Banks' Free Reserves Average Dips in Week
NEW YORK (AP)ÛÓThe Federal Reserve System last week apparently struck the balance in member bank credit at which it has been aiming recently. But it took some maneuvering to offset Treasury pretax date money demands, weekly data showed yesterday.</br></br>Free reserves at member banks averaged $275 million daily, down from a revised figure of $287 million last week.</br></br>The average for the previous weeks has been $285 millionÛÓa period in which the Federal Reserve has been promoting actively an easier money and credit policy.</br></br>During the week ended Wednesday, the system sold almost $1.15 billion in Government securities ÛÓ an action which normally tightens credit. It was the largest decline since the $1,464 billion in the week ended Feb. 4, 1948.</br></br>Bought outrightÛÓSystem account Held under repurchase agrrerm Special Certificates Federal Agency obligations-