The Washington herald., 1922-07-29
,sl,7S,57syOOO OF
U. 5. CERTIFICATES
NOW OUTSTANDING
Reserve Ratio of Com
bined System Reaches
New High of 1920.

fAe Treasury Department announced
yesterday. OF this amount approxi-
masely sass, ,471.500 of 5h per cent
one-year certificates will fall due
on August l. 1922. which will be
called In out of the proceeds Of the
/. new Offering OF AZ per cent four
year notes, announced several days
ago.
On September is maturing certif-
icates will amount to $362.562, 500.
Of which s17s.6s1.500 were issued on
November 1, 1891. which bear inter-
est at the rate of "A per cent. hav-
ing been issued on September Is of
last year.
On October Is there will mature
Sl50.000.000 of six months certif-
icates which bear interest at the
rate Of 3i1 per cent, the lowest rate
Of any Of the maturing obligations
Maturities on December Is will
aggregate s3s3.544.o00. consisting of
s2oo.o00.000 of an per cent certif-
icates. issued en- June /. 1922, and
s143,544.0o0 of Al per cent certif-
icates issued on December Is of last
year.
On March Is. 1923, there will be
maturity of s25o.0o0.ooo OF AZ per
cent certificates. issued on March Is
of last year. while on the 18th of
the following month s273,0o0,000 of
Az per cent issues will fall due.
It Is understood that the Treas
ury Department has formulated no
distinct plan for the retirement of
this debt. but will either issue ad-
ditional certificates at slightly lower
interest rates. or short-term note
Indebtedness at slightly higher
, rates. depending entirely upon the
condition of the money market at
that time.
The Treasury Departments note
Indebtedness. which approxlmates
s2.o00.o00. 900. begins to mature on
June Is, 1924. when slightly more
than s30o.0O0.0o0 of 5% per cent
three-year issues fall due. The re-
naming Indebtedness. which bear
interest at rates varying between
~ and 5 u per cent. falls due at
various periods between September
is. 1924 and March Is, 1925.
Reserve Ratio.
A substantial reduction in dis
counts and deposit liabilities. ac-
companied by a moderate reduction
In note circulation and a fair-sized
gain In reserves. has carried the re-
serve ratio of the combined Federal
Reserve system up to a new high of
1872 per cent. The latest figure Is.
however. only one-tenth of per
cent higher than the previous high
recorded on June 81. This fact sug-
gests that the situation existing at
that date has been restored. the ef-
fects Of the July demands for funds
on account OF holidays and dividend
disbursements having been over
come.
A closer examination OF the state
ments goes far toward confirming
this conclusion Note circulation
Is now practically identical with
that existing on June 81. after hav-
Ing been expanded by approxi-
mately SIC. 900. 900 Bill holdings are
slightly smaller. after having risen
some SIT, 100000. Deposits are S34.-
100000 larger. but the effect Of this
10 offset by an equal gain in re-
serves. Imports of British gold
have been the principal factor in
selling the latter item. From the
foregoing It may be readily seen
that trade is making no fresh de-
mands on our banking system and
that the trend is still toward a
maintenance of easy money. The
strikes and the British gold ship
tendency.
View Merger Rumors Ahoat.
with the exit of the Merchants
Bank and Trust Company from ac-
tive bidding for the American Ma
tional Bank comes new rumors that
another local institution has entered
the field and submitted a bid for
the majority of capital stock.
Local Securities.
Lanston Monotype was the out
standing feature on the Washing
ton Stock Exchange yesterday. This
issue sold to the extent of $50 shares
at prices slightly varying between
19h and 79%-
Personal.
Col. Wade II. Cooper. president of
the Continental Trust Company, is
In New York looking after his busi-
ness interests there.