The Federal Reserve said the basic money supply, also known as M1, fell to a seasonally adjusted $748.8 billion in the week ended May 4 from a revised $758.1 billion the previous week, which had been reported as $758 billion. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. The Fed said M1 averaged $751.5 billion over the latest four weeks. The Fed also said that M2, a broader measure, grew at a 5.9% annual rate in April, or a seasonally adjusted $2.840-trillion average from $2.826 trillion in March. M2 is made up of M1 and such accounts as savings deposits and money-market mutual funds.