The Washington times., 1925-02-13
RESERVE BANK
EARNINGS
Gain
Increase Of $27. 400, 900 In
Assets Reported in Weekly
Consolidated Statement

go HOttSOsgSse4eSSs - - ~ -
The consolidated statement Of con-
dition OF the Federal Reserve banks
on February II, made public today
by the Federal ReseIve Board, shows
increases OF s., 400. 900 Ia holdings 81
discounted bills, 81 81 Il, 900 900 III &c
ceptahces purchased in open market,
and OF 81 800 900 III Government sel
Of $2T, 400 900 in earnings assets.
Federal Reserve note circulation
went up $2S, 500 900, non-reservS cash
500 900 and total deposits $e6,-
An increase 81 S15,sOo 900 ia hold.
inEs OF discounted bills Il reported BY
the New York Reserve Bank and in
creases OF "a, 600, 900 and $4,000, 900,
respectively, are SHOWN by Boston
and San Francisco. The nine re-
naming banks report decreases IN
discount holdings for the week the
principal reductions being Chicago,
81. 200. 0p0; Cleveland, 81, 400, 900; Rich.
r1ond, $4,000 900.
The New York hank shows an III.
crease De 5000, 900 III holdings Or
acceptanoes purchased in open mar
kets Chicago an increase o4 81, 400, Il
O0Os and Boston, In increase of ~
100000. Relatively small changes III
this Item are reported ~ the remain
Ing reserve banks. The aYsfeil1,n
holdings OF Treasury notes went tp
81. 500, 600 and while HOLDINGS 0k
United States bonds went down 5000,
600.
The principal changes il Federal
Reserve note circulation Tor the
week were increases of e11 700 900
and 81, 500, 900, respectively. reported
by the Cleveland and Phfladelpiiin
banks. A combined increase 81 81 I.
100000 reported BY the Boston. New
York and Atlanta reserve banks Wa
offset BY = total decline 0f the same
amount reported ~ the seven re-
naming banks.
Bond Offering.
Blair 8 Co, Inc. and chase q.
curities Corporation, White, weld
4 Co, Haleey. Stuart & Co, Brown
Bros. q CO., the Equitable Trust
Co., Graham, Parsons q Co, Union
Trust Co, Cleveland, Blyth, Witter
= Co, Illinois Merchants Trust Co..
Chicago; First Trust and Savings
Bank, Chicago, and Continental And
Commercial Trust and Savings Bank
are offering $25 200, 900 Government
Of the Argentine Nation six-months
~ per cent treasury gold notes at
100 and interest. 42O, 900 900 81 the
notes are dated February 2S, ana
%, 600. 900, March Ii Proceeds are
to Be applied toward payment of 4
similar face amount be notes nlatur-
Ing on these dates.
This issue provides for All the
present Argentine government re-.
quirements in this market. The
present financing disposes Of the
rumors current here the last few
weeks that the government pro-
posed to issue long-terna bonds. to
refund maturing issues.
Argentina has an adequate gold
reserve amounting to nearly IS per
cent OF its note circulation, one OF
the highest reserve ratios in the
world. The country's trade posi-
ton has shown marked improve
ment. Figures show q substantial
excess OF merchandise exports over
Imports IN 1924. Principal imports
are steel and iron manufactured
products. farm implements, textiles,
and building materials. \.
Express Rates Reasonable.
the Federal Reserve Bank Of New
York; against the American Rail.
way Express Company and others,
attacking the rates, rules, regula-
stionb and practices with respect to
the transportation Of money, coin.
bullion, currency, bank notes, bills
Of exchange and securities from,
to and between interstate points, 81
recommended to the Interstate
Commerce Commission by Examiner
y. r. Copenhafer.
The examiner said the commits
sion should find that express rates
on gold coin, silver coin and paper
currency Of the United States, gold
bullion, silver bullion and securities,
were not unrea sonatle, unjuetly dis.
criminatory or unduly pre1udicial al
alleged.
1T would not Be just and reason.
able to require the establishment
and maintenance of rates thereon
dependent upon, and varying with,
declared or agreed values" the ex-
aminer said.
a further recommendation was
that the publication Of rates on the
articles named in one sum, INCLUDE
ing charges for both transportation
and insurance, be found not unreas-
me other Federal reserve banks
intervened In support OF the com
plant. ~ ~
II. Garnet Pitts. manager Of the
washington office OF the Guaranty
Company Of New York, has been
made manager Of that company 2
FIFTH avenue office, at Fifth ave.
mia and Forty-second street, New
York city, and will take up his
new duties Immediately.
He will be succeede in the wash
in eton office by Winslow B. Van
Deyanter, son Of Honorable Wills
Van Devanter. Justice Of the United