New-York tribune., 1920-12-12
II. S. Reserve Funds
In Federal Bank
Gain Sl4,200, 900
Board Reports Liquidation
Of 200, 900 in Paper
for Week; Net Deposits
Drop About $5,OOO,O 900
r,er, The Tr4oane's woshtnoton sureou

rrcr, The Trsbuns's Washington Hureau
WASHINGTON, Dec. 11.-Aggregate
GAINS Of 1876 millions in gold reserves
..d of 14.2 millions in total reserves,
,,so net liquidation of about 60
millions of discounted paper are indi-
eated in the Federal Reserse Board's
eonsol dated weekly bank state
ment issued as at close of business on
December 10, 1920. Net deposits de-
e]ined by about millions, while Fed
sral Reserve note circulation shows
merely q nominal reduction. As a
consequence of these changes the
hanks reserve ratio shows a rise for
the week from AL to 44.5 per cent.
AS against an increase Of SO millions
in loans secured by United States war
obligations. the banks report a reduc-
zion o. $50 millions in other dis
counted paper on hand, while holdings
Of purchased paper were l.6 millions in
excess OF the total shown on the previ-
Gus Friday. During the week the New
York Reserve Bank purchased from
local member banks q total of about
30 millions of Treasury certificates and
sold over 80 millions of certificates
thus acquired to the Cleveland and
Chicago banks. The effect of these OPP
erations was corresponding gain of
cold by the New York bank in the gold
Settlement fund, and therefore a sub
stantial Improvement in the banks re-
serve position, besides more equitable
distribution of the certificates among
the several Reserve districts in antici-
+l,ot,
her is. Total earning assets stood at
S.S16.7 millions. decrease for the week
Of about II millions.
OF the total of 1892 millions Of
paper secured by government war obli-
rations GAIT millions, or $40 per cent,
were secured by Liberty bonds; 321.7
millions, or 2T.5 per cent, by Victory
notes. and 205.S millions, or h7.6 per
cent. by Treasury certificates, as
against SAC, 26.9 and 1876 per cent of
corresponding total of 1907 millions
Yeported the week before. During the
week the St Louis bank redeemed all
;ts PAPER rediscounted with other Re-
serve banks. and the total of discount
ed paper held on December 10 by the
Boston, Philadelphia and Cleveland
hanks includes 1854 millions of paper
discounted for the New York bank and
five other Reserve DankS III lHe Soutn
and Middle West. as against total of
1927 millions held on the previous Fri
day for seven other Reserve banks. Ac-
eeptance holdings of the Philadelphia
and San Francisco banks are shown
inclusive of 7.9 millions of bank ac-
ceptances purchased from the New
York bank, as against 9.3 millions
shown the week before.
All classes of deposits show smaller
totals than on the previous Friday:
Government deposits by 1878 millions,
members Reserve deposits by 4.S mill
lions, and other deposits, comprising
largely foreign government credits and
non-members' clearing accounts, by ~
millions. On the other hand, the float"
carried by the Reserve banks and
treated as deduction from Immediate
" available deposits shows a decrease
OF 33.3 millions. The result is seen IN
a decrease of about millions in the
calculated amount of net deposits.
Both Federal Reserve notes and Fed
eral Reserve bank notes in circulation
show small reductions for the week,
substantial decreases in note clrcula-
ton reported by the New York, Chi