New-York tribune., 1920-12-19
Federal Deposits
Increase by 24.8
Millions in Week
Large Reductions i'm the
Holdings of Discounted
Bills Are Indicated in
Reserve Board's Report
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WASHINGTON, Dec. lS.--Large re-
sretions in the holdings Of discounted
,;,,s and a commensurate decrease in
deposit liabilities are isdicated in the
re,eral Reserve Boards weekly con-
.o,;dated bank statement issued at
the close of business on December II,
1890. These changes reflect largely
the weeks heavy government opera
lions. including the redemption of the
principal and the ss.nl-annual interest
coupons of sbout $700,000.00O of tax
coupons Of about 700,00O,000 of tax
certificates issued at the beginning
Of the year, the payment of semi-an-
aua interes. on First Liberty bonds
and OIL Victory notes. the issuance of
two new series of tax certificates ag-
yregating about 100000 and the
handling Of the last quarterly INSTALL
ment Of income and excess profits
tsxes due on the 18th of the month.
Redemption of large amounts of tax
certificates enabled member banks to
reduce considerably their Indebtedness
10 tie Reserve hanks. AS consequence
The Reserve banks holdings Of paper
obtained b. government war obliga-
tons show decrease of 1913 millions.
other discounts on hand, q decrease OF
1925 mil ions and holdings of accept
suces purchased i'll open market. q de-
creSse of 10.f millions.
Treasury Holdings Increase
An increase of 37.3 millions in Treas
ury certificate holdings represents ap-
3roximately the difference between the
total Of SO millions OF special certifi-
Gates taken by three Reserve banks to
cover temporary advances TO the gov
srnment and the amount OF tax cer-
presented for redemption by the Re
serve banks. Total earning assets are
given as 3,223.S millions, decrease
II 92.9 millions for the week.
OF the total ho.dings of about 1859
millions Of paper obtaiNed by govern
nent war Obligations 666O3 millions.
or 81 per cent, we're obtained by Liberty
bonds, 1854 millions, or 25.5 per cent
by Victory notes, and 203 millions. or
i7.5 per cent. by Treasury certificates.
IS against $40, 27.5 and 176 per cent
If g correspc nding total OF 1902 mil
lions reported on the preceding Fri
lay. Discounted paper held by the
Boston, Philadelphia and Cleveland
ranks includes about III millions of
ills discounted for five other Reserve
1anks In the South and Middle West.
compared with 1854 millions held on
he previous Friday for the same five
banks ard the Reserve bank of New
York. which redeemed during the week
total of Cd millions rediscounted
gith the Cleveland bank. Acceptance
io'dings of the San Francisco bank are
,ven inclusive of SO millions of bank
scceptances purchased from the New
FORK bank.
Government Deposits Jump
Government deposits show an in
Tease for the week of 248 millions,
members Reserve deposits fell of 20.1
Millions, while other deposits, COM
posed large y Of foreign government
,redits and non-members' clearing
accounts, increased by about fourteen
millions. in connection with the large
'o.ume OF tax checks and drafts re-
saived 5v me Reserve banks the
float shows III. increase of 1868
sillions. Net depos its. as a conse-
luence, were 107.7 millions less than
he week before.
Federal Reserve note circulation
;hhws an Increase fer the week of
~ nj ions. al Reserve banks except
hose Ct Cleveland, Minneapolis and
Dallas. representing substantial in
,reases in their circulation figures.
There was also an increase of 20
Millions in Federal Reserve note cir
nation. Gold reserves show fur
her gain for the week of 1871 mil
ions and total reserves gain Of 90
ri lions. TIE banks reserve percent
age shows rise from AS to 45.6 per
,ent.