ECONOMIC

TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-73[Averages of daily figures; millions of dollars]Reserve Bank credit outstandingMember bank reservesYear and month*929: Dec1933- Dec . -1939- Dec1940: Dec1941: Dec1942: Dec . . .1943: Dec .-.1944: Dec1945- Dec . . .1946: Dec1947: Dec1948: Dec1949: Dec1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec1970: Dec1971: Dec1972: Dec1973: Dec*1972:Jan . .FebMarAprMayJuneJulyAugSeptOctNovDec1973:JanFebMarAprMayJuneJulyAugSeptOctNovDec pTotal1,6432,6692,6122,3052,4046,03511,91419,61224, 74424, 74622, 85823,97819,01221,60625,44627,29927,10726,31726, 85327,15626,18628,41229, 43529, 06031,21733, 21836,61039, 87343,85346,86451,26856,61064,10066,70874, 25576,85185,55475,41573, 99473,18175,17175, 70576,10877,03576,67675, 45177,33175,95976,85178, 06377,60079, 21980, 54281,88980, 54683, 88082,44581, 80983,64383, 75585,5544462 4322,5102,1882,2195 54911,16618, 69323 70823, 76721,90523, 00218, 28720, 34523,40924, 40025, 63924,91724, 60224, 76523, 98226,31227, 03627, 24829, 09830, 54633, 72937,12640, 88543, 76048, 89152, 52957, 50061,68869,15871,09479,70170, 68769, 96669, 27370, 93971, 42871, 63272, 08971,85870, 25271 35971,11271,09472 19472, 30774 01975,35376,75875, 35577,44876,65376,07378 04278,45779,701Member bankborrowingsTotal801953354902653341572241341181426571,593441246839688710557906871493043272434545572387651,0863211071,0491,298203399109119942024385145746061,0491,1651,5931,8581,7211,7861,7892,0512,1431,8611 4671 3991,298Allother,mainlySeasonal float396142991141804826586547028227298426071,1191,3801,3061,0271,1541,4121,7031,4941,5431,4931,7251,9702,3682,5542,5042,5142,5472,1393,3165,5144,6994,9904,70841 4,5554,7083,9953,8094,1234,1584,3824,7444,3804,6855 3984,2414,7084 7043,7003 3425 3 46830 3,34577 3,402124 4,381163 3,649147 3,875126 4 13484 3 89941 4,555Total2,3952 58811,47314, 04912,81213,15212, 74914,16816 02716,51717,26119,99016,29117,39120,31021,18019,92019, 27919,24019, 53519,42018,8992 18,93219,28320,11820, 04020, 74621,60922, 71923, 83025, 26027, 22128, 03129, 26531,3293 31,3533 34,98432, 86531,92231,92132, 56532,81232, 53933, 02133,14833, 00333 8033 31,77431,3533 32,96231,74231 97332,27732, 39332, 02833,54233, 78534,01934,91234, 72734,984U.S.GovernmentsecuritiesRequired2,347U 8226,4627,4039,42210 77611,70112, 88414 53615,61716,27519,19315,48816,36419, 48420, 45719,22718, 57618,64618,88318, 84318, 38318, 45018, 52719, 55019,46820,21021,19822, 26723, 43824,91526, 76627, 77428,99331,16431,13434,79132,69231,79831,68832, 42932, 70832, 33532, 87432,89332,84133 55631,46031,13432,62031, 53731,67832,12532, 27531,96933,19933,53933,78234,71234, 52334,791Excess48I 7665,0116 6463,3902 3761 0481 2841 491'9009867978031 0278267236937035946525775164827565685725364114523923454552572721653 2193 1931731242331361042041472551622473 3142193 342205295152118593432462372002041931 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowedto waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective November9,1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $172 million; third quarter, $112 million; fourth quarter, $84 mifiion.Source: Board of Governors of the Federal Reserve System.315