The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-07-15
FIN AN CIAL
CERTIFICATE issue
TO BE REDEEMED
BY RESERVE BANKS.
Order Affects August 1.
1921, Offering; Reserve
,- Ratio Gains.

Secretary of the Treasury Mellon
announced last night that he has
authorized the Federal Reserve
banks on and after today, and until
further notice. to redeem in cash
before August l. 1922, at the option
Of the holder. Treasury certificates
of Indebtedness of Series 'B" 1922.
dated August l. 1921, and maturing
August l. 1922.
The certificates will be redeemed
with accrued interest to date of
such optional redemptions.
Reserve Rattle.
The reserve ratio for the Federal
Reserve banks shows an increase
this week from 76.S to 77.3 per
cent. There was a gain of 4O.200.-
600 in deposits. of s15.20O.000 in
gold reserves. and OF S7.9O0,0O0 in
other cash reserves. while the
amount of Federal Reserve notes
in circulation was reduced by $685.
100000.
The reserve account OF member
banks increased by s56,2O0. 900,
, while the bills discounted for these
institutions were diminished to the
extent of s6s.9OO.O0O. The contrac-
member banks borrowings and the
Sa!n in their reserve account repre-
sent a natural reaction from the
seasonal demand for cash incident
TO the holiday period at the begin
ming OF the month. This explains
why the changes in the significant
items of the bank statement this
week are exactly opposite to those
Of week ago.
Local Securities.
Heavy trading in Railway fours
was the outstanding feature of the
Washington Stock Exchange yester-
day. This issue sold to the extent
of $4,000, face value, in $1,000 lots,
at as, its recent high. The security
closed relatively strong with rs bid
and T5I4 asked. Railway general
6s sold at sos. with Georgetown
Tizs strong at 1O4l=, and George
town Gas IS pegSed at SO.
In the stock list, Lanston Mono
type was in demand at 7S%. 100
shares selling at this figure. Cap
ital Traction held firm at 1O1, and
a limited amount of Railway pre-
ferred changed hands at 1919.
Personal.
Elizabeth l. Dean. of the Amer
lean National Bank. is taking a six
weeks course in homie economics
and the budget at Columbia Uni
VerSity, it was announced yesterday.
Savings In United states.
Total savings deposits in banks
in the United States amount to
slightly more than SIG. 500. 900. 900,
sFHEnr6fnu n
just completed by the American
Bankers Association in it's savings
bank division under the direction
Of Deputy Manager Leo Day Wood
worth. This total is in conflict, Mr..
Woodwork points out. with the
estimates recently issued by a
United States government bureau,
, placing the total savings for the
country at $4,000, 200. 900. a figure
which is based on mutual savings
bank deposits and outstanding
United States bonds.
The present figure of sixteen and
half billions includes savings de-
posts, certificates of deposit of
thirty days and over. and postal
savings, for which the most COM
plete data yet compiled has been
obtained through a special nation
wide inquiry made in cooperation
with Comptroller of the Currency
Crissinger. the supervisors Of State
banks. and individual bankers.
The diversity of savings bank
practice throughout the country.
and differences in social conditions
from section to section. make COM
plete data and safe intersectional
comparison difficult. Mr.. Woodwork
says, adding; The variety of meth
obs under which savings are de-
posted offers further proof of the
fact that the vast bulk Of the peo-
pies savings is entirely beyond the
control OF any effective grouping OF
finanCierS which can ne roDcaivsd ;"