Load Powers Are Tightest Since 1957
Responsible primarily was a large decline in the float or checks delayed in transit for which commercial banks receive automatic credit.	I</br></br>In the week ended Wednes-, day net borrowed reserves on an average day rose to $228] millionÛÓmost since the week of Dec. 11. 1957ÛÓfrom $1771 million '.he week before.</br></br>Reserves are the percentage! of deposits banks must keep in cash with Federal Reserve banks. When banks have to borrow from the Federal Re-, serve to maintain their reserves it means they have less money to lend.</br></br>The float fell by $102 million. Other tightening factors were an $89 million rise in money circulation and a drop in Treasury gold stocks of $36 million.</br></br>The Federal Reserve partially countered the tightening influences by buying Government securities. The additions to its portlolio amounted to $11 million on an average day in the statement week.