sustained high levels of employment, orderly economic growth, and a stable dollar. In carrying out this responsibility the System relies primarily on its ability to increase or decrease the volume and cost of bank reserves. The statistics described here relate to factors that supply or absorb reserve funds of banks that are members of the Federal Reserve System; they were developed by the Federal Reserve for use in helping to determine credit policy. The availability of reserves to member banks and the method by which banks obtain these reserves influence their ability to make loans or investments and their attitude in the matter. For example, because of the cost and liability involved, banks look with less favor on reserves obtained through their own borrowing than they do on reserves obtained as a result of other factors in the market, such as open market operations by the Federal Reserve, the inflow of gold from abroad, or by Federal Reserve purchases of foreign exchange. 1 To show both the volume and the sources of member bank reserve funds, the Board of Governors of the Federal Reserve System publishes a balanced statement each week which shows the various currency and credit elements that 1 For further discussion see: (1) Board of Governors of the Federal Reserve System, The Federal Reserve SystemPurposes and Functions (Washington, 1961). (2) The following articles published in the Federal Reserve Bulletin: "The Monetary System of the United States" (February 1953, pp. 98-109); "Influence of Credit and Monetary Measures on Economic Stability" (March 1953, pp. 219-34); and "Federal Financial Measures for Economic Stability" (May 1953, pp. 456-62). And (3) the following papers published by the Board of Governors of the Federal Reserve System in Banking Studies (Washington, 1941): ''Money System of United States," "Instruments of Federal Reserve Policy," "System Organization: Determination of Credit Policy," "Currency System of United States," and "Monetary ContrOlS." 2 The balanced statement in which statistics of member bank reserves, Reserve Bank credit, and related items are now published is the result of developments over a period of many years. References to the basic materials published on the subject appeared in note 2, p. 360, of Banking and Monetary Statistics, published in 1943 by the Board of Governors of the Federal Reserve System. 1 FA<-TORS AFFECrING MEMBER BANK RESERVE FUNDS [In millions of dollars] Factors supplying reserve funds Reserve Bank credit - total. .................. . U.S. Government securities: Bought outright •.•........................ Held under repurchase agreement. ......... . Acceptances: Bought outright ...•.......••••............ Held under repurchase agreement .......... . Discounts and advances: Member bank borrowings ...•.•............ Other ••••.....•...•...................... Federal Reserve float. ...................... . Gold stock •.........•........................ Treasury currency outstanding ................. . in the first three items supply reserve funds and decreases in them absorb reserve funds. On the other hand, increases in the other items absorb reserve funds, while decreases supply such funds. Each item, however, represents factors that may result from different influences and that may affect different forces. Changes in some of them are caused primarily and directly by actions of the member banks or the Federal Reserve Banks. Federal Reserve Banks are the active element in changes in reserves that arise from purchases or sales of securities in the open market. Member banks are an active element when they expand loans and investments. These actions cause increases in their deposits and hence in their required reserves, which have to be met through temporary borrowing at Federal Reserve Banks if the reserves are not otherwise available. Changes in other factors are primarily the result of influences not controlled by either member banks or Reserve Banks. Gold movements, currency in circulation, Treasury cash, and Treasury deposits with Reserve Banks belong in the latter category. Federal Reserve credit is the balance wheel between these more or less independent factors and member bank reserves. The extent to which the Federal Reserve System uses its credit powers depends on current Federal Reserve policy and on changes in bank reserves caused by gold movements, currency movements, and other factors. Effect on reserves. Reserve Bank open market purchases of U.S. Government securities or of bankers' acceptances supply member banks with reserve funds and enable them to increase their reserves or, when they are in debt, to reduce their borrowings. Conversely, Reserve Bank sales of Government securities and acceptances absorb member bank reserves. Such operations may be accompanied by additional borrowing by member banks from the Reserve Banks as the member banks seek to obtain, on a temporary basis, reserve funds needed to cover required reserves. An increase in gold 28,731 27,486 2 48 95 6 1,095 Total. ..•.............................. 17,910 5,393 52,035 Factors absorbing reserve funds Currency in circulation ....... ................ . Treasury cash holdings ..••.................... Deposits with Federal Reserve Banks: Treasury •.....................•............ Foreign ................................... . Other ..................................... . Other Federal Reserve accounts (net) ........... . 32,632 410 Total. ................................ . 35,265 Member bank reserves: With Federal Reserve Banks .••............... Currency and coin (vault cash) .•...........•.. Total reserves held .•..................••.. Required reserves . . ..................... . Excess reserves . ............ ........... . 512 252 390 1,069 16,770 12,669 19,439 18,559 880 During the period Dec. I, 1959-Nov. 23, 1960, member banks were permitted to count a part, and thereafter to count all, of their holdings of currency and coin in meeting reserve requirements. This currency is a part of the total currency in circulation as published in the Treasury's HCirculation Statement of United States Money" and as shown above. 1 ment of Federal Reserve Banks" and are published each month in the Federal Reserve Bulletin. Supplementary data on member bank borrowings, reserves, and reserve requirements are shown in Tables 2 and 3. The following paragraphs discuss the relationship of the different items of the consolidated statement and their shifting importance over long periods and describe briefly the source and nature of each item, classified by "Factors Supplying Reserve Funds" and "Factors Absorbing Reserve Funds." RELATIONSIDP OF ITEMS The sum of the three items-total Reserve Bank credit, gold stock, and Treasury currency-equals the sum of the other sevencurrency in circulation, Treasury cash, Treasury deposits with Federal Reserve Banks, foreign deposits, other deposits, other Federal Reserve accounts (net), and member bank reserves with Federal Reserve Banks. Increases 2 stock or in Treasury currency increases reserve funds, thereby enabling member banks to increase their reserves or to repay borrowings, while decreases in these items may result in increased borrowings. Increases in the items shown in the second group-currency in circulation; Treasury cash; Treasury, foreign, and other deposits with Reserve Banks; and other Federal Reserve accounts (net) -reduce reserve funds and hence may bring pressure on banks to liquidate assets or to borrow, while decreases in these items enable member banks to reduce their borrowings or to increase their reserves. The accompanying table shows changes from November to December 1960 in the various items of the statement, arranged in accordance with their effect upon member bank reserves. This arrangement is useful in analyzing the effect of changes that occur over any period of time. Various tables in this section include statistics relating to member bank borrowings at Federal Reserve Banks (included in discounts and advances), Reserve System open market operations (reflected in holdings of U.S. Government securities and of acceptances), and member bank reserves. Table 1 includes figures for all of these items, while Table 2 gives figures for total, required, and excess reserves, for borrowings at Reserve Banks, and for free reserves of member banks, grouped according to their classification for reserve purposes. Shifting importance of factors. The major factors affecting the volume of member bank reserves over the long run are Federal Reserve credit, the monetary gold stock, and currency in circulation. During the half century of the Federal Reserve's existence, the relative importance of these factors has undergone considerable change. During the first two decades of the System's operations, borrowings of member banks at the Reserve Banks were the most significant element in the statement, and changes in other factors were usually reflected in changes in CHANGES IN FACTORS AFFECTING MEMBER BANK RESERVES, NOVEMBER-DECEMBER 1960 [Monthly averages of daily figures; in miUions of dollars) Factor Amount of change I Effect on reserves Increase, or decrease ( - ) Factors supplying reserve fund. Reserve Bank credit: U.S. Government securities: Bought outright - System account. .••• Held under repurchase agreement •..... Acceptances: Bought outright. •..........•........ Held under repurchase agreement ..... . Discounts and advances: Member bank borrowings ..•......... Other. '" .......................•.. Federal Reserve lIoat .•..............•.. -372 -251 -372 -251 4 -4 4 -4 -55 -11 509 -II Total Reserve Bank credit ..... . -181 -181 Gold stock ............................. . Treasury currency outstanding ..........•.. -104 5 -104 5 Net change in Usupply" factors ....... . -280 -280 Currency in circulation .................. . Treasury cash holdings •.................. Deposits with Federal Reserve Banks: Treasury •.•....•...................... Foreign ..•...•....................... Other .............................•.. Other Federal Reserve accounts (net) ...... . 545 3 -545 -3 60 -60 99 56 -7 -99 -56 Net change in "absorption" factors .•.. 770 -770 -55 509 Factors absorbing reserve funds 7 Member bank reserves with F. R. Banks.. . . -1,049 Currency and coin allowable as reserves. • . . 1,328 Net change in total member bank reserves. • • . . . . . . . . . . . . . . . . . . . . • . . 279 279 Required reserves. . . . . . . . . . . .. • . . . . .. . . Excess reserves.. . . . . . . . . . .. . . . . . . . . .. ... ................ '" ...... . ......... . ......... . .................. . . .............. . member bank borrowings. Sources of member bank reserve funds began to shift in 1932. The change was reflected first in increased System purchases of Government securities, and later in the sharp increase in gold stock. Soon after the outbreak of World War II, however, the gold inflow ceased, and the U.S. gold stock began to decline. At the same time currency in circulation began to rise rapidly. To counteract the drain on reserves caused by these two factors and to help maintain a stable credit market during the war period, the Federal Reserve System bought large quantities of U.S. Government securities. Federal Reserve authorities carried over 3 into the postwar period a policy of supporting prices of Government securities at close to par, thus maintaining a high degree of stability in yields accompanied by continuing credit and monetary ease. In this situation Federal Reserve credit was freely available at the call of the market, and all holders of Government securities were able readily to adjust their operating positions through transactions in Government securities. Because of their easy reserve positions, member banks continued during the early postwar period to have little need for borrowing at the Reserve Banks. There was growing recognition in this period that Federal Reserve support of Government securities prices at arbitrary levels was incompatible with effective Federal Reserve regulation of the volume of bank reserves. In March 1951 the Treasury and the Federal Reserve agreed to discontinue the policy. The major objective of the "accord" was to minimize the creation of reserve funds at the initiative of banks and other investors through sales of Government securities that the Federal Reserve had to purchase in order to maintain prices. After a brief period of adjustment, Federal Reserve operations were readapted to the flexible use of its general methods of influencing bank reserve positions in accordance with seasonal, cyclical, and growth needs of the economy. Since then Federal Reserve credit has continued to be the major factor supplying reserves to member banks, but such credit has reflected discount operations as well as open market operations. The reserve position of banks has also been affected by changes in reserve requirements. Growth in currency in circulation was a major factor absorbing reserves throughout the period to the end of 1960, and an outflow of gold, particularly after early 1958, also absorbed reserves. Since World War II Federal Reserve float has become a more prominent factor affecting member bank reserves. Float is under the technical control of the Federal Reserve Sys- tem, but check collection practices of member banks and the cycle of business payments for the most part determine its actual amount. Float is an important factor mainly in the short run; it varies from week to week but changes little on balance over an extended period. During the period from mid-1917 through late 1959, all member bank reserves were maintained on deposit at Federal Reserve Banks. By the end of 1960, member banks were permitted to count all their currency and coin as reserves. Thus, while the preponderant amount of reserves are still held at Federal Reserve Banks, some reserves are also kept as vault cash. 3 FACTORS SUPPLYING RESERVE FUNDS Reserve Bank credit. The total volume of Reserve Bank credit outstanding represents principally the loans and investments of the Federal Reserve Banks. The various types of Reserve Bank credit in use on November 30, 1960, are shown in Table C, page 13, and are discussed below. Additional information and statistics on the various types of Federal Reserve credit appear in the text and tables of Section 9 of Banking and Monetary Statistics. U. S. Government securities. One of the chief ways in which the Federal Reserve affects member bank reserve positions is by purchasing and selling Government securities in the open market. Since 1936, purchases and sales have been made by the manager of the System's open market account under instruction of the Federal Open Market Committee and have been effected through the facilities of the Federal Reserve Bank of New York. Each Federal Reserve Bank participates in the account in accordance with the ratio of its total assets to the total for all the Reserve Banks • For a further discussion of the relation of currency in circulation and member bank holdings of currency as reserves, see p. 7. 4 combined. 4 Issues may be purchased outright or under a repurchase agreement. During most of the 1920's and until 1945, Federal Reserve Banks were authorized to buy U. S. Government securities under repurchase agreement, but they made only limited use of the authority. In fact, they made no purchases under it after 1935, and the authority was rescinded effective March 1, 1945. Late in 1947 the Reserve Banks were again authorized by the Federal Open Market Committee to buy U. S. Government securities under repurchase agreement; the first transactions occurred in June 1949. Tables I-B, I-C, and I-D show a breakdown of Government security holdings into those bought outright and those held under repurchase agreement. Only nonbank dealers in U. S. Government securities can enter into repurchase agreements, and the selling dealer agrees to repurchase the securities in 15 days or less. As with outright purchases, acquisitions by Reserve Banks under these agreements result in increases in member bank reserves, although the funds are put out on a temporary basis. Such purchases lessen the needs of member banks to borrow, or they reduce the volume of outright purchases of securities that the Federal Reserve Banks would need to make to supply reserves. Beginning in 1942, to encourage bank purchases of short-term Government securities, the Federal Open Market Committee directed the Reserve Banks to buy at a stated rate all Treasury bills offered and to give the seller, if he so desired, an option to repurchase at the same rate a like amount of bills of the same maturity. The authority for these transactions, known as repurchase options, was terminated in 1947. Discounts and advances represent principally member bank borrowings to cover tem- porary reserve deficiencies. Most of these borrowings are advances backed by U. S. Government securities as collateral. Some member banks also rediscount commercial paper for this purpose, but this practice, so prominent before 1933, has been used rarely since then. Discounts and advances also include loans on gold to foreign monetary authorities, discounts for the Federal intermediate credit banks, and advances to individuals, partnerships, and corporations, including nonmember banks. During the life of the industrial loan program, these loans appeared in various places in the weekly statement: first, as a part of "other Reserve Bank credit"; beginning in November 1934, as a separate item of Reserve Bank credit; and after early 1944, as a part of other loans, discounts, and advances. Industrial loans represented advances to provide working capital to industrial and commercial concerns in accordance with the provisions of Section 13b of the Federal Reserve Act, enacted June 19, 1934. The amounts of these loans outstanding were relatively small and are not shown separately in the tables. The program was discontinued on August 21, 1959, after Section 13b was repealed. Acceptances, which are shown separately in Table I-A on page 14, represent bankers' acceptances purchased by the Federal Reserve Banks from dealers or banks, either outright or under repurchase agreement, and acceptances payable in foreign currencies purchased from foreign central banks and guaranteed by them. Until March 30, 1955, Reserve Banks generally purchased all acceptances of satisfactory quality offered, at the buying rate established by the Banks. The rate was so established in relation to market rates as to encourage or discourage offerings. Since that date, however, the Federal Reserve Banks have purchased bankers' acceptances at market rates of discount, as authorized by the Federal Open Market Committee. Acquisitions under repurchase agreement have • For operating convenience the Federal Reserve Bank of New York in recent years has held all Government securities bought under repurchase agreement as well as all special short-term Treasury certificates of indebtedness. 5 years amounts "due from" foreign banks hav{ been the only component. Gold stock. Gold (except that held under earmark for foreign account or for international institutions) has been one of the most important factors supplying or absorbing reserves of member banks over extended periods of time. At present the monetary gold stock represents only gold held by the U. S. Treasury. Before January 30, 1934, it also included gold held by the Federal Reserve Banks and gold coin in circulation in the United States; the latter figure was estimated. On January 30, 1934, title to all gold held by Federal Reserve Banks was transferred to the U. S. Government. Since then the Reserve Banks have held only gold certificates or gold certificate credits on the books of the Treasury, against both of which the Treasury holds gold. Most of the gold stock liability is now represented by gold certificate reserves of the Federal Reserve Banks, but varying amounts of monetized gold have been held unpledged by the Treasury and are included in Treasury cash. The Exchange Stabilization Fund of the Secretary of the Treasury customarily holds small amounts of gold not reported as part of the monetary gold stock. Purchases of gold from and sales to foreign banks and international institutions are usually effected through this Fund. Gold is shifted between this Fund and the Treasury gold stock. These shifts usually affect Reserve Banks' gold certificate credits. A discussion of other gold statistics appears in Section 14 of Banking and Monetary Statistics. Treasury curreucy outstaudiug. Changes in Treasury currency outstanding have the same effect on bank reserve positions as changes in the gold stock. Treasury currency represents the stock of money for which the Treasury is primarily responsible. This item comprises standard silver dollars, silver bullion against the pledge of which silver certificates and Treasury notes of 1890 are outstanding, subsidiary silver, minor coin, United States notes, and those national bank notes and Federal Re- been on the same terms and rates established for similar contracts involving U. ,So Government securities. Federal Reserve Bank float. Banks forwarding checks to a Reserve Bank for collection are given credit in their reserve accounts according to a time schedule. Federal Reserve float arises when the date of the actual collection and the date of the reserve credit differ. Float is usually positive because the actual collection often takes longer than the official schedule. Before September 1, 1939, however, it was sometimes negative because collections were faster than the schedule in effect at that time, which allowed eight days for collection in some instances. The official collection schedule has been reduced from time to time over the years as transportation facilities have improved. On September 1, 1939, the System adopted a schedule having a maximum deferment of three business days. This remained in effect until January 12, 1951, when the maximum deferment of reserve credit was reduced to two business days. With these changes in the schedules and with the increasing volume of checks handled, there have been large increases in the volume of float. In recent years the annual average has often exceeded $1 billion. Float characteristically shows wide seasonal and week-to-week variations, depending on the volume of checks handled. Within a period of three weeks the daily average amount outstanding may vary by as much as $500 million or more, and within a year it may vary by as much as $1 billion. Thus it has large temporary effects on the availability of reserves. All other Reserve Bank credit is included in total Reserve Bank credit but is no longer shown in the weekly statement because its principal component-flo at-is shown separately. It includes funds held on deposit in foreign banks and any other security holdings, such as Federal intermediate credit bank debentures and municipal warrants. In recent 6 indicated earlier, currency in circulation grew at a rapid rate during World War II, and it has continued to expand at a moderate rate since then. This growth has absorbed a substantial amount of bank reserves over the long term. In addition, currency in circulation shows wide seasonal swings, and these have an important influence on short-term changes in member bank reserves and borrowings. As indicated above, the figures for currency in circulation as reported on the Treasury statement include currency held by banks as well as that held by the nonbank public. Beginning with November 24, 1960, member banks were permitted to count as reserves all their holdings of currency and coin. Since that date, therefore, changes in currency in circulation that reflect changes in member bank vault cash do not, strictly speaking, affect the total reserves of member banks. In analyzing the factors that supply or absorb member bank reserve funds, it would be reasonable to use a currency figure that is net of member bank vault cash and to use total reserves, including vault cash, in the condition statement instead of only member bank balances at the Reserve Banks. For consistency with the past, however, as well as because the data for vault cash are not available promptly, it is more convenient to continue to use total currency and member bank balances, supplemented by estimates of vault cash. Treasury cash holdings and Treasury deposits with Federal Reserve Banks. Treasury cash holdings (except for the gold reserve against U. S. notes) and Treasury deposits with Reserve Banks represent funds that the Treasury has at its disposal without drawing on its balances with depositary banks. When the Treasury builds up its cash or its deposit balances with the Reserve Banks, this has the effect of reducing bank reserves; when the Treasury spends these funds, member bank reserve balances increase. Cash. Treasury cash holdings include gold bullion, standard silver dollars, silver bullion, serve Bank notes for the retirement of which funds have been deposited with the Treasurer of the United States. Since March 1, 1935, all Federal Reserve Bank notes outstanding have been in this category. National bank notes, formerly issued by national banks upon pledge of Government bonds, were liabilities of issuing banks until lawful money was deposited with the Treasury for their retirement. Since August 1, 1935, there have been no bonds bearing the circulation privilege, and liability for all national bank notes has rested with the Treasury. Both Federal Reserve Bank notes and national bank notes are being retired as they are returned to the Treasury. The components of Treasury currency outstanding on November 30, 1960, are shown in Table D, page 13. The figures in that table include amounts held in the Treasury and by the Federal Reserve Banks as well as in circulation. FACTORS ABSORBING RESERVE FUNDS Currency in circulation. Currency in circulation includes all U. S. money outside of the Federal Reserve Banks and the Treasury, with two exceptions: (1) Gold coin and silver coin known to have been exported were always excluded. And (2) beginning with January 31, 1934, all gold coin outstanding was excluded. 5 To state it another way, figures for currency in circulation include currency held by the public, vault cash held by banks, and any unreported U. S. money carried or shipped abroad. The components of currency in circulation are shown in the last column of Table B, page 13. Changes in currency in circulation reflect the demands of the public for pocket and till money, principally for current payments. As G No correction was made in the currency in circulation figures for the discontinuance of circulating gold certificates; the reasons for eliminating figures for gold coin are not applicable to gold certificates. 7 subsidiary silver and minor coin, and currency held in the Treasury, except (1) gold held against gold certificates and gold certificate credits, (2) silver held against silver certificates and Treasury notes of 1890, and (3) before January 30, 1934, gold held by Federal Reserve Banks. The various components are shown in Table E, page 13. Treasury cash was increased by $2.8 billion after the close of business on January 31, 1934, as a result of the reduction in the gold content of the dollar. Because the value of the gold stock was increased correspondingly, this transaction in and of itself had no effect on member bank reserves. 6 Two billion dollars of the increment was set aside in a stabilization fund, of which $1.8 billion was inactive. From December 24, 1936, until early in 1938 the Treasury followed the policy of not issuing gold certificates against acquisitions of gold. This inactive gold was counted as part of Treasury cash, which increased as the gold stock increased, with the result that gold acquisitions had no effect on bank reserves. In the course of time, however, the inactive part of the gold has been used. Some of it has been used as a basis for gold certificate credits issued to the Federal Reserve Banks and thus has affected the supply of bank reserves. The Treasury has also used some of it for other purposes such as for retirement of national bank notes. 7 The inactive portion of the Exchange Stabilization Fund was used for payment of the U. S. subscription to the International Monetary Fund. Such uses have the effect of adding to bank reserves, but some of these effects have been offset by other factors. Deposits. Treasury deposits with Federal Reserve Banks represent the general account of the U. S. Treasurer with the Reserve Banks. (The account maintained by the Treasury at the Federal Reserve Banks for the Exchange Stabilization Fund is included in "other" deposits with Reserve Banks.) The Treasury makes payment for Government purchases of goods and services out of this account. Most Treasury balances are kept in accounts at commercial banks, which are maintained for receiving taxes and the proceeds of security sales. The Treasury transfers funds from these accounts to the Federal Reserve in accordance with its schedule of payments. Treasury deposits at the Federal Reserve may fluctuate widely over short periods, but for the most part their movements are rather restricted and they do not exert a long-continued influence on bank reserves in either direction. Since July 28, 1955, the Treasury has followed a practice of making special calls on, or redeposits in, certain large bank depositaries without advance notice to reduce to a minimum the fluctuations in its deposit balances at the Reserve Banks. The gold stock, Treasury currency outstanding, currency in circulation, and Treasury cash holdings and Treasury deposits are so interrelated that important changes often take place among these items without affecting member bank reserves in any way. For example, the Treasury may hold gold or silver representing unused monetized bullion "balances" in Treasury cash; or it may issue certificates against these balances and deposit the certificates with the Reserve Banks, thus decreasing Treasury cash and increasing Treasury deposits at the Reserve Banks. Member bank reserves are not affected until the Treasury draws upon these deposits. Or there may be shifts between the Treasury accounts and the Exchange Stabilization Fund, with no effect on reserves. Issuance of gold and silver certificates eventually causes bank reserves to increase while their retirement causes reserves 6 The increment arising from U. S. gold coin turned in by the public after January 31, 1934, has been added to both Treasury cash and to gold stock at the time of receipt. The increment from this source to the end of 1960 totaled $13.5 million and of that total $8.8 million had not been assigned for any specific purpose. 7 About $640 million of the increment on gold was set aside in 1935 to retire national bank notes outstanding, after bonds that could be used as collateral for such notes by national banks had been redeemed and national banks had deposited with the Treasury the funds to retire all notes outstanding. Those operations permitted retirement of notes and bonds without reduction in member bank reserves or in the Treasury's working balance. 8 of these, unless offset by other changes, reduce member bank reserves. The computation of this figure as of November 30, 1960, is shown in Table F, page 13. The last item in Member bank reserves. the consolidated statement is member bank reserves with Federal Reserve Banks. Between mid-1917 and December 1959 member banks had to satisfy legal reserve requirements entirely in balances held at Reserve Banks. Until June 21, 1917, however, member banks were allowed also to count a part of their cash in vault and a part of their deposits with other banks as legal reserves. Beginning December 1, 1959, banks were again authorized to count part of their cash in vault as legal reserves, and after November 23, 1960, this privilege was extended to include all vault cash. Permission to count holdings of currency and coin in meeting reserve requirements has made it possible for member banks to maintain somewhat smaller reserve balances with Federal Reserve Banks. In considering whether member banks reserves are adequate or excessive in relation to credit policy, the Federal Reserve must now consider the total of the two forms of reserves. For purposes of the consolidated statement of factors affecting reserves, the reserve item in the balance sheet is limited to member bank balances with the Reserve Banks, but the figures for their vault cash show up indirectly as a part of the currency in circulation figures (see page 7). And an estimate for vault cash is added to reserve balances in order to obtain an estimate for total reserves held. Changes in reserve requirements of member banks, which are discussed below, are one of the three major instruments available to the Federal Reserve for carrying out Federal Reserve policy. While changes in these requirements do not alter the total of member bank reserves, they do change the amount of deposits that member banks can legally maintain on a given amount of reserves, and hence the to decrease, but at various stages in the process reserves may not be affected. Reserves are, of course, affected when silver certificates move into circulation or are returned to Federal Reserve Banks for credit. Foreign deposits with Federal Reserve Banks. At the close of 1960 foreign deposits with the Reserve Banks represented the accounts of 89 foreign central banks and governments, including the Bank for International Settlements. Increases in these balances generally cause a decline in member bank reserves. Averages of daily figures for foreign deposits are not readily available before 1951; for statistical purposes these deposits were included in "nonmember deposits" in Banking and Monetary Statistics. Other deposits with Federal Reserve Banks. As its name implies, the category "other deposits with Federal Reserve Banks" represents all deposits with Federal Reserve Banks other than member bank reserves, the general account of the U. S. Treasurer, and deposits of foreign entities. Increases in the aggregate of this grouping reduce member bank reserves unless offset by special circumstances involving Treasury transactions or those of foreign entities. Other deposits include-in the order of their average size-the Exchange Stabilization Fund's working cash balance, deposits of the International Monetary Fund and other international organizations, nonmember bank clearing accounts, reserve deposits required under Regulation K of corporations licensed to do foreign banking or financing, deposits of various U. S. Government departments and agencies, and occasionally collected funds on Reserve Bank books not yet distributed to other Reserve Banks. Other Federal Reserve accounts (net). This item is derived from the condition statement of the Federal Reserve Banks by adding "capital paid in," "surplus," "other capital accounts," and "other liabilities" of the Reserve Banks, and subtracting the sum of "bank premises" and "other assets." Increases in the net 9 amount of loans and investments that a member bank may make on that volume of reserves. Because of the administrative and technical problems involved, however, this instrument is used only when large-scale changes in required reserves are desired. While required reserves are indicative of the loans and investments already made by member banks and of the deposits thus created, the excess reserves of these banks provide a basis for expansion of their loans and investments without borrowing from the Federal Reserve Banks. The possible expansion in loans and investments for the banking system as a whole is several times the amount of excess reserves. When a bank increases its loans and investments, deposits increase by a similar amount, unless there are offsetting influences-such as the public's holding a part of the loan funds in currency-and the additional deposits cause an increase in required reserves by a fractional amount of the deposit increase. Then excess reserves decline by a corresponding amount. This process may continue until the increase in required reserves absorbs all the excess reserves. Before 1931, member banks seldom held excess reserves, and their aggregate reserve balances corresponded closely to required reserves. When they lost reserves, or when required reserves increased because of a growth in deposits resulting from bank credit expansion, member banks usually borrowed from Federal Reserve Banks. During the middle and late 1930's and the early part of World War II, however, member banks were largely out of debt and they had plenty of excess reserves. During and after World War II the greater part of these excess reserves were absorbed into required reserves as credit expanded, demand for currency increased, and reserve requirements were raised as permitted by law. In recent years excess reserves again have constituted a relatively small proportion of total reserves, but the proportion has been larger than it was in the 1920's. Required reserves. Amendments to the Federal Reserve Act that became effective June 21, 1917, stipulated the reserve percentages for each reserve classification of member banks, and until 1933 the Federal Reserve had no authority to change these requirements. Legislation enacted in 1933 authorized the Board of Governors of the Federal Reserve System to change member bank reserve requirements when an emergency existed, and provisions of the Banking Act of 1935 authorized changes in requirements to prevent injurious credit expansion or contraction. No further changes in the laws affecting reserve requirements were made until 1959. Pursuant to the amendments to the Federal Reserve Act passed in 1959, New York and Chicago will be reclassified as reserve cities effective July 28, 1962. As of the same date the authority of the Board of Governors to classify or reclassify cities as central reserve cities will be terminated. 8 The same amendments set a range of 10-22 per cent for the reserve requirements of reserve city banks, and also of central reserve city banks, but it continued the 7-14 per cent range for country banks. The accompanying table shows for the three reserve classifications of member banks the minimum and maximum levels of reserve requirements as permitted by law and the period when each was in effect. In the period since 1935, the Board of Governors has changed reserve requirements a number of times, as Table 3 on page 62 shows. Under Board regulation, reserves held must average enough over certain designated periods to cover the average requirements. Both the length of the period and the terminal dates have been changed several times over the years. At first each Reserve Bank fixed the reserve computation periods for its own member banks, but since 1919 more uniform arrange8 Table 4 lists the cities now classified as central reserve cities and reserve cities, and shows the changes made in the list from time to time. 10 RESERVE REQUIREMENTS classification for reserve purposes. Because daily figures were not reported by all classes of banks and because of differences in length of reporting periods and in their terminal dates, already mentioned, the monthly averages are only approximate through 1941. Beginning with September 1931, daily requirements were estimated on the basis of daily reports of deposits from central reserve city member banks in New York City, of weekly reports from certain banks in other leading cities, and of semimonthly and biweekly reports from other member banks. Since November 1937, central reserve city banks in Chicago have also reported their estimated requirements daily. By early 1942 uniform reporting periods had been established, and since then the averages for required reserves have been computed from the weekly, biweekly, and semimonthly figures of member banks as reported to the Reserve Banks. Beginning with December 31, 1959, country banks have reported their deposits weekly, but the reserve computations for these banks are made on a biweekly basis. Except for some city banks that report daily, the reserve reports for reserve city and country banks are available with a lag of one week. Hence current figures for required reserves are estimated and are often revised. Excess reserves. Excess reserves for the period before December 1959 are the difference between reserve balances of member banks with Federal Reserve Banks and their required reserves. Since then excess reserves represent the difference between required reserves and the sum of reserve balances with Reserve Banks and the amount of vault cash allowed as reserves. Before 1929, figures for excess reserves are available only for member bank call report dates. Approximate monthly averages of daily figures are available for the period January 1929-August 1931. Since then daily estimates have been computed for usc until final figures became available. [Per cent of deposits] Net demand deposits Period Central reserve city June 21, 1917-Aug. 22,1935: Time deposits (all reserve Reserve Country cIassifications) city --- - - - --- 13 10 7 3 Minimum ............... Maximum ............... \3 26 10 20 7 14 3 6 Minimum ............... 110 122 10 22 7 14 3 6 Minimum ............... Aug.. 2.3, 1935-July 29, 1959: July 30, 1959-Dec. 31, 1960: Maximum •..••.•...•...• 1 Separate classification of central reserve city banks will cease effective July 28, 1962. ments have been in effect. For banks in central reserve and reserve cities, required reserves have been computed on a weekly basis since October 1, 1919, except for the period January 1, 1928-February 28, 1942, when a semiweekly basis was used for member banks located in Federal Reserve Bank and branch cities and in such other reserve cities as the Board designated. For country banks, required reserves were computed on a semimonthly basis during the period October 1, 1919-December 15, 1959, except that in two Federal Reserve districts they were computed on a weekly basis until 1923. Beginning with December 31, 1959, required reserves for country banks have been computed on a biweekly basis. 9 The weekly computation period for central reserve and reserve city banks ended on Fridays for the period February 28, 1942-June 21, 1946, on Thursdays, June 22, 1946-February 23, 1949, and on Wednesdays, beginning with February 24, 1949. The computation period for country banks ended on the 15th and the last day of the month through December 15, 1959; beginning with the period ending January 13, 1960, the biweekly computation period has ended on Wednesdays. Monthly averages for required reserves for 1929-60 are shown in Table 2, page 50, for member banks grouped according to their 9 The reserve computation period Dec. 16-30, 1959, was a transitional one and was neither semimonthly nor biweekly. tJ Free reserves. Free reserves are the difference between the excess reserves of member banks and member bank borrowings at Federal Reserve Banks. The term "net free reserves" is used to refer to a situation in which excess reserves are larger than borrowings, while the term "net borrowed reserves" is used to refer to a situation in which borrowings are larger than excess reserves. that certain items appearing in the two statements are not included in the analysis; these items are offsetting accounts and are not of direct significance in relation to reserves. Daily figures are available for the principal assets and liabilities of Federal Reserve Banks. For the other items in the analysis, approximate daily figures are estimated, except for the last day of the month, for which the circulation statement of U. S. money is available. For example, figures for the stock of money, as shown in the first column of the most recent circulation statement, are adjusted daily for current mintings, as reported by the Bureau of the Mint; figures on gold stock and money held in the Treasury are derived from the "Daily Statement of the United States Treasury." ILLUSTRATION OF DERIVATION OF STATEMENT The table on page 2 shows how the consolidated statement for November 30, 1960, is derived from the two basic statements-(a) "Statement of Condition of All Federal Reserve Banks" and (b) "Circulation Statement of United States Money." It will be noted BASIC STATEMENTS, NOVEMBER 30, 1960 [In thousands of dollars. The letters beside the various items indicate the tables to which they are transferred. The numbers iudicate offsetting items, all of which are in Tables A and B1 TABLE A. STA'IEMENT OF CoNDITION OF ALL FEDERAL RESERVE BANKS ASSETS LIABILmES Federal Reserve notes: Held by other Federal Reserve Banks .••.......... 362,411 (2) Outside Federal Reserve Banks .....•.••.......••. 27,703,893 (5) Member bank reserves ............................ . 16,769,659 (0) U.S. Treasurer-general account .•...........•••...• 512,370 (G) Foreign deposits ................................. . 251,752 (G) Other deposits .................................. .. 389,737 (G) Deferred availability cash items •••.................. 4,639,103 (4) Other liabilities and accrued dividends .•............. 46,810 (F) CAPITAL ACCOUNTS Capital paid in .................................. . 406,703 (F) Surplus ••........••........•..............•••.... 774,808 (F) Other capital accounts ............................ . 104,517 (F) Gold certificates on hand and due from U.S. Treasury .• 16,593,645 (I) Redemption fund-Federal Reserve notes ••.••... " •. 1,016,467 (I) Federal Reserve notes of other Federal Reserve Banks .• 362,411 (2) Other cash •...•.....•••.•••••.•••...•...•...•.... 355,390 (3) Discounts and advances •••..••.........•........•. 100,589 (C) Acceptances •••••.•••••...•....••...••............ 48,106 (C) U.S. Government securities ••••.................... 27,487,925 (C) Cash items in process of collection: Reserve Bank float ••....•..•.................... 1,094,609 (C) All other •.••.•................••........•...•. 4,639,103 (4) Bank premises ••••............•....•.....•..••..•• 107,033 (F) Other assets ••..••..••....••.................••... 1 156,485 (F) Total assets ••....••••.............•.... 51,961,763 1 Total liabilities and capital accounts ..•.... 51,961,763 Includes $15,000 balances due from foreign banks. 12 BASIC STATEMENTS, NOVEMBER 30, 1960-Continued TABLE B. CIRCULATION STATEMENT OF UNITED STATES MONEY Held in the Treasury Kind of currency Total amount As security against gold and silver certificates (and Treasury notes of 1890) As reserve against United States notes (and Treasury notes of 1890) Held outside of the Treasury For Federal , Reserve Banks i and agents i I All other I I ! By Federal Reserve Banks and agents In circulation Gold..................... .•.. 17,9IO,323(G) 17,640,292 156,039(E) .............. 1-1-13-,9-9-2-(E-)-I-...-.-.-. .-...-.-.-. .'1'.-.-.-..-...-.-.-..-.. Gold certificates. .............. 17,640,292 ••..••••••••.• 14,794,056(1) •... . ... . . .... 2,816,056(1) 30,180 Federal Reserve notes .......... 29,319,890(5) ....•......•.......••....•....••.......... 8I,347(E) 1,615,997(5) 27,622,546 Treasury currency-total... . . . •. 5,393,080 2,365,628 ..........•................. j 58,386 355,390(3), 4,979.304 Standard silver dollars........ 487,668(0) 113,553 47,25 1(E) 9,642(3) 1 317,222 Silver bullion.. . .. . . . . . .. . . . . 2,252,075(0) 2,252,075 . • . . . . . . . . . . .. .............• ..........•... .............. . ............ . Silver certificates and 1.... .......... I............................ Su!~idi:ris?I~~~sc~~~.8:.~ .... ::: Minor coin.................. United States notes.......... ~:i~:~~::~~~~~ :::t:::: : U~U~~~l::::::::::::::::::::::::::::::::::::::::::I'" Tiii(E)"'1 578,052(D) .......................................... 1 346,681(D) .......................................... ! 1,757(E) 5,536(E) I I 2l~:mm 5,563(3) 24,198(3) i:~~~:m 570,732 316,947 1-5-2'-6-!:-:-::_:_~_D_?-I-: ~-~-:o -::-;-,~-~-~:-:-f ;~~:~;~::: :: :;~:;~~,~~~: :::I 253,::!~~l 1-4-'7-8-7-,~-~-:~_j_l_I--32-'-6:-~-::-~-:-(G-) -: NOTE.- Figures in italics are not included in the total since the gold or silver held as security against gold and silver certificates and Treasury notes of 1890 are included under gold, standard silver dollars, and silver bullion. Federal Reserve Bank notes and national bank notes are ia process of retirement. DERIVED ITEMS AND CONSOLIDATED STATEMENT, NOVEMBER 30, 1960 [In thousands of dollars. The letters beside the various items indicate the tables from which they are transferred] TABLE C. RESERVE BANK CREDIT OUTSTANDING Discounts and advances........................... 100,589 Acceptances..... . .•... ........... ....... .. . . ..... 48,106 U.S. Government securities. • • .•• . . . . . . . •. . . . . . . . .. 27,487,925 Reserve Bank float. . . . . . . .. • . . . . . . . . .. . . . . . . . . . . . . 1,094,609 Other Reserve Bank credit. ....................... . Due from foreign banks .................... 15 (A) Miscellaneous .............................. (A) TABLE (A) (A) (A) (A) TABLE D. TREASURY CURRENCY OUTSTANDING Standard silver dollars.... . . . . . . . . . . . . . . . • . . . . . . . . . 487,668 (B) Silver bullion, at monetized valuation. . • . • . . . . . . . . • . 2,252,075 (B) United States notes. • . . . . . . . . . .. . . . . . . . . . . . . . . . . . . Federal Reserve Bank notes................. ..... . . National bank notes.............................. 1 In Total.................................. process of retirement. I Subtotal ................................. . 1,332,838 107,033 (A) 156,470 (A) 263,503 Total (net).... ... ............. . ...•... . 1,069,335 G. (A) (A) (A) (A) SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS Factors supplying reserve funds: Reserve Bank credit outstanding. . . . . . . . . . . . . . . . .. 28,731,244 (C) Gold stock ..................................... 17,910,323 (B) Treasury currency outstanding... . . . . .• • . . . . . ••• . . 5,393,080 (D) 5,393,080 Total..... ... . . .. . . .. . . . . . . . . . . . . .. . . .• 52,034,647 Factors absorbing reserve funds: Currency in circulation ...... ................... . 32,632,030 (B) Treasury cash holdings ......................... . 409,764 (E) Treasury deposits with Federal Reserve Banks ••.... 512,370 (A) Other deposits with Federal Reserve Banks: Foreign ..................................... . 251,752 (A) International organizations .... ................ . 68,040 (A) Miscellaneous ............................... . 321,697 (A) Other Federal Reserve accounts (net) .•••••••••..•• 1,069,335 (F) Subtotal. .. .. • . . . • . . . .. . . . . . . . . .. .. • . . . . .. 35,264,988 Member bank reserves (with Federal Reserve Banks). 16,769,659 (A) 409,764 In process of retirement. (NET) 406,703 774,808 104,517 46,810 TABLE rnl 346,681 (B) 197,783 (B) 155,343 (B) TABLE E. TREASURY CASH HOLDINGS Gold reserve against United States notes and 156,039 (B) Treasury notes of 1890 ......................... . 113,992 (B) Gold in general fund ............................. . 47,251 (B) Standard silver dollars ............................ . 3,272 (B) Subsidiary silver ................................. . 1,757 (B) Minor coin • .. ....•••........••.................. 5,536 (B) United States notes .............................. . 81,347 (B) Federal Reserve notes . ........................... . 1423 (B) Federal Reserve Bank notes ....................... . 1147 (B) National bank notes ............................. . Total ................................. . OTHER FEDERAL RESERVE ACCOUNTS Deduct: Bank premises. • • ............ • ..... Other assets... .. . . . . . . . .. . . . . . . . . • . Total. ................................. 28,731,244 ~l:.~~i~h.s.i~v~~::::::::::::::: ::::::::::::::::::: I'm:~~~ F. Capital paid in .................................. . Surplus ......................................... . Other capital accounts ............................ . Other liabilities and accrued dividends ......•........ Total. .. .. . . .. • . • .. . • • . . • • . . . . • . . .. . . .• 52,034,647 13 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS A. ANNUAL AVERAGES OF DAILY FIGURES, 1917·60 [In millions of dollars] . --- I Reserve bank credit outstanding Year U.S. Govern· rnent securi.. ties 1 Dis· counts and ad· vances Accept· ances 1 100 134 254 376 1,134 1,906 188 287 324 114 166 139 1920 .......••..•................ 1921 .••............••...•....... 1922 .............•...........•.. 1923 ......•...•......••......... 1924 ...•....................•.•. 324 254 455 186 402 2,523 1,797 571 736 373 385 91 159 227 172 157 45 40 56 47 1925 ............................ 1926 .•..............•........... 1927 .•...............•.......... 1928 .................••......... 1929 ...•...........•............ 359 350 417 297 208 490 572 442 840 952 287 281 263 328 241 1930 .•.........•...........•.•.. 1931 ......................•.•... 1932 .............•.•............ 1933 ............................ 1934 ............................ 564 669 1,461 2,052 2,432 272 327 521 283 36 1935 ..........................•. 1936 ............................ 1937 ....•..................••... 1938 ........•......•............ 1939 ............................ 2,431 2,431 2,504 2,565 2,584 7 6 14 9 5 1940 .....................•...... 1941 ................•.........•. 1942 ............••••.........•.. 1943 ..........•.•.............•• 1944 .........•.................. 2,417 2,187 3,191 7,724 14,772 4 5 7 25 135 1945 ...••....................... 1946 ............................ 1947 ............................ 1948 .................••......... 1949 ...............•............ 21,363 23,250 22,330 21,511 19,560 376 310 219 331 231 1950 ............................ 1951 ............................ 1952 .......•............•....... 1953 ............................ 1954 ............................ 18,410 22,756 23,066 24,661 24,646 129 293 801 777 217 1955 ...........•................ 1956 .....••....•................ 1957 .................•.......... 1958 .........••.••...•.......... 1959 ............................ 23,891 23,709 23,345 24,654 26,194 666 833 850 295 812 1960 ............................ 26,373 436 19177 ........................... 1918 .....•...........•.......... 1919 ...••..............•........ _.. --_. For notes see p. 19. - - - Float 2 All other 3 2 2 Tota! - 778 1,723 2,625 Gold stock - 2,871 2,871 2,842 -~-~-- Treas· ury cur.. rency out· stand· ing - 1,911 1,867 1,716 Cur· rency in eireu.. lation Treas· ury cash hold· ings - 3,865 4,371 4,729 202 280 365 Deposits, other than memo ber bank reserve balances, with F. R. Banks Treas· ury - Other Fed· era! Re· For· serve eign 4 iOther2,4 ac· counts 112 III 99 42 108 115 - 67 95 155 Member bank reserves With F.R. Banks 1,272 1,497 1,719 3,390 2,198 1,226 1,205 996 2,582 3,004 3,515 3,774 4,152 1,695 1,758 1,871 1,991 2,017 5,191 4,663 4,248 4,535 4,592 257 218 224 218 218 36 45 44 37 42 67 28 30 27 27 280 336 286 280 263 1,835 1,671 1,781 1,873 2,023 56 51 42 37 44 3 4 II 3 15 1,195 1,258 1,175 1,505 1,459 4,094 4,165 4,277 3,919 3,996 2,000 1,985 2,000 2,008 2,015 4,582 4,645 4,605 4,496 4,476 213 210 205 204 207 31 32 21 21 22 31 28 31 29 30 264 284 300 327 376 2,167 2,209 2,290 2,355 2,358 213 245 71 83 25 29 17 10 4 4 9 16 14 7 5 1,087 1,274 2,077 2,429 2,502 4,173 4,417 3,952 4,059 7,512 2,025 2,025 2,096 2,271 2,381 4,245 4,672 5,328 5,576 5,403 211 219 236 288 2,798 28 32 39 55 81 28 97 56 147 185 393 373 351 350 253 2,379 2,323 2,114 82,343 83,676 5 4 3 I 5 11 II 9 26 27 30 22 17 13 2,475 2,481 2,554 2,600 2,628 9,059 10,578 12,162 13,250 16,085 2,478 2,503 2,567 2,711 2,879 5,585 6,101 6,475 6,510 7,058 2,791 2,474 3,226 2,804 2,517 128 446 158 653 790 252 282 335 398 625 255 269 260 260 252 5,001 5,989 6,830 7,935 10,352 57 93 198 421 441 9 9 12 13 10 2,487 2,293 3,408 8,182 15,358 19,865 22,546 22,729 22,371 21,204 3,018 3,156 3,324 4,025 4,105 7,879 9,594 12,687 17,617 22,557 2,271 2,253 2,203 2,256 2,341 525 664 295 340 392 1,185 1,794 1,339 1,425 1,789 261 288 289 314 367 13,249 13,404 12,648 12,626 13,222 468 459 439 439 369 3 I 2 2 I 22,211 24,029 22,989 22,283 20,161 20,255 20,283 21,383 23,516 24,432 4,186 4,510 4,555 4,566 4,592 26,855 28,292 28,421 28,064 27,519 2,309 2,269 1,479 1,323 1,313 490 601 940 1,436 767 1,492 1,129 997 968 1,137 450 562 630 574 674 15,055 15,969 16,461 18,001 17,774 520 1,016 930 820 737 2 5 5 3 I 19,Q62 24,070 24,801 26,262 25,602 23.903 22,027 23,253 22,422 21,885 4,608 4,659 4,756 4,850 4,949 27,175 27,824 29,065 30,137 30,030 1,304 1,288 1,279 1,206 807 590 496 422 458 508 1,353 796 632 528 499 313 276 355 406 751 746 779 855 910 16,400 19,293 20,356 19,996 19,276 13 23 27 40 35 902 1,138 1,152 993 1,051 1 I I 25,472 25,702 25,373 25,982 28,089 21,690 21,810 22,494 21,563 19,949 5,000 5,033 5,106 5,199 5,273 30,252 30,689 31,006 31,181 31,799 805 779 786 712 549 484 492 450 468 496 410 341 349 286 297 417 306 274 342 363 952 972 1,087 1,110 1,196 18,843 18,965 19,021 18,647 18,611 39 1,160 28,008 19,010 5,357 32,059 415 507 219 372 938 17,865 ........ ........ ........ ........ ........ ........ 8 ........ ........ ........ ........ ........ ........ ........ ........ --.-----.--.~--.-.---~---- ........ ........ ........ Cur· rency and coinS Excess Re· quired 6 6 -........ -........ - -........ ........ ........ ........ I I 1 ...... i· _._------_ .... ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ . ....... ........ ........ ........ .. .. ·i6· 665 ........ ........ ........ ........ ........ ........ ........ ........ ........ .. 2',jis' . ....... ........ ........ ........ ........ . ....... ........ ........ ........ 43 2,324 2,234 1,858 81,788 82,104 55 89 256 8528 81,564 2,532 3,477 5,610 5,413 5,960 2,469 2,512 1,220 2,522 4,392 6,923 8,080 9,980 11,116 12,176 6,326 5,324 2,668 1,510 1,046 13,934 14,993 15,608 17,164 16,952 1,121 976 853 837 822 15,617 18,536 19,642 19,319 18,501 783 757 714 677 775 18,257 18,403 18,504 18,057 18,190 586 562 517 590 447 17,980 550 - 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued B. - - - - - - - , ----- --- ---------R-e-se-r-ve-B-an-k-c-r-ed-it-o-u-t-st-an-d-in-g-------l---c---,-----',-----I-----------:-I--- U.S. Government securities Month Total 1941-Jan........... Feb........... Mar........... Apr........... May.......... June.......... July .. _....... Aug.......... Sept.......... Oct........... Nov.......... Dec........... VI 1942-Jan.......... . Feb.......... . Mar ......... . Apr .......... . May ......... . June ......... . July ......... . Aug ......... . Sept........ .. Oct .......... . Nov......... . Dec.......... . 1943-Jan .......... . Feb.......... . Mar ......... . Apr .......... . May ......... . June ......... . July ........ .. Aug ......... . Sept ......... . Oct.......... . Nov .•........ Dec......... .. Bought out.. right 1 I ~~~~!agree.. ments ~ ~I~ 2,184 2,184 2,184 2,184 2,184 2,184 2.184 2.184 2,184 2,184 2.219 2,184........ 2,184........ 2,184........ 2.184........ 2,184........ 2.184........ 2,184........ 2.184........ 2,184........ 2.184........ 2,219........ 2.251 2,249 2.252 2.275 2.457 2,580 2,984 2,251........ 2.249........ 2,252........ 2.275........ 2,457........ 2.580........ 2.984........ 4,013 4,746 5,549 4.013........ 4.746........ 5.549........ 5,953 ~:jg~ 5.953........ 5,753........ 6.372 6,276 6.631 7,675 8,440 9.214 9.072 9,886 11.166 6.276........ 6.631 7.675........ 8,440........ 9.214........ 9,072........ 9.886........ 11,166........ ~:m MONTHLY AVERAGES OF DAILY FIGURES, 1941-60 [In millions of dollars] ~:!~~: ::::::: ~:m:::::::: 'I........ Discounts ~d~ 1 Float vances T~lr r~~~~ T~~~S- II' ott~~ 3 Total 1 Gold rency stock sfa";ding in f~~f~~ ne~ii:l.'ati:~~~~s, ~~~;r cash Re- ~~~~- Treasury ---;----; --; -:;--;:;---;; -;,:--::--;; 1 Foreign 4 s~~~e I Other 4 counts 1' _ _ Member bank reserves I Total 1 2 2 2 2 2 3 8 12 8 6 5 59 68 78 67 85 101 82 92 120 III 170 8 8 7 8 9 10 10 9 10 10 10 2,254 2,262 2,272 2,262 2,280 2,298 2,284 2,297 2,322 2,311 2,404 22,143 22,319 22,441 22,547 22,602 22.651 22.700 22,740 22.779 22,786 22,759 3,100 3,105 3,115 3,129 3,141 3,156 3,173 3,188 3,208 3,225 3,239 8,679 8,835 8,995 9,193 9,442 9,670 9,839 10,061 10,270 10,496 10,985 2,205 2,202 2,277 2,264 2,249 2,303 2,360 2,379 2,220 2,194 2,189 4 4 6 7 7 5 4 138 127 126 141 140 165 169 9 9 9 10 10 11 11 2,402 2,389 2,393 2,432 2,614 2,761 3,168 22,741 22,729 22.696 22,679 22,706 22.725 22,742 3,252 3,263 3,272 3,281 3.296 3,310 3,319 11,105 11,328 11,507 11,645 11,898 12,213 12,532 2,209 2,189 2,172 2,178 2.191 2,192 2.204 467 377 244 ' 197 ! 317 , 136 : 425 9 9 253 271 463 15 15 4,290 5.041 6,035 22,752 22.741 22,740 3.361 3,374 3,472 13,951 14.473 15,119 2.233 2.247 2,199 350 219 307 8 n 347 317 13 14 6,321 6.094 22,706 22.648 3,724 3.897 15.399 15,837 gg 310 21~ 1.250 1.177 14 18 14 13 27 41 15 35 90 374 412 496 401 466 452 406 648 13 13 13 12 12 12 12 11 6,681 7.070 8,197 8.880 9,732 9.551 10,339 11,914 16,815 17.217 17,681 18,196 18,729 19,001 19.566 20,243 2.231 2.252 2.271 2,272 2.277 2.266 2,280 2,294 2,307 276 433 148 454 316 136 559 338 669 1•.136 1.301 : 1.496 , 1.562 i 1,504 1 1,581 '1.687 [1,723 l6~ j~~ 1115 lj ~:m ~g1g ~:m 22.451 ~~:m 22,406 22,360 22.305 22.209 22.145 22.091, 22.018 I ~:m ~:m 4.041 4.078 4.086 4.093 4.093 4.100 4.102 4.098 g:lli I l~:!!~ 1 1.1 I gg~ ~~~ 2.192 Excess 1 ---1"",7-55--- - - - ; - ; - : ; 548 1,787 228825 13.996 6 18 I 1,767 13.979 1,774 288 ~ 13,600 89 2 618 i 1,926 287 ~ 1:.650 987 I 1.856 290 I 13.201 949 ,1.774 2&9 '13.120 8291 1,839 21;fi i 13.004 476 1.836 2t.9 I 13.184 525 1.905 2'2' 13.097 669 1.774 I 290 I 12.900 592 1.531 2')2 12.812 Ii9 Required ; 1.389 1.292 1.318 1.47R 1.407 1.334 1.363 ::m 291 I I 1.345 1.323 1.210 U~: 291 295 294 297 296 12,936 12.908 12.827 12.649 12.510 17.1>24 12.409 9,490 9,599 9,680 9,698 9,843 9,920 10,172 3,446 3,309 3.147 2.951 2.667 2,704 2.237 290 276 261 12.234 12,618 13.152 9,904 10,256 10,776 2.330 2,362 2,376 256 270 13.344 12.933 11,212 11,221 2,132 1,712 326 330 331 334 339 334 339 12.293 12,410 12.597 12.864 12.035 12.313 12,749 10.832 11,083 11,461 11,447 10.771 11,240 11,701 1,730 1,461 1,327 1.136 1,417 1,264 1,073 1,048 2R8 I I ,i, I Ii, 7,507-:::7,574 6,422 7,675 6,304 7,717 5,883 7,819 5,831 7.850 5,351 7,927 5,193 7.987 5,017 8.068 5,116 8,096 5.001 9,289 3,611 9,422 3,390 ~~~ g:~~~ Ig:~~~ m g:m 10,294 n:m 312 12.024 B~ l:~~~ 1944--Jan........... 11.832 11,832........ 32 495 10 12,370 21.933 4.t93 20,428 2.321 43834511 1.889 339 12.935 11.831 1,104 Feb.... .. .. .. . 11,479 11,479.. .. .. .. 35 430 10 11,954 21,803 4.C92 20,635 2.332 1.858 1 340 12.349 11,199 1,150 Mar.......... 12.099 12.099........ 63 439 10 12.611 21,641 4,090 20.964 2.335 393 1.873 I 346 12,431 11,453 978 Apr........... 12,711 12.711........ 75 438 12 13,236 21,490 4,093 21,312 2.330 324 1,922 , 357 12,574 11,688 886 May.......... 13,716 13.716 . . . . . . . . 160 375 12 14,264 21,343 4.097 21.822 2.325 318 1,922 I 355 12.962 12,094 868 June.......... 14.920 14.920........ 155 409 11 15.495 21.214 4.104 22.296 1 2.334 347 i 1,953 364 13,518 12,437 1,081 July.......... 14,745 14,745........ 35 410 11 15,201 21.077 4,108 22,580 1 2,318 396 i 1,829 , 364 12,900 11,668 1,232 1 385 Aug.......... 15,367 15,367........ 10791'1 351 11 15,800 20,975 4,111 22. 988 1 2,359 495 1,780 1 370 13,004 11,998 1.006 Sept.......... 16.383 16,383 443 10 16,945 20.872 4,114 23,525 2.383 1.674 1 379 13,476 12,493 983 Oct........... 17,079 17.079........ 190 I 410 9 17,689 20,753 4,114 24.112 2.362 I 290 i 1,593 ' 391 13,808 12,850 958 Nov.. ........ 18,129 18,129 1........ 1 436, 437 8 19,009 20,708 4,116 24.738 2,340 262 I 1,579 I' 395 14,520 13,497 1,023 ____~D~e~c.~.~ ..~.~.~ ..~.~ ..~~18~.6~9~3~~1~8,~69~3~.~.~ ..~.~.~ ..~'___ :2~6~5_1__~64~8~____6~~19~,6~1~2__~20~,~65~7:__~4~,1~25~~2=5~.2=0~7~~2=,~35~5~__~6~66~____~I~,5~95~__~___4~0~3~~124~.1~68~~12~,8~8~4~~1.~28~4~ I........ I, I' For notes see p. 19. 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued B. MONTHLY AVERAGES OF DAILY FIGURES, 1941-60-Continued [In millions of dollars] -I Reserve Bank credit outstanding Treasury I Month u.s. Government securities TotaI ...... 0\ Bought outright I I cur.. J Float All other 3 - -........ - - ........ 1945-Jan .. , , . . . . . . . Feb........... Mar.......... Apr ........... May .......... June..... . . . .. July. . . . . . . . .. Aug... ....... Sept.......... Oct........... Nov.......... Dec........... 18,726 19,15 2 19,509 20,1 15 20,754 21,27 1 21,59 3 22,05 2 22,87 7 23,12 3 23,33 3 23,708 1946-Jan.. . . . . . . . .. Feb........... Mar.......... Apr ........... May.......... June.......... July.......... Aug... ....... Sept.. ........ Oct........... Nov.......... Dec........... 23,590 23,15 0 22,549 22,2 60 22,69 9 23,1 52 23,47 3 23,58 4 23,6 14 23,47 1 23,674 23,7 67 23,590 23,150 22,549 22,260 22,699 23,152 23,473 23,584 23,614 23,471 23,674 23,767 1947-Jan.. . . . . . . . . . Feb........... Mar.......... Apr........... May .......... June.......... July.......... Aug.......... Sept.. ........ Oct ........... Nov.. ........ Dec........... 23,6 32 23,824 22,97 8 22,104 21,78 2 21,6 58 21,8 77 22,0 55 22,0 67 22,092 22,082 21,9 05 23,632 23,824 22,978 22,104 21,782 21,658 21,877 22,055 22,067 22,092 22,082 21,905 1948-Jan.. . . . . . . . .. Feb........... Mar.......... Apr........... May .......... June.......... July.......... Aug.......... Sept.......... Oct ........... Nov....... Dec........... 21,6 73 20,7 38 20,5 82 20,440 20,3 15 20,7 52 21,340 21,4 11 21,6 32 23,16 8 23,02 8 23,002 21,673 20,738 20,582 20,440 20,315 20,752 21,340 21,411 21,632 23,168 23,028 2:1,002 Repurchase agreements Discounts and advances 18,726 19,152 19,509 20,115 20,754 21,271 21,593 22,052 22,877 23,123 23,333 23,708 ........ ........ ........ · . . . . . .. ........ ........ · . . . . . .. ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ · . . . . . .. · . . .. . .. ........ · . . . . . .. ........ ........ ........ · . . . . . .. ........ ........ ........ · . . . . . .. · . . . . . .. ........ ........ ........ ........ ........ ........ ........ ........ ·....... ........ · .. . . . . . ........ Total Gold stock reney outstanding 118 233 245 360 633 590 163 388 398 369 636 381 540 490 496 455 407 453 456 428 431 393 417 652 4 4 4 4 5 4 3 3 3 3 3 2 ~ 19,388 19,879 20,253 20,934 21,799 22,318 22,215 22,871 23,709 23,888 24,389 24,744 232 367 566 433 212 245 240 247 283 251 351 305 474 415 416 367 442 487 423 403 485 420 497 673 2 2 2 9 16 16 35 24 8 1 1 1 252 339 307 208 130 162 119 165 163 208 313 268 546 437 435 409 370 395 344 300 384 493 468 681 224 379 410 262 301 330 326 321 383 357 353 330 549 469 451 398 426 417 354 309 393 411 448 644 I I , Curre!lcy m circulation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Treasury - - - - - Foreign 4 I Other 4 Other Federal Reserve accounts - 20,582 20,519 20,448 20,400 20,325 20,263 20,203 20,116 20,090 20,048 20,033 20,047 4,129 4,125 4,120 4,120 4,136 4,145 4,153 4,202 4,221 4,261 4,290 4,322 25,243 25,527 25,850 26,009 26,351 26,561 26,918 27,392 27,765 27,943 28,151 28,452 2,371 2,377 2,357 2,367 2,361 2,302 2,268 2,257 2,261 2,259 2,268 2,269 532 536 269 504 405 368 618 549 609 448 419 625 1,501 1,633 1,495 1,516 1,549 1,631 1,563 1,554 1,499 1,388 1,347 1,247 24,298 23,934 23,533 23,070 23,369 23,900 24,171 24,258 24,391 24,143 24,522 24,746 20,106 20,197 20,237 20,252 20,246 20,267 20,270 20,271 20,291 20,330 20,437 20,488 4,375 4,426 4,464 4,510 4,534 4,536 4,538 4,541 4,545 4,546 4,548 4,552 28,158 27,944 27,913 27,923 27,978 28,140 28,281 28,352 28,478 28,588 28,727 28,997 2,265 2,307 2,274 2,261 2,263 2,266 2,251 2,262 2,275 2,274 2,282 2,256 648 856 809 448 556 686 589 524 515 596 556 1,282 1,248 1,167 1,120 1,074 1,053 1,274 1,328 1,214 947 992 852 505 517 536 550 551 561 567 573 585 597 598 606 1 1 1 1 2 2 2 2 3 5 3 4 24,431 24,601 23,721 22,722 22,284 22,217 22,342 22,521 22,616 22,798 22,866 22,858 20,624 20,726 20,406 20,586 20,865 21,092 21,399 21,648 21,866 22,149 22,479 22,712 4,560 4,558 4,557 4,558 4,559 4,560 4,552 4,551 4,551 4,551 4,551 4,556 28,543 28,300 28,273 28,185 28,158 28,236 28,259 28,252 28,654 28,598 28,648 28,937 2,290 2,214 1,332 1,329 1,340 1,339 1,325 1,326 1,315 1,327 1,330 1,330 780 1,895 1,344 723 612 557 735 957 553 945 1,287 967 989 846 1,097 1,060 993 950 994 1,079 1,007 908 1,011 1,016 2 3 3 3 1 1 1 1 1 1 1 I 22,447 21,589 21,446 21,103 21,042 21,501 22,021 22,042 22,409 23,937 23,830 23,978 22,816 22,967 23,103 23,154 23,243 23,457 23,615 23,700 23,829 23,958 24,110 24,218 4,559 4,559 4,558 4,558 4,560 4,561 4,562 4,564 4,570 4,574 4,580 4,584 28,394 28,096 27,941 27,766 27,749 27,846 27,955 27,977 28,152 28,188 28,277 28,423 1,329 1,317 1,326 1,325 1,323 1,324 1,324 1,323 1,320 1,319 1,321 1,319 1,130 1,323 1,089 1,225 1,420 1,487 1,829 1,834 1,321 1,598 1,563 1,398 1,014 987 1,069 986 874 890 957 912 927 958 984 1,051 444 404 410 423 437 439 449 450 457 470 483 485 493 Member bank reserves Total - 14,048 14,040 14,429 14,621 15,156 15,415 14,755 14,978 15,414 15,675 16,043 16,027 Required Excess - 12,934 13,088 13,419 13,690 14,151 14,076 13,535 13,894 14,351 14,618 14,876 14,536 1,114 952 1,010 931 1,005 1,339 1,220 1,084 1,063 1,057 1,167 1,491 15,921 15,685 15,536 15,531 15,727 15,996 16,017 16,031 16,160 16,167 16,310 16,517 14,610 14,554 14,505 14,507 14,771 15,053 15,089 15,140 15,275 15,304 15,456 15,617 1,311 1,131 1,031 1,024 956 943 928 891 885 863 854 900 614 623 633 639 627 632 632 624 638 647 631 614 16,399 16,006 16,006 15,931 15,978 16,154 16,347 16,481 16,866 17,073 16,988 17,261 15,549 15,201 15,135 15,098 15,194 15,369 15,566 15,681 15,935 16,119 16,138 16,275 850 805 871 833 784 785 781 800 931 954 850 986 566 558 575 587 545 576 607 568 578 588 540 600 17,390 16,834 17,106 16,926 16,933 17,396 17,526 17,690 18,509 19,818 19,835 19,990 16,309 16,030 16,284 16,115 16,190 16,544 16,709 16,853 17,625 19,001 19,062 19.193 1,081 804 822 811 743 852 817 837 884 817 773 797 ---I 1949-Jan ........... Feb ........... Mar.......... Apr ........... May .......... June .......... July .......... Aug .......... Sept. ......... Oct........... Nov .......... Dec ........... 22,289 22,320 21,615 21,361 19,974 19,377 18,797 18,147 17,441 17,643 17,664 18,287 1950-Jan ........... Feb ........... Mar .......... Apr........... May .......... June .......... July .......... Aug .......... Sept. ......... Oct. .......... Nov .......... Dec........... 347 284 302 249 303 191 202 190 164 136 215 189 512 349 352 406 297 327 343 245 352 360 346 534 1 1 1 1 1 I 1 I 1 I 1 2 23,150 22,953 22,270 22,017 20,575 19,896 19,342 18,583 17,957 18,139 18,226 19,012 24,259 24,283 24,301 24,322 24,304 24,404 24,502 24,588 24,637 24,596 24,533 24,451 4,587 4,587 4,588 4,591 4,592 4,596 4,595 4,592 4,592 4,592 4,593 4,596 27,850 27,545 27,508 27,462 27,438 27,432 27,472 27,397 27,451 27,456 27,477 27,734 1,327 1,321 1,319 1,318 1,312 1,311 1,306 1,312 1,310 1,305 1,311 1,307 1,014 1,539 f,009 1,109 914 421 391 521 649 555 457 687 1,211 1,233 1,255 1,185 1,067 984 977 970 990 1,171 1,296 1,315 603 616 652 671 593 680 736 690 703 727 691 724 19,991 19,570 19,417 19,185 18,146 18,068 17,558 16,873 16,083 16,113 16,119 16,291 19,153 18,860 18,723 18,479 17,369 17,310 16,539 15,918 15,161 15,251 15,308 15,488 838 710 694 706 777 758 1,019 955 922 862 811 803 18,082 17,705 17,682 17,608 17,486 17,800 18,129 18,328 18,946 19,365 19,381 20,345 22,289 1 22,320 21,615 21,361 19,974 ...... S· 19,369 18,797 18,140 7 17,419 22 17,643 17,664 18,287 · ...... ·1 18,082 ........ I I 17,705 17,682 17,571 37 17,486 17,800 18,129 37 18,291 18,931 15 19,364 1 19,373 8 20,336 9 101 178 170 140 116 84 140 172 96 67 145 142 464 425 386 385 400 437 431 375 565 611 631 1,117 2 2 3 3 3 3 3 2 2 2 2 2 18,649 18,310 18,242 18,136 18,005 18,325 18,703 18,877 19,610 20,044 20,159 21,606 24,420 24,346 24,311 24,247 24,236 24,231 24,192 23,927 23,560 23,366 23,157 22,879 4,597 4,598 4,600 4,601 4,602 4,605 4,606 4,609 4,613 4,618 4,622 4,629 27,220 27,008 27,043 27,062 27,022 27,026 27,117 27,009 27,154 27,233 27,380 27,806 1,314 1,310 1,307 1,313 1,302 1,299 1,305 1,307 1,303 1,305 1,290 1,290 472 585 638 695 563 512 549 668 749 590 450 615 1,420 1,478 1,331 1,250 1,299 1,372 1,481 1,404 1,235 1,367 1,331 1,273 719 728 752 764 717 759 796 752 740 803 746 739 16,520 16,146 16,081 15,898 15,941 16,194 16,253 16,273 16,602 16,731 16,742 17,391 15,585 15,409 15,298 15,204 15,237 15,426 15,507 15,626 15,837 15,889 16,011 16,364 935 737 783 694 704 768 746 647 765 842 731 1,027 1951-Jan ........... Feb ........... Mar .......... Apr ........... May .......... June .......... July .......... Aug ........•. Sept .......... OC1.. ......... Nov .......... Dec........... 20,699 21,733 22,333 22,975 22,438 22,797 23,059 23,123 23,259 23,834 23,364 23,409 20,682 21,703 22,316 22,970 22,395 22,783 22,996 23,035 23,171 23,826 23,364 23,310 213 330 242 162 438 170 194 292 338 131 343 657 924 1,219 1,084 842 806 940 1,026 843 1,062 1,012 1,074 1,375 3 4 4 5 5 5 6 6 5 5 4 5 21,839 23,286 23,663 23,983 23,686 23,913 24,285 24,264 24,664 24,982 24,785 25,446 22,523 22,249 21,909 21,806 21,757 21,755 21,757 21,790 21,906 22,104 22,298 22,483 4,635 4,637 4,639 4,640 4,643 4,647 4,656 4,666 4,674 4,682 4,688 4,701 27,304 27,145 27,171 27,179 27,324 27,548 27,859 27,951 28,213 28,387 28,612 29,139 1,297 1,290 1,289 1,292 1,291 1,286 1,291 1,288 1,284 1,283 1,286 1,280 368 842 603 632 640 280 405 483 576 451 436 271 861 862 861 860 896 914 867 833 758 690 583 571 338 393 351 392 347 248 291 271 297 287 284 264 742 734 730 750 696 731 756 719 721 802 776 796 18,088 18,907 19,207 19,324 18,892 19,309 19,229 19,174 19,396 19,868 19,794 20,310 17,263 18,279 18,494 18,491 18,302 18,475 18,473 18,470 18,675 18,952 19,065 19,484 825 628 713 833 590 834 756 704 721 916 729 826 1952-Jan ........... Feb........... Mar .......... Apr ........... May .......... June ...•...... July .......... Aug .......... Sept .......... Oct........... Nov .......... Dec........... 23,206 22,552 22,634 22,448 22,308 22.617 22,798 23,027 23,471 23,657 23,638 24,400 23,195 22,552 22,626 22,448 22,308 22,505 22,617 22,983 23,433 23,644 23,527 23,876 181 44 38 13 l11 524 200 365 314 365 573 585 1,092 1,059 723 1,093 1,577 1,633 1,034 904 937 908 818 936 890 734 856 927 954 1,262 4 5 5 5 5 5 5 5 5 4 4 4 24,444 23,826 23,890 23,726 23,704 24,144 24,786 24,824 25,055 25,681 26,172 27,299 22,824 23,039 23,278 23,293 23,297 23,308 23,348 23,346 23,343 23,340 23,338 23,276 4,709 4,719 4,728 4,737 4,740 4,751 4,756 4,765 4,778 4,788 4,796 4,806 28,637 28,406 28,437 28,459 28,557 28,843 29,028 29,088 29,343 29,555 29,904 30,494 1,281 1,294 1,283 1,278 1,281 1,282 1,270 1,276 1,275 1,276 1,277 1,271 109 352 333 549 553 328 306 501 326 550 591 569 506 469 562 551 538 601 681 785 766 688 689 745 231 330 283 324 300 242 279 259 231 253 297 290 744 738 790 818 745 767 791 720 721 876 803 832 20,470 19,995 20,207 19,777 19,767 20,140 20,535 20,306 20,514 20,611 20,744 21,180 19,537 19,300 19,322 19,127 19,139 19,431 19,926 19,657 19,736 19,963 20,087 20,457 933 695 885 650 628 709 609 649 778 648 657 723 J953-Jan ........... Feb......... ,. Mar .......... Apr ........... May .......... June .......... July .......... Aug .......... Sept .......... Oct. ........ ,. Nov .......... Dec ........... 24,202 23,918 23,892 23,861 23,973 24.748 24,955 25,000 25,168 25,344 25,172 25,639 24,011 23,875 23,878 23,806 23,881 24,729 24,943 24,974 097 25,341 25, 25,078 25,218 191 43 14 55 92 19 12 26 71 3 94 421 1,372 1,336 1,220 1,184 955 433 428 658 468 367 494 448 1,008 823 909 843 750 776 737 660 771 800 744 1 1,018 1 4 4 4 4 4 3 3 3 3 3 3 2 26,586 26,080 26,025 25,892 25,682 25,960 26,123 26,322 26,410 26,514 26,413 27,107 23,101 22,797 22,606 22,562 22,557 22,514 22,366 22,226 22,176 22,102 22,057 22,028 4,814 4,821 4,825 4,832 4,843 4,851 4,853 4,860 4,867 4,873 4,878 4,885 29,920 29,718 29,752 29,782 29,870 30,012 30,165 30,167 30,328 30,366 30,555 30,968 1,280 1,299 1,296 1,281 1,278 1,273 1,264 1,273 1,273 1,274 915 767 552 500 244 395 356 52 545 656 537 557 497 602 611 526 530 563 552 566 537 548 538 463 434 466 405 336 378 397 350 203 239 376 354 406 424 390 775 800 841 861 779 932 939 861 871 889 805 908 20,958 20,520 20,416 20,007 19,897 20,287 19,653 19,526 19,552 19,536 19,718 19,920 20,251 19,882 19,828 19,472 19,306 19,499 18,869 18,882 18,834 18,784 19,034 19,227 707 638 588 535 591 788 784 644 718 752 684 693 --~-----~------.-- For notes see p. 19. ::::::::1 17 30 17 5 43 14 63 88 88 8 .... '99' II 8 .... iii· 1 1 --- -----_._----_ .... 1 --.- -_.- - - - ----.-- ._-----_. ... _----_.--_. -- _... ----_._-_." '--_._------- 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS -- Continued B. MONTHLY AVERAGES OF DAILY FIGURES, 1941-60-Continued [In millions of dollars 1 ---·--------·--~~----------R-e-s-e~-e--B-ank--cr--ed-i-t-ou-t-st-an-d-m-g------------~----~----~----~I----~------------------~----~!---------------------------- T~~~S- U.S. Government securities Mouth Total I 954-Jan .......... Feb.......... Mar......... Apr.......... May......... June.. ... . . .. July......... Aug.......... Sept......... Oct.......... Nov.. . . . .... Dec.......... 00 Bought outright Repurchase agreements Discounts and advances Float 2 All other 3 Total Gold stock currency outst!'I'dmg Deposits, other than memCurrency in circulation Treas- ~ft~~kIi.e~~~~s; ury cash holdiugs Foreign i I Other 2 490 584 486 602 498 591 541 610 492 443 494 I 481 I 531 I 5531 632 536 522 455 416 439 352 427 412 321 409 464 431 444 393 365 18 51 15 28 49 2 42 16 41 70 28344 I 444 473 566 585 445 465 576 803 872 895 1,018 840 805 710 804 838 798 878 940 746 924 926 1,055 1,389 1 1 1 16 15 16 14 14 20 19 18 21 25,449 25,021 24,989 25,070 24,924 24,958 25,497 25,450 25,525 25,792 26,089 26,853 21,714 21,715 21,718 21,680 21,673 21,676 21,680 21,682 21,682 21,685 21,687 21,689 4,985 4,990 4,996 4,997 4,999 5,001 5,003 5,004 5,006 5,008 5,008 5,008 30,110 29,784 29,790 29,807 29,861 30,050 30,284 30,289 30,420 30,532 30,791 31,265 819 826 823 816 818 825 801 801 797 781 778 777 341 477 690 501 421 329 461 569 540 509 538 434 477 420 363 370 389 412 423 431 386 390 394 459 383 473 442 481 432 345 423 398 392 403 444 394 23,824 23,375 23,449 23,393 23,262 23,486 23,573 23,488 23,695 23,742 23,951 24,498 73 26 73 17 60 36 7 42 33 39 73 267 808 800 993 1,060 971 770 738 898 792 715 745 706 1,152 965 987 925 928 1,206 1,263 910 1,198 1,182 1,300 1,633 22 17 16 15 16 18 18 19 19 20 27 51 25,879 25,183 25,517 25,411 25,237 25,516 25,599 25,357 25,737 25,698 26,097 27,156 21,692 21,694 21,711 21,735 21,768 21,795 21,826 21,855 21,880 21,906 21,910 21,942 5,008 5,011 5,013 5,018 5,028 5,033 5,032 5,038 5,043 5,048 5,056 5,064 30,620 30,214 30,256 30,245 30,323 30,536 30,751 30,650 30,803 30,864 31,198 31,775 787 796 783 783 784 778 771 774 772 776 774 772 356 480 532 545 556 485 521 504 523 487 456 463 404 364 349 338 331 315 300 318 356 337 308 372 24,056 23,083 22,997 23,121 22,996 22,917 23,198 23,129 23,302 23,252 23,276 23,615 36 28 64 118 45 72 153 17 23 96 141 367 432 665 859 1,036 931 1,009 917 1,010 994 818 810 716 1,343 1,106 1,024 1,110 1,046 1,170 1,175 989 1,147 1,143 1,126 1,443 38 30 24 26 23 21 23 21 22 17 19 45 25,905 24,912 24,968 25,411 25,041 25,189 25,466 25,166 25,489 25,326 25,373 26,186 21,989 22,279 22,305 22,313 22,358 22,621 22,625 22,626 22,627 22,660 22,743 22,769 5,067 5,071 5,081 5,090 5,098 5,106 5,108 5,115 5,121 5,129 5,137 5,144 31,040 30,595 30,568 30,613 30,645 30,902 31,116 31,035 31,143 31,109 31,335 31,932 794 817 812 803, 792, 782! 769 I 764 763 780 793 768 335 I 336 423 429 521 490 480 490 547 495, 464 I 385. 323 335 316 348 361 393 377 349 378 338 322 345 23,897 23,401 23,522 23,410 23,322 23,522 23,580 23,530 23,728 23,781 24,024 24,765 1957-Jan.......... Feb.......... Mar......... Apr.......... May.... . . . .. June......... July ......... Aug.......... Sept......... Oct.......... Nov.. . . .. . .. Dec.......... 24,092 23,111 23,061 23,239 23,041 22,989 23,351 23,146 23,325 23,348 23,417 23,982 i 682 624 585 590 580 569 619 576 563 525 524 594 19,138. . . . . . 18,709...... 18,924...... 18,847...... 18,735...... 18,933...... 18,836.. . . .. 18,783...... 19,024...... 18,939. .. . .. 19,169...... 19,535. . . .. . 19,138 18,709 18,924 18,847 18,735 18,933 18,836 18,783 19,024 18,939 19,169 19,535 18,586 18,177 18,340 18,320 18,268 18,359 18,237 18,224 18,446 18,419 18,579 18,883 552 532 584 527 467 574 599 559 578 520 590 652 19,295...... 18,816...... 18,884...... 19,087...... 18,827. . . . . . 18,982...... 19,129 ..... 18,834...... 18,956...... 19,040 ..... 18,958.... .. 19,420...... 19,295 18,816 18,884 19,087 18,827 18,982 19,129 18,834 18,956 19,040 18,958 19,420 18,773 18,302 18,366 18,580 18,362 18,485 18,595 18,300 18,434 18,573 18,447 18,843 522 514 518 507 465 497 534 534 522 467 511 577 896 1,071 1,135 1,195 1,075 1,077 1,048 1,163 1,180 1,097 1,044 1,063 813 825 830 815 810 806 796 797 800 805 1956-Jau.. ... . . ... Feb.......... Mar......... Apr.......... May......... June......... July. . . .. . . .. Aug.......... Sept......... Oct... . . . . . .. Nov......... Dec... .. . . ... 18,432 18,195 18,050 18,210 18,166 18,146 18,205 18,152 18,148 18,345 18,378 18,646 276 294 216 339 276 290 279 273 271 258 337 186 29,800 29,755 29,773 29,856 29,968 29,896 29,991 30,078 30,287 30,749 24,182 23,787 23,604 23,604 23,617 23,596 23,925 23,870 23,668 23,881 23,963 24,318 19,114 18,819 18,635 18,800 18,746 18,715 18,824 18,728 18,711 18,870 18,902 19,240 921 973 1,048 1,067 982 991 999 946 946 950 845 998 4,920 4,941 4,954 4,956 4,959 4,960 4,967 4,973 4,979 4,982 , ~ 18,925 936 632 692 765 716 857 835 840 775 720 814 703 354 351 350 338 322 304 280 275 237 299 313 247 21,963 21,966 21,971 21,927 21,926 21,871 21,809 21,787 21,724 21,711 870 913 9261 864 941 973 916 I 929 944 883 929 18,881 18,627 18,817 18,813 18,329 17,638 17,628 18,173 18,393 18,576 19,114.. . .. . 18,819...... 18,635...... 18,800...... 18,746...... 18,715...... 18,824...... 18,728...... 18,711...... 18,870. . . . . . 18,902. . . . . . 19,240. . . . . . 25,553 25,483 25,503 25,876 25,571 24,855 24,838 25,459 25,776 26,317 24,200 23,838 23,619 23,632 23,666 23,598 23,967 23,886 23,709 23,951 23,997 24,602 --=-I-=- -=903 927 960 973 928 959 962 918 968 1,000 937 983 2 I I I 1 1 1 1 1 1 1955-Jan..... .. ... Feb.......... Mar......... Apr.......... May......... June......... July......... Aug.......... Sept......... Oct... . . . . . .. Nov.. . . . .. .. Dec... .. . . . .. eral I______~--_:_----__.------;--_ ReI serve Curac- I With rency ReExcounts F. R. and Total quired cess I Banks coin 5 19,557 19,573 19,392 19,533 19,670 19,164 18,478 18,403 18,893 19,207 19,279 712 696 640 710 695 654 725 720 769 992 13 3 9 38 10 59 13 13 7 29 Member bank reserves IQ,557 19,573 ... 19,392 ...... 19,533...... 19,670. . . . .. 19,164...... 18,478 ...... 18,403...... 18,893...... 19,207. . . . . . 19,279...... I 205 151 172 166 104 210 170 254 345 407 24,620 24,632 24,680 24,960 24,761 23,930 23,928 24,472 24,654 24,888 , i I' Treasury ~-::=-I---::---:;----;; ---;--:.:~ --:;--:::----:---:-1---=1--= 24,770 24,729 41 308 667 2 25,746 21,957 4,904 29,903 811 568 470 429 24,633 24,635 24,689 24,998 24,771 23,989 23,941 24,485 24,661 24,917 ~~d: I958-J an ......... . Feb .......... Mar......... A pr.......... May ......... June •.•...... July •......... A ug.......... Sept...•..... Oct.......... Nov ......... D ec ......... . 23,608 23,378 23,486 23,649 23,939 24,749 25,218 25,410 25,051 25,296 25,650 26,312 23,458 23,313 23,465 23,638 23,939 24,698 25,218 25,406 25,051 25,260 25,562 26,216 \959-Jan .......... Feb.......... Mar ....•.... A pr .......... May ......... 25,776 25,532 25,446 25,661 25,920 25,963 26,422 26,588 26,674 26,517 26,732 27,036 25,934 25,322 25,310 25,488 25,818 26,124 26,619 26,983 26,653 27,056 27,871 27,248 June ........ . July ......... A ug.......... Sept......... Oct.......... Nov ....•.... D ec ......... . I960-Jan ......... . Feb.......... Mar .••...... A pr.......... May ......... J une ........ . J uly ......... A ug.......... Sept......... oct.......... N avo .•...... D ec.......... 150 65 21 11 I 1,118 907 893 864 841 916 942 858 990 1,035 1,039 1,496 49 42 42 39 41 45 41 34 31 33 35 40 25,229 24,568 24,559 24,682 24,939 25,851 26,310 26,554 26,548 26,789 27,211 28,412 22,782 22,759 22,548 22,166 21,801 21,490 21,285 21,112 20,940 20,750 20,648 20,563 5 148 5 162 5 177 5:191 5 200 5 203 5:203 5 210 5 215 5 220 5 225 5 230 31,059 30,608 30,589 30,654 30,798 31,039 31,264 31,268 31,342 31,390 31,732 32,371 777 717 750 728 731 701 687 694 691 685 688 691 512 421 457 494 466 442 498 541 445 449 410 470 44 31,521 31,158 31,227 31,304 31,490 31,813 32,042 31,994 32,019 31,974 32,207 32,775 709 729 717 708 708 632 411 399 394 391 413 396 32,008 31,580 31,628 31,713 31,726 31,926 32,174 32,091 32,151 32,183 32,474 33,019 419 88 96 454 242 139 130 119 142 109 252 476 425 488 564 25,723 25,503 25,400 25,538 25,882 25,949 26,354 26,548 26,628 26,479 26,628 26,993 53 29 46 123 38 14 68 40 46 38 104 43 574 526 620 694 784 938 969 1,008 904 909 886 911 1,170 961 954 937 935 1,009 1,023 891 1,088 1,115 1,094 1,426 40 35 31 29 27 27 23 21 22 29 61 27,564 27,059 27,055 27,323 27,669 27,937 28,441 28,509 28,687 28,563 28,741 29,435 20,518 20,475 20,448 20,403 20,217 20,030 19,674 19,596 19,514 19,498 19,581 19,482 5 234 5 238 5 244 5 253 5:265 5 278 25,914 25,289 25,261 25,373 25,697 26,118 26,521 26,768 26,546 26,929 27,542 27,170 20 33 49 115 121 6 98 215 107 127 329 78 909 818 637 623 502 425 388 293 233 170 160 94 1,341 1,032 1,065 1,036 1,027 1,159 1,140 894 1,168 1,225 1,156 1,665 51 38 34 33 30 29 29 36 34 40 53 53 28,234 27,210 27,047 27,181 27,378 27,737 28,176 28,206 28,088 28,490 29,241 29,060 19,454 19,429 19,410 19,386 19,356 19,343 19,245 19,052 18,870 18,571 18,058 17,954 5,315 5,323 5,336 5 344 5 349 51 4 ..... 3i;' Notes to Table I; not all notes apply to all parts of this table. Includes repurchase agreements, when held; those involving U.S. Government securities shown separately in Tables I-B, I-C, and I-D. 2 Minor change in concept beginning with 1960, stemming from elimination of collected funds due from open Reserve Banks to other Reserve Banks observing nonnational holidays. 3 Represents acceptances (except in Table I-A where they are shown separately), balances with foreign central banks, municipal warrants, Federal intermediate credit bank debentures, and industrial loans; also Government overdrafts in 1917-20. Industrial loan program operative June 19, I 934-Aug. 21, 1959. 4 Separate averages for "foreign" and "other" deposits not readily available before 1951. 5 Vault cash of member banks allowable as reserves: None, June 21. 1917 -Nov. 30, 1959; part, Dec. I, 1959-Nov. 23,1960; all, beginning Nov. 24,1960. I 5:283 5,281 5 278 5:293 5,303 5,311 5:353 5 357 5 364 5:374 5,382 5 391 5 396 I 445 442 I 419 415 414 406 403 400 406 405 408 993 1,150 1,142 1,092 1,036 1,132 1,081 1,194 1,151 1,108 1,068 1,174 19,296 19,000 18,730 18,394 18,223 18,600 18,609 18,580 18,425 18,476 18,540 18,899 353 378 377 347 369 359 344 337 381 388 379 348 1,120 1,211 1,208 1,168 1,197 1,219 1,170 1,239 1,246 1,175 1,204 1,195 18,893 18,577 18,429 18,664 18,580 18,451 18,671 18,613 18,593 18,610 18,621 18,628 366 340 306 307 316 381 375 377 390 405 396 495 838 921 970 890 937 994 910 948 962 891 973 1,029 18,568 310 266 17,947 17,770 257 17,843 261 17,962 277 18,001 293 18,208 310 18,111 390 17,697 873 17,843 890 17,737 1,267 16,688 2,595 297 294 265 267 286 281 302 274 325 299 276 262 224 299 350 410 401 350 358 324 325 352 369 337 415 417 477 505 532 495 490 546 543 512 485 524 306 303 312 283 274 277 269 260 301 302 317 361 534 515 481 554 534 496 492 490 516 488 462 522 270 214 197 185 194 221 213 202 216 226 243 250 1 1 .... .. ..... . ..... . .... .. .... .. ..... . ..... . ' ..... . ..... . ..... . ..... . .... .. 19,296 19,000 18,730 18,394 18,223 18,600 18,609 18,580 18,425 18,476 18,540 18,899 18,723 18,434 18,097 17,772 17,557 17,974 17,953 17,946 17,854 17,955 18,034 18,383 573 566 633 622 666 626 656 634 571 521 506 516 "304' 18,893 18,577 18,429 18,664 18,580 18,451 18,671 18,613 18,593 18,610 18,621 18,932 18,396 18,117 17,968 18,247 18,132 18,043 18,271 18,141 18,183 18,164 18,176 18,450 497 460 461 417 448 408 400 472 410 446 445 482 18,878 18,213 18,027 18,104 18,239 18,294 18,518 18,501 18,570 18,733 19,004 19,283 18,334 17,758 17,611 17,696 17,770 17,828 18,010 17,961 17,931 18,095 18,248 18,514 455 416 408 469 466 508 540 639 638 756 769 544 6 Averages not available until 1929; for discussion see p. 11. 7 Based on data for August-December. Figures not available for all items on a comparable basis before August 1917. Data for selected dates for earlier period shown in Banking and Monetary Statistics, Tables 102 and 104, pp. 373 and 395, respeclively. 8 Includes average balances of unlicensed banks as follows: $27 million in 1933 and $8 million in 1934. Required and excess reserves for March 1933 were estimated; from then through April 1934 they covered licensed banks only (no computations made for unlicensed banks). After April 1934, no distinction was made between reports from licensed and unlicensed banks. 9Wednesday figures estimated through 1959; daily figures not reported until 1960. lOTuesday. 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - c. WEEKLY AVERAGES OF DAILY FIGURES, 1951-60 [In millions of dollars I - -- .. - Treas- I U.S. Government securities ury Dis- Week endingTotal Bought outright Repurchase agree- ments and advances -[1951 Jan. 3 ....•........ 10 •..........•. 17 .••••......•. 24 .•..•........ 31. ............ 20,716 20,401 20,713 20,610 21,081 20,666 20,401 20,708 20,610 21,020 7 .••••........ 14 •...•........ 21 •••.......... 28 ............. 21,552 21,780 21,842 21,760 21,489 21,724 21,842 21,760 Mar. 7 ••........... 14 .••.......... 21. ... " ..... ,. 28 .•.........•. 22,034 22,266 22,402 22,403 22,033 22,266 22,402 22,374 ........ o Apr. 11::::::::::::: 18 .•........... 25 ............. 22,892 23,058 23,086 22,975 22,822 23,058 23,086 22,975 2 ............. 9 ...........•. 16 ............. 23 ..••......... 30 ............. 22,746 22,515 22,402 22,431 22,308 June 6 ............. 13 •.•.......... 20 ...•......... 27 ...•......... July Aug. ._ --- _... __ .._----- Gold stock Total currency outstanding Currency in circul.tion Treasury cash ho1dings - --_ .. _,._"-------_ . Deposits, other than member bank reserves, with F. R. Banks Treasury Foreign Other Other Federa1 Reserve ac- counts Member bank reserves Total Required Excess - - - - - - - - - - - - - - 150 105 144 124 545 1,213 978 822 1,041 743 3 3 3 3 3 22,083 21,487 21,682 21,778 22,373 22,706 22,632 22,502 22,458 22,421 4,634 4,634 4,635 4,635 4,637 27,745 27,564 27,315 27,131 27,026 1,296 1,301 1,296 1,297 1,297 642 407 178 175 617 904 860 862 846 852 422 385 254 366 321 731 746 744 743 741 17,683 17,491 18,170 18,312 18,578 16,508 16,424 17,256 17,599 18,086 1,175 1,067 914 713 492 415 356 188 362 1,163 1,175 1,518 1,018 4 4 4 4 23,133 23,315 23,552 23,144 22,349 22,303 22,208 22,138 4,638 4,637 4,637 4,638 27,109 27,168 27,132 27,171 1,300 1,294 1,283 1,283 880 890 911 687 864 879 858 847 361 445 381 386 736 735 733 732 18,870 18,843 19,100 18,814 18,291 18,226 18,322 18,280 579 617 778 534 244 171 111 374 1,014 888 1,371 1,139 4 4 4 4 23,296 23,328 23,888 23,921 21,994 21,943 21,890 21,856 4,640 4,639 4,638 4,638 27,230 27,220 27,163 27,097 1,301 1,281 1,283 1,289 492 343 552 798 824 884 867 875 360 264 271 502 726 722 734 734 18,996 19,196 19,545 19,118 18,337 18,390 18,682 18,594 659 806 863 524 ........ ........ ........ 280 109 118 148 837 771 976 912 6 5 5 5 24,015 23,943 24,184 24,041 21,805 21,806 21,806 21,807 4,640 4,640 4,640 4,640 27,123 27,181 27,196 27,152 1,297 1,293 1,287 1,291 995 493 551 704 847 828 836 887 383 400 399 380 742 752 752 754 19,073 19,443 19,610 19,318 18,387 18,511 18,557 18,503 686 932 1,053 815 22,746 22,504 22,333 22,378 22,265 .... ·ii· 267 551 560 249 448 698 731 827 1,051 696 5 5 5 5 5 23,716 23,802 23,794 23,734 23,458 21,799 21,755 21,755 21,755 21,755 4,643 4,643 4,643 4,642 4,642 27,237 27,322 27,330 27,288 27,350 1,292 1,291 1,293 1,289 1,290 638 633 654 641 620 913 908 916 884 873 367 346 339 378 342 728 696 696 696 694 18,983 19,004 18,965 18,955 18,686 18,469 18,334 18,282 18,307 18,253 514 670 683 648 433 22,625 22,779 22,874 22,802 22,572 22,779 22,874 22,802 ........ ........ ........ 53 241 132 113 211 708 798 1,169 1,022 5 5 6 6 23,580 23,714 24,162 24,041 21,756 21,756 21,755 21,755 4,644 4,646 4,647 4,649 27,523 27,532 27,510 27,524 1,297 1,287 1,285 1,279 219 188 181 568 883 925 913 948 277 221 256 231 687 685 759 772 19,095 19,278 19,661 19,123 18,271 18,350 18,611 18,562 824 928 1,050 561 4 ............. ll ............. 18 ............. 25 ............. 22,968 23,069 23,092 23,062 22,924 22,998 23,035 22,993 44 71 57 69 214 241 156 165 877 942 1,157 1,202 6 6 6 6 24,065 24,258 24,410 24,436 21,756 21,756 21,757 21,758 4,654 4,654 4,656 4,657 27,847 28,000 27,851 27,758 1,285 1,285 1,291 1,294 241 237 444 543 867 874 867 878 243 233 285 352 767 766 767 766 19,226 19,274 19,318 19,259 18,589 18,467 18,460 18,460 637 807 858 799 1. ...•........ 8 .•........... 15 .••.......... 22 .•.•......... 29 ............. 23,060 23,148 23,157 23,122 23,072 22,988 23,029 23,039 23,039 23,039 72 119 118 83 33 249 359 217 171 338 877 758 830 1,095 747 6 6 6 6 6 24,193 24,271 24,211 24,393 24,162 21,759 21,759 21,794 21,800 21,800 4,660 4,663 4,666 4,667 4,668 27,806 27,912 27,930 27,954 27,970 1,300 1,294 1,283 1,285 1,286 547 413 425 498 570 845 844 895 839 772 347 308 189 305 277 714 721 720 718 718 19,052 19,201 19,227 19,260 19,038 18,446 18,427 18,471 18,513 18,473 606 774 756 747 565 Sept. 5 ............. 12 .••••........ 19 ............. 26 ............. 23,116 23,129 23,193 23,297 23,054 23,055 23,105 23,264 62 74 88 33 462 460 328 195 670 874 1,380 1,202 6 6 5 5 24,254 24,469 24,905 24,698 21,846 21,853 21,876 21,967 4,672 4,673 4,674 4,675 28,177 28,270 28,202 28,151 1,292 1,286 1,283 1,278 455 389 585 657 761 802 745 754 311 294 287 254 716 714 720 729 19,061 19,241 19,634 19,519 18,437 18,490 18,784 18,850 624 751 850 669 3 ............. 10 ............. 17 ............. 24 ............. 31. ............ 23,814 24,109 23,909 23,714 23,559 23,639 24,109 23,909 23,714 23,559 175 190 71 75 126 273 991 937 1,050 316 1,805 5 5 5 5 5 25,000 25,121 25,039 25,161 24,641 22,013 22,032 22,097 22,122 22,205 4,679 4,680 4,681 4,683 4,684 28,285 28,394 28,457 28,370 28,363 1,285 1,282 1,286 1,280 1,285 775 438 316 471 537 720 719 746 679 596 300 266 383 249 272 740 751 794 851 831 19,586 19,982 19,835 20,065 19,646 18,829 18,867 18,874 19,033 19,080 757 1,115 961 1,032 566 Nov. 7 ............. 14 .•........... 23,509 23,405 23,509 23,405 4 4 24,647 24,747 22,255 22,283 4,686 4,687 28,497 28,578 1,287 1,285 412 401 573 623 308 304 778 778 19,732 19,749 19,025 18,957 707 792 Feb. N : All Float \ other 3 counts - ! i Reserve Bank credit outstanding I Continued May Oct. 50 ·· .... 5· 61 63 56 ........ ........ 1 .. .. ·i9· 70 69 53 43 ........ ........ ........ ........ ........ ........ 2821 423 I 852 914 1 i I 21 ............. 28 ............. 23,332 23,244 23,332 \ ........ ) 23,244 I........ 189 387 1,434 1,149 4 4 24,959 24,784 22,304 22,332 4,688 4,691 28,608 28,711 1,284 1,289 431 478 575 568 279 262 775 775 20,000 19,724 19,139 19,095 861 629 5 .•........... 12 ............. 19 ......... 26 ........ 23,239 23,314 23,334 23,387 23,239 , ........ 23,239 75 23,285 49 23,255 132 691 730 397 551 881 955 1,631 1,916 4 4 4 5 24,815 25,003 25,366 25,859 22,375 22,381 22,455 22,545 4,697 4,699 4,701 4,703 28,830 29,002 29,148 29,401 1,290 1,287 1,272 1,269 456 369 59 250 572 541 538 560 261 248 241 266 772 771 794 828 19,706 19,866 20,471 20,533 19,171 19,228 19,605 19,718 535 638 866 815 1952 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 23,812 23,586 23,270 23,070 22,816 23,595 23,574 23,270 23,070 22,816 748 238 217 146 221 1,283 1,266 951 1,141 797 5 5 4 4 4 25,848 25,094 24,442 24,362 23,839 22,685 22,761 22,786 22,843 22,923 4,707 4,706 4,708 4,711 4,712 29,233 28,984 28,660 28,460 28,324 1,279 1,273 1,280 1,279 1,289 251 76 153 20 175 627 518 522 504 482 292 236 244 193 229 793 744 744 743 743 20,765 20,730 20,331 20,716 20,232 19,666 19,601 19,479 19,554 19,487 1,099 1, 129 852 1, 162 745 6 ............. 13 ............. 20 ••........... 27 ............. 22,691 22,537 22,406 22,604 22,691 22,537 22,406 22,604 286 374 414 331 757 765 1,125 957 5 5 5 5 23,739 23,680 23,949 23,897 22,970 23,008 23,051 23,082 4,717 4,717 4,719 4,722 28,396 28,422 28,395 28,393 1,317 1,280 1,296 1,287 102 129 519 559 451 449 467 482 358 306 323 365 740 740 740 735 20,061 20,077 19,979 19,881 19,402 19,334 19,286 19,214 659 743 693 667 Mar. 5 .•........... 12 ............. 19 ............. 26 ............. 22,524 22,535 22,758 22,760 22,524 22,515 22,740 22,760 462 549 186 151 900 869 1,153 960 5 5 5 5 23,891 23,957 24,101 23,876 23,193 23,291 23,291 23,291 4,725 4,726 4,728 4,730 28,465 28,497 28,449 28,344 1,290 1,292 1,279 1,279 573 707 250 24 580 587 551 535 284 325 289 238 756 786 792 804 19,861 19,780 20,510 20,673 19,172 19,113 19,435 19,543 I, 075 1, 130 Apr. 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 22,531 22,511 22,483 22,407 22,371 22,531 22,511 22,483 22,407 22,371 228 176 368 413 578 719 769 1,062 1,116 736 5 5 5 5 5 23,484 23,462 23,919 23,941 23,690 23,290 23,291 23,293 23,295 23,295 4,733 4,736 4,737 4,737 4,738 28,438 28,510 28,529 28,403 28,400 1,275 1,272 1,274 1,286 1,280 148 289 437 832 742 553 565 568 540 530 236 241 413 357 316 809 827 826 825 793 20,049 19,784 19,902 19,731 19,663 19,274 19,135 19,136 19,128 19,103 775 649 766 603 560 May 7 ............. 14 ............. 21 ............. 28 ............. 22,340 22,325 22,308 22,273 22,340 22,325 22,308 22,373 647 609 358 517 689 753 1,011 825 5 5 5 5 23,681 23,693 23,682 23,619 23,297 23,297 23,298 23,297 4,738 4,739 4,739 4,740 28,525 28,541 28,515 28,560 1,279 1,284 1,284 1,276 606 576 493 534 493 526 523 584 316 293 298 283 748 746 742 745 19,750 19,762 19,865 19,674 19,117 19,062 19,175 19,166 633 700 690 508 June 4 ..•.......... 11 ............. 18 ............. 25 ............. 22,311 22,420 22,744 22,707 22,273 22,273 22,542 22,704 38 147 202 3 927 846 300 198 779 823 1,098 1,099 5 5 5 5 24,022 24,094 24,147 24,008 23,296 23,296 23,297 23,311 4,747 4,749 4,751 4,752 28,787 28,856 28,825 28,787 1,280 1,279 1,282 1,284 562 550 257 27 597 603 605 599 317 253 209 227 743 743 764 792 19,779 19,855 20,256 20,355 19,185 19,199 19,473 19,655 594 656 783 700 2 ............. 9 ............. 16 .•........... 23 ............. 30 ............. 22,831 22,833 22,803 22,740 22,788 22,708 22,645 22,605 22,576 22,602 123 188 198 164 186 754 1,021 1,115 1,153 1,257 760 906 912 1,040 783 5 5 5 5 5 24,350 24,765 24,834 24,938 24,832 23,346 23,347 23,348 23,349 23,350 4,754 4,755 4,755 4,756 4,758 29,010 29,190 29,072 28,944 28,882 1,282 1,257 1,269 1,269 1,281 267 36 180 480 549 588 580 674 726 771 236 259 295 307 272 793 798 798 797 777 20,275 20,746 20,649 20,520 20,408 19,680 20,044 19,959 19,891 19,831 595 702 690 629 577 Aug. 6 ............. 13 ............. 20 ............. 27 ............. 22,867 23,069 23,038 23,044 22,728 23,023 23,032 23,035 139 46 6 9 1,273 935 835 1,093 683 680 875 712 5 5 5 5 24,828 24,689 24,752 24,854 23,350 23,348 23,343 23,343 4,762 4,764 4,764 4,767 29,005 29,065 29,071 29,087 1,284 1,276 1,271 1,276 551 378 468 595 711 802 776 824 299 222 218 277 722 719 721 720 20,368 20,338 20,336 20,185 19,734 19,687 19,664 19,608 634 651 672 577 Sept. 3 ............. 10 .•........... 17 ............. 24 ............. 23,150 23,172 23,367 23,813 23,095 23,116 23,284 23,813 55 56 83 1,204 1,151 686 326 671 741 943 1,078 5 5 5 4 25,029 25,068 25,001 25,222 23,344 23,344 23,344 23,343 4,773 4,775 4,777 4,780 29,305 29,383 29,344 29,292 1,275 1,277 1,275 1,273 574 480 136 59 814 781 803 747 290 268 216 213 718 716 723 725 20,171 20,283 20,626 21,036 19,584 19,532 19,771 19,942 587 751 855 I,094 Oct. 1. ............ 8 ............. 15 ••.••........ 22 ...•......... 29 ............. 23,694 23,663 23,692 23,665 23,624 23,694 23,663 23,663 23,663 23,624 29 2 543 978 1,232 939 1,183 738 782 827 1,309 882 5 4 4 4 4 24,980 25,427 25,755 25,917 25,693 23,342 23,341 23,341 23,340 23,340 4,783 4,787 4,787 4,789 4,790 29,363 29,516 29,611 29,575 29,516 1,275 1,274 1,273 1,276 1,281 541 629 393 467 657 710 719 682 690 667 193 229 282 246 274 747 882 881 880 879 20,277 20,307 20,761 20,912 20,548 19,781 19,635 20,049 20,171 20,014 496 672 712 741 534 Nov. 5 .•.•......... 12 .•........... 19 ............. 26 ............. 23,560 23,606 23,601 23,673 23,494 23,492 23,493 23,569 66 114 108 104 1,611 1,580 1,453 1,501 695 838 1,139 1,071 4 4 4 4 25,870 26,028 26,196 26,249 23,339 23,339 23,338 23,337 4,793 4,794 4,796 4,797 29,670 29,844 29,890 29,959 1,276 1,277 1,283 1,280 785 680 609 468 645 649 716 704 313 283 300 295 805 805 803 803 20,509 20,623 20,728 20,874 19,937 19,911 20,011 20,301 572 712 717 573 Dec. 23,861 24,084 24,375 24,556 24,785 23,633 23,733 23,860 23,984 24,019 228 351 515 572 766 1,718 1,797 1,545 1,480 1,734 980 993 1,145 1,709 1,307 4 4 4 4 4 26,563 26,879 27,069 27,748 27,830 23,337 23,337 23,328 23,228 23,186 4,801 4,803 4,805 4,807 4,810 30,235 30,346 30,440 30,650 30,639 1,268 1,274 1,269 1,269 1,270 483 645 372 574 658 745 751 795 727 710 212 277 327 262 351 800 801 827 861 851 20,959 20,924 21,172 21,440 21,348 20,371 20,303 20,461 20,618 20,490 588 621 711 822 858 Dec. Jan. Feb. N July 3 ............. 10 .••••........ 17 ............. 24 ............. 31. ............ For notes see p. 19. 217 12 ""'20' 18 689 667 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued C. WEEKLY AVERAGES OF DAILY FIGURES, 1951-60-Continued [In millions of dollars] Reserve Bank credit outstanding U.S. Government securities Week endingTotal Bought outright Repurchase agreements - Discounts and advances All other Float Gold stock 3 Total 1 Treasury currency outstanding ----- Currency in circulation Deposits, other than member bank reserves, with F. R. Banks Treasury cash holdings Treasury Foreign --- Other Other Federal Reserve accounts Member bank reserves Total Required Ex- cess - 1953 7 ............ . 14 ...••........ 21 .•.•......... 28 ............ . 24,525 24,300 24,095 23,996 24,033 24,033 24,033 23,996 492 267 62 1,508 1,500 1,171 1,204 1,049 979 1,210 913 4 4 4 4 27,086 26,783 26,480 26,117 23,165 23,137 23,087 23,065 4,813 4,814 4,814 4,814 30,324 30,017 29,801 29,641 1,280 1,274 1,277 1,279 559 563 418 561 557 649 622 626 416 383 439 387 776 776 775 775 21,153 21,071 21,049 20,727 20,429 20,269 20,262 20,132 724 802 787 595 4............. 11............. 18............. 25............. 23,959 23,946 23,944 23,852 23,888 23,888 23,888 23,852 71 58 56 1,582 1,501 1,286 1,106 708 684 844 981 4 4 4 4 26,253 26,135 26,078 25,942 22,971 22,869 22,773 22,713 4,819 4,820 4,821 4,821 29,680 29,716 29,736 29,690 1,314 1,314 1,297 1,281 767 569 401 443 580 551 527 483 383 350 321 334 770 770 798 836 20,548 20,556 20,592 20,409 19,988 19,905 19,902 19,828 560 651 690 581 Mar. 4............. 11............. 23,871 23,852 23,923 23,985 23,852 23,852 23,868 23,985 19 1,190 1,429 1,318 939 929 865 1,085 892 4 18............. 25............. 4 4 4 25,994 26,150 26,329 25,819 22,662 22,612 22,612 22,598 4,823 4,824 4,825 4,826 29,788 29,805 29,797 29,674 1,289 1,294 1,297 1,300 394 424 286 19 509 551 563 495 302 368 403 406 832 830 839 852 20,365 20,314 20,581 20,498 19,798 19,758 19,948 19,893 567 556 633 605 I............. 8............. 15............. 22............. 29 .... " . . . . . .. 23,813 23,878 23,879 23,852 23,841 23,813 23,806 23,806 23,806 23,806 72 73 46 35 1,158 1,366 1,254 1,057 1,186 747 936 792 1,006 681 4 4 4 4 3 25,721 26,184 25,929 25,919 25,711 22,562 22,562 22,562 22,562 22,562 4,826 4,828 4,830 4,834 4,835 29,712 29,826 29,787 29,766 29,744 1,296 1,297 1,280 1,273 1,274 156 410 358 396 432 520 568 551 583 559 371 532 357 295 410 854 868 867 865 854 20,201 20,072 20,121 20,136 19,837 19,688 19,505 19,500 19,525 19,369 513 567 621 611 468 May 6............. 13............. 20............. 27............. 23,871 23,855 23,925 24,075 23,806 23,820 23,873 23,934 65 35 52 141 1.140 1,323 855 627 701 689 936 730 4 4 4 4 25,715 25,871 25,720 25,435 22,562 22,562 22,561 22,554 4,840 4,841 4,844 4,845 29,856 29,904 29,856 29,818 1,278 1,279 279 1, 1,278 436 416 289 337 515 550 636 522 426 404 384 289 781 780 779 777 19,825 19,940 19,904 19,814 19,369 19,309 19,284 19,275 456 631 620 539 June 3............. 10............. 17............. 24.... . . . . . . . .. 24,191 24,446 24,961 25,188 24,035 24,431 24,933 25,188 156 15 28 634 553 403 291 658 639 842 986 4 4 3 3 25,486 25,641 26,209 26,469 22,537 22,537 22,512 22,508 4,849 4,850 4,851 4,851 29,954 30,037 30,018 29,966 1,279 1,280 1,275 1,268 205 25 14 14 519 549 599 577 194 201 218 201 830 902 925 960 19,891 20,034 20,523 20,843 19,280 19,350 19,625 19,690 611 684 898 1,153 I. ........... . 8 ........... .. 15 ............ . 22 ............ . 29 ............ . 24,667 24,954 24,964 24,964 24,964 24,658 24,902 24,964 24,964 24,964 9 52 441 409 240 391 624 662 721 663 920 678 3 3 3 3 3 25,773 26,087 25,870 26,278 26,269 22,480 22,442 22,402 22,354 22,276 4,853 4,854 4,853 4,853 4,853 30,063 30,267 30,257 30,122 30,031 1,264 1,262 1,259 1,268 1,264 144 413 539 629 629 551 494 556 548 544 188 160 188 233 356 957 949 948 948 931 19,939 19,838 19,377 19,736 19,644 19,393 19,046 18,190 19,122 19,046 546 792 1,187 614 598 Aug. 5............. 12............. 19............. 26.... .. . . . . . .. 24,964 24,964 24,992 25,014 24,964 24,964 24,967 24,989 628 847 752 496 606 572 807 659 3 3 3 3 26,200 26,386 26,554 26,172 22,263 22,227 22,228 22,228 4,857 4,858 4,859 4,862 30,124 30,178 30,181 30,138 1,269 1,273 1,277 1,273 563 657 793 626 563 539 598 520 368 349 391 402 861 860 860 861 19,572 19,616 19,541 19,441 18,981 18,907 18,895 18,818 591 709 646 623 Sept. 2............. 9............. 16............. 23.. ........... 30............. 25,073 25,137 25,195 25,142 25,229 24,992 25,017 25,045 25,125 25,229 506 802 541 227 318 624 631 758 1,023 726 3 3 3 3 3 26,207 26,573 26,496 26,395 26,276 22,185 22,178 22,178 22,178 22,171 4,863 4,866 4,866 4,868 4,870 i 30,219 30,376 30,430 30,294 30,238 1,272 I 1,270 I 1,270 , 1,272 I 1,279 ! 592 710 422 409 615 518 568 558 520 510 350 382 395 247 400 862 860 866 882 882 19,442 19,450 19,600 19,818 19,393 18,840 18,751 18,844 18,900 18,831 602 699 756 918 562 Oct. 7. .. .. . . . . . . .. 14............. 21............. 28............. 25,320 25,360 25,348 25,348 25,317 3 25,349 11 25,348 ....... . 25,348 i ...... .. 415 499 250 299 714 671 1,109 741 3 3 3 3 26,452 26,533 26,710 26,391 22,128 22,128 22,085 22,077 4,872 4,873 4,873 4,874 30,345 30,437 30,373 30,300 1,277 1,277 1,266 1,273 590 525 550 518 494 470 439 451 380 459 398 390 900 899 898 896 19,466 19,466 19,744 19,515 18,791 18,710 18,823 18,779 , 675 756 921 736 Nov. 4............. II............. 25,362 25,396 25,355 25,215 , 467 403 694 621 3 3 26,526 26,422 22,077 22,077 4,877 4,878 30,404 30,499 1,281 1,067 651 467 452 444 440 439 802 805 19,450 19,655 18,854 18,888 596 767 Jan. Feb. Apr. N N July 55 25 25 81 120 150 17 7 181 I' ! I 1 I 1' 18 ............. 25 .•••••••.•... 25,087 25,005 24,957 24,963 130 42 407 500 Dec. 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 25,054 25,252 25,553 25,823 26,052 25,003 25,084 25,207 25,303 25,318 51 168 346 520 734 612 678 449 518 226 1954 6 ............. 13 ............. 20 ............. 27 ............. 25,786 25,438 25,316 24,958 25,318 25,318 25,316 24,958 468 120 3 ............. 10 .......•..... 17 ............. 24 .•.......•... 24,662 24,869 24,895 24,723 24,654 24,803 24,806 24,723 8 66 89 Mar. 3 ............. 10 ...•.....•... 17 ............. 24 ............. 31. ............ 24,523 24,676 24,633 24,621 24,649 24,523 24,662 24,629 24,597 24,636 Apr. 7 ............. 14 ..•••........ 21. ............ 28 ............. 24,632 24,643 24,632 24,632 24,632 24,632 24,632 24,632 May 5 ............. 12 ............. 19 ............. 26 ...........•. 24,632 24,652 24,659 24,709 24,632 24,632 24,640 24,709 June 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 24,812 24,960 24,955 25,018 25,113 24,812 24,960 24,955 24,986 24,980 July 7 ............. 14 ............. 21 ............. 28 ............. 25,082 24,912 24.765 24,517 25,038 24,912 24,765 24,517 Aug. 4 ............. 11 ............. 18 ............. 25 ............. 24,325 24.040 23,980 23,813 24.325 24,023 23,876 23,747 Sept. I. ............ 8 ............. 15 ............. 22 ............. 29 ............. 23,938 24,013 24,035 23,789 23,868 23,845 23,977 24,035 23,789 23,868 Oct. 6 ............. 13 ............. 20 ............. 27 ............. 24,492 24,606 24,487 24,381 24,492 24,581 24,456 24,381 . ....... Nov. 3 ............. 10 ............. 17 ............. 24 ............. 24,464 24,754 24,685 24,553 24,448 24,745 24,685 24,553 . ....... . ....... 1 ............. 8 ............. 15 ............. 22 ............. 29 ............. 24.722 24,891 24,919 24,928 24,918 24,715 24,889 24,888 24,888 24,888 Jan. Feb. Dec. For notes see p. 19. I 844 847 3 2 26,341 26,354 22,0771 22,027 4,878 4,879 30, 546 30,558 725 714 844 1,377 1,206 3 2 2 2 2 26,393 26,647 26,848 27,721 27,486 22,027 22,027 22,028 22,028 22,029 4,881 4,883 4,884 4,885 4,887 111 155 87 91 987 775 940 880 2 2 2 2 26,886 26,370 26,344 25,930 22,029 22,030 22,023 22,006 226 375 316 215 558 552 702 796 2 2 2 2 25,447 25,798 25,916 25,735 282 256 186 177 190 738 684 689 766 703 2 2 2 2 2 11 153 156 141 148 583 597 955 672 20 19 158 184 143 164 782 783 430 511 30,759 30,872 30,942 31,086 31,051 775 775 770 758 763 491 521 381 921 652 4,891 4,890 4,890 4,890 30,721 30,457 30,199 29,999 769 771 773 788 21,963 21,956 21,957 21,957 4,898 4,900 4,904 4,905 29,965 29,941 29,915 29,836 25,545 25,617 25,509 25,565 25,544 21,958 21,960 21,963 21,964 21,965 4,911 4,916 4,919 4,923 4,928 2 1 1 1 25,370 25,397 25,730 25,453 21,965 21,966 21,967 21,968 634 541 739 638 I 1 1 1 25,426 25,379 25,542 25,512 216 170 142 194 157 613 670 665 920 630 1 I 1 1 1 . ....... . ....... . ....... 71 68 73 168 675 710 833 590 ..· .. ii· 175 287 229 178 I I 433 414 445 384 806 806 19,854 19,803 19, 122 19,164 436 450 501 462 471 378 369 343 438 406 826 879 896 937 938 19,637 19,691 19,926 20,032 20,121 19,100 19,081 19,232 19,284 19,308 537 610 694 748 813 328 334 12 46 431 469 449 466 525 444 425 322 838 837 834 832 20,194 19,978 20,566 20,374 19,367 19,199 19,292 19,236 827 779 1,274 1,138 799 807 811 815 405 589 627 558 450 458 488 461 372 371 503 448 830 829 864 912 19,487 19,659 19,569 19,569 19,059 18,986 18,916 18,867 428 673 653 702 29,895 29,916 29,859 29,722 29,663 817 818 816 806 809 517 566 242 487 670 481 460 530 505 486 413 385 289 317 399 909 908 912 918 918 19,382 19,441 19,744 19,697 19,492 18,831 18,765 19,018 19,017 18,759 551 676 726 680 733 4,933 4,938 4,945 4,946 29,780 29,817 29,780 29,652 819 823 831 827 526 650 680 495 507 503 461 456 399 379 574 388 936 935 933 920 19,300 19,194 19,384 19,630 18,595 18,595 18,612 18,654 705 599 772 976 21,969 21,970 21,971 21,972 4,950 4,952 4,955 4,957 29,738 29,810 29,769 29,707 826 829 838 829 586 453 551 397 503 572 532 500 351 370 411 437 850 848 862 880 19,490 19,418 19,506 19,690 18,769 18,708 18,785 18,924 721 710 721 766 25,642 25,802 25,764 26,134 25,901 21,966 21,924 21,925 21,926 21,926 4,958 4,958 4,957 4,955 4,956 29,874 29,928 29,870 29,793 29,813 827 823 813 806 812 452 342 341 757 1,010 521 549 549 547 579 458 358 227 296 384 878 877 910 998 996 19,555 19,805 19,934 19,818 19,188 18,912 18,885 19,043 18,958 18,349 643 920 891 860 839 1 1 1 1 25.829 25,691 25.673 25,277 21,927 21,929 21,931 21,924 4,959 4,958 4,958 4,959 30,066 30,099 29,932 29,815 821 811 807 806 464 392 499 551 588 765 651 569 413 359 428 420 986 986 983 963 19,377 19.166 19,261 19,036 18,419 18,404 18,356 18,347 958 762 905 689 653 598 723 698 1 1 1 1 25,154 24,925 24,933 24,690 21.908 21,901 21,858 21,858 4,960 4,959 4,960 4,961 29,890 29,932 29,919 29,850 802 803 805 807 742 584 558 566 526 544 579 557 455 430 452 450 908 905 914 927 18,698 18,586 18,525 18,353 17,666 17.688 17,662 17,627 1,032 898 863 726 185 147 189 141 191 576 598 714 977 627 1 1 1 1 1 24,699 24,759 24,939 24,908 24,687 21.837 21,809 21,809 21,8\0 21,810 4,962 4,965 4,967 4,967 4,968 29,887 30,046 30,073 29,969 29,888 808 802 795 793 795 551 479 558 446 652 465 518 559 514 511 516 428 432 435 437 926 923 925 934 933 18,346 18,336 18,373 18,596 18,250 17,603 17,556 17,594 17,691 17,663 743 780 779 905 587 179 259 284 257 667 599 927 721 1 1 1 1 25,338 25,465 25,699 25,360 21,810 21,810 21,788 21,759 4,971 4,972 4,973 4,973 30,010 30,143 30,125 30,028 793 790 796 801 676 594 570 567 484 466 443 442 452 472 440 411 948 950 950 949 18,756 18,832 19,136 18,895 17,894 18,201 18,269 18,224 862 631 867 671 16 9 355 277 271 300 617 669 751 1,046 1 1 1 1 25,436 25,701 25,708 25,900 21,759 21,752 21,709 21,709 4,976 4,977 4,978 4,980 30,088 30,206 30,262 30,318 806 796 799 800 669 362 397 576 432 423 425 409 472 394 324 399 895 886 883 882 18,810 19,364 19,306 19,205 18,233 18,244 18,423 18,524 577 1,120 883 681 7 2 31 40 30 498 465 442 311 377 698 724 810 1,373 1,138 1 1 1 1 1 25,918 26,080 26,172 26,612 26,433 21,710 21,710 21,711 21,712 21,712 4,982 4,982 4,982 4,982 4,982 30,466 30,623 30,755 30,885 30,828 806 806 812 800 801 605 535 363 345 453 396 361 405 443 523 405 408 398 346 295 881 877 891 975 976 19,052 19,162 19,241 19,512 19,250 18,464 18,444 18,555 18,690 18,630 588 718 686 822 620 . ....... . ....... . ....... . .... i4' 4 24 13 . ....... . ....... . ....... ........ . ....... 32 133 44 104 66 93 36 . ....... . ....... . ....... 25 31 I 1 , I 1 732 639 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued C. WEEKLY AVERAGES OF DATI..Y FIGURES, 1951-60-Continued [In millions of dollars] I Reserve Bank credit outstanding I U.S. Government securities Week endingTotal Bought outright Repurchase agreements Discounts and ad- Float All other 3 Total Gold stock vances - - - - - Treasury cur.. rency outstanding Deposits, other than - Cur reney in circu - latio n member bank reserves, Treasory cash holdings with F. R. Banks Treasury Foreign Member bank reserves Other Federal Reserve Other accounts Total Required - - - - - - Excess - 1955 5 ............. 12 ............. 19 ............. 26 ............. 24,918 24,532 24,155 23,683 24,874 24,511 24,128 23,671 44 21 27 12 372 504 445 453 885 756 881 806 I I I I 26,176 25,792 25,482 24,942 21,712 21,713 21,714 21,714 4,984 4,984 4,985 4,985 30,5 01 30,3 61 30,079 29,8 66 804 814 818 827 449 378 275 272 527 493 516 422 413 409 413 280 916 905 902 901 19,263 19,130 19,176 19,074 18,580 18,436 18,383 18,429 683 694 793 645 2 ............. 9 ............. 16 ............. 23 ............. 23,852 24,016 23,908 23,732 23,844 23,902 23,827 23,732 8 114 81 524 555 387 395 666 640 668 804 I I I 25,042 25,212 24,964 24,932 21,714 21,715 21,715 21,716 4,988 4,988 4,989 4,990 29,7 67 29,794 29,7 82 29,7 71 834 827 824 825 431 472 399 490 441 447 486 390 419 480 458 486 899 895 913 959 18,952 19,000 18,806 18,716 18,361 18,272 18,236 18,108 591 728 570 608 Mar. 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 23,604 23,604 23,606 23,664 23,604 23,604 23,604 23,604 23,604 23,604 2 60 490 479 483 630 745 797 789 719 1,032 677 I I I I I 24,892 24,873 24,809 25,327 25,028 21,716 21,717 21,717 21,718 21,719 4,995 4,995 4,995 4,995 4,997 29,7 96 29,8 19 29,8 33 29,793 29,7 16 827 828 817 818 826 575 548 356 887 1,000 324 364 422 339 338 481 476 358 435 490 957 955 957 964 964 18,642 18,596 18,779 18,804 18,408 18,089 18,018 18,149 18,123 17,918 553 578 630 681 490 Apr. 6 ............. 13 ............. 20 ............. 27 ............. 23,643 23,682 23,604 23,604 23,604 23,604 23,604 23,604 39 78 613 662 521 544 656 801 1,031 861 7 14 19 21 24,918 25,159 25,175 25,031 21,719 21,669 21,670 21,671 4,997 4,996 4,997 4,998 29,8 31 29,940 29,793 29,686 821 812 820 813 559 325 483 541 344 349 419 367 492 553 454 438 976 979 978 978 18,611 18,868 18,895 18,877 18,055 18,214 18,253 18,260 556 654 642 617 May 4 ............. II ............. 18 ............. 25 ............. 23,666 23,839 23,687 23,513 23,613 23,702 23,664 23,513 53 137 23 ........ 544 374 317 427 743 696 888 880 17 15 15 14 24,971 ·24,924 24,908 24,834 21,671 21,671 21,672 21,673 4,999 4,999 4,999 4,999 29,7 67 29,8 59 29,8 77 29,8 26 815 811 821 818 675 280 310 437 360 363 417 394 443 442 377 421 923 920 924 937 18,659 18,920 18,853 18,673 18,201 18,176 18,207 18,192 458 744 646 481 June I. ............ 8 ............. 15 ............. 22 ............. 29 ............. 23,603 23,683 23,588 23,554 23,554 23,600 23,683 23,588 23,554 23,554 ........ . ....... . ....... ........ 3 612 533 558 348 456 772 812 793 1,137 789 14 17 17 16 16 25,001 25,044 24,956 25,055 24,815 21,674 21,675 21,676 21,676 21,677 5,001 5,002 5,001 5,001 5,001 29,9 61 30,059 30,058 30,0 35 30,021 823 835 832 818 814 582 440 304 213 323 400 387 434 408 425 478 416 387 278 275 936 935 940 981 981 18,496 18,648 18,678 18,998 18,653 18,063 18,036 18,099 18,301 18,164 433 612 579 697 489 July 6 ............. 13 ..•.......... 20 ............. 27 ............. 23,703 23,957 23,943 24,140 23,692 23,943 23,943 24,035 II 14 688 685 357 439 858 913 1,118 915 16 16 14 12 25,265 25,571 25,432 25,506 21,678 21,679 21,680 21,681 5,003 5,003 5,003 5,002 30,299 30,4 16 30,287 30,1 57 814 803 793 798 420 440 416 480 367 425 460 439 468 419 415 403 970 971 970 967 18,609 18,779 18,774 18,945 18,085 18,047 18,209 18,386 524 732 565 559 Aug. 3 •............ 10 •..•......... 17 ............. 24 ............. 31 ......... ... 24,044 24,055 23,891 23,796 23,761 23,982 23,983 23,891 23,796 23,761 62 72 781 888 796 724 770 802 627 794 891 671 II 14 15 15 15 25,638 25,584 25,495 25,425 25,217 21,682 21,682 21,682 21,682 21,682 5,003 5,003 5,003 5,005 5,005 30,2 37 30,285 30,3 36 30,2 88 30,268 803 800 797 803 803 638 646 507 594 479 422 434 474 415 399 412 396 400 393 394 900 885 910 946 946 18,910 18,824 18,757 18,673 18,614 18,320 18,163 18,155 18,100 18,130 590 661 602 573 484 Sept. 7 ........... 14 ............. 21 ............. 28 ............. 23,826 23,813 23,564 23,598 23,761 23,744 23,564 23,587 65 69 865 918 768 901 687 826 1,263 960 24 21 18 19 25,401 25,577 25,613 25,478 21,682 21,682 21,683 21,683 5,005 5,006 5,006 5,006 30,4 36 30,5 20 30,401 30,3 23 806 803 794 787 447 431 579 693 379 419 377 370 393 400 394 386 943 942 990 990 18,685 18,750 18,767 18,618 18,111 18,142 18,191 18,134 574 608 576 484 5 ............. 12 ............. 19 ............. 26 ............. 23,844 23,911 24,021 23,973 23,727 23,792 23,916 23,973 I· .... · .. i 843 909 1,041 771 816 874 1,088 985 21 20 19 19 25,525 25,714 26,169 25,747 21,684 21,684 21,685 21,685 5,007 5,007 5,007 5,009 30,428 30,5 52 30,621 30,498 791 788 777 778 525 514 534 496 381 383 391 381 390 429 409 387 999 1,011 1,010 1,010 18,700 18,728 19,119 18,891 18,189 18,175 18,494 18,433 511 553 625 458 Nov. 2 ............. 9 ............. 23,995 24,024 23,995 1. . . . . . . . 1 24,024 ........ 943 1,144 793 776 18 19 25,748 25,963 21,686 21,686 5,009 5,009 30,5 28 30,657 772 774 500 571 408 384 385 433 951 939 18,898 18,899 18,421 18,343 477 556 Jan. Feb. Od. ........ ........ ........ ........ ........ 105 . ....... ........ ........ · .... ii· 117 119 105 ........ 16............. 23...... . .. .. .. 30............. 24,068 23,888 24,001 24,018 23,888 23,903 98 1,173 816 973 1,013 1,486 1,019 18 18 18 26,272 26,208 26,012 21,686 21,687 21,688 5,008 5,008 5,008 30,794 30,824 30,963 774 783 781 613 532 439 400 395 399 564 399 398 7. • . . . . . . . . . .. 14............. 21...... . . . . . .. 28....... .. . .•. 24,364 24,589 24,588 24,767 24,039 24,443 24,375 24,385 325 146 213 382 935 878 747 753 957 941 1,746 1,875 18 19 19 26 26,274 26,428 27,101 27,420 21,688 21,689 21,689 21,690 5,008 5,007 5,008 5,008 31,070 31,244 31,364 31,415 780 786 772 774 483 337 401 523 424 446 469 497 413 372 336 410 931 989 1,010 1,012 1956 4.... . . . . . . . .. 11........ . . . .. 18............. 25.... ... . . . ... 24,785 24,308 23,804 23,517 24,391 24,191 23,802 23,517 394 117 2 584 801 921 814 1,539 1,242 1,125 1,128 28 24 22 21 26,936 26,375 25,872 25,480 21,690 21,691 21,692 21,692 5,008 5,008 5,008 5,009 31,153 30,914 30,632 30,361 773 782 786 793 356 244 360 385 438 423 417 388 513 334 321 318 1............. 8............. 15...... . . . .. •. 22............. 29............. 23,416 23,423 23,349 23,389 23,435 23,414 2 23,423 23,349 .... '5'6" 23,333 23,384 51 999 822 976 622 758 814 840 832 1,333 880 19 18 17 16 16 25,248 25,104 25,174 25,360 25,089 21,693 21,693 21,694 21,694 21,695 5,009 5,010 5,010 5,011 5,012 30,223 30,219 30,247 30,210 30,181 798 796 800 794 792 464 406 428 557 542 369 365 377 362 354 Mar. 7............. 23,518 23,505 23,508 23,508 23,426 23,410 23,405 23,495 92 95 103 13 749 975 934 1,197 835 812 1,297 941 16 16 15 15 25,118 25,308 25,754 25,661 21,695 21,717 21,713 21,715 5,011 5,011 5,013 5,015 30,202 30,276 30,264 30,249 783 779 783 787 461 564 489 599 Apr. 4............. 23,634 23,521 23,399 23,282 23,587 23,518 23,377 23,282 47 3 22 986 1,119 1,109 1,061 1,022 826 973 1,017 15 16 16 14 25,658 25,481 25,497 25,374 21,716 21,727 21,741 21,742 5,017 5,016 5,018 5,019 30,321 30,300 30,290 30,155 784 782 785 782 23,299 23,352 23,279 23,210 23,412 23,243 23,252 23,226 23,200 23,359 56 100 53 10 53 1,089 1,114 1,066 946 732 864 844 937 1,139 835 15 15 16 15 17 25,266 25,325 25,298 25,310 24,995 21,743 21,768 21,769 21,770 21,771 5,023 5,025 5,026 5,028 5,032 30,181 30,296 30,359 30,317 30,327 13....... . . . ... 20............. 27............. 23,503 23,516 23,492 23,478 23,406 97 23,491 25 23,492 .... '2'6" 23,452 894 747 764 756 906 970 1,507 1,369 18 17 17 18 25,320 25,251 25,779 25,621 21,782 21,796 21,798 21,799 5,032 5,033 5,033 5,033 4............. 11..... . . . . . . •. 18..... ..•. . . .. 25............. 23,791 23,836 23,490 23,408 23,748 23,826 23,487 23,408 644 880 849 573 1,231 1,169 1,412 1,393 19 18 18 19 25,685 25,903 25,769 25,393 21,806 21,826 21,827 21,828 Aug.!.... . . . . . . . .. 23,418 23,418 23,439 23,574 23,622 23,418 23,418 23,418 23,446 23,592 128 30 690 917 960 878 935 1,046 829 837 1,171 829 19 19 18 19 19 25,172 25,182 25,254 25,642 25,404 12............. 19.... .. . . . . . .. 26............. 23,849 23,858 23,691 23,576 23,818 23,829 23,673 23,555 31 29 18 21 796 1,012 654 705 787 1,045 1,489 1,394 22 20 19 18 3............. 10............. 17 ............. 24 ............. 31............. 23,697 23,840 23,860 23,736 23,708 23,602 23,766 23,846 23,736 23,668 95 74 14 40 810 857 714 564 674 1,067 990 1,215 1,547 1,062 Nov. 7............. 14 ............. 21. ............ 28 ............. 23,824 23,940 24,033 24,202 23,766 23,882 23,959 24,110 58 58 74 92 828 945 662 631 Dec. 24,404 24,652 24,785 24,906 24,287 24,493 24,489 24,574 117 159 296 332 460 709 555 667 Dec. Jan. Feb. 14............. 21...... .. . . . .. 28............. 11.... .. . •. . . .. 18........ . . . .. 25............. May 2............. 9..... . . . . . . •. 16............. 23............. 30............. June 6............. July 8..... . . . . . . .. IS...... .. . .... 22............. 29............. Sept. 5............. Oct. 5............. 12 ............. 19 ............. 26............. For notes see p. 19. 50 43 10 3 ·····ii· 18,302 18,468 18,381 581 568 413 18,869 18,950 19,446 19,487 18,411 18,488 18,792 18,804 458 462 654 683 939 923 920 919 19,464 19,453 19,136 19,017 18,887 18,725 18,543 18,494 577 728 593 523 343 331 400 366 306 919 917 932 1,026 1,025 18,834 18,773 18,693 18,749 18,596 18,350 18,230 18,144 18,175 18,137 484 543 549 574 459 360 360 333 341 327 346 336 317 1,023 1,021 1,069 1,069 18,670 18,691 19,204 19,028 18,137 18,182 18,587 18,455 533 509 617 573 560 508 531 569 347 328 347 335 444 307 313 331 1,075 1,082 1,081 1,078 18,860 18,917 18,909 18,884 18,322 18,284 18,318 18,344 538 633 591 540 786 781 789 781 785 575 555 563 594 507 338 334 378 319 297 385 321 314 310 328 998 982 980 980 984 18,767 18,848 18,710 18,809 18,569 18,359 18,295 18,241 18,275 18,227 408 553 469 534 342 30,505 30,542 30,541 30,485 782 779 774 781 429 398 535 570 305 332 331 297 310 299 317 290 983 982 998 1,000 18,819 18,749 19,116 19,030 18,217 18,233 18,500 18,435 602 516 616 595 5,032 5,031 5,031 5,032 30,765 30,923 30,808 30,632 773 770 768 773 493 437 595 556 298 309 320 288 298 290 278 267 993 990 987 994 18,902 19,040 18,869 18,744 18,430 18,285 18,240 18,187 472 755 629 557 21,829 21,855 21,856 21,856 21,857 5,034 5,035 5,036 5,037 5,041 30,575 30,633 30,681 30,654 30,618 772 769 773 778 776 519 530 539 485 481 284 319 335 293 318 273 284 277 266 282 1,021 949 947 944 944 18,591 18,588 18,593 19,117 18,883 18,115 18,018 18,014 18,464 18,375 476 570 579 653 508 25,454 25,934 25,852 25,694 21,861 21,883 21,883 21,884 5,042 5,042 5,043 5,044 30,786 30,910 30,810 30,714 771 770 771 774 427 518 453 651 379 381 345 331 251 252 235 219 943 941 945 951 18,800 19,088 19,220 18,980 18,357 18,394 18,524 18,477 443 694 696 503 18 20 20 19 21 25,593 25,707 25,810 25,866 25,466 21,884 21,906 21,910 21,909 21,909 5,046 5,046 5,047 5,048 5,051 30,769 30,880 30,953 30,864 30,795 776 770 775 777 780 551 489 388 505 539 325 405 373 293 285 214 227 429 291 292 953 958 958 956 925 18,935 18,929 18,890 19,137 18,810 18,456 18,322 18,313 18,574 18,451 479 607 577 563 359 1,084 1,040 1,543 1,514 25 29 28 27 25,762 25,954 26,266 26,374 21,909 21,910 21,910 21,910 5,054 5,056 5,055 5,056 30,963 31,141 31,269 31,355 781 773 771 772 501 446 441 436 284 321 303 307 345 397 292 252 847 845 844 843 19,004 18,996 19,311 19,375 18,443 18,377 18,701 18,754 561 619 610 621 1,268 1,226 1,835 2,208 34 45 47 61 26,165 26,633 27,223 27,842 21,953 21,924 21,927 21,949 5,060 5,062 5,064 5,066 31,451 31,660 31,835 31,992 770 775 776 765 408 357 498 635 344 342 389 393 228 264 169 258 910 1,001 1,011 1,024 19,068 19,220 19,535 19,790 18,682 18,653 18,922 19,086 386 567 613 704 I 938118,883 935 19,036 935 18,794 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued C. WEEKLY AVERAGES OF DAILY FIGURES, 1951·60 [In millions of doJlars] Total Bought out· right Repur. chase agreements 24,994 24,688 24,293 23,811 23,450 24,610 24,601 24,293 23,811 23,450 ........ ........ ........ 6 ......••..... 13 ............. 20 .••.......... 27 ............. 23,435 23,264 22,969 22,854 23,411 23,190 22,958 22,854 Mar. 6 ...••........ 13 ............. 20 ............. 27 ............. 22,913 22,979 23,178 23,094 Apr. 3 ............. 10 ............. 17 ............. 24 ............. 1957 2 ............. 9 ............. 16 ...•......... 23 ............. 30 ..•........•. Dis· counts and ad. vances Float All other 3 For· eign Other Member bank reserves Total Re· quired Ex· cess 31 31,829 31,479 31,108 30,827 30,607 777 783 786 798 809 395 352 293 199 420 374 323 320 324 329 335 287 267 268 258 973 899 897 894 893 19,856 19,701 19,300 19,342 18,918 19,110 18,971 18,765 18,724 18,550 746 730 535 618 368 1,040 962 1,188 1,217 30 31 30 29 25,146 24,997 24,764 24,813 22,251 22,252 22,303 22,303 5,070 5.070 5,071 5,073 30,596 30,641 30,605 30,544 817 820 815 815 534 377 173 297 333 366 307 334 276 299 226 382 992 1,007 1,116 1,134 18,920 18,808 18,895 18,683 18,445 18,265 18,309 18,218 475 543 586 465 755 880 783 844 1,179 908 1,173 967 25 24 25 24 24,871 24,791 25,158 24,930 22,304 22,304 22,305 22,305 5,077 5,079 5,080 5,083 30,566 30,609 30,589 30,502 813 812 811 813 479 471 302 353 329 297 300 334 212 201 199 205 1,131 1,129 1,138 1,139 18,721 18,654 19,204 18,971 18,231 18,205 18,578 18,362 490 449 626 609 149 222 136 68 1,074 1,230 1,244 947 877 881 967 1,484 24 27 27 26 25,165 25,400 25,520 25,695 22,306 22,307 22,313 22,317 5,086 5,088 5,089 5,092 30,589 30,655 30,681 30,610 808 814 808 791 517 387 478 456 294 340 344 390 314 305 300 454 1,167 1,205 1,203 1,202 18,868 19.088 19,107 19,201 18,525 18,523 18,556 18,639 343 565 551 562 ·····88· 730 993 975 793 903 1,168 947 948 1,341 979 26 25 24 21 21 25,093 25,177 25,031 25,070 24,833 22,318 22,318 22,319 22,320 22,406 5,094 5,095 5,096 5,098 5,102 30,499 30,589 30,654 30,645 30,660 793 795 787 790 794 419 504 479 525 562 352 366 366 362 358 291 275 241 273 279 1,148 1,078 1,075 1,074 1,073 19,000 18,984 18,845 18,818 18,616 18,621 18.495 18,368 18,284 18,264 379 489 477 534 352 160 47 50 63 902 1,059 1,089 1,003 954 936 1,384 1,320 21 21 21 21 24,987 24,988 25,424 25,294 22,620 22,621 22,621 22,622 5,104 5,106 5,106 5,106 30,837 30,903 30,904 30,849 792 791 782 776 485 463 518 477 357 379 389 407 323 276 335 254 1,072 1,069 1,076 1,087 18,846 18,834 19,148 19,171 18,378 18,330 18,546 18,625 468 504 602 546 67 183 67 107 276 1,068 1,213 1,062 739 553 1,198 1,111 1,236 1,351 998 23 24 24 24 21 25,387 25,792 25,641 25,456 24,932 22,623 22,623 22,625 22,625 22,626 5,107 5,108 5,108 5,108 5,110 31,150 31,313 31,184 30,999 30,910 763 765 770 774 770 546 431 455 507 494 420 339 413 385 370 296 290 279 267 278 1,077 1,077 1,073 1,070 961 18,865 19,308 19,200 19,189 18,885 18,521 18,732 18,636 18.568 18,493 344 576 564 621 392 38 5 1,060 1,161 931 915 928 874 1,227 977 20 20 20 22 25,124 25,102 25,211 25,133 22,627 22,627 22,625 22,626 5,113 5,114 5,116 5,118 30,983 31,069 31,055 30,998 767 764 762 764 498 475 513 475 355 363 343 339 277 273 270 268 1,116 1,113 1,203 1,203 18,868 18,786 18,806 18,831 18,331 18,195 18,254 18,397 537 591 552 434 48 32 17 5 832 1,031 950 1,106 858 953 1,442 1,318 27 25 23 20 25,228 25,408 25,719 25,622 22,626 22,626 22,627 22,628 5,118 5,119 5,121 5,123 31,149 31,256 31,184 31,052 759 759 755 769 485 431 510 759 340 357 429 386 281 279 287 255 1,197 1,194 1,196 1,189 18,760 18,876 19,108 18,963 18,346 18,301 18,484 18,416 414 575 624 547 23.294 23,312 23,281 23,222 23,179 52 233 90 45 16 942 1,009 992 605 710 1,000 991 1,071 1,517 1,051 17 17 17 18 17 25,304 25,563 25,451 25,407 24,972 22,634 22,646 22,658 22,665 22,671 5,125 5,127 5,128 5,131 5,132 31,039 31,129 31,191 31,129 31,008 776 774 776 781 786 493 498 506 464 518 356 373 333 317 318 253 260 252 265 251 1,112 1,112 1,110 1,109 1,057 19,034 19,189 19,068 19,137 18,837 18,685 18,625 18,574 18,574 18,474 349 564 494 563 363 23,256 23,332 185 166 824 911 943 997 18 18 25,225 25,424 22,707 22,731 5,135 5,136 31,115 31,287 792 795 461 505 367 329 313 1,056 1,057 18,963 18,911 18,509 18,354 454 557 . ....... 640 741 577 713 22,894 22,934 23,064 23,051 19 45 114 43 23,189 23,262 23,282 23,237 23,040 23,040 23,146 23,169 May I ............. 8 ............. 15 ............. 22 ..••......... 29 ............. 23,169 23,213 23,083 22,915 22,930 23,169 23,125 23,033 22,915 22,901 June 5 ............. 12 ............. 19 ............. 26 •..•......... 23,110 22,972 22,930 22,951 22,950 22,925 22,880 22,888 3 ............. 10 ••.••.....••. 17 ............. 24 ............. 31. ............ 23,098 23,443 23,319 23,342 23,360 23,031 23,260 23,252 23,235 23,084 Aug. 7 ............. 14 ..•••........ 21. ............ 28 .•........... 23,116 23,047 23,034 23,220 23,078 23,047 23,034 23,215 Sept. 4 ............. 11 ............. 18 ............. 25 ............. 23,511 23,399 23,303 23,178 23,463 23,367 23,286 23,173 2 ............. 9 ............. 16 .•........... 23 ............. 30 ............. 23,346 23,545 23,371 23,267 23,195 Nov. 6 ............. 13 ............. 23,441 23,498 Treas· ury Other Fed· eral Reserve ac· counts 5,066 5,066 5,066 5,067 5,068 24 74 11 Oct. circu- lation Treas· ury cash hold· ings I 21,949 21,949 21,950 21,951 22,080 68 48 35 July Cur· rency in Deposits. other than member bank reserves, with F. R. Banks 27,524 26,809 25,954 25,636 25,087 1,537 1,539 1,278 1,446 1,078 Feb. currency out· stand· ing i I - - - - - - - - - - - - - - - - - 925 535 348 347 528 Jan. Gold stock Total ! I i Treas· ury U.S. Government securities Week ending- , I Reserve Bank credit outstanding Continued 384 87 50 ..· .. 29· . ....... 32 407 20 .•.••.......• 27 •..••...•.••• 23,288 23,318 23,282 23,167 6 151 752 777 1,430 1,209 19 20 25,489 25,325 22,757 22,762 5,137 5,139 31,336 31,431 801 794 503 469 315 301 386 294 1,054 1,030 18,987 18,907 18,459 18,461 528 446 Dec. 4 •..•...•..... 11 ............. 18 ............. 25 ............. 23,732 23,886 23,907 23,950 23,480 23,574 23,600 23,617 252 312 307 333 626 676 751 786 1,005 1,020 1,525 1,894 23 34 35 57 25,387 25,617 26,218 26,687 22,763 22.766 22,770 22,770 5,141 5,142 5,143 5,145 31,668 31,827 31,973 32,089 770 769 768 764 305 318 339 483 291 318 334 359 191 186 183 179 1,041 1,080 1,050 1,061 19,023 19,027 19,483 19,666 18,580 18,600 18,873 19,014 443 427 610 652 1958 1. ............ 8 .••••.•...... 15 ............. 22 ............. 29 ............. 24,344 24,011 23,720 23,315 23,372 23,735 23,645 23,581 23,266 23,335 609 366 139 49 37 661 707 580 359 295 1,550 1,328 1,039 1,230 919 67 53 50 45 46 26,623 26,100 25,390 24,949 24,632 22,774 22,781 22,781 22,782 22,783 5,147 5,146 5,147 5,149 5,151 31,962 31,553 31,207 30,878 30,625 773 768 771 781 789 458 529 503 511 521 397 337 306 275 275 201 186 190 227 275 1,045 996 994 992 992 19,707 19,658 19,348 19,216 19,089 19,042 18,982 18,769 18,624 18,509 665 676 579 592 580 5 •.••.......•• 12 ............. 19 ............. 26 ...••......•. 23,364 23,422 23,373 23,380 23,321 23,292 23,285 23,380 43 130 88 189 286 361 153 803 793 1,054 952 41 41 42 42 24,397 24,543 24,830 24,527 22,783 22,784 22,785 22,714 5,157 5,159 5,161 5,165 30,581 30,675 30,642 30,542 777 734 685 695 378 296 501 508 265 284 337 284 294 325 293 276 1,046 1,118 1,195 1,193 18,997 19,054 19,122 18,909 18,498 18,483 18,427 18,426 499 571 695 483 Mar. 5 .•.•.......•• 12 ............. 19 ............. 26 ............. 23,256 23,466 23,500 23,552 23,251 23,432 23,480 23,518 5 34 20 34 118 131 126 167 892 816 973 983 43 44 40 40 24,309 24,456 24,638 24,742 22,686 22,615 22,541 22,498 5,169 5,174 5,178 5,180 30,563 30,641 30,592 30,524 701 712 804 790 486 479 257 580 270 273 257 258 320 293 368 400 1,151 1,148 1,150 1,143 18,674 18,699 18,930 18,725 18,084 18,096 18,332 18,037 590 603 598 688 Apr. 2 ............. 9 ............. 16 ..•.....••••• 23 ............. 30 ............. 23,625 23,628 23,633 23,712 23,626 23,625 23,628 23,611 23,704 23,612 144 90 199 112 125 776 879 829 990 777 41 40 40 39 38 24,586 24,638 24,701 24,854 24,566 22,394 22,294 22,199 22,081 22,024 5,184 5,187 5,192 5,193 5,194 30,637 30,744 30,733 30,617 30,520 724 729 731 721 732 523 479 457 417 601 277 269 319 242 235 368 493 381 376 397 1,109 1,106 1,104 1,102 1,051 18,526 18,300 18,369 18,654 18,249 17,830 17,673 17,754 18,055 17,654 696 627 615 599 595 7 ............. 14 ............. 21. ............ 28 ............. 23,799 23,931 23,876 24,053 23,799 23,931 23,876 24,053 118 123 104 119 808 760 994 780 38 40 42 42 24,763 24,854 25,016 24,994 21,968 21,886 21,779 21,661 5,197 5,199 5,200 5,201 30,659 30,812 30,822 30,813 738 741 732 722 533 470 459 437 287 294 309 276 386 386 381 391 1,049 1,046 1,043 1,023 18,276 18,190 18,248 18,194 17,647 17,528 17,545 17,513 629 662 703 681 June 4 ............. 11. ............ 18 ............. 25 ............. 24,194 24,397 24,682 25,002 24,194 24,391 24,581 24,891 135 184 175 99 869 815 1,036 1,024 42 44 45 45 25,240 25,440 25,939 26,170 21,594 21,594 21,540 21,374 5,201 5,203 5,204 5,204 30,989 31,052 31,070 30,975 709 709 698 698 411 424 459 440 238 267 331 280 484 370 359 229 1,057 1,139 1,146 1,144 18,147 18,274 18,619 18,983 17,574 17,687 17,984 18,314 573 587 635 669 July 2 ............. 9 ............. 16 ............. 23 ............. 30 ••.•.....••.• 25,422 25,456 25,262 25,157 25,035 25,419 25,456 97 143 115 85 108 815 947 979 1,045 823 46 43 42 41 38 26,380 26,589 26,398 26,328 26,005 21,349 21,306 21,300 21,280 21,252 5,203 5.202 5,202 5,203 5,206 31,163 31,385 31,375 31,217 31,086 687 677 686 692 697 446 489 497 465 543 268 265 358 293 300 405 377 371 340 333 1,105 1,097 1,095 1,091 1,041 18,859 18,809 18,518 18,712 18,462 18,204 18,051 17,949 17,924 17,824 655 758 569 788 638 Aug. 6 •..••...••.•• 13 ............. 20 ....•........ 27 ............. 25,240 25,646 25,406 25,257 25,240 25,626 25,406 25,257 112 229 216 271 828 774 1,008 857 33 37 34 33 26,212 26,685 26,665 26,417 21,195 21,154 21,086 21,086 5,207 5,210 5,210 5,211 31,171 31,291 21,295 31,249 696 699 696 688 662 504 528 486 291 300 259 234 350 329 301 320 1,148 1,166 1,233 1,212 18.296 18,760 18,648 18,526 17,738 18,073 18,027 17,953 558 687 621 573 Sept. 3 ............. 10 ............. 17 ............. 24 .•.••.....•.. 25,353 25,233 25,001 24,893 25,353 25,233 25,001 24,893 461 514 563 433 792 883 1,049 1,203 32 31 31 30 26,638 26,661 26,644 26,558 21,011 21,012 20,939 20,895 5,211 5,213 5,215 5,216 31,381 31,433 31,393 31,285 691 694 694 683 539 478 304 508 305 330 397 308 324 319 282 320 1,175 1,153 1,156 1,162 18,446 18,479 18,572 18,404 17,899 17,873 17,935 17,811 547 606 637 593 Oct. 1. ............ 8 ............. 15 ............. 22 ............. 29 ............. 24,940 25,143 25,498 25,242 25,300 24,940 25,143 25,353 25,242 25,300 145 401 434 472 369 456 904 911 922 1,401 977 30 31 32 33 34 26,275 26,519 26,925 27,046 26,767 20,866 20,830 20,764 20,724 20,690 5,219 5,219 5,220 5,220 5,221 31,217 31,352 31,498 31,435 31,299 690 691 689 681 681 448 447 386 464 512 261 299 327 308 270 387 343 412 332 321 1,123 1,119 1,121 1,117 1,080 18,234 18,318 18,475 18,652 18,515 17,774 17,753 17,989 18,086 17,993 460 565 486 566 522 Nov. 5 ............. 12 .•.•......... 19 ............. 26 ••..•........ 25,459 25,660 25,411 25,734 25,380 25,614 25,392 25,578 79 46 19 156 403 470 453 430 796 934 1,188 1,199 36 35 34 36 26,694 27,100 27,087 27,399 20,679 20,652 20,680 20,616 5,222 5,225 5,225 5,225 31,422 31,660 31,754 31,825 681 687 692 686 325 371 475 455 283 297 316 243 391 375 341 337 1,078 1,078 1,074 1,063 18,416 18,510 18,340 18,631 18,008 17,891 17,900 18,225 408 619 440 406 3 ............. 10 ..•••..•.•... 17 ............. 24 •..••.....••. 31. ............ 26,143 26,282 26,315 26,272 26,437 26,033 26,250 26,223 188 26, 26,241 110 32 92 84 196 580 415 519 631 808 1,087 1,112 1,439 1,944 1,618 35 37 39 42 46 27,844 27,847 28,311 28,889 28,910 20,609 20,593 20,576 20,536 20,526 5,228 5,229 5,229 5,231 5,232 32,057 32,218 32,394 32,533 32,458 693 696 693 684 692 465 376 428 540 521 222 232 263 239 332 401 328 335 328 333 1,103 1,191 1,161 1,172 1,165 18,740 18,629 18,844 19,160 19,167 18,232 18,160 18,374 18,548 18,511 508 469 470 612 656 Jan. Feb. May Dec. Por notes see p. 19. ........ ........ ... "22' 8 14 ........ ........ ........ ........ 6 101 111 3 ........ ........ ........ ........ 2~,262 25,157 25,035 20 ........ ........ ........ ........ ........ ........ . ....... ........ ........ I 1 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS C. WEEKLY AVERAGES OF DAILY FIGURES, 1951-60 - Continued [In millions of dollars) ---_._-- --------_ .. _ - - - - - - - - - - - - - - - - - - - - - - - - - - - _ . _ - - - - - - - - Reserve Bank credit outstanding Week ending- U.S. Government securities Total Bought outright - 1959 7 ......... 14 ......... 21 ......... 28 ......... 26,184 25,922 25,580 25,471 26,090 25,817 25,580 25,471 4 ......... 11 ......... 18 ......... 25 ......... 25,673 25,657 25,529 25,399 Mar. 4 ......... 11 ......... 18 ......... 25 ......... Apr. Jan. Repurchase agreements - Discounts and advances : F loat 2 All other 3 Total Gold stock Treasury curreney outstanding Curre!lcy 18 circu.. lation Treasury cash holdings ----_._--_._. --- - - - - - - - - . Deposits, other than member bank reserves, with F. R. Banks Treasury Foreign I Other 2 Other I Federal ReWith serve acF.R. Banks counts 18,749 18,742 18,562 18,389 18,345 18,189 18,120 17,979 404 553 442 410 18,375 18,421 18,439 18,558 18,375 18,421 18,439 18,558 17,957 17,868 18,051 18,100 418 553 388 458 1,181 1,180 1,181 1,178 1,136 18,323 18,711 18,698 18,817 18,551 18,323 18,711 18,698 18,817 18,551 17,855 18,302 18,254 18,307 18,183 468 409 360 383 367 363 1,136 1,139 1,245 1,244 18,571 18,550 18,829 18,393 18,571 18,550 18,829 18,393 18,213 18,096 18,227 18,063 358 454 602 330 297 260 259 283 376 364 361 349 1,219 1,218 1,226 1,238 18,324 18,314 18,537 18,627 18,324 18,314 18,537 18,627 18,021 17,886 18,081 18,170 303 428 456 457 552 516 394 460 559 296 278 269 255 271 353 360 338 334 340 1,190 1,183 1,185 1,183 1,137 18,386 18,452 18,640 18,976 18,702 18,386 18,452 18,640 18,976 18,702 18,069 18,017 18,229 18,488 18,353 317 435 411 488 349 403 401 397 395 503 475 638 564 277 257 256 257 340 343 349 321 1,166 1,203 1,246 1,294 18,696 18,622 18,509 18,586 18,696 18,622 18,509 18,586 18,296 18,080 18,078 18,149 400 542 431 437 31,935 32,107 32,197 31,984 31,811 400 401 395 390 388 561 430 421 632 681 260 275 331 298 310 333 341 373 420 403 1,260 1,259 1,260 1,264 1,196 18,566 18,640 18,653 18,819 18,394 18,566 18,640 18,653 18,819 18,394 18,165 18,082 18,170 18,297 18,174 401 558 483 522 220 5,289 5,290 5,293 5,297 31,933 32,096 32,026 31,873 387 387 391 396 533 474 518 530 300 326 294 297 420 464 344 335 1,194 1,197 1,193 1,136 18,636 18,501 18,679 18,568 18,636 18,501 18,679 18,568 18,153 18,012 18,173 18,266 483 489 506 302 5,299 5,301 5,303 5,304 31,924 32,105 32,235 32,269 404 414 414 415 471 458 478 515 , 293 313 304 315 397 396 362 369 1,127 1,128 1,204 1,297 18,711 18,724 18,647 18,563 18,711 18,724 18,647 18,563 18,311 18,202 18,190 18,130 400 522 457 433 28,275 27,708 27,368 27,094 20,534 20,526 20,515 20,515 5,234 5,234 5,234 5,235 32,010 31,710 31,385 31,150 699 704 712 714 446 390 401 404 279 297 357 298 356 345 373 343 1,122 1,121 1,118 1,118 19,131 18,901 18,769 18,817 25,592 25,621 25,523 25,394 81 36 6 5 433 553 583 474 946 887 960 1,050 39 38 41 42 27,092 27,136 27,112 26,965 20,476 20,476 20,475 20,474 5,235 5,236 5,238 5,239 31,120 31,193 31,205 31,111 723 727 741 724 442 364 398 443 278 304 313 308 344 333 391 448 1,146 1,185 1,214 1,255 18,749 18,742 18,562 18,389 25,355 25,366 25,471 25,510 25,294 25,331 25,419 25,461 61 35 52 49 548 722 543 619 951 849 1,000 961 38 38 34 33 26,892 26,976 27,048 27,123 20,479 20,448 20,442 20,442 5,241 5,242 5,244 5,246 31,129 31,215 31,287 31,231 721 716 727 714 534 454 437 456 298 311 290 295 339 336 340 339 1,214 1,212 1,214 1,218 1......... 8 ......... 15 ......... 22 ......... 29 ......... 25,494 25,722 25,789 25,544 25,608 25,462 25,484 25,545 25,511 25,608 32 238 244 33 629 690 721 767 673 998 914 816 1,130 900 30 31 31 31 31 27,151 27,357 27,357 27,472 27,212 20,442 20,442 20,440 20,409 20,330 5,247 5,250 5,253 5,254 5,257 31,229 31,280 31,365 31,332 31,244 709 709 712 705 705 523 524 471 456 560 364 296 279 286 271 512 348 343 362 333 May 6 ......... 13 ......... 20 ......... 27 ......... 25,808 26,010 25,935 25,905 25,706 25,940 25,926 25,905 693 726 870 675 893 795 1,155 940 30 32 29 28 27,424 27,563 27,989 27,548 20,262 20,251 20,197 20,188 5,259 5,262 5,264 5,268 31,368 31,505 31,515 31,473 711 710 710 708 542 521 504 543 256 269 280 281 June 3 ......... 10 ......... 17 ......... 24 ......... 25,905 25,939 25,944 25,970 25,905 25,939 25,944 25,936 866 996 993 894 853 774 1,029 1,256 27 27 27 27 27,650 27,736 27,994 28,147 20,188 20,141 20,136 20,017 5,272 5,275 5,280 5,280 31,645 31,803 31,876 31,807 701 716 715 626 548 476 436 515 1 ......... 8 ......... 15 ......... 22 ......... 29 ......... 26,045 26,300 26,494 26,449 26,459 26,018 26,255 26,383 26,390 26,408 27 45 111 59 51 938 1,044 1,019 929 890 1,032 948 922 1,299 998 27 26 26 28 27 28,042 28,319 28,462 28,705 28,374 19,712 19,704 19,695 19,669 19,636 5,283 5,283 5,283 5,283 5,284 31,852 32,105 32,194 32,036 31,883 407 412 419 412 403 Aug. 5 ......... 12 ......... 19 ......... 26 ......... 26,549 26,605 26,531 26,573 26,440 26,597 26,525 26,518 109 8 6 55 1,034 1,073 945 941 790 771 1,065 950 25 24 22 21 28,399 28,473 28,562 28,485 19,626 19,619 19,601 19,600 5,281 5,282 5,282 5,283 31,922 32,071 32,051 31,951 Sept. 2 ......... 9 ......... 16 ......... 23 ......... 30 ......... 26,691 26,754 26,737 26,637 26,563 26,650 26,663 26,643 26,637 26,563 41 91 94 966 1,059 1,060 860 722 836 819 1,017 1,499 1,098 22 24 20 21 20 28,515 28,656 28,834 29,016 28,403 19,525 19,523 19,522 19,513 19,493 5,276 5,274 5,274 5,278 5,287 Oct. 7 ......... 14 ......... 21 ......... 28 ......... 26,591 26,637 26,402 26,385 26,563 26,563 26,402 26,364 28 74 21 1,007 1,051 824 796 1,005 956 1,417 1,149 20 23 21 22 28,623 28,667 28,664 28,353 19,491 19,489 19,488 19,486 Nov. 4 ......... 11 ......... 18 ......... 25 ......... 26,686 26,763 26,702 26,682 26,544 26,574 26,593 26,652 142 189 109 30 834 916 864 829 897 947 1,165 1,311 26 26 26 35 28,443 28,651 28,758 28,857 19,585 19,585 19,583 19,582 July ........ 102 70 9 ........ ........ ........ · .... 34· ........ ........ Excess 543 561 535 393 46 45 44 42 00 Required 18,588 18,340 18,234 18,424 1,401 1,011 1,288 1,074 N Total 19,131 18,901 18,769 18,817 644 730 457 507 Feb. Currency and coin 5 - ---------------- 94 105 ........ ........ Member bank reserves .. 444 510 368 2 ......... 9 ......... 16 ......... 23 ......... 30 ......... 26,871 27,194 27,176 27,007 26,829 26,843 I 27,130 27,142 26,970 26,787 1960 6 ......... 13 ......... 20 ......... 27 ......... 26,642 26,395 25,622 25,450 26,607 26,339 25,620 25,450 3 ......... 10 ......... 17 ......... 24 ......... 25,447 25,389 25,355 25,253 25,442 25,355 25,300 25,253 M ar. 2 ........ . 9 ......... 16 ......... 23 ......... 30 ......... 25,212 25,270 25,444 25,323 25,239 A pro 6 ......... 13 ......... 20 ......... 27 ......... M ay Ju ne 875 916 961 985 933 1,086 1,003 1,169 1,818 1,788 35 40 58 74 78 28,867 29,153 29,365 29,883 29,629 19,568 19,505 19,478 19,467 19,456 5,306 5,310 5,311 5,312 5,313 32,446 32,601 32,798 32,924 32,893 1b~ I 1,018 915 918 776 1,578 1,269 1,513 1,103 72 54 45 42 29,310 28,633 28,098 27,370 19,456 19,455 19,455 19,454 5,313 5,315 5,316 5,315 32,524 32,282 31,910 31,650 5 34 55 811 853 974 620 1,107 853 997 1,220 41 39 38 38 27,406 27,135 27,365 27,131 19,445 19,433 19,432 19,423 5,319 5,321 5,323 5,325 25,154 25,235 25,313 25,290 25,234 58 35 131 33 5 794 595 726 587 608 1,054 1,174 994 1,245 898 35 36 34 33 33 27,095 27,075 27,197 27,189 26,778 19,421 19,412 19,409 19,409 19,408 25,284 25,396 25,701 25,521 25,264 25,285 25,417 25,444 20 III 284 77 735 734 561 524 898 910 1,200 1,153 33 33 38 30 26,950 27,073 27,500 27,228 4 ......... II ......... 18 ......... 25 ......... 25,660 25,868 25,761 25,745 25,557 25,616 25,627 25,718 103 252 134 27 552 549 555 403 958 924 1,133 1,161 30 31 31 30 1. ........ 8 ......... 15 ......... 22 ......... 29 ......... 25,968 26,134 26,176 26,011 26,129 25,941 26,118 26,176 26,011 26,129 27 16 436 400 375 550 412 924 993 1,029 1,505 1,168 Ju Iy 6 ......... 13 ......... 20 ......... 27 ......... 26,553 26,613 26,556 26,599 26,491 26,517 26,416 26,522 62 96 140 77 440 341 429 351 A ug. 3 ......... 10 ......... 17 ......... 24 ......... 31. ........ 26,930 27,099 27,041 26,992 26,788 26,760 26,806 26,812 26,772 26,682 170 293 229 220 106 sept. 7 ......... 14 ......... 21. ........ 28 ......... 26,784 26,649 26,541 26,539 26,640 26,524 26,495 26,456 ocl. 5 ......... 12 ......... 19 ......... 26 .••...... 27,028 27,268 27,036 26,760 26,836 27,136 27,036 26,681 N ov. 2 ......... 9 ......... 16 ......... 23 ......... 30 .....•... 27,313 28,015 28,105 27,831 27,623 26,946 27,439 27,588 27,678 27,607 D ec. 27,421 27,381 27,034 27,074 27,421 27,381 27,010 26,946 D ec. Ja n. F eb. 7 ......... 14 .••...... 21. ........ 28 ......... For noles see p. 19. 547 487 528 523 537 347 362 341 365 387 407 410 424 424 582 519 494 519 348 308 231 217 31,565 31,599 31,631 31;562 436 443 451 445 510 417 591 529 5,328 5,333 5,335 5,337 5,340 31,518 31,613 31,726 31,671 31,534 442 435 448 450 439 19,406 19,394 19,386 19,373 5,341 5,342 5,344 5,346 31,654 31,826 31,828 31,581 27,199 27,371 27,480 27,338 19,360 19,359 19,359 19,353 5,347 5,348 5,349 5,350 30 30 29 29 30 27,358 27,557 27,609 28,096 27,739 19,352 19,352 19,351 19,346 19,325 1,039 1,133 1,423 1,085 31 28 30 28 28,063 28,115 28,437 28,063 315 293 416 193 273 877 822 976 1,014 788 29 32 36 47 33 144 125 46 83 262 301 86 244 861 1,052 1,527 1,242 192 132 219 168 95 262 367 576 517 153 16 . ....... 28 [ 64 34 [ 37 42 35 56 2 . ....... . ....... ........ ........ ........ · .... 79· .. .. ·24· 128 1,241 1,244 1,181 1,195 1,195 18,396 18,529 18,567 18,937 18,660 55 268 305 337 337 18,451 18,797 18,872 19,274 18,997 18,085 18,282 18,429 18,635 18,533 366 515 443 639 464 545 332 326 332 843 840 836 836 18,831 18,713 18,648 18,161 321 305 314 319 19,152 19,018 18,962 18,480 18,620 18,471 18,368 18,074 532 547 594 406 239 203 224 206 333 344 353 335 834 834 896 1,008 18,252 18,049 17,974 17,793 285 218 277 268 18,537 18,267 18,251 18,061 18,056 17,838 17,743 17,637 481 429 508 424 542 542 446 451 479 219 200 200 180 203 317 293 293 305 327 1,008 1,007 980 944 945 17,800 17,731 17,849 17,934 17,600 305 207 260 255 293 18,105 17,938 18,109 18,189 17,893 17,664 17,576 17,598 17,738 17,534 441 362 511 451 359 423 417 420 417 509 465 660 553 163 200 188 186 356 349 258 269 942 917 864 857 17,650 17,634 18,012 18,083 217 235 269 309 17,867 17,869 18,281 18,392 17,430 17,401 17,917 17,911 437 468 364 481 31,606 31,723 31,774 31,684 414 419 413 415 567 504 608 547 184 184 195 202 311 314 349 290 855 854 887 1,034 17,968 18,081 17,961 17,868 275 225 274 300 18,243 18,306 18,235 18,168 17,918 17,808 17,777 17,716 325 498 458 452 5,349 5,350 5,353 5,354 5,356 31,812 31,917 31,976 31,927 31,867 414 424 415 412 406 468 445 490 550 505 206 199 206 225 249 321 343 365 398 415 1,033 1,034 1,001 970 971 17,806 17,897 17,859 18,315 18,007 315 256 297 287 335 18,121 18,153 18,156 18,602 18,342 17,684 17,691 17,731 18,042 17,856 437 462 425 560 486 19,322 19,282 19,251 19,191 5,356 5,356 5,357 5,357 32,155 32,361 32,199 32,041 406 406 409 405 517 422 548 488 226 214 209 202 398 374 374 371 958 935 884 884 18,079 18,041 18,422 18,219 241 308 339 333 18,320 18,349 18,761 18,552 17,883 17,774 18,245 18,078 437 575 516 474 28,151 28,246 28,469 28,245 27,882 19,147 19,098 19,039 19,026 19,005 5,358 5,359 5,363 5,366 5,370 32,046 32,129 32,184 32,087 31,980 408 404 409 400 395 466 452 555 485 487 221 192 190 195 225 358 363 386 380 384 884 884 904 1,016 1,014 18,272 18,279 18,243 18,075 17,772 319 246 321 329 694 18,591 18,525 18,564 18,404 18,466 18,103 18,018 17,983 17,938 17,827 488 507 581 466 639 34 33 34 34 27,941 28,035 28,189 28,059 18,999 18,975 18,828 18,731 5,372 5,374 5,376 5,375 32,174 32,291 32,171 32,004 399 401 403 399 477 465 551 579 233 204 224 200 411 373 379 378 1,011 974 936 934 17,607 17,676 17,729 17,671 751 905 906 938 18,358 18,581 18,635 18,609 17,702 17,762 18,116 18,091 656 819 519 518 1,096 1,038 1,453 1,354 41 42 38 38 28,385 28,517 28,621 28,415 18,671 18,615 18,586 18,552 5,377 5,380 5,382 5,383 32,049 32,276 32,304 32,120 403 408 413 403 467 474 489 546 213 202 215 257 443 379 393 373 936 932 864 862 17,922 17,840 17,909 17,789 837 800 930 940 18,759 18,640 18,839 18,729 18,148 17,951 17,963 18,200 611 689 876 529 211 158 190 121 121 1,098 928 976 1,532 1,228 41 53 55 59 49 28,662 29,154 29,325 29,542 29,022 18,405 18,124 18,068 17,999 17,957 5,387 5,389 5,391 5,392 5,392 32,104 32,298 32,527 32,532 32,640 403 398 402 407 414 442 418 519 469 460 254 250 230 224 258 456 395 408 388 387 865 864 914 1,073 1,071 17,931 18,045 17,784 17,839 17,141 942 752 949 922 2,537 18,873 18,797 18,733 18,761 19,678 18,309 18,191 18,121 18,154 18,481 564 606 612 607 1,197 67 76 80 56 1,057 1,272 2,151 2,150 SO 28,594 28,778 29,316 29,336 17,974 18,083 17,957 17,882 5,391 5,396 5,396 5,398 32,722 33,038 33,174 33,195 413 410 414 401 473 522 592 522 253 237 246 260 474 680 443 391 1,066 1,037 1,018 1,019 16,558 16,334 16,782 16,828 2,358 2,598 2,678 2,619 18,916 18,932 19,460 19,447 18,216 18,222 18,706 18,753 700 710 754 694 49 51 55 396 387 393 1 I I 355 ' 338 342 331 1 333 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 -_._-_ .._------------.- [In millions of dollarsl , ---- Reserve Bank credit outstanding 1 Treasury currency outstanding U.S. Government securities Date ~. Total 1941 Jan. 8 ...••......•. 15 ..••......... 22 .•........... 29 .........•... Repurchase agreements Bought outright 2,184 2,184 2,184 2,184 5 ...•.......•• 12 ....•......•. 19 ...•........• 26 ..•.•......•. 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 Mar. 5 ..••......... 12 •.••.......•. 19 ............. 26 ............. 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 Apr. 2 .•........... 9 ............. 16 ............. 23 ............. 30 •............ 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 May 7 ............. 14 ............. 21. ............ 28 ............. 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 June 4 ............. 11 ............. 18 ............. 25 ............. 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 July 2 .•........... 9 ............. 16 ...••.•...... 23 ............. 30 ...........•• 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 Aug. 6 .•••.......•. 13 ............. 20 .•......•.... 27 ............. 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 Sept. 3 ............. 10 ............. 17 ............. 24 ....•.......• 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184 Oct. 2,184 2,184 2,184 2,184 2,184 2,184 2,184 2,184, ........ 2,184 i ........ 2,184 , ........ 1. ............ 8 ............. IS ............. 22 ............. 29 ............. Nov. 5 ............. 12 ............. Float II other All 3 Total Gold stock 2,184 2,184 ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ......... ....... I........ I 2,184 2,184 ........ ' Deposits, other than member bank reserves, with F. R. Banks Treasury cash holdings - - - - - - - - - - ........ 2,184 2,184 2,184 2,184 Feb. Discounts and advances Currency in cirenlation Treasury Foreign -- Other Other Federal Reserve accounts Member bank reserves Total Required E,,- cess 9 9 - - - - - 3 4 4 3 42 59 61 33 8 8 8 8 2,237 2,254 2,256 2,228 22,034 22,066 22,089 22,110 3,088 3,092 3,095 3,097 8,628 8,542 8,541 8,548 2,203 2.195 2,196 2,200 220 237 261 258 1,123 1,230 1,231 1,216 617 512 520 584 284 283 283 283 14,284 14,414 14,410 14,347 7,449 7,518 7,546 7,548 6,835 6,896 6,864 6,799 2 3 2 3 23 66 41 28 8 8 8 8 2,217 2,260 2,235 2,223 22,122 22,130 22,140 22,179 3,099 3,100 3,102 3,101 8,627 8,665 8,688 8,725 2,212 2,212 2,222 2,204 692 622 479 368 1,184 1,164 1,130 1,132 600 673 655 619 283 283 282 282 13,842 13,871 14,021 14,175 7,536 7,540 7,581 7,633 6,306 6,331 6,440 6,542 2 1 1 1 43 51 65 27 8 8 8 8 2,237 2,244 2,259 2,221 22,237 22,318 22,335 22,359 3,103 3,106 3,104 3,108 8,805 8,811 8,826 8,842 2,192 2,196 2,208 2,230 391 421 913 906 1,121 1,163 1,175 1,168 651 585 547 620 280 280 289 288 14,136 14,211 13,741 13,633 7,701 7,728 7,635 7,622 6,435 6,483 6,106 6,011 1 5 1 2 2 51 39 93 46 40 8 7 8 8 8 2,244 2,235 2,286 2,239 2,234 22,384 22,413 22,421 22,482 22,506 3,110 3,113 3,116 3,118 3,122 8,944 8,993 8,989 8,992 9,071 2,251 2,272 2,269 2,299 2,283 1,045 813 534 947 865 1,148 1,266 1,243 1,272 1,251 555 475 520 536 579 288 288 289 289 288 13,506 13,656 13,979 13,506 13,524 7,565 7,629 7,715 7,746 7,753 5,941 6,027 6,264 5,760 5,771 1 2 2 4 35 45 42 35 8 8 8 8 2,229 2,239 2,237 2,231 22,525 22,538 22,565 22,573 3,125 3,129 3,131 3,133 9,151 9,155 9,186 9,294 2,292 2,283 2,280 2,221 804 762 477 462 1,227 1,235 1.241 1,240 679 726 730 686 288 287 286 286 13,440 13,458 13,732 13,749 7,729 7,769 7,877 7,925 5,711 5,689 5,855 5,824 2 2 2 2 45 54 46 54 9 9 9 9 2,240 2,249 2,241 2,249 22,579 22,593 22,612 22,620 3,136 3,138 3,142 3,148 9,394 9,393 9,433 9,490 2,229 2,240 2,258 2,275 993 941 1,024 1,081 1,244 1,227 1,230 1,240 608 582 625 651 285 285 295 295 13,201 13,312 13,131 12,985 7,794 7,824 7,817 7,840 5,407 5,488 5,314 5,145 3 3 2 3 5 77 52 98 51 46 9 9 10 10 10 2,273 2,249 2,294 2,248 2,247 22,627 22,640 22,655 22,664 22,673 3,150 3,152 3,157 3,161 3,163 9,704 9,695 9,645 9,634 9,697 2,276 2,291 2,309 2,320 2,330 837 1,039 849 954 921 1,208 1,192 1,185 1,165 1,144 612 564 607 594 604 289 289 289 288 288 ' 13,125 12,971 13,223 13,117 13,097 7,860 7,847 7,887 7,936 7,942 5,265 5,124 5,336 5,181 5,155 5 10 8 10 32 44 70 77 9 9 10 10 2,231 2,247 2,272 2,281 22,682 22,703 22,710 22,716 3,169 3,172 3,178 3,178 9,795 9,792 9,840 9,899 2,345 2,361 2,377 2,378 839 919 785 772 1,202 1,194 1,203 1,153 664 622 632 690 287 287 285 285 12,951 12,948 13,037 12,998 7,933 7,921 7,979 8,004 5,018 5,027 5,058 4,994 12 14 11 12 35 48 112 74 10 10 9 9 2,241 2,255 2,316 2,279 22,722 22,733 22,741 22,749 3,180 3,185 3,188 3,194 10,034 10,036 10,046 10,Q70 2,400 2,397 2,408 2,350 708 456 334 379 1,152 1,144 1,126 1,111 682 699 709 745 284 283 293 293 12,884 13,158 13,328 13,273 8,027 8,047 8,079 8,071 4,857 5,111 5,249 5,202 11 11 8 4' 5 I 40 61 112 , Y3 51 9 9 9 10 10 2,244 2,265 2,313 2,291 2,250 22,761 22,772 22.778 22,786 22,796 3,196 3,203 3,207 3,214 I 3,219 ! 10,183 10,237 10,283 10,278 I 10,307 : 2,259 2,241 2,222 2,195 2,209 1,185 1,165 1.188 1,141 1,189 733 711 732 659 721 292 291 292 13,240 13,290 13,321 12,749 292 I 12,632 8,047 8,081 8.087 ! 309 304 259 977 915 5,193 5,209 5,234 4,655 4,602 6 6; 47 62 10 10 2,247 2,263 22,788 22,793 I I 10,421 10,472 , 2,195 2,213 i 933 807 1,147 1,129 674 660 291 290 I 1 I i I I 3,221 3,222 I I "9' I 12,594 12,707 8,O~4 I 8,0,0 I 9, 108 9,167 1 3,486 3,540 19 ............. 26 ...........•. 2,184 2,184 2,184 2,184 5 6 107 84 10 10 2,307 2,284 22,778 22,781 3,228 3,230 10,535 10,567 2,184 2,195 598 440 1,046 1,029 718 648 290 288 12,942 13,126 9,250 9,327 3,692 3,799 3 ............. 10 ............. 17 ............. 24 ............. 31 ............. 2,184 2,196 2,240 2,243 2,254 2,184 2,196 2,240 2,243 2,254 6 4 5 7 3 90 75 178 239 94 10 10 10 10 10 2,289 2,286 2,433 2,499 2,361 22,770 22,774 22,747 22,750 22,737 3,233 3,236 3,238 3,244 3,247 10,717 10,834 11,023 11,224 11,160 2,180 2,185 2,193 2,195 2,215 321 157 925 908 867 1,008 935 853 809 774 601 679 630 613 586 288 287 297 295 291 13,178 \3,219 12,497 12,447 12,450 9,318 9,377 9,412 9,391 9,365 3,860 3,842 3,085 3,056 3,085 1942 7 ............ , 14 ............. 21 ............. 28 ............. 2,254 2,254 2,250 2,243 2,254 2,254 2,250 2,243 4 4 3 4 118 123 120 83 10 10 9 9 2,386 2,390 2,383 2,339 22,742 22,740 22,750 22,744 3,248 3,252 3,255 3,256 11,109 11,062 11,077 11,097 2,220 2,224 2,204 2,196 663 419 284 302 787 755 730 716 588 640 657 663 292 291 292 290 12,717 12,992 13,145 13,075 9,332 9,431 9,561 9,596 3,385 3,561 3,584 3,479 4 ............. 11 ............. 18 ............. 25 ............. 2,243 2,243 2,250 2,262 2,243 2,243 2,250 2,262 4 3 3 4 61 77 142 117 9 9 9 9 2,316 2,331 2,404 2,392 22,738 22,741 22,712 22,715 3,259 3,263 3,264 3,266 11,231 11,319 11,339 11,422 2,201 2,194 2,181 2,189 376 319 264 798 682 681 626 650 685 629 625 504 289 288 288 288 12,849 12,905 13,058 12,521 9,523 9,548 9,598 9,643 3,326 3,357 3,460 2,878 Mar. 4 ............. 11 ............. 18 ........ 25 ......... ::: : 2,262 2,253 2,249 2,244 2,262 2,253 2,249 2,244 6 6 6 6 125 79 87 67 9 9 9 9 2,402 2,347 2,351 2,326 22,705 22,709 22,686 22,684 3,269 3,271 3,273 3,274 11,518 11,520 11,474 11,462 2,180 2,176 2,168 2,175 287 60 59 472 716 744 742 727 555 573 632 625 2S6 286 297 296 12,835 12,968 12,939 12,527 9,627 9,702 9,778 9,680 3,208 3,266 3,161 2,847 Apr. 1 ............. 8 ............. 15 ............. 22 ............. 29 ....... 2,244 2,243 2,254 2,296 2,350 2,244 2,243 2,254 2,296 2,350 9 7 9 4 7 77 124 142 90 76 9 10 10 10 10 2,339 2,384 2,415 2,400 2,443 22,672 22,675 22,678 22,686 22,689 3,277 3,279 3,280 3,284 3,286 11,593 11,610 11,624 11,642 11,723 2,187 2,177 2,166 2,189 2,186 362 190 301 243 128 748 723 926 916 893 606 628 558 616 528 295 295 295 295 297 12,496 12,715 12,502 12,470 12,662 9,497 9,546 9,616 9,718 9,847 2,999 3,169 2,886 2,752 2,815 May 6 ............. 13 ............. 20 ............. 27 ............. 2,436 2,484 2,445 2,489 2,436 2,484 2,445 2,489 8 8 5 6 118 109 117 78 10 10 11 11 2,572 2,612 2,578 2,584 22,703 22,706 22,709 22,712 3,291 3,294 3,299 3,302 11,845 11,861 11,883 11,971 2,193 2,191 2,188 2,197 376 158 304 239 955 936 950 948 458 504 477 483 295 294 293 293 12,444 12,667 12,486 12,467 9,753 9,742 9,921 9,932 2,691 2,925 2,565 2,535 June 3 ............. 10 ............. 17 ............. 24 ............. 2,532 2,568 2,579 2,583 2,532 2,568 2,579 2,583 6 6 5 5 174 124 209 99 11 11 11 II 2,723 2,708 2,803 2,698 22,715 22,717 22,729 22,735 3,306 3,310 3,311 3,313 12,141 12,176 12,208 12,231 2,188 2,213 2,189 2,191 110 92 160 139 943 978 961 965 416 355 315 393 293 293 304 303 12,653 12,629 12,706 12,523 9,870 9,847 9,915 9,875 2,783 2,782 2,791 2,648 July 1 ............. 8 ............. 15 ............. 22 ............. 29 ............. 2,728 2,909 3,038 3,047 3,110 2,278 2,909 3,038 3,047 3,110 3 3 4 5 5 131 146 174 133 110 11 11 11 11 12 2,873 3,069 3,227 3,196 3,237 22,739 22,740 22,742 22,745 22,746 3,314 3,315 3,319 3,321 3,322 12,416 12,489 12,502 12,546 12,647 2,195 2,190 2,201 2,223 2,224 485 548 946 298 183 886 872 871 887 888 455 481 431 460 523 297 296 296 296 295 12,192 12,246 12,042 12,551 12,545 9,933 9,924 9,977 10,255 10,349 2,259 2,322 2,065 2,296 2,196 Aug. 5 ............. 12 .........•••. 19 ............. 26 ..........••. 3,303 3,387 3,448 3,389 3,303 3,387 3,448 3,389 5 5 4 5 124 107 149 117 14 13 14 14 3,446 3,512 3,615 3,525 22,739 22,742 22,744 22,747 3,328 3,332 3,333 3,337 12,794 12,870 12,956 13,057 2,204 2,206 2,206 2,219 285 174 240 176 891 889 914 908 442 443 429 430 295 295 294 294 12,602 12,709 12,653 12,526 10,356 10,328 10,550 10,184 2,246 2,381 2,103 2,342 Sept. 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 3,388 3,502 3,573 3,395 3,567 3,388 3,502 3,573 3,395 3,567 9 13 10 9 8 128 173 259 163 184 16 15 15 15 15 3,542 3,703 3,857 3,581 3,774 22,756 22,745 22,747 22,750 22,754 3,341 3,343 3,346 3,349 3,353 13,250 13,389 13,440 13,519 13,703 2,216 2,205 2,206 2,200 2,222 146 214 6 485 661 961 949 972 972 947 357 342 267 320 460 291 290 299 299 296 12,418 12,402 12,760 11,886 11,592 10,156 10,054 9,721 9,852 9,902 2,262 2,348 3,039 2,034 1,690 7 ............. 14 ............. 21 ............. 28 ............. 3,592 3,809 4,225 4,441 3,592 3,809 4,225 4,441 8 11 7 9 169 206 246 113 15 16 15 14 3,784 4,042 4,494 4,578 22,756 22,758 22,745 22,739 3,356 3.359 3,363 3,366 13,830 13,932 13,995 14,082 2,235 2,228 2,238 2,249 393 123 521 372 928 947 932 953 414 336 322 495 295 291 289 286 11,801 12,303 12,304 12,246 9,510 9,952 10,088 2,291 2,713 2,352 2,158 Nov. 4 ............. 11 ............. 18 ............. 25 ............. 4,551 4,658 4,695 4,843 4,551 4,658 4,695 4,843 11 10 8 10 104 241 327 214 15 15 16 IS 4,680 4,925 5,045 5,083 22,739 22,741 22,741 22,742 3,369 3,373 3,375 3,377 14,312 14,408 14,465 14,648 2,260 2,234 2,249 2,239 361 234 300 68 894 914 913 907 469 477 339 325 283 278 274 268 12,211 12,493 12,622 12,746 10,093 10,091 10,133 10,228 2,118 2,402 2,489 2,518 Dec. 5,140 5,546 5,537 5,627 5,989 5,140 5,546 5,537 5,627 5,989 9 9 9 10 5 296 243 493 641 421 15 15 15 14 14 5,460 5,813 6,055 6,292 6,428 22,743 22,743 22,744 22,735 22,726 3,381 3,383 3,440 3,569 3,628 14,848 14,986 15,092 15,329 15,407 2,243 2,192 2,184 2,182 2,194 94 60 13 497 811 917 797 802 795 806 383 386 361 396 509 260 252 269 267 266 12,840 13,267 13,517 13,129 12,788 10,336 10,463 10,880 10,937 11,132 2,504 2,804 2,637 2,192 1,656 Dec, Jan. Feb. w Oct. 2 ............. 9 ............. 16 •............ 23 ............. 30 ............. 9,S~0 .---------~---- For notes see p. 19. - 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars] Reserve Bank credit outstanding U.S. Government securities Date Total Jan. Dis· counts and ad· vances Float All other Gold stock 3 Total Treas· ury cur.. reney out· stand· ing Cur· re!lcy m circu1ation Deposits, other than mem ber bank reserves, with F. R. Banks Treas· ury cash hold· ings Treas· ury Member bank reserves Other Fed· eral Re· serve For· eign Other - - - - - - - - - - - - - - ac· counts Total . -- Re· quired Ex· 9 cess 9 - - 6,032 5,975 5,818 5,729 6,032 5,975 5,818 5,729 4 7 10 10 329 279 355 240 12 13 13 12 6.378 6,274 6,195 5,992 22,712 22,712 22,703 22,692 3,660 3,697 3,747 3,793 15,393 15,322 15,354 15,438 2,192 2,190 2,196 2,199 273 329 374 122 803 829 836 794 370 478 475 388 256 256 255 258 13,464 13,279 13,156 13,278 11,138 11,130 11,158 11,184 2,326 2,149 1,998 2,094 3 ............. 10 ............. 17 ............. 24 ............. 5,475 5,719 5,795 5,931 5,475 5,719 5,795 5,931 9 13 9 11 269 236 396 267 14 14 14 14 5,766 5,983 6,214 6,223 22,663 22,642 22,642 22,643 3,846 3,885 3,915 3,925 15,666 15,798 15,845 15,952 2,200 2,209 2,221 2,223 49 280 188 258 794 806 802 802 362 407 356 369 263 265 267 270 12,942 12,747 13,093 12,917 11,242 11,107 11,101 11,129 1,700 1,640 1,992 1,788 Mar. 3 ............. 10 ..••......... 17 ............. 24 ...•......... 31. ............ 5,800 6,090 6,266 5,950 5,919 5,800 6,090 6,266 5,950 5,919 12 9 10 10 13 306 278 409 307 247 13 13 13 13 13 6,130 6,390 6,699 6,280 6,191 22,643 22,644 22,610 22,595 22,576 3,953 3,971 3,979 3,984 3,989 16,154 16,205 16,115 16,065 16,250 2,212 2,218 2,224 2,218 2,224 14 5 6 6 55 851 897 867 900 879 290 283 262 285 287 271 276 297 301 302 12,935 13,122 13,516 13,084 12,759 11,149 11,245 11,390 11,452 11,241 1,786 1,877 2,126 1,632 1,518 Apr. 7 ............. 14 ............. 21. ............ 28 ............. 6,549 6,705 6,329 6,347 6,549 6,705 6,329 6,347 13 12 tI 26 272 373 360 270 13 14 15 13 6,848 7,104 6,715 6,655 22,541 22,501 22,482 22,472 3,994 4,002 4,008 4,009 16,353 16,424 16,500 16,593 2,229 2,235 2,236 2,234 213 128 471 443 876 915 912 911 299 461 460 499 301 300 307 307 13,110 13,144 12,318 12,149 11,134 10,997 10,025 9,925 1,976 2,147 2,293 2,224 May 5 ............. 12 .•.•.......•. 19 ............. 26 ............. 6,531 6,172 6,038 6,181 6,531 6,172 6,038 6,181 15 25 10 21 290 315 373 278 14 13 13 13 6,850 6,526 6,434 6,493 22,473 22,454 22,455 22,425 4,014 4,033 4,051 4,072 16,683 16,741 16,795 16,902 2,245 2,252 2,264 2,267 722 630 379 345 994 902 930 959 473 370 378 364 310 312 313 314 11,909 11,805 11,882 11,838 9,781 10,072 10,244 10,340 2,128 1,733 1,638 1,498 June 2 ..•.......... 9 ............. 16 ............. 23 ............. 30 ............. 6,217 6,636 6,626 6,748 7,202 6,217 6,636 6,626 6,748 7,202 21 13 II 19 5 284 336 438 414 356 13 13 13 13 13 6,535 6,998 7,088 7,194 7,576 22,427 22,407 22,407 22,387 22,388 4,075 4,078 4,080 4,079 4,077 17,196 17,237 17,189 17,154 17,421 2,272 2,277 2,278 2,268 2,268 6 175 6 294 455 968 1,015 1,031 1,082 1,114 224 297 227 305 368 315 317 333 334 329 12,057 12,165 12,511 12,223 12,085 10,423 10,651 10,879 10,924 10,873 1,634 1,514 1,632 1,299 1,212 July 7 ............. 14 ............. 21. ............ 28 ............. 7,676 7,645 7,577 7,951 7,676 7,645 7,577 7,951 34 10 9 13 394 482 434 441 13 13 13 12 8,117 8,150 8,033 8,418 22,388 22,362 22,347 22,334 4,085 4,086 4,084 4,090 17,607 17,658 17,706 17,799 2,278 2,267 2,271 2,272 773 616 293 559 1,135 1,094 1,150 1,200 358 372 394 371 332 331 330 330 12,108 12,260 12,319 12,309 10,879 10,950 11,131 11,289 1,229 1,310 1,188 1,020 Aug. 4 ............. II ............. 18 ............. 25 ............. 8,165 8,317 8,156 8,777 8,165 8,317 8,156 8,777 18 24 18 40 387 365 401 308 12 12 12 12 8,582 8,718 8,586 9,137 22,335 22,306 22,291 22,292 4,093 4,091 4,092 4,098 18,014 18,101 18,214 18,303 2,281 2,281 2,279 2,282 398 295 99 304 1,247 1,272 1,148 1,230 403 379 240 375 332 331 330 331 12,336 12,456 12,660 12,702 11,306 11,257 11,372 11,596 1,030 1,199 1,288 1,106 Sept. 9,187 9,336 9,653 9,204 9,168 9,187 9,336 9,653 9,204 9,168 69 71 31 22 13 273 324 620 480 350 12 12 12 11 12 9,540 9,742 10,315 9,717 9,543 22,243 22,223 22,204 22,205 22,175 4,098 4,090 4,093 4,094 4,096 18,571 18,740 18,773 18,714 18,818 2,279 2,255 2,266 2,266 2,274 213 6 6 549 682 1,190 1,160 1,197 1,232 1,208 384 214 304 430 441 329 329 337 338 337 12,915 13,351 13,729 12,487 12,054 11,770 11,913 11,678 10,594 10,244 1,145 1,438 2,051 1,893 1,810 20 ............. 27 ............. 9,387 9,062 8,914 9,291 9,387 9,062 8,914 9,291 13 18 11 13 363 270 443 369 12 12 12 12 22,176 22,155 22,132 22,132 4,098 4,099 4,101 4,103 18,883 18,978 19,019 19,090 2,279 2,281 2,284 2,295 1,013 380 530 530 1,242 1,254 1,262 1,318 391 367 175 341 337 335 342 342 11,903 12,021 12,002 12,005 10,206 10,413 10,595 10,943 1,697 1,608 1,407 1,062 Nov. 3 ............. 10 ............. 9,476 9,865 9,476 9,865 39 22 309 332 12 12 9,775 9,362 9,380 686 9, 9,835 10,231 22,116 22,096 1 4,106 4,100 19,354 19,514 2,298 2,297 334 369 1,300 1,349 368 367 334 333 12,069 12,198 10,985 11,118 1,084 1,080 Feb. w 1943 6 .•.••........ 13 ............. 20 ..•.•........ 27 ............. Bought out.. right Repur· chase agreements 1 I, t-> I. ............ 8 ............. 15 ............. 22 ............. 29 ............. Oct. 6 ............. 13 ............. 1 : 17 .......... . .. 24 .......... . 9,832 10,364 9,832 1.•.•.... ' 10,364 1 . . . . . . . . 1 29 .... .. .. 10,447 11,016 11,014 11,551 11,615 10,447 ........ 1 11,016 . 11,014 11,551 . 11,615 1944 Jan. 5 ........ 12 •.......... 19 .......... . 26 ......... .. .. .. .. .. 11,651 11,855 11,913 12,026 11,651 11,855 11,913 12,026 2 ..•........ .. 9 .......... . .. 16 .......... . 23 .......... . 11,781 11,169 11,394 11,816 11,781 11,169 11,394 11,816 11,624 12,029 12,110 12,243 12,297 11,624 12,029 12,110 12,243 12,297 . ....... . ....... ........ . ....... . ....... . ....... Dec. Feb. .. I .......... . .. 8 .......... . .. 15 ...... .. .. 22 ...... . .. .. .. Mal'. I .......... . .. 8 .......... . .. 15 .......... . .. 22 .•......... .. 29 ......... .. .. w 4,101 4,101 1 19,559 19,726 I 2,293 2,295 1 407 479 1,363 1,398 350 341 333 333 12,263 12,402 11,167 11,358 1,096 1,044 22,065 22,044 2 2,004 2 2,004 2 2,004 4,101 4,102 4,097 4,097 4,096 19,940 20,135 20,235 20,382 20,428 2,299 2,301 2,293 2,325 2,316 275 686 379 967 764 1,422 1,448 1,442 1,486 1,513 208 216 180 378 395 334 331 344 344 345 12,562 12,569 12,932 12,677 12,769 11,466 11,651 11,694 11,758 11,643 1,096 918 1,238 919 1,126 . ....... . ....... . ....... . ....... 31 47 41 24 680 402 454 324 10 II II 10 12,372 12,315 12,419 12,385 2 1,938 2 1,938 2 1,938 2 1,928 4,094 4,092 4,093 4,093 20,436 20,404 20,408 20,387 2,314 2,318 2,327 2,331 961 638 404 351 1,381 1,445 1,522 1,531 371 400 438 463 338 339 338 340 12,602 12,801 13,014 13,002 11,698 11,797 11,986 11,940 904 1,004 1,028 1,062 24 22 32 47 317 309 524 367 10 10 II 10 12,132 11,511 11,961 12,240 2 1,910 2 1,836 2 1,802 2 1,742 4,093 4,094 4,093 4,090 20,534 20,586 20,610 20,696 2,322 2,315 2,335 2,336 175 8 360 646 1,558 1,525 1,551 1,592 357 182 416 352 342 341 341 340 12,847 12,482 12,244 12,109 11,309 11,217 11,125 11,135 1,538 1,265 1,119 974 37 52 65 65 83 371 347 457 405 359 10 10 10 10 10 12,042 12,438 12,643 12,722 12,749 2 1,712 2 1,670 2 1,670 2 1,600 2 1,600 4,091 4,090 4,089 4,090 4,092 20,823 20,963 21,006 20,934 21,037 2,350 2,340 2,342 2,333 2,329 140 269 77 495 753 1,574 1,568 1,540 1,543 1,564 240 337 382 350 353 338 339 351 352 352 12,380 12,383 12,705 12,405 12,053 11,276 11,426 11,561 11,496 11,409 1,104 957 1,144 909 644 44 55 87 89 377 390 496 386 13 12 13 12 12,766 13,106 13,330 13,485 2 1,540 2 1,479 2 1,469 2 1,429 4,093 4,093 4,093 4,094 21,191 21,295 21,334 21,396 2,347 2,327 2,321 2,327 426 274 204 373 1,433 1,451 1,517 1,646 369 372 456 373 356 356 357 356 12,277 12,604 12,704 12,537 11,443 11,666 11,821 11,849 834 938 883 688 85 136 152 227 237 341 316 409 297 260 12 12 12 12 12 13,730 13,713 14,382 14,525 14,759 2 1,375 2 1,375 2 1,354 2 1,324 2 1,264 4,092 4,097 4,099 4,100 4,101 21,614 21,725 21,846 21,911 22,160 2,334 2,333 2,298 2,333 2,310 229 214 397 389 307 1,615 1,592 1,579 1,575 1,554 358 234 374 385 393 357 356 355 356 354 12,690 12,729 12,986 13,000 13,046 11,881 12,004 12,127 12,217 12,318 809 725 859 783 728 240 173 172 52 322 420 424 280 II 12 II 11 15,183 15,606 15,786 15,423 2 1,212 2 1,211 2 1,201 2 1,193 4,101 4,104 4,107 4,107 22,255 22,333 22,293 22,421 2,330 2,332 2,339 2,314 262 154 334 561 1,516 1,534 1,580 1,577 418 494 420 401 357 359 370 370 13,358 13,715 13,758 13,081 12,553 12,676 12,575 11,769 805 1,039 1,183 1,312 22 45 39 37 314 363 392 274 II II II 11 15,085 15,236 14,999 15,124 2 1,133 2 1,114 2 1,047 20,996 4,107 4,107 4,109 4,111 22,598 22,561 22,531 22,584 2,296 2,303 2,348 2,313 219 517 360 403 1,471 1,488 1,462 1,415 391 375 336 358 364 364 364 365 12,987 12,849 12,754 12,793 11,632 11,545 11,675 11,752 1,355 1,304 1,079 1,041 36 62 53 107 85 310 309 387 289 219 II II 10 10 10 15,249 15,604 15,682 15,999 16,167 20,996 20,996 20,998 20,947 20,946 4,112 4,108 4,109 4,112 4,114 22,734 22,910 23,020 23,047 23,221 2,339 2,340 2,345 2,404 2,407 261 487 317 549 318 1,431 1,446 1,440 1,405 1,397 340 344 364 362 382 368 371 368 370 370 12,884 12,810 12,935 12,922 13,132 11,857 11,883 11,981 12,100 12,248 1,027 927 954 822 884 105 116 172 88 363 382 514 344 10 10 10 9 16,509 16,916 17,237 16,943 20,906 20,885 20,885 20,825 4,114 4,112 4,114 4,114 23,432 23,495 23,558 23,658 2,380 2,384 2,390 2,373 354 370 699 483 1,404 1,406 1,405 1,262 364 359 353 365 373 373 385 386 13,221 13,526 13,445 13,355 12,386 12,562 12,581 12,494 835 964 864 861 33 148 186 322 397 330 514 307 9 9 9 9 17,099 17,503 17,795 17,899 20,824 20,725 20,728 20,727 4,113 4,113 4,114 4,115 23,881 24,099 24,157 24,216 2,372 2,366 2,362 2,359 347 211 315 229 1,245 1,221 1,238 1,245 367 347 360 362 391 389 391 391 13,433 13,708 13,814 13,940 12,545 12,719 12,919 13,079 888 989 895 861 359 401 357 474 593 292 288 501 450 367 9 8 8 7 7 18,265 18,655 18,807 19,341 19,520 20,727 20,726 20,694 20,693 20,688 4,115 4,115 4,114 4,117 4,120 24,409 24,674 24,717 24,881 24,997 2,372 2,313 2,338 2,339 2,334 216 314 119 251 292 1,226 1,221 1,245 1,264 1,248 406 419 244 303 301 393 395 394 395 395 14,083 14,159 14,557 14,719 14,761 13,189 13,290 13,502 13,721 13,610 894 869 1,055 998 1,151 383 176 217 153 429 551 880 598 6 7 6 6 19,130 19,311 20,113 19,821 20,668 20,667 20,646 20,639 4,122 4,123 4,127 4,131 25,107 25,163 25,280 25,335 2,337 2,348 2,369 2,377 258 503 1,250 901 1,229 1,165 1,200 1,210 ........ . ....... . ....... May 3 •........... 10 .•.•........ 17........... . 24 .......... .. 31 .......... .. 13,292 13,249 13,808 13,989 14,251 13,292 13,249 13,808 13,989 14,251 June 7 .......... .. 14 ........... . 21 .......... .. 28 ........... . 14,609 15,001 15,180 15,081 14,609 15,001 15,180 15,081 July 5 ........... . 12 ........... . 19 .......... .. 26 ........... . 14,738 14,816 14,556 14,802 14,738 14,816 14,556 14,802 Aug. 2 ........... . 9 .......... .. 16 ........... . 23 ........... . 30 .......... .. 14,891 15,222 15,231 15,592 15,852 14,891 15,222 15,231 15,592 15,852 Sept. 6 .•.......... 13 .......... .. 20 ........... . 27 .......... .. 16,030 16,407 16,540 16,501 16,030 16,407 16,540 16,501 Oct. 4 ........... . II .......... .. 18 ........... . 25 ........... . 16,660 17,016 17,087 17,261 16,660 17,016 17,087 17,261 Nov. I .......... .. 8 ........... . 15 ...•........ 22 ........... . 29 .......... .. 17,605 17,957 17,941 18,411 18,553 17,605 17,957 17,941 18,411 18,553 6 ••.•........ 13 ........... . 18,311 18,577 19,009 19,064 18,311 18,577 19,009 19,064 ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 2 2,096 22,081 10,874 11,540 11,704 12,459 12,430 ........ ........ ........ ........ For notes see p. 19. 1 12 II II II 10 12,332 12,648 12,734 12,998 27 ........... . 372 10, 10,792 362 406 589 827 704 12,332 12,648 12,734 12,998 2) ........... . 12 12 53 108 90 70 101 5 .......... .. 12 ........... . 19 .......... .. 26 ..........•• Dec. 494 I 369 i ....... ........ ....... ........ Apr. w 34 I 48 ........ 1,260 12,924 397 14,184 407 1,184 12,908 14,092 397 432 1,155 12,803 407 13,958 421 1,260 12,709 408 13,969 391 ------------------------ 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars] Reserve Bank credit outstanding U.S. Government securities Date Total Bought outright 18,734 18,907 18,651 18,620 19,006 18,734 18,907 18,651 18,620 19,006 7 ............. 14 ............. 21 ............. 28 ............. 19,062 19,181 19,231 19,439 19,062 19,181 19,231 19,439 Mar. 7 ............. 14 ............. 21. ............ 28 ............. 19,350 19,576 19,493 19,516 19,350 19,576 19,493 19,516 Apr. 4 ..•.......... 11. ............ 18 ............. 25 ............. 19,580 20,091 20,153 20,444 19,580 20.091 20,153 20,444 May 2 •..••.....•.. 9 ............. 16 ............. 23 •............ 30 ...••.....•.. 20,479 20,720 20,668 20,929 21,023 20,479 20,720 20.668 20,929 21,023 June 6 ..•••......•. 13 ............. 20 ............. 27 ............. 20,896 21,103 21,507 21,693 20,896 21,103 21,507 21,693 July 4 ............. ll ........... .. 18 ............. 25 ............. 21,745 21,544 21,613 21,570 21,745 21,544 21.613 21,570 Aug. 1. ............ 8 ............. IS ............. 22 ..••••..•.... 29 ............. 21,871 21,910 21,869 22,296 22,358 21,877 21,910 21,869 22,296 22,358 Sept. 5 ............. 12 ....•.....•.. 19 ............. 26 ••••.•...•... 22,435 22,808 22,965 23,186 22,435 22,808 22,965 23,186 Oct. 3 ............. 10 ............. 17............. 24 .••••.••..... 31. ............ 23,212 23,272 22,901 23,089 23,276 23,212 23,272 22,901 23.089 23,276 Nov. 7 ............. 14 ...••........ 23,076 23,448 23,076 23,448 Feb. Discounts and advances AU other 3 Float Total ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ......... Gold stock I - - - - - - 1945 3 ............. 10 .••...•...... 17 ............. 24 ..•••........ 31. ••.......... Jan. Repurchase agreements - 30 130 129 141 176 702 444 525 455 366 4 4 4 4 4 19,470 19,486 19,310 19,220 19,552 20,619 20,593 20,572 20,571 20,550 200 231 294 321 438 502 474 394 4 4 4 4 19,703 19,918 20,003 20,158 305 255 193 218 491 461 484 337 4 4 4 4 220 323 341 508 451 345 474 354 569 551 487 724 886 Treasury currency outstanding I Curre!lcy 1U circulation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Treasury Foreign Other Member bank reserves Other Federal Reserve accounts Total Required 9 Excess 9 - - - - - - - - - 4,130 4,130 4,129 4,129 4,127 25,326 25,257 25,209 25,175 25,290 2,368 2,372 2,370 2,380 2,371 592 528 334 479 648 1,220 1,199 1,164 1,157 1,247 388 391 374 240 387 403 405 404 403 402 13,921 14,057 14,156 14,085 13,884 12,763 12,860 12,995 13,036 13,015 1,158 1,197 1,161 1,049 869 20,548 20,507 20,506 20,506 4,126 4,124 4,124 4,122 25,411 25,533 25,652 25,751 2,372 2,389 2,384 2,355 593 547 517 460 1,248 1,271 1,291 1,192 395 377 381 389 409 409 410 410 13,950 14,022 13,999 14,228 13,028 13,047 13,148 13,263 922 975 851 965 20,150 20.296 20,173 20,074 20,454 20,453 20,451 20,419 4,121 4,120 4,120 4,1l8 25,864 25,881 25,836 25,834 2,365 2,364 2,360 2,356 288 263 96 310 1,207 1,249 1,230 1,186 379 236 217 191 415 417 428 429 14,208 14,459 14,579 14,305 13,309 13,446 13,512 13,453 899 1,013 1,067 852 4 4 4 4 20,255 20,763 20,973 21,310 20,418 20,417 20,396 20,374 4,117 4,118 4,117 4,120 25,865 25,939 26,068 26,074 2,379 2,364 2,374 2,371 335 409 430 651 1,175 1,195 1,191 1,168 244 358 402 395 438 439 437 437 14,353 14,593 14,582 14,708 13,419 13,647 13,776 13,873 934 946 806 835 354 314 427 322 345 5 4 5 5 4 21,406 21,589 21,587 21,980 22,258 20,374 20,352 20,351 20,271 20,270 4,130 4,132 4,137 4,142 4,141 26,204 26,312 26,372 26,399 26,500 2,382 2,384 2,376 2,319 2,315 423 447 102 526 426 1,159 1,072 1,135 1,187 1,159 412 392 406 405 460 438 438 438 440 439 14,892 15,029 15,246 15,1l7 15,371 13,965 14,068 14,201 14,251 14,258 927 961 1,045 866 1,1l3 912 852 307 202 394 388 470 312 4 4 4 3 22,207 22,347 22,287 22,211 20,268 20,268 20,265 20,263 4,145 4,146 4,145 4,144 26,513 26,533 26,536 26,628 2,314 2,292 2,297 2,314 352 170 347 687 1,188 1,231 1,269 1,298 357 320 441 476 444 443 452 454 15,452 15,771 15,354 14,760 14,354 14,534 13,900 13,398 1,098 1,237 1,454 1,362 39 73 126 229 461 408 427 326 3 3 3 4 22,249 22,028 22,170 22,129 20,213 20,214 20.213 20,212 4,145 4,145 4,144 4,144 26,834 26,932 26,901 26,926 2,285 2,230 2,274 2,279 667 585 690 594 1,207 1,243 1,194 1,129 440 374 358 411 450 453 450 449 14,722 14,570 14,660 14,699 13,269 13,434 13,612 13,705 1,453 1,136 1,048 994 399 353 312 399 442 284 339 598 443 260 4 3 3 3 3 22.564 22,606 22,782 23,142 23,063 20,152 20,151 20,130 20,088 20,088 4,198 4,197 4,198 4,201 4,215 27,130 27,269 27,351 27.506 27,600 2,260 2,269 2,257 2,248 2,262 678 538 398 671 397 1.104 1,148 1,092 1,170 1,168 428 439 552 387 410 454 457 457 457 457 14,861 14,833 15,004 14,992 15,070 13,798 13,767 13,872 13,974 14,084 1,063 1,066 1,132 1,018 986 377 457 301 422 377 409 438 282 3 3 3 3 23,192 23,677 23,707 23,892 20,088 20,096 20,095 20,093 4,216 4,216 4,222 4,222 27,750 27,793 27,777 27,729 2,269 2,267 2,268 2,263 304 598 428 961 1,135 1,115 1,084 1,051 394 423 441 456 464 465 474 475 15,180 15,329 15,552 15,274 14,214 14,365 14,513 14,381 966 964 1,039 893 314 313 317 390 439 291 335 479 308 269 3 3 3 3 2 23,821 23,923 23,699 23,790 23,987 20,072 20,040 20,039 20,038 20.036 4,248 4,257 4,262 4,270 4,278 27.853 27,962 27,952 27,974 28,049 2,268 2,282 2,249 2,248 2,244 648 535 293 295 429 1,039 981 960 965 938 430 438 364 384 435 483 484 482 482 483 15,420 15,537 15.700 15,751 15,723 14,419 14,510 14,668 14,749 14,819 1,001 1,027 1,032 1,002 904 508 595 290 453 2 2 23,877 24,498 20,035 20,034 4,285 4,284 28,137 28,178 2,268 2,265 261 580 I 396 441 483 485 15,737 15,994 14,809 14,831 928 1,163 914 872 i 21 ............. 28 ............. nee. 23,343 23,646 23,343 23,646 . ....... [ 630 791 I 356 323 1, 3 3 24,331 24,764 032 20, 20,031 1 4,297 4,297 28, 198 28,169 1 2,272 I 2,269 410 557 I I 902 875 I I 457 476 484 484 15,937 16,261 14,894 I 14,968 1,043 1,293 898 ' 886 844 863 406 318 440 419 487 488 496 500 16,242 15.669 15,906 15,658 14,648 14.373 14,587 14,458 1,594 1,296 1,319 1,200 5 •••••........ 12 ............. 19 ............. 26 .•..•........ 23,525 23,493 23.668 24,037 23,525 23.493 23.668 24,037 ........ ........ ........ ........ 344 312 360 492 357 458 827 641 2 2 2 2 24,229 24.264 24,857 25,172 20,029 20.045 , 20.066 20,065 4,303 4.317 4,326 4,334 28,279 28,370 28.557 28,649 2,242 2,268 2,288 2,283 8 627 718 1,199 1946 2 ............. 9 ............. 16 •............ 23 ............. 30 ............. 24,092 23.859 23,437 23,341 23,297 24.092 23.859 23.437 23.341 23,297 . ....... 222 215 210 207 310 531 461 424 371 289 2 2 2 2 2 24.847 24.536 24,072 23,922 23,898 20,065 20.046 20,111 20,135 20,157 4,352 4,362 4.377 4,385 4,404 28,491 28,297 28.119 27.977 27,914 2,306 2,256 2.262 2.282 2,295 771 758 272 578 762 854 906 836 837 872 446 400 421 402 425 498 505 505 506 507 15.900 15,822 16.145 15,859 15,681 14.461 14.556 14,722 14,690 14,620 1,439 1,266 1,423 1,169 1,061 6 ............. 13 ............. 20............. 27 ............. 23,227 23.253 23,017 22,972 23,227 23,253 23,017 22,972 Mar. 6 ............. 13 ............. 20 ............. 27 ............. Apr. May an. ........ 289 411 353 380 322 268 415 323 2 2 2 2 23,840 23,933 23,787 23,677 20,157 20,157 20.233 20,233 4,413 4,424 4.434 4,447 27,929 27,967 27,955 27,938 2,306 2,301 2,318 2,317 716 864 940 826 828 750 808 781 398 423 426 422 516 516 516 518 15,717 15.693 15.490 15,555 14,602 14,547 14,540 14,516 1.115 1.146 950 1,039 22.526 22,393 22,592 22,974 22,526 22,393 22.592 22,974 ........ ........ ........ . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... 443 711 484 683 326 317 406 302 2 2 2 4 23,297 23,423 23,483 23,963 20,232 20.232 20.233 20,257 4.451 4,456 4,467 4,478 27,957 27,946 27.889 27.842 2,284 2,260 2,267 2,298 612 501 774 1,397 751 743 749 772 403 466 481 454 530 531 540 541 15.444 15,663 15.484 15,395 14,520 14,551 14.555 14,400 924 1,112 929 995 3 ............. 10 ............. 17 ............. 24 ............. 21,969 22,232 22,103 22,304 21,969 . ....... 22,232 . ....... 22,103 . ....... 22,304 . ....... 687 353 326 324 276 254 419 264 4 7 9 10 22,936 22,846 22,857 22,901 20,255 20.253 20.251 20,247 4,485 4.492 4.514 4,536 27,912 27,955 27.948 27,877 2,271 2,259 2,259 2,260 533 260 334 385 705 707 708 730 308 454 430 429 550 550 548 547 15,396 15,406 15,395 15,457 14,324 14,466 14.552 14,621 1,072 940 843 836 I ............. 8 •...••....... 15 ••••......... 22 ............. 29 ............. 22,579 22,732 22,660 22,643 22,983 22.579 22,732 22,660 22,643 22,983 ........ ........ ........ ........ ........ 225 207 145 163 237 265 262 428 311 324 14 18 19 15 13 23,084 23,219 23,252 23.132 23,556 20.251 20,248 20.245 20.245 20,242 4,535 4,534 4,534 4,532 4,533 27,888 27,958 27,950 27.961 28,106 2.267 2,266 2,265 2,262 2,265 409 314 504 562 681 729 746 686 660 608 281 416 424 409 430 548 550 550 550 553 15,747 15,751 15,652 15,505 15,689 14,636 14.737 14,736 14,805 14859 1,111 1.014 916 700 830 June 5 ............. 12 ............. 19 ............. 26 ............. 22,780 23.270 22.691 23,385 22,780 23.270 22,691 23,385 ........ 252 251 251 231 405 360 496 350 13 14 16 19 23.450 23.896 23,454 23,986 20.272 20.271 20.272 20,269 4,534 4,537 4.536 4,539 28,159 28,128 28,116 28.135 2,285 2,280 2,260 2.262 394 860 419 970 619 535 552 519 445 434 432 431 555 556 566 568 15,799 15,909 15,916 15,910 15,061 15,076 15.245 15,043 738 833 671 867 July 3 ............. 10 ............. 17 ............. 24 ............. 31 ............. 23,003 23.394 23.230 23.652 23,633 23.003 23.394 23.230 23.652 23,633 238 292 204 219 245 429 304 418 319 251 24 30 44 39 35 23.694 24.019 23.895 24.229 24,164 20.270 20.271 20.271 20,269 20,267 4,540 4.537 4,538 4,539 4,540 28,395 28.335 28.241 28,187 28.254 2.249 2,254 2,249 2.263 2,250 507 664 513 674 513 505 514 561 893 824 466 602 605 580 578 567 568 568 563 562 15,815 15,889 15,968 15.877 15,991 15,085 15.064 15,109 15.124 15,135 730 825 859 753 856 Aug. 7 ............. 14 .••••.••..... 21 ............. 28 ............. 23.593 23.575 23.486 23,606 23,593 23,575 23,486 23,606 258 262 229 216 254 376 375 264 29 24 19 16 24,134 24.238 24.109 24,102 20.266 20,268 20.274 20,280 4,538 4.541 4.543 4,543 28,326 28.353 28.365 28,376 2,263 2,262 2.265 2,274 353 557 540 620 824 762 702 631 506 533 548 583 573 572 572 575 16.093 16.008 15.933 15,867 15,129 15.110 15,128 15,153 964 898 805 714 Sept. 4 ............. 11 ............. 18 ............. 25 ............. 23,387 23,291 23,421 23,866 23.387 23,291 23,421 23.866 291 249 262 294 321 386 534 421 12 9 7 4 24.011 23.935 24.224 24,585 20,284 20,288 20,288 20,301 4,543 4.545 4,545 4,547 28,506 28.499 28.453 28,448 2,281 2,280 2,265 2,279 293 199 359 928 608 692 651 668 580 430 460 544 581 581 588 590 15,989 16,086 16.280 15,975 15,211 15.332 15.408 15.251 778 754 872 724 Oct. 2 ............. 9 ............. 16 .••.......... 23 ............. 30 ............. 23,555 23,502 23,418 23.056 23,608 23,555 23.502 23,418 23,056 23,608 218 271 254 248 238 365 274 479 331 254 3 1 I I I 24.140 24,048 24.152 23,636 24,101 20.306 20,305 20,304 20,388 20,399 4,546 4,544 4,545 4,546 4,548 28,526 28.608 28,597 28,585 28,588 2,301 2,270 2,274 2.270 2,285 357 483 524 369 462 697 584 539 535 688 348 336 329 437 318 597 597 596 595 595 16.166 16,019 16,142 15,779 16,111 15.232 15,253 15,287 15.344 15,374 934 766 855 435 737 Nov. 6 ............. 13 ••.••........ 20 ............. 27 ............. 23,515 23,684 23,522 23,682 23,515 23,684 23,522 23,682 376 397 329 283 461 450 ~~~ I I I I I 24,107 24,565 24.314 24,416 20,405 20,420 20,461 20,469 4,548 4,548 4,548 4,548 28,750 28.761 28,689 28,815 2,276 2,294 2,285 2,271 408 577 633 665 667 622 596 641 300 422 425 313 598 598 597 598 16.060 16.259 16,098 16,131 15.423 15.421 15.480 15,488 637 838 618 643 Dec. 4 ............. 11. ............ 18 ............. 25 ............. 23,888 24.128 23,211 23,722 23,888 24,128 23,211 23,722 245 290 303 341 450 377 814 814 1 1 I I 24,585 24,796 24,328 24,877 20,477 20,450 20.477 20,527 4,550 4,551 4,554 4,554 28,906 28,946 29.019 29,163 2,288 2,270 2.208 2,258 679 626 237 547 612 570 526 520 305 304 244 328 600 601 609 613 16.222 16,479 16,517 16.530 15.553 15.605 15,861 15.636 669 874 656 894 Feb. For notes see p. 19. ........ ........ ........ . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... . ....... I 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars) ---_._._-- _ . _ . --_._-------------------- -- -- Total Bought outright Repurchase agreernents - - 1947 I ............. 8 ............. 15 ............. 22 ............. 29 ............. 23,350 23,733 23,327 23,430 23,863 23,350 23,733 23,327 23,430 23,863 5 ............. 12 .•........... 19 ............. 26 ............. 23,412 23,803 23,918 24,044 23,412 23,803 23,918 24,044 Mar. 5 ............. 12 ...........•. 19 ............. 26 ............. 23,242 23,247 22,411 22,810 23,242 23,247 22,411 22,810 Apr. 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 21,938 22,276 21,905 21,829 21,857 21,938 22,276 21,905 21,829 21,857 7 ............. 14 ............. 21 ............. 28 ............. 21,852 21,762 21,676 21,590 21,852 21,762 21,676 21,590 ........ ........ ........ . . . . . . .. ........ ........ ........ June 4 ............. 18 ............. 25 ............. 21,760 21,578 21,186 21,582 21,760 21,578 21,186 21,582 ........ ........ ........ ........ 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 21,629 21,611 21,758 21,700 22,012 21,629 21,611 21,758 21,700 22,012 ........ Aug. 6 ............. 13 ............. 20 ............. 27 ............. 21,869 22,030 22,097 22,107 21,869 22,030 22,097 22,107 Sept. 3 ............. 10 ............. 17 ............. 24 •..... _....•. 22,224 22,042 21,756 22,118 22,224 22,042 21,756 22,118 1.... _........ 8 ............. 15 ............. 22 ............. 29 ............. 22,392 22,355 22,218 21,772 22,129 22,392 22,355 22,218 21,772 22,129 Nov. 5 ............. 12 .•.....•....• 22,119 22,052 22,119 22,052 Jan. Feb. May 11 ............. July Oct. ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ .. . . . . . . . ....... ....... ....... ........ ....... ........ Discounts and advances - Float I I U.S. Government securities Date ~ ! Reserve Bank credit outstanding All other Gold stock 3 Total Treasury cur.. rency outstanding Currency in circulation Treasury cash hold ings - - - - - - Deposits, other than member bank reserves, with F. R. Banks Treasury - Foreign Other - - 163 247 243 238 317 580 395 535 532 334 1 1 1 1 1 24,093 24,375 24,105 24,201 24,514 20,529 20,531 20,567 20,692 20,808 4,562 4,561 4,560 4,559 4,559 28,952 28,748 28,518 28,369 28,265 2,2 72 2,2 81 2,291 2,295 2,3 25 393 401 409 862 1,536 508 648 711 731 679 314 318 257 274 342 279 393 343 392 358 441 413 324 1 I 1 1 24,050 24,638 24,674 24,761 20,749 20,751 20,770 20,322 4,559 4,558 4,556 4,556 28,295 28,346 28,276 28,262 2,3 20 2,3 35 2,3 24 1,3 81 1,162 1,711 2,358 2,372 605 526 414 485 257 412 235 733 239 237 234 287 322 294 400 389 1 1 1 1 23,804 23,780 23,047 23,486 20,376 20,403 20,413 20,438 4,557 4,557 4,557 4,556 28,335 28,330 28,242 28,170 1,331 1,3 35 1,3 35 1,3 55 1,407 1,429 713 1,600 396 523 513 458 713 648 635 601 429 277 100 141 125 390 338 467 258 222 1 I 1 1 1 22,758 22,893 22,474 22,230 22,205 20,486 20,497 20,583 20,621 20,774 4,557 4,559 4,558 4,558 4,561 28,247 28,250 28,163 28,105 28,114 1,3 33 1,3 36 1,3 32 1,3 38 1,3 29 946 753 613 482 619 520 501 396 559 553 573 532 483 462 473 101 139 117 130 275 329 276 297 1 2 2 2 22,230 22,233 22,071 22,019 20,811 20,878 20,888 20,932 4,560 4,559 4,559 4,561 28,197 28,134 28,116 28,211 1,3 28 1,3 37 1,3 38 1,3 72 654 556 539 751 454 573 489 403 463 493 468 443 174 175 133 132 299 285 477 341 2 2 2 2 22,234 22,040 21,797 22,057 20,990 21,026 21,123 21,174 4,561 4,561 4,561 4,553 28,261 28,253 28,195 28,183 1,366 1,332 1,3 33 1,3 29 653 495 225 642 510 431 305 405 446 459 551 510 110 121 99 119 111 404 302 389 273 185 2 2 2 2 2 22,145 22,035 22,248 22,093 22,310 21,284 21,336 21,434 21,467 21,537 4,559 4,551 4,550 4,550 4,551 28,409 28,363 28,225 28,145 28,129 1,325 1,3 29 1,331 1,33o 1,341 658 566 756 939 705 463 340 455 338 587 515 504 497 481 649 123 183 239 135 218 280 298 234 2 2 2 2 22,211 22,494 22,636 22,478 21,602 21,611 21,666 21,766 4,552 4,551 4,551 4,550 28,206 28,223 28,239 28,302 1,3 30 1,3 29 1,33o 1,335 728 1,053 1,265 915 550 519 493 541 521 481 494 582 125 120 130 119 272 307 506 334 2 2 2 2 22,623 22,472 22,394 22,573 21,765 21,815 21,935 21,950 4,552 4,551 4,550 4,552 28,749 28,742 28,633 28,556 1,323 1,329 1,306 1,31 9 459 243 240 800 570 429 432 401 580 532 498 524 156 146 125 373 377 380 439 447 283 6 5 4 4 4 22,931 22,852 22,807 22,348 22,789 21,955 22,092 22,153 22,225 22,294 4,551 4,551 4,551 4,552 4,552 28,559 28,632 28,656 28,569 28,519 1,31 6 1,3 28 1,3 24 1,33 7 1,338 1,053 909 836 608 1,355 320 353 332 447 450 512 484 485 477 466 204 429 314 [ 205 3 3 22,640 22,689 22,336 22,442 4,551 4,550 28,635 28,709 1,324 1,328 926 1,224 471 443 452 507 III 19 ............. 26 ............. 22,222 22,239 22,222 ........ I 22,239 ........ 3 ............. 10 ............. 17 ............. 24 ............. 31. ............ 22,120 21,985 21,657 21,900 22,559 22,120 21,985 21,657 21,900 22,559 1948 7 ............. 14 ............. 21 ............. 28 ............. 21,683 21,896 21,540 21,987 21,683 21,896 21,540 21,987 4 ............. 11. ............ 18 •............ 25 ............. 20,523 20,817 20,943 21,034 20,523 20,817 20,943 21,034 Mar. 3 ............. 10 ............. 17 ............. 24 ............. 31. ............ 21,071 20,678 20,373 20,607 20,887 21,071 20,678 20,373 20,607 20,887 Apr. 7 ............. 14 ............. 21 ............. 28 ............. 20,477 20,593 20,394 20,440 20,477 20,593 20,394 20,440 May 5 ............. 12 ............. 19 ............. 26 ............. 20,251 20,348 20,098 20,592 20,251 20,348 20,098 20,592 June 2 ..•.......... 9 ............. 16 ............. 23 ............. 30 ............. 20,683 20,349 20,749 21,010 21,366 20,683 20,349 20,749 21,010 21,366 July 7 ............. 14 ............. 21. ............ 28 ............. 21,535 21,521 21,326 21,209 21,535 21,521 21,326 21,209 Aug. 4 ............. 11 ............. 18 ............. 25 ............. 21,378 21,566 21,551 21,460 21,378 21,566 21,551 21,460 Sept. 1. ............ 8 ............. 15 ............. 22 ............. 29 ............. 21,411 21,240 21,205 21,860 23,282 21,411 21,240 21,205 21,860 23,282 ........ · . . . . .. . · . . . . . .. ·. . . . . . . ........ ........ · . . .. . . . ........ ........ ........ · . . . , . .. ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ Oct. 6 ............. 13 ............. 20 ............. 27 ............. 23,143 23,303 23,192 23,242 23,143 23,303 23,192 23,242 ........ ·........ ....... Nov. 3 ............. 10 ............. 17 ............. 24 ............. 23,239 23,144 22,930 22,993 23,239 23,144 22,930 22,993 ........ . ....... ........ Dec. 23,165 23,004 22,993 22,845 23,347 23,165 23,004 22,993 22,845 23,347 Dec. Jan. Feb. 1............. 8 ............. 15 ............. 22 .••••....••.. 29 ............. For notes see p. 19. 199 370 618 319 ........ ........ ........ 262 249 168 283 85 ..... ... ........ ........ ........ ........ ........ ........ · . . . . . .. ........ ........ I 2 5 23,Q41 22,934 22,513 22,597 4,552 4,554 28,595 28,725 1,327 ' 1,330 1,560 ' 1,314 406 451 520 518 444 377 908 826 535 4 5 5 2 1 22,830 22,617 22,738 23,01l 23,181 22,680 22,708 22,723 22,743 22,754 4,553 4,556 4,557 4,556 4,562 28,817 28,874 28,923 29,111 28,868 1,342 1,331 1,332 1,318 1,336 1.256 934 616 929 870 466 517 469 462 392 519 475 481 506 569 624 618 615 608 563 17,038 17,132 17,581 17,377 17,899 16,184 16,197 16,416 16,304 16,400 854 935 1,165 1,073 1,499 163 165 168 281 471 506 515 388 1 I 3 2 22,320 22,568 22,227 22,658 22,762 22,790 22,829 22,894 4,560 4,559 4,559 4,558 28,658 28,374 28,211 28,086 1,340 1,333 1,323 1,332 562 819 1,268 1,945 485 456 425 406 524 502 489 482 569 569 565 555 17,503 17,863 17,334 17,305 16,337 16,326 16,341 16,265 1,166 1,537 993 1.040 240 578 295 279 410 334 539 390 2 3 4 4 21,175 21,732 21,782 21,707 22,934 22,933 22,981 23,028 4,560 4,559 4,557 4,557 28,124 28,189 28,053 28,054 1,309 1,308 1,335 1,326 616 1,187 1,725 1,656 506 442 421 449 469 502 478 452 561 558 558 557 17,084 17,037 16,750 16,799 16,171 16,036 15,985 15,835 913 1,001 765 964 258 298 363 447 430 517 348 447 371 287 5 2 4 3 4 21,851 21,326 21,187 21,429 21,607 23,036 23,083 23,119 23,135 23,137 4,559 4,559 4,559 4,557 4,559 28,024 28,006 27,920 27,851 27,781 1,333 1,331 1,325 1,336 1,325 954 751 677 1,458 1,972 578 476 525 511 486 449 479 481 507 514 557 559 585 589 588 17,552 17,366 17,351 16,870 16,639 16,395 16,389 16,447 16,186 15,984 1,157 977 904 684 655 261 221 233 259 343 313 334 251 4 2 4 2 21,085 21,130 20,966 20,952 23,147 23,152 23,159 23,167 4,558 4,558 4,557 4,561 27,833 27,774 27,718 27,682 1,329 1,320 1,336 1,326 1,140 1,177 1,283 1,185 498 448 422 387 496 480 489 469 590 590 589 587 16,905 17,050 16,845 17,043 16,083 16,156 16,144 16,164 822 894 701 879 230 250 225 321 372 439 350 286 2 1 I I 20,856 21,038 20,674 21,201 23,176 23,225 23,245 23,295 4,561 4,560 4,559 4,561 27,762 27,762 27,690 27,700 1,329 1,319 1,329 1,333 1,114 1,319 1,612 1,788 370 374 369 372 440 418 426 416 545 544 546 546 17,033 17,087 16,506 16,901 16,216 16,203 16,212 16,178 817 884 294 723 239 312 294 353 266 368 293 474 356 267 I I 2 2 1 21,292 20,955 21,519 21,721 21,900 23,343 23,362 23,515 23,523 23,532 4,562 4,560 4,560 4,561 4,565 27,895 27,864 27,808 27,792 27,903 1,335 1,337 1,331 1,317 1,327 1,567 1,144 984 1,863 1,928 342 371 357 364 405 412 457 522 463 454 551 551 593 597 592 17,094 17,154 17,999 17,408 17,389 16,153 16,246 16,867 16,680 16,647 941 908 1,132 728 742 398 316 285 327 309 301 276 186 1 1 1 1 22,243 22,139 21,888 21,723 23,584 23,593 23,650 23,670 4,562 4,562 4,561 4,563 28,142 27,959 27,864 27,821 1,334 1,331 1,324 1,329 1,841 1,861 1,879 1,822 441 442 430 377 437 456 490 498 612 613 610 576 17,584 17,631 17,503 17,534 16,581 16,694 16,780 16,775 1,003 937 723 759 283 293 302 324 235 204 272 209 I 1 1 1 21,897 22,064 22,125 21,993 23,679 23,688 23,708 23,711 4,564 4,564 4,565 4,564 27,922 27,966 27,979 27,965 1,330 1,324 1,322 1,324 1,852 1,756 1,963 1,902 388 385 394 371 472 480 572 472 570 569 566 568 17,606 17,834 17,603 17,668 16,876 16,831 16,874 16,857 730 1,003 729 811 318 310 284 309 357 207 283 432 375 313 I 1 1 1 1 21,937 21,834 21,921 22,545 23,953 23,725 23,793 23,850 23,865 23,872 4,568 4,571 4,571 4,570 4,573 28,072 28,287 28,156 28,083 28,080 1,323 1,326 1,321 1,319 1,324 1,693 1,331 661 1,436 1,660 413 406 412 401 410 442 465 463 457 454 564 565 592 590 586 17,724 17,817 18,737 18,694 19,884 16,871 16,891 17,090 17,715 18,944 853 926 1,647 979 940 296 500 289 300 267 163 387 253 1 1 1 1 23,707 23,967 23,869 23,797 23,888 23,965 23,983 23,996 4,572 4,572 4,574 4,575 28,202 28,284 28,157 28,091 1,324 1,317 1,326 1,322 1,596 1,551 1,530 1,524 400 455 455 441 467 461 458 447 596 596 590 584 19,584 19,840 19,910 19,960 18,977 18,911 19,040 19,086 607 929 870 874 ........ 320 326 282 582 169 457 621 365 1 1 1 1 23,729 23,929 23,834 23,941 24,007 24,097 24,110 24,150 4,578 4,579 4,579 4,580 28,254 28,337 28,215 28,305 1,317 1,317 1,324 1,317 1,473 1,553 1,591 1,650 463 434 472 466 423 478 429 456 539 539 540 542 19,846 19,947 19,953 19,934 18,988 19,025 19,138 19,104 858 922 815 830 ........ ........ ........ ........ ........ 306 399 267 426 255 311 323 658 949 511 1 1 1 1 1 23,783 23,727 23,919 24,221 24,113 24,165 24,218 24,230 24,234 24,236 4,583 4,585 4,585 4,584 4,585 28,322 28,415 28,369 28,560 28,325 1,338 1,314 1,327 1,326 1,329 1,527 1,540 969 1,575 1,283 489 512 531 549 614 438 474 463 484 493 541 548 641 647 652 19,877 19,727 20,435 19,899 20,238 19,094 19,067 19,219 19,237 19,180 783 660 1,216 662 1,058 ........ ........ ........ ........ ........ ........ ........ ........ ........ I ! I 631 ' 17,068 17,121 626 16,185 ' 16,167 883 954 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars] I Reserve Bank credit outstanding I U.S. Government securities Date Total 22,919 22,465 22,117 22,039 ........ ........ 22,919 22,465 22,117 22,039 2 •••••.....••. 9 •.•••...••.•. 16 ...••....•... 23 .••••..•••••. 22,215 22,350 22,303 22,358 22,215 22,350 22,303 22,358 Mar. 2 .••••••..•••• 9 •.••••.•••.•. 16 ••.••.••••... 23 .•.••......•• 30 .••.•..•••.•. 21,837 21,529 21,500 21,675 21,828 21,837 21,529 21,500 21,675 21,828 Apr. 6 .•••••....... 13 ..•.•........ 20 •••.•..••.... 27 ••••••.•..... 21,597 21,491 21,288 21,208 21,597 21,491 21,288 21,208 May 4 ..•••......•. 11. •••••.•..... 18 ............. 25 ............. 20,839 20,130 19,706 19,691 20,839 20,130 19,706 19,691 June 1. ............ 8 ............. 15 ............. 22 ............. 29 ............. 19,767 19,594 19,461 19,166 19,517 19,767 19,594 19,461 19,166 19,442 July 6 ............. 13 ............. 20 ............. 27 ............. 19,343 18,842 18,474 18,490 19,343 18,842 18,474 18,490 Aug. 3 ............. 10 ............. 17 ............. 24 ........... " 31 ............. 18,693 18,606 18,226 17,803 17,524 18,693 18,606 18,226 17.803 17,447 Sept. 7 ............. 14 ..•••....•... 21 ............. 28 ............. 17,413 17,250 17,154 17,~52 17,413 17,250 17,154 17,824 Oct. 5 ............. 12 ............. 19 ............. 26 ..•.......... 17,961 17,779 17,666 17,403 17,961 17,779 17,666 17,403 Nov. 2 ............. 9 ............. 17,533 17,706 17,533 17,706 00 Discounts and ad- All other Float 3 Total Treasury Gold stock vances cur- rency outstanding I I Curre!lcy m circulation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Treasury Other Federal Re- Member bank reserves I serve Foreign Other accounts Total Required 9 Excess 9 - - - - - - - - - - - - - - - - ........ 1949 Jan. 5 ••••••..••.•. 12 ••..•....•..• 19 •.••...•..••. 26 .••••....•.•. Feb. ...., Bought outright Repurchase agreements ! I ........ ......... ....... ........ ........ ........ .......... ....... ....... ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 75 .......... ....... ....... ........ .......... ....... ....... 77 ........ ........ 229 364 242 458 578 363 639 462 1 1 1 1 23,727 23,193 22,999 22,960 24,249 24,253 24,264 24,268 4,586 4,586 4,586 4,587 28,151 27,919 27,717 27,561 1,322 1,323 1,327 1,333 951 939 804 1,135 672 671 715 680 495 473 552 458 597 600 603 613 20,375 20,105 20,133 20,035 19,244 19,118 19,183 19,113 1,131 987 950 922 297 251 238 303 313 234 384 185 1 1 1 1 22,827 22,836 22,926 22,847 24,279 24,279 24,284 24,290 4,588 4,587 4,586 4,586 27,556 27,557 27,480 27,551 1,327 1,327 1,323 1,326 1,284 1,430 1,754 1,591 731 718 729 750 472 457 449 443 613 614 615 620 19,711 19,597 19,447 19,441 19,072 18,921 18,841 18,754 639 676 606 687 242 203 429 594 298 342 270 418 243 251 1 1 1 1 1 22,422 22,003 22,348 22,512 22,378 24,290 24,295 24,305 24,307 24,311 4,587 4,587 4,588 4,588 4,591 27,557 27,577 27,500 27,423 27,403 1,320 1,320 1,324 1,327 1,320 877 711 591 1,432 1,678 750 745 740 707 694 482 478 487 489 496 628 632 662 670 671 19,684 19,424 19,936 19,360 19,019 18,872 18,787 18,946 18,655 18,503 812 637 990 705 516 213 232 453 266 333 332 308 230 1 1 1 1 22,143 22,056 22,050 21,705 24,317 24,321 24,324 24,329 4,591 4,592 4,589 4,592 27,514 27,507 27,408 27,356 1,329 1,318 1,333 1,330 1,116 1,028 1,054 1,146 611 594 600 588 493 516 494 505 676 678 678 679 19,311 19,327 19,398 19,020 18,479 18,505 18,519 18,492 832 822 879 528 480 203 773 171 257 225 255 185 1 1 1 1 21,576 20,559 20,735 20,048 24,334 24,335 24,338 24,339 4,592 4,592 4,591 4,591 27,447 27,452 27,392 27,367 1,324 1,314 1,313 1,312 990 913 1,026 668 531 500 494 483 514 517 511 495 623 625 627 627 19,073 18,164 18,302 18,027 18,161 17,285 17,248 17,305 912 879 1,054 722 158 157 139 671 150 219 204 310 276 208 1 1 1 I 1 20,145 19,956 19,911 20,113 19,875 24,342 24,381 24,423 24,421 24,466 4,595 4,596 4,596 4,596 4,597 27,515 27,484 27,391 27,345 27,426 1,321 1,315 1,309 1,304 1,324 622 378 9 508 497 453 482 468 477 507 458 464 438 466 451 637 640 708 715 720 18,076 18,170 18,606 18,314 18,013 17,288 17,249 17,387 17,348 17,334 788 921 1,219 966 679 114 140 360 417 321 296 261 168 1 1 1 1 19,779 19,279 19,096 19,075 24,471 24,513 24,518 24,520 4,597 4,596 4,595 4,594 27,659 27,480 27,366 27,333 1,306 1,317 1,310 1,307 262 371 449 447 485 508 526 467 413 465 404 409 741 741 739 741 17,980 17,506 17,415 17,486 16,518 16,493 16,522 16,586 1,462 1,013 893 900 298 138 240 115 531 221 180 227 162 170 1 1 1 1 1 19,213 18,924 18,694 18,081 18,225 24,562 24,568 24,608 24,610 24,608 4,593 4,592 4,592 4,591 4,593 27,419 27,409 27,383 27,328 27,393 1,312 1,314 1,313 1,321 1,308 411 370 444 485 610 494 494 493 464 439 424 461 477 484 475 689 691 689 690 690 17,619 17,347 17,096 16,509 16,512 16,490 16,513 15,799 15,596 15,337 1,129 834 1,297 913 1,175 116 123 146 300 1 1 1 1 17,780 17,804 17,633 18,397 24,647 24,649 24,691 24,602 4,592 4,592 4,591 4,590 27,589 27,454 27,365 27.348 1,317 1,312 1,314 1,311 472 334 801 1,170 463 422 435 517 493 509 527 512 690 691 713 715 15,995 16,322 15,760 16,016 15,064 15,207 15,244 15,139 931 1,115 516 877 1 24,604 24,604 24,585 24,584 4.593 27,476 {592 ' 27,546 4,591 27,427 4,591 27,328 1,321 1,296 1,310 1,313 612 554 317 374 549 558 576 614 527 689 566 550 734 734 732 732 16,384 16,119 16,405 16,098 15,242 15,211 15,330 15,314 1,142 908 1,075 784 24,583 24,532 4,591 4,592 1,318 1,312 545 415 661 689 558 531 690 690 16,437 16,145 15,319 15,262 1,118 883 ........ ........ ........ ........ 112 109 122 138 250 430 332 244 ; i 331 i 413 : 368 . 291 ::::::::1 611 319 271 159 28 1 1 18,406 18,301 18,157 17,833 I 1 1 18,416 18,185 I I 27,382 27,528 I 17,789 17,669 17,682 7 ............. 14 ............. 21 ............. 28 ............. 17,931 18,169 18,538 18,789 1950 4 ...•......... II ............. 18 ............. 25 ............. 27,397 I 27,508 27,543 I 1,323 1,315 1,317 4,596 4,596 4,595 4,598 27,699 27,701 27,833 27,765 1,309 1,314 1,309 1,314 24,427 24,426 24,426 24,425 4,597 4,596 4,596 4,596 27,551 27,311 27,121 26,913 18,620 18,146 18,581 18,103 24,395 24,345 24,343 24,345 4,599 4,598 4,598 4,598 2 3 3 3 3 18,454 18,363 18,264 18,036 18,144 24,345 24,345 24,320 24,271 24,246 3 3 3 3 18,132 18,068 17,928 18,141 437 287 261 I 2 2 18,351 18,091 18,267 24,530 24,530 24,479 592 4,596 4, 4,596 17,931 18,169 18,538 18,789 407 107 128 142 287 453 840 446 2 2 2 2 18,628 18,731 19,508 19,379 24,477 24,476 24,427 24,427 18,829 18,230 17,872 17,764 18,829 18,230 17,872 17,764 95 99 97 120 545 313 412 414 2 2 2 2 19,471 18,644 18,383 18,300 I ............. 8 ............. 15 ............. 22 ...•......... 17,855 17,656 17,781 17,625 17,855 17,656 17,781 17,625 456 223 267 94 307 264 531 382 2 2 2 2 Mar. I ............. 8 ............. IS ............. 22 ............. 29 ............. 17,757 17,846 17,791 17,573 17,516 17,757 17,846 17,791 17,573 17,516 314 87 71 186 365 381 427 399 274 261 Apr. 5 ............. 12 ............. 19 ............. 26 •............ 17,572 17,597 17,410 17,640 17,572 17,557 17,410 17,640 168 160 137 218 389 309 379 280 May 3 ............. 10 ............. 17 ............. 24 .•........... 31 ............. 17,711 17,591 17,401 17,290 17,389 17,711 17,591 17,401 17,290 17,389 121 90 79 106 306 357 294 518 285 236 June 7 ............. 14 ............. 21. ............ 28 ............. 17,672 17,693 17,679 18,217 17,672 17,693 17,679 18,217 94 79 75 69 374 495 505 278 July 5 ............. 12 ............. 19 ............. 26 ....•........ 18,586 18,294 17,869 17,964 18,586 18,294 17,869 17,964 84 65 200 350 Aug. 2 ............. 9 ............. 16 ...•......... 23 ............. 30 ..••......... 18,143 18,349 18,334 18,577 18,584 18,123 18,273 18,261 18.577 18,584 Sept. 6 ............. 13 ............. 20 ............. 27 ............. 18,942 19,064 18,526 19,353 18,942 19,064 18,526 19,341 Oct. 4 ..•.......... II ............. 18 ............. 25 ............. 19,375 19,507 19,506 19,229 19,375 19,507 19,506 19,229 Nov. I ............. 8 ............. IS ............. 22 •............ 29 ............. 19,291 19,311 19,425 19,296 19,569 19,291 19,311 19,425 19,296 19,531 Dec. 20,239 20,529 20,227 20,337 20,239 20,529 20,227 20,303 Jan. Feb. \C 17,789 17,669 17,682 124 133 322 Dec. w 16 ............. 23 ............. 30 ............. 6 .•••......... 13 ............. 20 ...•......... 27 ............. · .... ··1 ....... : .. · .... 1 .... ·40· 20 76 73 · .... ii· ········1 ...... .......·1 38 I .. .. 34·1 693 745 726 531 561 512 690 691 689 408 ' 410 I 517[ 441 393 1,027 987 764 766 743 763 507 507 524 517 1,319 1,313 1,315 1,321 547 255 381 539 758 836 910 934 26,928 26,985 26,993 27,016 1,318 1,313 1,313 1,311 637 366 671 371 4,600 4,601 4,601 4,600 4,599 27,060 27,105 27,023 26,972 26,969 1,316 1,322 1,307 1,308 1,321 24,246 24,247 24,247 24,247 4,601 4,600 4,600 4,600 27,133 27,072 26,992 26,962 18,192 17,978 18,001 17,683 17,935 24,247 24,249 24,230 24,230 24,231 4,602 4,602 4,601 4,601 4,606 3 3 3 3 18,143 18,270 18,261 18,567 24,232 24,232 24,231 24,230 278 396 404 319 3 3 3 3 18,950 18,757 18,475 18,636 301 263 106 115 107 316 290 447 189 286 2 2 2 2 2 99 71 51 120 394 527 589 599 44 67 38 50 16,432 15,987 16,038 15,346 15,361 15,367 1,086 626 671 690 690 756 758 16,291 16,433 16,337 16,299 15,395 15,561 15,523 15,462 896 872 814 837 546 545 470 474 719 720 720 721 17,055 16,686 16,487 16,419 15,597 15,593 15,630 15,617 1,458 1,093 857 802 917 904 890 885 561 528 528 593 720 727 728 731 16,532 16,265 16,400 16,139 15,534 15,456 15,383 15,421 998 809 1,017 718 555 433 9 759 997 885 898 880 839 879 559 557 436 300 276 736 739 759 761 766 16,288 16,258 16,771 15,969 15,782 15,347 15,261 15,405 15,324 15,268 941 997 1,366 645 514 1,317 1,313 1,319 1,316 622 587 647 833 883 896 905 914 284 281 357 295 769 769 771 771 15,971 15,996 15,786 15,898 15,209 15,248 15,265 15,243 762 748 521 655 27,051 27,041 26,980 26,908 27,090 1,326 1,318 1,294 1,292 1,309 678 533 426 428 588 996 1,018 1,022 969 988 291 296 271 276 266 712 717 716 719 718 15,986 15,907 16,123 15,922 15,814 15,224 15,147 15,275 15,305 15,288 762 760 848 617 526 4,605 4,604 4,604 4,608 27,079 26,993 26,926 27,026 1,309 1,304 1,294 1,306 472 319 529 866 1,051 1,072 1,124 1,140 270 374 271 300 733 734 784 778 16,067 16,309 16,169 15,988 15,350 15,433 15,522 15,462 717 876 647 526 24,231 24,207 24,207 24,157 4,607 4,606 4,606 4,605 27,315 27,169 27,029 26,915 1.302 1,309 1,310 1,315 645 383 525 504 1,180 1,180 1,202 1,174 290 277 261 265 802 804 803 809 16,254 16,448 16,157 16,415 15,463 15,544 15,527 15,585 791 904 630 830 18,762 18,904 18,889 18,883 18,979 24,136 24,035 23,954 23,803 23,752 4,609 4,608 4,608 4,609 4,611 27,000 27,015 26,976 26,963 27,042 1,304 1,309 1,309 1,308 1,308 564 667 717 562 676 1,209 1,141 1,105 993 1,006 278 290 287 279 298 757 759 759 748 728 16,395 16,366 16,298 16,442 16,285 15,553 15,535 15,613 15,686 15,767 842 831 685 756 518 2 2 2 2 19,438 19,665 19,169 20,075 23,577 23,576 23,525 23,474 4,613 4,613 4,613 4,614 27,259 27,151 27,081 27,060 1,311 1,305 1,301 1,307 511 648 654 1,144 928 872 892 910 292 309 312 280 716 703 768 762 16,611 16,865 16,299 16,699 15,747 15,934 15,946 15,837 864 931 353 862 550 468 879 471 2 2 2 2 19,972 20,044 20,426 19,753 23,482 23,432 23,291 23,290 4,617 4,618 4,617 4,618 27,188 27,339 27,228 27,121 1,308 1,316 1,313 1,300 848 508 449 420 987 1,045 1,016 C072 301 287 276 295 813 809 807 805 16,626 16,789 17,245 16,649 15,848 15,829 15,995 15,962 778 960 1,250 687 III 291 71 247 240 456 249 672 617 690 2 2 2 2 2 19,860 19,853 20,171 20,162 20,501 23,249 23,198 23,148 23,097 23,037 4,622 4.622 4,621 4,622 4,626 27,219 27,388 27,296 27,450 27,543 1,304 1,292 1,304 1,281 1,298 452 298 341 541 564 1,010 1,028 965 934 921 325 296 234 307 297 749 747 746 746 742 16,674 16,625 17,054 16,622 16,799 15,947 15,906 16,044 16,084 16,120 727 719 1,010 538 679 110 69 54 301 571 744 1,581 1,079 2 2 2 2 20,922 21,344 21,864 21,720 22,976 22,926 22,796 22,795 4,628 4,628 4,630 4,631 27,698 27,759 27,929 27,916 1,294 1,294 1,291 1 1,295 ! 540 451 685 786 ! 928 919 900 921 292 294 308 295 726 716 760 760 17,049 17,465 17,416 1 17,174 16,100 16,365\ 16,550 16,415 949 1,100 866 759 1 i For notes see p. 19. I 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars) ------ ----.,-----,--------, ~ '--.--~- Reserve Bank credit outstanding Date Total 1951 Jan. 3 ............. 10 ............. 17 ............. 24 ............. 31. ............ Bought outright Repurchase agreements Discounts and ad- Deposits, other than I I U.S. Government securities I Float Gold stock All other 3 Total vances Treasury currency outstanding Curre,ncy m cireu- lation Treasury cash holdings member bank reserves, with F. R. Banks Treasury Member bank reserves Other Federal Reserve Foreign Other accounts Total - - - - - - - - - - - - - - - ........ 20,571 20,461 20,798 20,545 21,484 20,571 20,461 20,798 20,545 21,411 7 ............. [4 ............. 21 ............. 28 ............. 21,641 21,808 21,854 21,881 21,611 2[,798 21,854 21,881 Mar. 7 ............. 22,179 22,426 22,348 22,606 22,179 22,426 22,348 22,532 22,914 23,086 23,086 22,940 22,914 23,086 23,086 22,940 9 ............. 16 ......... .... 23 ......... .... 30 ............. 22,716 22,544 22,397 22,413 22,293 22,716 22,519 22,347 22,388 22,268 June 6 ............. 13 ...........•. 20 ............. 27 ............. 22,653 22,758 22,806 22,843 22,653 22,758 22,806 22,843 Ju[y 4 ............. 11. ............ [8 ............. 25 ............. 22,977 23,092 23,081 23,057 22,944 23,055 23,073 22,993 Aug. 1. ............ 8 ............. [5 ............. 22 ............. 29 ............. 23,081 23,118 23,151 23,084 23,066 Sept. 5 ............. Required 9 ~ Excess 9 - 28 73 100 272 798 1,279 697 1,021 787 765 3 3 3 3 3 21,879 21,235 21,923 21,608 23,051 22,706 22,546 22,494 22,443 22,392 4,634 4,635 4,635 4,635 4,638 27,685 27,415 27,200 27,028 27,048 1,299 1,308 1,303 1,303 1,297 546 273 105 256 807 942 858 904 850 866 308 315 209 245 340 747 745 743 743 737 17,691 17,502 18,587 18,260 18,984 16,500 16,391 17,618 17,610 18,047 1,191 1,111 969 650 937 643 294 196 398 973 1,225 1,229 905 4 4 4 4 23,260 23,330 23,283 23,188 22,341 22,260 22,207 22,086 4,638 4,637 4,637 4,640 27,125 27,159 27,164 27,188 1,307 1,292 1,277 1,293 795 864 796 465 887 916 888 839 313 310 335 333 736 734 733 729 19,075 18,952 18,934 19,066 18,249 18,211 18,357 18,366 826 741 577 700 207 132 151 471 836 1,089 1,105 769 4 4 4 6 23,226 23,652 23,607 23,852 21,951 21,900 21,856 21,855 4,639 4,639 4,638 4,637 27,219 27,167 27,121 27,038 1,308 1,283 1,295 1,299 495 420 608 1,052 855 856 840 898 210 246 202 299 724 721 734 736 19,004 19,498 19,301 19,023 18,288 18,456 18,724 18,535 716 1,042 577 488 126 92 113 149 768 712 1,030 695 5 5 5 5 23,813 23,895 24,234 23,789 21,806 21,806 21,807 21,807 4,640 4,640 4,640 4,641 27,138 27,166 27,157 27,122 1,304 1,287 1,293 1,296 711 411 621 678 849 828 867 892 364 362 317 320 753 753 752 753 19,141 19,533 19,674 19,176 18,495 18,546 18,558 18,482 646 987 1,116 694 264 422 542 226 540 739 736 969 767 559 5 5 5 5 5 23,724 23,706 23,913 23,411 23,396 21,755 21,755 21,755 21,755 21,755 4,643 4,643 4,643 4,642 4,642 27,255 27,315 27,287 27,251 27,461 1,294 1,298 1,297 1,290 1,294 707 767 745 765 620 909 894 911 884 895 317 301 303 317 322 697 696 695 696 693 18,942 18,833 19,072 18,606 18,508 18,486 18,270 18,306 18,315 18,202 456 563 766 291 306 128 179 165 220 759 840 1,173 846 5 6 5 5 23,546 23,783 24,150 23,916 21,756 21,756 21,755 21,755 4,644 4,647 4,648 4,650 27,520 27,499 27,479 27,601 1,303 1,289 1,285 1,286 139 129 433 418 900 913 905 947 202 182 194 192 684 686 774 775 19,198 19,487 19,482 19,102 18,335 18,417 18,642 18,564 863 1,070 840 538 33 37 8 64 181 236 300 78 806 933 1,218 922 6 6 6 6 23,970 24,267 24,605 24,063 21,756 21,757 21,758 21,759 4,654 4,656 4,656 4,658 27,948 27,893 27,781 27,706 1,287 1,296 1,296 1,305 179 253 612 424 855 910 867 880 159 197 316 311 764 768 766 767 19,189 19,364 19,380 19,088 18,480 18,459 18,465 18,440 709 905 915 648 22,988 23,039 23,039 23,040 23,040 93 79 112 44 26 408 200 242 214 278 788 722 961 871 652 6 6 6 5 6 24,282 24,046 24,360 24,175 24,001 21,759 21,759 21,800 21,800 21,800 4,663 4,665 4,666 4,667 4,668 27,842 27,904 27,925 27,932 28,034 1,308 1,298 1,288 1,292 1,291 557 203 495 434 557 828 871 867 825 784 347 145 246 271 215 722 720 719 718 717 19,099 19,328 19,285 19,172 18,871 18,430 18,441 18,468 18,517 18,485 669 887 817 655 386 26 ............. 23,079 23,108 23,135 23,474 23,057 23,055 23,118 23,373 22 53 17 101 243 325 359 216 678 945 1,284 983 6 6 5 5 24,006 24,384 24,783 24,677 21,854 21,853 21,934 22,013 4,672 4,673 4,674 4,676 28,262 28,216 28,140 28,137 1,299 1,294 1,285 1,288 408 474 477 816 781 780 757 769 241 267 166 255 714 713 730 731 18,825 19,167 19,835 19,369 18,406 18,555 18,864 18,837 419 612 971 532 3 ............. 10 ............. 17 ............. 24 ............. 31. ............ 24,039 24,072 23,848 23,666 23,552 24,039 24,072 23,848 23,666 23,552 ........ . . . . . . .. . . . . . . .. ........ 69 79 69 152 186 917 870 1,195 1,019 685 5 5 5 5 4 25,030 25,025 25,117 24,841 24,427 22,015 22,055 22,105 22,144 22,233 4,680 4,680 4,681 4,683 4,688 28,320 28,448 28,385 28,301 28,417 1,284 1,286 1,296 1,291 1,283 397 335 326 509 493 725 767 705 655 556 241 235 270 231 262 753 750 851 850 780 20,004 19,939 20,068 19,833 19,557 18,843 18,868 18,950 19,144 19,060 1,161 1,071 1,118 689 497 Nov. 7 ............. 23,507 23,397 23,507 23,397 ........ ........ 243 274 840 926 5 4 24,595 24,602 22,284 22,283 4,686 4,688 28,534 28,601 1,291 1,284 452 245 568 594 275 221 778 776 19,667 19,850 18,988 18,976 679 874 Feb. 14 ............. 21. ............ 28 ............. Apr. 4 ............. 11. ............ 18 ............. 25 ............. May 2 ............. 12 ............. [9 ............. Oct. 14 ............. ......... ....... 73 30 10 ........ ........ ......... ....... 74 ........ ......... ....... ........ 25 50 25 25 ........ ........ ........ ........ ........ I I I 21. ............ 28 ............. 23,275 23,239 23,275 23,239 I::::::::; 227 483 I 4 4 24,745 24,679 22,333 ' 22,332 4,689 4,693 28 ,701 28 ,742 879 1,027 2,053 1,272 4 4 4 5 25,081 24,980 25,745 25,576 22,381 22,382 22,491 22,621 4,699 4,700 4,703 4,704 I 1,285 1,288 364 548 28 ,891 29 ,037 29 ,263 29 ,403 1,292 1,284 1,269 1,289 578 549 222 201 774 774 501 266 6 289 570 527 519 610 217 213 257 270 1 I 19,843 19,603 19,211 19,229 632 374 770 770 827 832 19,919 19,964 20,798 20,208 19,196 19,317 19,767 19,637 723 647 1,031 571 I 5 ............. 12 ........ 19 ........ 26 ....... 23,239 23,239 23,239 23,503 I 23.239 23,239 ........ \ 23,239 23,345 158 959 710 449 797 1952 2 .•••... 9 ............. 16 ............. 23 ............. 30 ............. 23,658 23,452 23,119 22,993 22,785 23,605 23,452 23,119 22,993 22,785 105 198 135 112 210 1,057 900 1.114 1,006 707 4 5 4 4 4 24,825 24,554 24,372 24,116 23,707 22,697 22,772 22,822 22,872 22,931 4,706 4,707 4,710 4,711 4,716 29 ,143 28 ,800 28 ,526 28 ,342 28 ,347 1,275 1,280 1,291 1,280 1,302 8 69 138 II 221 523 529 535 495 457 171 242 184 168 272 745 743 744 743 742 20,364 20,369 20,488 20,660 20,013 19,685 19,551 19,590 19,573 19,455 679 818 898 1,087 558 6 ............. 13 ............. 20 ............. 27 ............. 22,614 22,499 22,400 22,555 22,614 22,499 22,400 22,555 283 619 454 422 754 630 1,029 768 5 5 4 5 23,656 23,753 23,887 23,750 22,990 23,011 23,071 23,110 4,717 4,717 4,721 4,722 28 ,378 28 ,425 28 ,387 28 ,390 1,317 1,276 1,308 1,308 52 261 491 712 462 428 476 523 266 257 273 207 741 741 738 735 20,148 20,094 20,007 19,710 19,415 19,304 19,293 19,224 733 790 714 486 Mar. 5 ............. 12 ............. 19 ............. 26 ............. 22,514 22,530 22,825 22,528 22,514 22,519 22,825 22,528 384 357 126 170 981 886 1,260 710 5 5 5 5 23,883 23,778 24,216 23,413 23,290 23,291 23,292 23,291 4,726 4,726 4,729 4,731 28 ,464 28 ,452 28 ,361 28 ,329 1,296 1,296 1,285 1,282 670 639 6 7 600 566 547 545 295 275 195 191 787 785 803 804 19,787 19,781 21,038 20,276 19,166 19,182 19,627 19,500 621 599 1,411 776 Apr. 2 ............. 9 ............ , 16 ............. 23 ............. 30 ............. 22,514 22,494 22,467 22,372 22,363 22,514 22,494 22,467 22,372 22,363 130 167 622 830 676 761 726 1,015 766 588 5 5 5 5 5 23,409 23,393 24,109 23,973 23,632 23,291 23,293 23,293 23,295 23,297 4,736 4,736 4,737 4,738 4,739 28 ,445 28 ,526 28 ,436 28 ,333 28 ,464 1,281 1,273 1,288 1,287 1,281 295 381 520 877 450 565 562 576 538 518 211 201 277 271 266 827 827 825 824 749 19,812 19,652 20,218 19,875 19,940 19,166 19,076 19,225 19,087 19,143 646 576 993 788 797 May 7 ............. 14 ............. 21 ............. 28 ............. 22,329 22,315 22,283 22,273 22,329 22,315 22,283 22,273 1,043 671 499 816 690 773 1,008 648 5 5 5 5 24,067 23,764 23,794 23,742 23,297 23,297 23,298 23,296 4,739 4,739 4,739 4,741 28 ,523 28 ,497 28 ,483 28 ,710 1,286 1,293 1,279 1,286 749 516 384 558 497 539 572 597 265 257 241 216 747 745 745 745 20,034 19,953 20,127 19,667 19,071 19,092 19,181 19,217 963 861 946 450 June 4 ............. 11. ............ 18 ............. 25 ............. 22,378 22,492 22,997 22,564 22,273 22,273 22,914 22,564 105 219 83 926 834 541 307 770 798 1,285 877 5 5 5 5 24,079 24,128 24,828 23,753 23,296 23,297 23,297 23,346 4,747 4,750 4,751 4,752 28 ,842 28 ,830 28 ,787 28 ,814 1,282 1,284 1,286 1,290 527 507 9 134 608 623 600 595 216 211 168 218 742 742 794 793 19,906 19,978 21,232 20,006 19,207 19,226 19,736 19,621 699 752 1,496 385 July 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 22,869 22,860 22,723 22.726 22,844 22,764 22,645 22,605 22,576 22,602 105 215 118 150 242 480 683 974 1,073 1,403 801 918 970 871 655 5 5 5 5 5 24,155 24,465 24,671 24,674 24,907 23,346 23,347 23,348 23,350 23,350 4,755 4,754 4,756 4,756 4,761 29 ,180 29 ,148 28 ,988 28 ,884 28 ,952 1,277 1,264 1,271 1,275 1,286 90 38 307 482 605 576 638 700 766 785 184 268 288 250 257 798 799 797 797 724 20,153 20,413 20,422 20,326 20,409 20,104 20,008 19,973 19,875 19,829 49 405 449 451 580 Aug. 6 ..•.......... 13 ............. 20 .•........... 27 ............. 22,977 23,051 23,032 23,092 22,891 23,032 23,032 23,055 86 19 843 770 979 897 616 727 795 610 4 5 5 4 24,440 24,553 24,810 24,603 23,350 23,344 23,344 23,344 4,763 4,764 4,766 4,768 29 ,041 29 ,051 29 ,068 29 ,129 1,279 1,277 1,281 1,276 270 422 526 707 727 864 839 849 255 193 218 235 722 718 721 721 20,260 20,136 20,267 19,797 19,675 19,692 19,652 19,643 Sept. 3 ............. 10 ............. 17 ............. 24 ............. 23,182 23,229 23,740 23,715 23,116 23,116 23,740 23,715 968 880 313 400 661 759 1,191 738 5 5 5 4 24,816 24,872 25,249 24,857 23,344 23,344 23,344 23,343 4,774 4,776 4,780 4,781 29 ,391 29 ,364 29 ,292 29 ,247 1,285 1,279 1,281 1,274 715 347 6 264 815 789 821 728 251 159 177 161 717 715 729 726 19,760 20,340 21,067 20,581 19,511 19,549 19,957 19,901 249 791 1,110 680 I. ............ 8 ............. IS ............. 22 ............. 29 ............. 23,694 23,663 23,663 23,663 23,624 23,694 23,663 23,663 23,663 23,624 544 1,019 772 1,130 1,171 721 698 887 1,070 706 4 4 4 4 4 24,963 25,384 25,325 25,867 25,505 23,342 23,341 23,341 23,340 23,340 4,787 4,787 4,787 4,790 4,790 29,417 29 ,545 29 ,617 29 ,511 29 ,540 1,287 1,280 1,276 1,281 1,289 523 596 212 618 588 722 723 675 684 655 162 249 179 245 236 882 880 881 878 877 20,098 20,239 20,613 20,779 20,449 19,762 19,567 20,089 20,128 19,975 336 672 524 651 474 Nov. 5 ••........... 12 ............. 19 ............. 26 •............ 23,520 23,567 23,563 23,761 23,495 23,492 23,502 23,612 25 75 61 149 1,663 1,583 1,486 1,615 528 542 1,140 921 4 4 4 4 25,714 25,696 26,193 26,301 23,339 23,338 23,337 23,338 4,794 4,794 4,797 4,797 29 ,748 29 ,905 29 ,842 30,152 1,278 1,282 1,292 1,267 789 505 703 317 643 639 691 711 250 244 258 270 805 805 803 801 20,334 20,447 20,738 20,917 19,884 19,906 20,073 20,409 450 541 665 508 Dec. 23,968 24,239 24,469 24,613 24,697 23,712 23,787 23,914 23,997 24,033 256 452 555 616 664 1,591 1,752 1,022 1,728 156 1,188 866 1,543 1,516 967 4 3 4 4 4 26,751 26,860 27,039 27,860 25,825 23,337 23,337 23,277 23,186 23,187 4,803 4,804 4,806 4,809 4,812 30,274 30,370 30,487 30 ,732 30,433 1,278 1,280 1,269 1,266 1,270 719 645 371 665 389 734 720 729 729 550 147 316 208 201 455 800 802 860 863 777 20,939 20,868 21,198 21,400 19,950 20,371 20,288 20,582 20,531 20,520 568 580 616 869 -570 Dec. Jan. Feb. ... I 1,238 I 953 Oct. 3 ............. 10 .•........... 17 ............. 24 •...•........ 31. ............ For notes see p. 19. ........ 53 II ... "37' 66 113 585 444 615 154 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars) I Reserve Bank credit outstanding Treasury currency outstanding U.S. Government securities Discounts and ad- Date Total Bought outright Repurchase agreements 24,391 24,205 24,034 23,970 24,034 24,034 24,034 23,970 ........ ........ 4 ............. 11. ..••........ 18 ....•........ 25 ••.......•... 23,989 23,929 23,890 23,853 23,888 23,888 23,888 23,853 Mar. 4 .•.••........ 11. .••.....••.. 18 •••••.••..... 25 ...•......... 23,853 23,853 23,963 23,869 23,853 23,853 23,963 23,869 Apr. 1. •••.......•. 8 •••••........ 15 ..•.......... 22 ...•....••.•. 29 •...•..•..... 23,806 23,806 23,821 23,806 23,806 23,806 23,806 23,806 23,806 23,806 May 6 .•••......... 13 •........••.. 20 ....•........ 27 ••••......... 23,860 23,879 23,922 24,088 23,806 23,851 23,891 23,963 June 3 .••.......... 10 ..•.......... 17 ....•........ 24 ••...••...... 24,121 24,637 25,154 24,837 24,071 24,632 25,154 24,837 1. •••....•.... 8 ...•.•..••... 15 .••••.••..... 22 .••.•........ 29 ............. 24,766 24,964 24,964 24,964 24,964 24,766 24,964 24,964 24,964 24,964 Aug. 5 ............. 12 ............. 19 •..•.....•... 26 ...••........ 24,964 24,964 25,008 25,017 24,964 24,964 24,989 24,989 Sept. 2 ............. 9 ............. 16 ...•......... 23 ...•......... 30 ••••......... 25,067 25,126 25,207 25,185 25,235 25,014 25,034 25,084 25,185 25,235 Oct. 7 ............. 14 ............. 21. ............ 28 ............. 25,348 25,363 25,348 25,348 25,348 25,348 25,348 25,348 Nov. 4 ............. 11. ............ 25,447 25,123 25,398 24,958 Jan. Feb. July 1953 7 ..•...•...... 14 ............. 21. ............ 28 ..•.•........ Float All other 3 Gold stock Total vances i II Curre!ley Dep osits, other than memb er bank reserves, with F. R. Banks Treasury cash holdings m circu- lation Treasury Foreign Other Member bank reserves Other Federal Reserve accounts Total Required 9 Excess 9 - - - - - - - - - - - - - - - - - 357 171 1,336 1,076 862 1,307 965 881 1,005 728 4 4 4 4 26,695 26,166 25,904 26,009 23,137 23,137 23,088 23,036 4,814 4,814 4,814 4,815 30,153 29,884 29,687 29,592 1,280 1,280 1,291 1,298 622 455 343 745 571 699 622 612 343 364 348 336 776 776 774 775 20,902 20,660 20,741 20,502 20,309 20,274 20,255 20,095 593 386 486 407 101 41 2 1,385 1,329 732 806 771 650 1,023 744 4 4 4 4 26,148 25,912 25,648 25,406 22,935 22,832 22,722 22,662 4,820 4,820 4,821 4,821 29,657 29,776 29,654 29,735 1,331 1,312 1,288 1,291 672 431 395 389 562 558 458 454 326 340 244 211 770 770 835 834 20,584 20,376 20,318 19,975 19,956 19,894 19,979 19,791 628 482 339 184 824 1,315 1,009 705 1,061 770 1,203 810 4 4 4 4 25,742 25,941 26,178 25,387 22,662 22,611 22,612 22,562 4,824 4,824 4,826 4,826 29,772 29,780 29,708 29,600 1,295 1,299 1,305 1,306 488 331 8 7 512 581 496 511 241 344 381 351 830 829 852 852 20,090 20,212 20,865 20,148 19,840 19,821 20,002 19,854 250 391 863 294 15 465 908 868 842 837 748 709 856 743 581 4 4 4 4 3 25,023 25,427 25,549 25,395 25,227 22,563 22,562 22,562 22,562 22,562 4,827 4,828 4,833 4,834 4,836 29,754 29,780 29,753 29,722 29,787 1,304 1,300 1,278 1,279 1,278 286 329 341 509 367 550 568 574 585 518 344 343 200 356 401 869 868 865 864 784 19,305 19,629 19,932 19,476 19,489 19,518 19,472 19,560 19,481 19,395 -213 157 372 -5 94 54 28 31 125 932 1,264 530 571 647 684 832 645 3 4 4 3 25,443 25,831 25,288 25,308 22,561 22,561 22,562 22,536 4,840 4,841 4,844 4,845 29,863 29,845 29,795 29,825 1,285 1,285 1,282 1,284 214 428 145 355 517 618 584 504 374 366 286 238 780 780 777 777 19,811 19,912 19,824 19,706 19,386 19,282 19,312 19,298 425 630 512 408 50 5 507 454 286 317 785 646 1,213 619 4 3 3 3 25,418 25,741 26,656 25,776 22,536 22,537 22,513 22,487 4,849 4,850 4,851 4,851 29,980 30,003 29,970 29,929 1,282 1,289 1,276 1,272 137 6 8 8 520 587 598 615 253 173 252 158 902 902 958 960 19,729 20,168 20,958 20,173 19,209 19,449 19,778 19,594 520 719 1,180 579 245 341 200 521 747 737 677 756 777 588 3 3 3 3 3 25,752 25,984 25,923 26,265 26,301 22,463 22,438 22,374 22,276 22,277 4,854 4,854 4,853 4,853 4,853 30,152 30,279 30,163 30,051 30,044 1,269 1,266 1,264 1,267 1,264 176 431 640 539 841 521 488 561 525 547 174 176 179 323 343 949 948 947 947 863 19,828 19,690 19,397 19,742 19,529 19,113 19,002 18,253 19,098 19,014 715 688 1,144 644 515 561 776 815 524 625 609 751 587 3 3 3 3 26,153 26,352 26,577 26,131 22,227 22,228 22,228 22,228 4,858 4,859 4,861 4,862 30,139 30,158 30,145 30,105 1,276 1,275 1,280 1,273 460 675 738 669 557 551 610 518 332 329 390 354 860 859 862 862 19,614 19,593 19,641 19,440 18,959 18,942 18,864 18,860 655 651 777 580 391 491 311 228 329 610 559 943 813 685 3 3 3 3 3 26,071 26,179 26,464 26,228 26,252 22,178 22,178 22,178 22,179 22,128 4,865 4,865 4,868 4,869 4,872 30,240 30,479 30,335 30,210 30,275 1,278 1,274 1,278 1,277 1,283 541 574 356 619 642 538 569 507 543 512 333 363 381 259 352 859 859 882 881 880 19,325 19,104 19,771 19,486 19,309 18,884 18,731 18,885 18,868 18,816 441 373 886 618 493 281 271 260 359 606 685 826 i 599 ' 3 3 3 3 26,238 26,322 26,437 26,309 22,128 22,128 22,077 22,077 4,872 4,873 4,874 4,874 30,374 30,412 30,305 30,268 1,284 1,271 1,270 1,282 524 348 530 644 484 461 461 471 370 375 358 366 899 899 897 895 19,303 19,557 19,567 19,334 18,757 18,728 18,817 18,796 546 829 750 538 822 365 559 ' 622 I 3 2 26,830 26,111 22,076 22,077 664 322 453 449 ~~~ I 801 808 19,779 19,630 18,845 19,026 934 604 ........ ........ ........ ........ ........ . ....... ........ ........ ........ ........ . ....... . ....... . ....... . ....... . ....... . ....... . .... i9' 28 53 92 123 . ....... . ....... 15 . ....... . ....... 49 165 1 I I 4,877 4,878 I 30, 428 30,540 1 1,283 784 i I I 786 777 503 522 419 429 398 335 805 805 20,044 19,775 19,184 19,147 860 628 30,791 30,904 30,953 31,156 30,890 774 778 769 763 773 526 488 224 799 377 431 491 464 461 474 339 331 259 427 380 878 880 936 937 936 19,474 19,720 20,229 20,064 20,066 19,161 19,053 19,309 19,294 19,364 313 667 920 770 702 4,890 4,890 4,890 4,890 30,591 30,284 30,083 29,900 770 775 782 795 222 86 5 236 440 500 443 493 397 441 286 278 836 836 833 831 20,184 20,228 20,874 19,859 19,390 19,250 19,335 19,218 794 978 1,539 641 21,956 21,957 21,957 21,958 4,899 4,902 4,905 4,906 29,930 29,923 29,821 29,838 807 818 820 824 457 638 533 509 477 473 482 461 345 338 346 359 829 828 912 911 19,870 19,654 19,845 19,273 19,089 18,937 18,921 18,853 781 717 924 420 25,689 25,638 25,704 25,625 25,316 21,958 21,963 21,964 21,964 21,965 4,912 4,917 4,920 4,925 4,935 29,885 29,870 29,769 29,632 29,707 820 820 823 810 819 528 447 51 539 722 476 487 528 517 494 402 346 191 358 363 908 907 919 919 917 19,540 19,640 20,307 19,739 19,194 18,827 18,792 19,224 18,869 18,689 713 848 1,083 870 505 2 1 1 1 25,357 25,404 25,493 25,383 21,966 21,966 21,967 21,968 4,935 4,943 4,945 4,947 29,795 29,793 29,673 29,645 823 831 839 829 570 639 565 499 491 469 443 469 371 353 388 305 936 935 931 852 19,272 19,293 19,566 19,699 18,651 18,585 18,648 18,759 621 708 918 940 501 582 662 550 1 1 1 1 25,274 25,484 25,528 25,490 21,969 21,970 21,971 21,972 4,951 4,952 4,956 4,957 29,756 29,759 29,707 29,697 837 840 841 834 617 542 418 505 601 579 533 502 328 357 390 383 849 848 880 881 19,207 19,481 19,686 19,617 18,837 18,717 18,937 18,961 370 764 749 656 175 177 136 609 37 593 574 797 751 567 1 1 1 1 1 25,582 25,740 25,844 26,593 25,642 21,923 21,924 21,925 21,926 21,927 4,958 4,957 4,956 4.955 4,959 29,934 29,873 29,803 29,735 29,922 831 825 810 812 811 448 250 459 1,220 875 520 563 543 544 545 379 201 199 339 377 877 876 997 999 988 19,474 20,032 19,914 19,825 19,011 18,898 18,906 18,993 18,828 18,412 576 1,126 921 997 599 84 83 93 220 614 683 654 525 1 1 1 1 25,736 25,669 25,463 25,263 21,928 21,929 21,931 21,907 4,959 4,958 4,958 4,959 30,154 29,981 29,854 29,776 826 810 808 812 300 557 536 548 571 771 629 549 380 400 402 398 987 985 983 911 19,406 19,052 19,141 19,136 18,420 18,340 18,366 18,377 986 712 775 759 170 487 460 313 609 554 766 637 1 1 1 1 25,105 25,066 25,183 24,859 21,908 21,858 21,858 21,858 4,959 4,960 4,960 4,961 29,893 29,911 29,866 29,786 808 799 812 812 677 593 646 596 525 559 548 562 428 387 427 417 907 905 928 927 18,733 18,731 18,776 18,579 17,704 17,665 17,683 17,619 1,029 1,066 1,093 960 293 154 198 170 299 573 506 834 709 511 1 1 1 1 1 24,890 24.705 25,020 24,651 24,857 21,809 21,809 21,809 21,810 21,810 4,965 4,967 4,967 4,968 4,971 29,923 30,115 29,998 29,888 29,922 809 808 797 801 796 591 446 510 515 769 483 524 506 524 489 404 391 409 388 398 924 923 935 934 932 18,530 18,274 18,642 18,379 18,331 17,592 17,532 17,636 17,680 17,685 938 742 1.006 699 646 255 312 330 305 664 346 733 609 1 1 1 I 25,501 25,267 25.521 25,297 21,810 21,810 21,759 21,759 4,971 4,973 4,973 4,973 30,051 30,159 30,055 29,970 799 792 803 816 625 643 601 588 556 468 434 443 427 418 374 373 951 951 949 950 18,875 18,620 19,037 18,888 18,198 18,202 18,288 18,248 677 418 749 640 · . . . . .. . ........ ........ 519 293 299 437 304 542 1,005 636 1 I 1 I 25,495 25,581 25,933 25,627 21,759 21,709 21,709 21,709 4,977 4,978 4,979 4,982 30,138 30,278 30,233 30,412 801 801 802 804 567 213 544 538 425 432 414 400 416 249 381 363 886 884 882 881 18,998 19,410 19,365 18,920 18,218 18,257 18,553 18,549 780 1,153 812 371 24,888 ........ 24,888 24,888 44 24,888 24,888 63 377 345 364 264 565 699 624 1,191 1,328 854 1 1 1 1 1 25,965 25,858 26,487 26,481 26,371 21,710 21,711 21,711 21,712 21,712 4,982 4,982 4,981 4,982 4,984 30,504 30,697 30,773 30,946 30,638 813 818 807 808 809 742 350 333 310 465 386 358 405 450 577 390 380 324 319 370 879 876 975 975 975 18,944 19,073 19,562 19,367 19,233 18,452 18,472 18,611 18,699 18,639 492 601 951 668 594 18 ............. 25 ............. 24,958 25,022 24,958 24,993 29 594 768 933 636 2 2 26,487 26,428 22,076 22,027 4,878 4,879 30,487 30,691 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 25,081 25,345 25,457 25,886 25,902 25,043 25,143 25,243 25,318 25,318 38 202 214 568 584 427 727 268 435 100 792 606 1,193 1,369 973 2 2 2 2 2 26,302 26,681 26,921 27,692 26,977 22,028 22,028 22,028 22,029 22,029 4,882 4,883 4,884 4,886 4,889 1954 6 ............. 13 •............ 20 ............. 27 ............. 25,384 25,318 25,364 24,661 25,318 25,318 25,364 24,661 66 170 156 70 110 963 754 977 722 2 2 2 2 26,519 26,230 26,412 25,495 22,029 22,030 22,006 22,006 3 ............. 10 ............. 17 ............. 24 ............. 24,774 24,863 24,806 24,559 24,717 24,806 24,806 24,559 57 57 515 440 291 249 569 509 798 503 2 2 2 2 25,860 25,815 25,897 25,312 Mar. 3............. 10 ............. 17 ............. 24 ...•......... 31 ............. 24,559 24,682 24,582 24,705 24,632 24,559 24,682 24,582 24,632 24,632 · ·· .. 73· ........ 267 411 265 349 147 861 543 855 569 535 2 2 2 2 1 Apr. 7 ............. 14 ............. 21. ............ 28 ............. 24,632 24,632 24,632 24,632 24,632 ........ 24,632 ........ 24,632 ........ 24,632 ........ 177 171 155 217 546 599 704 533 May 5 .••.......... 12 ............. 19 ............. 26 ....•........ 24,632 24,632 24,687 24,737 24,632 24,632 24,687 24,737 140 268 177 202 June 2 .••••••••.... 9 ............. 16 ............. 23 ............. 30 .......•..... 24,812 24,987 24,910 25,231 25,037 24,812 24,987 24,910 25,139 25,037 ........ ........ ........ ........ ........ ........ 7 ............. 14 ............. 21 ............. 28 ............. 25,037 24,902 24,714 24,517 25,037 24,902 24,714 24,517 Aug. 4 ..••••....... 11 ............. 18 ............. 25 ............. 24,325 24,023 23,956 23,908 24,325 24,023 23,876 23,824 Sept. 1. ............ 8 ............. 15 ............. 12 ............. 29 ............. 24,023 24,044 23,987 23,770 24,045 23,894 24,044 23,987 23,770 24,045 Oct. 6 ............. 13 ............. 20 ............. 27 ............. 24,580 24,609 24,456 24,381 24,580 24,580 24,456 24,381 Nov. 3 ............. 10 ............. 17 ............. 24 ............. 24,670 24,745 24,628 24,553 24,645 24,745 24,628 24,553 Dec. 24,888 24,888 24,932 24,888 24,951 Dec. Jan. Feb. July 1. ............ 8 ............. 15 ............. 22 ............. 29 ............. ........ ........ ........ ........ ........ ........ ........ 92 ........ ........ ........ ........ ........ ........ 80 84 129 ........ ........ ........ ........ ... "29' ........ · . .. . . . . 25 I 1 For notes see p. 19. 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60-Continued [In millions of dollars] - - - - -- - - ..----.--.--.. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - , - - - - , - - - - - - - , - - - - --- I Reserve Bank credit outstanding I U.S. Government securities Date 1RepurTotal Bought outright I chase agree.. ments -1- 1955 5 ............. 12 ............. 19 ............. 26 ............. 24.838 24,524 23,909 23,674 24,838 24,497 23,899 23,671 2 ............. 9 ............. 16 ............. 23 ............. 23,926 24,016 23,732 23,732 23,902 23,902 23,732 23,732 Mar. 2 ............. 9 ............. 16 ............. 23 ...........•. 30 ............. 23,604 23,604 23,604 23,604 23,604 23,604 23,604 23,604 23,604 23,604 ........ ........ · . . . . . .. ·....... ........ ........ ........ Apr. 6 ............. 13 ............. 20 ............. 27 ............. 23,644 23,641 23,604 23,604 23,604 23,604 23,604 23,604 ........ · . . . . . .. May 4 ............. 18 ............. 25 ............. 23,782 23,758 23,612 23,513 23,664 23,702 23,612 23,513 ........ ........ 1............. 8 ............. 15 ............. 22 ............. 29 ............. 23,694 23,615 23,554 23,554 23,554 23,694 23,615 23,554 23,554 23,554 6 ............. 20 ............. 27 ............. 23,848 23,943 23,943 24,146 23,844 23,943 23,943 24,038 Aug. 3 ............. 10 ............. 17 ............. 24 ............. 31 ............. 23,983 23,983 23,855 23,796 23,761 23,983 23,983 23,855 23,796 23,761 Sept. 7 ............. 14 ............. 21 ............. 28 ............. 23,761 23,673 23,563 23,702 23,761 23,673 23,563 23,680 Oct. 5 ............. 12 ............. 19 ............. 26 ............. 23,832 23,993 23,973 23,973 23,728 23,873 23,973 23,973 Nov. 2 ............. 9 ............. 24,024 24,024 24,024 24,024 Jan. Feb. 11 ............. June July 13 ............. Discounts and advances ........ 1 Float All other 3 Total Gold stock - - Treasury cur.. reney outstanding Curre!lcy Treasury cash holdings In circulation Deposits, other than member bank reserves, with F. R. Banks Treasury Foreign Other Other Federal Reserve accounts _- ----- .. -.-~ Member bank reserves Total Required Ex- 9 cess - - - - - - - \I 358 537 298 446 1,010 678 875 607 I I I I 26,207 25,739 25,082 24,728 21,712 21,713 21,714 21,714 4,984 4,984 4,985 4,985 30,434 30,196 29,959 29,752 8\3 821 827 834 222 457 160 396 564 503 475 434 401 387 391 220 905 904 902 901 19,566 19,170 19,066 18,890 18,565 18,389 18,415 18,440 1,001 781 651 450 680 335 535 392 655 522 803 544 1 1 1 25,262 24,873 25,071 24,668 21,714 21,715 21,715 21,716 4,988 4,989 4,989 4,992 29,758 29,779 29,743 29,793 834 830 830 828 503 307 495 554 419 471 428 329 455 457 419 432 898 895 958 960 19,099 18,838 18,903 18,479 18,369 18,233 18,204 18,075 730 605 699 404 385 488 369 535 691 823 621 1,028 763 552 1 1 1 1 24,8\3 24,714 25,002 24,904 24,848 21,716 21,717 21,717 21,718 21,719 4,995 4,995 4,995 4,995 4,997 29,776 29,816 29,801 29,719 29,738 835 827 822 833 829 589 500 185 755 851 329 392 336 351 356 486 417 246 406 437 955 953 965 964 964 18,555 18,521 19,360 18,588 18,388 18,113 18,002 18,313 18,085 17,876 442 519 1,047 503 512 40 37 707 637 569 486 645 680 793 746 14 18 19 20 25,011 24,977 24,986 24,857 21,719 21,670 21,670 21,671 4,997 4,997 4,997 4,999 29,900 29,841 29,714 29,657 817 826 818 820 443 365 503 623 351 381 408 384 445 410 422 411 979 979 978 978 18,791 18,841 18,810 18,654 18,200 18,230 18,258 18,280 591 611 552 374 118 56 720 365 324 543 706 642 950 682 17 15 15 14 25,225 24,779 24,902 24,753 21,671 21,672 21,673 21,674 5,000 4,999 4,999 4,999 29,782 29,842 29,826 29,789 820 819 825 824 458 383 392 415 357 388 407 406 434 420 307 414 921 920 937 937 19,123 18,677 18,879 18,642 18,242 18,176 18,310 18,165 881 501 569 477 567 391 837 393 722 763 689 872 936 709 16 16 17 16 17 25,040 24,711 25,279 24,899 25,002 21,674 21,675 21,676 21,677 21,677 5,002 5,001 5,002 5,001 5,000 30,042 30,044 30,033 29,983 30,128 841 842 833 820 818 543 290 358 98 344 398 402 401 418 407 414 393 263 246 408 935 935 981 981 980 18,544 18,483 19,087 19,029 18,595 18,040 18,027 18,149 18,271 18,168 504 456 938 758 427 599 503 570 549 843 892 985 710 16 16 13 11 25,305 25,355 25,512 25,417 21,678 21,679 21,681 21,681 5,003 5,003 5,003 5,003 30,421 30,327 30,197 30,120 818 801 802 803 468 338 564 458 382 449 439 443 451 395 415 391 970 970 969 967 18,475 18,757 18,810 18,919 18,034 18,091 18,319 18,377 441 666 491 542 ........ ........ 947 565 632 433 470 703 575 883 643 665 12 13 18 15 15 25,645 25,135 25,387 24,887 24,911 21,682 21,683 21,682 21,682 21,682 5,003 5,003 5,003 5,005 5,005 30,238 30,289 30,310 30,232 30,317 805 803 806 809 804 684 499 542 585 393 429 459 458 410 387 400 390 396 377 383 886 884 947 946 945 18,888 18,496 18,614 18,215 18,368 18,279 18,133 18,134 18,080 18,151 609 363 480 135 217 ........ ........ 598 536 872 662 659 956 1,064 788 17 18 18 20 25,034 25,182 25,518 25,172 21,682 21,682 21,683 21,683 5,005 5,005 5,006 5,007 30,536 30,452 30,332 30,338 810 805 793 791 475 427 717 512 377 410 403 383 374 382 383 372 942 941 990 989 18,207 18,452 18,589 18,475 18,088 18,181 18,180 18,178 119 271 409 297 650 882 803 1,026 817 1,020 1,144 731 21 19 19 18 25,320 25,914 25,939 25,748 21,684 21,685 21,685 21,685 5,006 5,007 5,008 5,009 30,437 30,623 30,542 30,441 798 776 783 777 481 502 575 494 388 385 379 407 388 662 380 379 1,010 1,011 1,009 1,009 18,507 18,646 18,963 18,935 18,213 18,412 18,506 18,431 294 234 457 504 1,185 1,201 792 524 17 18 26,018 25,767 21,686 21,686 5,009 30,540 5,009 , 30,786 779 779 535 617 387 I 400 , 382 388 940 939 19,151 18,554 18,443 18,306 708 248 27 10 3 24 114 ........ ........ ........ ........ ........ 4 ........ 108 ........ ........ · . . . .. . . 22 104 120 ........ I ........ ........ I ........ ........ I 16 ....... . 23 ...... .. 30 ...... .. 23,987 23,888 24,256 23,987 23,888 23,991 7 ...... .. 14 ....... . 21 ...... .. 28 ....... . 24,373 24,562 24,638 24,807 24,077 24,407 24,356 24,391 296 155 282 416 1956 4 •....... 11 ...... .. 18 ...... .. 25 ....... . 24,663 24,178 23,690 23,507 24,391 24,141 23,690 23,507 1 ........ . 8 ....... .. 15 ........ . 22 ........ . 29 ........ . ::::::::1 265 i I 1,288 ' 1,056 883 17 18 18 25,840 I 21,686 21,687 25,757 21,688 25,776 978 564 70 509 791 1,193 1,893 1,407 18 19 20 29 26,160 26,338 27,221 26,752 21,689 21,689 21,690 21,690 5,008 5,007 5,008 5,008 272 37 398 806 824 847 1,541 1,016 1,093 786 25 23 21 20 26,626 26,023 25,628 25,161 21,690 21,691 21,692 21,693 23,469 23,444 23,346 23,366 23,482 23,469 23,444 23,346 23,338 ..... 2S' 23,426 56 934 827 987 634 632 796 597 945 1,292 791 19 17 16 16 15 25,217 24,885 25,293 25,309 24,920 Mar. 7 ...... .. 14 ...... .. 21.. ..... . 28 ....... . 23,517 23,483 23,405 23,603 23,426 91 23,410 73 23,405 ..... I' 6" 23,587 650 702 1,059 706 808 924 1,278 793 16 16 15 15 Apr. 4........ 11........ 18........ 25........ 23,608 23,430 23,359 23,252 23,587 23,430 23,359 23,252 21 644 995 803 857 866 772 982 757 May 2........ 9........ 16........ 23........ 30........ 23,382 23,272 23,296 23,200 23,395 23,252 23,252 23,225 23,200 23,360 130 20 71 901 1,003 656 715 573 June 6......... 23,492 23,492 23,492 23,492 20 20......... 27......... 23,512 23,492 23,492 23,522 4.. .. . .. .. 11......... 18......... 25......... 23,863 23,651 23,484 23,367 23,839 23,649 23,484 23,367 24 2 Aug. I ........ . 8 ........ . 15 ........ . 22 ....... .. 29 ....... .. 23,418 23,418 23,565 23,544 23,696 23,418 23,418 23,418 23,544 23,696 Sept. 5......... 12......... 19......... 26......... 23,863 23,829 23,586 23,593 23,828 23,829 23,586 23,553 Oct. 3 ........ . 10 ....... .. 17 ....... .. 24 ........ . 31 ........ . 23,735 23,865 23,860 23,683 23,767 23,653 82 23,833 32 23,860 23,683 ..... 7' 9" 23,688 Nov. 7 ........ . 14 ........ . 21 ........ . 28 ....... .. 23,857 23,945 24,143 24,284 23,798 23,904 24,068 24,220 Dec. 24,454 24,669 24,909 24,940 24,365 24,515 24,568 24,610 Dec. Jan. Feb. 13......... July 5 ........ . 12 ........ . 19 ........ . 26 ........ . For notes see p. I 35 30 147 35 40 548 796 618 I 783 777 778 635 479 477 383 404 408 396 380 412 936 935 931 18,658 18,533 18,474 18,445 18,423 18,417 213 110 57 31,147 31,277 31,406 31,357 793 779 776 778 469 425 539 522 441 434 479 468 427 323 320 425 931 988 1,010 1,011 18,647 18,809 19,389 18,890 18,424 IS,543 18,863 18,776 223 266 526 114 5,008 5,008 5,008 5,009 31,061 30,748 30,480 30,225 783 790 788 799 265 350 289 461 451 458 374 396 424 319 311 347 923 922 919 919 19,418 19,135 19,166 18,715 18,907 18,637 18,527 18,415 511 498 639 300 21,693 21,693 21,694 21,695 21,695 5,010 5,009 5,010 5,012 5,012 30,196 30,205 30,224 30,206 30,163 798 802 804 795 789 398 305 440 561 554 360 369 379 365 363 354 315 319 675 305 918 917 1,026 1,025 1,025 18,895 18,675 18,805 18,389 18,428 18,321 18,207 18,159 18,116 18,162 574 468 646 273 266 24,992 25,125 25,758 25,117 21,696 21,721 21,715 21,715 5,011 5,012 5,015 5,015 30,223 30,247 30,247 30,238 780 788 794 787 452 561 995 512 356 340 325 343 347 351 325 316 1,022 1,020 1,068 1,070 18,518 18,552 18,732 18,582 18,139 18,267 18,621 18,445 379 285 III 137 16 16 16 15 25,135 25,212 25,160 24,881 21,716 21,741 21,741 21,742 5,016 5,018 5,018 5,021 30,279 30,273 30,209 30,077 788 787 787 784 503 518 444 571 327 313 356 337 302 307 309 313 1,082 1,082 1,081 1,074 18,586 18,690 18,735 18,487 18,377 18,294 18,370 18,318 209 396 365 169 876 778 1,015 876 856 15 15 15 16 17 25,173 25,068 24,983 24,807 24,841 21,743 21,768 21,769 21,771 21,771 5,025 5,025 5,027 5,029 5,032 30,209 30,317 30,322 30,244 30,437 795 792 786 788 788 585 498 564 636 434 335 336 338 312 296 375 322 312 310 492 983 979 979 983 983 18,661 18,617 18,477 18,334 18,215 18,422 18,250 18,281 18,253 18,206 239 367 196 81 9 494 696 752 537 939 1,030 1,454 1,127 17 17 16 17 24,962 25,235 25,713 25,203 21,796 21,797 21,798 21,799 5,032 5,033 5,033 5,032 30,502 30,527 30,481 30,530 789 782 776 785 435 746 576 317 344 326 293 297 283 283 290 982 981 1,000 1,001 18,469 18,789 18,933 18,560 18,236 18,274 18,556 18,404 233 515 377 156 570 653 452 461 1,293 1,150 1,475 1,081 18 18 18 18 25,745 25,471 25,429 24,927 21,824 21,827 21,828 21,829 5,031 5,031 5,031 5,034 30,879 30,850 30,704 30,533 773 762 774 779 449 494 477 591 291 326 289 262 287 285 274 261 990 988 986 1,049 18,930 18,623 IS,784 18,315 18,382 18,268 18,276 18,161 548 355 508 154 422 717 832 806 470 961 679 954 940 706 18 18 18 18 20 24,819 24,832 25,369 25,308 24,892 21,829 21,855 21,856 21,857 21,857 5,034 5,035 5,036 5,040 5,042 30,571 30,647 30,654 30,611 30,630 773 773 783 782 781 505 561 552 554 490 295 277 289 304 362 267 273 277 252 264 950 948 946 944 944 18,322 IS,243 18,762 18,759 18,320 18,089 18,002 IS,055 18,462 18,364 233 241 707 297 -44 688 604 413 573 852 1,063 1,471 1,060 20 19 18 18 25,423 25,515 25,488 25,243 21,883 21,883 21,884 21,884 5,041 5,042 5,043 5,046 30,894 30,847 30,745 30,661 778 781 777 780 409 554 326 583 444 376 355 331 240 243 220 212 942 940 955 951 18,641 18,700 19,037 18,656 IS,361 18,425 18,572 18,466 280 275 465 190 975 I 008 5, 5,008 5,008 1 30,743 30,945 30,993 360 579 452 838 538 860 1,315 1,127 910 973 19 20 20 19 21 25,702 25,325 25,646 25,668 25,236 21,884 21,910 21,909 21,909 21,910 5,045 5,046 5,047 5,049 5,054 30,786 30,932 30,882 30,771 30,839 777 776 783 785 778 547 425 423 606 495 37S 303 341 277 275 198 297 293 298 297 957 958 957 956 848 18,989 18,588 18,924 18,933 18,668 18,443 18,305 18,448 IS,497 18,459 546 283 476 436 209 59 41 75 64 1,087 375 595 359 577 1,078 1,523 1,280 27 28 26 28 25,548 25,427 26,287 25,951 21,909 21,910 21,910 21,910 5,055 5,055 5,055 5,056 31,042 31,196 31,380 31,347 778 775 769 774 400 415 392 479 290 342 300 373 287 305 279 167 846 844 S42 842 18,871 18,515 19,290 18,934 18,378 18,403 18,792 18,819 493 112 498 115 89 154 341 330 570 559 772 650 1,096 1,251 2,147 1,518 37 48 55 63 26,156 26,526 27,883 27,171 I 22,010 21,909 21,931 21,949 5,061 5,062 5,065 5,066 31,522 31,718 31,890 32,018 780 779 787 766 338 314 770 533 310 422 405 382 279 183 167 321 999 1,001 1,024 1,025 18,999 19,OS1 19,836 19,140 18,691 18,767 19,195 19,014 308 314 641 126 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 [In millions of dollars] "------- I Reserve Bank credit outstanding Date Total Jan. 1957 2 ............. 9 ............. 16 ............. 23 ....... " .... 30 ... " " " .... Bought outright Repurchase agree- Discounts and advances Float Treasury I other All 3 Gold stock Total , I I I U.S. Government securities Continued cur- reney outstanding Deposits, other than member bank reserves, Curcircu.. Treasury cash hold- lation ings rency in with F. R. Banks i I Foreign Treas- ury Member bank reserves Other Federal Reserve Other accounts Total Required 9 I I Excess - - - - - - - - - - - - - - - - - ments 24,819 24.569 24,142 23,571 23,428 24,610 209 24,569 ........ 24,142 ........ 23,571 ........ 23,428 ........ 6 ............. 13 .... " ....... 20 ............. 27 ............. 23,447 23,208 22,884 22,854 23,363 23,134 22,884 22,854 Mar. 6 .. 0.......... 13 ............. 20 ............. 27 ............. 22,901 23,069 23,198 23,066 22,901 23,032 23,116 23,040 Apr. 3 ............. 10 ............. 17 ............. 24 ............. 23,268 23,222 23,239 23,169 23,040 23,040 23,169 23,169 May 1 ..... " " " " 8 ............. 15 ............. 22 ...•......... 29 ............. 23,169 23,180 23,008 22,895 23,013 June 5, ............ 12 ............. 19 ............. 26 ............. July Aug. Q 370 346 264 358 678 1,497 1,189 1,373 1,319 931 59 40 34 31 31 26,745 26,144 25,812 25,278 25,068 21.949 21,950 21,950 21,951 22,251 5.066 5,066 5,066 5,067 5,069 31,700 31,270 30,942 30,684 30,567 785 786 797 810 816 377 363 286\ 259 614 291 327 326 318 348 322 282 291 259 261 900 899 896 893 893 19,386 19,233 19,290 19,072 18,889 19,164 18,848 18,789 18,647 18,554 222 385 501 425 335 839 520 844 451 913 717 1,066 1,177 30 30 28 26 25,229 24,474 24,822 24,508 22,252 22,252 22,303 22,303 5,070 5,070 5,072 5,076 30,584 30,632 30,571 30,516 829 828 815 822 314 281 151 300 386 304 295 301 239 242 197 198 1,008 1,007 1,133 1,134 19,189 18,505 19,034 18,615 18,413 18,227 18,337 18,242 776 278 697 373 797 639 893 617 895 877 1,050 807 24 24 24 23 24,616 24,608 25,165 24,513 22,304 22,304 22,305 22,305 5,077 5,079 5,081 5,085 30,568 30,567 30,516 30,469 818 815 818 811 406 451 745 490 320 292 300 345 210 205 188 299 1,130 1,128 1,140 1,139 18,545 18,533 18,844 18,350 18,183 18,313 18,569 18,314 362 220 275 36 . ....... 1,121 1,227 809 674 911 723 1,127 1,073 24 28 26 26 25,324 25,201 25,201 24,942 22,306 22,311 22,317 22,318 5,087 5,088 5,089 5,093 30,592 30,633 30,650 30,471 818 823 797 799 360 376 384 328 249 334 360 388 298 308 300 293 1,205 1,204 1,202 1,201 19,195 18,922 18,915 18,872 18,643 18,505 18,685 18,632 552 417 230 240 23,169 .. " .59' 23,121 23,008 . ....... 22,895 .. .. '63' 22,950 1,095 804 691 669 964 1,015 781 1,085 1,090 784 25 24 22 20 21 25,305 24,790 24,807 24,675 24,783 22,318 22,319 22,320 22,320 22,620 5,094 5,096 5,096 5,101 5,103 30,510 30,604 30,634 30,580 30,818 803 792 795 796 797 599 366 366 518 487 311 353 343 353 364 293 234 242 283 283 1,078 1,077 1,074 1,073 1,072 19,123 18,779 18,769 18,494 18,685 18,641 18,438 18,367 18,274 18,403 482 341 402 220 282 23,108 22,889 22,871 22,911 158 22,950 22,889 . ....... 22,871 . ....... 22,911 . ....... 538 1,291 1,044 824 869 934 1,353 1,029 22 20 20 21 24,536 25,134 25,287 24,785 22,620 22,621 22,622 22,622 5,106 5,106 5,106 5,106 30,850 30,881 30,837 30,890 796 791 784 380 424 602 456 360 395 370 410 269 272 283 272 1,071 1,068 1,087 1,087 18,536 19,031 19,052 18,628 18,381 18,412 18,692 18,549 155 619 360 79 3 ............. 10 ............. 17 ............. 24 ............. 31 .... " ....... 23,404 23,330 23,374 23,461 23,355 23,168 23,289 23,307 23,185 23,079 1,106 908 644 406 420 1,168 981 1,341 1,016 896 24 24 24 22 20 25,702 25,243 25,382 24,904 24,691 22,623 22,624 22,625 22,626 22,627 5,108 5,108 5,108 5,109 5,111 31,338 31,235 31,071 30,903 30,933 768 767 778 779 759 552 408 527 469 504 414 345 454 383 364 264 279 267 277 296 1,077 1,074 1,073 1,067 942 19,020 18,868 18,947 18,759 18,630 18,484 18,711 18,682 18,536 18,520 536 157 265 223 110 7 ..... " " " " 14 ............. 21. ............ 28 .... " .. ..... 23,076 23,050 23,034 23,348 23,076 23,050 23,034 23,312 .. .. '36' 808 546 709 792 768 979 1,028 772 20 20 20 23 24,673 24,595 24,791 24,935 22,627 22,625 22,626 22,626 5,113 5,115 5,117 5,119 31,017 31,058 31,001 31,007 772 765 764 768 341 409 480 484 367 385 342 352 271 274 257 274 1,114 1,112 1,201 1,202 18,531 18,333 18,487 18,594 18,270 18,196 18,259 18,391 261 137 228 203 4 ............. 11 ......... " .. 1, ............. 25 ............. 23,423 23,357 23,248 23,152 23,423 . ....... 23,357 . ....... 23,248 . ....... 23,152 . ....... 433 720 1,023 782 843 952 1,384 985 25 24 21 18 24,724 25,054 25,676 24,936 22,626 22,627 22,628 22,628 5,118 5,121 5,122 5,126 31,231 31,210 31,100 30,977 766 757 761 780 501 490 639 605 344 355 361 370 272 261 253 249 1,194 1,193 1,202 1,114 18,162 18,537 19,110 18,594 18,369 18,398 18,607 18,372 -207 139 503 222 2.0 ........... 9 ............. 16 ............. 23 ............. 30 ............. 23,461 23,461 23,312 23,228 23,235 23,312 23,312 23,259 23,228 23,174 674 684 589 646 787 963 885 1,293 1,115 863 17 17 17 16 16 25,115 25,047 25,211 25,006 24,902 22,645 22,655 22,665 22,668 22,678 5,126 5,127 5,130 5,131 5,134 774 786 781 786 792 448 504 543 484 458 367 337 326 302 391 260 253 261 258 231 1,111 1,111 1,110 1,108 1,056 18,870 18,692 18,828 18,833 18,766 18,788 18,572 18,623 I 18,496 I 18,524 ! 82 120 205 337 242 Nov. 6 ............. 13 ............. 23,570 23,405 23,332 23,332 689 450 651 950 17 18 24,927 24,824 22,710 22,735 5,136 5,136 31,056 I 31,145 31,156 I 31,033 I 31,020 I 31,181 31,334 800 ' 800 I 418 : 482 I 353 323 250 337 I 1,056 1,055 18,714 18,364 18,446 18,361 268 Feb. Sept. Oct. 84 74 ........ . ....... 37 82 26 228 182 70 236 41 67 276 276 . ....... . ....... 149 149 53 . .. "6i' 238 73 I '" I I I I I I 3 20 ............. 27 ..••.....••.. 23,235 23,576 23,235 23,352 224 1,054 607 1,336 935 18 21 25,643 25,139 22,761 22,762 5,138 5,141 31,315 31,628 804 784 4 •••••..••••.. II ............. 18 .•••...••••.. 25 .•.....••••.. 3110 ......•.•.. 23,778 23,872 23,863 24,020 24,238 23,555 23.600 23,600 23,635 23,719 223 272 263 385 519 498 972 731 794 55 1,019 961 1,923 1,520 1,424 26 31 42 60 66 25,321 25,836 26,559 26,394 25,784 22,763 22,770 22,770 22,770 22,781 5,141 5,142 5,144 5,145 5,146 31,716 31,878 32,002 32,131 31,834 1958 8 ..•......•.•. 15 •..•••....... 22 ...••........ 29 ....•........ 23,745 23,708 23,333 23,360 23,635 23,557 23,257 23,357 110 151 76 3 707 285 392 253 1,044 1,089 1,088 741 55 45 53 43 25,551 25,127 24,866 24,397 22,781 22,782 22,782 22,783 5,146 5,148 5,150 5,151 5 .•••......... 12 ..•........•. 19 ....•........ 26 .•........... 23,411 23,464 23,356 23,409 23,307 23,299 23,356 23,409 104 165 153 237 135 184 805 923 1,208 721 40 40 42 42 24,409 24,665 24,741 24,356 22,784 22,784 22,785 22,685 Mar. 5 .•••.......•. 12 .•..••.•...•. 19 ............. 26 ............. 23,331 23,536 23,437 23,525 23,316 23,459 23,437 23,525 15 77 107 227 231 118 792 724 824 704 43 43 39 40 24,273 24,530 24,531 24,386 Apr. 2 •.••...•..... 9 ..•••........ 16 ..•••........ 23 ...•......... 30 ............. 23,628 23,628 23,796 23,704 23,681 23,628 23,628 23,704 92 23,704 ........ 23,681 ........ 112 139 296 242 156 786 692 910 761 797 40 40 40 38 38 May 7 ..••......... 14 ..•.......... 21. ............ 28 ...•......... 23,852 23,937 23,943 24,065 23,852 23,937 23,943 24,065 ........ ........ ........ ........ 125 116 86 172 691 749 775 644 June 4 ............. II ............. 18 ............. 25 ............. 24,267 24,517 24.786 25,000 24,267 24,509 24,664 24,956 ...... S· 142 173 154 128 2 ............. 9 ............. 16 ............. 23 ............. 30 ............. 25,458 25,440 25,315 25,223 24,916 25,458 25,440 25,315 25,223 24,916 Aug. 6 ............. 13 ............. 20 ....•........ 27 ............. 25,358 25,519 25,313 25,217 25,358 25,519 25,313 25,217 Sept. 3 ............. 10 ....•........ 17 ............. 24 ............. 25,386 25,081 24,915 24,860 25,386 25,081 24,915 24,860 ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ I. ............ 8 ............. 15 ............. 22 .....•....... 29 ............. 25,047 25,222 25,507 25,225 25,373 25,047 ........ 25,222 25,379 128 25,225 ........ 25,373 ........ Nov. 5 ............. 12 ............. 19 ............. 26 ..•••.•....•• 25,519 25,445 25,448 25,795 25,423 25,443 25,401 25,662 Dec. 26,133 26,255 26,272 26,307 26,347 26,120 26,247 26,194 26,197 26,252 Dec. Jan. Feb. July Oct. 3 ............. 10 ............. 17 ............. 24 •.•.•••...... 31. ............ For notes see p. 19. 541 430 304 283 392 178 1,054 1,000 19,133 18,739 18,471 18,492 662 247 773 770 776 759 761 244 333 488 346 481 308 330 344 386 356 182 182 175 180 246 1,095 1,041 1,063 1,062 998 18,907 19,214 19,625 19,444 19,034 18,667 18,737 19,106 18,937 19,134 240 477 519 507 -100 31,375 31,019 30,730 30,543 766 782 788 785 474 525 454 511 342 279 294 257 171 187 204 267 994 992 992 991 19,355 19,273 19,336 18,977 18,893 18,722 18,610 18,479 462 551 726 498 5,158 5,160 5,163 5,166 30,582 30,674 30,571 30,495 780 686 702 700 207 350 453 406 284 297 291 274 321 597 282 298 1,119 1,118 1,208 1,154 19,058 18,888 19,182 18,880 18,558 18,451 18,530 18,446 500 437 652 434 22,686 22,612 22,513 22,494 5,169 5,175 5,179 5,182 30,580 30,594 30,521 30,523 710 734 821 730 386 446 100 623 286 281 243 256 309 303 411 393 1,149 1,147 1,154 1,110 18,708 18,812 18,972 18,426 18,071 18,196 18,547 18,006 637 616 425 420 24,566 24,499 25,042 24,745 24,672 22,394 22,295 22,170 22,046 21,996 5,185 5,191 5,192 5,194 5,196 30,676 30,704 30,668 30,512 30,565 732 735 727 731 734 603 482 394 462 594 279 253 259 227 257 383 407 384 395 411 1,107 1,105 1,102 1,101 1,050 18,366 18,298 18,870 18,555 18,254 17,669 17,690 18,220 18,011 17,686 697 608 650 544 568 39 40 40 41 24,706 24,841 24,844 24,922 21,947 21,873 21,743 21,643 5,198 5,200 5,200 5,201 30,719 30,807 30,755 30,962 742 747 724 715 359 427 435 382 288 308 311 277 373 400 386 400 1,048 1,045 1,044 995 18,322 18,180 18,133 18,036 17,635 17,526 17,527 17,543 687 654 606 493 836 833 984 796 42 43 44 44 25,286 25,565 25,967 25,967 21,594 21,594 21,456 21,356 5,201 5,204 5,204 5,204 30,988 31,048 30,996 30,973 716 708 703 700 416 356 334 524 272 259 289 268 365 377 182 385 1,140 1,138 1,158 1,110 18,184 18,478 18,964 18,568 17,654 17,796 18,279 18,264 530 682 685 304 80 129 113 74 126 888 844 1,052 858 737 44 43 41 39 35 26,470 26,455 26,521 26,193 25,814 21,306 21,307 21,283 21,259 21,209 5,202 5,202 5,202 5,205 5,207 31,358 31,378 31,280 31,108 31,099 675 690 693 698 699 468 643 418 512 561 256 264 358 295 287 387 380 353 319 333 1,097 1,096 1,093 1,089 1,040 18,737 18,513 18,811 18,634 18,211 18,232 18,031 17,978 17,886 17,809 505 482 833 748 402 266 182 240 189 684 765 875 676 33 33 32 31 26,341 26,500 26,460 26,114 21,160 21,146 21,086 21,086 5,209 5,210 5,210 5,211 31,220 31,270 31,248 31,246 702 701 689 692 461 483 448 475 287 327 253 256 325 322 309 320 1,166 1,165 1,232 1,184 18,549 18,587 18,578 18,240 17,721 18,073 18,007 17,945 828 514 571 295 185 464 207 337 813 842 1,191 949 31 30 29 28 26,415 26,417 26,342 26,174 21,011 21,012 20,899 20,874 5,212 5,215 5,216 5,219 31,436 31,409 31,335 31,176 697 700 694 686 518 512 192 490 314 382 356 314 331 319 270 338 1,153 1,151 1,162 1,161 18,188 18,171 18,447 18,101 17,911 17,903 17,992 17,749 277 268 455 352 199 383 245 759 378 904 793 1,061 1,019 776 29 33 33 32 34 26,180 26,431 26,845 27,035 26,561 20,823 20,825 20,775 20,690 20,690 5,219 5,220 5,220 5,221 5,222 31,243 31,409 31,486 31,333 31,293 691 693 683 684 684 441 353 340 525 542 275 325 324 297 280 398 349 339 317 326 1,120 1,120 1,119 1,116 1,079 18,054 18,226 18,550 18,675 18,267 17,840 17,729 18,000 18,038 18,010 214 497 550 637 257 96 2 47 133 502 375 560 1,049 441 657 1,271 980 36 34 34 35 26,498 26,512 27,312 27,858 20,665 20,676 20,658 20,609 5,222 5,224 5,225 5,225 31,514 31,751 31,714 32,015 687 688 689 684 194 496 391 476 299 288 317 215 332 320 351 336 1,077 1,076 1,074 1,035 18,281 17,792 18,659 18,929 18,000 17,875 17,986 18,270 281 -83 673 659 13 8 78 110 95 329 455 568 830 64 1,035 994 1,797 1,643 1,296 36 37 38 45 49 27,532 27,740 28,675 28,825 27,755 20,609 20,593 20,574 20,520 20,534 5,229 5,229 5,229 5,231 5,234 32,112 32,303 32,416 32,601 32,193 698 698 683 693 683 469 437 503 485 358 233 230 252 237 272 344 327 336 312 391 1,191 1,191 1,171 1,171 1,122 18,323 18,376 19,117 19,078 18,504 18,255 18,196 18,559 18,504 18,574 68 180 558 574 -70 ........ ........ ........ ........ ........ 122 44 i I 1. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS - Continued D. WEDNESDAY FIGURES, 1941-60 - Continued [In millions of dollars) ----" I 1 Reserve Bank credit outstanding U.S. Government securities Jan. Feb. 1959 7............ 14 ............ 21 ............ 28 ............ 26,041 25,901 25,532 25,438 Treasury currency outstanding Currency in cireu1ation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Discounts and advances Float 2 37 86 782 523 424 495 1,122 939 1,238 806 44 45 40 37 27,989 27,408 27,235 26,776 20,534 20,515 20,515 20,516 5,234 5,234 5,234 5,235 31,843 31,524 31,237 31,056 702 709 714 718 567 425 345 487 Date Total I Bought outright Repurchase agreements 26,004 25,815 25,532 25,438 ........ ........ All other 3 Total Gold stock Treasury Member bank reserves 2 Other Federal Reserve accounts 275 304 333 320 333 360 348 340 1,121 1,121 1,117 1,117 18,915 18,713 18,889 18,489 Foreign Other With F.R. Banks - - - - - - - - - - - - - - - 4 ............ 11. ........... 18 ............ 25 ............ 25,662 25,558 25,475 25,342 25,599 25,543 25,470 25,338 63 15 5 4 408 356 481 561 916 876 1,070 778 37 37 41 37 27,024 26,827 27,067 26,718 20,476 20,476 20,475 20,474 5,236 5,238 5,238 5,239 31,100 31,241 31,116 31,102 728 741 740 720 422 427 396 455 287 307 328 323 352 330 352 342 1,185 1,184 1,255 1,255 18,662 18,311 18,593 18,233 Mar. 4 ............ 11 ............ 18 ............ 25 ............ 25,322 25,354 25,497 25,474 25,289 25,339 25,419 25,452 33 15 78 22 535 506 986 589 897 712 993 746 35 35 33 32 26,789 26,607 27,509 26,841 20,479 20,443 20,442 20,442 5,241 5,243 5,245 5,246 31,128 31,230 31,241 31,173 720 722 730 714 659 390 423 517 290 304 269 340 346 342 345 372 1,212 1,212 1,218 1,219 18,153 18,093 18,970 18,194 Apr. 1 ............ 8 ............ 15 ............ 22 ............ 29 ............ 25,478 25,726 25,801 25,563 25,623 25,478 25,493 25,588 25,563 25,623 357 775 918 1,014 534 853 730 823 778 801 30 30 29 29 29 26,719 27,262 27,571 27,384 26,987 20,442 20,441 20,431 20,331 20,330 5,247 5,252 5,253 5,255 5,257 31,211 31,311 31,355 31,246 31,276 715 713 708 710 710 534 397 499 496 466 297 288 257 247 274 380 344 343 333 335 1,179 1,180 1,180 1,178 1,136 18,092 18,722 18,913 18,760 18,378 May 6 ............ 13 ............ 20 ............ 27 ............ 25,940 26,085 25,905 25,905 25,829 25,977 25,905 25,905 863 652 376 554 763 764 933 721 29 29 28 27 27,595 27,530 27,242 27,206 20,255 20,244 20,188 20,188 5,260 5,263 5,267 5,269 31,414 31,482 31,454 31,511 723 717 709 706 542 504 468 525 263 255 296 289 391 387 385 353 1,137 1,139 1,262 1,219 18,640 18,553 18,123 18,062 June 3 ............ 10 ............ 17 ............ 24 ............ 25,905 25,944 25,944 25,919 25,905 25,944 25,944 25,919 731 906 1,131 909 811 700 1,241 911 26 26 26 25 27,473 27,576 28,344 27,765 20,188 20,137 20,135 19,771 5,272 5,279 5,280 5,281 31,687 31,832 31,830 31,746 710 717 717 412 474 414 378 532 354 258 278 337 391 352 450 364 1,218 1,217 1,237 1,237 18,099 18,201 18,869 18,188 July 1. ........... 8 ............ 15 ............ 22 •........•.. 29 ............ 26,118 26,344 26,418 26,497 26,459 26,099 26,255 26,383 26,408 26,408 19 89 35 89 51 603 1,032 780 702 631 880 824 1,009 1,069 745 25 25 25 25 25 27,627 28,225 28,234 28,294 27,860 19,704 19,705 19,681 19,637 19,636 5,283 5,283 5,283 5,283 5,284 31,971 32,183 32,097 31,935 31,849 409 415 421 409 402 567 461 422 451 630 288 262 240 264 281 386 351 335 339 337 1,181 1,182 1,183 1,182 1,137 17,812 18,358 18,500 18,635 18,145 Aug. 5 ............ 12 ............ 19 ............ 26 ............ 26,553 26,598 26,536 26,519 26,517 26,597 26,493 26,519 36 1 43 631 591 524 557 713 741 968 761 25 22 21 21 27,922 27,953 28,049 27,858 19,626 19,600 19,600 19,600 5,281 5,282 5,282 5,283 31,987 32,048 31,991 31,887 405 401 397 395 387 514 517 534 277 275 259 284 334 368 345 342 1,201 1,203 1,306 1,258 18,236 18,026 18,117 18,041 Sept. 2 ............ 9 ............ 16 ............ 23 ............ 30 ............ 26,689 26,675 26,798 26,623 26,563 26,651 26,643 26,643 26,623 26,563 38 32 155 617 463 429 746 330 765 773 1,294 1,107 951 21 20 20 20 20 28,092 27,931 28,541 28,496 27,865 19,525 19,522 19,522 19,495 19,491 5,273 5,274 5,274 5,286 5,289 31,962 32,238 32,074 31,849 31,848 404 395 394 391 377 541 370 346 905 704 273 308 316 310 312 345 374 383 423 448 1,257 1,256 1,265 1,263 1,196 18,107 17,787 18,560 18,135 17,760 Oct. 7 ............ 14 ............ 21 ............ 23 ............ 26,613 26,598 26,364 26,364 26,563 50 26,563 35 26,364 \ ........ i 26,364 ........ 632 456 937 \ 870 795 994 1,178 835 20 20 21 23 28,060 28,069 28,432 28,158 19,490 19,489 19,487 19,486 5,289 5,290 5,295 5,297 32,006 32,093 31,917 31,833 391 394 393 402 453 437 503 536 342 377 292 314 401 401 342 328 Nov. 4 ........ II ............ 26,808 26,778 26,553 26,602 645 509 657 1,314 25 26 28,135 28,626 19,585 19,585 5,301 5,301 31,971 I 32,200 413 406 453 492 308 320 335 917 .. "ijj' 213 ........ ........ 111 108 ........ ........ ........ ........ ........ ........ ........ ........ ........ i 255 176 i I i I Cur rene y and coin ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... . .... ..... ..... ..... ..... ..... ..... ..... ..... . ... Total Required 9 Excess 9 18,915 18,713 18,889 18,489 18,486 18,298 18,196 18,414 429 415 693 75 18,662 18,311 18,593 18,233 18,335 18,206 18,127 17,944 327 105 466 289 18,153 18,093 18,970 18,194 17,918 17,978 18,185 17,920 235 115 785 274 18,092 18,722 18,913 18,760 18,378 17,872 18,289 18,321 18,245 18,202 220 433 592 515 176 18,640 18,553 18,123 18,062 18,188 18,296 18,200 18,063 452 257 -77 -1 18,099 18,201 18,869 18,188 18,033 17,914 18,298 18,053 66 287 571 135 17,812 18,358 18,500 18,635 18,145 18,151 17,962 18,233 18,436 18,332 -339 396 267 199 -187 18,236 18,026 18,117 18,041 18,217 18,043 18,108 18,158 19 -17 9 -117 18,107 17,787 18,560 18,135 17,760 18,209 18,070 18,341 18,215 18,175 -102 -283 219 -80 -415 1,194 1,195 1,191 1,126 18,051 17,950 18,577 18,403 ..... ..... .... ..... .... .. .... .... .... .... .... .. .... .... 18,051 17,950 18,577 18,403 18,132 18,009 18,211 18,251 -81 -59 366 152 1,126 1,127 18, 415 1.... 18,050 ..... .. 18,415 18,050 18,342 18,124 73 -74 Dec. 18 ............ 25 ............ 26,574 26,722 26,574 26,694 2 ............ 9 ............ 16 ............ 23 ............ 27,072 27,202 27,164 26,872 26,778 27,044 27,153 27,141 26,872 26,748 ~O ....... ..... 1960 Jan. 6 ............ 13 ............ 20 ..•......... 27 ............ 26,607 26,165 25,511 25,436 3 ............ 10 ..........•. 17 ............ 24 ............ 25,449 25,374 25,366 25,178 25,415 25,340 25,300 25,178 Mar. 2 •••......... 9 ............ 16 ........•... 23 ............ 30 .......... ·.. 25,218 25,225 25,480 25,107 25,266 25,184 25,225 25,360 25,107 25,264 Apr. 6 ••.......... 13 ............ 20 .••......... 27 ............ 25,321 25,454 25,470 25,490 25,264 25,329 25,403 25,458 May 4 ............ 11 ............ 18 ............ 25 ............ 25,888 25,805 25,713 25,718 25,598 25,623 25,655 25,718 June 1. ........... 8 ............ 15 ............ 22 ............ 29 ............ 26,037 26,162 26,155 25,983 26,219 26,037 26,162 26,155 25,983 26,219 July 6 ••..•.....•. 13 ............ 20 ....•...•... 27 ............ 26,640 26,514 26,514 26,684 26,536 26,478 26,394 26,662 Aug. 3 ............ 10 ..••........ 17 ............ 24 •••.....•..• 31. ........... 27,074 26,944 27,084 26,763 26,762 26,770 26,808 26,833 26,697 26,640 Sept. 7 ............ 14 .••......... 21. ........... 28 ............ 26,723 26,577 26,382 26,780 26,640 26,577 26,382 26,673 Oct. 5 ............ 12 ............ 19 ............ 26 ............ 27,050 27,270 26,775 26,952 26,900 27,248 26,775 26,657 Nov. 2 .••...•.•••• 9 ............ 16 ............ 23 ............ 30 .........••. 27,641 28,089 27,911 27,717 27,488 27,046 27,576 27,605 27,683 27,486 Dec. 27,395 27,353 27,060 27,225 27,395 27,353 26,925 26,948 7 ............ 14 .•........•• 21. ........... 28 •••.•.....•• 28 49 23 I 30 683 641 621 580 532 470 371 1 1,433 1,022 26 35 28,715 28,420 19,583 19,582 5,303 5,305 32,198 32,421 416 409 574 435 322 336 995 824 1,471 1,725 1,509 37 41 73 81 75 28,726 28,648 29,241 29,147 28,733 19,565 19,504 19,477 19,467 19,456 5,309 5,310 5,311 5,313 5,314 32,481 32,721 32,812 33,021 32,694 409 411 394 385 409 601 427 560 510 518 318 340 370 392 383 355 327 1 343 347 321 334 343 1 1,304 1,238 18,432 18,140 ...... ...... 18,432 18,140 18,236 18,091 196 49 1,242 1,244 1,194 1,199 1,196 18,206 17,971 18,379 18,086 17,960 191 268 337 337 337 18,397 18,239 18,716 18,423 18.297 18,149 18,259 18,657 18,613 18,557 248 -20 59 -190 -260 840 839 836 835 19,243 18,269 18,279 17,610 310 316 315 315 19,553 18,585 18,594 17,925 18,548 18,509 18,279 18,056 1,005 76 315 -131 832 833 1,008 1,008 18,021 17,744 17,916 17,262 285 219 276 268 18,306 17,963 18,192 17,530 18,040 17,740 17,765 17,638 266 223 427 -108 For notes see p. 19. I I I 26,631 26,220 25,511 25,436 Feb. 28 410 416 418 433 650 493 470 611 335 291 215 228 346 334 328 340 434 448 456 450 472 420 464 544 219 215 212 210 342 337 338 310 31,520 31,662 31,689 31,569 31,558 437 441 460 450 436 451 564 251 467 511 231 200 201 206 223 293 307 291 306 316 1,004 1,006 945 943 945 17,611 17,381 17,981 17,218 17,716 305 210 260 255 294 17,916 17,591 18,241 17,473 18,010 17,676 17,469 17,841 17,662 17,520 240 122 400 -189 490 5,341 5,343 5,345 5,347 31,731 31,838 31,685 31,515 419 426 421 418 417 273 519 596 165 237 206 170 352 344 247 299 942 852 862 856 17,661 17,681 17,797 17,853 218 236 268 309 17,879 17,917 18,065 18,162 17,443 17,510 18,010 17,899 436 407 55 263 19,360 19,359 19,358 19,352 5,348 5,348 5,349 5,350 31,629 31,741 31,707 31,660 423 412 414 414 478 505 594 504 170 172 235 217 303 335 303 292 854 853 1,034 1,033 18,217 18,112 17,566 17,554 275 225 274 300 18,492 18,337 17,840 17,854 17,949 17,758 17,765 17,691 543 579 75 163 27,240 27,607 27,845 27,811 27,383 19,352 19,351 19,351 19,339 19,322 5,349 5,353 5,354 5,355 5,356 31,905 31,947 31,937 31,852 31,950 430 416 421 408 405 460 479 535 578 495 214 207 184 275 289 360 348 375 397 423 1,031 1,033 970 968 971 17,541 17,880 18,128 18,026 17,528 315 255 298 287 335 17,856 18,135 18,426 18,313 17,863 17,729 17,680 17,829 18,037 17,872 127 455 597 276 -9 28 28 27 28 28,213 28,038 28,705 27,846 19,322 19,253 19,234 19,164 5,356 5,357 5,357 5,355 32,358 32,253 32,105 31,973 408 406 415 404 325 475 621 500 267 179 203 204 367 373 364 362 957 879 884 883 18,209 18,082 18,705 18,040 241 308 340 333 18,450 18,390 19,045 18,373 17,859 17,785 18,189 18,082 591 605 856 291 743 728 1,026 734 707 29 30 49 35 33 28,133 27,916 28,636 27,770 27,907 19,144 19,082 19,032 19,026 19,005 5,357 5,362 5,364 5,366 5,368 32,062 32,141 32,138 31,982 32,027 413 409 410 402 388 378 431 547 519 481 230 177 192 228 204 358 373 362 383 432 885 881 1,016 1,014 1,013 18,308 17,948 18,365 17,636 17,735 320 246 321 329 695 18,628 18,194 18,686 17,965 18,430 18,171 17,972 18,022 17,875 17,844 457 222 664 90 586 177 137 90 617 836 1,227 1,253 987 32 32 32 33 27,768 27,972 27,757 28,417 18,990 18,939 18,758 18,697 5,374 5,375 5,376 5,375 32,310 32,220 32,061 31,972 402 401 404 404 518 431 575 554 195 224 198 184 376 371 378 382 1,009 929 935 936 17,322 17,709 17,341 18,058 751 906 904 938 18,073 18,615 18,245 18,996 17,680 17,844 18,165 18,088 393 771 80 908 295 137 143 87 950 1,013 878 1,391 1,026 41 40 37 38 28,241 28,332 28,290 28,966 18,632 18.614 18,581 18,473 5,377 5,381 5,382 5,387 32,131 32,334 32,196 32,037 411 411 413 408 376 454 499 519 194 190 239 269 387 389 377 375 934 909 862 864 17,817 17,639 17,668 18,354 837 800 930 939 18,654 18,439 18,598 19,293 18,104 17,901 18,046 18,283 550 538 552 1,010 595 513 306 34 2 423 187 176 323 101 1,005 503 1,288 1,114 1,095 43 52 57 51 48 29,112 28,830 29,432 29,205 28,731 18,334 18,116 18,006 17,986 17,910 5,388 5,391 5,391 5,392 5,393 32,124 32,502 32,455 32,658 32,632 407 400 414 412 410 408 391 635 480 512 263 258 211 221 252 385 387 429 379 390 864 863 1,075 1,071 1,069 18,383 17,537 17,612 17,361 16,770 942 752 950 922 2,669 19,325 18,289 18,562 18,283 19,439 18,405 18,080 18,254 18,132 18,559 920 209 308 151 880 81 91 80 78 874 1,802 2,349 1,616 48 48 53 65 28,399 29,293 29,543 28,984 18,177 17,973 17,925 17,837 5,392 5,396 5,396 5,398 32,905 33,126 33,219 33,111 418 421 422 403 383 608 492 416 256 212 275 265 691 672 430 421 1,061 997 1,018 1,019 16,252 2,598 16,626 2,827 17,008 2,918 16,584 2,974 18,850 19,453 19,926 19,558 18,198 18,430 18,753 18,754 652 1,023 1,173 804 24 55 1,285 499 773 452 1,475 1,180 1,214 895 66 44 42 41 29,456 27,942 27,540 26,824 19,456 19,455 19,455 19,454 5,314 5,315 5,317 5,317 32,402 32,070 31,764 31,538 34 34 66 803 626 743 433 811 832 1,041 926 40 39 38 36 27,103 26,871 27,187 26,572 19,444 19,433 19,432 19,421 5,319 5,321 5,323 5,326 31,545 31,536 34 2 674 745 385 362 835 869 815 1,175 911 823 35 32 32 32 32 26,796 26,818 27,072 26,412 26,956 19,420 19,409 19,409 19,409 19,408 5,330 5,333 5,336 5,339 5,340 57 125 67 32 770 504 400 545 825 933 1,107 936 32 32 30 30 26,949 26,922 27,008 27,001 19,397 19,386 19,385 19,360 290 182 58 572 768 266 375 877 819 1,137 850 30 30 29 29 27,367 27,422 27,146 26,972 321 556 352 739 267 854 860 1,308 1,061 868 29 29 29 28 28 104 36 120 22 531 453 981 281 1,014 1,043 1,183 854 304 136 251 66 122 287 214 476 238 405 83 ........ ........ ........ .... iio· ........ ........ ........ ........ ........ ........ ........ .... i07· 150 22 . ....... 135 277 ~l:m I i I I i 2. RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASS [In millions Month Total reserves held! ReExcess quired rereserves serves 2 BorrowFree ings reserves at F.R. Banks 3 - - - Total reserves heidI ReExcess required reserves serves 2 -54 -12 -7 -22 -24 -20 17 -16 1 2 -I -15 167 164 169 172 173 175 180 181 180 179 183 184 165 162 167 171 172 173 179 179 177 177 181 181 891 847 860 829 848 882 887 843 864 848 774 766 840 836 841 822 833 810 826 809 810 795 764 747 51 12 19 7 16 71 61 34 54 52 11 18 19 17 13 17 12 4 2 14 13 82 27 45 32 -5 6 -10 4 67 59 20 41 -30 -16 -27 180 177 170 170 174 169 174 183 181 167 157 154 177 176 168 169 172 166 166 167 164 156 155 148 3 I 2 2 2 3 7 16 17 II 2 6 -782 -792 -647 -447 -207 -260 -318 -180 -41 109 170 245 724 681 687 780 874 783 767 832 927 1.001 1.050 1.083 719 674 669 692 719 694 692 704 733 760 783 800 47 4 7 29 7 18 I 88 I 155 89 ....... I 75 128 I I 193 242 ....... 267 283 -43 -22 11 87 154 89 74 127 192 242 267 283 143 138 136 144 186 189 164 185 201 253 270 286 141 136 131 122 124 126 III 113 115 121 123 124 2 2 5 23 62 63 52 72 86 132 148 163 254 306 881 323 253 184 113 116 103 91 90 95 330 111 n.a. 56 66 179 323 449 572 667 704 671 1.109 860 688 867 878 861 796 837 896 893 866 828 822 786 n.a. 717 772 792 752 735 741 744 736 732 74 n.a. 150 106 69 43 102 155 149 130 96 286 65 n.3, 128 105 69 43 101 152 148 130 95 306 295 158 172 177 211 245 295 340 386 387 361 129 126 D.a. 114 124 133 144 143 143 147 149 149 85 54 41 31 26 22 18 16 18 II 10 10 781 837 1.334 1.510 1.597 1.663 1.771 1.868 1.736 1.720 1.824 1.738 897 872 1.227 1.290 1.323 1.391 1.393 1.509 1.440 1,461 1.506 1.468 750 754 794 835 838 858 867 871 878 893 902 912 147 118 432 455 485 532 526 638 562 568 604 556 147 118 432 455 485 532 526 638 561 567 604 556 328 335 342 372 395 419 496 501 502 457 484 445 156 163 163 165 177 182 189 194 198 202 204 205 252 216 176 154 163 187 169 222 280 608 684 763 -147 -159 -110 -98 -96 -58 -45 -121 -160 -479 -627 -703 1.944 1.864 1.840 1,844 1.861 1.827 1.798 1.803 1.836 1.872 1,896 1.909 35 44 59 152 277 234 204 270 345 436 482 526 817 836 706 599 484 494 522 450 386 327 312 281 July ........ Aug........ Sept........ Oct.. ....... Nov........ Dec......... 2,516 2,291 1.847 2.040 2.069 2.160 2.221 2.331 2.451 2.557 2.599 2.588 1.932 1.874 n.a. 1.661 1.750 1,797 1,785 1.765 1.777 1.798 1,805 1.822 584 417 n.a. 379 319 363 436 565 675 758 794 766 1934-Jan .••...... Feb......... Mar........ Apr ......... May ........ June ••..•... July ........ Aug........ Sept........ Oct......... Nov••...... Dec......... 2.740 2.799 3.345 3.582 3.695 3.790 3.928 4,045 3.947 3.964 4.100 4.037 1.875 1.908 1.970 2.041 2,071 2.105 2.139 2.161 2.192 2,234 2.266 2.290 866 891 1.375 1.541 1.623 1.685 1.789 1.884 1.754 1,731 1,834 1.748 193I-Jan......... Feb......... Mar ........ Apr......... May ........ June ..•..... July ........ Aug........ Sept........ Oct......... Nov........ Dec......... 2.433 2.370 2.386 2.376 2.387 2.404 2.407 2.345 2.333 2.256 2.118 2.069 2.329 2.314 2.319 2.320 2,320 2.275 2.283 2.245 2.212 2.126 2.061 2.010 1932-Jan.•••..•.. Feb......... Mar........ Apr......... May ........ June .•.•..•• July ........ Aug ........ Sept........ Oct.. ....... Nov ........ Dec......... 1.979 1.907 1.899 1.996 2.138 2.062 2.003 2,073 2.181 2.307 2,378 2,435 1933-Jan.••...... Feb ......... Mar........ Apr......... May ........ June •••••••• 1 For notes see pp. 60-61. 50 I 1 1 I 62 28 22 26 29 28 9 21 14 14 II 41 105 57 66 56 67 129 124 101 120 129 57 60 44 53 56 42 45 54 74 52 59 59 52 73 173 172 165 161 161 161 165 172 171 177 176 170 8 16 15 4 5 8 26 5 15 16 10 26 795 770 783 788 797 822 833 818 824 845 865 869 2.305 2.253 2.274 2.307 2.3ll 2.338 2.343 2,340 2,338 2,347 2,381 2.342 - - 787 754 768 785 791 814 807 813 810 828 855 843 -454 -325 -216 -189 -200 -196 -149 -162 -129 -137 -168 -264 2.349 2.305 2.330 2.350 2.356 2.392 2.417 2.392 2.397 2.407 2.433 2,415 i- Excess Required rereserves serves2 174 173 166 162 161 161 165 173 171 177 177 171 498 378 272 231 245 250 223 214 188 196 220 337 1930-Jan•••..•... Feb......... Mar........ Apr......... May ........ June •••••... July ........ Aug ........ Sept........ Oct......... Nov........ Dec......... - - - Total reserves held! -154 -131 -147 -181 -151 -167 -317 -225 -159 -82 -44 -90 752 749 750 744 740 755 752 748 756 789 909 820 2.333 2.312 2.296 2.272 2.263 2,275 2.291 2.287 2.300 2.343 2.456 2.347 Free reserves 165 141 155 185 157 174 329 230 166 95 79 108 763 759 758 748 746 762 764 753 763 802 944 838 2.387 2.357 2.337 2.308 2.296 2.314 2.334 2.322 2.335 2.386 2.521 2.395 Borrowings at F. R. Banks 3 11 10 8 4 6 7 12 5 7 13 35 18 -791 844 -829 875 -915 956 -954 990 -918 951 -932 974 1.090 -1.048 -1.004 1.040 -927 961 -836 878 -885 950 -753 801 53 46 41 36 33 42 42 36 34 42 65 48 1929-Jan.•••...•• Feb......... Mar........ Apr......... May ........ June •••..... July ........ Aug........ Sept........ Oct......... Nov.•••.•.. Dec......... Central reserve city banks-Chicago Central reserve city banks-New York All member banks ....... ....... 286 ....... I 9 367 22 I ....... ....... I 3 1 ....... I ....... ....... ....... ....... ....... ....... ....... ....... I I ....... ....... ....... I ....... I ....... 1 1 I BorrowFree ings reserves at F.R. Banks 3 - 63 82 119 39 37 63 48 29 20 32 27 34 -62 -81 -ll8 -38 -37 -62 -48 -28 -20 -31 -26 -33 10 -8 2 3 -I 2 I I 2 3 -I 2 I ....... I 2 2 ....... I I ....... 1 I 2 2 I 3 I I 2 I I 2 3 3 ....... 3 ....... ....... I 2 ....... ....... 2 2 ....... 2 I I 6 I 15 I 16 4 7 2 ....... 9 -3 5 3 2 I I 6 6 5 4 2 ....... ....... 178 ....... 169 ....... 23 n.a. 58 ....... 53 ....... 78 ....... 102 ........ 152 197 ....... 239 238 ....... 211 ....... ....... ....... 171 ....... 173 ....... 179 ....... 207 ....... 217 ....... 237 ....... 308 ....... 308 ....... 304 ....... 255 ....... 280 ....... 239 ....... -3 -I 3 22 61 57 46 67 82 130 148 163 178 169 n.a. 58 53 78 102 152 197 239 238 211 171 173 179 207 217 237 308 308 304 255 280 239 OF BANK, MONTHLY AVERAGES OF DAILY FIGURES, 1929-60 ofdollarsl Reserve city banks Total reserves heIdI Country banks BorrowRequired reserves2 Total Excess reserves ings at F.R. Banks 3 Free reserves reserves heIdI Required reserves 2 I Month BorrowExcess reserves ings at F.R. Banks3 Free reserves 29 24 23 21 18 22 21 21 21 21 20 19 260 261 259 282 311 327 314 320 281 269 332 312 -231 -237 -236 -261 -293 -305 -293 -299 -260 -248 -312 -293 .•••.•••....••.. hn.-1929 ..••••.••....•.. Feb. ..••••........•. Mar. ...•.•.......... Apr. .•.....••...••.• May .......•....•••• June ...•....••..•.•• July ............•.•• Aug. ..••....••.••••• Sept. ...•.........••. Oct. ..............•. Nov. .............••• Dec. 793 779 770 763 760 761 764 759 759 766 771 766 781 768 761 752 751 749 755 751 753 758 761 757 12 11 9 10 9 12 9 9 6 7 9 9 356 392 423 484 446 409 399 461 494 481 511 348 -344 -381 -414 -474 -437 -397 -390 -452 -488 -474 -502 -339 657 647 642 635 630 632 637 641 641 630 619 627 623 619 614 612 610 619 616 620 619 610 600 767 755 759 767 768 776 790 785 784 778 788 772 755 742 745 756 752 758 769 766 768 762 769 756 12 13 13 12 15 18 21 19 16 15 18 15 189 138 73 42 44 44 36 27 28 ·38 51 103 -177 -125 -60 -30 -29 -26 -15 -8 -12 -23 -33 -88 621 618 620 621 619 618 615 608 608 605 597 590 598 595 594 596 596 592 589 583 583 580 575 562 23 23 26 25 23 25 26 26 25 26 22 28 237 210 176 160 172 178 178 166 144 144 158 193 -214 -187 -150 -135 -149 -153 -152 -140 -119 -118 -136 -165 ....•.....•.•••• Jan.-1930 .............••. Feb. ...........••.•• Mar. ............••.. Apr. ............•••• May ...........••.•• June ...........•••.. July ...........••••. Aug. .....•.....••••. Sept. ............•.•. Oct. ..........•.••.• Nov. ..........•.•••• Dec. 775 768 775 792 786 780 776 760 737 704 675 '646 756 751 758 773 765 756 751 740 718 676 658 642 20 17 17 18 22 24 26 20 19 28 17 '4 67 46 27 18 24 42 38 59 99 274 343 355 -47 -29 -10 -2 -18 -12 -39 -80 -246 -326 -351 587 578 580 585 578 573 570 559 551 536 512 504 556 551 552 556 551 542 539 529 521 499 485 473 31 27 28 28 28 30 31 31 30 37 27 31 166 153 136 119 126 139 128 148 167 248 311 354 -135 -126 -108 -91 -98 -109 -97 -117 -137 -211 -284 -323 .........•...••. Jan.-1931 .............••. Feb. .•..........••.• Mar. · ...........••.. Apr. .•..........•••. May ............•••• June .............•.. July .....•......••.. Aug. ..........•.•••. Sept. ............••.. Oct. .............•.. Nov. ................ Dec. 624 615 612 605 614 630 617 612 611 609 617 625 625 606 599 592 584 582 578 576 577 581 583 581 -1 9 13 13 30 48 39 37 33 29 34 44 374 404 315 239 153 158 175 136 107 91 89 63 -375 -395 -302 -226 -123 -110 -136 -99 -74 -62 -55 -19 488 473 465 466 464 459 455 444 443 444 441 440 459 448 441 438 433 426 417 410 410 410 408 404 29 25 24 28 30 34 38 33 32 34 34 36 391 399 381 357 329 330 339 308 274 234 223 218 -362 -374 -357 -329 -299 -296 -301 -275 -242 -200 -189 -182 .....•.......•.• Jan.-1932 ..•....•.....••. Feb. .............••• Mar. ..•.........•.•. Apr. .......•....•.•. May ..............•. June ..............•. July ..............•. Aug. .............••. Sept. ............•... Oct. .............••. Nov. .............••. Dec. 77 122 57 97 265 132 102 58 18 23 14 13 13 15 20 25 n.a. -61 -23 62 133 137 160 186 224 246 442 441 407 431 418 441 489 501 499 529 553 567 43 52 -155 -148 -70 -69 -30 45 60 63 94 113 118 ..............•. Jan.-1933 ............•... Feb. ............••.. Mar. . ......••...•••• Apr. ............•••• May .........•..•••• June .......•....•.•• July ..•.....•...•.•• Aug. ...•....••....•• Sept. ........•...•••• Oct. ............•••• Nov. ..•.....•...•••• Dec. 10 4 3 1 I 1 295 332 464 529 560 562 566 544 505 511 549 560 622 656 696 756 773 767 810 817 814 837 849 843 168 213 260 321 335 332 372 377 367 386 392 383 · ............... Jan.-1934 ............•••. Feb. .•........•••.•• Mar. ..........•••.•• Apr. .....•.....••••. May .....•.....•••.• June ............•••. July ............•••• Aug. .•........•.•••• Sept. · ........••••••• Oct. .....••....••••. Nov. ••...•••..•••••• Dec. 659 694 594 570 595 648 691 699 716 749 794 832 893 936 1,080 1,164 1,204 1,213 1,229 1,217 1,190 1,210 1,262 1,282 582 572 n.ll. n.a. 499 516 528 539 538 541 550 557 571 71 79 120 151 160 174 199 237 261 588 600 613 634 643 651 663 673 685 699 712 721 305 336 467 530 561 563 566 544 505 511 550 561 .......... .......... .......... .......... 1 I .......... 640 n.a. 332 337 344 350 349 351 357 363 370 100 81 96 140 151 148 171 190 197 198 200 226 170 150 126 95 91 85 77 77 79 380 392 399 406 413 414 420 424 431 441 448 451 242 263 297 350 360 353 390 393 383 396 401 392 74 50 37 29 25 21 18 16 16 10 9 9 399 390 51 n.a. n.a. 2. RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASS [In millions -~-----~ ~--.------------------;----------------,------------- All member banks Month Total reserves heidI 4,355 4,601 4,452 4,436 4,778 4,979 4,970 5,232 5,243 5,469 5,757 5,716 Free re.. serves Total Re- reserves quired re- heidI serves I' 2 I Excess reserves I Borrowings Free Total reserves at la~;3 ------1--- 1936-Jan ..•.•.... Feb........ . Mar....... . Apr•........ May •....... June ......•. July •••..... Aug ..••.•.. Sept....... . Oct........ . 2,320 2,365 2,388 2,411 2,481 2,541 2,585 2,596 2,615 2,649 2,696 2,733 2,035 2,237 2,065 2,026 2,297 2,438 2,385 2,636 2,628 2,820 3,061 2,983 Dec........ . 5,780 5,808 5,420 5,300 5,638 5,484 5,861 6,181 6,345 6,594 6,785 6,665 2,747 2,770 2,767 2,790 2,838 2,891 2,953 3,723 4,493 4,551 4,566 4,619 3,033 3,038 2,653 2,510 2,800 2,593 2,907 2,458 1,852 2,043 2,219 2,046 1937-Jan........ . Feb........ . Mar....•... Apr........• May ....... . June ....... . July ....... . Aug...••... Sept.•••.... Oct......•.. Nov ....... . Dec...•..... 6,716 6,747 6,704 6,824 6,932 6,878 6,845 6,701 6,854 6,954 6,919 6,879 4,622 4,595 5,333 5,271 6,005 6,002 5,969 5,951 5,954 5,911 5,815 5,808 1938-Jan .•....... Feb........ . Mar...•.... Apr.•....... June ..•..... July ....... . Aug .••..... Sept....... . Oct........ . Nov ..•..... Dec...•..... 7,183 7,230 7,326 7,469 7,587 7,878 8,167 8,119 8,196 8,546 8,727 8,745 5,829 5,824 5,802 5,398 5,062 5,116 5,141 5,164 5,276 5,403 5,451 5,520 1939-Jan........ . Feb........ . Mar...•.... Apr....•.... May •....... June ....... . July ....... . Aug...•••.. Sept.•••.... Oct........ . Nov..•..... Dec...••..•. 9,029 8,925 9,021 9,624 9,997 10,085 10,321 10,659 11,443 11,862 11,688 11,473 5,545 1940-Jan..••..... Feb..•...... Mar ..•..... Apr ...•..... May .•.•.... June ..••.... July .•...... Aug ..••.•.. Sept....... . Oct........ . Nov .•••.... Dec.•••••... 11,985 12,215 12,362 12,703 May ••••••.. I BorReExcess rowquired reiogs reat serves serves2 :~~;3 Central reserve city banks-Chicago Re- reserves qui red re- heidI serves I' I 2 Excess reserves I Bor row: Free iogs reat I serves J la-n~3 1- - - - - 1935-Jan .••...... Feb........ . Mar.•...... Apr.••...... May ••••.... June ..•..... July .....•.. Aug....... . Sept••...... Oct........ . Nov ....... . Dec........ . Nov..••.... Central reserve city banks-New York g:~~~ 13,735 13,408 13,643 14,043 14,131 14,049 1 093 2, 1 2,152 1,371 1,552 927 876 876 750 900 1,043 1,1041 ::~::I 1,406, H~!I! 2,762 3,026 2,955 920 2, 3,143 1 3,276 3,226 1 ~:~~~l 3,484 1 3,373 5,698 5,785 5,840 5,919 6,052 6,246 6,372 6,428 6,462 3'432'1 3,926 4,212 4,246 4,402 4,6071 5,198' 5,490 5,259 5,011 521 6, 6,589 6,628 6,7001 6,798 6,900 6,983 7,001 7,062 7,178 7,300 7,403 5,464 5,626 5,734 6,003 6,288 696 6,752 6, 1 6,407 6,582 6, 864 1 6,830 6, 646 1 1' 8 6 6 6 7 7 7 10 8 7 6 2,027 2,231 2,059 2,020 2,290 2,431 2,378 2,629 2,618 2,812 3,054 2,977 1,651 1,864 1,760 1,715 1,813 1,969 1,938 2,306 2,320 2,460 2,563 2,541 935 9651 981, 9921 1,015 1,054 1,071 1,092 1,142 1,151 1,170 1,191 716 899 779 723 798 915 ..•..•• 868 ..... .. 1,214 I 1,177 3 1,309 3 1,393 I 1,350 .. ... .. 6 7 6 5 5 6 3 6 7 6 6 7 3,027 3,031 2,647 2,505 2,795 2,587 2,904 2,452 1,845 2,037 2,213 2,039 2,593 2,579 2,271 2,163 2,384 2,183 2,279 2,502 2,462 2,574 2.695 2,662 1,197 1,219 1,215 1,223 1.250 1,276 1,276 1,599 1,927 1,935 1,944 1,964, 1,395 1,360 1,056 940 1,134 908 1,004 903 535 639 , m...... ~I 3 3 6 10 16 15 13 17 24 22 19 16 2,090 2,149 1,365 1,542 911 861 863 733 876 1,021 1,085 1,055 2,719 2,812 2,652 2,739 2,685 2,669 2,652 2,522 2,672 2,767 2,720 2,657 953 1, 1,944 1 2,250 209 2, 2,481 1 767 ...... .... . 868 4011 1 530 11 203, 3 11 10 10 11 1,342 1,396 1,514 2,060 2,517 2,753 3,018 2,948 2,912 3,135 3,269 3,219 2,856 2,906 3,039 3,150 3,204 3,341 3,545 3,523 3,669 3,939 4,075 4,139 2, 394 1 2,406 2,407 2,266 1 140 2, 1 2,187 2,193 2, 350 1 2,363 2,404 1,065 ...... . 1,153 ...... . 1,352 ....... j 1,320 ...... . 1,382 1 1,5891 1 1,712 ...... . 1,734 ....... j 3 3 3 3 4 3 3,479 3,368 3,429 3,923 4,208 4,242 4,399 4;~ 5,195 5,487 5,255 5,008 4,409 4,482 4,472 4,889 5,094 5,049 5,195 5,366 5,866 5,958 5,759 5,623 2,413 2,436 2,485 2,587 2,629 2,655 2,691'1 2,779 923 2, 1 2,984 3,005 3,012 1,996 ....... j 2,047 1,986 . . . . . . . . 2,302 1...... . 2, 465 1...... . 2,394 .•..... 2,504 ...... . 2,587 ...... . 2,943 I 2,974 ...... . 2,753 ...... . 2,611 ....... 1 21 2 2 1 2 2 3 3 4 4 3 3 5,462 5,624 5,732 6,002 6,286 6,694 6,749 6,404 6,578 6,860 6,827 6,643 6,099 6,323 6,428 6,548 6,660 6,941 6,979 6,709 6,705 6,889 6,975 6,997 3,054 3,045 3,123 3,199 3,248 3,180 3,237, 3,312 3,271' 3,389 3,347 3,594 3,392 3,588 3,365 3,344 3,324 3,380 3,465 3,424 3,493 3,482 3,554 '3,443 7 8 9 8 7 8 8 7 7 i ~I :1 ~::~!I 2,437 2,413 2,347 2, 351 1 g~~1 "'1: m J1' 354 9 373 3 305 ....... j 461 ....... 1 m::::::: 884 ...... . , t 1" ..... , 454 393 360 427 606 681 586 490 484 541 614 608 203 208 202 195 216 226 233 231 238 244 255 255 250 185 158 232 389 455 ....... 352 .. .. .. . 258 ..•... . 246....... 297 ....... 359 ..•. .. 353 .... .. 250 185 158 232 389 455 352 258 246 297 359 353 1,395 1,360 1,056 940 1,134 908 1,004 902 533 637 750 697 495 487 463 506 636 682 653 576 619 637 651 605 257 261 254 244 259 268 285 353 424 431 430 430 239 226 208 262 377 414 369 223 195 205 221 175 ...... . ...... . ...... . ...... . ..•.... ...... . ...... . ...... . ...... . ..... .. ...... . ...... . 239 226 208 262 377 414 369 223 195 205 221 175 767 868 400 529 200 174 196 102 223 345 370 305 568 546 533 563 589 603 581 568 576 581 588 599 421 418 480 461 538 533,1 529 534 533 522 519 519 1 147 128 54 101 51 70 52 34 43 59 69 80 ...... . ...... . ..... .. ...... . ...... . ..... .. ...... . ...... . ...... . ...... . ....... 1 ....... j 147 128 54 101 51 70 52 34 43 59 69 80 461 499 631 884 1,065 1,153 1,352 1,320 1,381 1,588 1,712 1,734 604 598 574 622 794 899 925 875 861 884 888 898 518' 519 522 475 473 495 501 496 500 509 514 86 78 ' 52 J46 321 404 424 379 361 375 374 376 ....... j ....... 1 ...... . 86 78 52 146 321 404 424 379 361 375 374 376 1,9961 2,047 1,986 2,302 2,465 2,394 2,504 2,587 2,942 2,974 2,753 2,611 780 673 681 794 878 893 848 923 1,009 1,112 1,115 1,141 3,045 3,199 3,248 3,312 3,389 3,594 3,588 3,343 3,322 3,464 3,493 3,443 940 901 899 972 1,097 1,182 1,168 1,154 1,234 1,279 1,218 1,142 1' , ~~~I 510 502 495 518 532 543 561 579 595 598 601 1 ..•.... \ ...... . ....... ..•.... ...... . ...... . 1 2 1 ...... . ...... . ~I 589 5841 620 634 1 ~~I 664 669 1 672 666 1 For notes see pp. 60-61. 52 , ...... . ...... . ...... . ...... . ...... . ...... . ..... .. 1 2 2 716 899 779 723 798 915 868 1,213 1,174 1,306 1,392 1,350 260 164 179 299 360 362 305 363 430 518 516 540 , ....... ...... . 1 ·1 ...... ...... ...... . '1 ..... .. .... .. ...... . ...... . ...... . ...... . ...... . ...... . ...... . ...... . ...... . ...... . , , 260 164 179 299 360 362 305 363 430 518 516 540 ....... 1 ....... ! ....... 1 ...... . ...... . ...... . ..... .. ..... .. 342 301 310 388 477 547 522 499 570 610 546 476 I m:::::::1 388 ....... 1 342' ....... 477 547 522 499 570 610 546 r476 OF BANK, MONTHLY AVERAGES OF DAILY FIGURES, 1929-60 - Continued of dollars I Country banks Reserve city banks I I Total reserves heidI Excess reserves Required reserves2 Borrowings at F.R. Banks 3 I 1,383 1,433 1,427 1,403 1,425 1,411 1,486 1,500 1,539 1,560 1,639 1,631 726 732 743 757 776 787 801 802 806 822 837 851 658 701 684 646 649 624 685 698 734 738 803 780 1,714 1,745 1,708 1,675 1,657 1,664 1,886 1,954 2,046 2,153 2,185 2,157 862 860 863 879 879 890 925 1,174 1,422 1,457 1,461 1,482 852 885 846 796 778 775 961 780 624 696 724 675 .......... 2,158 2,128 2,203 2,201 2,272 2,230 2.252 2,248 2,232 2,240 2,246 2,272 1,496 1,477 1,715 1,710 1,956 1,941 1,950 1,962 1,943 1,933 1,913 1,906 662 651 488 490 316 289 301 287 289 307 333 366 .......... .......... 2,345 2,350 2,349 2,348 2,311 2,359 2,396 2,402 2,352 2,407 2,426 2,387 1,894 1,882 1,867 1,739 1,622 1,612 1,628 1,641 1,654 1,694 1,716 1,729 451 468 481 609 689 747 767 762 698 712 710 658 2,474 2,405 2,475 2,544 2,630 2,728 2,827 2,883 3,009 3,203 3,229 3,140 1,740 1,736 1,734 1,750 1,772 1,784 1,814 1,837 1,862 1,908 1,935 1,953 734 669 741 794 858 944 1,013 1,046 1,147 1,295 1,294 1,188 1,968 1,966 1,963 1,982 2,008 2,013 2,033 2,056 2,084 2,136 2,185 2,208 1,350 1,378 1,405 1,494 1,607 1,703 1,803 1,748 1,821 1,888 1,895 1,887 3,319 3,344 3,368 3,476 3,615 3,716 3,837 3,804 3,905 4,024 4,080 4,096 I .......... 1 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 1 1 2 3 2 1 2 3 3 3 3 1 .......... 1 1 ··········1 ··········1 .......... .......... .......... •••••••••• j .......... .......... I .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Free reserves 657 701 683 646 649 624 685 698 734 738 803 780 867 912 905 890 935 918 960 937 900 908 941 935 455 461 461 466 474 475 480 471 429 432 435 436 852 885 846 796 778 775 961 780 624 696 724 674 978 998 978 956 961 954 1,042 1,149 1,218 1,230 1,254 1,241 431 431 435 444 450 458 467 596 720 728 731 742 547 567 543 512 511 496 575 552 498 502 523 498 662 651 487 488 313 287 300 285 286 304 330 363 1,271 1,261 1,315 1,321 1,386 1,377 1,360 1,362 1,375 1,366 1,365 1,352 753 756 888 890 1,029 1,035 1,036 1,041 1,042 1,042 1,036 1,032 518 505 428 431 357 341 324 321 333 323 328 319 450 468 480 608 689 747 767 762 698 712 710 658 1,378 1,377 1,365 1,350 1,278 1,280 1,302 1,319 1,314 1,317 1,338 1,322 1,023 1,016 1,006 918 827 821 819 824 835 850 858 865 734 669 741 794 858 944 1,013 1,046 1,147 1,295 1,294 1,188 1,366 1,364 1,393 1,397 1,395 1,415 1,451 1,486 1,559 1,588 1,585 1,568 871 870 867 866 866 868 871 876 882 885 889 897 1,628 1,646 1,668 1,706 1,714 1,757 1,751 1,740 1,800 1,851 1,858 1,815 901 899 897 897 899 906 912 924 934 949 962 974 1,350 1,378 1,405 1,494 1,607 1,703 1,803 1,748 1,821 1,888 1,895 1,887 I I I II ! Required reserves2 Excess reserves I I I i I 412 451 443 424 461 443 480 465 471 476 506 499 Month i Borrowings at Free reserves F.R. Banks3 I 7 6 6 6 7 7 7 6 7 6 6 6 405 445 437 418 454 436 473 459 464 470 500 493 .. __ •.....•••••• Jan.-193S ...•••••..•••••• Feb. ..••.•••..•••••• Mar. ...••••...•••••• Apr. ...•......•••.•• May ................ June ................ July .....•....•••••• Aug. ..........••.••• Sept • ..........•••••• Oct. ....•...•....••. Nov. ......•.....•••• Dec • 5 7 5 5 5 5 3 5 5 4 5 6 542 560 538 507 506 491 572 547 493 498 518 492 .......•....•... Jan.-1936 ...........•.•.. Feb• ............••.. Mar• ....•.........•• Apr. ............•... May ................ June ............••.. July ............•.•. Aug . .........•...•.. Sept . ........••..•.•• Oct. ........•...•••. Nov . ........•...•••• Dec. 2 3 4 7 10 II 9 9 9 10 13 13 516 502 424 424 347 330 315 312 324 313 315 306 ...........••••• Jan.-1937 ................ Feb . ...........••••. Mar. ................ Apr. ...........•••.. May .....•.........• June .•.........••••. July .............••• Aug. ...•........•.•• Sept. ......•.•..•••.• Oct. ............•••. Nov. ...............• Dec. 355 361 359 432 451 459 483 495 479 467 480 457 10 10 9 10 8 9 8 6 6 7 7 7 345 351 350 422 443 450 475 489 473 460 473 450 .......•....•..• Jan.-1938 ............•.•. Feb• ..••..........•• Mar. .........•....•• Apr. ...•............ May ................ June .............••. July .....••......••. Aug . .....••..••...•. Sept . .•....•...••••.. Oct. ..........•..•.. Nov. ................ Dec. 495 494 526 531 529 546 581 611 678 704 696 671 5 5 3 3 4 4 3 3 2 3 4 3 490 489 523 528 525 542 578 608 676 701 692 668 ..............•. Jan.-1939 .•....•....•••.. Feb • .............••. Mar . .............••. Apr . .........•....•. May ................ June ..............•. July .......•.....•.. Aug. ..............•. Sept. ...........•.••. Oct. .........•....•• Nov. .......•........ Dec. 725 746 769 808 813 849 836 814 864 899 894 837 .............•.. Jan.-194O .•...........••• Feb. ................ Mar. .............••. Apr. .......•....•.•. May ••...........••. June ......•......••• July ..............•• Aug . ...........•.•.. Sept. ................ Oct . •..........•.... Nov . ••........••..•• Dec. I I ! I I I I I --"---_. I I Total reserves heidI 53 I I I I I I 727 747 771 809 815 851 839 816 866 902 897 840 I I I I I I I 2 1 2 I 2 2 3 2 2 3 3 3 I 2. RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASS [In millions Month Total reserves heidi Excess Rerequired serves reserves 2 Borrowings at F.R. Banks3 Bor- Free reserves - - - - Total reserves heidi I- Required reserves2 - Excess reserves 1- ReExcess quired rereserves serves2 670 686 679 671 710 720 732 738 740 731 843 848 381 347 252 295 434 424 388 403 478 512 367 295 381 347 252 295 434 424 388 403 478 512 367 295 178 89 64 60 73 27 45 35 ....... 225 204 255 262 178 89 64 60 73 27 45 35 876 865 858 785 771 809 821 850 850 785 811 832 22 10 34 29 14 7 9 8 8 9 8 6 ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... 22 10 34 29 14 7 9 8 8 5 3 -1 11 6 3 8 4 7 7 5 2 ....... ....... 839 841 863 888 925 876 840 797 797 786 842 873 832 836 856 881 920 874 5 3 -1 11 6 3 8 4 7 7 5 2 -28 -64 -91 -116 -317 -369 -59 -137 -92 -78 -189 -144 864 884 88 890 940 937 895 905 931 926 950 939 861 876 886 877 932 929 885 901 921 921 945 924 3 8 2 14 8 8 10 4 10 5 5 14 ....... 1 1 2 I I I ....... ....... -87 -120 -296 -103 5 23 10 -7 -5 8 -9 20 921 901 858 872 878 887 897 904 905 904 925 938 913 894 865 847 879 882 886 900 902 900 919 933 8 8 -6 24 -I 5 II 3 3 4 7 5 ....... . ...... ....... 2 5 3 2 2 1,085 1,086 1,157 1,140 1,049 979 1,000 1,009 944 834 859 877 860 882 902 877 871 890 936 949 872 807 814 842 337 97 96 51 49 22 29 19 32 31 20 28 1 4 4 5 5 3 4 10 19 3 9 51 336 93 92 46 44 19 25 9 13 28 11 -23 898 875 892 814 785 816 830 858 858 794 820 837 3,649 3,374 3,472 3,564 3,695 3,839 3,506 3,560 3,707 3,793 4,035 3,729 19 21 16 17 12 20 19 10 21 22 22 28 13 17 32 35 53 59 6 24 55 119 260 186 6 4 -16 -18 -41 -39 13 -14 -34 -97 -238 -158 845 800 796 797 3,711 3,793 3,911 4,023 4,215 4,211 3,930 3,959 4,094 4,183 4,262 4,118 3,699 3,776 3,893 4,010 4,202 4,182 3,913 3,947 4,075 4,169 4,235 4,070 11 17 18 12 13 30 17 12 19 14 27 48 39 81 109 128 330 399 76 149 111 92 216 192 4,054 4,037 3,970 4,015 4,077 4,199 4,180 4,125 4,183 4,174 4,208 4,270 4,047 4,021 3,969 3,979 4,065 4,170 4,162 4,113 4,159 4,165 4,189 4,243 7 15 1 36 12 29 18 12 24 10 19 27 94 135 297 139 7 6 8 19 29 2 28 7 7,135 6,807 6,924 6,518 6,243 5,958 5,875 5,600 5,554 5,314 5,053 5,142 1942-Jan•.....•.. Feb......... Mar........ Apr......... May ........ June .•.••... July •....... Aug........ Sept........ Oct.. ....... Nov ........ Dec......... 12,93( 12,908 12,827 12,649 12,510 12,624 12,409 12,623 12,299 12,234 12,618 13,152 9,490 9,599 9,680 9,698 9,843 9,920 10,172 10,375 9,999 9,904 10,256 10,776 3,446 3,309 3,147 2,951 2,667 2,704 2,237 2,248 2,300 2,330 2,362 2,376 4 4 6 7 7 4 2 4 8 4 4 4 3,442 3,305 3,141 2,944 2,660 2,700 2,235 2,244 2,292 2,326 2,358 2,372 5,248 5,266 5,188 5,028 4,870 4,859 4,609 4,616 4,150 4,093 4,086 4,303 4,165 4,195 4,226 4,232 4,325 4,303 4,340 4,331 3,848 3,536 3,631 3,887 1,083 1,071 962 795 546 556 269 286 302 557 455 416 1943-Jan .•....... Feb......... Mar........ Apr......... May ........ July ........ Aug..•..... Sept ........ Oct......... Nov........ Dec......... 13,344 12,933 13,255 12,717 12,024 12,293 12,410 12,597 12,864 12,035 12,313 12,749 11,212 11,221 11,371 10,768 10,294 10,832 11,083 11,461 11,447 10,771 11,240 11,701 2,132 1,712 1,884 1,949 1,730 1,461 1,327 1,136 1,417 1,264 1,073 1,048 4 7 8 13 18 14 13 27 40 15 35 90 2,128 1,705 1,876 1,936 1,712 1,447 1,314 1,109 1,377 1,249 1,038 958 4,352 3,999 4,001 3,657 3,373 3,501 3,587 3,717 3,643 3,346 3,453 3,601 4,015 3,901 3,906 3,606 3,324 3,479 3,558 3,698 3,610 3,315 3,433 3,573 1944--Jan......... Feb......... Mar........ Apr......... May ........ June .•••.... July ........ Aug ........ Sept........ Oct......... Nov ........ Dec......... 12,935 12,349 12,431 12,574 12,962 13,518 12,900 13,004 13,476 13,808 14,520 14,168 11,831 11,199 11,453 11,688 12,094 12,437 11,668 11,998 12,493 12,850 13,497 12,884 1,104 1,150 978 886 868 1,081 1,232 1,006 983 958 1,023 1,284 32 35 63 74 160 154 34 70 108 190 436 265 1,072 1,115 915 812 708 927 1,198 936 875 768 587 1,019 3,668 3,395 3,488 3,580 3,706 3,859 3,525 3,569 3,728 3,815 4,057 3,756 1945-Jan.•.....•. Feb......... Mar........ Apr......... May ........ June ...•.... July ........ Aug........ Sept........ Oct......... Nov........ Dec......... 14,048 14,040 14,429 14,621 15,156 15,415 14,755 14,978 15,414 15,675 16,043 16,027 12,934 13,088 13,419 13,690 14,151 14,076 13,535 13,894 14,351 14,618 14,876 14,536 1,114 952 1,010 931 1,005 1,339 1,220 1,084 1,063 1,057 1,167 1,491 118 232 244 360 632 590 164 383 388 358 592 334 996 720 766 571 373 749 1,056 701 675 699 575 1,157 1946--Jan......... Feb......... Mar ........ Apr......... May ........ June ...•.•.. July ........ Aug........ Sept........ Oct ......... Nov ........ Dec......... 15,921 15,685 15,536 15,531 15,727 15,996 16,017 16,031 16,160 16,167 16,310 16,517 14,610 14,554 14,505 14,507 14,771 15,053 15,089 15,140 15,275 15,304 15,456 15,617 1,311 1,131 1,031 1,024 956 943 928 891 885 863 854 900 185 324 526 393 150 127 121 126 149 107 211 157 1,126 807 505 631 806 816 807 765 736 756 643 743 3,630 3,641 3,721 3,706 3,728 3,721 3,725 3,701 3,719 3,687 4,108 4,153 For notes see pp. 60-61. 54 ....... ....... ....... ....... ....... 1 5 10 5 1 ....... ....... ....... 3 3 2 BorFree rowreings serves at F. R. Banks 3 - -----....... 1,083 1,071 959 792 544 556 269 284 297 554 453 414 6,829 6,420 6,302 5,881 5,829 5,349 5,190 5,009 5,104 4,993 3,605 3,385 Total reserves heidi 1,051 1,033 931 966 1,144 1,144 1,120 1,140 1,218 1,243 1,210 1,143 3 2 2 2 2 2 3 8 12 8 6 5 June •••••.•. Free ings reserves at F.R. Banks 3 3,505 3,166 3,203 2,812 2,514 2,238 2,149 1,893 1,824 1,621 944 989 3,505 3,166 3,203 2,812 2,514 2,238 2,150 1,898 1,834 1,626 945 989 6,832 6,422 6,304 5,883 5,831 5,351 5,193 5,017 5,116 5,001 3,611 3,390 14,339 13,996 13,979 13,600 13,650 13,201 13,120 13,004 13,184 13,097 12,900 12,812 row- - -....... - 7,507 7,574 7,675 7,717 7,819 7,850 7,927 7,987 8,068 8,096 9,289 9,422 1941-Jan.••..••.. Feb......... Mar ........ Apr......... May ........ June .•••.... July ........ Aug........ Sept........ Oct......... Nov........ Dec......... Central reserve city banks-Chicago Central reserve city banks-New York All member banks ~~~ ....... ....... . ...... . ...... ....... ....... ....... ....... ....... ....... ....... 225 . ...... 204 . ...... 255 ....... 262 ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... ....... I ....... ....... I 42 47 2 4 3 ....... ....... ....... I ....... 9 8 6 3 7 1 12 7 7 9 4 10 4 5 14 8 7 -48 -23 -3 I 8 3 3 4 6 5 OF BANK, MONTHLY AVERAGES OF DAILY FIGURES, 1929-60-Continued of dollars I I Reserve city banks Total reserves heldl Required reserves2 reserves ings at F.R. Banks3 I i Month Borrow- reserves Total reserves heidi 2,015 2,004 1,923 1,885 1,949 1,820 1,789 1,824 1,836 1,844 1,454 1,302 1,913 1,898 1,928 1,912 1,965 1,914 1,927 1,978 2,076 2,149 2,213 2,210 983 992 1,002 1,021 1,032 1,045 1,061 1,086 1,108 1,131 1,369 1,406 930 906 927 891 933 870 866 892 968 1,017 844 804 2 2 2 2 2 2 2 3 2 2 3 4 928 904 925 889 931 868 864 889 966 1,015 841 800 ................ Jan.-1941 ..•............. Feb. ................. Mar. •••.••.......... Apr• ..............•. May ..............•. June ...............• July ...............• Aug. ...............• Sept . ...............• Oct. ..............•• Nov. ............••.. Dec. Borrow- Excess Country banks Free Required reserves2 Excess reserves iogs at F.R. Banks3 Free reserves 4,240 4,258 4,197 4,204 4,298 4,184 4,198 4,287 4,335 4,391 4,424 4,317 2,225 2,255 2,274 2,319 2,349 2,364 2,409 2,462 2,500 2,546 2,969 3,014 2,016 2,004 1,923 1,885 1,949 1,820 1,789 1,824 1,836 1,845 1,456 1,303 4,365 4,356 4,279 4,293 4,325 4,448 4,447 4,574 4,676 4,711 4,990 5,122 3,035 3,078 3,089 3,118 3,154 3,216 3,341 3,483 3,607 3,787 3,955 4,102 1,330 1,279 1,190 1,175 1,171 1,232 1,105 1,091 1,069 924 1,035 1,020 .......... 1,330 1,279 1,190 1,175 1,171 1,232 1,105 1,091 1,069 924 1,035 1,020 2,238 2,199 2,204 2,188 2,265 2,338 2,353 2,423 2,529 2,597 2,684 2,850 1,429 1,444 1,464 1,470 1,493 1,511 1,555 1,611 1,672 1,774 1,857 1,946 809 755 740 718 772 827 799 812 857 823 827 904 4 4 3 4 5 4 2 2 3 1 2 2 805 751 737 714 767 823 797 810 854 822 825 902 ............••.. Jan.-1942 ............•..• Feb . ...............• Mar. ............•••• Apr . ..............•• IV.ay ................ June ..............•• July ...............• Aug. .............••• Sept . ..............•. Oct . .............••. Nov• ............•••• Dec . 5,190 5,141 5,319 5,191 4,894 4,983 4,961 4,999 5,159 4,772 4,916 5,083 4,277 4,357 4,468 4,306 4,156 4,394 4,489 4,613 4,644 4,386 4,584 4,781 913 784 852 886 738 589 473 386 515 386 332 302 .......... .......... I 2 5 4 3 6 9 2 14 20 913 784 851 884 733 585 470 380 506 384 318 282 2,905 2,918 3,042 3,054 2,973 2,993 3,031 3,024 3,204 3,123 3,124 3,228 2,044 2,098 2,139 2,072 2,043 2,150 2,215 2,300 2,343 2,285 2,412 2,516 860 820 903 983 930 843 816 724 861 838 712 712 3 3 3 6 8 7 6 II 12 10 12 19 857 817 900 977 922 836 810 713 849 828 700 693 ................ Jan.-1943 ...............• Feb . ...............• Mar. ., ..........•..• Apr. ..............•• May 5,133 4,899 4,921 5,007 5,152 5,339 5,129 5,196 5,365 5,501 5,773 5,654 4,799 4,568 4,658 4,747 4,895 5,027 4,739 4,910 5,109 5,251 5,488 5,294 334 331 263 259 257 312 390 286 256 251 286 359 8 7 14 15 56 53 10 24 28 49 124 43 326 324 249 244 201 259 380 262 228 202 162 316 3,289 3,254 3,226 3,190 3,256 3,444 3,406 3,398 3,520 3,603 3,764 3,882 2,543 2,460 2,526 2,591 2,662 2,698 2,590 2,692 2,822 2,924 3,054 2,986 746 795 700 599 594 746 816 706 698 679 710 895 II II 17 24 51 42 18 22 25 22 52 36 735 784 683 575 543 704 798 684 673 657 658 859 ......••....•..• Jan.-1944 ..............•. Feb. ..............•• Mar. .............••• Apr. ...........••••• May 5,625 5,590 5,739 5,793 5,970 6,072 5,834 6,003 6,166 6,244 6,381 6,394 5,329 5,338 5,467 5,565 5,716 5,702 5,507 5,725 5,908 5,983 6,081 5,976 297 252 272 227 254 370 328 277 258 261 300 418 51 101 86 150 209 132 54 167 192 179 281 96 246 151 186 77 45 238 274 110 66 82 19 322 3,848 3,774 3,892 3,916 4,032 4,195 4,096 4,112 4,224 4,323 4,450 4,576 3,045 3,098 3,172 3,238 3,301 3,263 3,230 3,321 3,448 3,545 3,615 3,566 804 676 719 678 730 932 866 791 776 777 835 1,011 28 49 48 80 92 58 33 67 85 86 95 46 776 627 671 598 638 874 833 724 691 691 740 965 6,357 6,235 6,169 6,127 6,220 6,320 6,314 6,337 6,360 6,362 6,433 6,515 6,020 5,967 5,944 5,911 5,990 6,081 6,087 6,131 6,164 6,166 6,229 6,289 337 269 225 215 230 240 226 205 196 197 203 227 66 \34 133 147 105 84 82 74 92 61 128 104 271 \35 92 68 125 156 144 131 104 \36 75 123 4,590 4,511 4,539 4,517 4,552 4,588 4,627 4,665 4,712 4,726 4,744 4,794 3,631 3,672 3,727 3,769 3,838 3,920 3,954 3,995 4,050 4,074 4,120 4,153 958 839 812 748 714 669 673 670 662 652 625 642 25 54 54 60 36 33 28 33 28 44 54 46 933 785 758 688 678 636 645 637 634 608 571 596 , .......... .......... .......... .......... .......... .......... .......... .......... I 2 I .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 55 ................ "June .............•.• July .............••• Aug. ............•.•• 'lept. ............•.•• Oct. ., ............•• Nov. ............•.•• Dec. ......... .•••.•• June ........•...•.•. July ..............•• Aug. ................ Sept. ................ Oct. .............• , .Nov. ..............•• Dec. ................ Jan.-1945 ................ Feb. ..............•. Mar. ..............•. Apr. ..............•• May ................ June ............•••• July .............•.• Aug. ..............•. Sept. ..............•• Oct. ................ Nov. .............•.. Dec. ............•••• Jan.-1946 .............••• Feb. ..............•• Mar. ..............•• Apr. ............•.•• May ..........•..••• June ............•.•• July ...........••••. Aug. ..........••.••• Sept. ............••.. Oct. ................ Nov. ..............•• Dec. 2. RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASS [In millions Central reserve city banks-New York All member banks Month Total reserves heidi ReExcess quired rereserves serves2 1947-Jan.•••..••• Feb••••...•• Mar••••••.• Apr••••••... May ••.•.... June •••••.•. July ••...••. Aug•••.••.. Sept•..•••.. Oct...•...•• Nov .•••..•. Dec.••.•.... 16,399 16,006 16,006 15,931 15,978 16,154 16,347 16,481 16,866 17,073 16,988 17,261 15,549 15,201 15,135 15,098 15,194 15,369 15,566 15,681 15,935 16,119 16,138 16,275 1948-Jan•••.....• Feb.•...•.•. Mar.•••.••. Apr•..•..... May ••••.••. June •••••••. July •.•..•.. Aug........ Sept........ Oct......... Nov ........ Dec......... 17,390 16,834 17,106 16,926 16,933 17,396 17,526 17,690 18,509 19,818 19,835 19,990 1949-Jan.••...••. Feb......... Mar........ Apr......... May •••..•.. June ........ July ........ Aug........ Sept........ Oct......... Nov........ Dec......... Borrow... ings at F.R. Banks3 Free reserves Total reserves heidi - - - - ~ Total reserves heidi - - - - ReExcess quired rereserves serves2 ~ Borrowings at F.R. Banks3 Free reserves - - - 929 905 877 879 911 940 964 979 1,001 1,024 1,010 1,024 925 901 873 868 914 930 966 975 995 1,010 1,000 1,011 4,311 4,252 4,557 4,513 4,493 4,764 4,838 4,862 4,974 5,286 5,267 5,352 116 36 45 39 18 44 22 46 63 46 25 56 88 28 2 34 43 2 32 7 -32 50 21 23 -9 31 29 17 8 55 16 30 25 ....... 6 50 1,025 1,006 1,063 1,017 1,057 1,132 1,163 1,186 1,207 1,298 1,301 1,294 1,017 999 1,054 1,011 1,049 1,120 1,158 1,180 1,202 1,293 1,293 1,292 8 8 ..•.••. 7 50 -43 103 -94 9 14 -8 6 5 8 3 3 12 9 5 ....... 5 -3 9 6 -9 14 5 11 -5 6 2 6 8 -7 2 9 5,358 5,230 5,204 5,169 4,798 4,849 4,822 4,709 4,508 4,444 4,419 4,462 5,316 5,204 5,172 5,128 4,754 4,780 4,750 4,685 4,466 4,397 4,373 4,443 41 26 32 42 44 69 72 24 42 47 46 19 98 23 52 19 81 26 59 58 35 12 55 59 -57 3 -20 23 -37 43 13 -34 7 35 -9 -40 1,297 1,285 1,247 1,211 1,160 1,151 1,192 1,164 1,122 1,127 1,116 1,144 1,293 1,275 1,241 1,201 1,155 1,141 1,161 1,161 1,120 1,122 1,115 1,143 4 10 6 10 5 10 31 3 2 5 I ~~~ 4,469 4,353 4,337 4,285 4,273 4,425 4,346 4,362 4,507 4,521 4,450 4,742 4,416 4,336 4,303 4,279 4,259 4,358 4,332 4,345 4,452 4,442 4,436 4,616 53 17 34 6 14 68 14 17 55 79 13 125 4 50 58 25 12 10 45 54 13 6 35 58 49 -33 -24 -19 2 58 -31 -37 42 73 -22 67 1,179 1,127 1,094 1,060 1,088 1,113 1,114 1,139 1,158 1,148 1,165 1,199 1,170 1,130 1,096 1,059 1,091 1,109 1,116 1,148 1,160 1,151 1,165 1,191 212 330 242 161 438 170 194 292 338 95 340 657 613 298 471 672 152 664 562 412 383 821 389 169 4,751 4,925 5,181 5,328 4,964 5,230 5,028 4,925 5,029 5,225 5,061 5,275 4,742 4,903 5,133 5,169 4,974 5,124 5,018 4,919 5,021 5,117 5,056 5,231 9 23 48 158 -10 106 9 5 8 108 6 44 73 79 43 22 193 25 71 84 66 3 28 151 -64 -56 5 136 -203 81 -62 -79 -58 105 -22 -107 1,256 1,296 1,292 1,274 1,277 1,300 1,294 1,297 1,307 1,328 1,314 1,356 1,259 1,299 1,291 1,275 1,283 1,293 1,296 1,297 1,312 1,320 1,319 1,353 210 365 307 367 563 579 1,077 1,032 683 1,048 1,532 1,593 578 283 65 130 -468 -383 95 -400 -875 -870 ji~ 5,335 5,209 5,358 5,146 5,163 5,324 5,474 5,223 5,256 5,215 5,201 5,357 5,245 5,205 5,266 5,144 5,164 5,286 5,488 5,218 5,193 5,214 5,193 5,328 90 5 92 2 -1 38 -14 5 63 1 8 30 2 10 19 60 105 169 225 227 117 117 198 486 88 -5 73 -58 -106 -131 -239 -222 1,347 1,305 1,321 1,259 1,281 1,317 1,365 1,360 1,369 1,369 1,367 1,406 1,348 1,308 1,311 1,267 1,286 1,325 1,358 1,359 1,364 1,373 1,367 1,409 16,309 16,030 16,284 16,115 16,190 16,544 16,709 16,853 17,625 19,001 19,062 19,193 1,081 804 822 811 743 852 817 837 884 817 773 797 143 244 270 111 144 100 95 87 128 111 118 134 19,991 19,570 19,417 19,185 18,146 18,068 17,558 17,873 16,083 16,113 16,119 16,291 19,153 18,860 18,723 18,479 17,369 17,310 16,539 15,918 15,161 15,251 15,308 15,488 838 710 694 706 777 758 1,019 955 922 862 811 803 169 110 148 98 176 100 109 94 75 46 134 118 1950-Jan......•.. Feb......... Mar ...•.... Apr......... May ...•.••. June ........ July ........ Aug ........ Sept........ Oct....•...• Nov ........ Dec......... 16,520 16,146 16,081 15,898 15,941 16,194 16,253 16,273 16,602 16,731 16,742 17,391 15,585 15,409 15,298 15,204 15,237 15,426 15,507 15,626 15,837 15,889 16,011 16,364 935 737 783 694 704 768 746 647 765 842 731 1,027 35 123 128 101 80 68 123 164 96 67 145 142 1951-Jan•••.•.... Feb......... Mar•••..... Apr......... May ........ June ........ July ........ Aug ........ Sept........ Oct......... Nov........ Dec......... 18,088 18,907 19,207 19,324 18,892 19,309 19,229 19,174 19,396 19,868 19,794 20,310 17,263 18,279 18,494 18,491 18,302 18,475 18,473 18,470 18,675 18,952 19,065 19,484 825 628 713 833 590 834 756 704 721 916 729 826 1952-Jan.••....•• Feb......... Mar........ Apr......... May ........ June ........ July ••••..•. Aug ........ Sept........ Oct......... Nov........ Dec......... 20,470 19,537 19,995 19,300 20,207 19,322 19,777 19,127 19,767 19,139 20,140 19,431 20,535 19,926 20,306 19,657 20,514 19,736 20,611 19,963 20,744 20,087 21,180 20,457 933 695 885 650 628 709 4,207 4,110 4,129 4,125 4,141 4,196 4,239 4,203 4,270 4,324 4,273 4,404 4,205 4,092 4,108 4,112 4,129 4,182 4,227 4,192 4,246 4,264 4,234 4,299 4,427 4,288 4,602 4,552 4,511 4,808 4,861 4,909 5,037 5,331 5,292 5,408 ~ 900 ~ 698 707 ~~~ 689 673 798 m 762 ~~ 552 700 599 752 i~~ ig~ 655 663 546 608 601 658 910 861 847 816 677 685 ~H 593 ~~ 623 483 669 775 For notes see pp. 60-61. 56 Free reserves 3 .••.• ,. -10 27 21 •••.••. 9 4 8 4 3 11 10 2 -15 26 -20 44 -10 70 -21 60 67 38 106 203 173 126 107 135 92 127 133 171 274 224 609 serves2 Borrow.. ings at F.R. Banks3 3 17 21 13 12 14 12 11 24 60 39 105 850 805 871 833 784 785 781 800 931 954 850 986 649 778 648 657 723 ReExcess quired rereserves Central reserve city banks-Chicago -54 -116 -190 -456 4 .••..•• 1 4 32 4 16 11 -2 I 10 -1 2 4 2 6 9 14 7 10 6 13 ....... ....... I 11 4 23 3 18 3 10 5 6 2 15 4 3 -28 -5 -2 9 -I 2 4 5 3 7 -7 6 -17 7 -13 7 21 -2 -4 3 -14 I ..•.... 9 ....... 9 -3 25 -28 -2 20 -22 I 13 -12 -3 I -4 3 3 ....... -2 II -13 -8 -13 5 -2 3 -5 -3 I -4 12 -12 5 3 8 ....... -4 -3 2 -I -7 7 -2 . ...... -5 8 -5 3 -1 -3 10 -8 -5 -8 7 1 6 -4 ....... -4 15 12 29 6 18 3 7 6 7 2 12 64 -19 -15 -27 -7 -25 4 -9 -6 -12 6 -17 -61 33 82 82 12 26 23 82 41 30 100 266 232 -34 -85 -72 -20 -31 -31 -75 -40 -24 -104 -266 -236 OF BANK, MONTHLY AVERAGES OF DAILY FIGURES, 1929-60 - Continued ofdollars1 Country banks Reserve city banks Month Total reserves held' 6,501 6,324 6,308 6,294 6,317 6,377 6,438 6,543 6,688 6,781 6,756 6,861 Required reserves2 6,274 6,119 6,091 6,068 6,092 6,153 6,216 6,316 6,432 6,518 6,542 6,589 Excess reserves 227 205 217 226 224 224 222 226 256 263 214 271 Borrowings at F.R. Banks3 60 115 66 51 49 73 51 57 59 66 153 123 Total Free reserves 167 90 151 175 175 151 171 169 197 197 61 148 reserves held' 4,761 4,667 4,693 4,633 4,608 4,640 4,706 4,757 4,906 4,944 4,947 4,972 Required reserves2 4,146 4,089 4,063 4,050 4,058 4,103 4,157 4,197 4,261 4,327 4,360 4,375 Excess reserves 616 578 630 583 550 538 548 559 646 618 587 597 Borrowings at F.R. Banks3 Free reserves 43 60 54 55 50 50 39 42 28 26 54 57 573 518 576 528 500 488 509 517 618 592 533 540 ••••••.•...••••• Jan.-1947 ..••••.•...•.•.. Feb. ..••••..•...•..• Mar. ..•••......•••.. Apr. .....•......•••• May .....•.•....•••• June ••....••••.••••• July .••....•...•••.• Aug. ...••....•..•.•. Sept. ..•....•••..••.• Oct. ...•••......•••• Nov. ..............•. Dec. .......•...••••• Jan.-1948 ..••...•••..•••• Feb. ..•...•••...•••• Mar. ...•....••..•.•• Apr. .••........••••• May ...•.....••.•••. June .........•.••••• July .•....•....••••• Aug. .....•...•..•••• Sept. ••...••...•••••• Oct. .......•...••••• Nov. ..............•. Dec. 6,939 6,646 6,514 6,473 6,496 6,534 6,567 6,626 6,869 7,435 7,467 7,511 6,609 6,442 6,310 6,242 6,294 6,294 6,338 6,403 6,620 7,207 7,267 7,314 331 204 205 231 202 241 229 222 249 228 200 198 70 114 84 48 47 37 36 33 32 45 62 41 261 90 121 183 155 204 193 189 217 183 138 157 4,999 4,895 4,927 4,884 4,869 4,922 4,935 4,970 5,396 5,753 5,774 5,777 4,372 4,337 4,364 4,350 4,355 4,366 4,375 4,409 4,830 5,216 5,234 5,235 627 557 563 534 514 556 560 562 566 537 540 541 37 46 40 42 42 37 28 28 27 25 29 34 590 511 523 492 472 519 532 534 539 512 511 507 7,539 7,356 7,306 7,216 6,881 6,822 6,564 6,361 6,026 6,152 6,177 6,251 7,325 7,197 7,150 7,032 6,707 6,642 6,311 6,184 5,842 5,963 6,014 6,071 214 159 156 184 174 180 253 178 184 188 163 180 32 56 48 39 39 32 18 14 22 20 45 30 182 103 108 145 135 148 235 164 162 168 118 150 5,797 5,699 5,661 5,589 5,308 5,247 4,980 4,639 4,428 4,391 4,407 4,434 5,219 5,184 5,160 5,118 4,753 4,748 4,316 3,889 3,733 3,769 3,806 3,831 578 515 501 471 554 499 663 749 694 622 601 603 28 27 25 37 38 39 22 17 12 12 19 28 550 488 476 434 516 460 641 732 682 610 582 575 ........••..•••• Jan.-1949 ..........•..••• Feb. ••...•.......••• Mar. .•.•.......••••. Apr. ...•........••.• May .....•.....••••• June ............•••• July .....•..•.•.•••• Aug. .•...•....•.•••• Sept. ........••..•••• Oct. .•...•.......••• Nov. .............•.. Dec. 6,366 6,219 6,184 6,131 6,144 6,215 6,301 6,275 6,363 6,450 6,478 6,689 6,145 6,072 6,027 5,994 6,007 6,055 6,130 6,171 6,231 6,274 6,336 6,458 221 147 157 137 137 160 171 105 132 177 141 232 17 32 33 42 37 43 65 58 41 70 50 204 115 124 95 100 131 128 40 74 136 71 182 4,507 4,447 4,466 4,423 4,437 4,440 4,492 4,496 4,573 4,612 4,650 4,761 3,854 3,871 3,871 3,871 3,879 3,902 3,924 3,962 3,994 4,022 4,074 4,099 653 576 595 551 557 539 567 534 579 590 576 663 14 16 17 21 30 26 24 40 22 19 28 29 639 560 578 530 527 513 543 494 557 571 548 634 ............•••• Jan.-1950 .......•...••••• Feb. ...••.....•••••• Mar. .....•...•.••••• Apr. .....••....••••• May .....•...•..•••• June ..........•.•••• July .......•.•.••••• Aug. ...•........•••• Sept. .........•...••. Oct. ...•.•.••....••• Nov. ................ Dec. 7,084 7,329 7,354 7,347 7,282 7,402 7,439 7,479 7,526 7,701 7,730 7,922 6,902 7,208 7,184 7,181 7,162 7,183 7,277 7,331 7,374 7,489 7,586 7,738 182 121 170 167 120 219 162 148 151 212 144 184 95 189 111 69 157 73 77 152 214 61 246 354 87 -68 59 98 -37 146 85 -4 -63 151 -102 -170 4,997 5,356 5,380 5,374 5,369 5,377 5,469 5,473 5,534 5,614 5,688 5,756 4,359 4,869 4,887 4,866 4,882 4,876 4,882 4,923 4,967 5,026 5,104 5,161 638 487 493 29 50 59 64 70 69 39 50 51 609 437 434 445 417 432 547 500 516 559 530 508 ...•...•...••••• Jan.-1951 .•....•...•••••• Feb. ...•...•...••••• Mar. .•...••....••••• Apr. ...•...•...••••• May ...•....•..••••• June ...••....•..•.•• July .•...•••.••••••• Aug. ....••••..•••••• Sept. .•...•.•.••••••• Oct. .•...•...•.••••• Nov. ............••.• Dec. 7,967 7,757 7,817 7,702 7,674 7,785 7,911 7,933 8,009 8,081 8,172 8,323 7,767 7,621 7,608 7,581 7,551 7,649 7,826 7,804 7,854 7,982 8,070 8,203 200 136 209 122 123 135 84 129 155 99 102 120 130 220 149 219 321 278 634 581 384 667 862 639 70 -84 60 -97 -198 -143 -550 -452 -229 -568 -760 -519 5,819 5,723 5,711 5,670 5,649 5,714 5,786 5,790 5,880 5,946 6,004 6,094 5,176 5,166 5,137 5,135 5,138 5,170 5,254 5,277 5,326 5,393 5,458 5,518 643 557 574 535 511 544 532 513 554 553 547 576 598 504 517 459 ••...•••..•••••• Jan.-1952 ..•..•••.•.••••• Feb. ••...•••.••••••• Mar. .••...••..•••••• Apr. ..•....•...••••• May .•.••...••..•••• June •....•...•..•••• July .•...•••.••••••• Aug. ..••••.•..•••••• Sept. ..••••.•...••••• Oct. ...••••..•..•.•• Nov. .....•.....••.•. Dec. 29 57 509 487 501 586 550 567 588 584 596 29 54 88 45 53 57 76 111 109 136 183 152 164 206 236 400 435 396 330 402 389 341 340 2. RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASS [In millions All member banks Month Total reserves heidI Required reserves 2 Excess reserves Borrowings at F.R. Banks} Central reserve city banks-New York Free reserves - - - Total reserves heidI ~ Re- t Excess quired reserves reserves2 - - - 1,320 1,269 1,267 1,221 1,255 1,251 1,198 1,171 1,154 1,183 1,212 1,210 1,313 1,276 1,259 1,210 1,257 1,240 1,187 1,172 1,151 1,181 1,200 1,210 77 SO 18 27 4 13 78 149 141 151 279 197 -69 -20 3 -23 19 2 -69 -139 -127 -150 -265 -162 1,203 1,183 1,141 1,122 1,139 1,135 1,148 1,140 1,129 1,127 1,144 1,166 1,200 1,183 1,143 1,122 1,138 1,138 1,140 1,141 1,128 1,127 1,142 1,164 174 149 202 155 98 46 119 168 204 200 226 147 -198 -138 -174 -167 -88 -33 -108 -158 -204 -192 -214 -91 1,178 1,138 1,137 1,105 1,119 1,133 1,129 1,130 1,120 1,111 1,122 1,149 1,179 1,134 1,135 1,106 1,1l7 1,130 1,127 1,129 1,120 1,107 1,119 1,138 -40 -123 -101 -300 -104 -185 -181 -289 -254 -141 -80 -105 1,126 1,107 1,102 1,097 1,101 1,121 1,131 1,123 1,122 1,116 1,101 1,136 1,129 1,107 1,098 1,097 1,098 1,123 1,124 1,121 1,117 1,116 1,100 1,127 ....... 16 34 30 129 116 299 117 200 186 308 263 141 95 139 34 22 44 IS 53 28 32 26 27 27 17 23 80 46 2 18 2 21 15 48 106 35 60 102 -46 -25 42 -3 52 7 17 -22 -79 -8 -43 -81 1,125 1,114 1,098 1,052 1,054 1,113 1,088 1,097 1,063 1,061 1,054 1,077 1,121 1,109 1,087 1,049 1,046 1,099 1,084 1,094 1,058 1,055 1,055 1,070 4 5 II 3 8 14 5 3 5 6 19,243 18,925 18,881 18,627 18,817 18,813 18,329 17,638 17,628 18,173 18,393 18,576 936 632 692 765 716 857 835 840 775 720 814 703 100 293 189 139 155 146 65 115 67 82 164 246 836 339 503 626 561 711 770 725 708 638 650 457 4,863 4,652 4,725 4,693 4,738 4,812 4,508 4,311 4,288 4,482 4,507 4,508 4,717 4,645 4,687 4,627 4,704 4,749 4,468 4,320 4,266 4,467 4,447 4,497 19,114 18,819 18,635 18,800 18,746 18,715 18,824 18,728 18,711 18,870 18,902 19,240 18,432 18,195 18,050 18,210 18,166 18,146 18,205 18,152 18,148 18,345 18,378 18,646 682 624 585 590 580 569 619 576 563 525 524 594 313 354 463 495 368 401 527 765 849 884 1,016 839 369 270 122 95 212 168 92 -189 -286 -359 -492 -245 4,410 4,380 4,394 4,445 4,407 4,388 4,371 4,286 4,262 4,316 4,257 4,432 4,402 4,350 4,373 4,442 4,384 4,373 4,362 4,277 4.248 4,316 4,243 4,397 8 30 21 4 23 15 9 10 14 1 14 35 July ........ Aug........ Sept ..••.••• Oct ......•.. Nov.•••.... Dec......... 19,138 18,709 18,924 18,847 18,735 18,933 18,836 18,783 19,024 18,939 19,169 19,535 18,586 18,177 18,340 18,320 18,268 18,359 18,237 18,224 18,446 18,419 18,579 18,883 552 532 584 527 467 574 599 559 578 520 590 652 807 799 993 1,060 971 769 738 898 792 715 744 688 -255 -267 -409 -533 -504 -195 -139 -339 -214 -195 -154 -36 4,293 4,196 4,372 4,287 4,264 4,354 4,237 4,236 4,288 4,222 4,244 4,448 4,317 4,186 4,344 4,299 4,254 4,341 4,225 4,227 4,288 4,214 4,231 4,392 -24 II 28 -12 10 13 12 10 1957-Jan ....•..•• Feb.......•. Mar ........ Apr......... May ..••.••. June .•••.•.. July ••...... Aug ........ Sept.••...•• Oct......... Nov•••....• Dec......... 19,295 18,816 18,884 19,087 18,827 18,982 19,129 18,834 18,956 19,040 18,958 19,420 18,773 18,302 18,366 18,580 18,362 18,485 18,595 18,300 18,434 18,573 18,447 18,843 522 514 518 507 465 497 534 534 522 467 511 577 406 640 834 1,011 909 1,005 917 1,005 988 811 804 710 116 -126 -316 -504 -508 -383 -471 -466 -344 -293 -133 4,316 4,205 4,341 4,307 4,234 4,335 4,294 4,170 4,211 4,231 4,162 4,336 4,327 4,200 4,326 4,308 4,221 4,320 4,288 4,152 4,203 4,231 4,147 4,303 1958-Jan••..•.... Feb..•...... Mar .•.•.... Apr..•...... May ........ June ........ July ........ Aug ........ Sept........ Oct......... Nov..••.... Dec......... 19,296 19,000 18,730 18,394 18,223 18,600 18,609 18,580 18,425 18,476 18,540 18,899 18,723 18,434 18,097 17,772 17,557 17,974 17,953 17,946 17,854 17,955 18,034 18,383 573 566 633 622 666 626 656 634 571 521 506 516 451 242 138 130 119 142 109 252 476 425 486 557 122 324 495 492 547 484 547 382 95 96 20 -41 4,251 4,204 4,272 4,122 4,030 4,214 4,132 4.014 3,951 3,935 3,883 4,033 4,216 4,182 4,228 4,107 3,977 4,186 4,101 3,987 3,923 3,909 3,866 4,010 1955-Jan..•..•... Feb......... Mar........ Apr..•..•... May •....... June ••••••.. July .......• Aug .••••... Sept..••.... Oct......... Nov..••.•.. Dec......... 1956-Jan•........ Feb......... Mar••••.••. Apr..••..... May .•••.•.. June .•••.••• -444 For notes see pp. 60-61. 58 5 14 16 ....... IS 128 53 6 31 37 19 14 320 255 211 278 72 11 12 53 32 2 78 liS ....... 146 8 36 38 16 66 ..•.•.. 35 7 63 14 40 ..••••. -9 30 21 2 15 1 59 32 12 62 . ...... 8 13 57 -10 5 14 -I 13 15 6 19 9 ....... BorrowFree ings reserves at F. R. Banks} - - - - - --- 146 -28 22 66 28 49 40 -39 19 14 27 -SO 5,184 5,050 5,089 4,947 4,922 5,155 4,838 4,713 4,717 4,718 4,730 4,762 20,179 19,557 19,573 19,392 19,533 19,670 19,164 18,478 18,403 18,893 19,207 19,279 ReExcess quired rereserves serves2 1,385 1,359 1,362 1,297 1,295 1,316 1,288 1,292 1,285 1,269 1,288 1,295 -640 -672 -614 -631 -353 365 366 -7 250 390 198 252 1954-Jan......... Feb..•...... Mar..••.... Apr.•.••.... May ..••.... June ..••.•.. July •.....•. Aug..••••.. Sept ..••.... Oct•........ Nov.••..... Dec...••...• 5,180 5,036 5,073 4,947 4,908 5,028 4,786 4,706 4,686 4,681 4,711 4,748 Total reserves heidI 1,379 1,356 1,366 1,291 1,297 1,320 1,292 1,293 1,283 1,270 1,288 1,295 1,347 1,310 1,202 1,166 944 423 418 651 468 362 486 441 20,958 20,251 20,520 19,882 20,416 19,828 20,007 19,472 19,897 19,306 20,287 19,499 19,653 18,869 19,526 18,882 19,552 18,834 19,536 18,784 19,718 19,034 19,920 19,227 Free reserves Central reserve city banks-Chicago -315 -241 -195 -278 -57 117 41 -47 -I 35 -59 -101 707 638 588 535 591 788 784 644 718 752 684 693 1953-Jan.•••..... Feb.••...... Mar..••.••• Apr.••••.•.. May ..•..•.. June ••.•.••• July ••••...• Aug ..••••.• Sept..••.... Oct......... Nov•••..... Dec......... Borrowings at F.R. Banks} I -6 -3 3 -6 3 4 5 I -2 I ....... 1 7 -7 8 II -2 II 11 ....... 4 2 11 -I 3 . ...... -2 ....... 1 -3 8 -1 . ...... . ...... 3 2 -1 3 2 -1 2 4 3 1 . ...... 4 3 12 -2 4 -I 3 -2 7 2 5 . ...... 1 8 ....... 7 335 277 278 114 54 22 40 79 51 17 24 37 -341 -280 -275 -120 -51 -18 -35 -78 -53 -16 -24 -36 1 6 -53 46 29 -21 9 2 -10 8 4 7 I 10 -11 II -5 9 2 ....... 4 7 -16 15 58 38 131 125 26 40 33 60 114 137 70 85 -55 -38 -133 -125 -25 -43 -25 -61 -114 -137 -67 -83 82 106 258 261 ISS 115 SO 74 93 118 143 97 -83 -103 -256 -262 -153 -111 -48 -72 -93 -114 -140 -86 38 53 257 210 169 46 35 28 119 115 123 85 -40 -53 -253 -210 -165 -48 -28 -26 -115 -115 -123 -77 29 11 29 9 I 2 I -25 -6 -18 -7 7 12 4 9 16 39 -3 -16 -31 rei OF BANK, MONTHLY AVERAGES OF DAILY FIGURES, 1929-60 - Continued of dollars] i Reserve city banks Country banks I , I i Total reserves heidI Required reserves z Excess reserves Borrowings at F.R. Banks' Free reserves Total reserves held I Required reserves 2 Excess reserves Borrowings at F.R. Banks' I Month Free reserves 8,277 8,082 8,014 7,872 7,824 7,933 7,808 7,805 7,779 7,780 7,849 7,962 8,157 7,986 7,926 7,802 7,716 7,769 7,678 7,706 7,663 7,633 7,762 7,877 119 95 87 70 108 164 130 99 116 148 87 85 529 623 559 584 569 195 245 365 275 241 273 184 -410 -528 -472 -514 -461 -31 -115 -266 -159 -93 -186 -99 6,118 6,031 5,947 5,896 5,853 5,878 5,713 5,714 5,773 5,768 5,852 5,901 5,529 5,500 5,466 5,425 5,387 5,387 5,117 5,177 5,200 5,202 5,272 5,307 589 531 482 471 466 491 597 537 573 566 579 594 163 155 154 190 249 195 121 154 110 102 III 105 426 376 328 281 217 296 476 383 463 464 468 489 .•..........••.. Jan.-1953 .•••.•......•... Feb. ...•............ Mar. ...•.......•.... Apr. .•............•• May 8,065 7,825 7,767 7,739 7,785 7,839 7,780 7,502 7,506 7,703 7,852 7,927 7,903 7,742 7,684 7,591 7,661 7,686 7,614 7,390 7,401 7,608 7,742 7,836 162 83 83 148 124 153 166 112 105 96 110 91 58 148 79 71 65 61 26 37 28 50 84 117 104 -65 4 77 59 92 140 75 77 46 26 -26 5,932 5,811 5,815 5,740 5,754 5,767 5,678 5,493 5,455 5,524 5,636 5,634 5,311 5,262 5,252 5,199 5,194 5,138 5,058 4,757 4,810 4,918 5,003 5,032 621 548 563 541 560 630 619 736 645 607 633 602 41 63 65 59 75 67 38 37 28 29 41 52 580 485 498 482 485 563 581 699 617 578 592 550 ............•... Jao.-1954 .............•.. Feb. ................ Mar. ................ Apr. ................ May 7,881 7,726 7,623 7,747 7,734 7,680 7,759 7,737 7,738 7,823 7,840 7,924 7,794 7,646 7,561 7,673 7,649 7,619 7,673 7,682 7,675 7,759 7,802 7,865 87 79 62 74 85 61 87 54 63 64 38 60 124 189 213 229 212 229 306 395 472 480 538 398 -37 -110 -151 -155 -127 -168 -219 -341 -409 -416 -500 -338 5,619 5,531 5,476 5,486 5,465 5,512 5,546 5,565 5,583 5,604 5,660 5,716 5,036 5,015 4,971 4,973 4,995 5,016 5,030 5,052 5,096 5,144 5,191 5,220 584 516 505 513 470 496 516 514 487 460 470 497 54 77 101 114 126 119 110 161 122 116 129 159 530 439 404 399 344 377 406 353 365 344 341 338 ................ Jao.-1955 .............•.. Feb. ..............•. Mar. ................ Apr. ................ May ................ June ................ July ................ Aug. ................ Sept. ................ Oct. ................ Nov. ................ Dec. 7,934 7,753 7,796 7,814 7,775 7,784 7,796 7,783 7,885 7,869 7,960 8,078 7,863 7,687 7,712 7,750 7,726 7,706 7,707 7,704 7,805 7,817 7,877 7,983 72 66 84 64 49 78 89 79 80 52 83 96 425 402 382 493 517 434 433 461 377 299 276 300 -353 -336 -297 -429 -468 -356 -344 -382 -296 -246 -193 -203 5,732 5,623 5,619 5,641 5,577 5,662 5,675 5,633 5,732 5,736 5,843 5,859 5,227 5,170 5,149 5,165 5,171 5,183 5,179 5,164 5,234 5,281 5,352 5,371 505 452 470 476 406 479 496 469 498 456 491 488 126 142 151 151 201 174 136 195 118 98 99 144 379 311 319 325 205 305 360 274 380 358 393 344 ..............•. Jao.-1956 ..............•. Feb. ................ Mar. ................ Apr. ................ May ................ June ..............•. July ................ Aug. ................ Sept. ................ Oct. ................ Nov. ........•....... Dec. 7,996 7,781 7,746 7,921 7,794 7,774 7,906 7,790 7,800 7,836 7,849 8,042 7,938 7,715 7,686 7,855 7,739 7,729 7,840 7,721 7,749 7,797 7,786 7,956 58 66 60 65 56 45 66 69 51 39 63 86 229 314 302 329 422 531 519 468 485 428 405 314 -172 -249 -242 -263 -367 -486 -452 -400 -433 -389 -342 -228 5,857 5,722 5,696 5,762 5,697 5,751 5,799 5,751 5,823 5,857 5,847 5,906 5,379 5,279 5,256 5,320 5,305 5,314 5,344 5,306 5,366 5,429 5,414 5,457 478 443 440 443 393 438 455 444 457 428 432 449 109 144 159 173 201 228 177 201 121 127 181 172 369 299 281 269 192 210 278 244 335 301 252 277 ..............•. Jan.-1957 ...............• Feb. ................ Mar. .............•.• Apr. ................ May 8,007 7,871 7,701 7,651 7,614 7,721 7,772 7,820 7,731 7,755 7,819 7,940 7,928 7,773 7,603 7,572 7,482 7,619 7,667 7,731 7.667 7,700 7,750 7,883 78 98 98 79 131 102 104 89 65 55 69 57 223 96 36 36 42 45 49 III 266 253 258 254 -145 I 62 43 89 57 56 -22 -201 -198 -189 -198 5,914 5,811 5,659 5,569 5,525 5,552 5,617 5,651 5,679 5,724 5,784 5,849 5,458 5,369 5,179 5,043 5,051 5,070 5,101 5,134 5,205 5,291 5,364 5,419 456 442 479 526 474 481 515 516 474 433 420 430 119 89 71 67 74 74 44 90 96 128 152 162 337 353 408 459 399 408 471 426 378 305 268 268 - 59 ----- ••.........••••• June ..............•. July ............•... Aug. ..............•. Sept. ..............•. Oct. .............••. Nov. .............•.. Dec. ...•.•••••.•.••• June ..............•. July ................ Aug. ................ Sept. ................ Oct. ............•... Nov. ............••.. Dec. ..••.•.........• June ............•... July ................ Aug. ............•... Sept. ..............•• Oct. ...............• Nov. ................ Dec. ..............•. Jan.-1958 ................ Feb. .............•.. Mar. ................ Apr. ............•... May ............••.. June ............•... July ................ Aug. ..............•. Sept. ................ Oct. ................ Nov. ................ Dec. 2. RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASS [In millions All member banks Month Total reserves heIdI 1959-Jan•••.••.•• Feb.•••...•• Mar ••••..•• Apr•..••..•• May ••••••.• June •••.••.. July •.•.••.. Aug.•••••.. Sept.•••..•• Oct.•••...•• Nov.••••... Dec••••.•... 18,893 18,577 18,429 18,664 18,580 18,451 18,671 18,613 18,593 18,610 18,621 18,932 1960-Jan••...••.. Feb•••...•.. Mar•••..... Apr.•••••... May ..•••... June •••.••.. July •••..••. Aug.••••••• Sept.••...•• Oct....•••.• Nov .•••.•.. Dec•..••.••. 18,878 18,213 18,027 18,104 18,239 18,294 18,518 18,5~~ 18,57 18,733 19,004 19,283 ReExcess quired rereserves serves2 Borrow.. ings at F.R. Banks3 - - 18,396 18,117 17,968 18,247 18,132 18,043 18,271 18,141 18,183 18,164 18,176 18,450 497 460 461 417 448 408 400 472 410 446 445 482 556 50s 601 676 767 921 956 1,008 903 905 878 906 18,348 17,762 17,611 17,696 17,770 17,832 18,010 17,961 17,931 18,104 18,248 18,527 530 451 416 408 469 462 508 540 639 629 756 756 905 816 635 602 502 425 388 293 225 149 142 87 Central reserve city banks-New York Free reserves ReExcess Total quired rereserves reserves heIdI serves2 Free reserves Total reserves heIdI ReExcess quired rereserves serves2 Borrow.. ings at F.R. Free reserves - - - - - - - - - - -59 -48 =~~ -319 -513 -556 -536 -493 -459 -433 -424 -375 -365 -219 -194 -33 37 120 247 :~~ 614 669 Banks3 4,031 3,968 3,994 4,008 3,979 3,933 3,981 3,889 3,848 3,867 3,808 3,920 4,018 3,953 3,965 4,001 3,955 3,926 3,977 3,866 3,866 3,851 3,785 3,930 12 15 30 7 24 7 4 23 -18 15 23 -10 77 43 13 96 75 22 157 248 209 225 207 99 -65 -28 16 -89 -51 -15 -154 -225 -227 -209 -184 -109 3,907 3,753 3,766 3,765 3,853 3,884 3,744 3,755 3,784 3,808 3,819 3,853 3,780 3,755 3,765 3,718 3,658 23 9 10 -19 45 33 11 III -88 -50 ~:~~ 3,7~~ 3,773 3,788 3,770 3,687 1 Based on figures at close of business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening figures for allowable cash. Beginuing with Nov. 24, 1960, all currency and coin held by member banks allowed as reserves; during the period Borrow.. ings at F.R. Banks3 Central reserve city banks-Chicago 60 18 22 52 29 59 9 12 ....... 17 14 27 20 13 18 19 I -31 45 16 -3 -27 -2 9 34 10 1,066 1,052 1,029 1,041 1,037 1,009 1,028 1,033 I,O~~ 1,02 1,029 1,038 1,046 996 975 954 988 987 1,020 1,027 1,014 1,011 1,006 958 1,065 1,051 1,027 1,036 1,033 1,006 1,028 1,029 1,022 1,018 1,026 1,038 1,041 993 970 955 981 988 1,010 1,024 I,OIl 1,007 998 953 I I 2 5 4 3 .......4 3 2 3 ....... 4 3 6 -I 7 -I 10 3 3 4 8 4 -53 -26 -122 -64 -41 -63 -47 -35 54 27 124 69 44 66 47 40 46 84 64 104 -82 -61 -104 94 129 157 99 56 58 49 41 8 6 12 8 -90 -126 -151 -100 -49 -59 -39 -38 -5 -2 -4 -4 -44 Dec. I, 1959-Nov. 23, 1960, only part of such holdings were allowed. Total reserves held exclude balances of uulicensed banks during the period March 1933-April 1934. OF BANK, MONTHLY AVERAGES OF DAILY FIGURES, 1929-60-Continued of dollarsI Reserve city banks Total reserves heidI Required reserves2 Excess reserves Country banks Borrowings at F.R. Banks3 Total Free reserves reserves heidI Required reserves2 Excess reserves Borrowings at F.R. Banks 3 Month Free reserves 7,929 7,777 7,702 7,825 7,792 7,744 7,838 7,836 7,825 7,820 7,848 7,954 7,873 7,723 7,653 7,791 7,728 7,705 7,809 7,779 7,783 7,766 7,802 7,912 56 55 49 34 64 39 29 57 42 55 46 41 278 250 277 317 424 574 510 477 433 393 415 490 -223 -195 -228 -284 -360 -536 -482 -420 -391 -339 -369 -449 5,868 5,780 5,704 5,790 5,772 5,765 5,824 5,855 5,895 5,903 5,936 6,020 5,440 5,390 5,323 5,418 5,415 5,406 5,458 5,467 5,511 5,529 5,564 5,569 428 390 381 372 357 359 366 388 384 374 372 450 147 188 187 194 224 259 242 243 215 203 192 213 281 202 194 178 133 101 124 145 169 171 180 237 ••••••••••.••••• Jan.-1959 ••••••.••••••••• Feb. ••••••..•••.•••. Mar. •••••••..•••.••• Apr. ••..••••.••••••. May .••••.•••••••••• June .•.•.•..••..•••• Ju1y •••..•.•••.••••• Aug. .•••....••..•••• Sept. ........•....•.. Oct. .•••.....•..•••• Nov. 7,909 7,544 7,429 7,498 7,515 7,540 7,647 7,654 7,662 7,761 7,854 7,950 7,854 7,503 7,391 7,453 7,465 7,496 7,599 7,607 7,595 7.696 7,761 7,8S1 55 42 37 45 51 44 48 47 68 65 94 100 508 423 289 298 224 164 176 109 112 67 56 20 -453 -381 -252 -253 -173 -120 -128 -62 -44 -2 38 80 6,014 5,920 5,857 5,887 5,882 5,915 5,987 6,041 6,120 6,173 6,374 6,689 5,568 5,522 5,494 5,504 5,517 5,529 5,548 5,550 5,569 5,635 5,771 6,066 449 398 363 383 366 386 439 491 551 538 602 623 192 205 180 193 222 186 149 116 85 63 56 40 257 193 183 190 144 200 290 375 466 475 546 583 .. , ....•••..•••• Jan.-196O ..•.•..••••.•••• Feb. •....•...••••••• Mar. ...•....•••.•••• Apr. ••...•...••••••• May ••........•••••• June ...••..•••..•••• July ....••..••..•••• Aug. ............•••. Sept. ...•...••...•••• Oct. ........••..•••• Nov. 1 Based on deposits as of opening of business each day. 3 61 Based on closing figures. .•.....•....•••. Dec. ................ Dec. 3. MEMBER BANK RESERVE REQUIREMENTS [per cent of deposits] Net demand deposits 1 Effective date of change Reserve Central reserve city banks Time deposits Country banks city banks Central reserve and reserve city banks Country banks 1917-June 21.......... . . ... . .... ....•....•• 13 \0 3 3 I 936-Aug. 1937-Mar. May 1938-Apr. 16 ..•••.......................... 1. ...•.......................... 1. ..••.......................•.. 16 .............................. . 19~ 15 10~ 4~ 22* 26 22* 20 17~ 12',4 14 12 5',4 6 5 4~ 5',4 6 5 1941-Nov. 1942-Aug. Sept. Oct. I .............................. . 20 ..•............................ 14 •.•••.......................... 3 .............................. . 26 24 22 20 20 14 6 6 17~ 7 1948-Feb. 27 .............................. . June 11. ............................. . Sept. 16 .............................. . 24 .............................. . 24 ................ ................ ······ii;········ 1949-May ................ ................ 1. ............................. . 5 ...•........................... June 30 •..•........................... July 1. •............................. Aug. 1. ............................. . 11. ............................. . 16 .............................. . 18 .............................. . 25 ...•........................... Sept. 1. ............................. . 1951-Jan. 11. ............................. . 16 .............................. . 25 ...•........................... Feb. 1. •............................. 1. ..••.......................... 9 .............................. . 1954-June 16 .•............................. 24 .............................. . July 29 .............................. . Aug. 1. ............................. . 22 21 20 24 ······ij~······ ······i9~······ Present legal requirements: Minimum ................................. Maximum ..•.............................. ······i4········ 7 7 6 6 13 5 5 19 18 23 19 ...... ij········ 24 20 ..... ·i4···· .... ................ 22 21 20 ................ 6 6 13 19 5 ................ 5 18 12 17~ 19~ ...... i9········ 17 ······ii~ ...... ······ii .. ···· .. 18~ 18 ...... ii' ...... . 16~ 16~ 2\0 222 10 222 12 5 5 7 14 3 6 3 6 NOTE.-All required reserves were held on deposit with Federal Reserve Banks, June 21, 1917, until late 1959. Since then, member banks have also been allowed to count vault cash as reserves, as follows: Country banks-in excess of 4 and 2~ per cent of net demand deposits effective Dec. I, 1959, and Aug. 25, 1960, respectively. Central reserve city and reserve city banks-in excess of 2 and 2~ per cent effective Dec. 3, 1959, and Sept. I, 1960, respectively. Effective Nov. 24, 1960, all vault cash. 1 Demand deposits subject to reserve requirements which, beginning with Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 From Aug. 23, 1935 to July 28, 1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 26 per cent~ respectively~ and the maximum for reserve city banks was 20 per cent. 15 ................ ······ii· .. ····· 1960-Sept. 1............................... 17~ Nov. 24 .............................................. . Dec. 1............................... 16~ In effect Jan. I, 1961 ......•....•.............. ·······7~······ 7~ 18~ 1953-July I 958-Feb. 27 ..•••.......................... Mar. 1. ..•........................... 20 .............................. . Apr. 1. ............................. . 17 .............................. . 24 ...•........................... 22 26 62 4. CHANGES IN CENTRAL RESERVE AND RESERVE CITY DESIGNATIONS, 1914-60 DESIGNATIONS IN EFFEcr OcrOBER 31, 1914 Central Reserve Cities 1 New York Chicago St. Louis Albany Atlanta Baltimore Boston Brooklyn 1 Cedar Rapids Cincinnati Cleveland Columbus, Ohio Dallas Denver Des Moines Detroit Dubuque Fort Worth Galveston Houston Indianapolis Kansas City, Kans. Kansas City, Mo. Reserve Cities 1 Lincoln Los Angeles Louisville Milwaukee Minneapolis Muskogee New Orleans Oklahoma City Omaha Philadelphia Pittsburgh Portland, Ore. Pueblo Richmond St. Joseph St. Paul Salt Lake City San Antonio San Francisco Savannah Seattle Sioux City South Omaha 2 Spokane Tacoma Topeka Waco Washington Wichita SUBSEQUENT CHANGES IN DESIGNATIONS Central reserve fo reserve city designation, at request 0/ member banks concerned: St. Louis July I, 1922 Reserve cities desigllated by the Board: At request of member banks located therein: Birmingham Nov. 12, 1914 Chattanooga Nashville Charleston, S. C. Nov. 12, 1914 Mar. 5, 1915 Mar. 22, 1915 Tulsa Ogden Jan. 9, 1917 July 11,1917 At own initiative because of size and importance of city: Buffalo Jan. 1, 1918 Memphis Jan. Oakland Jan. 1, 1918 Grand Rapids Jan. 1, 1918 1, 1918 Peoria Toledo Jan. Jan. 1,1918 1, 1918 Because Federal Reserve Bank branches were located therein: Little Rock Jan. Jacksonville Aug. 1, 1918 El Paso Dec. 2, 1918 Helena Feb. 6,1919 1, 1921 Charlotte Dec. 1, 1927 On basis of standards for classification of reserve cities adopted in December 1947: National City Mar. 1, 1948 Miami, Florida May 15, 1958 (National Stock Yards), III. Termination 0/ reserve city designations: At request of member banks concerned: Chattanooga Aug. 1, 1922 Charleston, S. C. Mar. 1, 1923 On basis of standards Grand Rapids Ogden Spokane Peoria Tacoma Albany Nov. 1,1923 July 1,1929 for classification of reserve cities adopted in Mar. 1,1948 Galveston Mar. Mar. 1, 1948 Waco Mar. Mar. 1, 1948 Dubuque Mar. Lincoln Mar. Mar. 1, 1951 Muskogee Oakland Savannah 3 Mar. 15, 1930 Feb. 1,1940 Oct. 1,1945 December 1947: 1,1951 St. Joseph Mar. 1,1954 1, 1951 Cedar Rapids Mar. 1, 1957 1, 1954 Sioux City Mar. 1,1957 1, 1954 DESIGNATIONS IN EFFEcr DECEMBER 31, 1960 Central Reserve Cities 1 Chicago New York Atlanta Baltimore Birmingham Boston Buffalo Charlotte Cincinnati Cleveland Columbus, Ohio Dallas Denver Des Moines Detroit El Paso Fort Worth Helena Houston Indianapolis Jacksonville Kansas City, Kans. Reserve Cities 1 Kansas City, Mo. Little Rock Los Angeles Louisville Memphis Miami 3 Milwaukee Minneapolis Nashville National City, III. For notes see next page. 63 New Orleans Oklahoma City Omaha Philadelphia Pittsburgh Portland, Ore. Pueblo Richmond St. Louis St. Paul Salt Lake City San Antonio San Francisco Seattle Toledo Topeka Tulsa Washington Wichita no branches in the downtown area of Manhattan, should be subject to the reserve requirements of banks in reserve cities; and member banks located in Brooklyn outside the downtown area or in the other boroughs (Bronx, Richmond, and Queens), and having no branches in Manhattan or the downtown area of Brooklyn, should be subject to the reserve requirements applicable to member banks located outside of central reserve and reserve cities. In February 1950 the Board decided that any member bank located outside the downtown business and financial district of Brooklyn, and having no branch in such downtown district or in the Borough of Manhattan, should be subject to the reserve requirements applicable to member banks located outside of central reserve and reserve cities. In October 1950 the Board further decided that a member bank having its head office anywhere in either Brooklyn or the Bronx, and having no branch in the Borough of Manhattan, should be subject to the reserve requirements applicable to member banks located outside of central reserve and reserve cities. Under the same provision of law, the Board has authorized a number of banks in outlying sections of the city of Chicago to carry the same reserves as banks in reserve cities, and a number of banks in reserve cities to carry the same reserves as country banks. Since passage of the July 28,1959 amendment to Section 19 of the Federal Reserve Act, a number of banks in both central reserve and reserve cities have been authorized to carry the same reserves as banks located outside central reserve and reserve cities on the basis of the character of business transacted by the member bank. 2 South Omaha was annexed on June 21, 1915. 3 Miami was designated a reserve city on May 15, 1957 to become effective May 15. 1958. Noles to table all precedillg page. I Up to December 1917 the Borough of Brooklyn (of New York City) was classified as a reserve city, and member banks in the boroughs of Queens and Richmond were classified as country banks (banks not located in central reserve or reserve cities). In December 1917 the Comptroller of the Currency notified national banks in these boroughs that under the provisions of the Federal Reserve Act member banks located in any of the boroughs of the City of New York were subject to the reserve requirements applicable to central reserve city banks. After passage of the Sept. 26,1918 amendment to Section 19 of the Federal Reserve Act, the Federal Reserve Board decided that member banks in the boroughs of Brooklyn and Bronx should be subject to the reserve requirements applicable to reserve city banks and those in the boroughs of Queens and Richmond to the reserve requirements applicable to country banks. However, if any of such banks had a branch in the Borough of Manhattan, it was subject to the reserve requirements applicable to central reserve city banks; and if any bank in the boroughs of Queens and Richmond had a branch in the boroughs of Brooklyn or Bronx (but not in Manhattan), it was subject to the reserve requirements applicable to reserve city banks. In September 1949 the Board decided that New York City member banks located or having branches in the downtown area of the Borough of Manhattan should be subject to the full reserve required of nlember banks in central reserve cities; member banks located or having branches in the Borough of Manhattan outside the downtown area, or in the downtown area of the Borough of Brooklyn, and having KEYS TO SYMBOLS USED IN TABLES n.a. c r 1. Zero. 2. Amounts insignificant in terms of the particular unit (e.g. less than 500,000 when the unit is millions). 3. No figure to be expected (e.g. one or more series in a table may start at a later date than others shown, or the data may be collected only quarterly while the other series are collected monthly). Not available. Corrected. Revised. 64