Banks' Net Borrowed Reserves Increase
NEW YORK (AP)ÛÓFigures released by the Federal Reserve Bank of New York Thursday showed the net reserve position of the nationÛªs commercial banks tightened during the week ended Wednesday.</br></br>The estimated average net borrowed reserves of member banks during the statement week totald $381 million, up from the revised net borrowed reserve average of $262 million in the previous week.</br></br>Short-term issues on the secondary money market eased lower during the statement week, while federal fundsÛÓreserves traded between banks on a day-to-day basisÛÓremained firm.</br></br>Member bank borrowings from the Federal Reserve system averaged $737 million in the statement week, up from the $602 million average of the previous week.</br></br>The Federal Reserve increased its holdings of government securities by $401 million, all in year-and-under maturities.