New-York tribune., 1920-11-21
Reserve Ratio AL.
Highest Since July,
AS U. S. Pays Loans
Holdings of Discounted and
Purchased Paper l24 Mil
lions Less: Note Circula-
ton 2l.6 Millions Smaller
From The Tribune's WASHINGTON Bu-.ou

From The Tribunes WASHINGTON Bureau
WASHINGTON, Nov. 20.-Aggregate
reductions of about sl24.000. in the
holdings of discounted and purchased
paper and Of $2l,6OO,000 in Federal
Reserve note circulation are indicated
IN the Federal Reserve Boards weekly
bank statement, issued as at close of
business yesterday.
Government operations during the
week included the payment on Novem-
Der 10 of the semi-annual interest on
the second Liberty Loan bonds. the
redemption of the outstanding balance
OF the principal and interest coupons
Of s93,5o0000 Of loan certificates issued
SIX months previously and the issuance
as of the same date of s232, ,OOO.OOC Of
slx-month loan certificates.
Pending collection Of funds from de-
positary institutions. seven reserve
banks advanced to the government a
total of $4,000 900, against which thew
nold special Treasury certificates. Net
deposits show a decline of about $40
oVO'0OO, while the banks cash reserves
Sho" nominal gain of So 100000 AS
d consequence of the above changes the
reserve ratio increased from 436 70
4t.I per cent, the largest percentage
since July 80 of the present year.
Liquidation of Other Paper
Continued liquidation is shown for
all classes Of paper held by the banks
p@pel secured by government war obli-
CATIONS, including treasury certifcates
showing reduction Of 22l millions
al otner discounted bills a reduction
cbooo5 oo.9 lnnllons and acceptances pur-
3aseu 1ac ~. IN open market a reduction of
10 millions. On the other hand
treasury certificate holdings. becanse
OF the large amount of special cerr,ti =
Gates taken from the government. show
an increase of 61.S millions. Total
earning assets were 3,3O67 millions or
Friday. 'A0 p1e' '40uS ;
OF the total Of about 1859 millions
OF bllls secured by government war,
obi cations, 1914 millions, or 81 : ner
cent, cent, were secured by Liberty bonds:
9-V'o millions, or 27.7 per cent, bv Vic,
lory notes, and 240s millions. or 20 3
pcl CENT by treasury certificates, as
against 9l;1, 2S.2 and POI per cent of a
lVll l;o,ie pohalng total OF about 1,1S1 mil
mons reported the week before.
Dlscounted paper held bv the Ros-
ton' Philadelphia and Cleveland Re-
serve banks Is inclusive of lG3.9 mil
Iions OF paper discounted for the Now
ofk pank and six other Reserve banks
IN the South and Middle West com
pared with 2OO.2 millions reported at
'he close Of the previous week. Ac
ceptance holdings of the Boston aud
fnI4adelphla banks are shown inclusive
! OF I3 millions of bank acceDtancas
purchased from the New YORK bank.
compared with 1877 millions. shown the
week before. '''N'' = '''e
Government deposits were 5.6 mil
mons less and members reserve de-
posts about 20 million less than on
the previous Friday, other deposits. in
cluqlng largely foreign government
credits and non-members' clearing ac-
counts, are shown about Is million
larger, while the float" carried by the
Reserve banks and treated as a deduc-
ton from Immediately available de-
posIts shows an increase Of 169 mil
lions. The combined result of these
changes in the deposit block is seen in
a reduction Of calculated net deposits
by about ~ millions.
Federal Reserve note circulation
shows q total decline of 2f.6 millions.
all the Reserve banks, except those of
Kansas City and San Francisco. re-
porting smaller circulation figures than
the week before. There is also shown
& reduction of 1.2 millions in the cir
culation Of Federal Reserve Bank notes