"c           VAR 0326      14123 MINU BO 3R 944-949               MD= 1E-37   "
"c           REF 0326         LOC 2895 WIDTH  9             DK  46 COL 62-70  "
"c                                                                            "
"c                                                                            "
"c              RESERVES HELD MINUS BORROWINGS AT FEDERAL RESERVE BANKS, ALL  "
"c              MEMBER BANKS                                                  "
"c              ------------------------------------------------------------  "
"c                                                                            "
"c              NBER SERIES:  14123                                           "
"c              AREA COVERED:  U.S.                                           "
"c              UNITS:  MILLIONS OF DOLLARS                                   "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  01/1944-04/1949                            "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  COMPUTED BY NBER FROM FEDERAL RESERVE BOARD DATA.    "
"c                                                                            "
"c              NOTES:  SERIES 14123 IS PRESENTED HERE AS THREE               "
"c              VARIABLES--(1)--ORIGINAL DATA, 1917-1934  (2)--ORIGINAL DATA, "
"c              1929-1941  (3)--ORIGINAL DATA, 1944-1949.                     "
"c                   DATA WERE COMPUTED BY SUBTRACTING SERIES 14067 (BILLS    "
"c              DISCOUNTED, ALL MEMBER BANKS) FROM SERIES 14064 (TOTAL        "
"c              MEMBER BANK RESERVES) AND ARE MONTHLY AVERAGES OF DAILY       "
"c              FIGURES.                                                      "
"c                                                                            "
"c              CHECKED MANUALLY; NO CORRECTIONS NECESSARY.                   "
"c                                                                            "
"c           ...............................................................  "