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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
@FedFRASER