Full text of Records of the Federal Reserve System, Record Group 82 : Weekly Report: Open Market Investment Committee (April 29-September 1, 1926), Box 2761, Folder 6

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Reproduced from the Unclassified I Declassified Holdings of the N ational^chives

DECLASSIFIED
Authority

' 11*
m

F o rm * N o . 131.

Office Correspondence
T o ___________ A l l Members of th e Board

FEDERAL RESERVE

801/,0

__

Date

Subject:___________
f*

From_______

Mr. Noe 11_______ _____ ___________




For you r in fo r m a t io n .
/

Septem ber 8-, 1926

I
____

Q__ „
w \

______

P le a s e re tu r n t o th e S e c r e t a r y 's O f f i c e .

^G overnor C r is s in g e r
V/Mr. P la t t
^ M r . Hamlin
es
I^SJfr. Cunningham
M ille r
M cIntosh

!

Reproduced from the Unclassified I Declassified Holdings of the N ational^chives




D E C LA SSIFreiT
Authority £

2), IA Q -j [

Septem ber 8 , 1926

Dear Mr* M a tte so n :
I
ack n ow ledge r e c e i p t o f y o u r l e t t e r o f th e
7th i n s t a n t , e n c lo s in g r e p o r t o f t r a n s a c t io n s ip G overn
ment s e c u r i t i e s and bankers a c c e p ta n c e s as r e p o r t e d t o
y o u r com m ittee f o r th e p e r io d from August 2 6th t o S e p t
ember 1 s t , 1928> i n o l u s i v e .
Y our l e t t e r w ith e n o lo s u r e
w i l l b e b rou gh t t o th e a t t e n t i o n o f th e members o f th e
Board*
V ery t r u l y y o u rs ,

J « C* N o e l1 ,
A s s is t a n t S e o r o t a r y

Mr. w* 8* M a tte s o n , S e c r e t a r y ,
Open M arket In vestm en t C om m ittee,
o / o F e d e ra l R eserv e Bank,
Mew Y o rk , N. Y.

Reproduced from the Unclassified / Declassified Holdings of the NationaiiAich ves




DECLASSIFIED
Authority

FEDERAL
OF

RESERVE
NEW

BANK

YORK

CONFIDENTIAL

j

r e c e iv e d

I

! iFFIClS O F

Septamber 7, 1926

S i r :

Enclosed i s a report of transactions in Govern
ment securities and bankers acceptances as reported to the
Open Iferket Investment Committee for the Federal Reserve
System for the period from August 26 to September 1, 1926
inclusive, together with data received by the Committee
from the Federal reserve banks.

V. B. Matteson

Secretary, Open Market
Investment Committee

Honorable D. R. C rissinger,
Governor, Federal Reserve Board,
Washington, D. C.

Encl. (1)

5

Reproduced from the Unclassified I Declassified Holdings of the NationaWuchives

' ----- -

Mm*■

~

OECLASSjfFfED
Au t h o r it y £ jh j£ C £ l_ _

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE MEK ENDED SEPTEMBER 1 , 1926
M old in gs o f Ba-ming A s s e t s o f F ed era l R eserv e Banks f rom January 2 8 , 1925 t o
(OOO O n it te d )

-1 9 25
Jan* 28
Feb*
25
Mar ® 25
Apr* 29
May
27
June 24
J u ly 29
Aug»
26
Sept* 30
Oct*
28
Nov* 25
Dec* 30
-1 9 2 6 Jan*
27
Feb.
24
Mar# 31
Apr#. 28
May
26
June 30
J u ly 28
Aug* 25
Sept* 1

TOTAL
EARNING
ASSETS
$ 9 8 8 ,5 8 2 "
1 ,1 2 9 ,6 9 8
1 ,0 4 0 ,6 9 9
1 ,0 2 7 ,7 5 2
1 ,0 5 4 ,3 7 6
1 ,0 3 4 ,4 7 0
1 ,0 2 1 ,3 4 2
1 ,1 2 6 ,2 9 3
1 ,2 5 7 ,0 2 4
1 ,2 5 0 ,0 8 7
1 ,3 2 6 t12X
1 ,5 0 0 ,8 2 7

GOVERNMENT SECURITIES
O u trig h t
S a le s
P u rch ases
C o n t r a c ts
$ 3 9 2 ,5 0 4
0 1 ,5 6 0
3 6 0 ,0 9 0
4 ,6 0 4
3 3 9 ,6 9 2
5 ,0 5 9
3 4 5 ,0 3 1
4 ,0 0 8
3 4 6 ,3 6 $
3 ,8 4 9
3 1 7 ,1 5 5
7 ,4 5 4
3 1 8 ,5 6 9
1 1 ,5 9 1
3 1 8 ,3 1 0
1 3 ,9 3 9
29,161
3 1 3 ,7 4 5
3 1 4 ,9 3 3
9 ,8 2 4
1 6 ,5 8 6
2 1 5 ,7 1 3
2 6 5 ,9 9 8
1 1 ,0 3 4

l j 118,687
1 *18 5 ,0 4 6
1 ,2 2 5 ,5 3 7
1 ,1 1 4 ,2 3 3
1 ,1 1 9 ,1 2 2
1 ,1 5 8 ,4 0 6
1 * 1 0 6 ,3 0 2
1*150,171
l f 2 0 2 |493 .

3 6 3 ,0 7 3
3 2 0 ,5 1 7
3 26 ,83 3
3 6 5 ,6 8 5
3 9 1 ,1 1 5
3 72 ,86 8
3 6 8 |591
3 1 8 ,91 2
3 1 5 ,3 6 4

1 ,9 9 0
1 0 ,0 6 8
3 ,0 0 4
3 ,1 2 8
3 ,9 5 0
1 2 ,4 1 1
647
2 ,3 0 5
3 ,6 0 0

BANKERS ACCEPTANCES
S a le s
O u trig h t
C o n tr a c ts
P u rch a ses
0 1 9 j 587
$ 2 2 8 j 180
3 8 ,3 6 1
2 78 ,88 5
19*361
2 8 7 ,6 4 4
2 8 ,5 8 5
2 3 8 ,2 4 3
37,0 36
241 ,37 7
215 ,27 7
2 6,3 89
2 6 ,4 9 8
1 8 3 ,9 7 8
1 8 ,9 6 4
1 8 2 ,5 5 5
2 6 ,4 5 5
2 4 1 ,8 5 5
2 9 7 ,4 5 3
3 1 ,2 6 4
32^534
3 2 6 ,9 2 4
41,976
3 2 0 ,8 4 2
2 7 9 ,3 2 1
2 5 5 ,7 3 2

210,886
1 8 0 ,2 7 4
1 8 3 ,8 2 4
2 1 4 ,6 6 4
1 9 6 ,0 0 9
2 4 4 ,0 1 9
2 42 ,86 8

1 6 ,0 9 6
48,396
3 8 ,7 4 7
1 8 ,7 4 3
5 5 ,0 0 4
3 4 s750
1 5 ,1 6 4
1 0,5 97
1 0 ,6 1 3

date

BILLS
b isc o u n t e :

$273 ,692
4 3 3 ,8 0 5
3 7 7 ,6 4 1
3 9 9 ,9 8 5
4 1 3 ,9 9 9
4 55 ,44 5
468 ,35 6
5 79 ,67 5
633 ,18 8
5 8 9 ,9 9 4
6 2 4 ,71 4
7 4 9 ,67 2
448*557
540,083
6 3 2 ,3 9 1
513 ,66 8
473 ,94 3
515*031
521^390
570,638
6 2 6 ,34 8

CHANGES IN’ EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONmCTS)
CURING WEEK ENDED SEPTEMBER X, 1926
_ ________ ____
(000 O m itted)
GOVERNMENT SECURITIES
B alan ce
Net
S_ept»,JL
Change
Bo ston
$ 10,4 86
New York
59,353
P h ila d e lp h ia
2 0,3 69
3 4,9 86
C le v e la n d
Richmond
7 ,7 4 1
A tla n ta
1 ,8 8 3
Chicago
4 8,8 40
St * L ou is
2 0 ,9 7 9
1 7 j 377
M in n e a p o lis
2 9 ,8 1 7
Kansas C it y
2 1 ,7 5 2
Efellas
San F r a n c is c o
4 1 ,7 8 1
N*Y, h o ld o v e r s
& d th e r b i l l s
T o t a ls

$ 3 1 5 ,3 6 4

$

152913852281011124 552371503123005 03 -

$ 3 ,5 4 8 -

BANKERS ACCEPTANCE?
Net
B alance
Chang©
S_ept._«_l
0 21,9 83
2 7 ,8 6 3
19^028
2 6 ,5 2 5
1 2,557
2 9 ,0 3 2
3 4 ,6 9 3
8 ,5 6 9
1 1 ,7 7 8
1 4 ,3 5 5
1 1,3 56
2 2 ,1 4 1

$ 5,336+
7 ^ 23 7 149+
560+
1503 ,2 1 0 +
1 ,2 1 9 +
152+
111 58 890“
1 ,2 8 4 -

2 f988

2 t047-

$ 24 2 ,8 6 8

^ 1 ,1 51-

BILLS DISCOUNTED
C Not
B alan ce
Change
Sept* 1
| 4 6 ,0 6 4
1 7 6 ,2 4 3
4 5 ,6 1 1
3 3,467
4 7 ,6 4 9
5 0,166
6 9,9 93
3 9 ,2 6 6
1 6 ,2 1 8
1 2 ,3 4 1
2 5 ,2 6 1
6 4 ,0 6 9

0 6 ,5 6 5+
3 6 ,1 8 4 +
4 ,2 3 9 4 ,6 3 8 2 ,3 0 2 +
1 ,5 6 6 +
3 ,6 1 1 2 ,8 4 2 +
2 ,1 5 8+
3752 #651 +
1 4,3 05 +

0626,348

0 55,710+

COMMENT ON CHANGES WEEKW ENDED
SEPTEMBER
1 . 1926
—n—
■
' ifrmil . .. .......... ..

<>
xnir •»I*MII«|Hiiwii'H»< «—»—w .wmiwui wa" iH» w nimiirw>» iJ»iimM

T o t a l earning a s s e t s o f th e System in c r e a s e d §5 2 ,3 0 0 *0 0 0 du rin g th e cu r r e n t
statem ent week* B i l l s d is c o u n te d in c r e a s e d $55,700,000, w h ile o t h e r ch a rg e s c o n 
s i s t e d o f d e c r e a s e s in ban k ers a c c e p t a n c e s o f - a b ou t 01^100,000 and in Government
s e c u r i t y h o ld in g s o f a p p r o x im a te ly $ 2 >300,000*



Reproduced from the Unclassified I Declassified Holdings of the Nation^Archives

DECLASSIFIED
Authority j r fi.

/

|

2
C a ll
Money

The 5% r a t e on c a l l money r u l in g a t th e p r e v io u s w eek-end
c o n tin u e d t o p r e v a i l d u rin g th e f o r e p a r t o f th e week due t o th e u s u a l
m onth-end s h i f t i n g o f b a la n c e s and t o p r e p a r a tio n s fo r Septem ber 1 s t
i n t e r e s t and d iv id e n d payments*
S in c e Wednesday a ft e r n o o n , how ever,
when th e r a t e was lo w e r e d , money has been a t 4 \/2f*
T ra d in g in tim e money co n tin u e d d u l l *
Some 60 and 90 day
lo a n s were p la c e d a t th e lo w e r r a t e o f 4 7/8% but o v e r - t h e -y e a r money
co n tin u e d t o command 5%*
The com m ercial paper m arket rem ained i n a c t i v e w ith b o th th e
su p p ly and demand sm all* M ost names were s e l l i n g at 4 l/Z%*

Government
S e c u r it y
Market

S a le s on th e s to ck exchange o f U* S* L i b e r t y Loan and
T rea su ry bon ds co n tin u e d in m oderate volume w ith a b e t t e r demand fo r
th e lo n g m a tu r ity T rea su ry b on d s w hich tow ard th e w eek-end showed sub
s t a n t i a l in c r e a s e s in p r ic e *
T here was l i t t l e a c t i v i t y in th e m arket f o r s h o r t-te r m c e r 
t i f i c a t e s and n o t e s , p r i c e s o f w hich showed p r a c t i c a l l y no change.

Bankers
A cce p ta n ce s.




W ith th e e x c e p t io n o f an in c r e a s e in 90 day m a t u r it ie s from
3 3 /4 t o 3 7 / 8 ^ d e a l e r s ' o f f e r i n g r a t e s on u n in d o rse d prim e b an k ers
a c c e p ta n c e s rem ained unchanged from th e p r e v io u s week a t 3 5/8% fo r
30* s , 3 3 /4 < f o r 60* s and 3 *?/&< f o r 9 0 * s and 4i f o r 120 day b i l l s *
The F e d e ra l R e s e rv e Banks o f B oston and New York made a
s l i g h t change in t h e i r minimum b u yin g r a t e s on in d o rse d b i l l s on
S e p t. 1 c o n s i s t i n g o f an in c r e a s e in r a t e on 1 -1 5 day b i l l s from
3 3/& t o 3 l / 2 $ .
T h is r e s u l t s in r a t e s now in e f f e c t o f 3 l/2%
fo r 1 -4 5 d a y s, 3 3 /4 $ f o r 4 6 -1 2 0 days and 4% fo r 5 -6 month b i l l s .
B oston d e a le r s r e p o r t a v e ry poor su p p ly o f b i l l s w ith th e
demand b u t s l i g h t l y b e t t e r *
D i f f i c u l t y has been e x p e r ie n c e d in m ov
ing b i l l s , and s a le s and p u rch a ses were th e s m a lle s t in some tim e .
O ffe r i n g s b y d e a le r s t o th e r e s e r v e banks were sm all*
In New York
the m arket co n tin u e d i n a c t i v e a lth o u g h d e a le r s r e p o r t e d some co u n tr y
bank bu yin g* D e a le rs* p o r t f o l i o s showed a s l i g h t in c r e a s e * The
market in P h ila d e lp h ia was v e ry q u i e t .
O ffe r i n g s o f b i l l s were f a i r
w ith p r a c t i c a l l y no demand. C hicago r e p o r t s th a t h ig h e r b i l l r a t e s
has in c r e a s e d th e demand somewhat f o r lo n g m a t u r it i e s , b u t p r a c t i c a l 
l y no new b i l l s are b e in g made. B orrow ers are fr e q u e n t ly a b le t o
o b ta in accom m odations on t h e i r s t r a i g h t n o te at more fa v o r a b le r a t e s .
OPERATIONS ACCOUNT UNITED STATES TREASURY
T r a n s a c t io n s under a u t h o r it y from th e T rea su ry c o n s is t e d o f
th e s a le in th e m arket o f $ 2 0 0 ,0 0 0 December 15, 1926 c e r t i f i c a t e s
from th e investm ent h o ld in g s o f th e A lie n P r o p e r t y C u stod ia n , and th e
in vestm en t o f In d ia n money f o r th e S e c r e t a r y o f th e I n t e r i o r th rou g h
th e p u rch a se in th e m arket o f $ 2 1 5 ,6 0 0 Second 4 l/4% L ib e r t y Loan
bon ds.
There was a l s o purchased in th e m arket 0 5 ,0 0 0 ,0 0 0 Second
4 l / 4 ^ L ib e r t y Loan bon ds a g a in s t an o r d e r o f $ 5 ,0 0 0 ,0 0 0 fo r th e
S e c r e t a r y o f th e I n t e r i o r , a ccou n t Osage I n d ia n s , o f which $ 3 ,5 0 0 ,0 0 0
were d e l i v e r e d d u rin g th e w eek; th e b a la n c e t o b e d e liv e r e d September
7.

Reproduced from the Unclassified / Declassified Holdings of the Nationai^ichives

DECLASSIFIED
Authority JjJX. / Q

Q j

3
SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The f o l l o w i n g i s a sta te m e n t o f p u rch a se s o f b a n k ers a c c e p t a n c e s from
January 4 t o Septem ber 1 , 1926, and th e amount each bank has r e c e i v e d i n e x c e s s or
s h o r t o f i t s p r o r a t a sh a re under th e a p p o rtio n m e n t p la n w hich was p u t i n t o e f f e c t
January 4, 1 9 2 6 :
B i l l s E n title d
B i l l s Over
B i l l s S h ort
B fJ^ s A c q u ir e d
P ro Rata Share Pro Rata Share
t o A c a u ire
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C hicago
St* L o u is
M in n e a p o lis
Kansas C it y
D a lla s
San F r a n c is c o
T o t a ls

1 8 1 ,1 0 7 ,0 0 0
24$, 3 5 2 ,0 0 0
8 3,1 36 * 000
1 06 , 719, 000
5 4 *9 6 1 ,0 0 0
52, 083, 000
1 4 9 ,4 6 7 ,0 0 0
4 6, 320, 000
44* 279, 000
63, 689, 000
44, 534, 000
9 6, 712r 000
# 1, 072, 359, 000

7 4 ,9 2 4 ,0 0 0
251, 8 3 9 ,0 0 0
8 5 , 627, 000
1 0 7 , 0 3 1 ,0 0 0
5 5 ,2 4 8 ,0 0 0
51, 8 8 2 ,0 0 0
1 4 9 ,8 4 6 ,0 0 0
46, 320, 000
44* 5 4 5 ,0 0 0
6 4 ,2 2 0 ,0 0 0
44, 545, 000
96* 332. 000

# 6 ,1 8 3 ,0 0 0
0
0
0
0
201, 000
0
0
0
0
o
380t 000

C
2, 487, 000
2, 491, 000
312, 000
287, 000
0
379, 000
0
2 6 6 ,0 0 0
531, 000
11, 000
0

$1, 072, 3 5 9 ,0 0 0

$ 6, 764, 000

$6, 764, 000

$

The o v e ra g e s shown above a re b e in g a d ju s t e d i n th e u su a l manner *
The F e d e ra l R eserv e Bank o f S t» L o u is r e q u e s te d on Septem ber 3 tem porary
d is c o n tin u a n c e o f t h e i r p a r t i c i p a t i o n i n System p u r c h a s e s .
SYSTEM SPECIAL INVESTMENT ACCOUNT * GOVERNMENT SECURITIES
Under the a p p ro v a l o f th e Committee g iv e n a t i t s m eeting August 17 th e re
was s o l d from th e System A ccou n t t o f o r e i g n c o r r e s p o n d e n ts $ 1 2 ,9 7 2 , 500 December
15, 1926 - 3 3/4% c e r t i f i c a t e s o f in d e b t e d n e s s , le a v in g th e t o t a l h o ld in g s i n th e
a cco u n t a t th e c l o s e o f b u s in e s s Septem ber 7S 1926 a t $209*975, GOG* The p a r t i c i 
p a t io n b y a l l F e d e r a l r e s e r v e banks and th e c l a s s i f i c a t i o n o f i s s u e s b y m a t u r it ie s
w ere as fo llo w s ^
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION ■OF HOLDINGS BY MATURITIES

B oston

Septem ber IS , 1926
December 15, 1926
March
15, 1927
December 1 5, 1927

P h ila d e lp h ia
C lev ela n d
Richmond
A tla n ta
C h icago
S t . L o u is
M in n e a p o lis
Kansas C it y
D a lla s
San F r a n c is c o

Totals




$ 9, 204* 000
55, 393, 000

5.1 6 5 .00 0
1 3 .8 6 0 .0 0 0
6 .1 0 9 .0 0 0
0
27, 541, 500
1 4 , 409, 500
9, 368, 500
1 8 .8 9 3 .0 0 0
1 9, 3 8 3 ,5 0 0
30r 6 4 3 .0 0 0

$209,975,000

$ 59, 3 9 5 ,00 0
44, 380, 500
7 6 ,8 7 8 , 200
29, 321, 300

$209.975, 000

M fi

Reproduced from the Unclassified / Declassified Holdings of the National Aich ves

d e c l a s s if ie d ^

Authority £ 2 ) ^ 0 5 ^

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL FEOERAL RESERVE BANKS FROM AUGUST 26 TO SEPT* I » 1926_____
GOVERNMENT SECURITIES ~ SPECIAL INVESTMENT ACCOUNT
( P a r t i c i p a t i o n i n S a le s )
$

B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C h icago
St® L o u is
M in n e a p o lis
Kansas C it y
D a lla s
San F r a n c is c o

1 5 2 ,0 0 0
9 1 3 ,0 0 0
8 5 ,0 0 0
2 2 8 ,5 0 0
- 1 01 ,00 0
0
4 5 4 ,5 0 0
2 3 7 ,5 0 0
1 5 4 ,5 0 0
3 1 1 ,5 0 0
3 19 ,50 0
5 0 5 .5 0 0

# 3 ,4 6 2 ,5 0 0

T ota l

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Is s u e
B o sto n
A tla n ta
M in n e a p o lis
D alla s
San F r a n c is c o
T o t a ls

0
3 0,5 50
5 ,0 0 0
2 0 ,4 5 0
2 .4 0 0

$
M isc* G ov’ t Sec*
M isc* G ovH Sec*
L /L bonds
L /L bon ds

S a le s
50
1 4 3 ,0 0 0
0

1,000

Is s u e
^econd L /L bonds
M isc* G ovH S e c u r i t i e s
t/ lt bonds

___ a __
$ 14 4 ,0 5 0

$ 5 8 ,4 0 0

BANKERS ACCEPTANCES
(o d o O m itted )

B o sto n
New York

H o ld in g s
Aug* 25
$ 1 6 ,6 4 7
3 5 ,1 0 0

P h ila *
C le v e la n d
Richmond
A tla n ta

1 8 ,8 7 9
2 5 ,9 6 5
1 2 ,7 0 7
2 5 ,8 2 2

C hicago
St* L ou is
Minn*
Kan. C it y
D alla s
San Fran*

3 3 ,4 7 4
8 ,4 1 7
11,7 89
1 4 ,5 1 3
1 2,2 46
2 3 .4 2 5

T o t a ls

1 23 8 ,9 8 4

O ther H old in gs
C lo s e S «p t *, V 26
Other
S a le s
B ills
C o n tr a c ts
0
$
856
698
4 ,0 6 5

R ec*d by
P urch ased A llotm en t
Own Mkt* From N*Y*.
$ 6 ,7 7 8 R*
0
5 ,1 7 9 "
0
1 3 ,7 4 8 A .
2 ,7 9 0 R*
0
584 M
2 ,4 5 9
1 ,4 3 7
35 "
543 «
1 ,4 3 9
3 ,6 7 9 *
948 M
3 ,8 6 9
0
980
0
1 ,1 8 8
1 ,7 1 7
0
136 *
659
1 .3 3 4 M
0

Matur-*
itie s
& S a le s
$ 1 ,4 4 2
3 ,6 7 9 *
8 ,7 3 7
2 ,6 4 1
2 ,4 8 3
1 ,6 2 2
2 ,4 5 1
3 ,5 9 8
828
1 ,1 9 9
1 ,8 7 5
1 ,6 8 5
2 ..618

3 4 ,6 9 3
8 ,5 6 9
1 1 ,7 7 8
1 4 ,3 5 5
1 1,3 56
...,.2 2.1 41

1 ,8 3 6
0
0
0
0
3 t856

$ 3 5 ,7 5 4

$ 3 4 ,8 5 8

$ 23 9 ,8 8 0

$ 1 0 ,6 1 3

$ 1 3 ,7 4 8

H o ld in g s
S ept* 1
$ 2 1 ,9 8 3
2 7 ,8 6 3
1 9 ,0 2 8
2 6 ,5 2 5
12,5 57
2 9 ,0 3 2

0
0
0
0

0
873
0
852
0
0
0
0
0
0
$ 2 ,4 2 3

B i l l s h e ld o v e r n ig h t by New York f o r d i s t r i b u t i o n t o o t h e r F . R* Banks
565
T o t a l ...............# 2 t988
♦ S a le t o A tla n ta from New York p o r t f o l i o
 R# i n d i c a t e s


r e t a in e d and A.* i n d i c a t e s a l l o t t e d i n th e a b ove statem ent*

Reproduced from the Unclassified I Declassified Holdings of the N a tio n a l chives

d e c l a s s if ie d

Authority

5
MATURITIES AMD RATES, ON BILLS PURCHASED WEEK .ENDING SEPTEMBER X. 192 6
^000 O m itted /

1-30 days
31-60 d a ys
3 1 /8 - 3 l/ 2 < 3 1 / 2 - 3 7 / 8 i
B oston
New York
P h ila d e lp h ia
C level*«id
Richmond
A t la n t a
C hicago
D a lla s
San F r a n c is c o

$

188 .
7 ,3 6 2
144
0
0
3 ,7 5 3
500
0
324

0 12 ,27 1

T o t a ls

61-90 days
Over 90 days
3 l / 2 - 3 7 /8 % 3 5 /8 - 3 3 M i

T ota l

136
2 ,1 0 8
144
0
35
95
262
0
286

$ 4 ,2 2 8
6, 779
2 ,5 0 2
584
0
374
186
125
719

0 2 ,2 2 6
2 ,6 7 8
0
0
0
0
0
11
5

0 6,7^8
1 8 ,9 2 7
2 ,7 9 0
584
35
4 ,2 2 2
948
136
1 .3 3 4

0 3 ,0 6 6

0 1 5 ,4 9 7

0 4 ,9 2 0

035f 754

0

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING $EEK ENDING SEPTEMBER 1 , 19 2 6
and Holdin gs a s o f th at date c l a s s if ie d by m a t u r it ie s
(0 0 0 O m itted )
(E x c lu d in g S a le s C o n t r a c ts )
Government
S e c u r itie s
P urchased
S o ld
Matured

T o t a ls

58
3, 606

0 3 ,5 4 8 -

Bankers
A c ce p ta n ce s

T ota l

$ 3 5 ,7 5 4
0
34.858
0
89 6*
2 ,0 4 7 - (N et Change
1 -day h o ld o v e r
and o th e r b i l l s ]
0 1 ,151-

0 3 5 ,8 1 2
3 ,6 0 6
3 4 ,8 5 8
0 2, 652**
2 ,0 4 7 - (N et Change
________ l - d a y h o ld o v e r
and o th e r b i l l s )
0 4, 6 9 9 -

(I n c lu d in g S a le s C o n tr a c ts )
H o ld in g s
S e p t, I , 19£6

7 /it h in
15 davs

1 6 -3 0
davs

G o v 't S e c u r i t i e s
B i l l s P urch ased

$ 68 ,99 8
68.9 67

$137,9 65

T o ta ls




91 days
6 Months

Over 6
Months

3 1 -6 0
davs

61-90
davs

0
$ 5 2 .0 6 5

0
5 6 7 .7 9 7

0
£55*138

0 5 8 ,6 0 4

0191, 362

$ 3 1 8 ,9 6 4
2 5 3 .48 1

$52,065

067,797

055,138

$68,118

$191,362

$572,445

T o ta l

Reproduced from the Unclassified I Declassified Holdings of the Natior a r c h iv e s

' --■

DECLASSIFIED
Authority j j ) .

F
l'oorrri u

ff t C /)|

i o - l13
- i1i .

Office Corresp^nJence

FEDERAL RESERVE
/
BOARD

(J-

/■.
Subject:.

From___ Mr«—M o e ll.




F or y o u r inf^jw s& tion.
v^rovernor G ris s in g e r
V M r. P la tt
Hamlin
M ille r
/^MiV<James
iXMr, Cunningham
P le a s e r e tu r n t o S e c r e t a r y ’ s O f f i c e

Reproduced from the Unclassified I Declassified Holdings of the National *A ch ves




d e c l a s s if ie d

August S I, 1926•

Dear Hr* Itetteson:
I
acknowledge receipt o f and shall bring to
the attention o f the members o f the Board your
le tt e r o f August SO, 1926, addressed to Oovemor
Crissinger, enclosing a report of transaction# in
Government secu rities and bankers acceptances as
reported to the Open Martet Investment Committee
for the Federal Reserve system fbr the period from
August 19 to August 25, 1926, in clu siv e , together
with data received by the Committee from the
Federal reserve banks.
Very tru ly yours,

iJ* C* Boell|
A ssistant secretary.

Mr* W* B. Matteaon, Secretary,
Open Market Investment Committee,
o/o Federal Reserve Bank,
Hew York, ff.Y.

Reproduced from the Unclassified I Declassified Holdings of the NationeflArchives




DECLASSIFIED
Authority £ 2 1

f e d e r a l

OF

r e s e r v e

NEW

b a n k

YORK

CONFIDENTIAL

August 30, 1926

S i r :

Inclosed is a report of transactions in Govern
ment secu rities and bankers acceptances as reported to the
Open Market Investoent Committee for the Federal Reserve
Systee} for the period from August 19 to August 25, 1926
inclusive, together with data received by the Committee
from the Federal reserve banks.

V. B. Matteson
Secretary, Open Market
Investment Conmittee

Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.

Encl. (1)

Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives

DECLASSIFIED
Authority

£A4^501—

CQNFI I g n i A L

REPORT OF OPE1

ARKST INVESTMENT COMMITTEE WEEK

JDED AUGUST 2 5 , 1926

H o ld in g s o f E arning A s s e t s o f F e d e r a l R e se rv e Banks ffom January 2 8 . 1925 t o Date
------------------------- ------------------

to ta l

-1925'
Jan . 28
F eb, 25
M ar. -25
Apr* 29
27
May
June 24
J u ly 29
Aug* 26
Sept* 30
oet. 28
Nov,
25
D ec. 30
-1926
Jan* 27
F eb. 24
Mar. 31
Apr* 28
May
26
June 30
J u ly 28
Aug - 10
Aug- 25

EARNING
^ ASSETS
A
988 ,582
V!
1 ,129 ,698
1 ,0 4 0 ,6 9 9
1 *02? ,752
1 ,054,376
1 ,0 3 4 ,4 7 0
1 ,0 2 1 ,3 4 2
- 1 ,126 *293
1 ,2 5 7 ,0 2 4
1 ,250 ,087
1 ,326 ,121
1 ,5 0 0 ,8 2 7

GOVERNMENT SECURITIES
O u trig h t
S a le s
P u rch a s e s
C o n tra cts
$ 3 9 2 ,5 0 4
$ 1 ,5 6 0
360 ,090
4 ,6 0 4
339 ,692
5 ,0 5 9
3 4 5 ,0 3 1
4 ,0 0 8
346 ,365
3 ,8 4 9
317 ,155
7 t4$>4
1 1 ,5 9 1
318 ,569
3 1 8 ,3 1 0
1 3 ,9 3 9
3 1 3 ,7 4 5
29 ,161
3 1 4 ,9 3 3
9 ,8 2 4
3 15 ,71 3
16 ,586
2 6 5 ,9 9 8
1 1 ,0 3 4

1 ,118 ,687
1 ,1 8 5 ,0 4 6
1 ,2 2 5 ,5 3 7
1 ,114 ,233
1 ,119 ,122
1 A .58,406
1 ,106 ,302
1 ,151 ,884
1 ,1 5 0 ,1 7 1

363 ,073
320 ,517
326 ,833
385 *685
3 9 1 ,1 1 5
372 ,868
3 6 8 ,5 9 1
3 58 ,17 3
3 1 8 ,9 1 2

1 ,9 9 0
1 0 ,0 6 8
3 ,0 0 4
3 ,1 2 8
3 ,9 5 0
1 2 ,4 1 1
647
1 ,845
2 ,3 0 5

—

BANKERS ACCEPTANCES
O u trig h t
S a le s
P u rch a ses C o n t r a c ts
$19 ,587
$228 ,180
38 ,361
278 ,885
1 9 ,3 6 1
287 ,544
2 8 ,5 8 5
238 ,243
3 7 ,0 3 6
,377
241
215 ,277
26 ,389
183 ,978
26 ,498
1 8 ,9 6 4
182 ,555
2 6 ,4 5 5
241 ,855
297 ,453
3 1 ,2 6 4
3 2 ,5 3 4
326 ,924
4 1 ,9 7 6
320 ,842
279
255
210
180
183
214
196
240
244

,321
,732
,886
,274
,824
,664
,009
,993
,019

16 ,096
4 8 ,3 9 6
3 8 ,7 4 7
1 8 ,7 4 3
5 5 ,0 0 4
34,750.
1 5 ,1 6 4
13 ,129
1 0 ,5 9 7

-----------------------

BILLS
DISCOUNTED
$27 3 ,6 9 2
433 ,805
377 ,64,1
399 ,985
413 ,999
4 5 5 ,4 4 5
4 68 ,35 6
5 7 9 ,6 7 5
6 3 3 ,1 8 8
5 8 9 ,9 9 4
624 ,7X 4
7 4 9 ,6 7 2
448 ,557
540 ,083
6 3 2 ,3 9 1
513 ,668
4 73,943
5 1 5 ,0 3 1
5 21,390
534 *544
570 ,63fi

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
____ ____________DURING WEEK BNIBP AUGUST 25 . 1 9 2 6 __________ _______
~
' (OOO O m itte d )
GOVERNMENT SECURITIES BANKEES ACCEPTANCES
BILLS DISCOUNTED
Net
B
a
la n ce
Net
B a lan ce
B a lan ce
Net
Change
Change
Aug. 25
Aug. 25
Change
4 U&.* 25
$ 3 ,591+
B oston
& 39 ,499
$ 1 6 ,6 4 7
02 ,8 7 9 $ 1 ,7 2 8 $ 1 0 ,6 3 8
5 ,8 5 2 New York
1 4 0 ,0 5 9
5 ,2 2 2 +
60*266
3 5 ,1 0 0
1 0 ,4 0 1 7
,685+
49 ,850
623 +
P h ila d e lp h ia
2 0 ,4 5 4
18 ,879
9711 ,6 1 2 3 8 ,1 0 5
C le v e la n d
993+
2 ,6 0 2 35 ,214
2 5 ,94>5
20+
45 ,347
Richmond
12 ,7Q7
1 ,147 7 ,842
U 4+
301+
A tla n ta
48 ,600
71+
1 ,9 9 5
25 ,822
2 ,5 0 1 16 ,435+
73 ,604
1 ,7 4 7 C h icago
5 ,1 7 2 49 ,295
33 ,474
1 ,3 1 1 3
6
,4
2
4
S t* L o u is
5768 ,4 1 7
2 1 ,2 1 6
2 ,6 4 1 1
,1 6 4 +
M in n e a p o lis
17 ,527
586+
1 4 ,0 6 0
1 ,7 6 0 11 ,789
12
,716
2
,1 9 9 +
583Kansas C it y
3 ,5 4 7 30 ,129
1 4 ,5 1 3
3
,3
57 +
22 ,610
2 2 ,0 5 2
D a lla s
945+
3 ,6 1 1 12 ,246
1 0 ,1 1 7 +
4 9 ,7 6 4
San F r a n c is c o
5 ,7 5 2 1 ,0 9 9 +
42 ,284
23 ,425
N*Y. h o ld o v e r s
1*730+
& oth e r b i l l s
5 ,0 3 5
T o ta ls

$ 3 1 8 ,9 1 2

$ 3 9 ,2 6 1 -

$ 2 4 4 ,0 1 9

$3 ,026 +

$ 57 0 ,6 3 8

$36 ,094+

COMMENT ON CHANGES WEK ENDSD AUGUST 2 5 , 192.6

ifotal earning assets o f the System decreased $1,700,000 during the current
Statement waek, The major changes consisted of a decrease o f about $39,000,000 in
outright holdings o f Government se c u r itie s ■which was p a rtia lly o ffs e t b y an increase
o f ^36,000,000 in h i l l s discounted, Otfcer changes w ere a §3 ,0 0 0 ,0 0 0 inferease in

Owned outright and a decrease of 08,500,000 in b ill* Hal* under m l**
t«>reem ewts.




con tra ct

Reproduced from the Unclassified I Declassified Holdings of the Nat onsfi^ichives

DECLASSIFIED
A u th o rity jrfl. /A C /) |

Money
Market

G a l l money c o n tin u e d t o lo a n on th e S tock Exchange a t 4 1 /2
p e r c e n t u n t i l Wednesday a ft e r n o o n a t w hich t i m e , due t o c u r r e n c y
w ith d ra w a ls t o t h e i n t e r i o r , t h e r a t e advan ced t o 5 p e r c e n t w hich
r a t e h a s p r e v a i l e d during th e rem ainder o f t h e week#
W ith t h e e x c e p t io n o f some a c t i v i t y during th e m id d le o f
t h e week tr a d in g i n tim e money c o n t in u e d d u l l w ith r a t e s f i r m ;
6 0 - day lo a n s running a t 4 7 /8 p e r c e n t , w ith 3 t o 6-m onths quoted
a t 5 p e r Cent b id and asked*
T ra d in g i n com m ercial p a p er h as b een q u ie t* The su p p ly o f
new p a p er h as b een r a t h e r l i m it e d and th e denand h as d e cr e a se d ap p ro*
c i a b ly *
S a le s c o n t in u e d a t 4 1 /4 t o 4 1 /2 p e r ce n t*

Government
S e c u r it y
Market

T h ere was a g r a d u a l i n c r e a s e i n p r i c e s a t w hich U n ited
S t a te s L ib e r t y Loan and T re a su ry bonds w ere tr a d e d on t h e S to ck Ex
ch a n g e , th e i n c r e a s e s ran gin g from 3 t o 6 /3 2 n d s t a lth ou g h th e volume
o f s a le s c o n tin u e d l i g h t *
A c t i v i t y in th e m arket f o r s h o r t - t e m c e r t i f i c a t e s and
n o te s was o n ly m od era te w ith p r a c t i c a l l y no change in p r ic e s #

b a n k e rs

Acceptances




D ealers* o f f e r i n g r a t e s on u n in d o rse d prim e b an k ers a c
c e p ta n c e s w ere fu r t h e r in c r e a s e d on August 23 by 1 /4 p e r c e n t on
s h o rt b i l l s and 1 /8 p e r c e n t on th e lo n g e r m a t u r it ie s * t h e i r r a t e s
a t p r e s e n t b ein g 3 5 /8 p e r c e n t f o r 3 0 * 8 , 3 3 /4 p e r ce n t f o r 60*s
and 90 * s , and 3 7 /8 p e r c e n t f o r 1 2 0 -d a y b i l l s *
The F e d e r a l R e se rv e Banks o f B oston and New Y ork r e p o r t
t h a t th e y a g a in in c r e a s e d t h e i r minimum buying r a t e s on in d o r s e d
b i l l s on August 23 and th e r a t e s now in e f f e c t a r e 1 -1 5 days 3 3 /8
p e r c e n t* 1 6 -4 5 days 3 1 /2 p e r c e n t , 4 6-120 days 3 3 /4 p e t c e n t ,
and 5 t o 6 m onths 4 p e r c e n t .
The New York bank a ls o r e p o r t s th a t
th e r a t e on b i l l s bought from d e a le r s under s a le s c o n t r a c t a g re e 
m ents was a l s o in c r e a s e d from 3 1 /2 t o 3 3 / 4 p e r cen t#
B oston r e p o r t s a p o o r su p p ly and demand f o r b i l l s in t h e i r
d i s t r i c t , th e b e s t demand b e in g f o r sh ort b i l l s , w ith s a le s t o o u t o f-t o w n banks in c r e a s in g s l i g h t l y *
O f f e r i n g s t o th e r e s e r v e bank f e l l o f f s h a r p ly f o ll o w i n g th e in c r e a s e i n r a t e s *
The volum e o f
b i l l s p u rch a sed and s o ld in th e New York m arket was v e r y sm all* The
advance i n d e a le rs * o f f e r i n g r a t e s , w hich in c r e a s e was i n a c c o r d
w ith th e movement o f r e s e r v e bank bu yin g r a t e s , d id n o t r e s u l t in
any a p p r e c ia b le demand*
D e a le r s • p o r t f o l i o s c o n tin u e d t o d e c lin e *
The demand in P h ila d e lp h ia was s m a ll w ith o f f e r i n g s o n ly i n moder
a t e volume* C h ica go r e p o r t s a f a i r demand f o r b i l l s a t p r e s e n t
r a t e s , w ith a s c a r c i t y o f lon g m a t u r it ie s *
OPERATIONS ACCOUNT UNITED STATES TREASURY
The T h ir d L ib e r t y Loan bon ds a g g r e g a tin g $ 3 4 ,4 2 5 ,5 0 0 irw
e lu d e d in p u rch a ses r e p o r t e d l a s t week f o r fu t u r e d e l i v e r y , f o r th e
Cum ulative S in k in g Fund, w ere d e l i v e r e d August 24*
The o n ly o t h e r T re a su ry t r a n s a c t i o n consummated during th e
week c o n s i s t e d o f th e p u rch a se f o r red em p tion o f $ 6 ,3 0 0 ,0 0 0
September 1 5 , 1926 T re a s u ry N otes from a f o r e i g n c o r re s p o n d e n t*

Reproduced from the Unclassified I Declassified Holdings of the N a tio n ^ rc h iv e s

DECLASSIFIED
Authority

££ l__/_Q%)\

3
SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The f o l l o w i n g i s a sta tem en t o f p u rc h a s e s o f
January 4 t o August 2 5 , 1 9 2 6 , and t h e amount each bank
o r s h o rt o f i t s p ro r a t a sh a re u n der th e a p p ortion m en t
e f f e c t January 4 , 1 9 2 6 :
B i l l s E n title d
B
B i l l s A cq u ire d
Pro
t o A c q u ire
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C hicago
S t . L o u is
M in n e a p o lis
Kansas C it y
Ife lla s
San F r a n c is c o
T o t a ls

$ 7 4 ,3 2 9 ,0 0 0
2 4 4 ,1 7 3 ,0 0 0
8 0 ,3 4 6 ,0 0 0
1 0 3 ,6 7 6 ,0 0 0
5 3 ,4 8 9 ,0 0 0
5 0 ,1 0 1 ,0 0 0
1 4 4 ,6 5 0 ,0 0 0
4 5 ,3 4 0 ,0 0 0
4 3 ,0 9 1 ,0 0 0
6 1 ,9 7 2 ,0 0 0
4 3 ,7 3 9 ,0 0 0
9 5 .3 7 8 T000
$ 1 ,0 4 0 ,2 8 4 ,0 0 0

b a n k ers a c c e p t a n c e s from
h as r e c e iv e d i n e x c e s s '
p la n w hich was put in t o
i l l s Over
R a ta Share

B i l l s Short
Pro R ata Share

7 2 ,6 3 5 ,0 0 0
2 4 4 ,3 1 2 ,0 0 0
8 3 ,0 1 1 ,0 0 0
1 0 3 ,7 6 1 ,0 0 0
5 3 ,6 0 7 ,0 0 0
5 0 ,2 4 1 ,0 0 0
1 4 5 ,2 6 8 ,0 0 0
4 5 ,3 4 0 ,0 0 0
4 3 ,2 3 1 ,0 0 0
6 2 ,2 5 8 ,0 0 0
4 3 ,2 3 1 ,0 0 0
9 3 .3 3 9 .0 0 0

1 1 ,6 9 4 , i000
0
0
0
0
0
0
0
0
0
508 ,000
1 .9 8 9 ,0 0 0

0
139 ,000
2 ,6 6 5 ,000
85 ,000
118 ,000
140 ,000
618 ,000
0
140 ,00 0
286 ,000
0
0

1 1 ,0 4 0 ,2 8 4 ,0 0 0

$ 4 ,1 9 1 ,000

§ 4 ,1 9 1 ,000

$

The overages shown a b ove a r e b e in g a d ju s te d *
The F e d e ra l R e s e rv e Bank o f S t - L o u i s , w hich d is c o n t in u e d t e m p o r a r ily on
August 20 t h e i r p a r t i c i p a t i o n in Systen p u rch a se s o f b i l l s
i s , in a cco r d a n c e w ith
t h e i r r e q u e s t , resum ing p a r t i c i p a t i o n a s o f August 26*
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
Under t h e C o m m itte e 's a p p ro v a l g iv e n a t i t s m eetin g August 1 ? t h e r e was
s o l d from th e System A ccou n t during th e week t o a f o r e i g n co r re s p o n d e n t $49 0 ,0 0 0
o f Septem ber 1 5 , 1926 4 1/4% T re a s u ry N o te s , le a v in g t h e t o t a l h o ld in g s in th e a c
co u n t a t th e c l o s e o f b u s in e s s August 2 7 , 1926 a t $ 2 2 2 ,9 4 7 ,5 0 0 *
The p a r t i c i p a t i o n
by a l l F e d e ra l r e s e r v e banks and t h e C l a s s i f i c a t i o n o f is s u e s b y m a t u r i t i e s w ere
as fo llo w s I
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C h ica go
$ t . L o u ie
M in n e a p o lis
Kansas C it y
D a lla s
San F r a n c is c o

Septem ber
■December
March
Dec anber

T o t a ls




I 9 ,7 7 2 ,5 0 0
5 8 ,8 1 5 ,0 0 0
5 ,4 8 4 ,0 0 0
1 4 ,7 1 6 ,0 0 0
6 ,4 8 6 ,5 0 0
0
2 9 ,2 4 3 ,5 0 0
1 5 ,2 9 9 ,5 0 0
9 ,9 4 7 ,0 0 0
2 0 ,0 6 0 ,5 0 0
2 0 ,5 8 7 ,0 0 0
3 2 .5 3 6 .0 0 0
$ 2 2 2 ,9 4 7 ,5 0 0

1 5 , 1926
1 5 , 1926
1 5 , 1927
1 5 , 1927

0 5 9 ,3 9 5 ,0 0 0
5 7 ,3 5 3 ,0 0 0
7 6 ,8 7 8 ,2 0 0
2 9 ,3 2 1 ,3 0 0

^ 2 2 2 ,9 4 7 ,5 0 0 .

Reproduced from the Unclassified / Declassified Holdings of the Nationaiy\ichi es

DECLASSIFIEDAuthority £

|

j ) ,

ITEMIZED S T A lte N T OF TRANSACTIONS AFFECTING THS INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM AUGUST 19 TO AUGUST 35. 1926
,
( P a r t i c i p a t i o n in S h ort -term Governm ents - S p e c i a l in v e stm e n t A c co u n t}
S a le s
$ 2 ,3 8 5 ,0 0 0
1 4 ,3 5 7 ,5 0 0
I , 3 3 9 ,0 0 0
3 ,5 9 2 ,5 0 0
1 ,5 8 3 ,5 0 0
0
7 ,1 4 0 ,0 0 0
3 ,7 3 5 , 500
2 ,4 2 9 ,5 0 0
4 ,8 9 6 , 500
5 ,0 2 4 ,5 0 0
7 .9 4 2 r 000

B oston
New York
P h ila d e lp h ia
C lev ela n d
Richmond
A t la n t a
C hicago
S t . L o u is
M in n e a p o lis
Kansan C ity
D&ilftg
San F r a n c is c o
T o ta ls

6 57,500
3 ,9 5 7 ,0 0 0
369,000
9 9 0 ,0 0 0
4 3 6 ,5 0 0
0
1 ,9 6 7 ,5 0 0
1 ,0 2 9 ,5 0 0
6 6 9 ,5 0 0
1 ,3 4 9 ,5 0 0
1 ,3 8 5 ,0 0 0
2 .1 8 9 ,0 0 0

0 1 ,7 2 7 ,5 0 0
1 0 ,4 0 0 , 500
9 7 0 ,0 0 0
2, 602 ,50 0
1 ,1 4 7 ,0 0 0
0
5 ,1 7 2 ,5 0 0
2, 7 0 6 ,0 0 0
1, 7 6 0 ,0 0 0
3 ,5 4 7 ,0 0 0
3, 639,500
5 t 753f 000

0 1 5 ,0 0 0 ,0 0 0

$ 3 9 ,4 2 5 ,5 0 0

£.

0 5 4 ,4 2 5 ,5 0 0

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
P u rch a se s
B o sto n
P h ila d e lp h ia
C le v e la n d
A tla n ta .
S t . L o u is
D a lla s
San F r a n c is c o
T o ta ls

4 .0 0 0 .0 0 0
7 .0 0 0 .0 0 0
2 2 3 ,4 5 0
4 ,0 6 5 ,0 0 0
2 8 ,0 5 0
1 .5 5 0

Is
3 su e

S a le s

I^sue

450
4 ,0 0 1 ,0 0 0
7 .0 0 0 .0 0 0
1 5 2 ,6 0 0
4 .0 0 0 .0 0 0
0

A "1927 T r e a s . N otes
T r e a s . N otes
M is c . G ov’ t S e c .
A -1 9 2 7 T r e a s . N o te s
M isc* G ovH Sec*
T h ird L/L b on d s

Second L /L bon ds
Misc^r G ov H S e c.
T h ird t/ b b oitd s
M is c . G o v H Sec*
T h ird L /L b on d s
-

0 1 5 ,1 5 4 ,0 5 0

$ 1 5 ,3 1 8 ,0 5 0
BANKERS ACCEPTANCES
(0 0 0 O m itted )

H o ld in g s
A u g .18
Boston
0 1 9 ,5 2 6
New York
29,8 78
P h i la .
C le v e .
Richmond
A tla n ta
C h icago
S t» L o u is
M inn.
K a n .C ity
B a ila s
San.Fran,.

1 8 ,2 5 6
2 4 ,9 7 2
12, 593
2 8 ,3 2 3
3 5,221
8 ,9 9 3
1 1 ,2 0 3
1 5 ,0 9 6
1 1 ,3 0 1
2 2 ,3 2 6

T o t a ls 0 2 3 7 ,6 8 8

R ec*d b v A llo tm e n t
R e g u la r From
M atur*
itie s
P urch ased
from B oston
Own M kt,
N ,Y .
ft. .Bale 9
P ort.
0 3 ,4 6 4 R .
0
0
0 6, 343*
3 ,5 0 6
5 ,7 2 8 «
0
3 ,0 0 0
1 0 ,9 3 6 A .
1 ,7 7 6
2 ,3 9 9 R ,
0
0
500 M
500
1 ,9 9 7
1 ,9 9 0
178 H
0
1 ,3 3 1
1 ,3 9 5
600
96 “
1 ,2 8 $
4 ,4 8 2
362 M
1 ,9 9 9
4 ,1 0 8
0
0
.
0
820
244
0
1 ,0 6 5
1 ,1 5 1
500
0
1 ,3 3 8
701
2 ,6 2 2
300
615 "
1 ,1 5 3
1 ,1 2 3
1 .5 8 6 M
0
932
445

Other H o ld in g s
C lo se A u g .2 5 /2 6
H o ld in g s
S a le s
Other
Auer. 25
C on tracts
S ills
0
797
0 1 6 ,6 4 7 0
35,100
831
4 ,9 5 6
1 8 ,8 7 9
2 5 ,9 65
1 2 ,7 0 7
25,8 22
33, 474
8 ,4 1 7
1 1 ,7 8 9
1 4 ,5 1 3
1 2 ,2 4 6
23. 425

0
0
0
0
1 ,7 1 7
0
0
0
0
3T127

0
519
0
723
0
0
6
0
0
0

0 2 5 ,8 6 4

0 2 3 8 ,9 8 4

0 1 0 ,5 9 7

0 2,0 73

0 1 0 ,9 3 6

0 5 ,6 0 1

0 3 0 ,1 6 9

B i l l s h e ld or e t n ig h t b y N*Y. f o r d i s t r i b u t i o n t o o th e r F, R . banks,

-

T o t a l ................... ..
i n c l u d e s $ 5 ,6 0 1 ,0 0 0 s 6 ld to o t h e r F ed era l R e se rv e banks*
NGPFE: R v i n d i c a t e s r e t a in e d



and A - m & ic a te s

in th e above statftrm ftt.

05,035

Reproduced from the Unclassified I Declassified Holdings of the Nati0nsj#chives

DECLASSIFIED
Authority £ A

lf\qnI

(000 Omitted)

1—30 days
3 1/8 - 3 1/2%
Boston
$ 1,150
New York
9,770
Philadelphia
888
Cleveland
0
Richmond
178
Atlanta
0
Chicago
340
Ifellas
50
San Francisco
513
Totals

$12,889

31-60 days
3 1 /2 - 3 7 /8 1

Over 90 «days
3 5/8 * 3 3/4 io

61-90 days
3 1/2 - 3 7 /8 i

Total

99
1,231
995
0
0
0
21
200
723

$2,127
4,779
516
500
0
96
1
365
262

$

88
884
0
0
0
0
0
0
, sa

$ 3,464
16,664
2,399
500
178
96
362
615
1.586

$3,269

$8,646

$1,060

$25,864

$

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING AUGUST 25, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(ooo Omitted)'
( Excluding Sales C ontracts)
Government
S e cu ritie s

Bankers
Acceptances

T otal

$30,318
69,579
0

$31,465
0
30.169

$61,783
69,579
30.169

$39,261-

$ 1,296+
1,730+ (Net Change
__________ 1-day holdover
and other b i l l s )
$3,026+

$37,96
1,730+ (Net Change
_
_
1-day holdover
and other b i l l s )
$36,235—

Purchased
Sold
Matured

T ota ls

{in clu d in g Sales C ontracts)
Holdings
Aug. 25. 1926

Within
15 days

GovH S e cu ritie s
B ills Purchased

$ 2,305
72.070
174,375

T o ta ls




16-30
days

31-60
davs

61-90
days

9 1 -days
6 Months

Over 6
Months

T ota l

_ ^228

0
74.669

47.931

058,604
1,718

$194,420
0

0321,217
254T6I6

$118,116

§74,669

$47,931

$66,322

$194,420

$575,833

$ 65,888

Reproduced from the Unclassified I Declassified Holdings of the NaticnaiAichives

DECLASSIFIED
Authority

&X4&SQI

F o r m N o . tS l.

Office Correspondence
To

A11 mfimbera o f the Board,.__________

ft •. ^.*'#* f

4

^ ~\

f.'L

Dat* .August 2T^ _1226. __

A /

\
£

Subject:_______________ ___ 4 — 2

From___ M r . -NoaUL.__________________ ___________ -




I

ESERVE

_________

For your inform ation.
I^fiksfernor C rissinger
^Mr. P la tt
\y%Ir. Ilamlin
^ M r* James
y M p ^ fille r
Cunningham
Please return to S e cre ta ry ’ s O ffic e .

*

Reproduced from the Unclassified I Declassified Holdings of the National Ai chi es




DECLASSIFIED
Authority £ j f l 4 0 S a i

August 27, 1926#

Dear Mr* Matt©son:
I acknowledge receipt of and shall bring to
the attention of the members of the Board your
le tte r of the 23rd instant, addressed to Governor
Crissinger, enclosing a report of transactions in
Government securities and bankers acceptances as
reported to the Open Martoet Investment Committee
for the Federal Reserve System for the period from
August 12 to August 18, 1926, inclusive, together
with data received by the Coomittee from the Federal
reserve banks.
Very tru ly yours,

J. C. Noell,
Assistant Secretary

Mr* W. S. Matteson, Secretary,
Op Ma r k e t Investment Committee
3 Federal Reserve Bank,
New York, N.Y.

Reproduced from the Unclassified I Declassified Holdings of the National^chives




DECLASSIFIED

/
d e c e iv e d

Fe d e r a l R

e se r v e

Ba

n k

LTHE QOVMlHMOii

o f N ew Y ork

CONFIDENTIAL

August 23, 1926

S i r :
In clo se d is a rep ort o f tra n sa ction s in Govern
ment s e c u r itie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the p eriod from August 12 to August 18, 1926
in c lu s iv e , togeth er with data received by the Committee
from the Federal reserve banks.
R e sp e ctfu lly

W. B. Matteson
S ecretary, Open l&rket
Investment Committee
H onorable D. R . C r is s in g e r ,
G ov ern or, F e d e ra l R e s e rv e Board
W ashington, D. C.
E n c l.

(1 )

Reproduced from the Unclassified I Declassified Holdings of the National1*^chi es

declassified

Authority ^ 4 0 S U .

CONFIDENTIAL
REPORT OF OPEN MAKKET INVESTMENT COMMITTEE V®EK ENDED AUGUST 18, 1926
Holdings o f Earning A ssets o f Federal Reserve Banks from January 28. 1925 to Date
(000 Omitted)

-1925
Jan. 28
Feb. 25
Mar. 25
Apr, 29
May
27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
-1926 Jan. 27
Feb. 24
Mar. 31
Apr. 28
May
26
June 30
July 28
Aug. 11
n
18

TOTAL
EARNING
ASSETS
0 988,582
1,129,698
1,040,699
1,027,752
1,054,376
1,034,470
1,021,342
1,126,293
1,257,024
1,250,087
1,326,121
1,500,827

GOVERNMENT SECURITIES
Outright
Sales
Purchases
Contracts
0392,504
0 1,560
360,090
4,604
339 , 69 2
5,059
345,031
4,008
346, 365
3,849
317,155
7,454
318,569
11,591
13,939
318, 310
29,161
313,745
314,933
9,824
16,586
315,713
265,998
11,034

1,118,687
1,185,046
1,225,537
1,114,233
1,119,122
1,158,406
1,106,302
1,148,861
1,151,884

363,073
320,517
326,833
385,685
391,115
372,868
368,591
364,946
358,173

1,990
10,068
3,004
3,128
3,950
12,411
647
735
1,845

BANKERS ACCEPTANCES
Outright
Sale s
Purchases
Contracts
019,587
0228,180
278,885
38,361
19,361
287,544
238,243
28,585
241,377
37,036
215,277
26, 389
183,978
26,498
18,964
182,555
241,855
26,455
31,264
29 7,453
32,534
326,924
41,976
320,842
279,321
255,732
210,886
180,274
183,824
214,664
19 6,009
217,443
240,993

BILLS
DISCOUNTED
0273, 692
433,805
377,641
399,985
413,999
455,445
468,356
579,675
633,188
589,994
624,714
749,672

16, 09 6
48, 39 6
38,747
18,743
55,004
34,750
15,164
13,525
13,129

448,557
540,083
632,391
513, 668
473,943
515,031
521, 390
549,011
534,544

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
__ _____________DURING WSEK ENDED AUGUST 18. 1926______________ _ ....
(000 Omitted)

Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
N.Y. holdovers
& other b i l l s
T otals

GOVERNMENT SECURITIES
Balance
Net
Aug. 18
Chanee
0 12,366
0 32170,667
1 ,9 3 5 18021,425
37,816
2848,989
213431,924
54,4*7
96323,857
14219,287
32733,676
66025, 663
6341 , 07148,036

0358,173

0 6 ,7 7 3-

BANKERS ACCEPTANCES
Net
Balance
Aug. 18
Change
0 429+
0 19,526
1,216+
29,878
260+
18,256
2,486+
24,972
2,098+
12,593
2,878+
28,323
5,19 6+
35,221
2,137+
8,993
1,642+
11,203
15,096
1,975+
1,726+
11,301
4, 652+
22,326
3.305

3T145-

0240,99 3

023,550+

0534,544

014,467-

COMMENT ON CHANGES D5EK ENDED AUGUST 18. 1926
An increase o f approximately 023,000,000 during
System holdings o f bankers acceptances was p a r t ia lly
014,500,000 in b i l l s discounted and about 05,500,000
su ltin g in a net in crease in t o t a l earning a ssets o f

clude minor changes in holdings under sales con tra ct


BILLS DISCOUNTED
Net
Balance
Change
Aug. 18
y l l , 688+
0 35,908
44,342145,911
4, 355+
42,165
3,17339,717
661+
45,327
4,197+
48,299
5,104+
57,169
7 , 390+
37,735
3, 542+
12,896
10,517
225981+
19,253
39 , 647
4 ,6 4 5 -

the current statement week in
o f f s e t by decreases o f about
in Government s e c u r it ie s , r e 
03,000,000. These fig u re s i n 
agreements.

Reproduced from the Unclassified I Declassified Holdings of the National Aichives
declassified ”'

Authority £

Money
Market

2X 4^521

Stock Exchange c a l l money loaned at 4 l/2% during the cu r
ren t week and o ffe r in g s were gen era lly in excess o f the demand. Some
loans were made outside o f the Exchange as low as 4 l / 4 per cent.
Time money was firm with most trading in 4 months and over
the year loans at 4 7/8 and 5 per cent re sp e ctiv e ly *
In the commercial paper market supplies o f new paper were
only f a ir . There was some in d ica tio n o f improvement in the demand
over la s t week* Sales continued to be made at 4 l'/4 and 4 l/2 per
cen t.

Government
Security
Market

Trading in United States L ib erty Loan and Treasury bonds
was quiet with only minor re ce ssio n s in p r ic e s o f some o f the longer
term bonds.
There was very l i t t l e demand in the market during the
current week for the short-term c e r t if ic a t e s and notes and p rice s in
general were about the same as la s t week.

Bankers
Acceptances




A further advance o f l / 8 per cent in dealers* ra tes on
unindorsed prime bankers acceptances occurred on August 16, th e ir
o ffe r in g ra tes now being as fo llo w s : 3 3/8 per cent for 30* s, 3 l / 2
per cent for 60*s, 3 5/8 per cent fo r 90’ s and 3 3 /4 per cent fo r 120
day m a tu rities.
'
The Federal Reserve Banks o f Mew York and Boston report that
on August 16 they increased th e ir minimum buying ra tes on indorsed
b i l l s so that the rates now in e f f e c t are as fo llo w s: 1 to 45 days
3 3/8 per cent, 46-90 days 3 l/Z per cen t, 4 months 3 5/8 per cent
and 5 to 6 months 4 per cent*
Boston rep orts a continued small supply o f b i l l s with
l i t t l e lik e lih o o d o f improvement u n t il commercial paper rates are
increased. The demand, while improved, was la rg e ly from lo c a l banks,
country banks being p r a c t ic a lly out o f the market. Sales have been
m ostly o f 30 and 90 day m a tu rities. The Market in New York was
in a ctiv e and u n se ttle d . O fferin gs to the reserve bank were very
heavy and dealers* p o r t fo l io s made substantial d e c lin e s . B i l l market
co n d itio n s in P hiladelphia are reported as being much improved with a
fa ir demand fo r b i l l s at the increased r a te s . Chicago re p o rts that
the change in b i l l ra te s has had very l i t t l e e f f e c t on th e ir market.
OPERATIONS ACCOUNT UNITED STATES TREASURY
Purchases o f Third 4 l/ $ f L iberty Loan bonds fo r the
Cumulative Sinking Fund reported la s t week aggregating $5,410,000
were d eliv ered during the current week. Under add ition a l authority
from the Treasury further purchases o f Thirds for the Sinking Fund
have been made, to ta lin g $46,925,500 o f which $7,500,000 were pur
chased in the market and $39,425,500 from the System S p ecial In v est
ment Account* D e liv e rie s have been made during the week o f ,
$12,500,000, the balance $34,425,500 i s to be d elivered August 24.

Reproduced from the Unclassified / Declassified Holdings of the Nationai^ichi es

declassified

Authority^ 4 0 £ d U .

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The follow in g i s a statement of purchases of bankers acceptances from
January 4 to August 18, 1926, and the amount each bank has received in excess or
short of i t s pro rata share under the apportionment plan which was put into e ffe c t
January 4 , 1926;
B i l l s Short
B ill s Over
B i lls E n titled
Pro
Rata Share
B ills Acquired
Pro Rata Share
to Acquire
Boston
$ 76,466,000
New York
235,445,000
P hiladelphia
77,947,000
Cleveland
100,686,000
Richmond
51,980,000
Atlanta
48,120,000
Chicago
142,289,000
S t. Louis
45,096#000
Minneapolis
41,440,000
Kansas C ity
59,933,000
Dallas
41,671,000
San Francisco
9 3 r347T000
T ota ls
$1,014,420,000

$ 70,842,000
238,163,000
80,961,000
101,199,000
52,070,000
48,704,000
141,681,000
45,096,000
41,950,000
60,721,000
41,950,000
91.083,000
$1,014,420,000

$5,624,000
0
0
0
0
0
608,000
0
0
0
0
2 T264.000
$8,496,000

$

o
2 f718,000
3,014,000
'513,000
90,000
584,000
0
0
510,000
788,000
279,000
0
$8,496,000

The overages as shown above are being adjusted in the usual manner*.
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
At i t s meeting August 17 the Committee approved the follow in g tran saction s
which were e ffe c t e d during the current week:
Sale to fo re ig n correspondents of $7,337,000 Treasury Notes due Sept* 15, 1926*
Purchases from p o r t fo l io s of ce rta in reserve banks $15,000,000 Third Liberty Loan bonds
which, togeth er with present System holdings o f th is issue amounting to $24,425,500
a r e t o b e s o ld to the Treasury Department f o r the Cumulative Sinking Fund. $10,000,000
were d eliv ered on August 19r and the balanee is to be delivered on Aug*24*
Sale on August 19 from System Account to replace $15,000,000 purchase of Thirds as
fo llo w s :
^3,100,000 March 15, 1927 4 3/4% Treas* Notes
3,900,000 Dec* 15, 1927 4 1/2%
'*
*
4,000,000 Dee* 15, 1927 4 1/2%
M
"
'4*000,000 Dec* 15, 1927 4 1/2%
H
"
The re s u lt o f the above tra n sa ction s w i l l leave the t o t a l holdings in the
System Account at the c lo s e of August 24 at $223,437,500*
The p a r tic ip a tio n by a l l
Federal reserve banks and the c la s s if ic a t i o n o f issu es w i l l be as follow s*
To Cleveland
«
»

PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
$ 9,794,000
New York
58.944.000
P hiladelphia
5.496.000
Cleveland
14.748.500
Richmond
6.501.000
Atlanta
0
Chicago
29.308.000
S t. Louis
15.333.000
Minneapolis
9.969.000
Kansas C ity
20.104.500
20.632.000
Dallas
San Francisco
32.607,505
$223,437,500
T otals



RECAPITULATION OF HOLDINGS BY
$
September 15, 1926
December 15, 1926
15, 1927
March
December 15, 1927

MATURITIES
59,885,000
57,353,000
76,878,200
29,321,300

$223,437,500

Reproduced from the Unclassified I Declassified Holdings of the Nationefi^rchi es

' - A -■...—

•.V«II1 » » - ....

DECLASSIFIED ~

Authority j L & 4 & 5 b J _ _ _

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
government

SECURITIES - SYSTEM BJVES'IMBNT ACCOUNT
(P a r tic ip a tio n in S ales)

Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$

321,500
1,935,500
180,500
484,000
213,500
0
962,500
503,500
327,500
660,000
678,000
.1*070*5.00

T otal

$7,337,000

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Cleveland
Atlanta
St* Louis
Minneapolis
Dallas

$

T ota ls

200,000
153,000
361,650
582,850
43>850

Issue

Sales

Doe* 15, 1926 C tfs#
M is*. G ov't See*
Mi so# GovH Sec*
Misc* GovH Sec*
Misc# Govf t Sec*

0
195,800
0
582,850
0

Issue
Misc* GovH Sec#
Misc* G ov't Sec#

$778,650

.*341,350
BANKERS ACCEPTANCES
(OOO Omitted)

T ota ls

17,996
22,486
10,495
25,445
30,025
6,856
9,561
13,121
9,575
17.674

£210,993

$57,692 '

^7,202

$27,609

500
900
600
501
900
600
0
700
0
0

Matur
Holdings
itie s
& Sales
$ 9,051** $ 19,526
29,878
7,475
2,651*
1,607
18,256
24,972
3,474
1,177
12,593
28,323
2,510
35,221
4,094
8,993
550
11,203
516
15,096
1,305
11,301
586
22.326
3.203
$38,199

00
•—
i

Phila*
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kan. C ity
Dallas
San Fran#

From
Boston
Port*
0
2,501

*
3
<

Boston
New York

Holdings
Am* 11
$ 19,097
28,662

Regular
Purchased
from
N„Y*
Own Mkt*
$ 9,480 R*
0
8,841 tt
0
27,609 A,
1,367 R*
0
4,332
728 *
2,227
448 "
2,651*
2,236
2,653 "
5,737
2,087
0
0
2,158
2,580
0
2,057
255 "
3.660
4*155

$237,688

Other Holdings
Close Aug* 18/26
Other
Sales
Contracts B i l l s
0
$ 1,049
852
6,169
0
0
0
0
2,066
0
0
0
0
3 r845
$13,129

0
419
0
660
0
0
0
0
0
0
$1,931

- 1 .3 7 4
B i l l s held over night by New York f o r d is tr ib u tio n to other F* R* Banks T o t a l ----------- -------------------- - - - $3,305
*Sale to A tlanta from New York p o r t fo lio
* * Includes $7,202,000 so ld to other Federal Reserve Banks
NOTE: R* in d ica te s retained and A* in d ica te s a llo t t e d in the above statement#



Reproduced from the Unclassified / Declassified Holdings of the Nationai^ichi =s

declassified

Authority ^ l 4 0 5 D i

5
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING AUGUST 18. 1926
(OOO Omitted)
1-30 days
31-60 days
3 1 /8 - 3..1/2& 3 1 / 4 - 3 5/8J&

61-90 days
3 1 /4 - 3 5/83#

Over 90-days
3 3 / 8 - 3 3/4%

T otal

Boston
New York
Phila delphia
Cleveland
Richmond
Atlanta
Chicago
Dallas
San Francisco

$ 3,772
11,590
824
283
231
2,651
434
33
286

$ 1,304
8,804
82
445
167
0
854
22
^ 1 *3 1 4

$ 2,986
13,080
461
0
50
0
1,365
200
2.060

$1,418
2,976
0
0
0
0
0
0
0

$ 9,480
36,450
1,367
728
448
2,651
2,653
255
3...660.

T otals

$20,104

$12,992

$20,202

$4,394

$57,692

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING AUGUST 18, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(OOO Omitted)

(Excluding Sales Contracts)
Government
S e cu ritie s
Purchased
Sold
Matured

$1,342
8,115
0

$ 6 ,773-

Bankers
Acceptances

T otal

064,894
9,853
28>346
$26,695+
3 ,1 4 5 - (Net Change
_ _ _ _ _ l-d a y holdover
& other b i l l s )
$23,550^

$66,236
17,968
28.346
$19,922+
3 ,1 4 5 - (Net Change
_________ 1-day holdover
& other b i l l s )
$16,777+

(In cluding Sales C ontracts)
Holdings
Aug* 18, 1926

Within
15 days

16-30
days

31-60
days

61-90
davs

91-days
6 Months

Over 6
youths

Total

GovH S ecu ritie s
B i l l s Purchased

$ 1,845
68.190

$ 65,823
50.599

0
74.810

52.158

$58,602
8-365

$233,748
___

$360,018
2 54t122

T o ta ls

$70,035

$116,422

$74,810

$52,158

$66,967

$233,748

$614,140




Reproduced from the Unclassified I Declassified Holdings of the N atiorai^ chi les

DECLASSIFIED
Authority 1 ^ 4 0 5 1 1

F o r m . N o . 131.

. . •
. ,
FEDERAL RESERVE

|

Office Correspondence J jj
T o ------ A ll members of th e-JBoa r d . -------------

Dai>. **».t n. me.

Subject:____________I___ _________ ____________

I
From

Mr . Noe l l . ____________________________




____

________

For your inform ation.
^ }o v e rn o r C rissinger
n /m t • F la tt
Mr. Hamlin
H er
4/Mr. James
Mr* 9tt»ningkft»

Please return to S ecreta ry ’ s O ffic e

c/

Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives




;' A -■...—

• -

DECLASSIFIED
Authority

£_ILJ_Q50]___

August 17, 1926.

Dear Mr# Matteson:
I acknowledge receipt of and shall bring to
the attention of the members of the Federal Reserve
Board your le tte r of August 16th, addressed to
Governor Crisslnger, enclosing a report of trans
actions in Government securities and bankers ao~
oeptances as reported to the Open Market Investment
Committee for the Federal Reserve System for the
period from August 8 to August 11, 1926, inclusive,
together with data received by the Committee from
the Federal reserve banks.
Very tru ly yours,

4 °* H
o®u.

Assistant Secretary,

Mr* W* B* Matteson, Secretary,
Open Market Investment Committee,
o/o Federal Reserve Bank,
Hew York, N*Y*

Reproduced from the Unclassified I Declassified Holdings of the National^rchives




"'

DECLASSIFIED
Authority

FEDERAL
OF

RESERVE
NEW

BANK

YORK

August 16, 1926

CONFIDENTIAL

S i r :
In clo se d i s a report o f tran saction s in Govern
ment s e c u r it ie s and bankers acceptances as rep orted to the
Open listrket Investment Committee fo r the Federal Reserve
System fo r the p eriod from August 5 to August 11, 1926 in 
c lu s iv e , togeth er with data received by the Committee from
the Federal reserve banks.
R esp ectfu lly,

W» B. I&tteeon
Secretary, Open fiferket
Investment Committee

Honorable Do R. Crissinger,
Governor, Federal Reserve Board
Washington, Dc C.

Sncl. (1)

W
Reproduced from the Unclassified I Declassified Holdings of the Nation^rchives
d e c l a s s if ie d

Authority

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE V®EK ENDED AUGUST 11, 1926
Holdings o f Earning A ssets o f Federal Reserve Banksfrom January 28, 1925 to Date
(000 Omitted
TOTAL
BILLS
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
Sales
EARNING
Outright
O utright
Sales
-1925ASSETS
Contracts
DISCOUNTED
Purchases
Purchases
C ontracts
Jan . 28 0 988,582
02 73, 692
019,587
$228,180
0392,504
$ 1,560
Feb. 25
1,129 , 698
38,361
433,805
278,885
360,090
4,604
Mar* 25
377,641
19,361
1,040,699
339, 692
287,544
5,059
Apr. 29
399,985
1,027,752
28,585
4,008
345,031
238,243
27
May
241,377
37,036
413,999
1,054,376
346, 365
3,849
June 24
1,034,470
26,389
215,277
455,445
7,454
317,155
July 29
468,356
26,498
183,978
1,021,342
11,591
318,569
Aug, 26
579,675
18,964
1,126*293
318,310
182,555
13,939
Sept, 30
633,188
26,455
1,257,024
29,161
241,855
313,745
Oct, 28
1,250,087
589,994
297,453
31,264
314,933
9,824
Nov, 25
624,714
32,534
1,326,121
16,586
326,924
315,713
1,500,827
749,672
Dec. 30
41,976
320,842
265,998
• 11,034
-1926448f 557
16,096
Jan, 27
363,073
279 , 321
.1,118,687
1,990
Feb* 24
48,396
540,083
320,517
1,185,046
10,068
255,732
38,747
632,391
Mar# 31
1,225,537
210,886
326,833
3,004
513,668
Apr, 28
18,743
180,274
3,128
1,114,233
385, 685
473,943
26
55,004
May
3,950
183,824
1,119,122
391,115
34,750
515,031
June 30
1,158,406
372,868
214, 664
12,411
521,390
15,164
647
196,009
July 28
368,591
1,106,302
547,605
18,910
Aug.
1,149,517
209,582
4
56,5
369 , 655
549,011
11
13,525
217,443
364,946
1,148,861
735
OimC^S IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
.___________ DURING vVBEK ENDED AUGUST 11. 1926__________________
■
(000* Omitted)
:
GOVERNMENT SECURITIES BANKERS ACCEPTANCES
Net
Net
Net
Balance
Balance
Balance
Aug. 11
Aug. 11
Change
Change
Change
Boston .
$ 12,687
New York
72,602
P h ilad elp h ia
21,605
Cleveland
38,100
Richmond
9,202
A tlanta
1,967
Chicago
55,430
3 t # Louis
23,999
M inneapolis
19,614
Kansas C ity
34,336
p a lla s
26,297
San Francisco
49,107
N*Y* h oldovers and
other b i l l s
T ota ls

0364,946

$

211 1 ,2 6 7 1 1 831714074*
629329214432426700*

$4 ,7 0 9-

$ 19,097
28,662
17,996
22,486
10,495
25,445
30,025
6,856
9,561
13,121
9,575
17,674

$2,126+
4, 350+
309302011 ,5 1 6 1 ,3 7 0 1,335+
360+
370+
59384+

6.450

2.921+

$217,443

$7,861+

$ 24,220
190,253
37,810
42,890
44,666
44,102
52,065
30 , 345
9 , 354
10,742
18,272
44,292

06,28624,025+
4, 2976, 343+
1,518+
8+
4 ,0 7 2 4 ,8 5 3 1 ,4 3 9 7,358300+
2,483-

$549,011

$1,406+

COMMENT ON CHANGES TOC ENDED AUGUST 11. 1926
The t o t a l earning a ssets o f the System d eclin ed approximately $700,000 dur
ing the current statement week. In crea ses o f §1,400,000 in b i l l s discounted, and
$ 7 ,S00.000 in o u trig h t purchases o f bankers acceptances ’.Tere p a r tly o f f s e t bv decress
es o f $4,700,000 in ou trig h t purchases o f Government s e c u r it ie s and *>5, 400,000 m

bankers
acceptances held under sa les contracts#


Reproduced from the Unclassified I Declassified Holdings of the National^rchives
d e c l a s s if ie d '

Authority j j - j . / Q f o l

Money
Market

Stock Exchange c a l l money opened and renewed on Monday at
4 1 /4 per cent and advanced to 5 per cent on Tuesday as a re su lt o f
d e f i c i t s in the average reserves o f leading New York C ity banks# Gn
Wednesdayf however, c a l l money eased to 4 1/2 per cent due to ih e
gain o f funds in the market from incoming tra n sfe rs and purchases
inade f o r the Treasury and the ra te remained at t h is fig u re f o r the
balance o f the weak*
Time money was firm er although tradin g was not very active#
Most trading was in 3 to 6 months* loans at the ra te o f 4 3 /4 per
cent and the ra tes at the c lo s e o f the week f o r loans o f these matur
i t i e s were 4 3 /4 per cent b id , at 5 per cent o ffered *
The commercial paper market was quiet and fewer sales were
made in the in t e r io r , due to the demand fo r funds in moving crops*
Sales o f prime names were m ostly at 4 1 /4 and 4 1 /2 per cent*

Government
Security

Market

Accompanying firm er money con d ition s there were fractional
recession s in p r ic e s of United States L ib erty Loan and Treasury bonds.
The volume o f trading on th e Exchange was moderate and the average
y ie ld of o ffe r e d p r ic e s at the e lo s e o f the week was approximately
2/100 o f 1 per cent higher than la s t week*
O fferin g s o f the short-term c e r t i f i c a t e s and notes were
a lso at p r ic e s t© y ie ld s lig h t ly higher percentages, the average
gain over la s t w«ek bei«g approxim ately 5/100 o f 1 per cent#

Beckers

Acceptance^




On August 13 d ealers increased t h e ir ra tes 1 /8 per cent on
unindorsed prime bankers acceptan ces. The increased ra tes were as
fo llo w s : 3 1 /4 per cent f o r 30’ s , 3 3 /8 per cent fo r 60*8, 3 1/2
per cent fo r 90*s,and 3 5 /8 per cent f o r 120-day m aturities*
Boston rep orts there was no marked change in th e ir b i l l
market fo r the week ending August 1 1 , 1926. Dealers rep orted some
improvement in both supply and demand although new b i l l s continue to
be sca rce . The market in New York was very quiet with a f a i r demand
fo r 30 and 90-day b i l l s * The supply was very poor and d e a le rs1 port-*
f o l i o s d eclined to the low est p oin t o f the year* Philadelphia re
ceived rep orts from d ealers which in d ica ted that the general tone in
the b i l l marfcQt was somewhat b e t t e r . _ There was a s lig h t in crea se in
the number of b i l l s made by the banks and th e demand was firm er*
Chicago rep orts that the toarket th ere continues to be d u ll with
p r a c t ic a lly no new b i l l s being o ffe r e d .
OPERATIONS ACCOUNT UNITED STATES TREASURY
D e liv e rie s were made during the week of the $15,000,000
Third L iberty Loan 4 1 /4 per eent bonds which were purchased in the
market fo r account o f the Cumulative Sinking Fund, as reported la s t
week* Under a u th ority from th e Treasury an a d d itio n a l b lo ck o f Third
4 1 /4 * s , aggregating $7,410,000 was purchased fo r the Sinking Fund
fo r d e liv e ry as f o llo w s : $2,000,000 on August 11, $410,000 on
August 13, $3,0003,000 on August 18, and $2,000,000 on August 19*

Reproduced from the Unclassified I Declassified Holdings of the National Aichives

''

d e c l a s s if ie d

Authority

£A4£5al

3
SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The fo llo w in g i s a statement o f purchases o f bankers acceptances from
January 4 to August 11, 1926, and the amount each bank has received in excess or
short o f i t s pro ra ta share under tfc© apportionment plan which was put in to e f f e c t
January 4, 192$:
B i l l s E n title d
B i l l s Short
B i l l s Over
B i l l s Ac<juired
Pro
Rata Share
t o Aeouire
Pro Rata Share
Boston
New York
Philadelphia
Cleveland
Bichmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
D allas
San Francisco
T ota ls

$ *4*188,000
224,103,000
76,080,000
94,726,000
48,705,000
45,383,000
132,999,000
42,409,000
39,282,000
56,653,000
39,359,000
95.492.000

0 66,944,000
225,347,000
76,506,000
95,629,000
49,278,000
45,913,000
133,885,000
42,999,000
39,715,000
57,379,000
39,715,000
86.070.000

$7,244,000
0
0
0
0
0
0
0
0
0
0
0

$959,379,000

$959,379,000

§7,244,000

0
1,244,000
426s000
903,000
573,000
529,000
886,000
590,000
433,000
726,000
356,000
57£L000_
$7,244,000

Th« over ago o f the Boston bank i s being adjusted by allotm ent d ir e c t io
the bnnks that are short o f t h e ir pro ra ta share.

SYSTEM SPECIAL INVESTt®NT ACCOUNT - GOVERNMENT SECURITIES
With the approval o f a l l members o f the Committee, there was sold during
the period to a fo re ig n correspondent, $4,800,000 Treasury Notes due September 15,
1926,
This l e f t the t o t a l holdings o f the System Account for the current s t a t e 
ment week at $270* 200,000, The p a r tic ip a tio n by a l l Federal reserve banks and the
c la s s if ic a t i o n o f issu es were as follow s*
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
NeW York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dalla*
San Francisco

September 15, 1926
December 15, 1926
March
15, 1927
December 15, 1927
September 15, 1928
3rd L/L bonds

T ota ls




§ 11,843,000
71,280,000
6,646,500
17,835,000
7,861, 500
0
35,443,000
18,542,500
12,056,500
24,311,500
24,949,500
39,431.000
$270,200,000

& 67,222,000
57,£53,000
79,978,200
41,221,300
24* 425*500

---------- --------$270,200,000

Reproduced from the Unclassified I Declassified Holdings of the Natioriai Aichives

DECLASSIFIED
Authority j j f i , /Q f o |

ITMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
___
FEMAL RESERVE BAMS FROM AUGUST 5 TO AUGUST 11. 1 9 2 $ ...........
GOVERNMENT SECURITIES - SYSTEM t^VESTMENT ACCOUNT
(P a r t ic ip a tio n in S a le s)
Bo ston
New York
P h ilad elp h ia
Cleveland
Richmond
A tlanta
Chicago
S t. Louis
M inneapolis
Kansas C ity
Dallas
San Francisco

}

T otal

Atlanta
Minneapolis
Dallas
T otals

Holdings
_Ay&,_ 4
Boston
$ 16,971
New York
24,312
Phila#
18,305
C leve.
22*516
Richmond
10,696
26,961
Atlanta
Chicago
31,895
5,521
S t. L,
Minneapolis 9,201
Kan. C ity 12,751
9,634
Dallas
San Fran . 17.290

210,500
1,266*500
118,000
317 9W 0
139.500
0
629.500
329.500
214,000
432 ,000
443 ,000
700.500

te.800.000

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Issue
Sales
Issue
$321,200 M isc. G ov't Sec,
$247,050 M isc. G ov't Sec,
588,400 MisC* Gov’ t Sec*
588,400 M isc. GovH Sec *
16>850 M isc« Gov’ t Sec.
0
$835.450

1 9 2^ 450

BANKERS ACCEPTANCES
(OOO Omittod)
Other Holdings
Rec*d by Allotment
Close Aug*11/26
Regular From
Matur
Sales
Other
Holdings
itie s
Purchased
from
Boston
Own Mkt.
N*Y.
P o rt.
& Sales Aug* 11 Contracts B ills
1 9,451 R. I b
#o
$ 7,325* # 19,097 $ 2,651 I- o
882
3,182
28,662
2,400
4,236
0
6,186 h
11,795 A.
0
0
17,996
0
0
2*733
2,424 R.
528
0
22,486
375 »»
1,854 0
2,259
0
0
10,495
0
1,366 0
• 1,566
0
700
200
25,445
75 it
2,920
1,129
H
0
3,012
30,025
1*067
3,875
938 Q
0
0
6,856
0
70
1,405 0
0
0
9,561
?43
0
1*103 0
0
0
13,121
0
500
1,339
1,208
0
0
9,575
915
768 0
88 II
4,680
0
17.674
2.024 0
.. 2*261
...... 621 I*

T otals #206*053 $32,082

#11,795 #3,100 #30,242

#210,993

#13*525

$2,110

B ills held over night by N. Y . fo r d is t r ib u t io n to oth er F* R* Banks
4 4 ,3 4 0
T ota l
------.< .,* ..# 6 ,4 5 0
* Includes $3,100,000 so ld t o other Federal r e s e r v e banks*
NOTE:

R indicates retained and A indicates allotted in the above statement.




Reproduced from the Unclassified I Declassified Holdings of the Nationa'I^rchives

'' ------

—

d e c l a s s if ie d

l05Cli___

Authority

5
MATURTTISS AMP RAtES Oil. jgflUJS PURCHASED MEEK .ENDING AUGUST. i 1.. ^.25
(OOO OBitted}
1-30 day*
31-SO ctay*
3 1 / 8 - 3 * /* *
Boston
New York
Philadelphia
Cleveland
Atlanta
Chicago
Callae
San Francisco

Totula

$ 5,014
8,027
256
0

0

3! 5

747
953
0
0
0
0
0
0

0 9,451
17,981
2 t424
375
75
1,067
88
621

$4,983

$11,634

$1,700

032,082

-W
$13,765

T otal

$ 2,960
5,493
1,878
375
**
850
0
3

$ m
3,508
290
0
0
35
75

0
iea
13

61-90 days Over 90-days
3 1 /4 ~ 3 3 /r f J i M

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING AUGUST 11. 1926
AND HOLDINGS AS OF THAT MTE CLASSIFIED BY MATURITIES
(OOO Ottitted)1
"
(Excluding Sales Contracts)
Bankers
Acceptances

Government

Purchased
Sold
Matured

Totals

Total

$36,108
8,735
JBJU g.
.I 2 J M
$ 4,940+
$
231+
2,921* (Net Change
2,921+(Net Change
I-day holdover
I -day holdover
& other b ills )
& other b ills )
3,152+
$ 7,861+

$ 926
5,635
0 .

$35,182
3t 100

$4*709-

(Including Sales Contracts)
Holdings
Atffe.JUUiti!?!*,

Within
IL-fere.

GovH Securities #
735
70.7S4
B ills Purchased
T o ta ls




171*489

16-30
days

31-60
Jftjt.P

■

61-90
<fetyg

91-days
6 Months

Over 6
Total

0

S 73,160

0
#58,372
41.023
6^570

$233 *414
0

$365,681
230f968

|46f 397

$139,384

§41*023 $64,942

$233,414

$596,649

Reproduced from the Unclassified I Declassified Holdings of the National Arch ves
d e c l a s s if ie d

Authority

F o r m N o . 131.

Office CorrespouJence
^

FEDERkt RESERVE

A ll Members o f the Board

‘e August 10, 1926
A
Subject:__

For your inform ation*

w

Please return to the S ecreta ry 1

O ffice*




Governor C ri^singer
Mr. P la tt
Mr. Hamlin
Mr. James ^
f
Mr. Cunn in gham
;
Mr. M ille r
C ol. McIntoshI

r

Reproduced from the Unclassified I Declassified Holdings of the Nationai^ichi es




declassified

Authority

August 10, 1926

Dear Mr* Matteson:
I
acknowledge re ce ip t o f and s h a ll bring to
the a tte n tio n o f the members o f the Board your le t t e r
o f August 9th , e n clo sin g a rep ort o f tra n sa ctio n s in
Government s e c u r it ie s and bankers acceptances as re-*
ported t o your Committee f o r th « p eriod from July 29th
to August 4 th , 1926, in clu siv e *
Very t r u ly yours,

J , C, H o e ll,
A ssista n t seoretary

Mr* w* B* Matteson, S ecreta ry,
Open Market Investment Committee,
o /o Federal Beserve Bank,
Hew York, N. Y.

Reproduced from the Unclassified I Declassified Holdings of the Nat onafl Archives




DECLASSIFIED
Authority

om
FEDERAL
OF

RESERVE
NEW

BANK

VORK

August 9, 1926

CONFIDENTIAL
S i r :

Enclosed is a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the p eriod from July 29 to August 4, 1926 in 
clu s iv e

togeth er with data received by the Committee

from the Federal reserve banks.

S ecretary, Open Market
Investment Committee
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.

Enel. (1)

- o f1

I

Reproduced from the Unclassified I Declassified Holdings of the Nation^jfrchives

DECLASSIFIED
Authority £ r L / 0 Q ) [

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED AUGUST M $ 1926

O'
00

Holdings o f Earning A ssets o f Federal Reserve Banks from January 28, 1925 to Qate
(000 Omitted)
TOTAI*
BILLS
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
EARNING
Outright
Sales
Outright
Sales
-1925ASSETS
DISCOUNTED
C ontracts
Purchases
C ontracts
Purchases
Jan* 28 # 988 ,582
#273,692
#19,587
#228,180
#392,504
$ 1,560
Feb* 25
433,805
38,361
1,129
278,885
4,604
360,090
Mar* 25
1,040 ,699
377,641
19,361
339,692
287,544
5,059
Apr* 29
1,027 ,752
399,985
238,243
345,031
28,585
4,008
27
May
1,054 ,376
241,377
346,365
413,999
.37,036
3,849
June 24
455,445
1,034 ,470
215,277
317,155
7,454
26,389
July 29
1,021 ,342
468,356
26,498
183,978
318,569
11,591
Aug* 26
579,675
1,126 ,293
182,555
318,310
18,964
13,939
633,188
Sept. 30
1,257 ,024
241,855
26,455
313,745
29,161
Oct* 28
589,994
314,933
297,453
31,264
1,250 ,087
9,824
Nov, 25
624,714
1,326 ,121
315,713
326,924
32,534
16,586
749,672
320*842
Dec. 30
41,976
1,500 ,827
11,034
265,998
-1926448,557
Jan. 27
279,321
16,096
1,118 ,687
363,073
1,990
540,083
255,732
320,517
48,396
Feb* 24
,046
1,185
10,068
38,747
,537
Mar* 31
210,886
632,391
326,833
1,225
3,004
513,668
Apr* 28
18,743
180,274
385,685
1,114 ,233
3,128
473,943
,122
183,824
55,004
May
26
391,115
1,119
3,950
515,031
June 30
214,664
12,411
34,750
372,868
1,158 ,406
647
15,164
521,390
July 28
1,106 ,302
196,009
368,591
209,582
547,605
Aug.
18,910
4
369,655
565
1,149 ,517
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
N*Y. holdovers
and other b i l l s
T ota ls

(000 Omitted)
GOVERNMENT SECURITIES
BANKERS ACCEPTANCES
Net
Net
Balance
Balance
Change
Change
Au
4
# 16,971
# 12,898
1# 2,338*
73,869
24,312
7890
21,723
1,296+
18,305
0
38,417
2,031+
22,516
999+
9,342
10,696
0
644+
1,893
32+
26,961
1,954+
2,877+
31,895
56,059
0
5,521
24,328
1,398+
•0
457+
19,828
9,201
0
12,751
649+
34,768
0
26,723
944+
34+
9,634
49,807
17,290
280+
0

#369,655

#1,064+

3.529

506-

#209,582

#13,573+

BILLS DISCOUNTED
Net
3alance
Change
Au& r_£
4 30,506 # 3 ,0 7 6 *
166,228
15,390*
42,107
1 ,1 6 9 36,547
6,091+
43,148
1 ,0 6 8 497+
44,094
56,137
2 ,4 0 0 4,814+
35,198
10,793
610+
18,100
2,558+
• 17,972
511l f 67346,775

#547,605

#26,215+

COMMENT ON CHANGES WEEK ENDED AUGUST 4. 1926
The .tota l earning a sse ts o f the System were approxim ately $43,000,000
g rea ter than the previous week* The p r in c ip a l in crea ses occurred
the amount of
b i l l s discounted, which advanced $26,000,000, and in the amount of o u trig h t purchases
o f bankers acceptances which advancea #13,000,000* Other sm aller in crea ses were
$3,000,000 in bankers acceptances held under sa le s co n tra cts and $1,000,000 in out
righ t purchases o f Government s e cu ritie s *



Reproduced from the Unclassified I Declassified Holdings of the Natiorai Aichi es

'' -

BECI^SSIFtED~
Authority

Mp ney
Market

&L4QSQJ

Money co n d itio n s were firm during the ea rly part of the
week when Stock Exchange loans were made at the rates of 4 1/2 and
5 per cent* C all moriey eased to 4 per cent on Wednesday by which
time the f i r s t o f the month requirements had been taken care of* On
Thursday, however, money again became fin n e r , due to currency v/ith-^
drawals and outgoing commercial tr a n s fe r s , and the rate advanced
to 4 1 /2 per cent a t which fig u re i t clo se d fo r the week*
Time money was s lig h t ly firm er but the market continued
quiet with a small volume of loans at the follow in g ra te s: 60 days
4 1/2 per cent; 3 and 4 months’ 4 5/8 per ce n t, and 5 and 6 months4 3 /4 per cent*
New supplies of commercial paper were s lig h t ly la rger
during the week and sales o f best names were m ostly a t 4 1 /4 per
cent with some sa les at 4 and 4 1/2 per cent* The demand from
buyers, which continued l i g h t , was m ostly from the New England
and in t e r io r markets.

Government
Security
Market

P rice s of United States L ib erty Loan and Treasury bonds
were fr a c t io n a lly lower than la s t week* Trading on the New York
Stock Exchange was o f small volume, the t o t a l sa le s of a l l issu es
fo r the current week being only s lig h t ly over $3tOOO,OOQ*
The short-term c e r t i f i c a t e and note market was in a ctiv e
with p r ic e s approxim ately l/32n d o f 1 per cent lower than la s t week*

Bankers
Acceptances




Unindorsed b i l l s were o ffe r e d at the follow in g ra tes which
are unchanged from those current during the past two weeks: 3 1 /8 per
cent fo r 30’ s , 3 1 /4 per cent fo r 60* s, 3 3 /8 per cent f o r 90*8, and
3 1/2 per cent fo r 1 2 0 -day m aturities*
Boston rep orts that the midsummer dullness characterized
the market th e re .
Dealers sa les were s lig h t ly g rea ter than during the
previous week but con sisted f o r the most part of a few la rge orders
confined to 30 and 90-day b i l l s *
In New York the market continued
very quiet and featureloflrs*
The supply o f b i l l s was lig h t and with
the excep tion o f 30-day b i l l s the demand was poor*
Dealers rep ort
the aggregate o f t h e ir p o r t fo lio s to be approximately unchanged from
la s t week#
P hiladelphia rep orts the market there is a lso quiet with
a s lig h t improvement in the amount o f turnover* Chicago rep orts a
very small demand being made fo r b i l l s with p r a c t ic a lly no new b i l l s
coming into the market*
OPERATIONS ACCOUNT UNITED STATES TREASURY
Transactions under a u th ority from the Treasury con sisted
o f the sa le in the market of $>200,000 December 15, 1926 c e r t if ic a t e s
from investment h old in gs o f the A lien Property Custodian and the
purchase in the market f o r d e liv e ry on August 10 and August 12 of an
aggregate of $15,000,000 Third 4 1 /4 per cent L iberty Loan bonds
fo r account of the Cumulative Sinking Fund*

Reproduced from the Unclassified I Declassified Holdings of the Nation^Hrchives

mm

DECLASSIFIED
AuthorityjrA f f y g n |

3
SYSTM PURCHASES OF BANKERS ACCEPTANCES
The follow in g i s a statement o f purchases o f bankers acceptances from
January 4 to August 4 , 1926, and the amount each bank has received in excess or
short o f i t s pro rata share under the apportionment plan which was put in to ef
fe c t January 4 , 1926:
B i l l s Acauired

B ills ^ t i t l e d
to Acauire

B il ls Over
Pro Rata Share

B i l l s Short
Pro Rata Share

Boston
New York
Philadelphia
Cleveland
Pichmond
Atlanta
Chicago
St« Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 67,837,000
215,517,000
73,656,000
92,497,000
47,339,000
43,979,000
130,994,000
41,004,000
38,179,000
54,945,000
38,503,000
82.847.000

$ 64,698*000
217,968,000
73,939,000
92,421,000
47,674,000
44,308,000
129,393,000
41,395,000
38,432,000
55,454,000
38,432,000
83r183.000

$3,139,000
0
0
76,000
0
0
1,601,000
0
0
0
71,000
0

0
2,451,000
283,000
0
335,000
329,000
0
391,000
253,000
509,000
0
336r000

T otals

$927,297,000

0927,297,000

$4:,887,000

$4,887,000

The overagos aggregating $4,887,000, as shown in the above statement, are
being adjusted in the usual manner*
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
The tra n sa ctio n ca rrie d over from the previous week co n sistin g o f the
sa le in the market from holdings o f the System Account o f $1,500,000 March 15, 1927
Notes in exchange f o r a lik e amount o f December 15, 1926 c e r t i f i c a t e s was completed
on July 29*.
The t o t a l holdings o f the System f o r the current statement week were urvchanged a t $275,000,000*
The p a r tic ip a t io n by a l l Federal reserve banks and the
c la s s if ic a t i o n o f issu es were as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Ifcllas
San Francisco

$ 12,053,500
72,546,500
6,764,500
18,152,000
8,001,000
0
36,072,500
18,872,000
12,270,500
24,743,500
25,392,500
... 40.131*500

T otals

$275,000,000




RECAPITULATION OF HOLDINGS BY MATURITIES
September 15, 1926
December 15, 1926
March
15, 1927
December 15, 1927
September 15, 1928
3rd L/L bonds

$ 72,022,000
57,353,000
79,978,200
41,221,300
24,425,500

$275,000,000

Reproduced from the Unclassified I Declassified Holdings of the National Aichives

DECLASSIFIED ~
Authority

|OS?

|.

£
fpMIZED STATEMENT OF TRANSACTIONS AFFECTINQ THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM JULY 29 TO AUGUST 4. 1926
(P a rticip a tio n in Short-term Governments - S p ecial Investment AccoUjnt}
Sales

Bo ston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
D a lla s .
San Framed Ac o
T o ta ls

*

65, 500
395,500
37,000
99,000
43,500
0
197,000
103,000
67,000
135,000
138,500
219.000

$

61,

m
o
a
o
o
o

Purchases

01,500,000

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Sales
Issue
5
150
0
1,000,000 A-1927 Treas. Notes
1,000
56,400
88,200 M isc. GovH Sec.
250,000 Second L/L bonds
250,000
0
33.550 M isc. GovH Sec*

Boston
Cleveland
Atlanta
S t, Louis
D allas
T ota ls

$1,371,750

65,500
395,500
37,000
99,000
43, 500
0
197,000
103,000
67,000
135,000
133,500
219.000

Issua
Second L /L b on ds
M isc. Govf t i5ec.
Misc* GovH Sec.
Treas. Bonds 1956

$307,550
BANKERS ACCEPTANCES
(000 Omitted)

Boston
N, Y.

Holdings
Julv 28
1 14,633
25,101

P h ila .
17,009
Cleve,
20,485
Richmond
10,052
A tlanta
25,007
Chicago
29,018
S t, Louis
4,123
Minneapolis 8,744
Kan. City 12,102
D allas
8, 690
San Fran . 17.010

Rec*d bv Allotment
Regular
From
Purchased from
Boston
Own Mkt, N. Y. P o r t fo lio
$ 5, 619 R. $ 0
$
0
5,918 n
0
1,100
16, 686 A#
0
2,338 R.
0
1,069 "
2,599
600
0
75 "
1,656
2,742 "xx 1,401
400
0
3,175 "
2,864
0
0
1,398
0
0
1,470
0
1,877
0
0
300 "
1,406
0
539 "
2.015

Matur i t i e s & Holdings
Auk. 4
Sales
$ 3 ,281x $16,9 71
7 ,8 0 7 ** 24, 312
1,042
2,237

1,087
2,589
3,162
0
1,013
1,228
762
2*274

18,305
22,516
10, 696
26,9 61
31,895
5,521
9,201
12,751
9,634
17. 290

Other Holdings
Close MK m.J k M
Other
Sales
Contracts B i l l s
1q '
$ 2,909 ** ' 1
8,422
928
0
0
0
0
3,462
0
0
0
0
. 4J.17

0
818

0
688
0
0
0
0
V
o.___

$2,434
$2,100 #26,482 $206,053
$18,910
$16,686
T otalsfi.91,974 $38,461
B i l l s held over night by New York for d is tr ib u tio n t o other F.R* Banks ............ 1 f095
T o ta l......................... $3,529
xlncludes 02,100,000 sold to other Federal reserve banks,
xxlncludes $2,672,000 sold to F.R.B* o f A tlan ta from N„Y, p o r t f o l i o ,

jV O T E :
ft indicates


retained and A indicates allotted in the above statement.

Reproduced from the Unclassified I Declassified Holdings of the Nationai^ichives
d e c l a s s if ie d ^

Authority

MlLiOSDl

5
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING AUGUST 4. 1926
(OOO ( f i t t e d )
1-30 days
31-60 days
61-90 days
Over 9 0 -days
3 1 / 8 - 3 3/8# 3 1 / 4 - 3 3/ 4j 3 1 / 4 - 3 3/8#
3 3/8#
Boston
New York
P h ilad elp h ia
Cleveland
Richmond
A tlanta
Chicago
D allas
San Francisco
T otals

Total

675
13,532
1,031
0
0
2,672
1,563
48
406

$1,237
1,886
137
0
75
0
697
14
133

$ 3,461
5,511
1,170
1,069
0
70
915
238
0

$

246
1,675
0
0
0
0
0
0
0

$ 5,619
22,604
2, 338
1,069
75
2,742
3,175
300
539

$19,927

$4,179

$12,434

$1,921

$38,461

$

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING AUGUST 4, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Omitted)
(Exeluding Sales C ontracts)
Government
S e cu ritie s
Purchased
Sold
Matured ..

Banker s
Acceptances

$2,371
1,807
0

T otal

$40,561
4,772
21^710
014,079+
506- (Net Change
1-day holdover
& other b i l l s )
#13,573+

$1,0 644-

$43,432
6,579
J k M
$15,143+
506- (Net Change
_ _ _ _ _ _ 1-day h o l d o w
& other b i l l s )
$14,637+

(In clu d in g S ales £ontr£et& l

Holdings
August 4« 1926

Within 16-30
15 davsdays

Gov’ t S e cu ritie s
B i l l s Purchased

|

T o ta ls




565
75.269 40.228

$75,834

31-60
davs

61-90
davs

91-days
6 Months

Over . 6
Months

T otal

0 $ 77,959
62.911

0
43.476

$58,372

$233,324 $370,220
6.608 0 .228.492

$40,228 $140,870

$43 ,47 6

$64,980

$233,324

$598,712

Reproduced from the Unclassified I Declassified Holdings of the NationalAichn/es

DECLASSIFIED
Authority

F o r i a N o . 131.

Office Correspondence
To

A4.1 Members o f the Board

From

Mr* Eddy

rRNM
KNt rusMi^a omim
Digitizedflovfor
FRASER


«* w m m a

FEDERAL RESERVE
BOARD

#

For your inform ation.

A ,
N
Subject:

Date.

August 3, 1926

Please return to S e cr e ta ry ^ O ffic e ,

J Governor C rissin ger
Mr/ P la tt
•
Hamlin
"Mr. James^
Mr. Cunningham
Mr. M iller
Col* McIntosh

Reproduced from the Unclassified I Declassified Holdings of the NationaWrchives




DECLASSIFIED^
Authority £ A

|

[

August 3 , 1923

Dear Mr. liatetesons
X acknowledge r e c e ip t o f and s h a ll bring
t o tho a tte n tio n o f the members o f the Board your
le t t e r o f the 2nd in s ta n t, en closin g a re p o rt o f
tra n sa ction s in Government s e c u r it ie s and bankers
acceptances as reported to your Committee fo r the
p eriod 'from July 22 to July 28, 1826* in o lu s iv e f
Very tru ly y ou rs,

Walter L. Eddy,
Secretary

4

B* Matteson, S ecretary,
#jpen Market Imrestment Committee,
o /o Federal Reserve B»nkt
Hew York, N. Y.

Reproduced from the Unclassified / Declassified Holdings of the National^rchives




'' —•

DECLASSIFIED
Authority £ X i 4 0 5 D i

FEDERAL
OF

RESERVE
NEW

BANK

YORK

CONFIDENTIAL

| ***** w- •

August 2, 1926

S ir
Enclosed is a report of transactions in Govern
sent securities and bankers acceptances as reported to the
Open Market Investment Coiaaittee for the Federal Reserve
System for the period from July 22 to July 28, 1926 inclu
sive, together with data received by the Cocaoittee from
the Federal reserve banks.

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable D. R. C rissinger,
Governor, Federal Reserve Board
Washington, D. C.
Encl. (1)

|

Reproduced from the Unclassified I Declassified Holdings of the National Aichive s

DECLASSIFIED
Authority £ 2 1 / ^ 0 0 1

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 28, 1926
Holdings of Earning Assets of Federal Reserve Banks from January 28. 1925 to Date
(000 Omitted)
TOTAL
EARNING
ASSETS

-192 SJan^ 28
Feb* 25
Mar* 25
Apr,. 29
May
27
June 24
July 29
Aug* 26
Sept. 30
Oct* 28
Nov* 25
Dec* 30
-1 9 26 Jan* 27
Feb* 24
Mar* 31
Apr* 28
May
26
June 30
July 21
M
2C

$

GOVERNMENT SECURITIES
Outright
Salae
Jontracts
Purchases

BANKERS ACCEPTANCES
Outright
Sales
Contracts
Purchases

BILLS
DISCOUNTS]

988,582
1,129,697
1,040,699
1,027,752
1,004,376
1,034,470
1,021,342
1,126,293
1,257,024
1,250,087
1,326,121
1,500,827

$392,504
360,090
339,692
345,031
346,365
317,155
318,569
318„310
313*745
31-;,933
3X5,713
265,998

$ 1,560
4,604
5,059
4,008
3,849
7,454
11,591
13,939
29,161
9,824
16,586
11,034

$288,180
278,885
287,544
238,243
241,377
215,277
183,978
182,555
241,855
297„453
326*924
320,842

$19,587
38,361
19,361
28,585
37,036
26,389
26,498
18,964
26,455
31,264
32,534
41,976

$273 ,692
433 *805
377 ,641
399 ,985
413 ,999
455 ,445
468 ,356
579 ,675
633 ,188
589 ,994
624t 714
749 ,672

1,118,687
1,185,046
1,2?5,5S7
1,114,233
1,119,122
1,158,406
1,102,165
1,100,302

363,073
320*517
326,833
385,6*5
391,115
372*868
370,733
368,591

1,990
10,068
3,004
3,128
3,950
I 2 t 411
12,364
647

279f 321
255,732
210#886
180,274
183,824
214,664
198,921
196,009

16,096
48,396
38,747
18,743
55,004
34,750
18,518
15,164

448 ,557
540 ,083
632 ,391
513 ,66Q
473 ,943
515 ,031
495 ,429
521 ,390

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_____ ___________ DURING WEEK ENDED JULY 28. 1926_____________________
(000 Omitted)
GOVERNMENT SECURITIES
Net
Balance
July 28
Change
Boston
$
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
N*Y, holdovers
and other b i l l s
T ota ls

12,899
73,869
21,723
37,418
9,542
1,861
56,059
24,328
19,828
34,768
26,689
49,807

$368,591

0
0
0
0
0
70
2 ,1 3 9 0
0
4+
0

$2,142-

BANKERS ACCEPTANCES
Net
Balance
Ch^n^e
July 28
$ 14,633
25,101
17,009
20,485
10,052
25,007
29,018
4,123
8,744
12,102
8 ; 690
17,010.

$5,9863,038+
241+
826703+
7 87—
2,19134679+
910+
21*
508+

4.035

812+

$196,009

$2,912-

COM,'□ENT ON CHANGES WEEK ENDED JULY 28

BILLS DISCOUNTED
Balance
Net
^hange
$ 27,430
150,838
43,276
30,456
44,216
43,597
58,537
30,384
10,183
15,542
18,483
48,448

$ 3,320+
24,454+
1,082—
4,1 9 9 1,408+
2572,287+
4,7501,941+
975***
844+
2,970+

$521,390

$25,961v

1926

T otal earning a ssets advanced $ 4 ,0 0 0 ,0 0 0 during the period* B i l l s dis
counted increased 1 2 6 ,0 0 0 .0 0 0 w hile ou trigh t purchases of Government s e c u r i t i e s and
---fcankars aeeeotances decreased $2,000,000 and |34000,000 r e s p e c tiv e ly . Other decreases
/•Atteijs+M c h i e f l y o f investments hel& under sa le s co n tra cts which decreased $ 1 5 ,GGO*000
o f w h i c h anount »X2, 000,000 was in Government s e c u r it ie s and *3,000,000 in fcantcirs
acceptances*



Reproduced from the Unclassified / Declassified Holdings of the NationaWichi es

DECLASSIFIED

Authority

Money
Market

Stock Exchange c a l l money loans fo r the current week, up
u n t il Friday noon, were steady at 4 per cent with a good volume of
money on o f f e r but demand somewhat lig h t e r than in the previous week.
On F rid a y, however, the banks, in a n ticip a tio n o f the requirement o f
funds fo r in te r e s t and dividend payments over the f i r s t o f the month,
found i t necessary t o withdraw la rg e sums o f money from the market
with the r e s u lt that at about 12 o ’ c lo c k the c a l l money rate advanced
to 4 l / 2 per cent and at 1 o ’ c lo c k to 5 per ce n t. Loans aggregating
approximately $31,000,000 were made at the 5 per cent rate and c a ll
money closed fo r the week at t h is fig u re with a moderate amount of
money femaining unloaned*
The time money market was very d u ll with a small amount of
loans reported at the fo llo w in g r a t e s ; 90 days at 4 l/Z per cent,
4 and 5 months at 4 5/8 per cent and 6 months at 4 3/4 per cent*
The commercial paper market continued quiet with a s lig h tly
firm er tendency. Sales were p r in c ip a lly to the la rg er in s tit u t io n s
in the in t e r io r at ra te s o f 4 and 4 l / 4 per cent fo r the b e st names
and 4 l/Z per cent fo r other good names*

Government
Secu rity
Market

P rice s o f United States Government bonds were fr a c t io n a lly
b e tte r although the market continued q u ie t. There was a f a ir volume
o f sa les reported in the short-term c e r t i f i c a t e and note market and
p r ic e s remained firm*

Bankers
Acceptances

O fferin gs o f unindorsed b i l l s by d ea lers continued at the
fo llo w in g r a t e s ; 3 l / 8 per cent fo r 30*s , 3 l / 4 per cent fo r 60*s
3 3/8 per cent fo r 90’ s and 3 l / 2 per cent fo r 120 day m a tu ritie s,




Boston re p o rts a sharp f a lli n g o f f o f sales with aggregate
o f dealers* p o r t fo l io s showing a s lig h t in cre a se . O fferin gs o f new
b i l l s were very sca rce , which i s not unusual fo r th is time o f the
year. In New York the market was very quiet with l i t t l e o f sp ecia l
in te r e s t t o report* Some preference was shown fo r b i l l s o f 30 and
90 day m atu rities and one or two d ealers reduced th e ir ra tes on some
90 day prime b i l l s to 3 3/8 per cent b id and 3 l / 4 per cent offered c
Dealers* aggregate p o r t fo lio s showed a s lig h t decrease over la s t week,
P h ilad elp h ia re p o rts there i s very l i t t l e a c t iv it y in the b i l l markets
There was no improvement in the demand fo r b i l l s which continues very
l i g h t * . Chicago re p o rts that co n d itio n s in the b i l l market there
continue dull*
OPERATIONS ACCOUNT UNITED STATES TREASURY
D e liv e r ie s were made during the week o f the $5,000,000 Third
4 l/4% L ib erty Loan bonds which were purchased fo r the account o f the
Cumulative Sinking Fund as mentioned in la s t week's re p o rt. The only
other tran saction t h is week was the purchase fo r the account o f the
A lien Property Custodian o f $400,000 December 15, 1926 C e r t ific a t e s
from the holdings o f the System account.

Reproduced from the Unclassified I Declassified Holdings of the National A id i ves

DECLASSIFIED
Authority ^ 4 0 5 2 -

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The follow in g i s a statement o f purchases of bankers acceptances from
January 4 to July 28, 1926, and the amount each bank has received in excess or
short o f i t s pro rata share under the apportionment plan which was put into e f«

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 64,318,000
208,499,000
71,318,000
88*229,000
45,608,000
42,108,000
124,955,000
39,606,000
36,709,000
53,068,000
36,797,000
80.293.000

B i l l s E n titled
to Acquire
| 62,193,000
209,736,000
71,076,000
88,842,000
45,885,000
42*519,000
124,382,000
39,606,000
37,000,000
53,307,000
37,000,000
79^962.000

T otals

$891,508,000

$891,508,000

B i l l s Acquired

B i l l s Over
pro Rata Share
$ 2,125,000
0
242,000
0
0
0
573,000
0
0
0
0
. 331.,000

B i l l s Short
Pro Rata Share
0
1,237,000
0
613,000
277,000
411,000
0
0
291,000
239,000
203,000
0

§3,271,000

$3,271,000

On July 27 the Federal Reserve Bank o f St* ^ouis resumed th e ir partici**
p ation in d a ily purchases of b i l l s which they had tem porarily discontinued on July
20, 1926 due to th e ir reserve p o s itio n at that time#
The overage of the Boston bank i s being adjusted by allotm ent d ire ct to
the banks that are short of th e ir pfo rata share*
SYSTEM SPECIAL INVESTMENT ACCOUNT ~ GOVERNMENT SECURITIES
With the approval of a l l members of the Committee an exchange was e ffe c te d
during the current week in the investment holdings of three reserve banks (P h ila
delphia $9,373,500, Atlanta 11,280,000, San Francisco $ 8,096,500); those banks s e l l 
ing to the System Account an aggregate o f $18,750,000 December 15, 1926 c e r t i f i c a t e s
which wera replaced from the System holdings by a lik e amount of March 15, 1927 notes*
An a d d ition a l excharge of $1,500,000 o f the March 1927 notes fo r a lik e amount of
December 15, 1926 c e r t i f i c a t e s was e ffe c te d in the market fo r d e liv e ry July 29* Other
tra n sa ction s were the sa le of $5,400,000 December 15, 1927 notes in the market and
$2,000,000 Dec, 15, 1926 c e r t if ic a t e s to a fo re ig n correspondent, which were replaced
by purchases o f $7,000,000 3rd L iberty Loan bonds in the market and $400,000 December
15, 1926 c e r t i f i c a t e s from the holdings o f the A lien Property Custodian*
These tra n sa ction s do not change the t o t a l holdings which remain at
$275,000,000*
The p a r tic ip a tio n by a l l Federal Reserve banks and the c la s s ific a t io n s
of issu es were as fo llo w s ;
RECAPITULATION OF HOLDINGS BY MATURITIES
participation by f e u e a l reserve banks
$72,Q22,GGp
September 15, 1926
Boston
$ 12,053,500
57,353,000
December 15, 1926
72.546.500
New York
79,978,£00
March
15, 1927
P hiladelphia
6,764,500
41,221,300
December 15, 1927
18.152.000
Cleveland
24,425,500
September 15, 1928
8,001,000
Richmond
bonds
3rd
L/L
Atlanta.
0
36.072.500
Chicago
18.872.000
St. Louis
12.270.500
Minneapolis
24.743.500
Kansas C ity
25.392.500
Dallas
40.131,500,
San Francisco
T ota ls



$ 2 7 5 ,0 0 0 ,0 0 0

$ 2 7 5 ,0 0 0 ,0 0 0

Reproduced from the Unclassified I Declassified Holdings of the National'Archives

■M
M
*•*■

''

DECLASSIFIED
Authority

/|YV)|

4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM JULY 22 TO JULY 28. 1926
(P a r tic ip a tio n in Short-term Governments - S p ecial Investment Account)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

Purchases

Sales

I 1,146,000
6,898,500
643,000
1,726,000
760,500
0
3,430,500
1,795,000
1,167,500
2,353,000
2,414,000

$ l t146,000
6,898,500
643,000
1,726,000
760,500
0
3,430,500
1,795,000
1,167,500
2,353,000
2,414,000
3,816,000

9SL
T otals

$26,150,000

#26,150,000

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Issue
Sales
$ 9,373,500 B-1927 Treas* Notes
$ 9,373,500
1,502,950 Misc# ^ovf t See#
1,510,400
#2,139,000
0
503,200 Wise, GovH Sec.
503,200
11,000 Mi sc* GovH Sec#
6,500
8 f096r700 M isc. Gov’ t Sec#
8.096.500

P hiladelphia
Atlanta
St* Louis
Minneapolis
Dallas
San Francisco
T ota ls

Issue
B-1927 Treas# Note*
Misc* GovH Sec#
TD-1926 C tfs .
Misc* G0v*t Sec*
Misc# &ovH Sec#
TD-1926 Ctfs*

$21,629,100

$19,487,350

*Includes $2,138,500 sold to fo re ig n correspondent
BANKERS ACCEPTANCES
i 1^ qqq oujitted)
Other Holdings
Kec*d by Allotment
From
Mature
Other
Sales
Holdings Purchased
Boston
i t i e s & Holdings
from
July 28 C ontracts B ills
Own Mkt#
N+Y* P o r t fo lio
Sales
fyXv...21
Boston
$ 20,619 $ 3,924 R*
I 9,910* $ 14,633
0
$ 3,944
0
0
904
»* Y*
22,063
5,027
25,101
5,854
0
2,650
5,415 *
11,697 A#
Phila*
0
0
2,097 R*
1*856
16,768
17,009
0
0
Cleve*
2 I f 311
0
2,755
861
20,485
0
0
1,929
hich#
10*052
1,183
0
0
657
9,349
121 *
1,108
686
25,007
Atlanta
0
703
2,589
25,794
Q
1,099
1,773
5,374
2,059
0
31,209
1,410 "
29,018
Chicago
0
462
0
St* Louis
4,123
0
4,157
0
0
428
Mina*
1,005
0
982
702
8,744
0
8,065
0
12?102
0
884
0
Kan# C ity 11,192
1,293
501
0
0
1,647
8 s690
0
Dallas
921
142 *
605
8,669
3,307
17.010
0
San Fran*, 16r502
2
f478
822 *
2 f164
0
$15,164 $2?45I
$191,974
$35,170
T otals $195,698 $25,628
$11,697 $5,818
B i l l s held over night by New Y0rk fo r d is tr ib u tio n to other f#R* Banks - - - •» I >584
T otal
-44*035
k818 sold to- other Federal reserve banks#
*Includes
NOTE! R indicates retained and A indicates allotted in the above statement*



m

Reproduced from the Unclassified I Declassified Holdings of the Nation^fte^ivss

DECLASSIFIED
Authority

5
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING JUI.Y 28. 1926
(000 Quitted)
1-30 days
31-60 days
61-90 days
3 1 / 8 - 3 l / H 3 1 / 4 - 3 3/8# 3 l/4 - 3 3/8#
Boston
New York
Philadelphia
Richmond
Chicago
Dallas
San Francisco

#

541
7,800
795

8
137

#

# 2,362
5,430
682

449

H

0
1,129
126
289

#9,730

#4,248

#10,018

0

Total*

# 339
2,932
620
113
144
16

Ovor 90-days
3 3/81
682
950

0
0
0
0
0
#1,632

Total
# 3,924
17,112
2,097

121
1,410
142
822
#25,628

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING JULY 28, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(OOC Omitted)'
(Excluding Sales Contracts)
Government
Securities
Purchased
Sold
Matured

#45,637
47,779

Banker s
Acceptances

Total

#31,446

0

# 2,142-

’ 0
35.170
# 3,724812+ (Net Change
'
1-day holdover
' ...Ul & other b ills )
# 2 ,* 1 2 -

#77,083
47,779
35.170
# 5,866812+ (Net Change
_ _ _ 1 -day holdover
& other b ills )
# 5,054-

(Including Sales Contracts)
Holdings
July 28. 1926
Gdv*t Securities
B ills Purchased

Totals




Within
15 davs

91-days
Over 6
6 Months Months

31-60
davs

61-90
davs

#77,959
..57*116

0

J& J21

#58,353
4.845

#67,443 #41,517 #135,175

440,799

#63,198 #232*280 #580,412

#

647
6ft.796

16-30
davs

0

Total

#232,280 #369,239
Q..__
2 1 1 .1 7 3

Reproduced from the Unclassified I Declassified Holdings of th

DECLASSIFIED
Authority

5

F o i i n i N o . 131.

Office Correspondence
To _

A ll Members o f the Board

From

Hr • S

For your inform ation.

FEDERAL RESERVE
( bOoA
aR
rI
d
iB

Date___July 27, 1926

rw i tbut
Please return to the Secretary*s

O f f ic e .
g o v e rn o r C rissin ger
VMr . P la tt
\/Mr • Hamlin
v/M r. James
Mr « Cunnin gham oJrUs<J{
•. M ille r
Jol. McIntosh e

«HTr«tHMNTMHWTttMlOfTlOfl



Reproduced from the Unclassified I Declassified Holdings of the National^chivss




DECLASSIFIED""
Authority J j } , /(Y ? )|

July 27, 19Z6

Dear Mr. U atteson:
I
acknowledge r e c e ip t o f and s h a ll bring
t o the a tte n tio n o f the member# o f the Board yotxt
l e t t e r o f July 26thf en olosin g rep ort o f transac
t io n s in Government s e c u r it ie s and bankers accep t
ances as reported to your oom aittee fo r the period
from July 15th t o July 2 1 st, 1926, in c lu s iv e , togeth er
with data received from the Federal reserve banks.
Very tr u ly you rs.

W alter L, Eddy,
S ecretary

Mr* W* B. Matteson, S ecreta ry,
Open Market Investment Committee,
o /o Federal Reserve Bank,
Hew York, H. Y.

Reproduced from the Uncfassified / Declassified Holdings of the NationafjArchi /es

*

d eclassified

Authority £ Z l 4 0 S s d

FEDERAL
OF

RESERVE
NEW

BANK

YORK

«
*

CONFIDENTIAL

July 26, 1926

S i r :
Bnelosed is a report of transactions in Govern
ment securities and bankers acceptances as reported to the
Open Market Investment Committee for the Federal Reserve
System for the period from July 15 to July 21, 1926 inclu
sive, together with data received by the Committee from
the Federal reserve banks.

V. B. Metteeon
Secretary, Open Market
Investment Committee

Honorable D. R. Criseinger,
Governor, Federal Reserve Board
Washington, D. C.
Sncl. (1 )




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED^
Authority j L & 4 0 S O l

confidential

REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 21, 1926
Holdings o f Earning A ssess o f Federal Reserve Banks from January 28 n 1925 to Date
(000 Omitted)
TOTAL
EARNING
ASSETS

-1 9 2 5 Jan* 28
Feb* 25
Mar* 25
Afcr* 29
May
27
June 24
July 29
Aug* 26
Sept* 30
Oct. 28
Nov* 25
Dec* 30
-1926Jan* 27
Feb* 24
Mar* 31
Apr* 28
May
26
June 30
July 14
n
21

$

988,562
1,129,697
1,040,699
1 ,0 2 7 ,7 52
1,054,376
1 ,0 3 4 ,4 70
1,021,342
1,126,293
1,257,024
1,250,087
1.326.121
1,500,827
1,118,687
1,185,046
1,225,537
1,114,233
1.119.122
1,150,406 !
1,146,602 i
1,102,165 S
j

government securities

Outright
Purchases

Sales
Contracts

BANKERS ACCEPTANCES
Outright
Sales
Purchases
C ontracts

BILLS
DISCOUNTED

$392,504
360,090
339,692
345,031
346,365
317,155
318,569
318,310
313,745
314,933
315,713
265,998

$ 1,560
4,604
5,059
4,008
3,849
7,454
11,591
13,939
29,161
9,824
16,586
11,034

§288,180
278,885
287,544
238,243
241,377
215,277
183,978
182,555
241,855
297,453
326,924
320,842

019,587
38,361
19,361
28,58$
37,036
26,389
26,498
18,964
26,455
31,264
32,534
41,976

$273,692
433,805
377,641
399,985
413,999
455,445
468,356
579,675
633,188
589,994
624,714
749*672

363,073
320,517
326,833
385,685
391,115
372,868
370,678
370,733

1 ,990
10,068
3,004
3,128
3,950
12,411
20,403
12,364

279,321
255,732
210,886
180,274
183,824
214,664
198,468
198,921

16,096
48,396
38,747
18,743
55,004
34,750
35,724
18,518

. 448,557
540,083
632,391
513,668
473,943
515,031
514,930
495,429

CHANGES IN EARNING ASSETT HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
r.-.tr,,,,...
(000 Omitted)

Boston
New York
P hiladelphia
Clevoland
Richmond
A tlanta
Chicago
S t . Louis
Minneapolis
Kansas C ity
D allas
San Francisco
N.Y. holdovers
and other b i l l s
T otals

GOVERNMENT SECURITIES
Balance
Net
July 21
Change
§ 12,899
0
73,869
0
0
21,723
37,418
4+
0
9,342
1,868
23+
156,059
26,467
16+
19,828
0
34,768
0
26,685
13+
49,807
0

BANKERS ACCEPTANCES
Net
Balance
Change
July 21
$ 20,619
§ 3 ,0 3 3 591*
22,063
16,768
1,183+
1,494+
21,311
427+
9,349
1,955+
25,794
31,209
3,-826+
4,157
2 ,8 1 2 8,065
184+
177+
11,192
8,669
21416,502
26-

$370,733

-3 ,2 2 3
$198,921

055+

BILLS DISCOUNTED
Balance
Net
July 2J,,
Chanpo
0 24,110
$ 8 ,5 4 0 1 9,138126,384
44,358
4,058**’
5,40334,655.
42,808
2,406+
5,210+
43,854
56,250
3,021+
35,134
3,849+
1,970+
8,242
16,517
470i
17,639
2,211+
1,499*
45,478

3.299§

453+

£495,429

019, 5$U

CCMMlflT ON CHANGES V/EBK ENDED JULY 21 ^ 1926
T ota l earning a sse ts o f the System d eclined $44,400,000 during the state**
ment week#
B i l l s discounted decreased $19,500,000, w h ile investmeafcs held under
sa les co n tra cts decreased $25,000,000 o f which amount $8,000,000 was in Government
s e c u r it ie s and $ l? f 000,000 in bankers acceptances#



Reproduced from the Unclassified I Declassified Holdings of the Nationai^ichi /es

'' ------

d e c l a s s if ie d ^

Authority £ 2 1 4 ^ 5 0 1

Money
Market

With the excep tion o f Monday morning when c a ll, money opened
at 4 1 /4 per cent the ra te maintained fo r the week was 4 per cent*
There xvas a lib e r a l supply o f money with an average d a ily turnover
o f $21,000,000* Some s tr e e t loans were reported at a s lig h t fr a c t io n 
a l con cession from the ra te on the Exchange.
Time money o f 3 - 5 months m aturity was traded in at 4 l/Z
per cent with a f a i r l y large volume o f bu sin ess at t h is r a te , viihile
some money was o ffe r e d at 4 5/8 per cent fo r loans carrying over the
year end there were re p o rts o f only an occa sion a l loan at t h is ra te ,
the bulk o f trading in th is m aturity being at 4 3/4 per ce n tfc
The commercial paper market was quiet and the lim ited amount
o f natr paper th at came in to the market was g e n e ra lly sold to the
la rg e r in s t it u t io n s in the in t e r io r - Most sa le s o f prime names were
at 4 per cent» other good names at 4 l / 4 per ce n t, with an occa sion a l
sale at 4 l/Z per ce n t.

Go^eriaaftnt
S ecu rity
Market

There was some weakness in the market fo r United States
Government bonds during the current VS&k but recession in p rice s was
only fr a c t io n a l with small volume o f sa les.
The short-term c e r t i f i c a t e and note market was q u iet.w ith
only s lig h t v a ria tion o f p rices*

Bankers
Acceptances




Dealers* o ffe r in g s on unindorsed b i l l s were at the f o l 
lowing r a t e s : 3 l / 8 per cent fo r 30’ s, 3 1 /4 per cent fo r 60*3,
3 3/8 per cent for 90’ s, and 3 l / 2 per cent for 120-day m a tu rities.
•These ra te s are unchanged from those current la s t week,
Boston re p o rts a eledfcening in the supply o f b i l l s and
dealers* sales not so heavy as compared with the previous week, with
b i l l s o f 90-day m a tu rities in b e st demand- O fferin gs to the reserve
bank were also lig h t e r . In New York the market continued quiet with
preference for 90-day b i l l s . D ealers report supply and demand about
equal with aggregate o f th e ir p o r t fo lio s p r a c t ic a lly unchanged.
P hiladelphia rep orts that o ffe r in g s o f b i l l s were not made fre e ly
but were s t i l l in excess o f the demand which continues very l i g h t ,
Chicago re p o rts market continues d u ll with supply small nnd demand
lig h t .
OPERATIONS ACCOUNT UNITED STATES TREASURY
Operations fo r account o f United States Treasury consisted
o f the sale o f $200,000 December 1926 c e r t i f i c a t e s fo r account of
the A lien Property Custodian, and the purchase o f $5,000,000 Third
L iberty Loan 4 l / 4 per cent bonds fo r d e liv e ry July 22 and 23 for
account o f the Cumulative Sinking Fund.

Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives

DECLASSIFIED
Authority & L 4 £ )S Q l

SYSTEM SPECIAL INVESTMENT ACCOUNT * GOVERNMENT SECURITIES
The h old in gs in the System S p ecia l Investment Ac courrfc continued unchanged
from the la s t r e p o r t, the amount remaining a t $275,000 9000*
The p a r tic ip a t io n by
the various Federal reserve banks and the c l a s s i f i c a t i o n o f issu es by m a tu rities
were as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BAMS

RECj .PI fUIATION OF HOLDINGS BY MATURITIES

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

§ 12,053,500
72,546*500
6,764,500
18 j 152,000
8,001,000
0
36,072,500
18,872,000
12,270,500
24,743,500
25,392,500
40.131.500

September 15, 1926
December 15, 1926
15, 1927
Marc!;
December 15, 1927
September 15, 1928
B ri L/L bonds

T ota ls

§275,000,000

$ 72,022,000
38,703,000
98,728,?00
48 ,121, c j ’J
17,425V,00

$275,000,000

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The fo llo w in g i s a statement o f purchases of bankers acceptances from
January 4 to July 21f 1926, and the amount each bank has received in excess or
short o f i t s pro rata share under the apportionment plan which was put into e f f e c t
January 4 , 1926;
B i l l s E n title d
B i l l s Ov&r
B i l l s Short
Pro Rata Share
B i l l s Aea»ir6d
Pro Rata Sriare
to Acquire
Boston*
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T ota ls

§ 66,212,500
200,434,000
69,221,000
86,300,000
43,722,000
40,306,000
121,772,000
39,178,000
35,025,000
51,274,000
35,129,000
77.307 .000

$ 60,429,000
203,688,000
69,060,000
86,322,000
44,373,000
41,007,000
120*854,000
39,178,000
35,740,000
51,795,000
35,740,000
77 f 694,000

$5,783,000
0
161,000
0
0
0
918,000
0
0
0
0
0

0
3,254,000
0
22,000
651,000
701,000
0
0
715,000
521,000
611r00Q
387.000

$665,880,000

$865,€80,000

06,862,000

$6,862,000

Owing to t h e ir reserve p o s it io n the Federal Reserve Bank of St® LoUi s 0n
July 20 sold from t h e ir p o r t fo lio b i l l s o f ea rly m a tu rities aggregating $ 3 ,3 5 6 ,COG
and tem porarily discontinued t h e ir p a r tic ip a t io n in current purchases.
The d is t r i
bution o f th ese b i l l s to the oth er p a r tic ip a tin g banks i s included in the fig u re s
shown above*
The overage o f the Boston bank i s being adjusted by allotm ent d ir e c t to
the banks that are short o f t h e ir pro rata share.




Reproduced from the Unclassified I Declassified Holdings of the NatioralAichi es

DECLASSIFffiST
Authority J j L .[ 0 5 0 1

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT QF ALL
________________ FEDERAL RESERVE BAMS FROM JULY 15 TO Jt&Y
i?2 6 _-------------GOVERNMENT SECURITIES
Issue

Purchases
Boston y
Cleveland j
A tlan ta
Chic ago
S t. L o u is D allas

0
3,500
B-1927 Treas* Notes
147,050 M isc, G o v 't Sec.
0
16,000 Second U/h bonds
13^650 Misc* GovH Sec.

T ota ls

Issue

§S^
$

50 Second L /t Bond
0
124,100 M isc. $ov*t Sec.
1,000
Gov*t Sec*
0
0

$125,150

*130,800

BANKERS ACCEPTANCES
(000 Omitted)
Holdings Purchased
Own Mkt*
JtttY 14
Boston
N„Y. '
P h il a.
Cleve.
Rich*
Atlanta
Chicago
St*L.
Minn*
Kan.City
D allas
San Fr.
T otals

? 23,652
21,472

$ 8,340
5,422
15,230
IS ,'585
2,554
19.817
1, 636
.8,922
100
23,839
2,182
27,383
2,225
6,9 69
0
7,881
0
11,015
. 0
8,883
52
16.528 _____ m

$191,946

* 38,296

R*.
*
AR.
w
«
"
"

"
•

R eceived bv Allotment
Regular
From Boston
from N.Y*
P o r t f o lio
0
0

0
2,350

0
1,840
1,381
1,308
3,600
853
1,053
1,584
1,102
2 t499

902
900
801
2,100
904
553
1,000
500
„ £ ------

$15,230

$10,010

0

Matur
itie s
& Sales

Other Holdings
Close July 2)/%C
Other
Sales
Holdings
Contracts B i l l s

$11,373 * $ 20,619 % 3,789
7,438
7,181** 22,063
0
0
0
0
2,715
0
0
0
0

0
1,009
0
691
0
0
o
0
0
0

0195,698 018,518

$2,466

1,371
16,768
21,311
2,884
9,349
1,954
2,336
25,794
31,209
4,099
4,574 *»* 4,157
8,065
1,427
2,407
11,192
1,868
8,669
3.08Q ..J& .502
$44,554

B i l l s held over flight by New York for d is tr ib u tio n to other F.R. Banks.,r«
T o t a l* ,....................................$3,223

^ Includes $10,010,000 sold to other F*R* banks
**In clu d es
2,101,000 sold to F.R.B. o f A tlan ta from p o r t f o l i o
***In clu d es
3,356,000 sold to System from p o r t fo l io

NOTE: R in d ica te s retained and A in d ica te s a llo t t e d in the above statement,




0
766

757

Reproduced from the Unclassified / Declassified Holdings of the NationaMichi/es

'' ~ -■.....

BE CLASSIFIED

~

[ijSOj___

Authority ^

5
MAmiTISS_lND RATES ON BILLS PURCHASED WEK ENDING JULY 21. 1926
(000 Omitted)
1-30 days
31-60 days
61-90 days
Over 90-days
3 . 1 / 8 3 . 1 / ^ 3 1 /8 ~ 3 .1 /2 * 3 1 / 4 - 3 3 /8 * 3 3 / 8 - 3 l/2j£
Boston ~
New York
P h ilad elp h ia
Cleveland
Richmond
A tlanta
C hicago’
D a lla s ‘
San Francisco
T ota ls

T ota l

$ 2,356
12,791
590
1,011
75
2,101
906
27
164

$

530
1,734
918
125
25
4
261
0
15^

$ 5,436
4,866
1,046
500
0
77
1,058
2$
237

1

18
1,261
0
0
0
0
0
0
0

& 8,340
20,652
2,554
1,636
l on
2,132
2,225
52
555

$20,021

$3, 751

$13,245

$1,279

138,296

RECAPxm m oN OF PURCHASES and s a le s OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES CORING VffiEJC ENDING JULY 21, 1926
- AND HOLDINGS AS QF THAT DATS CLASSIFIED BY MATURITISS
'
" ..... (000 Omitted) ......... "
' """"
' 1 ' " '........*...
(Excluding S ales C ontracts)
Government
Se c u r i t i es
Purchased
Sold
Matured

$180
125
0

T ota ls

% 55+

Bankers
Acceptances

T otal

$43,306

0
441554
$ 3,752+
3 ,2 9 9 - (Net Change
1-day holdover
& other b i l l s )
453+

$48»486
125
44,554,
% 3,807+ .
3, 299- (Net Change
.
l-d&y holdover
& other b i l l s )
$
508+

(in clu d in g S ales C on tracts)
Holdings
M X 2 1 1 1^26

W ithin
3.5 days

16-30
days

Gov’ t S e c u r itie s
B i l l s Purchased

$12 ,364
69.220

0
48 .269

§81,584

$48,269

Totals




61-90
days«*

91-days
6 Months

Over 6
Months

$77,959
48 *889

0
46 .754

|60,590
4.307

§232,184
0

0383,097
217.439

$126,848

§46,754

$64,897

§232*184

$600,536

31-60
days

T ota l

Reproduced from the Unclassified I Declassified Holdings of the National Aichi es

"-----

DECLASSIFIED^
Authority

F o r m N o . 13 1 .

Orhce Lorres^ jndence
To

/

A ll Members o f the Board__________

From____Mry Bddy




__________________________

FED j^AL RESERVE

Subject:.

____

Por your Information:
Governor Cri*singer
Mr. P la tt Y
Mr. Hamlin I / / /
Mr* M ille r ^
Mr. James y
.fa f
Mr. Cunningham
Mr. McIntosh S
Please return to Secretary's office

R ep rod uced from the U nclassified / D eclassified H o ldings of the N ation j f r c h i v e s




DECLASSIFIED
Authority

July 30,

Wm» Hr# :Wm%%wmt

% *cfcno*I»d£® am&itfi of and shall
I# the iM &m tta o f the
o f th*
tern*4* | »

l#%fe«3f # f M |

addrsiasd to

0x£tti4j|&tir« uaisl&titig &
Im
«*9 *$#%!«&&§#:* m

for

to your

#f
?*&&
|%t##

p*riod f f « M r « I# I t t f 14*

te«lm§|¥t#

ffes*?

l a l t t r L. l&$r*

Mr* W. B. Matt®aon, S w a t& r y ,

Op#n Maxfcat Inv#*toa«nt 0oii»eiii#t#
i / o F e d jtm l H a s tr r a B * a k t
Hint TtfSe, »* T.

Reproduced from the Unclassified / Declassified Holdings of the National Archives




-----

B E C L A S S IF tE D

Authority

r

FEDERAL
OF

RESERVE
NEW

BANK

YORK

July 19, 1926

CONFIDENTIAL

S i r :
Enclosed is a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee for the Federal Reserve
System for the period from July 8 to July 14, 1926 in c lu 
siv e , together with data received by the Committee from
the Federal reserve banks«,

R e sp e ctfu lly

W. B. Matteson
S ecretary, Open ifcrket
Investment Committee

Honorable D. R. Crissinger,
Governor, Federal Reserve Board
Washington, D. C»
Enel. (1)

Reproduced from the Unclassified I Declassified Holdings of the National ftichivss

DECLASSlFffiD~
Authority

CONFIDENTIAL ■
REPORT OF OP EM k.-dCET INVESTMENT COMMITTEE WEEK

>ED JULY 14, 1926

Holdings o f Earning Assets o f Federal Reserve Banks from January 28, 1925 to Date
( OOO Omitted)
TOTAL
GOVERNMENT SECURITIES
BILLS
BANKERS ACCEPTANCES
earning
Outright
Sales
Sales
Outright
-1925ASSETS
Contracts DISCOUNTED
Purchases
Purchases
Contracts
J an.
28
0 988,582
0392,504
0 1,560
$273,692
$19,587
$286,180
Feb.
25
1,129 ,697
433*005
360 ,090
4,604
278 ,885
38 ,361
Mar.
25
1,040,699
377,641
339,692
287,544
5,059
19,361
Apr.
29
1 ,027,752
345,031
399 ,985
238,243
4,008
28,585
May
27
1,054,376
413,999
241,377
37 ,036
3,849
346,365
June
24
1,034,470
455,445
215,277
7,454
317,155
26 , 389
July
29
1,021,342
11,591
26,498
318,569
183,978
468,356
Aug.
26
1,126,293
579,675
13,939
18 ,964
318,310
182,555
Sept. 30
1,257,024
6 33,188
26,455
313,745
29,161
241,855
Oct.
28
1,250,087
589 ,994
314,933
9,824
297,453
31,264
Nov.
25
624,714
1,326,121
32,534
315,713
16,586
326 ,924
Dec.
30
1,500,827
749,672
11,034
265,998
320,842
41,976
-1926J an.
27
448,557
1,118,687
16,096
1,990
363,073
279,321
Feb.
24
540,083
1,185,046
320,517
48,396
255,732
10,068
Mar.
31
6 32,391
1,225,537
38,747
326,833
3,004
210,886
Apr.
28
18,743
513,668
1,114,233
385,685
180 ,274
3,128
May
26
473,943
1,119,122
55,004
3,950
183,824
391,115
June
30
515,031
1,158,406
34,750
214,664
372 ,868
12,411
July
7
612,567
1,233,553
5,864
369,453
40,331
197 ,238
July
514,930
14
1,146,602
35,724
20,403
198 ,468
370,678
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
___________
DURING WEEK ENDED JULY 14, 1926
(000 Omitted)
BILLS DISCOUNTED
GOVERNMENT SECURITIES BANKERS ACCEPTANCES
Net
Net
Balance
Balance
Balance
Net
Change
July 14
Change
July 14
J ulv 14
Change
Boston
$ 2,602$ 23,652
$ 32,650
$ 12 ,899
$3,291+
$
78+
New York
145,522
383+
92 ,48173,869
21,472
462+
P h ilad elp h ia
4,29 3+
21,723
43+
15,585
48,416
1,128+
Cleveland
2132,40040,058
37,414
115+
19 ,817
Ri chmond
3,70640,402
9,342
1,0198 ,922
51+
1,467+
Atlanta
3,821+
1,845
38 ,644
53923,839
Chicago
9,1 7 8 1,05253,229
56,060
27 , 383
230+
S t . Louis
26,451
5 ,283+
31,285
1,035120+
6,969
Minneapolis
5+
1,0276,272
19 ,828
78+
7,881
Kanaas City
16,047
1,9749334,768
11,015
158+
667+
D allas
8,883
15,428
26,672
298173+
802+
San Francisco
46 ,977
49 ,807
40916,528
256+
N.Y. holdovers
and other b i l l s
606 .522
T otals

$370,678

$1,225+

$198,468

$1,2 30+

$514,9 30

$97,637-

COMMENT ON CHANGES TJEEK ENDED JULY 14, 1926
Total earning assets o f the System declin ed $87,000,000 during the s ta te 
ment week. B i l l s discounted decreased $97,600,000 as against in crea ses in ou trigh t
holdings o f $1,200,000 in Governmsmt s e c u r it ie s and $1,200,000 in acceptances.
Government s e c u r it ie s under sa le s con tra cts also advanced $14,500,000 w hile sim ilar
holdings o f acceptances d eclin ed $4,600,000.



Reproduced from the Unclassified I Declassified Holdings of the National Aichi res

'J ; -

DECLASSIFIED
Authority £ j h . /Q Q O |

Money
Market

Stock exchange c a l l money during the early part of the
week held steady and f a i r l y firm at 4 1/2 per cent but subsequently
became lower as a re s u lt of increased o ffe r in g s follow in g a substan
t i a l return of funds from the in te r io r * and the ra te clo s e d on F riday,
July 16 , at 4 per cent the lowest sin ce June 21* The ea sier tone was
a lso r e fle c t e d in a su b sta n tia l red u ction in borrowings at the
reserve bank.
Time money was firm er and in g re a te r demand# A few loans
o f the sh orter m a tu rities were arranged at 4 3/8 per cent# There
was f a i r l y heavy trading , however, in 3 to 6 months* m a tu rities at
4 1/2 per c e n t, the highest sin ce the ea rly part o f A pril#
There was a firm er tendency in the commercial paper, ac
companying high ra tes f o r time loans* O ut-of-tow n banks were the
p r in c ip a l buyers and sa le s were g e n e ra lly at 4 per cent although a
few names were o ffe r e d at 4 1 /4 per ce n t. The supply o f paper was
S lig h tly la rg e r than th e previous week#

Government
S ecu rity
Market

The market f o r United S ta tes Government bonds continued
rather quiet and th ere was a s lig h t re ce ssio n itt p r ic e s o f a l l issues#
Short-term c e r t i f i c a t e s and n o te s, however, held f a i r l y firm#

Bankers
Acceptances

On July 15 Now York dealers advanced t h e ir ra tes 1/8 per
cont on 120-day unindorsed b i l l s and are now bidding 3 5/8 end o f f e r 
ing a t 3 1/2 per ce n t. O ffering ra te s on other m a tu rities continued
unchanged a t 3 1/8 per cent f o r 30*8, 3 1 /4 per cent f o r 60%s and
3 3 /8 per cent f o r 90 day b ills #




Boston rep orts that there was l i t t l e or no change in the
supply o f b i l l s * but the demand was somewhat le s s than the previous
period* O ffe r ir ^ s to the reserve bank were f a i r l y heavy# In New York
the market was rather qu iet with a s lig h t decrease in the supply and
only a f a i r demand# There was a p referen ce shown f o r 90-day b i l l s ,
but the supply of th is m aturity v/as only fa ir * Dealers* aggregate
p o r t f o l io s d eclin ed s lig h t ly during the week# The P h ilad elp h ia and
Chicago b i l l markets wore g e n e ra lly dull* The demand in th ese d is 
t r i c t s continued lig h t with few new b i l l s o ffered *
OPERATIONS ACCOUNT UNITED STATES TREASURY
Operations f o r account o f United S ta tes Treasury co n sisted
of purchases o f $47,600 par amount o f Second L ib erty Loan 4 1/4
per cent bonds f o r account o f the Secretary o f the I n t e r io r , In v est
ment of Indian Funds, and $142,200 Second L ib e rty Loan 4 1 /4 per
cent bonds fo r account o f the F oreign S ervice Retirement and Dis
a b i l i t y Fund*

Reproduced from the Unclassified I Declassified Holdings of the National Aichivss
d e c l a s s if ie d

Authority

/jY V ) |

SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
‘Fhere wero sold from the System Account during tho period to a fo re ig n
correspondent $5,000,000 c e r t i f i c a t e s due December 15, 1926 which were replaced
through purchase in the market of other short-term Government issues*
The t o t a l holdings at the c lo s e of the statement week wero accord in gly
unchanged at $275,000,000; the p a r tic ip a tio n by a l l Federal reserve banks and the
c la s s if ic a t i o n of issues were as fo llo w s !
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

September 15, 1926
December 15, 1926
March
15, 1927
December 15, 1927
September 15, 1928
3rd L/L bonds

T otals

$ 12,053,500
72,546,500
6,764*500
18,152,000
8,001,000
0
36,072,500
18,872,000
12,270,500
24,743,500
25,392,500
40.131.500

$ 72,022,000
38,703.000
98,728^200
48,121,300
17,425,500

$275,000,000

$275*000,000
SYSTEM PURCHASES OF BANKERS ACCEPTANCES

The follow in g i s a statement o f purchases o f bankers acc eptances from
January 4 to July 14, 1926, and the amount each bank has received in excess or
short of i t s pro rata share under the apportionment plan which was put into e f fe c t
January 4 , 1926:

Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T ota ls

B i l l s Short
Pro Rata Shar

B i l l s Acquired

B i l l s E n titled
to AcQuire

B il ls Over
Pro Rata Share

I 67,882,000
192,662,000
66,667,000
81,922,000
41j 341,000
38,116,000
113,847,000
37,416,000
33,413,000
48,690,000
33,475,000
74.253.000

$ 57,954,000
195,204,000
66,232,000
82,787,000
42,252,000
38,886,000
115,905,000
38,333,000
33,972,000
49,674,000
33,972,000
74,513.000

$ 9,928,000
0
435,000
0
0
0
0
0
0
0
0
..._
0

0
2,542,000
0
865,000
911,000
770,000
2,058,000
917,000
559,000
984,000
497,000
260,000

$829,684,000

$829,684,000

$10,363,000

$10,363,000

The overage o f the Soston bank i s being adjusted by allotm ent d ire ct to
the banks that are short o f th e ir pro rata share#




Reproduced from the Unclassified I Declassified Holdings of the Nation^ # rchives

......

DECLASSIFIED
Authority £ Z X 4 0 £ b J _

ITSMIZED STATEMENT OB' TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OB’ ALL
-........
FEDERAL RESERVE BANKS FROM JULY 8 TO JULY 14. 1926____
(P a r tic ip a tio n in Short-term Governments - System Special Investment A ccoun t)
Boston
New York
P h ilad elp h ia
Cleveland
Richmond
A tlanta
Chicago
S t. Louis
Minneapolis
Kansas City
D allas
San Francisco

Purchases
$ 296,500
1,780,500
166,000
445,500
196,500
•0
885,500
463,000
301,000
607 ,500
623,000
985.000

Net Increase
77,000
$
461,500
43,000
115,500
51,000
0
229,500
120,000
78,000
157,500
161,500
255.500

Sales
$ 219,500
1,319,000
123,000
330,000
145,500
0
656,000
343,000
223,000
450,000
461,500
729 .500

T otals
$6,750,000
$5,000,000
01,,750,000 *
*Represents purchases during week ending July 7 and d eliv ered during current t/ook#
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Issue
Purchases
Issue
S&Jes
$
150 Second £/L bonds
0
245,150 M isc. Gov*t Sec.
784,050 M isc. G ov't Sec.
12 .900 M isc. Gov*t Sec.
1.500 M isc. G ov't Sec.

Boston
A tlanta
D allas
T otals

$258 ,050

$785,700

BANKERS ACCEPTANCES
(000 Omitted)
Holdings
J u ly 7
Boston $ 20,361
N. Y.
21,089
P h ila ,
Cleve.
Richmond
A tlanta
Chicago
S t. Louis
Mian*
Kan. City
D allas
San Fr. _

14,457
22,217
9,941
20,018
28 ,435
8,004
8,908
11,108
9,181
16 .937

Purchased
Own Mkt,
$12,316 R.
4,782 "
10,731 A.
3,156 R.
601 "
0
4,909 M
305 *
0
0
0

100 M
1.507 "

Received by Allotment
Regular
From Boston
from N.Y. P o r t f o l i o
0
0
5.000
0
0
1,515
908
1,003
2,223
1,053
740
1,025
864
1,400

0
0
0
0
1.001
0
301
700
0
0

Other Holdings
MaturClose July 14/26
itie s
Holdings
Sales
Other
& Sales
July 14 Contracts B i l l s
&r9,0 2 5 * | 2 3 j652 ^ 3,189
0
9,399**

21,',472'

2,028
4,516
1,927
2,091
4,581
2,088
2,068
1,818
1,262

15,535
19*817
8,922
23,839
27,383
6,969
7,881
11,015
8,883
16 .528

23,013

526

0
0
0
1,178
0
0
667
0
0
4,086
0
0
0
0
0
0
0
0
5.436
0

T ota ls $190,656 $38,407
§10,731
$7,002
$44,119 $191,946 $35,724 $2,371
B i l l s held over night by New York fo r d is tr ib u tio n to other F.fU B-anks................. 4.151
T o ta l..................... $6,522
^Includes $7,002,000 sold t o other Federal Reserve Banks
**Includes $4,840,000 sold to F.R.B. o f A tlanta from p o r t f o l i o
NOTE:

R indicates retained and A indicates allotted in the above statement.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

-

...—

DECLASSIFIEDAuthority

£&4£Q)J___

5
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING JULY 14, 1926
(OOQ Omitted)
'
’
1-30 days
3 1 /8 - 3 l A t i
Boston
New York
P hiladelphia
Cleveland
Atlanta
Chicago
Dallas
San F rancisoo
T otals

31-60 days
3 1 / 4 - 3 3M

61-90 days
... 3..l / 4 & _

Over 90 days
3 1 / 4 - 3 3/4S&

T otal

* 4,161
6*535
662
0
4,868
305
0
848

$1,974
2,864
994
0
0
0
0
462

* 5,813
5,123
1,500
601
41
0
Q
197

*

368
991
0
0
0
0
100
0

*12,316
15,513
3,156
601
4,909
305
100
- .1,50?

*17,379

#6,294

113,276

*1,459

*38,407

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING YffiEK ENDING JULY 11, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(OOO Omitted) *......... ... * ' ' ' .....
(Excluding Sales C ontracts)

Purchased
Sold
Matured

T ota ls

Government
S e cu ritie s

Bankers
Acceptances

*7,009
5,784
0

*45,409
0
44f 119
* 1,290+
60m

T ota l
*52,41$
5,784

(Net Change
1-day holdover
and other b i l l s )

* 2,515+
6G«*
*2,455+

*1,230*

*1,2264

(Net Chaise
1-day holdover
and other b i l l s )

(in clu d in g Sales C ontracts)
Holdings

Within

16*»30
davs

G ov't S ecu rities J20.40S
0
B i l l s Purchased
J& M t
T o ta ls




$117,664 $3$,544

31-60
days
0

#55,064

9 1 -days
6 Months

Over 6
Months

T ota l

i n , 959
43.035

,561
3 t391

1232,155
Q

$391,08*
234.192

*120,994

163,952

*232,155

*625,273

61-90
days

Reproduced from the Unclassified I Declassified Holdings of the Nationai^ichi 3S
d e c l a s s if ie d

Authority

/j V V ) |

F o r m N o . 131.

Office CorrespoiJence
To

A ll Members of the Board______________

FEDERAL RESERVE
7ARD

/

Date.'2££jj& rn*

Subject:

From__Mr» Bd d y __________________ ____________

_____________

T o t your information.

Governor Orissinger
Mr* P la tt v '
Mr* Hamlin l /
Mr* M ille r —
Mr. James
Mr. Canningfcaa —
Mr. M clntosh^^^
Please return to Secretary’ s office*

«OVl!H.S»H5NT1'RWTVNQ(ITtlfll




^

/. &/

1

^

—

—

—

—

W W W — IJH
I.I. ■

R eproduced from the U nclassified / D eclassified H oldings of the N a t io n ^ r c h iv e s




-

DECLASSIFIED

“

Authority £ ? ) ,

fNo? Ur* i&Heaotij .
I Acknowledge
*$f and gfefcii
%ri&$ I© t3bfr
of Ih#
of
Board,
U lli* addra®«0d to

Qwlmlrnqmt*
iM s iift
i& ttt#§, fts? f lit
ifi$ *

& mgm-ri § f
and
m mtpmfe*4
Cto*
t f m Jaiy 1 to tTaly f #

t* $ ¥ fcpaiy , p f i i

t& H «r lb H # *

Hr* f* B.

S#or«taryf
% f a U&rict>t
S/0
ItiH&t
Jfe t Y ork, S * T.

Reproduced from the Unclassified I Declassified Holdings of the Nations Archives




d e c l a s s if ie d

Authority

%4

FEDERAL
OF

RESERVE
NEW

BANK

VORK

CONFIEEHTIAL

July 12, 1926

S i r :
Enclosed is & report o f tran saction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System for the period from July 1 to July 7, 1926 in c lu 
s iv e , together with data received by the Committee from
the Federal reserve banks e

W. B. Matteson
S ecretary, Open Market
Investment Committee

Honorable D, R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C„
Bn c 1 . ( 1 )

Reproduced from the Unclassified I Declassified Holdings of the Nation^sirchives

■
-

d e c l a s sif ie d

Authority

___

hc0’Q.
'BK.op

CONFIDENTIAL

REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 7 , 1926
Holdings of Earning A ssets o f Federal Reserve Banks from January 28. 1925 to Rite
(000 Omitted)
TOTAL
EARNING
ASSETS

-1925Jan* 28
Feb* 25
Mar* 25
Apr* 29
May
27
June 24
July 29
Aug, 26
Sept* 30
Oct* 28
Nov* 25
Dec# 30
-1926Jan* 27
Feb* 24
Mar* 31
Apr. 28
May
26
June 30
7
July

$

GOVERNMENT SECURITIES
Outright
Sales
Purchases Contracts

988,582
1,129,697
1,040,69$
1,027,752
1,054,376
1,034,470
1,021,342
1,126,293
1,257 ,024
1,250,087
1,326,121
1,500,827

#392,504
360,090
339,692
345,031
346,365
317,155
318,569
318,310
313,745
314,933
315,713
265,998

& 1,560
4,604
5,059
4,008
3,849
7,454
11,591
13,939
29,161
9,824
16,586
11,034

1,118,687
1,185,046
1,225,537
1,114,233
1,119,122
1,158,406
1,233,553

363,073
320,517
326,833
385,685
391,115
372,868
369,453

1,990
10,068
3,004
3,128
3,950
12,411
5,864

BANKERS ACCEPTANCES
Outright
Sales
Contracts
Purchases
$19,587
$288,180
38,361
278,885
19,361
287,544
238,243
28,585
37,036
241,377
215,277
26,389
26,498
183,978
18,964
182,555
26,455
241,855
31,264
297,453
32,534
326,924
41,976
320,842
279,321
255,732
210,886
180,274
183,824
214,644
197,238

16,096
48,396
38,747
18,743
55,004
34,750
40,331

BILLS
DISCOUNTED
$273,692
433,805
377,641
399,985
413,999
456,445
468,356
579,675
633,188
589,994
624,714
749,672
448,557
540,083
632,391
513,668
473,943
515,031
612,567

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING WEEK ENDED JULY 7 . 1926
GOVERNMENT SECURITIES
Net
Balance
July 7
Charge
Boston
$ 12,821
New York
73,407
P hiladelphia
21,680
Cleveland
37,299
Richmond
9,291
Atlanta
2,38*
Chicago
55t83Q
26,331
St* Louis
Minneapolis
19,750
Kansas C ity
34,610
26,499
Dallas
49,551
San Francisco
N*Y* Holdovers
and other b i l l s
T otals

$369,453

i

78-

4624311551“
46+
229120781581 ,872255-

$3,415-

BANKERS ACCEPTANCES
Net
Balance
Change
July 7
$ 20,361
21,089
14,457
22,217
9,941
20,018
28,435
8,004
8,908
11,108
9,181
16,937

$ 3,6193,507 183997+
7152 ,8 4 7 596283+
226+
2532081 ,005-

6 .582

5 >979-

$197,238

$17,406"

BILLS DISCOUNTED
vNei
Balance
Julv 7
$ 35,252
238,003
44,123
40,271
44,108
37 ,177
62,407
26,002
6,267
18,021
14,761
46,175

$612,567

$

3,735135,514+
11,3017 ,1 4 2 1,4621,99327,1804 ,6 5 5 2,509+
2,541+
2,467+
11,973+

$97,536+

COMMENT ON CHANGES WEEK ENDED JULY 7 t 1926A
T otal earning a ssets o f the Syst on advanced $75,000,000 during the period*
The in crease in b i l l s discounted of $97,500,000 was only p a r t ia ll y o f f s e t by d eclin es
in ou trigh t holdings o f Government s e c u r itie s and bankers acceptances of $3,400,000
and $17,400,000 resp ectiv ely #
S e cu ritie s held under sa le s co n tra cts a lso declined
§6,500,000, w hile sim ila r holdings of acceptances advanced $5,600,000*



Reproduced from the Unclassified I Declassified Holdings of the Nat onai&ichi es

DECLASSIFIED
Authority

2

Money
Market

D e fic it s in average reserves o f leading New York City
banks and consequent heavy borrowing at the Reserve Bank resu lted
in fa ir ly firm money co n d itio n s during the week. Stock Exchange
c a l l loans held steady at 4 l / 2 per ce n t, unchanged since July 1 .
Time money was a shade firmer4 towasd tr.e clo s e o f the
week* A f a ir volume o f 3 to 6 months1 loans was: arranged et
4 3/8 per c e n t.
Trading in commercial paper was moderate}y a ctiv e in ....
in t e r io r * The p re v a ilin g ra te for prime names remained at 4 per
cent although some sa le s o f very ch oice names were reported in the
Middle West at ? 3/4 per cent*

Government
Security
Market

United States Government bonds were only moderately a ctiv e
daring the week and p r ic e s o f a l l issu es declined fr a c tio n a lly *
Fourth L iberty Loan bonds were in b est demand*
Trading in short-term c e r t i f i c a t e s ana notes continued in
rather lig h t volume*

Bankers
Acceptances




Rates on unindorsed b i l l s continued at the le v e ls pre
viou sly cu rre n t, d ealers o ffe r in g 30*e at 3 1 /8 per cent* 60*s at
3 1 /4 per c e n t, and 90 and 120-day m a tu rities at 3 3/8 per c e n t .
Boston re p o rts that there was a moderate supply o f b i l l s
although the volume was not as la rg e as the previous period* The
demand was fa ir and was confined m ostly to 30 and 90-day m a tu rities
Sim ilar con d ition s p revailed in the New York market* There was a
fa ir dmnand fo r b i l l s but o ffe r in g s were somewhat smaller and
dealers* aggregate p o r t f o l io s showed a s lig h t d e clin e during the
period* P h iladelphia and Chicago rep ort there was p r a c t ic a lly no
change in b i l l market con d ition s in th e ir re sp e ctiv e d i s t r i c t s .
O fferings were somewhat in excess of the demand which continued
very lig h t *
OPERATIONS ACCOUNT UNITED STATES TREASURY
Operations fo r account o f United States Treasury con
sis te d o f the purchase o f $100*000 Second L iberty Loan 4 i / 4 per
cent bonds fo r account o f the Secretary o f the In te r io r - In v e st
ment o f Indian Funds*

Reproduced from the Unclassified I Declassified Holdings of the NaticnauAich es

DECLASSIFIEDAuthority

£ J). | Q fo |

3
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
In order t o supply c e r t i f ic a t e s due December 1 5 , 1926, which were not
a v a ila b le in the market, there was sold with the approval o f the Committee from
System Account to a foreig n correspondent $5,000,000 c e r t i f i c a t e s o f th is issue*
This sale was replaced through purchase in the market o f lik e amount o f other
short-term Governments . The t o t a l holdings were a ccord in gly without change during
the week at $275,000,000; the p a rtie ip a tio n by a l l Federal reserve banks and tho
c la s s if ic a t i o n o f issu es were as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Bost on
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco

September 15,
December 15,
March
15,
December 15,
September 15,
3rd h/L*

Totals

$ 12,053,500
72,546,500
6,764,500
18,152,000
8,001,000
0
36,072,500
18,872,000
12,270,500
24,743,500
25,392,500
40.131.500

$ 70,022,000
42,703,000
98,728,200
48,121,300
15,425,500

1926
1926
1927
1927
1928
bonds

$275,000,000

$275,000,000
SYSTEM PURCHASES OF BANKERS ACCEPTANCES

Tho follow in g i s a statement o f purchases o f bankers acceptances from
January 4 to July 7, 1926, and the amount each bank has received in excess or short
o f i t s pro ra ta share under the apportionment plan which was put in to e f f e c t
January 4, 1926:

BDston
New York
Ph ila d elp h ia
Cleveland
Richmond
Atlanta
Chicago
St * Louis
Minneapolis
Kansas City
D allas
San Francisco
Totals

B i l l s Acquired

B il ls E n titled
t o Acquire

B i l l s Over
Pro Rata Share

$ 62,568 ,000
182,880 ,000
63,511 ,000
79,806 ,000
40,433 ,000
37,044 ,000
110,318 ,000
36,363 ,000
32,372 ,000
46,965 ,000
32,511 ,000
71,346 ,000

$ 55,604,000
187,484,000
63,547,000
79,430,000
40,574,000
37,208,000
111,205,000
36,655,000
32,629,000
47,660,000
32,629,000
71.492.000

$ 6,964,000
0
0
376,000
0
0
0
0
0
0
0
0

$796,117 ,000

$796,117,000

$7,340,000

B i l l s Short
Pro Rata Share
$

o
4,604,000
36,000
0
141.000
164.000
887.000
292.000
257.000
695.000
118.000
146.000

$7,340,000

The overages shown above are being adjusted in the usual manner by r e d is 
trib u tio n of b i l l s t o banks that are short o f th e ir pro rata share .



Reproduced from the Unclassified I Declassified Holdings of the Natior ai^Arch ves
D E C L A S S IF IE D

Authority

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM JULY I TO JULY 7 . 1926
( Part i c ipat ion in Short-term Governments - System S p ecial Investment Account)
Net Decrease
$
77,000
461,500
43,000
115,500
51,0£>0
0
229,500
120,000
78,000
157*500
161,500
255.500
$1,750,000

Sales
219,500
1,319,000
123,000
330,000
145,500
0
656,000
343,000
223,000
450,000
461,500
729,500
$5,000,000

Purchases
$ 142,500
857,500
80,000
214,500
94,500
0
426,500
223,000
145,000
292,500
300,000
474,000
13,250,000

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
tit* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T ota ls

$

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Boston
Atlanta
Dal la 8
San Franrisco
T ota ls

Pufchases
0
1,529,350
5,000
____ h j m

Issu e
*» •
M isc, GovH Sec*
Misc* ^ov’ t See*
Fourth L/L Bonds

Boston
New York
Philadel#
Cleveland
Richmond
A tlanta
Chicago
Ht« Louis
Minn*
Kan* C ity
Dallas
San Fran#

14,640
21,220
10,656
22,865
29,031
7,721
8,682
11,361
9,389
-17,942

$ 8,743
1,041
9,138
2,264
1,423
50
51
616
0
0
0
223
849

T ota ls

$202,083

$24,398

Sales
150
1,482,250
1,714*800
0

Issu e
Second" L/L Bonds
Misc* Gov*t Sec*
Misc* Gov*t Sec*

$3,197,200

$1,535,350

Holdings
June 30
$ 23,980
24,596

$

Purchased
R„
w
Ai
R*
"
n
n
"

M
n

BANKERS ACCEPTANCES
(000 Omitted)
R eceived by Allotment
MaturRegular
From Boston
itie s
& Sales
July 7
from N*Y* P o r t fo lio
$12,362* $ 20,361
0
0
7,752
3,204
21,089
0

Other Holdups
C lose July ^ 6
Sales Other-’
Contracts Bills
0
$ 5,315
475
26,696

14,457
22,217
9,941
20,018
28,435
8,004
8,908
11,108
9,181
. 16,937

0
0
1,370
0
0
0
5T?
0
2,716
0
0
0
0
0
0
0
0
0
5.604 . . p .....

0
1,362
995
976
1,824
877
695
776
588
1,045

0
1,700
805
800
1,206
899
701
1,001
500
0 ...

2,447
3,488
2,565
4,674
4,242
1,493
1,170
2,030
1,519
2,899

$9,138

$10,816

$46,641

$190,656 $40,331 $2>420

B i l l s held over night by Now York f o r d is tr ib u tio n to other F*R* Banks - - - - T otal - - - - ♦Includes $10,816,000 sold to other Federal reserve banks*

NOTE:

R indicates retained




and A indicates allotted in the above statements

4,162
$6,587*

Reproduced from the Unclassified I Declassified Holdings of the National Aichives

-

DECLASSIFIEDAuthority

/Q C /j|

5

MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING JULY
(COO Omitted/*
1-30 days

3 1/ 8 - 3
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Dallas
San Francisco
Totals

iM

31-60 days

61«90 days

1926

Over SO days

3.1/4.-.3 5/8% 3 1/4 « 3 3/8 i 3 3/8 - 3 3/4 i

$ 5,084
4,901
537
429
0
0
305
0
782

$ 296
1,656
504
103
50
27
293

$12,038

Total

46

$3,096
3,608
1,223
891
0
24
18
223
21

$267
14
0
0
0
0
0
0
0

$ 8,743
10,179
2,264
1*423
50
51
616
223
849

$2,975

$9,104

$281

$24,398

0

wmwiH

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING JULY 7 , 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Omitted)
(Excluding Sales Contracts)

Purchased
Sold
Matured

T o t a ls

Bankers
Tptal
Acceptances
$39,998
$35,214 .
8,199
0
46 j 641
46,641
$14,842
$11,427-*
5 r979« (Net Qhange
51979** (Net Change
l~day holdover
1-day holdover
and other b i l l s )
and other b i l l s )
$20,821~
$17,406-

Government
S e cu ritie s
$ 4.784
8,199
0

1 3 ,4 1 5 -

(Including Sales Contracts)
Holdings

Gov*t S ecu ritie s
B ills Purchased

Within
15 days

16-30
days

31-60
days

61-90
days

$ 5,865
103,690

0
49.794

,959
42,fS34

$64,560
3*3.56

$228,933

38.395

$ 1 0 9 ,5 5 i

$&8,39$

$49*794 $118,493

$67*716

$228,933

91-days
6 months

*

T o ta ls




Over 6
Months

SL

Total
$375,317
237 f 569
$612,886

DECLASSIFIED
Authority j £ A

P o m

N o.

/ft fo l

Hit.
FEDERAL RESERVE

'

0ffice Correspondence £ FfR
D
T o ________ A ll J&ibars o f tho Board

^

rw ,^Y7. lqafi

Subject:______

ftOVMNtMttrMnmNi mwmrn



^SLm,„„Stm

For your inforrjations
yGovexmor Crisginger
Vx*r. P latt

Hr. James
Hr, Chinniftg^aartt'"
Mr. McIntosh

*J__ ^
:: inrjh»•-*1--•ic^t^a

From________ " r . Eddy___________________

\ / l.Ir* Harnliii

\

^
.

.

Reproduced from the Unclassified / Declassified Holdings of the National Archives




d e c la ssifje e T

Authority JELf l . I (" O ': I

July 7, 1 9 3 5 .

Soar

l!r.

M atteaon i
I

aoknoeie% e reoei
jeoibera

■
>* m i l & V 1 1

\>Y?jxg to the attention o f t^e

o f the*
Board* your le tte r o f
Sth, addreaeed to
Governor Crissingert enclosing a report o f
traiieactio-!® l a dover&ient aeouritle* and
Iwmkera aaueptaacea* &e reported to your
Oooaitfcee, fo r the period fr&s 3 vm 34 to

•tei 3 0 , 1 9 3 6 , inclusive.

Very t r a ly youvt•

f e l t o r I* Sidy*
Secret r •

Mr. W# B* M&ttesau, Secretary*
Open ll&rket laveateie^fe baeraitte*'
o/o federal Seeervo Bank,
York, 1 . T.

Reproduced from the Unclassified I Declassified Holdings of the N a tio n a l chives




DECLASSIFIED
Authority J L ft, / AQ ~)

FEDERAL
OF

RESERVE
NEW

BANK

VORK

CONFIDENTIAL

July 6, 1926

S i r :
Enclosed is a Report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the p eriod from June 24 to June 30, 1926 in c lu 
s iv e , tog eth er with data received by the Committee from
the Federal reserve banks.

S ecretary, Open Market
Investment Committee

H onorable D. R. C r is s in g e r ,
G overn or, F e d e ra l R e se rv e B oard,
W ashington, D. C.

— —
^
Reproduced from the Unclassified I Declassified Holdings of the Nation3l#itchives

m m m m rn
' ' •"

BECLASSIFKJdT
Authority

CONFIDENTIAL
RSPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JUNE 30,1926
Holdings of Earning A ssets o f Federal Reserve Banks from January 28, 1925 to Date
(000 Omitted)
TOTAL
BILLS
GOVERNMENT SECURITIES
BANKERS ACCEPTANCES
EARNING
Outright
Sales
Sales
Outright
*1925*
ASSETS
Purchases
Contracts P urchases
Contracts DISCOUNTED
J an.
28
* 988,582
$273,692
$392,504
0 1,560
$19,587
$288 ,180
Feb.
25
1,129 ,697
433,805
360,090
4,604
278 ,885
38 ,361
Mar.
25
377,641
1,040,699
339,692
287,544
19,361
5,059
Apr.
29
1,027,752
399,985
345,031
238,243
28 ,585
4,008
May
27
1,054,376
413,999
346,365
241,377
3,849
3^,036
J une
24
1,034,470
455,445
317,155
215,277
26,389
7,454
July
29
468,356
1,021,342
318,569
183,978
26,498
11,591
Aug.
26
579,675
1,126 ,293
318,310
ia ,964
182,555
13 ,939
Sept. 30
633 ,188
1,257,024
26,455
313,745
29 ,161
241,855
28
Oct.
1,250,087
5-89 ,994
314,933
31,264
297,453
9 ,824
Nov.
25
624,714
1,326,121
315,713
32 ,534
326,924
16,586
30
Dec.
1,500,827
749,672
41,976
11,034
265,998
320 ,842
-192627
448,557
J an.
1,118,687
363,073
16,096
279,321
1,990
540,083
Feb.
24
1,185,046
320,517
255,732
48 ,396
.10,068
Mar.
31
1,225,537
632,391
326,833
38 ,747
210,886
3,004
Apr.
1,114,233
513,668
28
18,743
385,685
180,274
3,128
May
26
473,943
1,119 ,122
55,004
391,115
183,824
3,950
23
J une
1 ,119,392
42,353
479,158
204,883
373,564
9,534
tt
30
515,031
34,750
1,158,406
372,868
214,644
12,411
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_________________DURING WEEK ENDED JUNE 30, 1926___________________
(000 Omitted)
BILLS DISCOUNTED
GOVERNMENT SECURITIES BANKERS ACCEPTANCES
Net
Balance
Net
Net
Balance
Balance
Change
June 30
Change
J une 30
Change
June 30
$14,748+
Boston
0 38 ,987
$11,949+
$ 12,899
0 23,980
0
10,224+
New York
102,489
2 , 49424,596
0
73,869
6,329+
55,424
0
14,640
P h ilad elp h ia
21,723
59547,413
1,438Cleveland
37,414
21,2-20
1 ,9 1 6 61+
45,570
2 ,519979Richmond
9,342
10,656
0
2,65539 ,170
313A tlanta
22,865
2,338
496+
21,477+
89 ,587
21+
29,031
Chicago
56,059
0
11430,657
7,721
517+
26,451
51+
St. Louis
-57+
3,758
8,682
1 ,4 f 50
Minneapolis
19 ,828
2
,6
1415,480
0
11,361
81934,768
Kansas City
1
,82812,294
4219,389
1 ,3 0 4 28 ,371
Dallas
5,79434,202
49+
17 ,942
0
49,806
San Francisco
N.Y. holdovers
6.167+
12.561
and other b i l l s
Totals

$372 ,868

0696 -

$214,644

$ 9,761+

$515,031

$35,873+

COMMENT ON CHANGES WEEK ENDED JUNE 30. 1926
T otal earning a sse ts advanced $39,000,000 during the statement week* In
crea ses con sisted c h i e f ly of $35,800,000 in b i l l s discounted and $9,700,000 in
bankers acceptances purchased outright#
S e cu ritie s under sa les con tra ct a lso in
creased $2,800,000 w h ile sim ilar holdings o f acceptances declined $7,600,000*



Reproduced from the Unclassified I Declassified Holdings of the Nationsf$rohives

w

d e c l a s s if ie d

Authority

Money
Market

£_(L4J^Sdi

Money con d ition s turned s lig h t ly firm er early in the week
when c a l l loans advanced to 5 per cent byt on Wednesday, June 30,
the ra te was lowered to 4 1 /2 per cent*
The s h iftin g of funds to meet the heavy in te re s t and
dividend disbursements at the semi-annual p eriod and the withdrawal
o f currency f o r h olid a y requirements were p a r t ia lly o f f s e t by the
purchase f o r Treasury account of $60,000,000 Third L iberty Loan
bonds and money ra tes a cco rd in g ly held f a i r l y sta b le throughout
the week*
As a consequence the committee found i t unnecessary to
a v a il i t s e l f of the a u th ority given at the la s t meeting to make
temporary purchases fo r System account w ithin a range of |50,000,000
to r e lie v e undue firm ness in the money market over the end of the
month*
Trading in time money continued quiet*
A f ew loans of
the lon ger m a tu rities were n eg otia ted at the s lig h t ly firm er rate
of 4 3 /8 per cent but in g en eral the trading ra te was unchanged
at 4 1 /4 per cent*
The commercial paper market was unchanged with prime
names discounting at 4 per cent* There is some s lig h t tendency
to g re a te r firmness*

Government
Security
Market

There was evidence o f some s e llin g early in the period
of L iberty bonds coin cid en t with the e x p ira tio n on July 2 of the
exemption from Federal surtax o f the p r in c ip a l amount of $50,000
of 4 and 4 1 /4 per cent L iberty issues*
O ffe rin g s , however,
were w e ll taken and p rice s held g e n e ra lly firm*
Short-term c e r t i f i c a t e s and notes were only m oderately
a c tiv e and quotations were fr a c t io n a lly lower*

Bankers
Acceptances




In the Boston market th ere was a n o tice a b le increase in
the demand f o r b i l l s *
The turnover t h is week was heavier than f o r
the past several months*
C ity in s tit u t io n s were the p rin cip a l
buyers*
The New York market was rather quiet* The supply was
somewhat sm aller but accompanying firm er money con d ition s the deroand continued on ly moderate*
Dealers* aggregate p o r t fo l io s
showed a s lig h t d e clin e from la s t week*
Philadelphia and Chicago.
report that there was very l i t t l e a c t i v i t y in t h e ir resp ectiv e
markets*
O fferin g s were small and the &«nand continued very
lig h t*
OPERATIONS ACCOUNT UNITED STATES TREASURY
tra n sa ction s f o r account o f the United States Treasury
not p re v io u sly reported co n siste d of the fo llo w in g : Sales of
$829,000 Fourth L iberty Loan bonds f o r account C iv il S ervice Re
tirement and D is a b ility Fund, $300,000 December 1926 c e r t if ic a t e s
f o r account of the A lien Property C ustodian, and $20,000 notes
due September 15, 1926, f o r account of the Harding Manorial Asso
c ia t io n ; and purchases of $46,150 Third L ib erty Loan bonds fo r
account of the R ailroad Contingent Fund*

Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives

d e c l a s sif ie d ^

Authority £ ^ 4 0 5 0 1

a
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
As re fe rre d to in the previou s re p o rt, the Committee approved the sa le
to the Treasury on June 29 o f #30,000,000 Third L ib erty Loan 4 1/4 % bonds to apply
on Treasury a u th oriza tion f o r the purchase o f $60,000,000 bonds o f th is is s u e .
Replacement of th is sa le was made through purchase in the Boston and New York
markets of lik e aggregate amount o f other short-term Governments*
The t o t a l h oldings were a cco rd in g ly without change a t $275,000,000; the
p a r tic ip a tio n by a l l Federal reserve banks and the c l a s s i f i c a t i o n of issu es were
as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
^hicago
St* Louis
Minneapolis
Kansas C ity
Cfellas
San Francisco

September 15, 1926
December 15, 1926
March
15, 1927
Oecember 15, 1927
September 15, 192$
3rd L/L bonds

T otals

$ 12,053,500
72,546,500
6,764,500
18,152,000
8,001,000
0
36 ,072,500
18,872,000
12,270,500
24,743,500
25,392,500
40-131.500
$275,000,000

$ 67,022,000
47,703,000
98,728,200
46,121,300
15,425,500

$275,000,000

The recommendation of the Committee at i t s la s t meeting that Federal re
serve banks extend the repurchase agreement p r a c t ic e with recognized dealers in
Government s e c u r itie s to in clu d e Third L ib erty Loan bonds has been approved by the
Federal Reserve Board*
These bonds mature September 15, 1928 and have been
d eclared by the Treasury as f a llin g w ithin the c la s s if i c a t i o n o f the short-term
Government debt*
SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The follow in g i s a statement o f purchases o f bankers acceptances from
January 4 to June 30, 1926 and the amount each bank has received in excess or
short of i t s pro rata share under the apportionment plan which was put into e f fe e t January 4, 1926:
B i l l s Short
B i lls Over
B i l l s E n titled
Pro Rata Share
Pro Rata Share
B i l l s Acquired
to Acquire
0
Boston
$10,7 45,000
| 53,896,000
$ 64,641,000
3
,238,000
New York
181,873,000
178,635,000
0
348,000
Philadelphia
61,595,000
0
61,247,000
,669,000
1
Cleveland
75,321,000
76,990,000
0
771,000
^ichmond
39,354,000
0
38,583,000
771,000
35,217,000
35,988,000
0
Atlanta
1 ,117,000
0
107,789,000
Chicago
106,672,000
848,000
35,435,000
0
34,587,000
St* Louis
677,000
0
31,653*000
Minneapolis
30,976,000
1 ,008 ,000
0
46,196,000
45,188*000
Kansas C ity
453,000
0
31,653,000
Dallas
31,200,000
155f
000
0
69.297.000
65.452.000
S&n Francisco
$10,900,000
$10,900,000
$771,719,000
1771,719,000
T otals
The Committee arranged with the Boston bank to d is trib u te i t s overage of
$10,800,000 d ire ct to banks that were short o f th e ir pro rat*, share, as shown in
above statement*
This adjustment i s to be completed on Tuesday, Ju ly 6*



Reproduced from the Unclassified I Declassified Holdings of the Naticnai&ich ves

DECLASSIFIED

Authority j L f i . |( ) £ / ) [

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
_____________ FEDERAL RESERVE BANKS FROM JUNE 24 to JUNE 30, 1926____________
(P a r tic ip a tio n in Shortrterm Governments - Special Investment Account)
Boston
New York
P h ila d elp h ia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
T otals

Boston
Cleveland
A tlanta
St. Louis
Dallas
Totals

Purchases
I 1,315,000
7,914,000
738 ,000
1,980 ,000
873,000
0
3,935,000
2,059 ,000
1,338,500
2,699,500
2 ,770 ,000
4.378.000

Sales
$ 1,315,000
7,914,000
7 38 ,000
1,980 ,000
87 3,000
0
3,935,000
2,059 ,000
1,338,500
2 ,699,500
2 ,770,000
4.378 .000

$30,000,000

$30,000,000

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Sales
Issue
Purchases
Issue
0
?
250 Second L/L bonds
0
'61,000 Miee. GovH Sec
663,100 M isc. GovH Sec
167,700 M isc. GovH Sec.
50,600 M isc. GovH Sec,
0
336.850 M isc. GovH Sec
1.631.200 M isc. GovH Sec.
$1,799,150

$1,101,550

BANKERS ACCEPTANCES
(000 Omitted)

Boston
New York
Philadelp hia
Cleveland
Richmond
A tlanta
Chicago
St. Louis
Minneapolis
Kansas City
D allas
S?m Francisco
T otals

Holdings
June 23
$ 12,031
27,090
15,235
23,136
11,635
23,178
29,010
7,204
10,087
12,180
9,810
17 .893
$198,489

Purchased
R ec'd by
Own Market
Allotment
$13,708 Retained
0
n
6,959
0
15,203 A llo tte d
3,157 Retained
0
n
100
2,375
it
1,240
84
n
2,971
1,495
41
1,510
3,090
0
1,388
0
1,022
1,770
0
«
192
1,009
1.814
... A J 9 0

M aturities Holdings
& Sales
June 30
0 2 3,980
§ 1,759*
9,453**
24,596
3,752
4,391
2,303
4,779
4,579
871
2 ,427
2,589
1,622
3^555.

14,640
21,220
10,656
22,865
29,031
7,721
8,682
11,361
9,389
17.942

$45,674

|42,080

$&02,083

$15 ,203

Other Holdings
Close June 3C/26
Other
Sales
Contracts B ills
0
§ 5,751
536
20,205
10,216***
0
0
0
1,379
0
0
0
430
0
2,757
0
0
0
0
0
0
-o
0
0
6.03?
$34,750 $2,345

*Includes $1,500,000 sold t o F.R.B. New York fo r re d is trib u tio n
**Includes $2,900,000 sold to F*R.B. A tlanta from p o r t f o l i o
***Represents b i l l s held over night by New York fo r d is tr ib u tio n to other F.R.Banks




Reproduced from the Unclassified / Declassified Holdings of the Nationarl-^Archives

1'/

declassified~~
Authority ^ L 4 0 S 0 J _

5
MATURITIES AND RATES ON BILL’S PURCHASED WEEK ENDING JUNE 30. 1926
(000 Omitted)
1-30 days
31-60 days
61-90 days
Over 90 days
3 1 / 8 - 3 1/4$ 3 1 / 4 - 3 3/8i 3 1 / 4 * 3 3/8i
3 3/4#

T otal

Bo ston
New York
P h iladelphia
Cleveland
Richmond
A tlanta
Chicago
D allas
San Francisco

$ 3,450
10,623
924
100
16
2,929
1,225
50
746

$

304
2,554
369
0
68
0
15
53
422

$ 9,954
8,107
1,864
0
0
42
270
89
622

0
878
0
0
0
0
0
0
___ 0

$13, 708
22,162
3,157
100
84
2,971
1,510
192

T otals

$20,063

$3,785

$20,948

$878

$45,674

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING * K ENDING JUNE 30, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(obo Omitted)
(Excluding Sales C ontracts)
Government
S e cu ritie s
Purchased
Sold
Matured

T otals

Bankers
Acceptances

$ 1,102

T otal

045,674
0
42.080
$ 3,594+
6.I67+ (Net Change
1-day holdover
& other b i l l s )
$ 9,761+

1,798
0

696-

$46,776
1,798
$ 2,898+
6.167+ (Net Change
1 -day hold over
& other b ill^
$ 9,065+

(In clu d in g Sales C ontracts)
Holdings
June 30« 1926
Gov*t S e cu ritie s
B i l l s Purchased
T o t a ls




Within
15 davs

16-30
davs

31-60
davs

61-90
davs

$ 12,411
113.053

0
45.322

51.826

|72,959
36. 326

$125,464

$45,322

$51,826

$109^85

91-days
6 Months

Over 6
Months

Total

$69,560
2.867

$ 230,349
0

$385,279
249.394

$72,427

$230,349

$634,673

Reproduced from the Unclassified I Declassified Holdings of the Nationafiftrehives

'••••— -

DECLASSIFIED
Authority £ 2 X 4 0 5 2 1

Form N o. 131.

Office Correspondence




o f tlie Board

For your inform ation:
g o v e r n o r C rissin g er
y k r . P la tt
i/fir. Hamlin
M?. M ille r
Sl ' i r. Janes
Mr* Chimiin^barn
tfr. McIntosh
Please return to S ecreta ry ’ s o f f i c e .

Reproduced from the Unclassified I Declassified Holdings of the National^chives




'' --

DECLASSIFIED
Authority j j ).

/r^jj

3D$ 1935#

Vmv Mr* mH&aont
t ftcknovli^® receipt o f and s h a l l
fcrtng to %fm attontddn o f tho rnorabor® o f th©
Board, your letter o f J\me 38* 1936# ad&rotted
toGoramor Orlisinger, onoloalnc a report of
tr»a*aotlon® In Chmingml
and
iMutieavt aoooptaaooa, m reported to your
OfwiitH**' for tho m rto & frm , t o 1? to Jtaa«
1 9 2 6 1 I li0 lu 9 i7 « *

?#ry truly your*.

l a t t e r L# id<ty#

®mmta r y *

Ur« f* B* U&ttoaon# S#erotftryt
Op«n Stavktt Ifrr&s&aieit C®mitt»<5t

o/o M n I noser*© Baakf
nom Torfc# f . T.

Reproduced from the Unclassified I Declassified Holdings of the Natioriai^ichives

J~ -

d e c l a s s if ie d

~

Authority

FEDERAL

RESERVE

BANK

™-

i
OF

NEW

VORK

■
? £ * CKT
-wtra*.

CONFIDENTIAL

j une 28, 1926

S i r :
In closed i s a rep ort of tran sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from June 17 to June 23, 1926 in c lu 
s iv e , togeth er with data received by the Committee from
the Federal reserve banks.

Secretary, Open Market
Investment Committee

Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. (1)




?
•$£,

Reproduced from the Unclassified I Declassified Holdings of the NationaWrchives

DECLASSIFIED
Authority j r &

40£ H

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENUSD JUNE 23, 1926
1925 to Date
(000 Omitted)

-1925.
Jan, 28
Feb* 25
Mar* 25
Apr* 29
May
27
June 24
July 29
Aug. 26
Sept. 30
O ct. 28
Nov* 25
Dec* 30
-1926Jan* 27
Feb. 24
Mar. 31
Apr* 28
May
26
June 16
June 23

TOTAL
EARNING
ASSETS
0 988,582
1,129,697
1,040,699
1,027,752
1,054,376
1,034,470
1,021,342
1,126,293
1,257,024
1,250,087
1,326,121
1,500,827
1,118,687
1,185,046
1,225,537
1,114,233
1,119,122
1,119,426
1,119,392

GOVERNMENT SECURITIES
Outright
Sales
Purchases
C ontracts
0392,504
0 1,560
360,090
4,604
339,692
5,059
345,031
4,008
346,365
3,849
317,155
7,454
318,569
11,591
318,310
13,939
29,161
313 ,745
314,933
9,824
315,713
16,586
265,998
11,034
363,073
320,517
326,833
385,685
391,115
478,950*
373,564

BANKERS ACCEPTANCES
Outright
Sales
Contracts
Purchases
019,587
0288,180
38,361
278,885
19,361
287,544
28,585
238,243
37 ,036
241,377
215,277
26,389
26,498
183,978
182,555
18,964
241,855
26,455
297 ,453
31,264
32,534
326,924
320,842
41,976

1,990
10,068
3,004
3,128
3,950
3,285
9,534
♦Includes 0141,500,OOO advance to Treasury s p e cia l

279,321
255,732
210,886
180,274
183,824
206,652
204,883

16,096
48,396
38,747
18,743
55,004
26,407
42,353

BILLS
DISCOUNTED
0273,692
433,805
377,641
399,985
413,999
455,445
468,356
579,675
633,188
589,994
624,714
749,672
448,557
540,083
632,391
513,668
473,943
393,330
479,158

c e r t i f i c a t e of indebtedness

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
__
DURING WEEK ENDED JUNE 23. 1926
(OOO Omitted)
BILLS DISCOUNTED
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
Balance
Net
Balance
Balance
Net
Net
Change
June 23
Change
June 23
June 23
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
S t- Louis
Minneapolis
Kansas C ity
Dallas '
San Francisco
N.Y. holdovers
and other b i l l s
T otals

0

12,899
73,869
21,723
37,353
9,342
1,842
56,059
26,400
19,828
34,768
29,675
49,806

0373,564

0

1,591+
9,576+
893+
2,446+
1,056+
74,761+
2,547+
1,619+
3,267+
3,067+
5,298+

^36,114+

0

12,031
27,090
15,235
23,136
11,635
23 ,178
29,010
7,204
10,087
12,180
9,810
17,893

0

729+
991480+
1,802+
1 24 ,4011,202772+
6265881,164786-

6.394

4.218+

0204,883

01,769-

0

24,239
92,265
49,095
48,851
48,089
41,825
68,110
30,771
3,701
18,094
14,122
39,996

0479,158

0

5,286+
25,199+
6,031+
4,492+
2,651+
5,215+
24,555'+
7,859+
448—
543—
2,813+
2,718+

$85,828+

COMMENT ON CHANGES WEEK ENDED JUNE 23. 1926
T ota l earning a sse ts of the System were p r a c t ic a lly unchanged during the
statement week* The redemption by the Treasury o f s p e cia l 1-day c e r t i f i c a t e s ag
gregating $141, 500*000 was to a large extent o f f s e t by the repurchase of $25,000,000
s e c u r it ie s sold tem porarily from System A ccount, new purchases o f s e c u r it ie s amount
ing to 011*100,000 and an advance o f 085,800,000 in b i l l s discounted* Sales con tra ct
holdings o f acceptances and s e c u r it ie s increased $15,950,000 and 06*250,000 '
r e s p e c t iv e ly , w h ile acceptances purchased ou trigh t declined O l,800fo00*



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIEDAuthority |r ft.

Money
Market

The withdrawal o f funds to the in t e r io r to rep la ce funds
p rev iou sly tra n sfe rre d to New York by the Treasury and some addi**
tio ria l income ta x c o lle c t i o n s within t h is d is t r ic t re su lte d in
s lig h t ly firm er money c o n d itio n s .
Stock Exchange c a l l loans were
placed during the g rea ter part of the week at 4 1 /4 per cent as
compared with a range o f 3 1/2 to 4 per cent la s t week*
Time money also continued firm er*
There was a f a i r amount
o f trading in 3 to 6 months* loans at 4 1 /4 per cent*
Commercial paper was moderaterly a ctiv e and continued urv*
changed at 4 per cent f o r prime names*

Government
Secu rity
Market

Trading in Government s e c u r it ie s was in sm aller volume
than during recent p reviou s weeks and p r ic e s in general were fr a c 
t io n a lly lower#
Accompanying firm er money, o ffe r in g s of short-term cer
t i f i c a t e s and notes were somewhat in excess o f the demand and p r ic e s
at the c lo s e o f th e Ifeek were on th e average 3/32nds lower*

Bankers
Acceptances

Rates on 90-day unindorsed b i l l s were advanced during the
week 1 /8 per cent and dealers are now bidding 3 1/2 per cent and
o ffe r in g at 3 3 /8 per cent* O ffering ra tes on other m atu rities
continued unchanged at 3 1 /8 per cent fo r 30f s # 3 1 /4 per cent f o r
6 0 *s, and 3 3 /8 per cent f o r 120-day b ill s #
In the Boston market the in crease in dealers* ra te s on 90-day
b i l l s resu lted in a b e tte r demand f o r t h is m aturity but the supply o f
a l l b i l l s continued lig h t and dealers* tra n sa ctio n s decreased over the
p reviou s week.
Accompanying firm er money co n d itio n s the b i l l market
in New York was le s s a c t iv e than la st week.
The supply was substan
t i a l l y in excess o f demand as a re su lt o f which dealers advanced t h e ir
ra te s on 90* s which stim ulated the buying somewhat in b i l l s o f t h is
maturity*
O fferin gs to the reserve bank were moderate and co n s iste d
m ostly of short b i l l s *
P hiladelphia and Chicago report that the^e was
l i t t l e a c t iv it y in th e ir resp ectiv e d is t r ic t s *
Very few new b i l l s
came into the market and the demand continued ligh t*




OPERATIONS ACCOUNT UNITED STATES TREASURY
At the request of the Treasury there were purchased fo r
account o f the A lien Property Custodian $250,000 Third 4 1 /4 per cent
L ib erty Loan bonds*
The Tre&sury authorized the purchase o f $60,000,000 Third
L iberty Loan bonds fo r d eliv ery June 26, 29 and July^,. against which
purchases o f $20,000,000 have been made in the New York and Chicago
markets and 130,000,000 from the System S p ecia l Investment Account,
the la t t e r being replaced by short-term Governments leaving an un
executed balance of $10*000,000#
D eliveries which are made p r io r
to July 1 are fo r account of Surplus Money and on July 1 are fo r
account of the Cumulative Sinking Fund*

Reproduced from the Unclassified I Declassified Holdings of the N atiorai& i chives

DECLASSIFIED
Authority

3
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
Further now purchases have been made during the period aggregating
$4,500>000* This completes the replacement o f June 15 m atu rities and sa les to
fo re ig n correspondents and r e s to r e s the System holdings to $275,000,000*
The p a r tic ip a tio n by a l l Federal reserve banks and the c la s s if i c a t i o n o f
issu es were as fo llo w s:
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
P h iladelphia
Cleveland
Richmond
A tlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

September 15, 1926
December 1 5 , 1926
March
15* 1927
December 15, 1927
September 15, 1928
3rd Lfl» bonds

T otals

0 12,053,500
72,546,500
6,764,500
18,152,000
8,001,000
0
36,072,500
18,872*000
12,270,500
24,743,500
25,392,500
40.131.500
$275,000,000

0 50,522,000
45,203,000
87,728,200
46,121,300
45,425,500

0275,000,000

With the approval o f a l l members o f the Open Market Investment Committee
there has been sold from System Account 030,000,000 Third L ib erty Loan bonds fo r
d e liv e r y June 29 to apply on Treasury a u th orization fo r the purchase o f $60,000,000
bonds o f th is issue-* This sale i s to be replaced by other short-term Governments*
the purchase o f which has already been completad in the New York and Boston markets
fo r d e liv e r y sim ultaneously with the sale to the Treasury*
SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The fo llo w in g i s a statement o f purchases o f bankers acceptances from
January 4 t o June 23, 1926 and the amount each banfc has re ce iv e d in excess or short
of i t s pro ra ta share under the apportionment plan wfeich was put intc* e f f e c t January
4 , 1926?
B i l l s Short
B ills Over
B i l l s E n title d
B i l l s Aeauired
Pro Rata Share.
to Acquire . . Pro Rata Share
Boston
$1,426,000
0
0 51,007,000
$ 52,433,000
704,000
Hew York
172,380,000
0
171,676,000
203,000
P h ilad elp h ia
58,293,000
0
58,090,000
17,000
0
Cleveland
72,846,000
72,863,000
0
31,000
Richmond
37,290,000
37,259 ,000
273,000
33,651,000
33,924,000
0
A tlanta
61,000
0
102,011,000
Chicago
1^2,072,000
172,000
0
33,371,000
St* Louis
33,199,000
48,000
0
30,002,000
29,954,009
M inneapolis
302,000
0
43,720,000
43,418,000
Kansas City
3,000
0
30,002,000
29,999 ,000
D allas
0
266.000
65.582.000
65.848.000
San F rancisco
01,753,000
$1,753,000
§730,445,000
0730,445,000
T ota ls
The overage* shown above are bein g adjusted in the usual manner by r e d is trib u tio n o f b i l l s among banks that are short o f th e ir pro ra ta share#




Reproduced from the Unclassified I Declassified Holdings of the Naticnai^Aichives

DECLASSIFIED

L£l4-Q5QI

Authority j

4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM JUNE 17 TO JUNE 23. 1926
GOVERNMENT SECURITIES - SYSTEM INVESTMENT ACCOUNT
Repurchase Tem
porary Sales
B-1927 Notes

P a r tic ip a tio n Open
Market Purchases
S h ort-tera Gov*ts

T otal

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Dallas
San Francisca

$ 1,096,000
6,595,000
615,000
1,650,000
728,000
0
3,279,000
1,715,000
1,115,000
2,250,000
2,308,500
3 T648,500

$

495,000
2,981,000
277,500
746,000
328,500
0
1,482,500
775,500
504,500
1,017,000
1,043,500
l t 649,000

$ 1,591,000
9,576,000
892,500
2,396,000
1,056,500
0
4,761,500
2,490,500
1,619,500
3,267,000
3,352,000
. 5.297.50Q

T ota ls

$25,000,000*

$11,300,000

$36,300,000

♦Represents temporary sa les during June 15 tax p e rio d .

Boston
Cleveland
Atlanta
S t. Louis
I&llas
T otals

OTHER TRANSACTIONS !IN GOVERNMENT SECURITIES
Purchases
Issue
Sales
Issue
0
*
$
100 Second L/L bond
0
50,000
M isc. Gov’ t Sec.
686,650
M isc. Gov’ t Sec.
693,650 M isc. Gov’ t; Sec.
0
Sec.
57,000
M isc. Gov’ t
15 ^ 0 0
M isc. Gov’ t Sec*
300,000 Second L/L bonds
$993,750
$808,750

Holdings
June 16
Boston
New York
^Philadelphia
-Cleveland
Richmond
Atlanta
Chicago
St* Louis
M inneapolis
Kansas C ity
Dallas
San Francisco
T otals

$ 11,302
28,081
14,755
21,334
11,647
27,579
30,212
6,432
10,713
12,768
10,974
18.679
$204,476

BANKERS ACCEPTANCES
Other Holdings
(000 Omitted)
Close June 23/26
Purchased
Rec’ d by M atu rities Holdings
Sales
Other
Own Market Allotment
& Sales
June 23 C ontracts B ills
$ 2,700*
$ 12,031 $ 3,701
$ 3,429 Retained 0
0
515
9,052
8,061
"
0
27,090
29,642
4,146**
15,511 A llo tte d
2,523 Retained 0
2,043
15,235
0
0
23,136
2,345
0
400
"
3,747
1,379
0
0
1,592
11,635
0
1,604
5
H
513
0
354
4,919
23,178
0
986
"
2,713
4,901
29,010
2,808
0
0
0
1,391
7,204
619
10,087
0
1,726
0
0
1,100
0
0
12,180
0
1,596
2,184
0
2,251
9,810
0
115
*’
972
6^202
0
17.893
925
"
1.887
3.598
$31,955

$15,511

$37 ,942

$198,489

$42,353

$2,248

♦Includes $2*501,000 sold to F.R.B* New York f o r r e d is tr ib u tio n
4#Represents b i l l s h eld over night by New York f o r d is t r ib u t io n to other F.R* banks




, w

Reproduced from the Unclassified I Declassified Holdings of the National Aichives

''

.....

D E C L A S S IF IE D
A u th o r ity

5
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING JUNE 23. 1926
(OOO Omitted)
1 * 30 days
3 .1/8*

31 - 60 days
3 1/4?.

Over 9 0 -days
3 l / 4 l _ __

6 1 - 9 0 days
3 1 / 4 - 3 3/8$

Total

Boston
New York
Philadelphia
Cleveland
Atlanta
Chicago
Dallas
San Francisco

$ 1,041
18,335
152
0
0
749
50
613

$

206
1,673
1,317
400
0
54
0
283

$2,182
3,290
1,054
0
5
167
65
29

0
274
0
0
0
16
0
0

$ 3,429
23,572
2,523
400
5
986
115
925

T ota ls

$20,940

$3,933

$6,792

$290

$31,955

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING JUNE 23, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(OOO Omitted)
(Excluding Sales C ontracts)
Bankers
Acceptances

Government
S e cu ritie s
Purchased
Sold
Matured

T otals

$37,107
993
0

T otal

$31,955
0
37.942
$ 5,9874,218+ (Net Change
l-d a y holdover
& other b i l l s
$ 1 ,7 7 1 -

|36 ,114+

$69,062
993
37.942
$30,127+
4,218+ (Net change
_ _ _ _ l-d a y holdover
& other b ill®
$34,345+

(in clu d in g Sales C ontracts)
Holdings
June 23. 1926
GovH S e cu ritie s
B ills Purchased
T otals




Within
15 days

16-30
days

31-60
days

61-90
days

9 1 -days
6 Months

Over 6
Months

T ota l

9,534
0
113.420 _50*9Q8

0
51.812

$56*433
28*393

$67,048
. 2.703

$250,083
0

$383,098
247.,23.6

$122,954 $ 50,908

$51,812

$84f 826

$69,751

$250,083

$630,334

$

Reproduced from the Unclassified I Declassified Holdings of the Nationafttr^iives

---------

DECLASSIFIED
Authority £ l ) .

T o m No. 131.

Office Correspondence
To _ A ll

embers of the Board .. ...... ...........

rioiiKM.

ERAL RESERVE
BOARD

Dat i
%

.

Subject:..

/?

Froi




for your inforraation:

Ip:.
ifr .
I?r»
y Mr.
1.1*,
Mr.

m m m

wji Cilus'iLgyr
Platt
Hamlin
/v
HilAf*
'
James
j
gm iuLi^BnrMcIntosh

J

Please return to Secretary's o ffic e .

& w
W" i

2—8406

Reproduced from the Unclassified I Declassified Holdings of the National^chi es




d e c l a s s if ie d "-

Authority

£h

|Q C /j [

23* 1936#

Bear Mr. Kattdson*
I acfenowXed/^ receipt of &tj& sfhall
"bring to the attention of tha raomhej?® of tli#
Board* yoiir le tte r of Jtane 22nd# td iim M d to
Oovemor Orits t n ^ r , rniolouti^ a r»i>ort of
transactions in OomiaflQt s p i r i t lag aad hank
ers acceptances, m reported to ^our Oeamlttae,
for th# period from Jane 10 to Jtono 18t 19261

In clu sive*
? « r y t a i l ? 7m.ire,

H a lte r Z » l d ^ t

Seerotar^.

Mr* if# S* Uatteaen* Secr®tar3%

Opm Har&et Xjnreetrrient O orr'lttae,
c/o federal Beserve Bank*

*9* Tojfe* 1* T*

!? ?

Reproduced from the Unclassified I Declassified Holdings of the Nat onai Archives




d eclassified

FEDERAL.
OF

RESERVE
NEW

BANK

YORK

June 22, 1926

CONFIDENTIAL
S i r :

Enclosed i s a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment dommittee fo r the Federal Reserve
System fo r the period from June 10 to June 16, 1926 in c lu 
s iv e , togeth er with data received by the Committee from
the Federal reserve banks.

W. B. la t t e s on
S ecreta ry, Open Market
Investment Committee

H on orable D. R . C r is s i n g e r ,
G overn or, F e d e ra l R eserv e B oard,
W ashington, D. C.
E n c l.

(1 )

Reproduced from the Unclassified I Declassified Holdings of the National Aich v5s

DECLASSIFIED
Authority jT jft,

REPORT OF OPE1

CONFIDENTIAL
ARKET INVESTMENT COMMITTEE WEEL JJDED JUNE 16, 1926

Holdings of Earning A ssets o f Federal Reserve Banks from January 28, 1925 to flate
(000 Omitted)
TOTAL
GOVERNMENT SECURITIES
3A’ T:SR3
BILLS
EARNING
Outright
Sales
Sales
Outright
-1925ASSETS
DISCOUNTED
Purchases Contracts
Contracts
Purchases
Jan. 28 $ 988,582
$19,587
0273 ,692
$392,504
$ 1,560
$288,180
Feb* 25
1,129,697
38.361
433 ,805
360,090
4,604
278,885
Mar. 25
377 ,641
339,692
19.361
1,040,699
5,059
287,544
Apr* 29
1,027,752
399 ,985
345,031
28,585
238,243
4,008
May
27
413
,999
1,054,376
37,036
241,377
346,365
3,849
June 24
455
,
445
1,034,470
215,277
26,389
317,155
7,454
July 29
1,021,342
,356
468
26,498
11,591
183,978
318,569
Aug, 26
1,126,293
579 ,675
18,964
318,310
13,939
182,555
Sept* 30
1,257,024
633 ,188
26,455
313,745
29,161
241,855
Oct* 28
1,250,087
314,933
589 ,994
31,264
297,453
9,824
Nov, 25
1,326,121
315,713
624 ,714
16,586
32,534
326,924
Dec. 30
1,500,827
41,976
320,842
749 ,672
265,998
11,034
-1926Jan. 27
1,118,687
16,096
'
363,073
279,321
448 ,557
1,990
Feb. 24
320,517
48,396
1,185,046
255,732
540 ,083 ■
10,068
Mar. 31
632 ,391
38,747
326,833
1,225,537
210,886
3,004
513 ,668
1,114,233
Aprt 28
385,685
18,743
3,128
180,274
May
26
1,119,122
473 ,943
391,115
3,950
55,004
183,824
42,102
June
448 ,163
9
3,603
1,128,578
414,705*
207,719
26,407
June 16
1,119,426
206,652
3,285
393 ,330
478,950**
* In clu d e s$4,000,000 advance to Treasury s p e cia l c e r t i f i c a t e of indebtedness
**Includes $141,500,000 advance to Treasury s p e cia l c e r t if ic a t e s of indebtedness
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_________________ DURING WEEK ENDED JUNE 16» 1926____________________
(000 Omitted)
BILLS DISCOUNTED
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
Net
Balance
Net
Balance
Net
Balance
June 16
Change
June 16
Change
June 16
Change.
Boston
0
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
N*Y* holdovers
and other b i l l s
Totals

11,308
64,293
20,830
34,90*
8,286
1,849
51,298
23,853
18,209
31,501
26,608
44,508

$337,450*

£ 7 ,1 5 7 15,5663,3853,6471 ,6 3 9 1 ,9 9 8 7 ,3 8 4 6,2612 ,5 1 1 6,538—
8,956—
8 ,2 1 3 -

$73,255-

0

11,302
28,081
14,755
21,334
11,647
27,579
30,212
6,432
10,713
12,768
10,974
18,679

0

8341,3431,647+
1,010474+
3,025+
618+
1,445+
1,1 0 9 143+
182+
1,029+

2,176

5 t334-

^206 ,652

$ 1 ,067-

0

18,953
67,066
43,064
44,359
45,438
36,510
43,555
22,912
4,149
18,637
11,309
37,278

0393,330

0

3 ,59946,947'2,307—
594+
5751,378+
2,7 5 6 1 ,6 8 1 1 ,7 9 1 1,4 8 0 167+
4,164+

054,833-

* This balance does not include $141,500,000 one-day advance to Treasury
COMMENT ON CHANGES WEEK ENDED JUNE 16T 1926
T otal earning a s s e t s o f theSystem decreased $9,150,000 during the statement
week# The reduction in Government se cu rity holdings of ^73 ,250,000, a xclu sive of Special,
c e r t i f i c a t e of in d eb ted n ess,resu lted from la rg e quarter tax date tra n sa ction s as f o l 
lows* Temporary sales under repurchase agreement of $25,000,000, c e r t i f i c a t e s matuxv
ing June 15, of $2 5,649,000, sa le s to fo r e ig n accounts June 14 and 15 of fo49,813,000,
and purchases in p a r t ia l replacement o f ^26,516,000. Further decreases con sisted of
054*800,000 in b i l l s discounted* ^15,700,000 in bankers acceptances under sales

co
n tr a c ts , and $1,000,000 in acceptances purchased ou trig h t.


Reproduced from the Unclassified / Declassified Holdings of the Natior a l^ichi res

DECLASSIFIED
Authority Jl£L_|_(jSD-L

Money
Market

Temporary sa les o f $25,000,000 s e c u r it ie s from the System
Account and the prepayment o f loans aggregating $50,000,000 at the
reserve bank resu lted in leading New York C ity banks entering the
ta x period with reserves su b sta n tia lly below requirem ents. As a
consequence the surplus o f funds on June 15, due to la rge d isb u rse
ments by the Treasury in excess t f income tax c o lle c t io n s , was only
temporary and by Friday when the banks averaged th e ir reserves fo r the
week c a ll money rates were again at 4 per cen t.
The time money market was f a ir ly a ctiv e and s lig h t ly firm er.
Toward the c lo s e o f the week loans o f a l l m a tu rities were negotiated
at the sin g le ra te o f 4 l / 4 per cen t.
Commercial paper continued unchanged at 4 per cent fo r
prime names. Trading was lim ite d to the rather small supply o f o f f e r 
ings in the market and the week*s turnover was in only moderate pro*,
portions*

Government
fcecurity
Market

Trading in United States Government s e c u r itie s was very
a ctiv e and p rice s advanced in a l l issu es o f long-term bonds. The
F ir s t L iberty Loan 3 l/z per cent bonds were e s p e c ia lly a ctiv e and
at the * io s e o f the week sold at 101 18/32, representin g a net in*crease o f 5/8 o f a p o in t. The demand fo r the 3 3/4 per cent Treasury
bonds was somewhat in excess o f o ffe r in g s and p rice s advanced further
to a new high o f 101 29/32,
Transactions were also f a ir ly heavy in short-term c e r t i f i 
ca tes and notes and p r ic e s continued firm .

Bankers
Acceptances

D ea lers1 o ffe r in g ra te s on unindorsed b i l l s were unchanged
at 3 l / 8 per cent fo r 30*3, 3 l / 4 per cent fo r 60*s and 9 0 's, and
3 3/8 per cent fo r 120*day m a tu ritie s.
B i l l market con d ition s in Boston showed but l i t t l e change
over the previous week. O fferin g s increased s lig h tly but the d e 
mand continued li g h t . S ales to lo c a l banks increased somewhat but
the demand from country banks f e l l o f f con sid erab ly . The New York
market, however, was qu ite a ctiv e during t h is p eriod . The supply was
s lig h t ly la rg e r but was comprised mainly o f b i l l s o f very short ma
t u r it y , The f a c t that the Treasury made no new o ffe r in g o f s e cu ri
t i e s on the fift e e n t h and the r e la t iv e ly easy money co n d itio n s r e 
sulted in a good demand fo r b i l l s o f the longer m a tu ritie s. D ea lers1
combined p o r t f o l io s a ccord in g ly declin ed m oderately. O fferin g s to the
reserve bank were lig h t and were mainly from banks. The b i l l market
in the P h ilad elp h ia and Chicagp d i s t r i c t s was in a ctiv e* the o ffe r in g
s t i l l in excess o f the demand,
OPERATIONS ACCOUNT UNITED STATES TREASURY
At the Request o f the Treasury there has been purchased for
account o f Surplus Money an aggregate o f $40,000,000 Third 4 l / 4 per
cent L ib erty Loan bonds fo r d e liv e ry between June 21 and 28, at the
T reasu ry's o p tio n . These purchases were made at p riv a te sa le in the
New York and Chicago markets*




Reproduced from the Unclassified I Declassified Holdings of the National ftrchi ss

DECLASSIFIED
Authority

3
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
Temporary s a le s from the System Account were made during the tax period
aggregating $25,000,000 to member banks in New York* These s e c u r itie s were a l l re
purchased by June 18*
Other tra n sa ction s co n siste d of the sa le to the F is c a l Agent of the B ritish
Government of $35,352,000 June 15 c e r t i f i c a t e s , sales to fo r e ig n correspondents
aggregating $14,461,000, and redemptions of $1,173,500* In a n ticip a tio n of these
reductions in the account there was purchased e a r lie r in the month an aggregate of
$30,556,500 which, togeth er with purchases not p re v io u sly reported of $15,930,000,
brought the t o t a l System h oldings at the c lo s e o f Monday, June 21, to $270,500,000*
The p a r tic ip a tio n by a l l Federal reserve banks and the c la s s if ic a t i o n
issues were as follow s?
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St# Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 11,856,500
71,359,500
6,654,000
17,855,000
7,870,500
0
35,482,000
18,563,000
12,069,500
2^,338*500
24,977,000
39,474,500

T otals

$270,500,000

of

RECAPITULATION OF HOLDINGS BY MATURITIES
September 15, 1926
December 15, 1926
March
15, 1927
December 15, 1927
September 15, 1928
3rd L/L bonds

$ 50,522,000
45,203,000
83,228,200
46,121,300
45,425,500

$270,500,000

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The fo llo w in g i s a statement o f purchases o f bankers acceptances from
January 4 to June 1 6 , 1926 and the amount each bank has received in excess or short
of i t s pro rata share under the apportionment plan which was put into e ffe c t
January 4, 1926;
B il ls Short
B i l l s Over
B i l l s E n titled
Pro Rata Share
Pro Rata Share
to Acauire
B i l l s Acauired
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 51,505,000
163,615,000
55,567,000
68,699,000
35,667,000
33,133,000
98*373,000
31,808,000
28#854,00G
41,822,000
28,912,000
63*036.000

$ 48,945,000
165,606,000
55,937,000
69,918,000
35,817,000
32,451,000
97,887,000
31,898,000
28,824,000
41,953,000
28,824,000
62.931.000

$2,560,000
0
0
0
0
682*000
486,000
0
30,000
0
88,000
105.000

0
1,991,000
370,000
1,219,000
150,000
0
0
90,000
0
131,000
Q
0

T otals

$700,991,000

$700,991,000

$3,951,000

$3,951,000

The overages shown above are being adjusted in the usual manner by re d is 
tr ib u tio n of b i l l s among banks that are short of th e ir pro rata share*




Reproduced from the Unclassified I Declassified Holdings of the National Aichives

■
T
im
m
*—

DECLASSIFIED
Authority^

,

|A^|

4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ALL FEDERAL RESERVE BANKS FROM JUNE 10 TO JUNE 16. 1926_________

Bo ston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
Totals

SYSTEM SPECIAL INVESTMENT ACCOUNT
Hales and
*rf'emporary
Purchases
M aturities
Sales
$ 1,096,000
$
863,500
$ 2,235,000
5,194,000
6,595,000
13,450,500
484,000
615,000
1,254,000
1,650,000
1,299,000
3,365,500
728,000
572,000
1,483,500
0
0
0
2,582,500
3,279,000
6,687,500
1,715,000
1,351,000
3,499,000
1,115,000
878,500
2,275,000
1,771,000
2,250,000
4,588,000
1,818,000
2,308,500
4,708,000
3 f648.500
2 .8 7 3 T000
7.440.500
$19,686,500
$25,000,000
$50,986,500

Net
Decrease
£ ”2 ,467,500
14,851,500
1,385,000
3 ,7 1 6 v500
1,639,500
0
7,384,000
3,863,000
2,511,500
5,067,000
5,198,500
8 f216f000
$56,300,000

*S e cu ritie s sold tem porarily to member banks under agreement to be repurchased on or
before June 18, 1926*
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Sales & M aturities
Issue
Issue
Boston
0
14,689,200 , Misc* GovH Sec
**
New York
714,500
C tfs . of Ind*
0
Philadelphia
5,000,000
M isc. GovH Sec*
Ctfs* o f Ind*
7,000,000
Cleveland
M isc, GovH Sec *
2 t329,000
Ctf s* of Ind*
2,260,000
Mi an. GovH Sec
Atlanta
166,200
Misc* GovH See.
2,163,850
St, Louis
C tfs . o f Ind*
2,398,000
0
Kansas C ity
C tf s* o f Ind*
1,471,500
0
Dallas
Misc* GqvH Sec#
71,100
3,828,700
Misc* GovH Sec
m
San Francisco
2 t900
M isc, Gqv H Sec#
___ _____0.... .
T otals

Boston
New York

$7,569,200

Holdings
June 9
$ 12,136
29,424

Philadelphia
13,108
Cleveland
22,344
Richmond
11,173
24,554
Atlanta
Chicago
29,594
St« Louis
4,987
11,822
Minneapolis
Kansas C ity
12,625
10,792
Dallas
17.650
San Francisco
T otals
$200,209

$24,525,750

BANKERS ACCEPTANCES
Other Ho|dings
(000 Omitted)
C lose Jund 16/26
Purchased
Sales
Other
R ec, d by M aturities Holdings
B ills
Allotment
Own Market
June 16 Contracts
& Sales
0
$ 4,813 Retained 0
$ 5,647*
I 11,302 $ 2,821
8,107**
»
0
6,764
15,067
713
28,081
17,666 A llo tte d
209***
0
3,336 Retained 0
0
1,689
14,755
894
409
0
M 1,536
2,955
21,334
0
0
1,367
11,647
0
1,641
4,542
360
"
2#017
3,534
27,579
0
1,413
30,212
0
2,055
w
2,647
3,442
0
6,432
0
0
59
1,504
0
10,713
0
0
1,851
2,960
0
0
2,411
2,268
12,768
0
107
0
0
"
1,577
1,502
10 ,974
2.177
0
6,464
924
"
2 f282
18 T679
#1,967
$204,476 026,407
$39*974
$17,666 $35,707

♦Includes $4,501,000 sold to F.R.B* New Y0rk f o r re d is tr ib u tio n
**Includes 13,600,000 sold to F.R#B* A tlanta from p o r t fo lio
***Represents b i l l s held over night by Now York f o r d is tr ib u tio n to other F.Pv. banks




Reproduced from the Unclassified I Declassified Holdings of the National^ch es

' -

BECLASSfFfEP ~
Authority j r f i, /

j

5
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING JUNE 16. 1926
(000 Omitted) '
1-30 days
0 / 8 - 3 l/4 <

31-60 days
3 1 /4 -3 3 M

0 1,392
19,461
272
0
4,536
809
0
723

02,790
2,104
632
409
2
568
46
.......... *,5

027,193

06,596

Boston
New York
P hiladelphia
Cleveland
A tlanta
Chicago
D allas
San Francisco
Totals

61-90 days
3 1 / 4 - 3 3/Si

Over 90-days
3 3/8i ...

Total

631
1,892
2,432
0
4
36
46
156

0 0
973
0
0
0
0
15
0

0 4,813
24,430
3,336
409
4, 54d
1,413
107
924

05,197

§988

039,974

0

RECAPITULATION OF PURCHASES AND SALES Of GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING JUNE 16, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(OOO Omitted)
Government
S e cu ritie s
Purchased
Sold
Matured

T otals

(Excluding Sales Contracts)
Bankers
Acceptances

027,255
78,762
21, 748

039,974
0
35,707
0 4,267+
5, 334- (Net Change
1-dav holdover
St other b i l l s )
0 1 ,0 6 7 -

073,255-

Total
067,229
78,762
57 t455
068,988
5, 334 -

(Net Change
1-day holdover
& other b i l l s )

074,322

( Including Sales Contracts)
Holding s
June 16. 1926

Within
15 davs

Gov’ t S e cu ritie s
B ills Purchased

^144,785
98.038

T o ta ls




242,823

16-30
days

31-60
days

61-90
davs

9 1 -days
6 Months

Over 6
Months

Tptal

0
52,537

0
48.717

053,633
30.827

$64,552
3T04Q

$219,265
O

0482,235
333,159

052,537

048,717

084,460

067,592

0219,265

Q 715,394

0

Reproduced from the Unclassified I Declassified Holdings of the Nation am i chives

DECLASSIFIED
Authority

| < V ? )|

F o r m N o . 131.

ft

^

|

U rrice C orresp on den ce ^
To____ Al l
Fiv

J

Member s o f t he B oar d ................

Mr. Eddy...




...._____ __
_____

/FEDERAL RESERVE

/ ° AR
D
Subject:.
_____

For your in fo r rn a tio n .

/}
V Mr. P l a t t
l / l i r . Hamlin

,/M r*,Janies
Cunningham
plea,se r e t u r n to S e c r e t a r y ’ s o f f i c e .

Date

.

Jane I S ,

•"I.

____ j>

1926.

Reproduced from the Unclassified I Declassified Holdings of the Natior ai Aichiv 3s

—

DECLASSIFIED
Authority £ Z

l4

0 5 D 1 _

t o o IS* 1026*

Boar

Mr* l!attfr«on*

I oflknowlad^ receipt o f m l atrnll
bring to th# a t tout ion o f fhe asKribsrii o f Hi#

Board, yo«r latfcar o f Jtrne 14th* enclosing a
report of transaction# la Govamraant •#o eiritl#i
and hankers •eeaptanoa*, as reported to your
Coiwalttaa, fo r tha parlod from ilana 3 to Jtqgjf
9* 1936* in clu alv *.
u




To ry t r u l y y o u r*,

ite lta r U Sddy,
Secretary.

Hr* I * B« Matto#onf Secretary,
Opm Market l»f@#feii«it Ooramtttaa,
o/o Tederal Eo#«rvir Bank,
14* Y e lk * f , T*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED^
Authority jT jft, |AC?) |

I
V

R E C E IV E D
Fe d e r a l R e s e r v e
of

Ba n k

m
OFIKJE OF
-THM OOVE.RMOR

N ew Yo rk

CONFIDENTIAL

June 14, 1926

S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Jferket Investment Committee fo r the Federal Reserve
System fo r the period from June 3 to June 9, 1926 in c lu 
s iv e , togeth er with data received by the Committee from
the Federal reserve banks.

W. B. Ifetteson
S ecreta ry, Open Market
Investment Committee

Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. ( l )




■

Reproduced from the Unclassified I Declassified Holdings of the National#iich ves

' -

DECLASSIFIED ~
Authority

£A4&£al

CQHFXIENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JUNE 9 , 1926
Holdings of Earning Assets of Fe deral Reserve Banks from January 28. 1925 to Date
{000 OMITTED)
TOTAL
BILLS
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
Sales
EARNING
Outright
Outright
Sales
ASSETS
*1925
Contracts.
DISCOUNTED
Purchases
Purchases
C ontracts
Jan* 28 0 988,582
019,587
0273,692
$392,504
0288,180
0 1,560
Feb* 25
1,129,697
433,805
38,361
360,090
278,885
4,604
Mar* 25
1,040,699
339,692
19,361
5,059
287,544
377*641
Apr* 29
1,027,752
399,985
345,031
4,008
28,585
238,243
May
27
1,054,376
413,999
346,365
241,377
37 ,036
3,849
June 24
455,445
1,034,470
215,277
26,389
317,155
7,454
468,356
July 29
1,021,342
26,498
318,569
183,978
11,591
Aug* 26
579,675
318,310
1,126,293
18,964
182,555
13,939
Sept. 30
633,188
29*161
1,257,024
313,745
26,455
241,855
1,250,087
589,994
Oct* 28
314f933
297,453
31,264
9,824
Nov> 25
1,326,121
624,714
315,713
16,586
32,534
326,924
749,672
1,500,827
Dec* 30
41,976
320,842
265,998
11,034
-1926448,557
Jan* 27
1,118,687
16,096
363,073
279,321
1,990
540*083
Feb* 24
48,396
255,732
1,185,046
320,517
10,068
38,747
632,391
Mar* 31
1*225,537
326,833
210,886
3,004
Apr* 28
18,743
1,114,233
513,668
180,274
385,685
3*128
473,943
May
26
55,004
1,119,122
183,824
391,115
3 t950
524,957
1,186,037
49,647
June
2
194,496
398,362
5,790
42,102
June
448,163
414,705*
3,603
9
1,128,578
207,719
♦Includes 04,000,000 advance to Treasury sp e cia l c e r t i f i c a t e o f indebtedness
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_________________ DURING WEEK ENDED JUNE 9 , 1926_________ ;____________
[ooo omitted !

Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Balias
San Francisco
N.Y, holdovers
and other b i l l s
T ota ls

GOVERNMENT SECURITIES
Balance
Net
June p
0
5484
0 18,465
2,646+
79,859
3074*
24,215
825+
38,554
364*
9,925
3,847
14158,682
1,640+
1,372+
30,114
20,720
557+
1,125+
38,039
1,276+
35,564
52,721
1,824+

0410,705*

012,343+

BANKERS ACCEPTANCES
Net
Balance
June 9
PJmasa
$ 1,766-.
0 12,136
3,074+
29,424
3,328+
13,108
22,344
5581,246+
11,173
2,193+
24,554
4,869+
29,594
4,987
342+
11,822
6191,136+
12,625
10,792
823+
57217,650
_ .7^510

273-

1207,719

013,223+

BILLS DISCOUNTED
Net
Balance
Change
June 9
0 22,552
0 4 ,64844,127114,013
45,371
3 ,1 8 4 2 ,9 9 2 43,765
46,013
1 ,0 4 1 35,232
1,553+
7 ,2 4 6 46,311
24,593
9 ,8 1 2 5,940
1,069*
474+
20,117
774+
11,142
7 ,6 1 4 33,114

0448,163

07 6,7 94 -

♦This balance doos not include 04,000, 000 o no-day advance to Treasury*
COMMENT ON CHANGES WEEK ENDED JUNE 9 . J£2§
Week* The decrease of $76,800,000 in b i l l s discounted was p a r t ia ll y o f f s e t by iin*
creases in ou trigh t h old in gs o f Government s e c u r it ie s of .*>12,300,000 (e x clu s iv e of
$4 000*000 advance to Treasury on s p e cia l c e r t i f i c a t e s ) , and #13.200*000 in bankers
acceptances* Sales con tra ct h oldings o f acceptances and s e c u r it ie s a lso d eclined
l 7 #500,000 *fKl $2,200*000 re sp e ctiv e ly *



........... ............................. ui. sI,
Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives

-■ —

DECLASSIFIED

Autfaori<y£ZL I ( t t |

Money
Market

The c a l l money ra te held steady at 4 per cent u n til
Thursday, June 10, when i t was reduced to 3 3/4 per cent, the lowest
sin ce June 3*
Time money was rather quiet with lim ited trading in 90
day loans at 4 l / 8 per cent, and in the longer m atu rities at 4 l / 4
per cen t.
Commercial paper was f a ir ly a ctiv e in the Middle and South
West at 4 per ce n t. Sales in New York were confined to a few sp ecia l
lo t s .

Government
S ecu rity
Market

The announcement by the Treasury that there would be no new
financing on June 15 was follow ed by more a ctiv e trading in a l l o u t
standing issu e s o f Government s e c u r itie s and moderate advances in
p r ic e s . The 3 3/4 per cent bonds o f 1946/56 sold at a new high o f
101 22/32 as compared with the issu e d -p rice o f 100 l / 2 on March 15.
Short-term c e r t i f i c a t e s and notes were a lso strong and ad
vanced from 2/32 to 6/32 over the le v e ls o f the previous week.

Bankers
Acceptances




D ealers1 o ffe r in g rates on 90-day b i l l s became se ttle d at
3 l / 4 per cent as compared with a range o f 3 l / 4 to 3 3/8 per cent
la s t week. Rates on other m a tu rities continued unchanged at 3 l / 8
per cent fo r 30*s, 3 l / 4 per cent for 60*s, and 3 3/8 per cent fo r
120-day m a tu rities.
Boston rep o rts that the demand for b i l l s f e l l o f f co n sid e r
a b ly, dealers* sa les dropping from a high o f $15,000,000 a week ago
t o $4,000,000 fo r t h is p eriod . The supply continued lim ited with
short b i l l s in b e st demand. O fferin g s to the reserve bank were fa ir ly
heavy. In New York the market was very q u ie t. Both the supply and
demand were much le s s than any recen t week, the demand being consider*ably le s s than the supply. B i l l s o f longer maturity were most d e
sir e d , short b i l l s being hard to move. The b i l l market in the
P h iladelph ia and Chicago d i s t r i c t s were in a c tiv e , the supply s t i l l in
excess o f the demand.

OPERATIONS ACCOUNT UNITED STATES TREASURY
Transactions for account o f the United States Treasury
during the period con sisted o f purchases for various accounts for d e 
liv e r y on June 15 as fo llo w s : $900,000 Third L iberty Loan bonds and
$38,500 c e r t i f i c a t e s due December 15, 1926 fo r account o f the A lien
Property Custodian; $119,350 Fourth L iberty Loan 4 l /4 $ bonds for
account o f the C iv il Service Retirement and D is a b ility Fund; and
$89,250 Third L ib erty Loan bonds fo r account o f the General R ailroad
Contingent Fund*

Reproduced from the Unclassified / Declassified Holdings of the National Aichi e s

DECLASSIFIED^
Authority £ Z L 4 0 S Q 1

SYSTEM PURCHASES OF. BANKERS ACCEPTANCES
The fo llo w in g i s a statement o f purchases o f bankers acceptances from
January 4 to June 9 , 1926 and the aiaount each bank has received in excess or short
o f i t s pro rata share under tha apportionment plan which was put in to e f f e c t
January 4* 192$:
g i l l s g B title d
M U s 0 v et
B i l l s Short
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
E&llas
San Francisoo
T ota ls

0 51*193*000
156*851*000
52,231*000
66*754,000
33*826,000
30,174,000
94*313*000
30*304*000
27*003,000
39*411*000
27*228*000
-5 9 .8 3 0 ,0 0 0
1669,113*000

^

$ V 6 *714,000
158*275,000
53*387,000
66*731,000
34*223*000
30*857,000
93*425,000
30*304*000
27,549*000
40*041,000
27*549,000
60.063.000

14*479,000
0
0
23*000
0
0
888*000
0
0
0
0
, ....... Q.

0
1*424,000
1.156,000
0
397,000
663*000
0
0
546*000
630*000
321,000
233.000

0669,118,000

05,390,000

05*390,000

Tbe Qvsvrngm shown above are being adjusted in the u su a l manner by r e d is 
tr ib u tio n o f b i l l s among banks that are short o f t h e ir pro rata share*
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
In connection with the replacement o f June 15 m a tu rities in the System
Special Investment Account and fo r account o f fo re ig n correspondents, referred to in
the previous re p o rt, fu rth er purchases have been made during the week) leaving an un
executed balance o f approxim ately 010*000*000*
Of the 040,000*000 purchased 030*556*500 s e c u r it ie s have already been de
liv e r e d fo r the Systaa Account and in crease tem porarily the h old in gs from 0275*000*000
t o 0305*556,500 a t the c lo s e o f business June 11* The p a r tic ip a tio n in th is la t t e r
amount by a l l Federal reserve banks and the c l a s s i f i c a t i o n o f issu es were as fo llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
0 *3,393,000
New York
80,#07*000
Philadelphia
7*516,500
Cleveland
20,169,000
Richmond
8*891,000
Atlanta
0
Chicago
40,080,000
St* Louis
20,969*000
Minneapolis
13,633*500
Kansas C ity
27,493,000
ifellas
28*214,000
San Francisco
^44^590^0
T ota ls

0305,556*500

RECAPITULATION OF HOLDINGS BY MATURITIES
0 36,525,500*
15, 1926
June
51,183,000
September 15* 1926
51,913*000
15, 1926
December
77*228*200
IS , 1927
March
44,031*300
15, 1927
^ec ember
44*675*500
September 15* 1928
3rd L/L bonds

0^05,556,500

Under the plan o f dealing with money co n d itio n s over qu arterly tax p eriod s
through temporary s a le s o f Government s e c u r it ie s from System Account* the Committee
sold on June 12 and June 14 to member banks in New York and Chicago* a t par fla t * an
aggregate o f $15*000*000 short-term Governments*
These s e c u r itie s were sold su b ject
to repurchase on or b e fo re June 18 at par fla t * plus in te re s t at
per annum f o r the
number o f days held*
*A block o f ^36 *352*000 June 15, 1926 C e r t if ic a t e s has been sold to the FisoaJ, Agent
o f tho B ritish *overnuent f o r d e liv e ry Juno 14*




Reproduced from the Unclassified / Declassified Holdings of the N ational^ chives

DECLASSIFIEDAuthority

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
_____________ FEDERAL RESERVE BANKS FROM JUNE 3 TO JUNE 9, 1926 _____________
GOVERNMENT SECURITIES - SYSTEM INVESTMENT ACCOUNT
(P a r tic ip a tio n in Purchase sjM iscellaneous
Governments
|
547,500
Boston
2,783*000
New York
307.500
P hiladelphia
825.000
Cleveland
364.000
Richmond
0
Atlanta
1.640.000
Chicago
1.372.000
S t, Louis
557.500
Minneapolis
1.125.000
Kansas City
1,154,500
D allas
1.824*000
San Francisco
T otal

New York
A tlanta
D allas

• S12.500.0P0

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Issue
Sales
Issue
0
x $137,000 TJ2-1926 C tfs,
705*000
Misc* G ov't Sec,
846,350 M isc. Govf t Sec,
121.600
M isc. GovH Sec,
0

T otals
$983.350
^826, 600
x Represents sa les from temporary holdings to a foreig n correspondent as a re in v est
ment o f proceeds o f maturing b i l l s ,
Other Holdings
BANKERS ACCEPTANCES
Close June 9/26
(000 Omitted)
Other
Holdings Purchased
Sales
R ecfd by Maturities Holdings
B ills
Contracts
June
Own Market
& Sales
June 9
0
Boston
§ 13,902 | 7,314 Retained
0 $ 9,080^ 0 12,136 0 4,017
M
New York
26,350 10,165
741
30,248
0
7,091xx
29,424
17,046 A llo tte d
5 ,485xxx
0
Philadelphia
9,780
1,347
13,108
0
0
4,675 Retained
t
»
919
Cleveland
0
22,902
450
913
22,344
1,921
I
T
0
Richmond
9,927
0
320
1,976
1,050
11,173
«
365
0
A tlanta
22,361
3, 331
2,103
24,554
3,241
tt
0
Chicago
4,071
2,082
24,725
2,586
1,788
2$,594
0
0
S t. Louis
71
4,987
4,645
0
413
0
Minneapolis
0
2,437
1,818
11,822
0
12,441
0
0
Kansas City
0
988
12,625
11,489
2,124
H
0
0
D allas
10,792
9,969
213
1,819
1,209
M
0
5.755
San Francisco 18* 222
3.164
17.650
783
1.809
$2.025
$200.209 &42.102
$17.046 |
&186.713 $46,883
x Includes $8,001,000 sold t o F. R, B, New York fo r r e d is t r ib u t io n .
xxIncludes $3,328,000 sold t o F, R, B, A tlanta from p o r t f o l i o .
^ ’ftepresents b i l l s held over night by New York for d is tr ib u tio n to other F.R,Banks.




Reproduced from the Unclassified I Declassified Holdings of the National Aichives

DECLASSIFIED
Authority ^ 4 0 S 2 i

(000 Omitted 5
1-30 days
3 1/8 - 3 1/4i
Boston
New York
P h ilad elp h ia
Cleveland
Richmond
Atlanta
Chicago
Dallas
San Francisco
Totals

31-60 days
3 1 / 8 - 3 3/8i

Over 90-days
61*90 days
3 3/8fc
3 1 / 4 - 3 l/2%

Total

$ 1 ,483
19 ,172
2,366
200
175
0
889
0
506

$ 2,459
4,088
1,458
250
145
3,331
1,072
182
246

$3,372
3,397
851
0
0
0
625
0
31

0
554
0
0
0
0
0
31
0

$ 7,314
27,211
4,675
450
320
3,331
2,586
213
783

$24,791

$13,231

$a,276

$585

$46,883

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING JUNE 9 , 1926
AND HOLDINGS AS OF THAT DATS CLASSIFIED BY MATURITIES
(000 Omitted)
(Excluding Sales C ontracts)
Government
S e cu ritie s
Purchased
Sold
Matured

Bankers
Acceptances

Total

$60,209
$46,883
983
0
33,387
33,39?
$25,839+
§13,496+
273- (Net Change
273- (Net Change
l»dav holdover
1-dav holdover
■ & other b i l l s )
& other b i l l s )
113,223+
$25,566+

$13,326
983
0

$12 *343+

(In clu d in g Sales C ontracts)
Holdings
June 9 . 1926

Within
15 davs

16-30
days

31-60
davs

GovH S ecu ritie s
B i l l s Purchased

$ 64,704
109.399

0
53.419

0
53.373

$170,103

$53,419

T otals




61-90
d&vt

91-Days Over 6
6 Months Months

Total

0
34.524

$57,0943. 106

$296,510
0

$418,308
249 .821

$53,373 : $34,524
i

$60,200

$296,510

$668,129

Reproduced from the Unclassified I Declassified Holdings of the Nationdhferchives

DECLASSIFIED
Authority ^ 2 ).

no. in.
ft

A *

f

FEDERAL RESERVE

Utrice Correspondence J tV
To

-^3.1 Members o f the Board

Subject:

From Mr» Edcl^




For your inform ation.
iSQove
>vernor C rissin g er
V & r. P la tt
l ^ r . Hamlin
'to i
y^-Mr, Janes
fir, Cunningham
P lease return to S ecreta ry’ s o f f i c e

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
A u th ority jljj,

JUn* 8, 1903.

©ear My, Hfctteeaiij

I

re«eii>t ftf'jta& *hall

%ri&^ to the atieaiian
the ®eaft>eri:";o f th§
Board, 70 i.iT letter of Joae 7th, addreeead 10
Qwfmate* Srlaelager* ancloain£ a report of
trar.t&oUo'iS in Government eeoaritice and bank
er# a&c^ta&a#*, a* ?*po*t*A to j o a r Ckwasittee,
for *l*e period fro« toy 2'} to utrne 2$ XWM,
i m l ’i t iw *
Vnvy tru ly youre,

falter !»• *ddy#
S ecretary.

M r. f . 1 . M atte«om » S e c r e t a r y ,
Open ttajfcat I n v e s t u m * Oofaraitfeee,
0/0 f e d e r a l B d e e rre B an k,
V * » Tortc, ir. T*

Reproduced from the Unclassified I Declassified Holdings of the National Aichives




DECLASSIFIED
Authority

£ J),

I
■KCEl
Fe d e r a l R e s e r v e

I
j
| I'K*'

Ba n k

o f Ne w Y o r k

June 7, 1926

COMF1DSNTIAL

S i r :
Enclosed is a report of transactions in Govern
ment securities and bankers acceptances as reported to the
Open Iferket Investment Committee for the Federal Reserve
System for the period from May 27 to June 2, 1926 inclu
sive, together with data received by the Committee from
the Federal reserve banks.

Secretary, Open Market
Investment Committee

Honorable D. H. Crissinger,
Governor, Federal Reserve Board
Washington, D. 0.
Encl. (1)

‘* yp *
i

I

Reproduced from the Unclassified I Declassified Holdings of the National^chives

"'

- .. ~

0 ECLASSI FfEP
Authority

&L-U££d___

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JUNE 2 t ‘ l926

(000 Omitted)
TOTAL
EARNING
ASSETS

-1925J an* 28
Feb* 25
Mar*. 25
Apr* 29
May
27
June 24
July 29
Aug* 26
Sept* 30
Oct* 28
Nov* 25
Dec* 30
-1926Jan* 27
Feb* 24
Mar* 31
Apr* 28
May
26
June
2

t

GOVERNMENT SECURITIES
Outright
Sales
Purchases
C ontracts

BANKERS ACCEPTANCES
Sales
Outright
Contracts
Purchases

BILLS
DISCOUNTED

988,582
1,129,697
1,040,699
1,027,752
1,054,376
1,034,470
1,021,342
1,126,293
1,257,024
1,250,087
1,326,121
1*500,827

1392,504
360,090
339,692
345,031
345,365
317,155
318,569
318,310
313,745
314,933
315,713
265,998

$ 1,560
4,604
5,059
4,008
3,849
7,454
11,591
13,939
29,161
9,824
16,586
11,034

$288 .,180
278,885
287,544
238,243
241,377
215,277
183,978
182,555
241,855
297,453
326 ,924
320,842

$19,587
38,361
19,361
28,585
37,036
26,389
26,498
18,964
26,455
31,264
32,534
41,976

$273,692
433 ,805
377,641
399,985
413,999
455,445
468,356
579,675
633,188
589,994
624*714
749,672

1,118,687
1,185,046
1,225,537
1,114,233
1,119,122
1,186,037

363,073
320,517
326,833
385,685
391,115
398,362

1,990
10,068
3,004
3,128
3,950
5,790

279,321
255,732
210,886
180,274
183,824
194,496

16,096
48,396
38,747
18,743
55,004
49,647

448,557
540,083
632,391
513,668
473,943
524,957

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING WEEK ENDED JUNE 2 , 1926
(OOO Omitted)
Balance
June 2
Boston
1
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St# Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
N*Y* holdovers
and other b i l l s
T otals

17,917
77,213
23,908
37,729
9,561
3*988
57,042
28,742
20,163
36,914
34,288
50.897

#398,362

Net
Change
$

328+
2,117+
185+
506+
218+
64+
984+
0
335+
675+
740+
1,095+

17,247+

Balance
( June 2

Net
Change

$ 13,902
26,350
9,780
22,902
9,927
22,361
24,725
4,645
12,441
11,489
9,969
18,222

$ 2 ,1 2 7 7,572+
1 ,1 6 0 2,765+
1,466+
8172,114+
3 ,4 8 9 5274*
711+
1,260+
3,013+

7*783

963-

$194,496

H O , 672+

Balance
June 2

Net

$ 27,200
158,140
48,555
46,757
47,054
33,679
53,557
34,405
4,871
19,643
10,368
40,728

} 5,03553,648+
3 ,15070887042 ,8 0 3 3,399+
9,189+
1 ,0 1 7 ' 398+
666+
4,443**

$524,957

151,014+

COMMENT ON CHANGES WEEK ENEED JUNE 2. 1926
T ota l earning a sse ts of the System in creased $67,000,000 during the state*
ment week* Advances in the variou s c la s s e s o f h old in gs co n siste d of $51,000,000 in
b i l l s discounted, $10,700,000 in ou trig h t purchases of bankers a ccep tan ces, and
$7,300,000 in ou trigh t holdings o f Government s e c u r it ie s . S e c u r itie s under salee
co n tra cts a lso increased $1 ,9 0 0,00 0 , w h ile sim ila r h old in gs o f acceptances declined
15,400,000*



w
Reproduced from the Unclassified I Declassified Holdings of the NationaiAichivss

DECLASSIFIED
Authority

Money
Market

D e f ic i t s in average reserves o f leading New York City
banks at the beginning o f the busin ess week were r e fle c t e d in an
advance in c a l l money on Tuesday, June 1, to 5 per cen t, the highest
since A p ril 13, but the ra te was ea sier as the week p rogressed.
Time money was s lig h t ly firm er at 4 l / d to 4 l / 4 per cent
fo r a l l m a tu rities except 60 days* Trading was gen era lly d u ll with
a few loans made in the longer m a tu rities at 4 l / 8 per cent*
The p re v a ilin g rate on prime commercial paper continued un*
changed at 4 per ce n t. The demand was c h ie fly from Middle Western
c i t i e s and was at le a s t equal to the scarce supplies o f new paper
being crea ted .

Government
Security
Market

Trading in United States Government s e c u r itie s was in mod
erate volume and p r ic e s o f p r a c t ic a lly a ll issu es made fr a c t io n a l ad«
vances. Tha lenger .term bonds were in good demand, e s p e c ia lly the
3 3/4s o f 1946/56 which sold at 101 l/Zt a f u l l p oin t above the sub
s c r ip tio n p rice on March 15,
United S tates Treasury c e r t i f i c a t e s and notes continued
firm*

Acceptances




Rates on 90 day unindorsed b i l l s were u n se ttle d ; some New
York d ealers on Friday, June 4, lowered th e ir ra tes l/$% so that
b i l l s o f t h is m aturity are now being o ffe re d at a range o f 3 l/4 ^
to 3 3 / 8 l Other ra tes continued unchanged at 3 l/Q% fo r 30*s, 3 l/^%
fo r 60*3, and 3 3/8% fo r 120 day m aturities*
Boston rep orts that the supply o f b i l l s o ffe re d in the
market continued small during the period* There was, however, a
good demand fo r 90*s at 3 3/8 per cen t, and for m atu rities under
30-days. D ealers sales aggregated approximately $15,000,000, the
highest t o t a l fo r any week t h is year. The market in New York was also
a ctiv e with an increase in both the supply and demand* B ills moved
fr e e ly with the r e s u lt that there was a substantial d eclin e in dealers1
aggregate p o r t f o l io s . P h ilad elp h ia rep orts s lig h t ly more a c t iv it y
than during the previous week*
There was a good supply o f o ffe r in g s
in the market but the demand which increased somewhat was s t i l l Only
fa ir * In the Chicago d i s t r i c t the market continued d u ll and only a
few new b i l l s were o ffe r e d .
OPERATIONS ACCOUNT UNITED STATES TREASURY
T ransactions for account o f the United States Treasury
during the period consisted o f the sale o f $188,500 June 15, 1926
c e r t i f i c a t e s for account o f the C iv il Service Retirement and D is a b il
i t y Fund, and the purchase o f $9,900 Third L iberty Loan 4 l/4% bonds
fo r account o f the General R ailroad Contingent Fund*

Reproduced from the Unclassified I Declassified Holdings of the NationaMichives

''

OECLASSIFfEP ~
Authority

£Xl4-0SCd___

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The follow in g i s a statement o f purchases o f bankers acceptances from
January 4 t o June 2 , 1926 and the amount each bank has receiv ed in excess o r short
o f i t s pro rata share under the apportionment plan which was put in to e ffe c t
January 4 . 1926s
B i l l s Short
B i l l s Over
B ills ^ t i t l e d
B i l l s Acquired
Pro Tfeta Share
to Acquire
Pro Rata Share
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San ^rancisco

$ 51,880,000
146,686,000
47,556,000
65,391,000
31,530,000
28,068,000
87,656,000
29,891,000
25,185,000
37,287,000
25,196,000
57.238*000

$ 44,284,000
149,841,000
50,576,000
63,217,000
32,114,000
28,748,000
88,505,000
29,891,000
25,792,000
37,933,000
25,792,000
. _ 56^901^000

$ 7,626,000
0
0
2,174,000
0
0
0
0
0
0
0
337.000

0
3,155,000
3,020,000
0
584,000
680,000
849,000
0
607,000
646,000
596,000
0...

T ota ls

§633^564,000

$633,564,000

§10,137,000

$10,137,000

The shortages shown above were p r a c t ic a lly a l l taken care o f through rc
d is trib u tio n o f the overages by the end o f the week*
Owing to th e ir reserve p o s it io n the Federal Reserve Bank o f S t. Louis sold
from th e ir p o r t fo lio b i l l s amounting to $4,000,000*
These b i l l s were re d istrib u ted
to other p a rticip a tin g banks and are r e fle c t e d in th e fig u re s shown above* The St#
Louis bank a lso requested to be re lie v e d ts n p o ra rily of th e ir p a r tic ip a tio n in d a ily
System purchases*
SYSTEM SPECIAL INVESTMENT ACCOUNT
GOVERNMENT SECURITIES
The Open Markdt Investment Committee has approved the replacement in the
System Account of June 15 m a tu rities aggregating #36,525,500 through the purchase in
the market of other short-term Government o b lig a tio n s* There i s a lso maturing on
June 15 approxim ately $14*000,000 c e r t i f i c a t e s held by the New York bank f o r account
of fo re ig n correspondents which are to be replaced w ith other issues* Against these
a g g r ^ a te m a tu rities o f approxim ately $50,000,000 there has been purchased §38,000,00C^
o f which $12,500,000 have already been d eliv ered f o r the System Account and the
balance i s to be d eliv ered on or b e fo re June 15.
The t o t a l holdings in the System Account at the c lo s e of business Monday,
June 7 , amounted to #287,500,000, the p a r tic ip a tio n in which by a l l Federal reserve
banks and the c l a s s i f i c a t i o n o f h old in gs were as fo llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
0 12,601,500
New York
76.701.000
P hiladelphia
7.072.500
Cleveland
18.977.500
Richmond
8.365.500
Atlanta
0
Chicago
37.711.000
S t. Louis
18.872.500
Minneapolis
12.828.000
Kansas C ity
25.868.500
Dallas
26.546.500
San Francisco
41>955,500
T ota ls
$287,500,000

RECAPITULATION OF HOLDINGS BY MATURITIES
June
15, 1926
Sept ember 1 5 , 1926
Decflmber 15, 1926
March
15^ 1927
December 15, 1927
September 1 5 , 1928
3rd L/L bonds

§ 36,525,500*
48.122.000
51,913 £$00
73,008,200
38,031,300
39.900.000

0287,500,000

*A b lock o f $35,400,000 June 15 c e r t i f i c a t e s has been sold to the F is c a l Agent of
fo r d e liv e ry June 14*

th e B r itis h Government,



Reproduced from the Unclassified I Declassified Holdings of the National Atchives

DECLASSIFIED
Authority j E Z M O S D j —

4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF AW*
FEDERAL RESERVE BANKS FROM MAY 27 TO JUNE 2 . 1926________________
GOVERNMENT SECURITIES - SYSTEM INVESTMENT ACCOUNT
....(p a r tic ip a t io n inPurclia& esy
M iscellaneous
Governments
#

328,500
2,493,000
184,500
495,000
218,000
0
984,000
0
335,000
675,000
692,500
, U R

Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
M inneapolis
Kansas C ity
Dallas
San F rancisco

$7,500,000

T otal

OTHER TRANSACTIONS. IN GOVERNMENT SECURITIES
Purchases
Boston
New York
Cleveland
Atlanta
Dallas
T ota ls

0
$188,550

11,000
220,650
~ W -9 Q p
4467,950

Issue
«•

M isc,
Misc#
Misc*
M isc.

C, o f
GqvH
GovH
Gov*t

I*
S e c u r itie s
S e cu ritie s
S e cu ritie s

Sales
#
50
* 564,000
0
155,950
0

Issue
Second L/h 4 1/4$ bonds
TJ2-1926 C tfs*
**

Misc* G ovH S e cu ritie s

#720,000

*Repreeents sa le s fr o o temporary holdings to a fo re ig n correspondent as a reinvestment
o f proceeds o f maturing b i l l s *
Other Holdings
• BANKERS ACCEPTANCES
(000 Omitted)
C lose June 2 . 1926
Holdings
Purchased
Other
Rec*d \>y M aturities Holdings
Sales
& Sales
C ontracts B ^ lls
June 2
Mav 26
Own Market Allotment
Boston
0
#13,902
# 4,820
# 16,029 I 9,071 Retained 0
#11,198*
ti
New York
34,386
789
18,978
11,371
26,350
3,999
0
5,468***
22,399 A llo tte d
Philadelphia
0
0
10,940
3,105
9,780
1,945 Retained 0
«
1,092
Cleveland
22,902
20,137
2,972
0
2,629
3,108
»i
Richmond
0
0
9,927
2
374
8,461
1,838
Atlanta
0
434
22,361
3,266
23,178
2,449
0
n
Chicago
4,871
0
557
2,497
22,611
4,054
24,725
St. Loui*
0
0
4,645
8,134
5,274**
1,785
0
0
Minneapolis
1,392
12,441
0
11,914
0
1,919
0
Kansas C ity
0
11,489
2,685
10,778
1,974
0
n
Dallas
0
585
0
1,827
18
9,969
8,709
M
San Francisco
1
t687
5.570
_
0
___
3.213
...18*222
Id U
#49,647
T ota ls
#38,323
#186,713
#2,315
1175,078 049*958
#22,399
^Includes 05,001,000 sold to F. R. B* N. Y* from p o r t fo l io
**Includes #4,040,000 so ld to F» R# B« N* Y* from p o r t fo l io
***Represents b i l l s held over night by New York fo r d is trib u tio n to other !*• R* Banks



Reproduced from the Unclassified I Declassified Holdings of the National-Aichives

DECLASSIFIED
Authority jT jfi,

j (\C f ,

[

MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING JUKE 2. 1926
(000 Omitted)
1-30 days
3 1 / 8 - 3 iM
Boston
New York'
P h ilad elp h i a
Cleveland
Richmond
Chicago
Dallas
San Francisco
T otals

31-60 days
3 1/ 4 - 3 3 3

61-90 days Over 90-days
3 3/8$
1 / 4 - 3 3/B%

T otal

$ 2,093
17,916
903
882
2
215
0
264

$

354
7,741
257
2,226
0
21
18
213

$ 6,624
6,447
785
0
0
321
0
l r010

0
1, 666
0
0
0
0
0
0

$ 9,071
33,770
1,945
3,108
2
557
18
1.487

$22,275

$10,830

$15,187

$1,666

$49,9 58

HfT-MrW
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING JUNE 2, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Omitted)
(Excluding Sales Contracts)
Government
S e cu ritie s
Purchased
Sold
Matured

T otals

Bankers
Acceptances

$ 7,967
720
0

T otal

$49,958
0
38t 323
$11, 635+
9 63- (Net Change
1-dav holdover
& Other B i l l s )
$10,672+

$7,247+

$57,925
720
38,323
$18,882+
9 63- (Net Change
1-dav holdover
& Other B i l l s
$17,919+

(In clu d in g Sales C ontracts)
Holdings
June 2. 1926

Within
IS davs

Government S e cu ritie s 0 63,029
B i l l s Purchased
100.917
T otals




$163,946

61-90
days

91 -days
6 Months

0
52.318

32.431

$54,006
2.368

$287,117 $404,152
244.143.
0

$52,318

$32,431

$56,374

$287,117 $648,295

16-30
davs

31-60
davs

0
56.109
$56,109

Over 6
Months

T ota l ,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
AuthorityjT-f i .

l^orni No. 131.

Office Correspondence
-pQ
From

IP f o l

t! FEDERAL
KEDhKA RESERVE
BOARD

'ii

A l l Members o f th e B o a r d . _____
? ddJr




Subject:.

___

T or you r in fo r m a tio n .
j G overn or C r is s i n g e r
v j l r . P la tt
i/a!r# Hamlin
‘^ 4 ^ . M i l l e r
James
I^Tr i Cunn inghaj-1
P le a s e r e tu r n to S e c r e t a r y ’ s o f f i c e .

I— — — -—

I— HumIi...

R eproduced from the U nclassified




1——
—
' '—
...........
I D eclassified H oldings of the N ational A rchives

—11

B.ECLASSfFJtEB~
A u th o r ity j r f ) ,

! fjQ ^ J I

D#ar M r. M fttteeont
I
acknowledge reoetpt of «nd th all
W
attention of the m k W h of ib t
your le tte r of Jirne I t * , *ddre$«ed Id
Governor O fi§*iigerf •nolo*lag a report of
in
§e<3ariiio* «ad
Wskas?* AO0©p%ans@$g as reported %g y*mr 0®&*
Bilttoi), jf-er lb.# porlod from HAST 30 to msr 36,

10.38 iio lu a ly s *
Very t e a r your#,

«& H «? I . xd^r,
Stcrefcairy*

H r* f , B . M &tteeon, S e c re ta ry ,

Og^m Marmot iim ft t M il fkxmitie#,
o/o federal leeerve laak*.
I l f Tort, I . T .

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £

2X 40521

_

R B O B IV S D
Fe d e r a l R e s e r v e
of

Ba n k

JUN 2 ^ 192B

oar

‘m m ir& rw m m ,

New Yo rk

CONFIDENTIAL

June 1, 1926

S i r :
Enclosed is a re p o rt o f tra n sa ction s in Government
s e c u r it ie s and bankers acceptances as reported to the Open
Market Investment Committee fo r the Federal Reserve System
for the period from May 20 to May 26, 192 6 in c lu s iv e , t o 
gether with data received by the Committee from the Federal
reserve banks.

Investment Committee

H onorable D. R. C r is s i n g e r ,
G overn or, F ed era l R e se rv e Board,
W ashington, D. G.
E n c l.

(1 )

Reproduced from the Unclassified / Declassified Holdings of the N a tio n a l chive>

declassified^
Authority

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY 26, 1926
Holdings o f Earning Assots of Federal Reserve Banks from January 28, 1925 to Date
(ooc
BILLS
BANKERS ACCEPTANCES
TOTAL
government
Outright
Sales
EARNING
Sales
Outright
DISCOUNTED
-1925Purchases Contracts
ASSETS
Purchases
$273,692
$19,587
1
Jan# 28
$288,180
0 988,582
$392,504 e 1 , ^ 0
433,805
38,361
Feb* 25
278,885
1,129,697
360,090
4,604
377,641
Mar# 25
19,361*
287,544
339,692
1,040,699
5,059
399,985
Apr. 29
28,585
238,243
1,027,752
345,031
4,008
413,999
27
May
37,036
241,377
1,054,376
345,365
3,849
455,445
Juno 24
215,277
26,389
7,454
1,034,470
317,155
468,356
July 29
26,498
183,978
1,021,342
318,569
11,591
Aug* 26
579 ,675
18,964
182*555
1,126,293
13,939
318,310
Sept* 30
633,188
26,455
241,855
1,257,024
29,161
313,745
Oct* 28
589,994
31,264
297 ,453
9 ,8?4
314,933
1,250,087
Nov# 25
624,714
32,534
16,586
326,924
1,326,121
315,713
Dec# 30
749,672
320,842
41,976
1,500,827
265,998 . 11,034
-1 926448,557
Jan. 27
1,118,687
279,321
16,096
363,073
1,990
Feb# 24
540,083
255,732
48,396
320,517
1,185,046
10,068
Mar. 31
38,747
1,225,537
632,391
210,886
326,833
3,004
Apr* 28
18,743
513 ,668
1,114,233
385,685
3,128
180,274
May
77,2*2
19
489,861
149,210
1,126,264
7,630
390,995
»»
26
1,119,122
55,004
473,943
183,824
391,115
3,950
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES
DURING WEEK ENDED MAY 26. 1926
(000 Omitted)
GOVERNMENT SECURITIES BANKERS ACCEPTANCES
Balance
Net
Net
Balance
May 26
Change
Change
May 26
Boston
$ 17,589
0
$ 16,029 $ 6 } 562*
New York
75,096
8,224+
370**
18,978
P h ilad elp h ia
23,723
1 ,3 7 3 0
10,940
Cleveland
20,137
37,223
5,238+
40+
Richmond
9,343
0
8,461
1,654+
A tlan ta
3,924
136554+
23,178
Chicago
56 ,058
22,611
6,244+
S t. Louis
847+
28*7.42
400+ \
8,134
M inneapolis
27 +
19,828
0
11,914
Kansas C ity
0
1,526+
36,239
10 ,778
Dallas
184+
8,709
649+
33,848
870+
San Francisco
2+
49 ,802
15,209
N* Y. holdovers
and other b i l l s
..... 8.746 ... 3.592+
T o ta ls

$391,115

$120*

$183,824

$34,614+

CONTRACTS)

BILLS DISCOUNTED
Net
Balanc o
May 26
Chang©
$ 32,235 $
23410,797104,492
5,715+
51,705
47,465
9 ,5 0 0 46 ,184
1,951+
36,482
3,041+
4 ,3 2 1 50,158
25,216
1 ,0175,888
2 ,2 9 4 19,245
5879,702
1,182+
45,171
943 +

$473,943

$15,918-

COMMENT ON CHANGES WEEK ENDED MAY 26. 1926
T otal earning a ssets o f the System d eclin ed $7,200,000 during the statement vToek
Decreases of $15,900,000 in b i l l s d iscou n ted , §22,300,000 in acceptances held under
sa le s c o n tr a c ts , and $3,700,000 s e c u r it ie s under sa les co n tr a c ts , were only p a r tia lly
o f fs e t by an increase of $34,600,000 in ou trigh t purchases of bankers acceptan ces.




Reproduced from the Unclassified I Declassified Holdings of the NatonalAichives

'' - -

DECLASSIFIED^
Authority

2
Money
Market

Call money during the greater part of the week ranged from
3 1/2 to 4 per cent u n til Friday, May 28, when following a r#newal
charge of 3 3/4 per cent, the rat© advanced to 4 1/2 per cent with the
bulk of the day’ # business going at the higher figure.. This temporary
firmness reflected the f ir s t of the month requirements for dividend and
interest payments and the fa ir ly heavy demand for currency to meet
holiday needs.
time money was in lig h t demand but quotations continued
steady at the rates previously current* Most of the trading was at
4 per cent although a few loans of 5 and 6 months1 maturity were ar
ranged at 4 1/8 per cent*

cent.

Rates for prime commercial paper were prevailingly 4 per
In terio r institutions continue to take most of the available

supply.
Government.
Security,
Market^

Trading in United States Government securities wafr rather
quiet during the week. The demand was about equal to offerings in
the market and prices held generally firm for a ll issues.
On May .26 Hew York dealers advanced their rates 1/8 per
cent on 90-day unindorsed b ills and are.now bidding 3 l/2 and offering
at 3 3/8 per cent* Offering rates on other maturities continued un
changed at 3 1/8 per cent for 30*8, 3 1/4 per cent for 60‘ s, and 3 3/8
per cent for 120-day b ills *
* n the Boston market the supply of b ills f e ll off slightly
while the demand s t i l l continued light* Dealers* aggregate portfolios
showed a decline from the previous week but this was due to shipments
to their offices in other cities rather than sales in the market,
J*16 New.York market was very active particularly the last day of the
period and the Thursday and Friday following. The advance of l/8 per
scent in dealers* bid and offered rates on 90-day b ills brought a good
demand for long maturities whereas prior to the change the buying was
mod-erate and confined mostly to short b ills . The relatively firm money
conditions resulted in a substantial increase in the supply of b ills in
the market. The advance in dealers1 rates corrected the situation in
that the simply of long b ills was curtailed and the demand stimulated.
Offerings to the reserve bank were substantial and largely from dealers
in adjustment of their position to the new rate level. Philadelphia
reports that there was l i t t l e change in the acceptance market in that
d is tric t since the previous week* Offerings were fa ir ly p le n tifu l
with but l i t t l e demand. In the Chicago market the demand for b ills
continued very light and dealers are carrying rather large portfolios.
The increase in rate for 90-day b ills had some stimulating effect a l
though dealers report that the market as a whole was very d u ll.




OPERATIONS ACCOUNT UNITED STATES TREASURY
At the request of the Treasury there was sold from the in
vestment holdings of the Alien Property Custodian an aggregate of
$300,000 3 3/4 per cent certificates due December 15, 1926*

Reproduced from the Unclassified I Declassified Holdings of the NatioraMichives

DECLASSIFIED
Authority ^ ^ 4 0 5 0 1

3
SYSTEM PURCHASES OF JANKERS ACCEPTANCES
The fo llo w in g is a statement o f purchases o f bankers acceptances from
January 4 to May 26# 1926 and the amount each bank has Received in excess or short
of it s pro rata share under the apportionment plan which was put into e ffe c t
January 4S 1926*

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T otals

B ill s Short
Pro Rata Shar

B i l l s E n titled
to Acauire

B i l l s Over
Pro Rata Share

I 47,810,000
135,315,000
45,611fOOO
59.654.000
29.690.000
25.619.000
83.045.000
28,106,006
23.266.000
34.602.000
23.351.000

$ 41,232,000
138,913,000
47,122,000
58,900,000
29,524,000
26,158,000
82,461,000
28,673,000
23,633,000
35,343,000
23,633,000
_j3 .oi5 .oa o_

16,^78,000
0
&
754,000
166,600
0
584,000
0
0
0
0
0

0
3,598,000
1,511,000
0
0
539,000
0
567,000
367,000
741,000
282,000
477.000

$588,607,000

$588,607,000

$8,082,000

$8,082,000

B ills Acquired

The overages shown above are being adjusted in the usual manner by re
d is trib u tio n of b i l l s among banks that are short o f th e ir pro rata shar^
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
The holdings in the System S p ecia l Investment Account continued unchanged
from the la s t re p o rt, the amount remaining at #275,000,000*
The p a r tic ip a tio n by
the various Federal reserve banks and the c l a s s i f i c a t i o n o f issu es by m atu rities
were as fo llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisoo

$ 12,054,000
72,546,000
6,765,000
18,152,500
8,002,000
0
36,071,000
18,872,500
12,270,000
24,743,500
25,392,000
.40.13.1^500

T ota ls

$275,000,000




RECAPITAULATION OF HOLDINGS BY MATURITIES
June
September
December
March
December
September
3rd L/L

15, 1926
15, 1926
15, 1926
15, 1927
15, 1927
15, 1928
bonds

$ 36,525,500
44,522,000

50,203,000
66,728,200
37|121,300
39,900,000

0275,000,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

-■

..

DECLASSIFIED^
Authority

4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL FEDERAL RESERVE BANKS FROM MAY 20 TO MAY 26. 1926
GOVERNMENT SECURITIES
Purchases
York
Cloveland
A tlanta
\s-' S t, Louis
Dallas
San Francisco

Sales

Issue

*$370,000 TJ2-1926 C tfs..
0
417,800 Misc* Gov’ t S e cu ritie s
0
0
0

N cy;

TOTALS

40,000
281,500
400,000
184,250
1.350

M isc.
M isc.
Third
MisC.
Misc*

Issue

Gov’ t S e c u r itie s
Gov’ t S e c u r itie s
L/L bonds *?--------GovH S e c u r itie s
Gov’ t S e c u r itie s

$907 *100

$787,800

♦Represents sa les from temporary holdings to a fo r e ig n correspondent as a re in v e s t
ment o f proceeds o f maturing b i l l s *
BANKERS ACCEPTANCES
(OOQ Omitted) r

Holdings
Mav 19

Purchased
Own Market

$

9,467
10,754

0 3,864
1,757

Philadelphia.
Cleveland
Richmond
A tlanta
Chicago
St« Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

12,313
14,899
6,807
22,624
16,367
7,287
11,887
9 ,2 $2
8,060
14-339

$10 §426 Retained 0
»
o
9,981
£7,176 A llo tte d
2,841 Retained 0
1,989
w
4,658
652
2,370
2,330
0
2,664
°
6,285
0
2,293
0
1,885
2,842
0
72
1,904
983
M
2.609
$27,176

$25,762

Boston
New York

T ota ls

$144,056

$56 ,784

R ec’ d by J&turities Holdings
Allotment & Sales May 26

4,214*
1,409
1,368
1,776
2,705
1,446
1,858
1,316
1,327
2.722

$ 16,029
18,978
10,940
20,137
8,461
23,178
22,611
8,134
11,914
10,778
8,709
15.209
$175,078

Other Holdings
C lose May 26. 1926
Sales
Other
B ills
C ontracts
$ 6,191
38,912
6 ,601**
0
0
0
0
4,427
0
0
0
0
5.474
$55,004

0
901
0
872
0
372
0
0
0
0
0
0
$2,145

* Includes $2,010*000 sold t o F . R. B„ New York from p o r t f o l io
**Ropresents b i l l s held over night by New York f o r d is t r ib u t io n to other F.R . Banks




Reproduced from the Unclassified I Declassified Holdings of the NationalA \chive 3

--

■
<
Hi*

DECLASSIFIEDAuthority £ f i .

p

5

MATURITIES AMD RATES CN BILLS PURCHASED WEEK ENDING MAY 26, 1926
(000 Qnitted)
1-30 days
3 1 /8 - 3 3/8#
Boston
New York
P hiladelphia
Cleveland
Richmond
Chicago
D allas
San Francisco
T otals

31-60 days
61-90 days
Over 90-days
3 1 / 4 - 3 3 /8 j 3 1 / 4 - 3 3/8# 3 1 /4 - 3 3/8#

Total

$ 6,710
18,649
379
565
130
1,258
0
627

$ 1,517
9,508
2,462
1 ,424
422
478
0
356

$ 2,199
8,575
0
0
100
928
56
0

0
425
0
0
0
0
16
0

$10 ,426
37 ,157
2 ,841
1 ,989
652
2 ,664
72
983

$28,318

$16,167

$11*858

$441

$56 ,784

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
.AND BANKERS ACCEPTANCES DURING YffiEK ENDING MAY 26, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
. ( qoo Omitted")
(Excluding Sales C ontracts)
Bankers
Acceptances

Government
S e cu ritie s
Purchased
Sold
Matured

T otals

$908
788
0

T otal

$56,784
0
25.762
$31,022+
3,592+ (Net Change
1-day holdover
& other b i l l s )

$31,142+
3,592+ (Net Change
1-day holdover
& other b i l l s )
$34,734+

34,614+

$ l2 0 f

$57,692
788

(In cluding Sales C ontracts)
Holdings
May 26f 1926
GovH S e cu ritie s
B i l l s purchased
T o ta ls




\7ithin
15 days
$

3,950
108.875

$112,825

16-30
days

31-60
days

61-90
days

91-days
6 Months

0
60 T064

0
19^490

050,406
1.242

$283,095

$395*065
238,828

$106,771 $$0 ,06 4

$19,490

$51#648

$283,095

$633,893

$57,614
49r157

Over 6
Months

Total

Reproduced from the Unclassified I Declassified Holdings of the Natiorai Archives

DECLASSIFIED
Authority £ &

F o r m N o . 13 1 .

Office CorrespohJence
y0
From

FEDERAL R

ERVE

Date.liay 26, 1926,

A l l Members o f th e B oard

e/

Mr* EddX

For jo u r i n f o m o t i o n :
G overnor Or
H r. P l a t t
Mr. Hamlin
Mr. M i l l e r
Mr. James ^
y
Mr. Oimningham '\/
P le a s e r e tu r n to S e c r e t a r y ’ s O f f i c e .

miYTaNttBN? Jit1MUNOOt'rJO*




%
&

%

R eproduced from the U nclassified




I D eclassified H oldings o f the N ational A rchives
d e c l a s s if ie d

A u t h o r i t y }.

"

j

■■star 26, m s .

Bear lit. Matteeoni

| aolmotl#%# r*o *ipt of and <Hall
fcrlng t© the attention of tha men&eri at tha foard,
your le tte r o f Hay 34th* *&dr**iid to governor
Cri*«in*er,
* **port o f transaction! In
Government f t o o r t t lif and 'banker* acceptances as
reported to the Open Market Inv«*tment Oomittee
for th* B ru ta l tss#rye iysta® for th* period from
Mar 13 to Say 19, 1926 l&aiu«lve*
Tery truly yomre,

Hfcltar L, Idd y,
$ to re ta i7 .

Iff* f , I * Matte eon, $ # ® ***a r y ,
Opm Uarket Investment Comnlttse,
o/o federal Beserve Saak,
Slew York, I , Y.

Reproduced from the Unclassified I Declassified Holdings of the National-A\chives




DECLASSIFIED
Authority

Fe d e r a l R e s e r v e
o f

Ba n k

Ne w Yo r k

May 24, 1926

C0NFID3NTIAL

S i r :
Enclosed is a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as rep orted to the
Open Market Investment Committee for the Federal Reserve
System fo r the period from May 13 to May 19, 1926 in c lu 
s iv e , tog eth er with data re ce iv e d by the Committee from
the Federal reserve banks.
R e sp e ctfu lly ,

V. B. Matteson
S ecretary, Open Market
Investment Committee

H onorable D. ft. C r is s i n g e r ,
G overn or, F e d e r a l R e s e rv e B oard,
W ashington, D. C.

E n c l.

(1 )

Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives

"' - -

DECLASSIFtED~

Authority jL £ ^ O S D l

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY 19, 1926
Holdings o f Earning A ssets o f Federal Reserve Banks from January 28«, 1925 to Date
fo O O to it t e d l
BILLS
TOTAL
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
Outright
Sales
EARNING
Outright
Sales
DISCOUNTED
-1925Purchases Contracts
ASSETS
Purchases Contracts
$273, 692
Jan, 28
$19,587
$288,180
$ 1,560
988,582
$392,504
433, 805
38,361
Feb* 25
278,885
360,090
4, 604
1, 129,697
377, 641
Mar# 25
19k361
287,544
5*059
339,692
1 . 040,699
28*585
985
Apr* 29
399,
238,243
027,752
345,031
4,008
h
999
413,
May
27
37,036
241,377
054,376
3,849
345,365
lr
455, 445
June 24
26,389
215,277
7,454
317,155
1, 034,470
468, 356
July 29
26,498
183,978
11,591
318,569
I t 021,342
Aug. 26
579, 675
18,964
126,293
318,310
13,939
182,555
1,
Sept, 30
633, 188
26,455
241,855
29,161
‘
2
57,024
313,745
h
O ct, 28
589,
994
31,264
250,087
297,453
9,824
314,933
h
Nov, 25
714
624,
32,534
326,121
315,713
16,586
326,924
1.
672
Dec, 30
749,
41,976
500,827
320,842
265,998
11,034
1,
-1 926- .
448, 557
Jan* 27
16,096
279,321
363,073
1,990
1, 118,687
Feb* 24
540, 083
48,396
320,517
185,046
10,068
255,732
1,
Mar, 31
38,747
632, 391
225,537
210,886
326,833
3,004
1,
668
513,
18.,
743
114,233
180,274
Apr* 28
3,128
385,685
1,
476,
414
78,761
May
12
389,497
149,401
112,874
6,765
1.
489, 861
77,282
19
149,210
7,630
390,995
1. 126,264
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
________ ,________ DURING TOC ENDED MAY 19. 1926___________ _________
(000 Omitted)

Boston
New York
P h iladelph ia
Cleveland
Richmond
A tlanta
Chicago
St* Louis
Minneapolis
Kansas City
D allas
San Francisco
N.Y* holdovers
and other h i l l s
T otals

GOVERNMENT SECURITIES
Balance
Net
Mav 19
Change
$ 17,589
$ 300+
75,466
18323,723
G
37,183
65+
9,343
0
4,660
286+
56,058
0
38,342
l r000+ 1
19,828
0
0
36,239
30+
33,364
0
49,800

BANKERS ACCEPTANCES
Balance
Net
Change
May 19
$ 5 ,1 5 2 $ 9,467
2,105+
10,754
1,569+
12,313
14,899
350
6,807
454+
22,624
51016,367
1717,287
11,887
2 ,0531659,252
282+
8,060
258+
14,339
3.227+

.. 5.154
$390,995

$.1,498+

BILLS DISCOUNTED
Net
Balance
Change
Mav 19
$ 32,469 $10,297+
8,244+
115,289
626+
45,990
12
,4
1 956,965
1,168+
44,233
2,821+
33,441
73754,479
4,006*
26,233
1,062+
8,182
1,204+
19,832
8698,520
1 ,9 5 6 44,228

$

191-

$489,861

$13,447+

COMMENT ON CHANGES WEK ENDED MAY 19. 1926
T ota l earning a ssets o f the System advanced 013,400,000 during the e t a t e nent week* This in crea se was nade up almost e n t ir e ly of b i l l s d iscou n ted , the other
c la s s e s o f h oldings showing only minor changes.



Reproduced from the Unclassified I Declassified Holdings of the NationaMichives
d e c l a s s if ie d ^

Authority

Money
Market

£ J), / Q f o l

Money con d ition s continued easy during the f i r s t h a lf of
ihe week with c a l l loans holding steady at 3 3/4 per cent but r e 
f le c t in g d e f i c i t s in average reserves of leading New York C ity banks
money ra te s turned firmer toward the c lo s e o f the week and c a l l loans
advanced on Thursday May 20 to 4 per cent and s t i l l further on Friday
to 4 1/2 per cent , highest sin ce A p ril 30,
Time funds were unchanged at 3 3/4 to 4 1 /4 per cent for
a l l m a tu ritie s . Trading was gen era lly quiet and most o f the loans
were arranged at 4 per cent*
Commercial paper was s lig h t ly ea sier with an in creasin g
amount of sa les being made at 3 3/4 per cent ’out the la rg e r propor
tio n of the tradin g was at 4 per c e n t . The demand continued to come
from Middle West and New England*

government
Secu rity
Market

United States Government se cu rity market was rather quiet
during the week* The firmer c a l l money ra tes were r e fle c t e d in a
lig h te r demand fo r p r a c t ic a lly a l l issu es and p rice s eased o f f
s lig h tly «

Bankers
Acceptances

New York d ealers in bankers acceptances increased th e ir bid
and o ffe re d ra tes on May 18 1 /8 per cent on a l l m a tu rities except
30-day b i l l s and are now o ffe r in g 30-day m a tu rities at 3 1/8 per cent
60 ! s and 90’ s at 3 1 /4 per cent
and 120*s at 3 3/8 per c e n t.




B i l l market co n d itio n s in Boston were p r a c t ic a lly unchanged
from the previous week. O fferin gs increased s lig h tly but the demand
s t i l l continued lig h t* The lack of demand for b i l l s in the New York
OftTket, accompanied by s lig h t ly firmer money c o n d itio n s , resu lted in
d e a le rs1 p o r t fo lio s being at the record high point o f about
$120,000,000 early in the p e r io d . The increase in d ealers ra tes
together with reductions on May 20th o f the buying ra te s o f the
Federal Reserve Bank of New York, stim ulated the demand somewhat but
mainly for the shorter m a tu ritie s , and p o r t fo lio s d eclin ed m oderate
ly from the peak. P h ilad elp h ia re p o rts that o ffe r in g s of b i l l s show
ed some in crea se toward the end o f the period but the demand was only
fa ir . Th© demand for b i l l s in the Chicago market continues small
and d ea lers are accumulating f a ir ly la rge p o r t f o l i o s .
OPERATIONS ACCOUNT UNITED STATES TREASURY
The Treasury authorized the New York bank to s e ll from the
holdings o f the A lien Property Custodian $15,100,000 c e r t i f i c a t e s
maturing June 15, 1926 at par, for d e liv e ry on various dates from May
21 to June 11, to the f i s c a l agent o f the B ritis h Government! for use
in making i t s June 15 payment t o the United States Treasury. These
sales are to be replaced through the purchase sim ultaneously in the
market of a lik e aggregate amount o f Third 4 1/4/C L iberty Loan bonds.
In order to complete the t o t a l required by the B r itis h G o v 
ernment of §50,500,000 the Open Market Investment Committee approved
the sa ls from the System Account o f 035,400,000 June c e r t i f i c a t e s for
d e liv e ry on June 14.
On Treasury au th ority there was purchased during the period
for account of th© Cumulative Sinking Fund $1,832,250 Third 4 1/4$
Lib-arty Loan bonds*

Reproduced from the Unclassified I Declassified Holdings of the National^rchives

DECLASSIFIED
Authority

I/Y ? ) j

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The follow in g is a statement of purchases of bankers acceptances from
January 4 to May 19, 1926 and the amount each bank has received in excess or short
o f i t s pro rata share under the apportionment plan which was put in to e f f e c t Janu
ary 4 , 1926:

Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St * Louis
Minneapolis
Kansas City
D allas
San Francisco
T otals

B ill s Over
Pro Rata Share

B i lls Acquired

B ill s E n title d
to Acquire

$ 37,384,000
125,334,000
44,780,000
53,007,000
26,668,000
23,289,000
74,096,000
25,813,000
21,381,000
31,760,000
21,375,000
48.946.000

$ 37,398,000
126,315,000
42,740,000
53,423,000
26,785,000
23,419,000
74,793,000
25,934,000
21,442,000
32,057,000
21,442,000
48.085,000

0

$533,833 ,000

$533,833,000

$2,901,000

o
0
2,040,000
0
0
0
0
0
0
0
0
861.000

B i l l s Short
Pro Rata Share
$

14,000
981,000
0
4ie,Q00
117,000
130,000
697,000
121,000
61,000
297,000
67,000
0

$2 ,901,000

The overages shown above are being adjusted in the usual manner by r e 
d is tr ib u tio n o f b i l l s among banks that are short of th e ir pro ra ta share *
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
The t o t a l holdings in the System S p ecia l Investment Account continued un
changed from the la s t r e p o r t, the amount remaining at $275,000,000. The p a r tic ip a 
tio n by the various Federal reserve banks and the c l a s s if ic a t i o n o f issu es by matur
i t i e s were as f o llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINCS BY MATURITIES

Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
P a lla s
San Francisco

June
15, 1926
September 15, 1926
15, 1926
December
March
1 5 , 1927
December
15, 1927
September 15, 1928
3rd L/L bonds

TOTALS




12.054.000
72.546.000
6.765.000
18.152.500
8.002.000
0
36.071.000
18.872.500
12,270 ,000
24.743.500
25.392.000
40.131.500
$ 2 7 5 ,0 0 0 ,0 0 0

0 36,525,500
44.522.000
50.203.000
66,728,200
37,121,300
39.900.000

$275,000,000

Reproduced from the Unclassified / Declassified Holdings of the National Aichive;
d e c l a s s if ie d ^

Authority | L & 4 0 2 i|

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
_______ OF ALL FEDERAL RESERVE BANKS FROM MAY 13 TO MAY 1 9 1 1926
GOVERNMENT SECURITIES
Purchases
Boston
New Ycrk
Cleveland
A tlanta
St* Louis
Dallas
T otals

§

300,000
0
65,000
862,700
1,000,000
30>000

Issue

Sales

B-1927 T reas. Notes
Third
M isc.
Third
M isc.

Issue

0
-600 Second L/L Bonds
*183,000 TJ2-1926 C tfs
0
576,900 M isc. Gov’ t Sec*
0
0

L/L bondu
GovH Sec.
L/L bonds /
Gov*t Sec.

$2,257 ,700

^760,500

^Represents sales from temporary holdings to a fo r e ig n correspondent as a
reinvestment of proceeds of maturing b i l l s .
BANKERS ACCEPTANCES
(000 Omitted)
Other Holdings
Holdings
May-12

Purchased
Own Market

Rec* d by M aturities Holdings Sales
Allotment & Sales
May 19 Contracts

0
0 7,556 0 9,467
$ 14,619 $ 2 ,404 Retainod
H
0
**r 5 ,057
10 ,754
8 ,162
8,649
21 ,306 A llo tte d
0
12,313
Philadelphia
10,744
2,779
4 ,348 Retained
ii
3 ; 06 5
Cleveland
14,934
200
3,300
14,899
6,807
6,807
Richmond
0
1 ,919
1,919
«
3,627
4 ,052
22,624
Atlanta
29
22,170
4,902
16,367
16,877
4 ,060
332
Chicago
7,287
0
S t. Louis
1,728
7,458
1 ,557
3,335
11,887
Minneapolis
13,940
0
1 ,282
9,252
9,417
1,984
0
1 ,819
Kansas C ity
ir
1,202
69
6,060
Dallas
7,778
1 ,415
it
2 T137 ...3.422 . 14.339
14.081
1 ,543
San Francisco
Boston
New York

T otals

5147.474 §38.393

321.306

$41.811 $144.056

$ 8 ,341
59 ,549
3 ,204*
0
0
0
0
4.,152
0
0
0
0
5 .240
&77.282

Other
B ills
0
845
0
744
0
361
0
0
0
0
0
0
$1.950

# Represents b i l l s held over night by New York fo r d is tr ib u tio n to other F. R. Banks.
** Includes $2,503,000 sold to F. R. B. A tlanta from p o r t f o l i o .




Reproduced from the Unclassified / Declassified Holdings of the National Aichives

''

-■..."

DECLASSIFIED
Authority j r & 4 Q C Q j _ _

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
_______ OF ALL FEDERAL RESERVE BANKS FROM MAY 13 TO MAY X9. 1926
GOVERNMENT SECURITIES
Purchases
Boston
New York
Cleveland
Atlanta
S t. Louis
Dallas
T otals

§

300,000
0
65,000
862,700
1,000,000
30 .000

Issue

Sales

$
-600 Second L/L Bonds
*183,000 TJ2-1926 C tfs
0
576,900 M isc. Gov’ t Sec*
0
0

B-1927 T rea s. Notes
Third
M isc.
Third
M isc.

Issue

L/L bondu
GovH Sec.
L/L bonds ^
GovH Sec.

0760,500

$2,257,700

*Represents sales from temporary holdings to a fo r e ig n correspondent as a
reinvestment of proceeds of maturing b i l l s .
BANKERS ACCEPTANCES
(000 Omitted)

Holdings
May- 12

Purchased
Own Market

Other Holdings
C lose May 19/26
Rec* d by M aturities Holdings Sales
Other
Allotment & Sales
May 19 Contracts B ills

Boston
New York

0
$
$ 14,619 & 2 ,404 Retainod
ii
*
*
,162
0
8
8,649
21 ,306 A llo tte d
0
Philadelphia
10,744
4 ,348 Retained
ii
3
065
Cleveland
14,934
200
6,807
Richmond
0
1,919
«
4,052
22,170
Atlanta
29
it
16,877
4,060
332
Chicago
1,557
0
St. Louis
7,458
1,282
13,940
0
Minneapolis
9,417
0
1,819
Kansas C ity
t«
1,415
7,778
69
Dallas
M
2.137
14.081
1 ,543
San Francisco
4

Totals

S l4 7 t474 £38.393

121,306

7 ,556 $ 9,467
5,057
10 ,754
2,779
3,300
1,919
3,627
4,902
1,728
3,335
1,984
1,202
3.422

12,313
14,899
6,807
22,624
16,367
7,287
11,887
9,252
0,060
14.339

^41.811 $144.056

^ 8,341
59,549
3,204*
0
0
0
0
4,152
0
0
0
0
5.240
&77.282

0
845
0
744
0
361
0
0
0
0
0
0
11.950

* Represents b i l l s held over night by New York fo r d is tr ib u tio n to other F, R, Banks.
** Includes $2,503,000 sold to F. R. B. A tlanta from p o r t f o l i o .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ l i , / QfvO |

5
MATURITIES AND RATES ON DILLS PURCHASED WEEK ENDING MAY 19. 1926
(000 Omitted)
1-30 days
3 1 / 8 - 3 1/ 4i
Boston
New York
Philadelphia
Cleveland
Atlanta
Chicago
Dallas
San Francisco
T otals

31-60 days
3 1 / 4 - 3 l/ 2 t

$

648
8,864
1,234
0
0
225
5
549
$11t525

601
20,581
3,048
200
0
107
25
987
$25,549

61-90 days Over 90-days
3 1 / 2 - 3 5 /8 j
3 l/ Z t...

$

$ 2 ,4 0 A
29,468
4,348
200
29
332
69
1.543
$38,393

0
Q
0
0
0
0
39
0
$39

23
66
0
29
0
0
7
$1,280

Total

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES.DURING WEEK ENDING MAY 19,1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Quitted)
(Excluding Sales C ontracts)
Government
S e cu ritie s
Purchased
Sold
Matured

T otals

Bankers
Acceptances

$2,258
760
0

$1,498+

T otal

$38,393
0
41.811
$ 3,4183,227+ (Net Change
1-day holdover
& other b i l l s )

$40j 651
760
41.811
$ 1 ,9 2 0 3.227+

$

$ 1,307+

191-

1-day holdover
& other b i l l s )

(In cluding Sales C ontracts)
Holdings
May 19. 1926
Gov’ t S e c u r itie s
B ills Purchased
T o ta ls




Within
^5 days
$

16-30
days

31-60
days

61-90
days

91-days
6 Months

Over 6
Months

T otal

7,630
123.897

$57,984
38.335

54.232

8.341

$50,406
1.687

$282,605
0

$398,625
226.492

$131,527

$96,319

$54,232

$8,341

$52,093

$282,605

$625,117

Reproduced from the Unclassified I Declassified Holdings of the NationtfliAichu/es

-■

DECLASSIFYD~
Authority

F o r m N o . 131.

C (*•

1

FEDERAL RESERVE

Urrice Lorrespoi* Jence ^ board
To

A n Members o f the Board

From

.....

^ S u b j ect:_

Mr* Sdd7

For your inform ation:
»% overnor C rissin^er
Mr. P la tt
lA L r . Hamlin
UM f; M ille r
Barnes
r . Cunningham
Please return to S ecreta ry 1s O ffic e .

OnVFllNM
yNTPRISTINAOft




Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
Authority p

f ).

D ear U r. ICatteaon*
I
adleaow ledge r e c e i p t o f
■bring to th e a t t e n t i o n o f th e ruccabers o f Nt h e
B o a r d , y o u r l e t t e r o f May I 7 t h e n c lo s i n g a •. .
r # r )o tt o f t r a n s a c t i o n s l a Q ove:raaeat e e e u r i t i e *
**ocept&a<see
re-jorfced t o y o u r
O o m iitto a
th e p e r i o d
Hay S t o l!& y 1 3 „
1 2 ^ 6 l& e lu s iv e *

md bmeCmv*
tot

m
from

fe r y t m l y youre,

Walter L. xadyf
3 @ c r o t a .r j.

Mr. f .

B. Hat bason, Secretary,

Open Martaei X w eetK ia a t C a ra u ltiee*
o /o fe d e r a l& e s e r r e B&nfc,
le w f o r k ,
I.

lu

Reproduced from the Unclassified I Declassified Holdings of the National&ichives




DECLASSIFIED
Authority j r f i ,

IriQ~]|

F e d e r a l R e s e r v e Ba n k
of

N ew Y o r k

CONFIDENTIAL

May 17, 1926

S i r :
Enclosed is a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from May 6 to May 12, 1926 in c lu s iv e ,
together with data received by the Committee from the
Federal reserve banks.
R e sp e ctfu lly ,

f r y S ecretary, Open Market
Investment Committee

H onorable D. R . C r ie s in g e r ,
G overn or, F e d e ra l R e se rv e B oard,
l a s h in g t o n , D. C.
E n c l. ( 1 )

Reproduced from the Unclassified / Declassified Holdings of the National Aichive >

DECLASSIFIED- "
Authority

£jX—
lCsSCil

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED FAY 12 , 1926

Holdings of Earnim Assets of Federal Reserve Banks from January 28. 1925 to Date
(000 Omitted)
TOTAL
EARNING
ASSETS
£ 988,582
1,129,697
1,040,699
1,027,752
1,054,376
1,034,470
1,021,342
1,126,293
1,257,024
1,250,087
1,326,121
1,500,827

-1 9 25 Jan» 28
Feb. 25
Mar. 25
Apr « 29
May
27
June 24
July 29
Aug. 26
S ept. 30
Oct*. 28
Nov* 25
Dec . 30
-1926Jan » 27
Feb* 24
Mar* , 31
Apr * 28
May
5
12

GOVERNMENT SECURITIES
Outright
Sales
Contracts
Purchases
§ 1,560
$392,504
360,090
4,604
5,059
339,692
345,031
4,008
345,365
3,849
317,155
7,454
11,591
318,569
318,310
13,939
29,161
313,745
314,933
9,824
16,586
315,713
265,998
11,034

1,118,687
1,185*046
1,225,537
1,114,233
1,168,02#
1,112,874

363,073
320,517
326,833
385,685
388,881
389,497

BANKERS ACCEPTANCES
Sales
Outright
Purchases Contracts
$19,587
$288,180
38,361
278,885
19,361
287,544
28,585
238,243
37,036
241,377
26,389
215,277
26,498
183,978
18,964
182,555
26,455
241,855
31,264
297,453
32,534
326,924
41,976
320,842
279,321
255,732
210,886
180,274
157,091
149,401

1,990
10,068
3,004
3,128
6,445
6,765

BILLS
DISCOUNTED
$273,692
433,805
377,641
399,985
413,999
455,445
468,356
579,675
633,188
589,994624,714
749,672
448,557
540,083
632,391
513,668
547,181
476,414

16,096
48,396
38,747
18,743
56,293
78,761

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
____________ . PUKING V&EK
MAY 12. 1926
(000 Omitted)
RILLS DISCOUNTED
Net
Balance
Balance
Balance
Net
Net
Change
May 12
Change
May 12
Change
May 12
$ 2,804+
Boston
$ 22,172
$2,940+
§ 17,289
ft 14,619
$
1**
59,131107,045
New York
95875,649
8,649
1,121*
95545,364
P hiladelphia
81623,723
0
10,744
22,328+
69,384
Cleveland
56837,118
14,934
2+
2,5.5943,065
6,807
264—
Richmond
0
9,343
4,53430,620
1,233+
86*
3,774
Atlanta
22,170
55,216
11,898Chicago
16,877
1 ,0 5 9 0
56,058
22,227
4,009St * Louis
379+
7,458
27,342
1,600+
3457,120
2
,1
9
8
Minneapolis
19,828
0
13,940
18,628
2
j
523—
939,417
36,239
Kansas C ity
55+
5879,389
876D allas
33,334
57,778
9 ,76846,184
569San Francisco
49,800
14,081
0
N..Y* holdovers
4,840and other b i l l s
, 1.927
$389,497

T otals

$

616+

$149,401

$ 7 ,690-

$476,414

§70,767-

CCMIENT ON CHANGES WEEK ENDED MAY 12. 1926
m»

»W
I»*

**

WV VV W*

V»4v WJf WVV/fcU >*VV*

Vm ^

|MWV i V W

V*W*

V**w V * V*wVUiVM'

week. The decreases o f $70,800,000 in b i l l s discounted and §7,700,000 in bankers ac
ceptances purchased ou trigh t were p a r t ia lly o f f s e t by an increase o f 022,000,000 in
acceptances held under sa le s c o n t r a c t s .



Reproduced from the Unclassified / Declassified Holdings of the National Archives
d e c l a s s if ie d -'

Authority

t a x
Market

£jX—
LQQCtl

There was very l i t t l e change in money co n d itio n s during
the week ending May 14« C all money continued easy and steady, the
ra te s coverin g a range o f 3 l / 2 to 4 per cent, the same as la s t
week*
Quoted ra te s for time money were unchanged at 3 3/4 to
4 1 /4 per cent* Funds were in good supply but trading was rather
d u ll and most ldans were placed a t 4 per cent*
Commercial paper was quite a ctiv e due to demand from i n 
t e r io r in s t it u t io n s but the supply o f new paper coming in to the
market continued rather sm all. The p re v a ilin g rate i s 4 per cent
with o cca sio n a l sa les at 3 3/4 per ce n t.

Government
Security
Market

Trading in United States Government s e c u r it ie s was only
moderately a ctiv e with a b e tte r demand fo r long-term bonds than
fo r short m aturities* P ric e s o f a l l issu e s held g en era lly firm
throughout the week.

Bankers
A ^ g J P j^ e ft

R ates on unindorsed b i l l s continued unchanged during the
p eriod , d e a le rs o ffe r in g m a tu rities up to 90 days at 3 l / 8 and
120-day b i l l s at 3 l / 4 per ce n t.




Boston rep orts that the supply o f b i l l s coming into the
market was s lig h t ly la rg er than the previous period but the demand
s t i l l continued very lig h t* Dealers rep ort d i f f i c u l t y in moving
long b i l l s , the demand being m ostly fo r 30 to 60-day m a tu rities.
The market in New York was le s s a ctiv e than la s t week, The supply,
although somewhat sm aller, was su b sta n tia lly la rg e r than the
demand. D ea lers’ aggregate p o r t fo lio s at the c lo s e of the period
were at the record high point o f about $120,000,000, P hiladelphia
re p o rts that o ffe r in g s o f b i l l s in the market were only fa ir but
in excess o f the demand*

OPERATIONS ACCOUNT UNITED STATES TREASURY
Under Treasury a u th ority there were purchased $205#000
Third L ib erty Loan 4 l / 4 per cent bonds f o r account of the In ter
sta te Commerce Commission * General R ailroad Contingent Fund, and
$35GtOOO Second L iberty Loan 4 1 /4 p er #ent bonds f o r account of
the A lien Property Custodian*

Reproduced from the Unclassified I Declassified Holdings of the National^ chi =s

- ~~~

DECLASSIFIED^
Authority jT jft, f f t f o (

SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The fo llo w in g is a statement of purchases o f bankers acceptances from
January 4 to May 12, 1926 and the amount
each bank has re ce iv e d in excess or
short of i t s pro rata share under the apportionment plan which was put in to e f fe c t
January 4, 1926i
B i l l s Acquired

B ill s E n titled
to Acquire

B i l l s Over
Pro Rata Share

B i l l s Short
Pro Rata Share

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Efetllas
San Francisco

117,172,000
40.432.000
49.742.000
24.749.000
21.711.000
69.704.000
24.256.000
20.099.000
29.941.000
19.891.000
45.266>000

118,521,000
40.029.000
50.034.000
25.091.000
21.725.000
70.049.000
24.240.000
20.085.000
30.024.000
20.085.000
4 5 f035.QQ0

0 1,955,000
0
403,000
0
0
0
0
16,000
14.000
0
0
231.000

>
0
1,349,000
0
292.000
342.000
14.000
345.000
0
0
83.000
194.000
0

T otals

$499,944,000

§499,944,000

$2,619,000

$2,619,000

The overages shown above are being adjusted in the regular way by re*
d is tr ib u tio n o f b i l l s among banks that are short of th e ir pro rata share*

SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
The t o t a l holdings in the System S p ecia l Investment Account continued
unchanged from the la s t re p o rt, the amount remaining at $275,000,000*
The par
t ic ip a t io n by the various Federal reserve banks and the c la s s i f ic a t i o n of issu es
by m atu rities were as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Caliae
San Francisco
T o ta ls




$ 12,054,000
72,546,000
6,765,000
18,152,500
8,002,000
0
36,071,000
18,872,500
12,270,000
24,743,500
25,392,000
40.131,500
$275,000,000

RECAPITULATION OF HOLDINGS BY MATURITIES
June
15, 1926
September-15, 1926
Docember 15, 1926
March
15, 1927
December 15, 1927
September 15, 1928
3rd L/L bonds

36,525,500
44.522.000
50.203.000
66,728,200
37,121,300
39.900.000

0275,000,000

Reproduced from the Unclassified I Declassified Holdings of the Nationalschivss

' ----

d e c la ssif ie d '

Authority £ jX 4 0 S C d

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL FEDERAL RESERVE BANKS FROM MAY 6 TO MAY 12» 1926_______
GOVERNftflENT SECURITIES
Purchases
0
0
2,000
238,250
1,600,000
55*600
39.950

Boston
New York
Cleveland
Atlanta
S t - Louis
Kansas C ity
Dallas
T otals

Issue

Issuo

Sales

TJ2-1926 C tfs ,
M isc, Govf t See«
Third L/L Bonds
M isc. G0v*t Sac*
Misc* GovH Sec*

^1,935,800

$
1,000
* 1,121*000
0
152,450
0
0
45^100

Misc* GoV*t Soc*
TJ2-1926 C t f s .
*•
Misc* Gov$t Sec*

Misc* G0vf t Sec*

$1,319,550

■^-Represents sa les from temporary holdings to a fo r e ig n correspondent as a
reinvestment o f proceeds of maturing b i l l s *

BANKERS ACCEPTANCES
(000 Omitted)

Holdings
Mav 5
Bo ston
New York

0 11,679
9,607

P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T otals

♦Includes




11,560
15,502
7,071
20,938
17,936
7,079
16,138
9,510
8,654
14.650
$150,324

Purchased
Own Market

Other Holdings
C lose May, 12/26
Other
Sales
Rec*d by M atu rities Holdings
B
ills
C
ontracts
Allotm ent and Sales Mav 12

0
$ 3,629 Retained
tr
0
6,970
17,138 A llo t te d
2,363 Retained
0
2,646
0
860
0
«
3,674
43
M
3,669
100
1,534
0
1,234
0
1,728
0
678
0
if
1,13,5
420
$30,663

017,138

0 14*619
8,649

$ 8,872
60,658

0

3,179
3#214
1,124
2,485
4,828
1,155
3,432
1,821
1,554
2,104

10,744
14,934
6,807
22,170
16,877
7,458
13,940
9,417
7,778
14.081

0
0
0
0
4,316
0
0
0
0
4.915

0

$33,513

0147,474

$78,761

0

»689
7,928*

^2,502,000 sold to F. R. B. Atlanta from p o r t fo lio

874

784
0
269
0
0
0
0
0
0
01,927

Reproduced from the Unclassified I Declassified Holdings of the National Archiv 3s

DECLASSIFIED
Authority jL & 4 G C £ |

5
MATURITIES AND RATES ON BILLS PURCHASED VflBEK ENDING MAY 12. 1926
(000 Oiii;
1-30 days
3 1 / 8 - 3 i/4 l

31-60 days
3 1M

61-90 days
3 1 /2 # ___
0
1,777
0
36
0
0

0
0
0
0
0
0

$ 3;629
24,100
2,363
43
100
420

$1,813

0

$30.66?

Boston
New York
Philadelphia
Atlanta
Chicago
San Francisco

$ 1,998
10,165
1,305
0
0
284

$ 1,631
12,166
1,058
7
100
136

T otals

$13,752

$15,098

Over 90 days
-

Total

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING "WEEK ENDING MAY 12, 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Quitted)
(Excluding Sales C ontracts)
Government
S e cu ritie s
Purchased
Sold
Matured

Bankers
Acceptances

$1,935
1,319
0

T otal

$30,663
0
33^513
$ 2,850*
2 ,4 1 0 - (Net Change
_____ 1-day holdover
& other b i l l s )
$ 5,260-

$616+

$32,598
1,319
33 >513
$ 2,2342 ,4 1 0 -(Net Change
_______ 1-day holdover
& other b i l l s )
$ 4,644-

(In cluding Sales C ontracts)
Holdings
May 12. 1926

Within
15 days

GovH S e cu ritie s
B i l l s Purchased

i 6,765
136,092

0
36.946

$ 58,167
42.420

0
10.019

T o ta ls

$142,857

$36,946

$100,587

$ 1 0 ,0 1 9 '




16-30
days

31-60
days

61-90
days

91-days Over 6
6 Months Months

Total

$50,406
2.685

$280,924
0

$396,262
228,162

$53,091

|280,924

$624,424

Reproduced from the Unclassified I Declassified Holdings of the Nationafitrehives

DECLASSIFIED
Authority

F o r m N o . 131.

Office Correspoi.Jence
y 0 ________ A l l Members o f th e J o a r d ______ '




FEDERAL RESERVE
ARD

Subject:

j.Ti*■ OintW'<m(j^inm
M ille r

Reproduced from the Unclassified I Declassified Holdings of the Nat onaiAi chives




DECLASSIFIED^
Authority |T 7Y /(V V )|

May 11, 1928

Dear s ir ;
1
acknowledge receipt of and shall bring to
tli# attention of the m&mbera of the Board your letter
of the 10th instant, enclosing report of transactions
in Government securities and bankers aooeptanoes as
reported to your Committee for the period from April
29th to May 5th, 1928, inolusive*
Very tru ly yours,

J* C« Hoell,
Assistant Secretary

Mr* W* B. Matteaon, Seoretary,
Open Market Investment Committee,
Federal Resenro Bank,
New York, N. Y.

Reproduced from the Unclassified I Declassified Holdings of the NationalAichi es




DECLASSIFIED
Authority

/ft fo |

I ri M U

■A'* 1 .. igpr?
FEDERAL.
OF

RESERVE
NEW

BANK

YORK

CONFIDENTIAL

May 10, 1926

S i r :

Enclosed is a report of transactions in Govern
ment securities and bankers acceptances as reported to the
Open Market Investment Committee for the Federal Reserve
System for the period from April 29 to Ifay Sf 1926 inclu
sive, together with data received by the Committee from
the Federal reserve banks*

Secretary, Open Market
Investment Committee

Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D» C.

Encl. (1 )

Reproduced from the Unclassified I Declassified Holdings of the National^!chives

' ■-

DECLASSIFIED

Authority £ Z l 4 0 S l L —

CONFIIENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY 5, 1926
(000 Omitted)

-1925~

TOTAL
EARNING
ASSETS

GOVERNMENT SECURITIES
Outright
Sales
Purchases
Contracts

Jan* 28 § 988,582
Feb* 25
1,129,697
Mar* 25
1,040,699
Apr* 29
1,027,752
May
27
1,054,376
June 24
1,034,470
July 29
1,021,342
Aug* 26
1,126,293
Sept* 30
1,257,024
Oct* 28
1,250,087
Nov* 25
1,326,121
Dec* 30
1,500,827
-1926Jan* 27
1,118,687
Feb* 24
1,185,046
Mar* 31
1,225,537
Apr. 21
1,081,062
♦i
28
1,114,233
5
May
1,168,026

BANKERS ACCEPTANCES
Sales
Outright
Purchases
Contracts

§392,504
360,090
339,692
345,031
345,365
317,155
318,569
318,310
313,745
314,933
315,713
265,998

§ 1,560
4,604
5,059
4,008
3,849
7,454
11,591
13,939
29,161
9,824
16,586
11,034

§ 288,180

363,073
320,517
326,833
386,407
385,685
388,881

1,990
10,068
3,004
2,175
3,128
6,445

BILLS
DISCOUNTED

278.885
287,544
238,243
241,377
, 215,277
183,978
182,555
241,855
297,453
326,924
320,842

§19,587
38.361
19.361
28,585
37,036
26,389
26,498
18,964
26,455
31,264
32,534
41,976

§273,692
433,805
377,641
399,985
413,999
455,445
468,356
579,675
633,188
589,994
624,714
749,672

279,321
255,732
210.886
202,355
180,274
157,091

16,096
48,396
38,747
27,119
18,743
56,293

448,557
540,083
632,391
449,670
513,668
547,181

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING WEEK ENDED MAY 5. 1926
(000 Omitted)
BILLS DISCOUNTED
GOVERNMENT SECURITIES
BANKERS ACCEPTANCES
Net
Balance
Balance
Net
Balance
Net
Change
May
5
May 5
Change
Change
May 5
§ 5,739§ 19,368
§ 5,514§ 17,290
§
1+
§ 11,679
25,540+
166,176
76,770
2,902+
9,607
20+
2,973*
1,627-*
23,723
46,319
0
11,560
3,780-f
2,53247,056
37,116
15,502
6+
2,107+
45,224
9,343
7,071
1,8070
1,05135,144
4,0243,688
20,938
226+
5,851+
67,114
3,544—
56,058
17,936
0
2,514+
26,236
1,14025,742
0
7,079
519*
7,465
3,03219,828
0
16,138
5334
21,151
36,184
1,2410
9,510
392+
1,1279,976
61+
33,339
8,654
9,600+
55,952
1,95249,800
0
14,650

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
E&llas
San Francisco
N*Y* holdovers
and other b ills
Totals

§388,881

§3,196+

6f767

4 t337+

§157,091

§ 2 3 ,183-

§547,181

§33,513+

COMMENT ON CHANGES WEEK ENDED MAY 5. 1926
Total earning assets of the System made a further advance during the week
of §53,800,000*
Increases were as follows* §33,500,000 in b i l l s discounted,
§3,200,000 in Government securities held outright, §3,300,000 in securities held
under sales contracts, and §37,500,000 in bankers acceptances under sales contract
agreements; while bankers acceptances held outright decreased §23,200,000*



Reproduced from the Unclassified I Declassified Holdings of the NationeflAichives

: -

DECLASSIFIEDAuthority j r f i , / ( V ? ) [

Money
Market

in the
figure
to the
to the

Call money after ruling steady at 3 1/2 per cent early
period advanced to 4 per cent on Wednesday and held at that
throughout the balance of the week. Withdrawals of funds
interior and continued exports of gold to Canada contributed
firmer money conditions at mid-week.

Quoted rates for time money were unchanged at 3 3 /4 to
Funds were plentiful
and the few loans consummated were generally placed at 4 per cent*
4.1/4 per cent depending on the maturity*

Commercial paper was sligh tly easier at 4 per cent with
a few very choice names going at 3 3/4 per cent. Trading was
moderately active, interior institutions fcdntinuing to be the
principal buyers.
Government
Security
Market

United States Government bonds were fairly active during
the period but the volume of transactions on the Stock Exchange
was not as large as in recent weeks. The Fourth 4 1 /4 per cent
Liberty issue continued in best demand and established a new high
price for the year with sales &t 103 1/32.
Short-term certificates and notes were only moderately
active and prices of the different issues averaged l/3 2 lower than
la s t week*

Bankers
Acceptances




Dealers* offering rates on unindorsed b i lls continued at
the levels previously current at 3 l/ft per cent for a ll maturities
up to 90 days, and 3 1 /4 per cent for 120-day b ills *
S*1 th® Boston d istr ic t there was a slight increase in
the supply of b i l l s over the previous week but the demand s t i l l
continued small* Except for b i l l s purchased from dealers under
sales contracts, offerings td the reserve bank were the lowest for
any week this year * The b i ll market in New York was fairly active
during the early part of the period with the supply moderate and
a fairly good demand. Toward the close of the week, howevert ac
companying firmer money conditions the demand f e ll off and offerings
in the market increased substantially. Philadelphia and Chicago re*
port that the b i l l market in their d istric ts was very quiet* Offer
ings were somewhat in excess of the demand which has been very light.
OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
There was consummated during the period covered by this re
port an exchange in the investment holdings of the Alien Property
Custodian consisting of the sale of §6,000,000 certificates of in
debtedness maturing June 15, 1926, and the purchase in replacement
of a like amount of Third 4 1/4 $ Liberty Loan bonds. This exchange
transaction was authorized by the Treasury in order to meet the
strong demand for a round amount of certific a te s maturing June 15,
1926, which were unavailable in the market.
At the request of the Treasury there was also sold from
the Alien Property Custodian Account $300,000 face amount of 3 3/4$
certificates maturing December 15, 1926*

Reproduced from the Unclassified I Declassified Holdings of the National Aich es

'

d e c l a s s if ie d '

Authority £ /-),

3
SYSTEM PURCHASES OF BANKERS ACCEPTANCES
The following is a statement of purchases of bankers acceptances from
January 4 to May 5* 1926 and the amount each bank has received in excess or short
of i t s pro rata share under the apportionment plan which was put into effect
January 4, 1926:

Boston
New York
Philadelphia
Cleveland
Richmond
/ tl^nta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals

B ills Acquired

D ills Entitled
to Acquire

B ills Over
Pro Rata Share

B ills Short
Pro Rata Share

* 33 ,352,000
110 ,202,000
38 ,069*000
47 096,000
23 5,889,000
20 ,496,000
65 ,935,000
22 ,722,000
18 ,865,000
28 .'213,000
19 ,213,000
43^31*000

0 33,055,000
112,044.000
37,776,000
47,218,000
23,683,000
20,317,000
66,106^000
22,832,000
18,959,000
28,334,000
18,959,000
42.500.000

0

297,000
0
293,000
0
206,000
179,000
0
0
0
0
254,000
1^3^000

0
1,842,000
0
122,000
0
0
171,000
110,000
94,006
121,000
0
0

$471 ,783,000

0471,783,000

02,460,000

02,460,000

The shortages shown above were subsequently taken care of through a llo t
ment of purchases by the end of the week, with the exception of the shortage of the
New York Bank.
Special investment account ~ government securities
The total holdings in the System Special Investment Account continued un~
changed from the* la9t report, the amount remaining at $375.000,000• The participa**
tion by the various Federal reserve banks and the classification of issues by matur
it ie s wore as follows:
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
Now York
Philadelphia
Cloveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco

Juno
Soptombor
December
March
Docember
September
3rd L/L

T o ta ls




0 12,054,000
72,546,000
6,765,000
18,152,500
8,002,000
0
36,071,000
18,872,500
12,270,000
24,743,500
25,392,000
40.131.500
027 5,0 00,000

15, 1926
15, 1926
15, 1926
15, 1927
15, 1927
15, 1928
bonds

0 36,525,500
44,522,000
50,203,000
66*728,200
37,121,300
39,900,000

0275,000,000

Reproduced from the Unclassified I Declassified Holdings of the NationaMrchives

DECLASSJfFfED

Authority

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM APRIL, 29 .TO MAY 5. 1926___________
GOVERNMENT SECURITIES
Purchases
Boston
*New York
Cleveland
Atlanta
Dallas

5
1,000
2,902,000
5,500
390,300
61.200

Totals

Sales

Issue
Misc* Gov*t Sec#
TJ -1926 Ctfe*
TJ2-1926 Ctfs.
Misc# Govft Sec*
Misc* Gov't Sec*

03,360,000

0
0
0

164,550
0

Issue

—
Misc* ^ov't Sec*

0164,550

^Represents temporary holdings which w ill be used in reinvesting the proceeds of
b ills of later maturities which the New York bank is holding for a foreign cor
respondent#.

BANKERS ACCEPTANCES
{000 Omitted)

Holdings
April 28
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals

0

17,193
9,587
13,187
18,034
8,878
24,962
21,480
8,219
19,170
10,751
9,781
16.602

0177,844

Purchased
Own Market

0

Rec *d by
Allotment

672* Retained
n
2,283
6,909 Allotted
327 Retained
n
100
0
h
17
i*
165
0
0
0
H
39
W
1.438

011,950

0
0

Maturities

0

6,186
2,263

Holdings
Mav '5

0

11,679
9,607

0
1,171
391
409
1,837
646
375
770
338
972

1,954
3,803
2,198
4,450
5,546
1,786
3,407
1,504
4.362

11,560
15,502
7,071
20,938
17,936
7,079
16,138
9,510
8,654
14.650

06,909

039,470

0150,324

2,011

Other Holdings
Close Mav 5/26
Other
Sales
B
ills
Contracts

0

6,725
43,220
4,775*
0
0
0
0
2,795
0

0
0
0
3.553
056,293

0
655
0
975
0
362
0

0
0
0
0
0
01,992

*Represents b i l l s held over night by New York for distribution to other F*R. Banks*




Reproduced from the Unclassified I Declassified Holdings of the National Aichives

' - :--

DECLASSIFIED^
Authority

/Q p )|

5
MATURITIES AMD RATES ON BILLS PURCHASED TOSK ENDING MAY 5 . 1926
(0 0 0 C b it t e d j
1 -3 0 days
3 1 -6 0 days
6 1 -9 0 days Over 90 days
3 1 / 8 - 3 1 /4 # 3 1 / 4 - 3 1 /2 # 3 1 /4 - 3 1 /2 # 3. 1 /2 - _4#
B oston
New York
P h ila d e lp h ia
C le v e la n d
A t la n t a
C h icago
D a lla s
San F r a n c is c o
T o t a ls

*

201
6 ,183
222
0
0
0
0
883

$7 ,489

$

$

471
1 ,8 3 9
105
100
0
165
0
555

$ 3 ,2 3 5

0
685
0
0
17
0
0
0

$

e

o
485
0
0
0
0
39
___0

672

9,192
327
100
17
165
39’
.1 * 1 3 8
$ 1 1 ,9 5 0

$524

|702

T ota l

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AMD BANKERS ACCEPTANCES DURING WEEK ENDING MAY 5 , 1926
AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 (k n itte d )
(E x clu d in g S a le s C o n t r a c t s )

Purchased
S old
Matured

T o t a ls

Government
S e c u r itie s

Bankers
A c ce p ta n ce s

$3,360

$ 1 1 ,9 5 0

T ota l

0

164

0

3 9 .4 7 0
$ 2 7 ,5 2 0 4 ,3 3 7 + (N et Change
1 -day h o ld o v e r
& oth e r b i l l s )
$ 2 3 ,1 8 3 -

;3 ,196+

| 1 5 ,3 1 0
164
3 9 .4 7 0
$ 2 4 ,3 2 4 4 ,3 3 7 + (N et Change
__________1 day h o ld o v e r
& o th e r b i l l s )
$ 2 0 ,013-

(I n c lu d in g S a le s C o n t r a c ts )
H o ld in g s
May 5 . 1926

W ith in
1 5 -d a y s

G ov’ t S e c u r i t i e s
B i l l s P urchased

$

T o ta ls




1 6 -3 0
day s

6 ,4 4 5
1 2 6 .9 9 7

0
3 6 .9 5 9

f-133,442

$36,959

3 1 -6 0
days

6 1-90

91 -d a y s
Over 6
6 Months Months

T ota l

$ 5 9 ,1 7 1
33.098

0
1 2 .6 6 9

$ 5 0 ,4 0 6
3 .6 6 1

§2 7 9 ,3 0 4
Q

§ 3 9 5 ,3 2 6
3 1 3 .3 6 4

$92,269

512,669

§54,0^7

$279,304

$608,710