New-York tribune., 1920-10-17
TotalBillHoldings
OF Banks Decrease
8 Millions i'm Week
Reserve Board Reports an
Increase of 2z.7 Millions
in Treasury Certificates
on Hand for Same Period

From The Trtopncs Washington BuredH
WASHINGTON, Oct 10 Reduction
by eight millions in total bill hold
ings as against an increase Of 27.7 mill
ions in treasury certificates on hand.
is indicated in the Federal Reserve
Boards weekly bank statement issued
as at close of business on October IS.
1920. Government operations during
the week We're unusually heavy, IN
Guiding the payment on October Is Of
half yearly interest on the fourth Lib
erty bonds, the redemption on the same
date of the outstanding balance of loan
certificates issued SIX months previ
ously, the issuance Of new series Of
over 100000 600 of tax certificates, and
the withdrawal from depostary insti-
tutions Of over 40 per cent of the
balance due to the government on ac-
count of the two tax certificate series
issued the month before These oper-
ations were in addition to the redemp-
tion by the fiscal agents of the foreign
governments concerned of over 5000
100000 of Anglo-French bonds due on
October 15.
Holdings of paper secured by gov
ernment war obligations, including
Treasury certificates, decreased by 243
millions, while those of other dis
counted bills show an increase for the
week OF 2.5 millions. and those of ac-
ceptances an increase of 1873 millions.
An increase of 27.7 millions in Treas
ury certificate holdings reflects largely
the amount of special certificates held
by SIX Reserve banks to cover advances
TO the government pending collection
OF funds from depostary institutions.
In consequence of the above changes,
total earning assets of the Reserve
banks show further increase bv 1877
millions to a total of 3,422 millions.
OF the total of 1923 millions of
paper secured by government war OBJ
legations, 629.5 millions, or 52.S per
cent, We're secured by Liberty bonds;
3236 millions, or 27.1 per cent, by
NSictory notes, and 239.7 millions. or
2ol per cent, by treasury certificates.
or a corresponding total of 1911
mlIilons SHOWN the week before.
~ Discounted bills held by the Boston
Philadelphia and Cleveland Reserve
banks include Psi millions Of paper
dlscounted for seven other Reserve
banks IN the South and Middle West
compared with 223.5 millions reported
me "cth OelOrc, Whlie acceptance hold
ings OF the Boston, Philadelphia. CIcve-
l&nd and San Francisco banks are in
elusive OF 3i.9 millions Of bank ac-
ceptanccs bought from the New York
and Chicago banks.
AS against reduction of 294 mill
IONS IN government deposits. Reserve
deposits show an increase of 42.1 mill
IONS, and other deposits. including for
clgn government credits and non-mem
bers clearing accounts, an increase
of 6.1 millions, while the float" car
RED by the Reserve banks and treated
as a deduction from gross deposits. bv
reason OF the heavy volume of checks
handled in connection with government
and other credit operations, is shown
34S millions larger than on the pre-
ceding Friday. Calculated net deposits
as q consequence, were about sixteen
millions below the total shown the
week before. Federal Reserve note cir
culation shows further expansion
during the week of 81 millions. all
the Reserve banks, except those OF
Boston, Cleveland and Minneapolis, re-
porting increased circulation figures
A nominal increase Of less than halt
a million is shown in Federal Reserve
banknote circulation. In consequence
of additional cons ignments Of gold by
the Bank Of England to the Fedora
Reserve banks the amount Of gold with
| foreign agencies shows a further de
cline Of 3.4 millions. Total gold re-
serves declined 4.2 millions, while the
loss IN aggregate reserves was 3.4 mil
hons. The banks reserve ratio chows q
decline for the week from 429 to AZ :
per cent.