The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
mam
Reproduced from the Unclassified I Declassified Holdings of the National Archives'
DECLASSIFIED
Authority jT-fj. / Q S H
F on n N o. 131.
Office Corresp' lv.ence
To
AL RESERVE
Septem ber
Subject:.
Al l members, o f . th e Bo.ar<L
From___ liMr* Eddy.
MVNNMNt pmnNS BtltOS
F or y o u r in fo r m a tio n .
G overn or C r is t i n g e r
Mr# P l a t t s /
Mr* Hamlin
/
Mr* James
Mr* Cunningham
Mr* M i l l e r .
P le a s e r e t u r n t o S e cre ta ry * s O f f i c e *
/
DECLASSIFIED^
/-), /ftC/-, [
Authority £
September 1# 1925.
Daar Mr* Matto*on:
Z acknowledge receipt of and shall bring to
the attention o f the members of the Board your
le tte r of August Slat* enolosing & report o f trans
action* in Government securities and bank:©re ac
ceptances a* reported to the- Open Market Investment
Comaittoe for the Federal Reserve System for the
period from Auguat 20 to August 26, 1925, inclusive,
together with 'data received by the Committee from
the Federal reserve banka,
Tery truly youra ,
filte r
Eddy,
S ecreta ry .*
Ur* W* B* Matteson, Secretary,
Open Market Inveatioent Committee,
0 /0 Federal, Reserve Bank,
Sew rori|. N.T.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority p: ft.
1
R EC EIV ED
/
F e d e r a l R e s e r v e Ba n k
of
N ew Yo r k
CONFIDENTIAL
August 31, 1925
S i r :
Inclosed 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 August 20 to August 26, 1925 inelusive, together with data received by the Committee from
the Federal reserve banks.
Respectfully,
*
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. (1)
B. Matteson
Secretary, Open Jferket
Investment Committee
SEP
\
31925
OJIJTCS o ff
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL t ) , fO S O l
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED AUGUST 26, 1925
H o ld in g s o f E arning A s s e ts o f F e d e ra l R eserve Banks January 1925 to Date
As Compared With C orresp on d in g P e r io d 1924____________________
(0 0 0 O m itted)
TOTAL
EARNING .
ASSETS
-1924
Jan,
Feb*
Mar.*
Apr*
May
June
J u ly
Aug 4
i*
9
27
26
30
28
25
30
20
27
$ 1 ,0 2 6 ,4 9 6
9 50,801
9 4 2 ,0 8 0
8 7 3 ,3 8 1
8 50 ,19 3
8 2 6 ,2 6 0
82 4 ,8 6 7 .
# 2 7 ,8 6 $
8 5 5 ,2 2 5 ’
-1925
Jan , 7
Feb. 25
Mar, 25
Apr* 29
May 27
June 24
J u ly 29
Aug, 19
ii
26
1 ,1 0 9 ,9 6 5
1 ,1 2 9 ,6 9 7
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 ,0 9 0 ,9 0 2
1 ,1 2 6 ,2 9 3
GOVERNMENT SECURITIES
S a le s
O u trig h t
C o n tr a c ts
P urch ases
BANKERS ACCEPTANCES
S a le s
O u trig h t
C
o
n tr a c ts
P u rch ases
BILLS
DISCOUNTEJ
$606,921
2 05 ,02 2
164,947
1 0 2 ,80 0
4 9,869
4 4 ,0 6 5
2 3 ,2 4 4
2 2 ,8 8 4
48,6 49
$ 39,578
3 8,288
37,511
21,685
36,891
969
1,197
2 ,8 4 0
640
322,029
278,885
2 8 7 ,5 4 4
2 38 ,24 3
241,377
215,277
1 8 3 ,9 7 8
180 ,04 8
1 82 ,55 5
8 ,9 4 9
38,361
1 9 ,3 6 1
28,585
37,036
26,389
26,4 98
• 15,2 61
1 8,9 64
2 64 ,40 8
433 ,80 5
3 7 7 ,64 1
3 9 9 ,9 8 5
413 ,99 9
4 5 5 ,4 4 5
468 ,35 6
5 59 ,48 3
5 7 9 ,6 7 5
$ 9 2 ,3 6 8
$ 7 ,9 9 0
$ 27 9 ,5 8 8
1 55 ,65 5
254,717
3 00,238
3 3 2 ,07 2
4 2 7 ,0 3 2
505 ,27 0
5 4 0 ,9 0 0
541,216
146
2 ,5 3 9
1 ,4 2 2
1 ,2 1 0
2 .7 6 2
11
210
410
494 ,46 9
360,09^
3 3 9 ,6 9 :
345,031
b 4 5 ,365
324,609
318,569
317,419
3 18 ,31 0
1 ,5 6 0
4 ,6 0 4
4 ,0 5 9
4 ,0 0 8
3 ,849
7 ,4 5 4
1 1,5 91
5 ,841
13,939
5 31 ,69 0
4 8 2 ,31 5
4 4 7 ,1 8 5
4 2 9 ,6 0 0
350,131
293 ,89 5
2 5 9 ,28 4
262, 560
CHANGES IN HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS (EXCLUSIVE
OF SALES CONTRACTS) DURING 1EEK ENDED AUGUST 26, X925
(0 0 0 O m itted)
GOVERNMENT SECURITIES
B alance
Net
Change
Au&>J2§.
Boston
New York
P h ila d e lp h ia
C lev ela n d
Ri chmond
A tla n ta
Chicago
S t , L ou is
M in n eap oli s
Kansas C ity
D a lla s
San F ra n cisco
T o t a ls
BANKERS ACCEPTANCES
B alance
Net
Auer. 26
Change
BILLS DISCOUNTED
Net
B alance
Change
Aug, 26
$
. &2LZ2 1
1+
91+
1+
20+
7+
32+
180+
52+
14+
286+
147+
60+
$ 2 6 ,3 4 0
8 ,3 5 4
1 5 ,1 7 8
1 7 ,7 0 2
4 ,8 5 8
1 2,0 45
2 3,439
1 2 ,1 7 5
2 0 ,4 5 7
16,5 06
9 ,0 1 2
1 6 .4 8 9
$3,800+
1 ,8 4 7 647+
496+
332 780253 510 46+
251+
3691> 258+
$ 35,507
1 9 2 ,8 3 4
4 8 ,5 0 6
5 3 ,1 6 1
■ 51,696
36,877
57,896
31,031
7 ,4 3 3
6 ,6 4 0
1 1 ,5 0 0
4 6 .5 9 4
$ 2,990+
28,519+
2 ,9 2 2 2 ,7 0 4 1,388+
2,077+
8 ,3 7 1 .
778+
3 ,9 8 4 1 ,0 3 2 1,022+
2.431+
$31 8 ,3 1 0
$891+
$18 2 ,5 5 5
$2,507+
$57 9 ,6 7 5
$20,192+
$
5 ,1 9 9
53,326
1 7 ,8 7 2
3 0,6 48
5 ,5 4 4
1 4 ,3 8 1
4 0 ,2 8 7
30,868
1 5 ,9 7 8
32,1 37
28,2 79
COMMENT ON CHANGES '®!EK ENDED AUGUST 26. 1925
Advances i n a l l c l a s s e s o f e a rn in g a s s e t s d u rin g the week a g g r e g a tin g
$ 3 5 ,3 9 1 ,0 0 0 brou gh t t o t a l h o ld in g s up t o th e h ig h e s t p o in t s in c e J u ly 1 , 1 9 2 5 , B i l l s
d is c o u n te d in c r e a s e d fu r t h e r $ 2 0 ,1 9 2 ,0 0 0 , Government s e c u r i t i e s h e ld o u t r i g h i
$ 8 9 1 ,0 0 0 , s e c u r i t i e s h e ld under s a le s c o n t r a c t s $ 8 ,0 9 8 ,0 0 0 , bankers a c c e p ta n c e s h e ld
o u t r ig h t $ 2 ,5 0 7 ,0 0 0 , and b i l l s h e ld under s a le s c o n t r a c t s $ 3 ,7 0 3 ,0 0 0 ,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
--- ---- _________
DECLASSIFIED
Authority j L P , J Q£ > 1
/
/
Money
Market
Apparently reflecting the substantial deficit in
the average reserves o f leading New York City banks early
in the weekt and the preparation for end-bfwaonth require
ments, money wmditions were firm* The average rate at utoicfa
new loans were arranged m s 4*26 per cent on Monday, August 24,
hut following daily advances reached 4#50 per cent by Thursday,
August 27*
On Friday, however, after renewals had been made
at 4 1 /2 per cent, the rate on new loans dropped back to 4 per
cent*
Time money was moderately active with rates on a ll
maturities unchanged from the previous week.
The commercial paper market in New Y0rk remained quiet
except for small purchases for out-of-town accounts, while the
demand from the Middle West was fairly active* The bulk o f
trading continued to move at 4 1 /4 per cent*
Government
Security
Activity in the Government bond market diminished
noticeably during the week ended August 29, sales on the Stock
Exchange totaling only §4,455,000 as compared with $7,401,000
the previous week*
In general prices on a l l issues except the
Second 4 l/4 a receded fractionally from 1 to 5/32nds* Most
trading was centered in the Third and Fourth Liberty Loans*
The market for short-term securities remained d u ll,
with demand focused principally towards the 1927 maturities*
Bankers
Acceptances
Reflecting the light demand for bankers* b ills and
the anticipation o f an increasing supply, dealers in Now York
advanced both bid and offer rates on a ll maturities 1/4 per
cent on Friday, August 28, and are now offering 30 day un
indorsed b ills at 3 1 /4 per cent, 60s and 90s at 3 3/8 per cent
and 3 1 /2 per cent, and 120-day maturities at 3 5/8 per cent*
Boston reports a moderate increase in the supply over
the previous week, and demand fair* While b ills moved freely
at the offered rates, especially the 60-day maturities, the turn
over was in small volume* In New York the b i l l market was quiet
during the period with supply and demand about equal* Offerings
to the reserve bank were moderate* The supply in the Philadelphia
market improved during the week, although the demand continued
light* The Chicago market was dull and inactive with few new
b i lls offered*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L t L j Q 5 b I
/
SYSTEM SPECIAL INVESTMENT ACCOUNT
There was pu rch a sed f o r th e System A ccou n t d u rin g th e p e r io d
$375*500 2 3 /4 $ Septem ber 1 5 , 1925 c e r t i f i c a t e s o f in d e b te d n e s s a t
99 3 1 /3 2 w hich had p r e v i o u s l y b een p u rch a sed f o r one o f th e fo r e ig n
a ccou n ts.
The h o ld in g s a t th e c l o s e o f b u s in e s s August 26 a g g re g a te
1 2 1 5 ,1 3 4 ,3 0 0 , th e p a r t i c i p a t i o n i n w hich by a l l F ed era 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 is s u e s h e ld i n th e a c c o u n t were as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
B oston
New York
P h ila d e lp h ia
C lev ela n d
Ri chmond
A tla n ta
Chicago
S t , L ou is
M in n e a p o lis
Kansas C i t y
D a lla s
San F ra n cis co
291,500
5 2 ,0 6 8 ,3 0 0
3 74 ,00 0
1 1 .1 1 6 .5 0 0
4 ,2 0 3 ,0 0 0
1 1 .9 8 2 .5 0 0
2 0 .7 0 3 .5 0 0
2 9 .5 7 7 .5 0 0
8 ,4 2 0 ,5 0 0
1 9 ,9 2 0 ,0 0 0
2 2 .1 7 4 .5 0 0
3 4 .3 0 2 .5 0 0
RECAPITULATION OF HOLDINGS BY MATURITIES
S e p t.
D ec.
March
Sept,.
March
D e c.
S e p t.
15,
15,
1 5,
15,
15,
15,
15,
1925
1925
1926
1926
1927
1927
1928 3rd L /L
$ 2 1 5 ,1 3 4 ,3 0 0
$
2 ,0 0 0 ,0 0 0
3 8 ,1 6 0 ,1 0 0
6 3 ,3 0 1 ,0 0 0
4 0 ,4 0 1 ,0 0 0
2 3 ,8 7 5 ,9 0 0
3 2 ,2 9 6 ,3 0 0
1 5 ,1 0 0 ,0 0 0
$ 2 1 5 ,1 3 4 ,3 0 0
OPERATIONS ACCOUNT UNITED STATES TREASURY
T re a s u ry a u t h o r iz a t io n to p u rch a se up t o $ 1 0 ,0 0 0 ,0 0 0 p a r amount
T h ird L i b e r t y Loan 4 1 /4 $ bonds fo r a cco u n t o f th e Cum ulative S in k in g Fund,
a g a in s t w hich p u rch a se s w ere p r e v i o u s l y r e p o r t e d o f $ 5 ,7 5 0 ,0 0 0 i n v a r io u s
d i s t r i c t s , has been com p leted th rough pu rch ase o f a b lo c k o f $ 4 ,2 5 0 ,0 0 0 ,
r e p r e s e n t in g a s p e c i a l o f f e r i n g i n New Y ork .
Under T re a su ry a u t h o r i t y th e r e was a l s o p u rch a sed b y th e F ed era l
R eserve Bank o f New York $ 3 ,0 0 0 ,0 0 0 Second L i b e r t y Loan 4 1 /4 $ bonds, a cco u n t
I n d iv id u a l Osage In d ia n Fund.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
...
... ...............
DECLASSIFIED
Authority jL & _ _ /,Q 5 0 1
4
/
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BftNKS. FROM AUGUST 20 TO AUGUST 2 6 . 1925
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
P urch ases
500
9 1 ,0 0 0
500
1 9 ,5 0 0
7 ,0 0 0
2 1 ,0 0 0
3 6 ,0 0 0
5 1 ,5 0 0
1 4 ,5 0 0
3 5 ,0 0 0
3 9 ,0 0 0
6 0 .0 0 0
0
0
0
0
0
0
0
0
0
0
0
0
1 37 5 ,5 0 0
0
%
T o t a ls
CO
B oston
New York
P h ila d e lp h ia
C le v e la n d
Ri chmond
A tla n ta
C hicago
St . L o u is
M in n e a p o lis
Kansas C it y
Dal la s
San F ra n cis co
HELD UNDER
SALES CONTRACT
S a le s
,3 4 8 ,4 1 5
,9 0 0 ,0 0 0
0
0
0
0
2 ,6 9 1 ,5 0 0
0
0
0
1 ,0 0 0 ,0 0 0
0
6
$13 ,9 3 9 ,9 1 5
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
S a le s
P u rch a ses
B oston
A t la n t a
C hicago
M in n e a p o lis
Kansas C ity
D a lla s
$
1 0 4 ,8 0 0
1 4 4 ,0 0 0
5 6 9 ,4 5 0
2 5 0 ,6 5 0
120*400
M isc . G o v 't S ec •
Fourth L /L Bonds
M isc . G ov’ t S e c .
M isc . G ov’ t S ec .
M isc . G ov’ t S e c .
,1 8 9 ,3 0 0
50 T h ird L /L Bonds
9 3 ,2 0 0 M is c . G o v 't S ec*
0
5 6 9 ,4 5 0 M isc . G o v 't S ec .
0
1 2 .0 0 0
Fourth L /L Bonds
$ 6 7 4 ,7 0 0
BANKERS ACCEPTANCES
M a tu r ity
B oston
PURCHASES
Amount
1 -3 0 days $ 1 ,2 2 3 ,0 0 0
3 1 -6 0
H
3 4 8 .0 0 0
6 1 -9 0
"
9 4 7 .0 0 0
O ver 90
"
2 ,2 9 5 ,0 0 0
A llo tm e n t N .Y . 2 .1 5 7 .0 0 0
P u rch a se s
$ 6 ,9 7 5 ,0 0 0
Rate
- 3 l/b%
3 i/a /.
3 1 /4 /. - 3 1 /2 /.
3 1 /4 / - 3 x/ zi
3)1
1 /2 /.
3 /.
MATURITIES
Arao unt
$ 3 ,1 7 5 ,0 0 0
O ther
H o ld in g s
$ 1 ,2 6 0 ,0 0 0 S a le s
co n tra cts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L ^ L j Q S O 1
/
BANKERS ACCSPTANCgS - (Continued)
■ /
l$ y
New York
1 -3 0 days
31- 60 u
6 1 -9 0 ”
O ver 90 "
HffipHASBjSf
Amount
$
3 5 3 ,0 0 0
19 ,000
86 ,000
.... 68 .000
$
Philadelphia
1-30 days
31-60 ”
61-90 «
$
Kate.
3#
3 l/a # . 3 l/4 #
3 l / 4 # - 3 1 /8 #
3 l/4 # - 3 l/2 #
M\TURITIES
Amount
$ 2 ,3 7 3 ,0 0 0
526 ,000
187,000 3#
478,000 3 l/8 # - 3 l /4 #
1 .441 ,000 3 1/4/. - 3 1/2JC
1,359,000
Other
Boldings
*3,211 ,000 oneday holdover
for distribu
tion F-R.Bk's.”
8 ,593,000 Sales
contracts
'619 ,000 For
eign' trade'
acceptances
254,000 spec,
foreign b i l l s
0
$2 ,106 ,000
Cleveland
Richmond
1-30 days
98 ,000
31-60 w
391.000
61-90 *
3,000
Over 90 "
371.000
Allotment N .Y '...u m j w ,
Purchase*
$2 ,208 ,000
1*30 days
31-60 *
61-90 M
Allotment N.Y.
Purchases
125 ,000
125 *000
250 ,000
ju u e q
$
Atlanta
1 -3 0 days
31-60 "
61-90 "
Allotment K*Y.
Purchases
1,712 ,000
3%
3
3 1/4#
3
3#
3 1/2#
3 1/2#
256.000 For
eign trade
acceptances
402.000 Ster
ling b i lls
3 1/8#
3 1/4#
3 1/4#
- 3 1/2#
3#
1,070,000
- 3 1/6%
- 3 1/8%
2 ,206 ,000
470,000 Unin
dorsed b i l l s '
purchased from
accepting
banks
3 ,536 ,000
638 ,000 Sales
contracts
0
738,000
367 ,000
75.000
88.000
3*
3%
-
3 1 /4 ^
- 3 1 /* ?
$ 1 ,426 ,000
Chicago
61-90 d«ys
115,000
Allotment JJ.T . 3 -168.QOO
Purchases
$3 ,283,000
3#
- 3 1/2#
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j r j l
/Q Q 0 |
BANKERS ACCEPTANCES - ( C ontinued)
PURCHASES
Amount
M a tu ritv
S t . L ou is
A llo tm e n t N ,Y .
P u rch ases
M in n e a p o lis
!&£&
MITURITI^S
Amount
O ther
H o ld in g s
9 1 5 ,0 0 0
3%
k> 3 l/Z%
$1 ,4 2 5 ,0 0 0
0
A llo tm e n t N ,Y .
P u rch a ses
2 ,2 6 2 ,0 0 0
3%
•* 3 1/2%
2 ,2 1 6 ,0 0 0
0
Kansas C ity
A llo tm e n t N .Y ♦
P u rch ases
2 ,1 9 0 ,0 0 0
3i
-
3 1/2%
1 ,9 39 ,000
0
D a lla s
A llo tm e n t N .Y .
P u rch ases
3%
-
3 1/Z%
1 ,2 1 3 ,0 0 0
0
San BVancisco
1 -3 0 days
3 1-60 "
61*90 M
A llo tm e n t N.Y.
P u rch ases
$
8 4 4 ,0 0 0
1 ,0 5 4 ,0 0 0
342 ,000
9 1 ,0 0 0
1 .451 .000
3*
,
3 1/6%
3 1/4%
3*
-
1 ,6 8 0 ,0 0 0 $ 3,261 ,000 S a le s
co n tra cts
3 \/Z%
$2 ,938 ,000
T o t a ls
$23 ,9 0 4 ,0 0 0 $10 ,964 ,000
026 ,*411 ,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING V/SEK ENDING AUGUST 2 6 , 1925 AND
— -..... HOLDINGS AS QF THAT DATE CLASSIFIED BY MATURITIES____________
(0 0 0 O m itted)
Government
Jgflm&IAfta
P urch ased
S old
Matured
(E x c lu d in g S a le s C o n tr a c ts )
Bankers
A cceptan ces.
$1>566
675
0
T ota l
$ 27 ,97 7
675
23 .90.4
0 26,411
0
2 3 .9 0 4
§891*
$3 ,398+
$2 ,507+
( i n c l u d i n g S a le s C o n tr a c ts )
H o ld in g s
Gov‘ t S e c u r i t i e s
B i l l s P u rch ased
T o t a ls
3 1-60
6 1 -9 0
-JteYA
.jfeSUL
$18 ,344
37 .205
0
53.601
0
36 .469
$56 ,786
$243 ,180
0
$332 ,249
JL01J51&
055,549
$53,601
$36 ,469
$68 ,946
$243 ,180
$ 53 3 ,7 6 8
VTithin
1 £ ..& £&
1 6 -3 0
$13 ,939
62 .084
$76 ,023
9 1 - d a ys6 Months
Over 6
Months
T o ta l
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL ?V _fQ 5 0 -1
F o r m N o . 131.
Office Correspoi-Jence
To
.EDERAL RESERVE
BOARD
Date Au g u st 2 4 , 192 5 *
11 membe r s o f th e JBoar d .
From
F or you r in fo r m a t io n .
G overnor C r i ^ l n g e r
M r. P l a t t ^
Mr, H am lin"^
Mr# Janes s '
Mr* Cunningham
Mr# M ille r *
P le a s e r e tu r n t o S e c r e t a r y ’ s O ffiioe
R eproduced from the U nclassified
I D eclassified
H oldings of the N atio n a l.A rch ive s
DECLASSIFIED
Authority j L & ^ ) 3 Q l
hm m 25, iges.
D<mr lfr.
I
t
acknd&'lcdc* receipt of tad *1*11 brln*
wm W&6 •^t^Nerul«c or W m B M N r a or ti» 0oaFa
jr*»r b lia r of tfe* 24th la rU s t, addroo*ed to
tNMftitilr
me*!**!** * iNt«rk of
tr*a3a4tl<aw & Gr(?r-9rym‘Jirt ceu u riiii# « a l
«^#€f%a2HNH« w r#port«d to th* cpro
Merkfft I**re*t»mt CaattLttae fear tti* F«4<jr*l
for tbs jwrioS from Annuel 15
to Ao£tt»t 19, 1925, ix^lvmiw*, tcgotbor with
dito f#e#if*£ l*y iha 3<*nitt*« f r i t tJ *
iWIMNWPVJr liajntai»
tm & & p w r * 0
W a lte r
B iiy „
S e c r e ta r y *
» P . W* B*. H a ttie s* #
r^i—i Martort Trnantafint Ca*Baitt««,
o /o F*d«ral Baaarr* Bank,
I** York, I.T.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authorityjrj), / O S ) !
Fe d e r a l R
o
f
N
e se r v e
ew
Ba
n k
York
Open Market Investm ent Committee
f o r the F ed era l R eserv e System
CONFIDENTIAL
August 24, 1925
S i r :
E n clo s e d i s a r e p o r t o f t r a n s a c t io n s in G overn
ment s e c u r i t i e s and b an k ers a c c e p ta n c e s a s r e p o r t e d t o th e
Open Iferket Investm ent Committee f o r th e F e d e ra l R eserv e
System f o r th e p e r i o d from August 13 t o August 19, 1925 i n
c l u s i v e , t o g e t h e r w ith da ta r e c e iv e d by th e Committee from
th e F ed era l r e s e r v e banks.
S e c r e t a r y o f th e Committee
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. (1)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority J l £ L .( Q SO I
CONFIDENTIAL
IMPORT OF OPEN MARKET INVESTMENT COMMITTEE Yt/EEK ENDED AUGUST 1 9 , 1925
H o ld in g s o f Earning. A s s e ts o f F ed era l R eserve Banks January 1925 t o Date
Ag Compared W ith C orresponding; P e r io d 19 24(0 0 0 O m itted)
TOTAL
EARNING
ASSETS
-1 9 2 4 J an .
F eb.
Mar*
Apr*
May
June
J u ly
Aug*
9
27
26
30
28
25
30
6
M
13
H
20
-1 9 2 5 J an , 7
Feb* 25
Mar. 25
Apr* 29
May 27
June 24
J u ly 29
Aug* 5
II
12
«
19
GOVERNMENT SECURITIES
O u trig h t
S a le s
P u rch ases
C o n tr a c ts
BANKERS ACCEPTANCES
S a le s
O u trig h t
P u rch ases
C o n tr a c ts
BILLS
DISCOUNTED
$ 1 ,0 2 6 ,4 9 6
9 5 0 ,8 0 1
9 4 2 ,0 8 0
8 7 3 ,3 8 1
8 50 ,19 3
826 #260
824 ,86 7
8 32 ,50 2
8 2 5 ,8 0 2
8 2 7 ,86 8
$ 9 2,3 68
1 55 ,65 5
2 54,717
3 00 ,23 8
3 3 2 ,0 7 2
4 2 7 ,0 3 2
5 05 ,27 0
5 3 5 ,50 6
5 4 0 ,1 1 4
5 4 0 ,9 0 0
§ 7 ,9 9 0
146
2 ,539
1 ,4 2 2
1 ,2 1 0
2 ,7 6 2
11
11
211
210
3 279,588
0 3 9 ,5 7 8
$606*921
2 0 5 ,0 2 2
1 64 ,94 7
1 0 2 ,8 0 0
4 9 ,8 6 9
4 4 ,0 6 5
2 3 ,2 4 4
2 0,9 61
1 7 ,3 0 5
2 2,8 84
3 8,2 88
3 7,511
2 1 ,6 8 5
36t 891
969
1 ,1 9 7
1 ,1 3 6
723
2 ,8 4 0
5 31 ,69 0
4 8 2 ,3 1 5
4 4 7 ,1 8 5
4 2 9 ,6 0 0
3 50 ,13 1
2 9 3 ,89 5
2 7 3 ,6 3 8
2 6 6 ,1 9 9
2 5 9 ,2 8 4
1 ,1 0 9 ,9 6 5
1 ,1 2 9 ,6 9 7
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 0 1 ,6 5 3
1 ,0 9 0 ,7 7 3
1 ,0 9 0 ,9 0 2
494 ,46 9
3 6 0 ,0 9 0
3 3 9 ,6 9 2
3 4 5 ,0 3 1
3 4 5 ,36 5
3 24 ,60 9
318,569
3 1 8 ,8 0 4
3 16 ,96 1
317,419
1 ,5 6 0
4 ,6 0 4
4 ,0 5 9
4 ,0 0 8
3 ,8 4 9
7 ,4 5 4
1 1 ,5 9 1
1 4 ,6 9 0
11,619
5 ,8 4 1
3 22,029
2 7 8 ,8 8 5
2 8 7 ,5 4 4
2 3 8 ,2 4 3
2 41,377
215 ,27 7
1 8 3 ,9 7 8
1 8 4 ,0 4 2
183,356
1 8 0 ,04 8
8 ,9 4 9
3 8,3 61
1 9 ,3 6 1
2 8,5 85
3 7,0 36
2 6,3 89
2 6 ,4 9 8
2 7 ,9 3 0
2 8 ,3 1 7
1 5 ,2 6 1
*
2 6 4 ,4 0 8
4 3 3 ,8 0 5
3 77 ,64 1
3 99,985
4 13 ,99 9
4 5 5 ,4 4 5
4 6 8 ,3 5 6
5 4 3 ,8 3 7
5 3 8 ,1 8 4
5 5 9 ,4 8 3
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
___________________ DURING WEEK ENDED AUGUST 1 9 . 1925
^
__________
(0 0 0 Om itt ed)
GOVERNMENT SECURITIES
B a lan ce
B a lan ce
Net
Auer. 19
Chance
AMS*. U
B oston
New York
P h ila d e lp h ia
C le v e la n d
Ri chmond
A tla n ta
Chi cago
S t . L o u is
M in n e a p o lis
Kansas C it y
D a lla s
San F ra n cis co
T o t a ls
BANKERS ACCEPTANCES
B alance
B alance
Net
Change
Aup. 12
5 ,1 9 8
5 3 ,1 9 0
1 7 ,8 7 1
3 0 ,6 1 0
5 ,5 3 0
1 4 ,3 2 6
3 9 ,9 7 8
3 0,7 68
1 5 ,9 5 0
31,818
2 8,087
4 3 .6 7 4
0
85+
0
18+
7+
23+
129+
48+
14+
33+
45+
57+
| 2 2 ,5 4 0
1 0 ,2 0 1
1 4 ,4 3 1
1 7 ,2 0 6
5 ,1 9 0
1 2 ,8 2 5
2 3 ,6 9 2
1 2 ,6 8 5
2 0 ,4 1 1
16,2 55
9 ,3 8 1
15»231
$ 2 6 ,8 4 5
1 2 j 474
1 4 ,1 0 2
1 5 ,8 1 7
6 ,0 8 5
1 3 ,3 0 1
24,326
1 1 ,5 5 5
1 9 ,6 8 7
1 5 ,3 7 3
8 ,5 2 9
1 5 .2 6 2
$ 4 ,3 0 5 2 ,2 7 3 329+
1 ,3 8 9+
8954766341,1 3 0+
724+
882+
852+
31-
§ 3 1 7 ,4 1 9 J 1 3 1 6 ,9 6 0
U -
§459+
1 18 0 ,0 4 8
$183,356
$ 3 , 30B-
$
5 ,1 9 8
5 3,2 35
1 7 ,8 7 1
3 0 ,6 2 8
5 ,5 3 7
1 4 ,3 4 9
40,10T
30,8 16
1 5 ,9 6 4
31,8 51
2 8 ,1 3 2
irr'-4^]r^31
$
..COEft<ENT ON CHANGES WEEK ENDED AUGUST 1 9 . 1925
T o t a l e a rn in g a s s e t s advanced o n ly 0129*000*
I n c r e a s e s o f $ 2 1 ,2 9 9 ,0 0 0 in
b i l l s d is c o u n t e d , and $458r000 in Government s e c u r i t i e s h e ld o u t r ig h t were p r a c t i
c a l l y o f f s e t b y d e c li n e s o f ^ 5 ,7 7 8 ,0 0 0 and 0 1 3 ,0 5 6 ,0 0 0 i n s e c u r i t i e s and bankers
a c c e p ta n c e s h e ld u n der s a le s c o n t r a c t , and $ 3 ,3 0 8 ,0 0 0 in b i l l s pu rch a sed o u t r ig h t *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jjjjfo, j Q S O l
Money
M arket
At th e o p en in g o f th e week r e s e r v e s o f le a d in g New York C it y
banks were in d e f i c i t o f req u irem en ts bu t a p p a re n tly r e f l e c t i n g th e
co n tin u e d re tu r n flo w o f funds from th e i n t e r i o r , money c o n d it io n s
rem ained r e l a t i v e l y e a s y . W ith fu r t h e r new h igh l e v e l s in s to c k
p r i c e s and s t r e e t lo a n s l a t e in the w eek, and a tu rn in th e s e t t l e
m ents a g a in s t New Y ork , c a l l lo a n r a t e s ran up from 4 t o 4 l / 2 p,er
cen t a t th e c l o s e F r id a y .
In th e tim e money m a rk et, accom panying h e a v ie r o f f e r i n g s
a t th e b e g in n in g o f th e w eek , r a t e s were red u ced l / 8 p e r c e n t . Loans
f o r 60 days w ere g e n e r a lly p l a c e d a t 4 l / 4 p e r cen t t 90s a t 4 3 /8
p e r c e n t* and fo u r and s i x m onths' m a t u r it ie s a t 4 l / 2 and 4 5 /8 p e r
ce n t r e s p e c t i v e l y .
The com m ercial p a p er m arket was q u ie t in New York and o n ly
m o d e ra te ly a c t i v e in th e i n t e r i o r * The in c r e a s e d p r o p o r t io n o f
s a le s at 4 l / 4 p e r ce n t and th e few er o f f e r i n g s a t 4 p e r c e n t * , ap
p ea red t o i n d i c a t e t h a t 4 l / 4 p e r ce n t was th e p r e v a i l i n g r a te at
th e c l o s e o f the w eek, w hereas 4 p e r ce n t was g e n e r a lly q u oted l a s t
w eek .
Government
S e c u r it y
T ra d in g in Government bonds was e x c e p t i o n a ll y a c t iv e during
th e week ended August 2 2, and s a le s oft th e S tock Exchange t o t a l e d
& 7,4 0 1 ,0 0 0 as com pared w ith ^ 4 ,4 5 1 ,0 0 0 th e p r e v io u s w eek. P r i c e s
c o n tin u e d firm e a r l y in th e week and on T hursday, August 2 0, a l l i s
s u e s , e x c e p t th e L ib e r t y 3 l / 2 s , advanced 4 t o 2 4 /3 2 n d s . R e a c tio n
a ry m ovem ents, accom panying firm e r money c o n d it io n s th e n e x t day,
h ow ever, r e s u l t e d in f r a c t i o n a l r e c e s s io n s through th e l i s t .
Bankers
A cce p ta n ce s
The F ed era l R eserv e Bank o f S t . L o u is a d v is e d th e Committee
o f t h e i r d e s ir e t o be r e l i e v e d t e m p o r a r ily o f t h e i r p a r t i c i p a t i o n in
System b i l l p u rch a se s ow ing t o th e s e a s o n a l demand f o r funds in t h e i r
d i s t r i c t - A c c o r d in g ly th e p a r t i c i p a t i o n o f th e S t . L o u is bank m i l
be p r o r a t e d among th e F ed era l r e s e r v e banks which p a r t i c i p a t e in
System open m arket p u r c h a s e s , e f f e c t i v e August 2 4 .
R a tes i n a l l d i s t r i c t s h e ld unchanged fr o n th e p r e v io u s
w eek, d e a le r s o f f e r i n g 3 0-day b i l l s at 3 p e r cen t*
60s and 90s a t
3 l / 8 t o 3 1 /4 p e r c e n t t and 1 2 0 -d a y m a t u r it ie s a t 3 3 /8 p e r c e n t .
B oston th e volume o f new b i l l s o f f e r e d to th e market
rem ained sm a ll w ith l i t t l e change in th e demand. There was a f a i r
demand from co u n try banks f o r th e s h o r t m a t u r i t i e s . O ffe r i n g s to
th e r e s e r v e bank w ere n e g l i g i b l e . Mew York r e p o r t s the su pply was
m o d e ra te . Demand was s l i g h t l y im proved and d e a le r s ’ p o r t f o l i o s de
c l i n e d . R a tes c o n tin u e d u n ch an ged. The P h ila d e lp h ia m arket was
q u i e t , w ith o f f e r i n g s sm all and demand l i g h t . C hicago r e p o r t s th e
m arket f o r a c c e p ta n c e s v e r y d u l l and i n a c t i v e . The su p p ly i s s u f
f i c i e n t , h ow ev er, t o s a t i s f y th e demand.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
^X^/QSOl
3
SYSTEM SPECIAL INVESTMENT ACCOUNT
y
T here was p3itijha.sed du rin g th e p e r io d from one o f the_forgigE L .aCLCQJUU&ts
an odd amount 0 f^lfli5Q,000) Z 3 /4 /i c e r t i f i c a t e s o f in d e b te d n e s s due Septem ber 1 5 ,
1925 a t p a r l e s s l / 6 4 t h {a p p ro x im a te ly 2*90^ b a s i s ) *
T h is b rou gh t th e System h o ld
in g s a t th e c l o s e o f b u s in e s s August 19 t o $ 2 1 4 ,7 5 8 ,8 0 0 , th e p a r t i c i p a t i o n in which
by a l l F e d era 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 is s u e s h e ld in th e a ccou n t
w ere as f o l l o w s : .
PARTICIPATION BY FEDERAL RESERVE BANKS
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 ity
D a lla s
San F r a n c is c o
$
2 91 ,00 0
5 1 ,9 7 7 ,3 0 6
3 73 ,50 0
1 1 ,0 9 7 ,0 0 0
4 ,1 9 6 ,0 0 0
1 1 ,9 6 1 ,5 0 0
2 0 ,6 6 7 ,5 0 0
2 9 ,5 2 6 ,0 0 0
8 ,4 0 6 ,0 0 0
1 9 ,8 8 5 ,0 0 0
2 2 ,1 3 5 ,5 0 0
34*242*500
RECAPITULATION OF HOLDINGS BY MATURITIES
S e p t. 15,
D ec- 1 5 ,
March 1 5 ,
S ep t- 15,
March 1 5 ,
D ec- 1 5 ,
S ep t* 1 5 ,
1925
1935
1926
1926
1927
1827
1238 3rd L /L Bds
$214 ,7 5 8,8 0 0*.
$
1 ,6 2 4 ,5 0 0
3 8 ,1 6 0 ,1 0 0
6 3 ,3 0 1 ,0 0 0
4 0 ,4 0 1 ,0 0 0
2 3 ,0 7 5 ,9 0 0
3 2 ,2 9 6 ,3 0 0
1 5 ,1 0 0 ,0 0 0
$ 2 1 4 ,7 5 8 ,8 0 0
OPERATIONS ACCOUNT UNITED STATES TREASURY
The T rea su ry a u t h o r iz e d th e p u rch a se o f up t o $ 1 0 ,0 0 0 ,0 0 0 a g g reg a te
fa c e amount T h ir d L ib e r t y Loan 4 l / 4 $ bonds f o r a cco u n t o f th e C um ulative S in k in g
F und. P u rch a se s t o date a g g r e g a tin g $ 5 ,7 5 0 ,0 0 0 have b een made in s i x d i f f e r e n t
F e d e ra l r e s e r v e d i s t r i c t s as f o l l o w s :
Bo ston
New Y ork
P h ila d e lp h ia
C h icago
S t . L o u is
D a lla s
U nexecuted B alance
T ota l
$
5 0 0 ,0 0 0
1 ,6 1 4 ,3 5 0
200,000
3 ,3 0 0 ,0 0 0
5 0 ,0 0 0
85 r 650
$ 5 ,7 5 0 ,0 0 0
4 .2 5 0 r000
$ 1 0 ,0 0 0 ,0 0 0
Under T rea su ry a u t h o r it y t h e r e was a ls o p u rch a se d b y th e NeW York bank
$ 7 5 ,0 0 0 4)i T rea su ry bonds o f
1 94 4 -5 4 .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L ^ ( O S ) 1
4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM.AUGUST 13 ,.TO AUGUST 1 9 , 1925
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
S S jS to W A
'o s t o n
i*ew York
P h ila d e lp h ia
C lev ela n d
Ri chmond
A tla n ta
C hicago
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
$
T o t a ls
500
8 4 , 5Q0
500
1 8 ,0 0 0
7 ,0 0 0
1 9 ,5 0 0
3 3 ,5 0 0
4 8 ,0 0 0
1 3 ,5 0 0
3 2 ,5 0 0
3 6 ,0 0 0
56*500
$ 35 0 ,0 0 0
1■ -
HELD UNDER
SALES CONTRACTS
S a le s
0
0
0
0
0
0
0
0
0
0
0
0
$ 3 ,6 3 8 ,3 6 5
0
0
0
0
0
1 ,2 0 2 ,5 0 0
0
0
0
1 ,0 0 0 ,0 0 0
0
0
$ 5 ,8 4 0 ,8 6 5
■
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
P u rch ases
B oston
A tlanta.
Chi cago
M in n e a p o lis
Kansas C it y
D a lla s
0
6 0 ,4 5 0
9 5 ,9 5 0
7 7 3 ,3 0 0
500
9 4 .8 0 0
S a le s
$
M is c , Gov’ t S e c,
Fourth L /L Bonds
M is c . Gov’ t Sec*
M is c . Gov’ t S e c .
M is c . Gov’ t S e e .
$1,0 25 *0 00
300
57, 500
0
77 3 , 300
0
8 5 , 650
4%, T reas* bonds
Mi s c . Gov’ t S e c,
Mi s c . Gov * t S e c .
Mi sc* Gov *t S e cf
$ 91 6 ,7 5 0
BANKERS ACCEPTANCES
B oston
M a tu r ity
PURCHASES
Amount
1 -3 0 days
3 1 -6 0
"
6 1 -9 0
"
Over 90
”
4 0 6 .0 0 0
2 47 .00 0
6 31 .00 0
1 1 9 .0 0 0
^ 1 ,4 0 3 ,0 0 0
Rate
3%
3 l/$%
3 1/4%
3 3/8% - 3 1 / 2 %
MATURITIES
Amount
$ 5 ,7 0 8 ,0 0 0
O ther
H old in g s
$ 2 ,8 3 8 ,0 0 0 S a le s
con tra cts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
BANKERS ACCEPTANCES - (C on tinued)
M a tu rity
New York
PURCHASES
Amount
1 -3 0 days
3 1-60
"
6 1 -9 0
"
Over 90
"
$
9 6 3 ,0 0 0
1 8 1 ,0 0 0
6 1 ,0 0 0
3 ,0 0 0
Rate
3<
3 1 /8 $
3 1 /4 $
3 1 /4 $
MATURITIES
Amount
$ 3 ,4 8 1 ,0 0 0
$ 1 ,2 0 8 ,0 0 0
P h ila d e lp h ia
1 -3 0 days
3 1 -6 0
"
6 1 -9 0
"
$
5 3 ,0 0 0 3$
- 3 1 /8 $
9 7 2 ,0 0 0 3 1 /8 ^ - 3 1 /4 $
9 9 9 .0 0 0 3 l / 4 £
1 ,6 9 4 ,0 0 0
O ther
H o ld in g s
$ 4 ,5 1 8 ,0 0 0 S a le s
co n tra cts
2 ,1 6 6 ,0 0 0 o n e day h o ld o v e r
fo r d is tr ib u
t i o n t o F, R*
Banks
6 5 7 .0 0 0 For
e ig n tra d e
a cce p ta n ce s
2 54 .00 0 s p e c i a l
fo r e ig n b i l l s
0
1 2 ,0 2 3 ,0 0 0
C levela n d
1 -3 0 days
3 1 -6 0
11
6 1 -9 0
tt
Over 90
"
A llo tm e n t N .Y.
P u rch ases
3 4 4 ,0 0 0
1 ,1 1 5 ,0 0 0
1 0 0 ,0 0 0
3 2 9 ,0 0 0
1 .9 0 6 ,0 0 0
3$
3 1 /8 $
3 1 /8 $
3 1 /4 $
3$
- 3 5 /8 $
2 ,4 0 5 ,0 0 0
31-60 days
3 8 ,0 0 0
6 1-90
"
3 0 ,0 0 0
A llo tm e n t N ,Y . 2 2 8 .0 0 0
P u rch ases
•5296,000
3 1 /4 $
3 1 /4 $
3$
- 3 5 /8 $
1 ,1 9 1 ,0 0 0
A tla n ta
1 -3 0 days
4 8 ,0 0 0
6 1 -9 0
"
1 5 ,0 0 0
A llo tm e n t N»Y. 1 ,7 7 3 .0 0 0
P u rch ases
$ 1 ,8 3 6 ,0 0 0
3$
3 1 /4 $
3$
- 3 5 /i$
2 ,3 1 2 ,0 0 0
2 85.000 Unin
d orsed b i l l s
purchased
from a c c e p t
in g banks
Ohicagd
1 -3 0 days
2 9 5 ,0 0 0
3 1-60
"
1 5 0 ,0 0 0
6 1 -9 0
"
2 0 0 ,0 0 0
A llo tm e n t
4 ,1 5 2 ,0 0 0
N ,Y ,P u rch ases
3$
3 1 /8 $
3 3 /8 $
3$
- 3 5 /8 $
5 *4 3 1 ,0 0 0
7 3 8 .0 0 0 S a le s
con tra cts
4 0 2 ,0 0 0 S te r
lin g b i ll s
$ 3 ,7 9 4 ,0 0 0
Richmond
$ 4 * 7 9 7 ,0 0 0
0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
^
DECLASSIFIED
Authority j ? J ), J QS O l
BANKERS ACCEPTANCES - (C o n tin u e d )
PURCHASES
Amount
M a tu r ity
S t . L ou is
A llo tm e n t. N .Y . $ 2 ,7 7 2 ,0 0 0
P u rch ases
M in n e a p o lis
A llo tm e n t N*Y#
P u rch ases
Kansas C i t y
D a lla s
San F r a n c is c o
. Rate
MATURITIES
Amount
_______
O ther
H old in g s
0
3$
-
3 5/ 8 $
$ 1 ,6 4 2 ,0 0 0
4 .0 5 6 .0 0 0
3$
- 3 5 /8 $
3 ,3 3 2 ,0 0 0
A llo tm e n t N*Y*
P u rch ases
2 .8 9 2 .0 0 0
3%
- 3 5 /8 $
2 ,0 1 0 ,0 0 0
A llo tm e n t N»Y*
P u rch ases
1 .8 5 2 .0 0 0
3$
- 3 5 /8 $
1 ,0 0 0 ,0 0 0
3 0 2 .0 0 0
3 4 2 .0 0 0
2 .1 8 5 »0 0 0
3$
3 1 /8 $
3$
*3
1*30 days
3 1-60
" .
A llo tm e n t H*Y.
P u rch a ses
3 ,4 0 3 ,0 0 0 Sate
con tra cts
2 ,8 6 0 ,0 0 0
5 /8 $
$ 2 ,8 2 9 ,0 0 0
T o t a ls
$ 3 3 ,0 6 6 ,0 0 0 $ 1 5 ,2 6 1 ,0 0 0
$ 2 9 ,7 5 8 ,0 0 0
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING *«EK ENDING AUGUST 1 9 , 1925 AND
__________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES___________
(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 urch ased
Sold
Matured
Bankers
A cce p ta n ce s
T o ta l
$ 2 9 ,75 8
0
33.066
$ 31 ,13 3
916
3 3.066
$ 1 ,3 7 5
916
'
0
$459+
$ 2 ,8 4 9 -
$ 3 ,3 0 8 -
(I n c l u d in g S a le s C o n t r a c ts )
H o ld in g s
Aug. 1 9. 1925
W ith in
15 dsiys
1 6 -3 0
days
3 1-60
days
6 1 -9 0
days
9 1 -d a y s 6 months
Govrt S e c u r i t i e s
B i l l s P urch ased
$ 5 ,8 4 1
59.057
$ 17 ,96 8
3 8 .1 8 8
49.027
0
3 7.9 05
,898
$56,156
$49,027
$37,905
Totals
Over 6
Months
T o ta l
$ 56,786
1 1 .1 3 2
$ 242,665
0
$ 3 2 3 ,2 6 0
1 95.309
$67,918
$242,665
$518,569
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL t ), / O S O 1
F o r m N o . 131.
Office Correspc ^ence
T o ____ A l l \
^JERAL r e s e r v e
BOARD
Date August* 1 9 , 192&,
of-±h .e B oard.
r rom__
F or you r in fo r m a t io n .
G overnor G ri^sirnger
M r. P l a t t V /
M r, Hamlin
Mr# James %/
y?
M r. Cunninghamy
Mr. M i l l e r
P le a s e r e t u r n t o S e c r e t a r y ’ s O f f i c e ,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
/("f/.j
Angast 19, 1 92 5 .
Deer Hr* Matteaon:
I
acknowledge receipt of and shall briag to the
attention of tbs aesfeerti of the Board year letter of
the ITtb iiwstimt* addressed to Governor Cri8singer,
enclosing a report of transactions |& ficnrenMuent se
curities aad Wakera acceptances as reported to the
Opm Market Inr^stanent Com itttee for tbe Federal Re
serve Syste* for the period fr c « .Auifltst 6 to Avgust
I2t |9tf # ixtel«siv@# together with date received by
the CowBiitt^e from the Federal reserve banks*
Very truly
you rs*
Walter L* Bd&y,
Secretary#
Mr# W. B. M&tteson# Secretary,
Open Market Investment Coeialttee,
c /o federal Reserve Beak,
lew York* H.Y.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
2L&-I.Q5QI
Fe d e r a l
of
R
N
e se r v e
ew
Ba
RECEIVED
\
5
j
n k
AUG 1 8 1925
OFFICE OF
1HE Q-QVESsiJOR
York
I£
Open Market Investm ent Committee
f o r the F e d e ra l R e se rv e System
CONFIDENTIAL
August 17,
1925
S i r :
E n clo se d i s a r e p o r t o f t r a n s a c t io n s in G overnment s e c u r i t i e s and bank ers a c c e p t a n c e s a s r e p o r t e d t o the
Open Market Investm ent Committee f o r th e F e d e ra l R eserv e
System f o r th e p e r io d
from August 6 t o August 12, 1925 i n
c l u s i v e , t o g e t h e r w ith da ta r e c e iv e d b y th e Committee from
th e F e d e ra l r e s e r v e banks.
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. (l)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL t ) , | Q £ U
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED AUGUST 1 2 , 1925
H o ld in g s o f E arning A s s e t s o f F ed era l R eserve Banks January 1925 t o Date
As Compared W jth C orresp on d in g P e r io d 1924
(0 0 0 O m itted)
TOTAL
EARNING
ASSETS
-1 9 2 4 Jan,
Feb*
Mar*
A p r.
May
June
J u ly
Aug.
it
9
27
26
30
28
25
30
6
13
-1 9 2 5 Jan. 7
Feb* 25
Mar. 25
A p r . 29
May 27
June 24
J u ly 29
Aug. 5
»
12
GOVERNMENT SECURITIES
O u trig h t
S a le s
C o n tr a c ts
P u rch ases
BANKERS ACCEPTANCES
S a le s
O u trig h t
C o n tr a c ts
P u rch ases
BILLS
DISCOUNTED
$ 1 ,0 2 6 ,4 9 6
950 ,80 1
9 4 2 ,0 8 0
8 7 3 ,38 1
8 5 0 ,1 9 3
8 2 6 ,2 6 0
824*867
6 3 2 ,5 0 2
8 2 5 ,8 0 2
$ 9 2 ,3 6 8
1 5 5 ,65 5
254,717
3 00 ,23 8
3 3 2 ,0 7 2
4 2 7 ,0 3 2
5 0 5 ,27 0
5 35,506
5 4 0 ,1 1 4
$ 7 ,9 9 0
146
2 ,5 3 9
1 ,4 2 2
1 ,2 1 0
2 ,7 6 2
11
11
211
$279,588
2 0 5 ,0 2 2
164,947
1 0 2 ,8 0 0
4 9,8 69
4 4 ,0 6 5
2 3 ,2 4 4
2 0 ,9 6 1
1 7 ,3 0 5
$ 39 ,57 8
38,2 88
3 7 ,5 1 1
21,6 85
36,8 91
969
1 ,1 9 7
1 ,1 3 6
723
$606,921
531,690
482,315
4 47 ,18 5
429 ,60 0
350,131
293 ,89 5
2 73 ,63 8
266,199
1 ,1 0 9 ,9 6 5
1 ,1 2 9 ,6 9 7
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 0 1 ,6 5 3
1 ,0 9 0 ,7 7 3
4 94,469
360 ,09 0
3 3 9 ,6 9 2
3 4 5 ,03 1
3 4 5 ,3 6 5
3 2 4 ,6 0 9
3 18,569
* 3 1 8 ,8 0 4
3 1 6 ,9 6 1
1 ,5 6 0
4 ,6 0 4
4,0 5 9
4 ,0 0 8
3,8 4 9
7 ,4 5 4
1 1 ,5 9 1
1 4 ,6 9 0
11,6 19
322,029
278 ,88 5
2 8 7 ,5 4 4
238 ,24 3
241 ,37 7
215,277
1 8 3 ,97 8
1 8 4 ,0 4 2
1 8 3 ,3 5 6
8 ,9 4 9
3 8 ,3 6 1
1 9 ,3 6 1
2 8,5 35
3^,036
26,389
2 6 ,4 9 8
2 7 ,9 3 0
2 8,3 17
2 6 4 ,4 0 8
4 3 3 ,8 0 5
3 77,641
3 99,985
413,999
4 5 5 ,4 4 5
46 8 , 3$6
$ 4 3 ,8 3 7
5 38 ,18 4
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BAMCERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_____________________ DURING WEEK ENDED AUGUST 1 2. 1925
__________
(0 0 0 O m itted)
GOVERNMENT SECURITIES
B alance
Net
B a lan ce
Change
A
u
&
^
J
&HU.I?,
B oston
New York
P h ila d e lp h ia
C lev ela 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
D a lla s
Sam F ra n cis co
T o t a ls
$
5 ,1 9 8
5 3 ,1 5 0
1 7 ,8 7 1
3 0 ,6 1 1
5 ,5 3 0
1 4 ,3 2 5
3 9 ,9 7 8
3 0,7 68
1 5 ,9 5 0
31,819
28,0 87
...4 3 ,6 7 4
$
$
$ 316,961
$ 31 8 ,8 0 5
$ 1 ,844-
5 ,2 0 0
5 3 ,6 3 4
1 7 ,8 7 4
3 0 ,7 1 4
5 ,5 6 9
1 4 ,3 9 7
4 0 ,0 9 3
3 1 ,0 4 3
1 6 ,0 2 9
3 2 ,0 0 0
2 8 ,2 5 9
- 4 3 .9 9 1
2484**
310339’~
7211527579181172219-
BANKERS ACCEPTANCES
B alance
B alance
Net
Augj* 5
Stans?.
$ 2 6 ,8 4 5
1 2 ,4 7 4
1 4 ,1 0 2
15,8 17
6 ,0 8 5
1 3 ,3 0 1
2 4,3 26
1 1 ,5 5 5
19*687
1 5 ,3 7 3
8 ,5 2 9
1 5 .2 6 2
$ 27,857
1 2 ,3 1 1
1 1 ,6 2 0
1 6 ,9 1 5
6 ,9 0 5
1 4 ,0 5 8
2 4 ,5 7 8
1 1 ,3 6 0
1 9 ,3 9 2
1 5,2 37
8 ,7 8 7
1 5 .2 1 6
$183,356
$18 4 ,2 3 6
$ 1 ,0 1 2 163+
2 ,4 8 2 *
1 ,0 9 8 8207572 52 195+
295+
136+
258I.......46+
......
$88Q~
COGENT ON CHANGES 1EEK ENDED AUGUST 12. 1925
A g g reg a te h o ld in g s o f e a rn in g a s s e t s o f th e System d ecre a se d $ 1 0 ,8 8 0 ,0 0 0 ,
due c h i e f l y t o d e c l i n e * o f $ 5 ,6 5 3 ,0 0 0 in b i l l s d is c o u n t e d , $ 1 ,8 4 3 ,0 0 0 in o u t r ig h t :
h o ld in g s o f Government s e c u r i t i e s , $ 3,0 71 *0 00 i n p u r i t i e s h e ld under s a l e s c o n t r a c t
and $ 63 6 ,0 0 0 in a c c e p ta n c e s pu rch ased o u t r i g h t . B i l l s h e ld under s a le s c o n t r a c t s
a dvanced $ 3 8 7 ,0 0 0 ,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority J L & fQ S O l
Money
Market.
Money c o n d i t i o n s in New York tu rn ed somewhat e a s ie r tow ards
th e c l o s e o f th e w eek.
The a vera ge r a t e a t which new lo a n s were p la c e d
co n tin u e d a t th e 4 .2 5 p e r c e n t l e v e l o f l a s t week u n t i l th e m id d le o f
th e w eek.
A p p a ren tly r e f l e c t i n g th e e x c e s s in r e s e r v e s o f le a d in g New
Y ork C it y banks and th e m oderate re tu r n
flo w o f funds from th e i n t e r i o r ,
th e a vera ge r a t e on V/ednesday, August 1 2 , re c e d e d t o 4 .0 9 p er c e n t ,
on Thursday d e c lin e d
fu r th e r t o 4 .0 0 p er ce n t
and
where i t h e ld unchanged*
In th e tim e money m arket a c t i v i t y was a p p a re n tly c o n fin e d t o
th e ren ew a ls o f m atu rin g l o a n s .
VJhile o f f e r i n g s were somewhat l a r g e r ,
r a t e s rem ained unchanged*
The com m ercial paper market was d u ll in New York and o n ly
m o d e ra te ly a c t i v e in th e M iddle V?est and E a stern co u n try s e c t io n s *
/h i l e th e r a t e
fo r prim e paper c o n tin u e s a t 4 p e r c e n t , s e v e r a l d e a le r s
r e p o r t a firm er ten d en cy and in c r e a s e d s a le s a t 4 1 / 4 p er c e n t .
gsm xm aiaA .
S e c u r it y
MacXei.
A lthough t r a d in g in Government b on d s co n tin u e d q u i e t , and * ‘
s a le s on th e S tock Exchange t o t a l e d o n ly $ 3 ,6 0 0 ,0 0 0 as compared w ith
§ 5 ,0 0 0 ,0 0 0 th e week b e f o r e , p r i c e s h e ld fir m , and in g e n e r a l made fr a c
t i o n a l advan ces#
The T reasu ry 4 l / 4 s d e s p it e l i m it e d t r a d i n g , advanced
1 3/32n ds t o 1 06.9 .
P r e v a ilin g r a t e s on u n in d o rse d b i l l s
co n tin u e d
th e l e v e l s o f r e c e n t w e e k s , d e a le r s o f f e r i n g 3 0-day b i l l s
60s and 9 0s a t 3 j / 8
unchanged a t
a t 3 p e r ce n t#
t o 3 1 /4 p e r c e n t , and 1 20 -da y m a t u r it ie s a t
3 .3/8 p e r c e n t .
B oston r e p o r t s a sm all su p p ly o f b i l l s
and demand l i g h t .
S a le s t o c o u n tr y banks in c r e a s e d som ew hat, b u t in g e n e r a l th e b i l l mar
k et was v e ry q u i e t .
In New York th e m arket co n tin u e d d u ll*
There
was a m oderate in c r e a s e in th e su p p ly ■which was p a r t l y o f f s e t b y fo r
e ig n in v estm en t demand, and a s a r e s u l t d e a l e r s ’ p o r t f o l i o s were
s lig h t ly in c r e a s e d .
O ffe r in g s t o th e r e s e r v e bank w ere s m a ll.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
jftfo l
3
Philadelphia reports fair offerings and ligh t demand, while in Chicap-o the volume o f
o f new b i l l s i s very small, with practically no demand.
SYSTEM SPECIAL INVESTMENT ACCOUNT
As advised in the Secretary's letter o f August 10 there was sold during tn<*
period , in accordance with the resolution passed by the Committee at i t s last meeting
on June 2 4 , 1925, from the holdings in the System Special Investment
Account to the
3ank of England an additional §2,000,000 2.^/4% Treasury certificates maturing Sertember 15, 1925f at par less l/64tfti ( approximately 2 .88/£ basis) .
This sale reduced the System holdings at the close of business August 12 tc
3214,408 ,800, the participation in which by a ll ifederal reserve banks and the classi
fication o f issues hdld in the account by maturities were as follows:
PARTICIPATION RY FEDERAL RESERVE BANKS
RECAPITULATION OF HOLDINGS BY MATURITIES
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San ft*ancisco
290,500
51,892 ,800
373 ,000
12 ,079 ,000
4 ,189 ,000
11,942 ,000
20 ,634 ,000
29 ,478 ,000
8 ,392 ,500
.19 ,852 ,500
22,099 ,500
A .34.186.000
Sept* 15,
Dec. 1 5 ,
Mar. " If*,
Sept. 15,
Mar. 15,
Dec. 1 5,
Sept. 15,
Total
0214,408 ,800
$
$
1925
1925
1926
1926
1927
1927
1928 3rd t/L Bonds
1,274 ,500
38 ,160 ,100
63 ,301 ,000
40 ,401 ,000
23,875,900
32 ,296,300
15,100,000
§214,408 ,800
OPBROTONS ACCOUNT UNITED STATES TREASURY
Diere has been purchased tor the Treasury $10,000,000 'third Liberty Loan
4 l/4% bonds at prices o f 101 14/32nds and 101 t.5/32nds, for account of the Cumulative
Sinking Rind,, 05,000,000 being purchased in the New York market and $5,000,000 in
Chicago.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d ”
Authority jLfc), (Q S O i
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM AUGUST 6 TO AUGUST 1 2 . 1925 .______
GOVERNMENT SECURITIES
HELD UNDER
SYSTEM INVESTMENT ACCOUNT
S a le s
P u rch ases
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richnond
A tla n ta
C hicago
S t . L o u is
M in n e a p o lis
Kansas C ity
D a lla s
San F r a n c is c o
SALES CONTRACTS
0
0
0
0
0
0
0
0
0
0
0
0
0
2 ,5 0 0
4 8 4 ,0 0 0
3 ,5 0 0
1 0 3 ,5 0 0
3 9 ,0 0 0
1 1 1 ,5 0 0
1 9 2 ,5 0 0
2 75,000
7 0 ,5 0 0
1 0 5 ,0 0 0
206 ,00 0
319 TOOp
% 3 ,5 7 0 ,3 1 5
4 ,9 1 6 ,0 0 0
0
0
0
0
1 ,7 2 4 ,5 0 0
0
0
0
1 ,4 0 0 ,0 0 0
0
0
$ 2 ,0 0 0 ,0 0 0
$ 1 1 ,6 1 8 ,8 1 5
OTHER TRANSACTIONS IN GOVERNMENT. SECURITIES
P urch ases
A tla n ta
C hicago
M in n e a p o lis
Kansas C ity
D a lla s
$ 11 0 ,3 5 0
7 7 ,9 0 0
299,250
3 ,7 5 0
3 4 ,0 5 0
S a le s
M is c - G ovH S e c Fourth L /L Bor*da
M isc* G ov’ t S ec*
M is c . G o v 't S e c .
M is c . G ov’ t S e c .
> 7 1 ,7 0 0 M i s c . G ov’ t S e c .
0
2 9 9 ,2 5 0 M isc - G ovH S e c .
0
0
$525,300
$370f 930
BANKERS ACCEPTANCES
M a tu rity
B oston
1*30 days
n
31 +60
«
61*90
it
Over 90
PURCHASES
Amount
§
5 87 ,00 0
4 4 1 ,00 0
800,000
___ & 1 & 0 L
$2,115,000
MATURITIES
Anount
Rate
- 3 l/Q%
3%
1/4%
3 :l/sf. 3/8%
3 1
: / if. 1 2
3 1 /4 f -
/1
$ 3 ,1 2 7 ,0 0 0
O ther
H old in g s
1 2 ,9 3 6 ,0 0 0 S a le s
con tra cts
m
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority | L tL | O S D !
BANKERS ACCEPTANCES - (C o n tin u e d )
M a tu rity
New Y0 rk
1 -3 0 days
3 1-60
”
6 1 -9 0
"
Over 90
”
PURCHASES
Amount
$
8 8 3 ,0 0 0
9 8 ,0 0 0
1 2 0 ,0 0 0
1 3 9 .0 0 0
Rate
3#
3 1 /8 #
3 1 /4 # - 3 3 /4 #
3 1 /4 # - 3 5 /8 #
MATURITIES
Amount
O ther
H o ld in g s
$ 1 ,0 7 7 ,0 0 0
$ 4 ,2 0 9 ,0 0 0 o n e day h o ld o v e r
fo r d i s t r i b u
t i o n t o F. R*
Banks
1 4 ,7 4 1 ,0 0 0 S a le s
co n tra cts
5 8 5 .0 0 0 fo r e ig n
tr a d e b i l l s
2 5 4 .0 0 0 S p e c ia l
fo r e ig n b i l l s
$ 1 ,2 4 0 ,0 0 0
P h ila d e lp h ia
1-30 days
31-60 "
6 1 -9 0 H
8 2 5 ,0 0 0 3%
- 3 1 /8 #
7 4 5 ,0 0 0 3 1 /8 # - 3 1 /4 #
2 .1 2 2 .0 0 0 3 1 /4 # - 3 3 /8 #
1 ,2 1 0 ,0 0 0
0
$ 3 ,6 9 2 ,0 0 0
C levela n d
31-SD days
6 1 -9 0
«
0 te r9 0
M
oth er
d is ts ,
2 1 0 ,0 0 0 3 1 /8 #
1 0 0 ,0 0 0 3 1 /4 #
3 5 2 ,0 0 0 3 1 /4 #
1 .3 0 4 .0 0 0 3#
- 3 1 /2 #
3 ,0 6 4 ,0 0 0
7 8 5 ,0 0 0 S t e r
lin g b i ll s
$ 1 ,9 6 6 ,0 0 0
Richmond
1 -3 0 days
In o t h e r
d is t ri cts
2 0 0 ,0 0 0
1 7 3 .0 0 0
3 1 /4 #
3#
- 3 1 /2 #
1 ,1 9 3 ,0 0 0
3 1 /4 #
2 ,2 5 6 ,0 0 0
2 6 0 ,0 0 0 U nind orsed b i l l s
pu rch ased from
a c c e p t in g banks
7 9 6 ,0 0 0 S a le s
co n tra cts
0
$37 3 ,0 0 0
A tla n ta
6 1 -9 0 days
In o t h e r
d is tr ic ts
2 0 ,0 0 0
1 ,4 7 9 .0 0 0
3#
- 3 1 /2 #
$1,49-9,000
Chi cago
In o th e r
d is tr ic ts
2 ,5 7 3 ,0 0 0
3#
-
3 1 /2 #
2 ,8 2 5 ,0 0 0
In o t h e r
d is tr ic ts
1 ,8 9 1 ,0 0 0
3#
-
3 1 /2 #
1 ,6 9 6 ,0 0 0
0
M in n e a p o lis In o th e r
d is tr ic ts
2 ,4 8 9 ,0 0 0
3#
- 3 1 /2 #
2,1 9 4 ,0 0 0
0
S t . L o u is
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
fO S H
BANKERS ACCEPTANCES - (C o n tin u e d )
PURCHASES
Amount
M a tu rity
Kansas C it y
D a lla s
San F ra n cis co
MATURITIES
Amount
Rate
O ther
H old in g s
In o t h e r
d i s t r i c t s $ 2 ,5 8 1 ,0 0 0 3J
- 3 \/Z% $ 2 ,4 4 5 ,0 0 0 $
0
In o t h e r
d is tr i cts
- 3 1/2%
0
1 ,2 5 8 ,0 0 0 3%
1 -3 0 days
31-60
6 1-90
In o t h e r
d i s t r i cts
3 15 .00 0
267 .00 0
227 .00 0
1 .4 7 1 .0 0 0
3%
3 1 /8 i
3 l/\%
3%>
-
1 ,5 1 6 ,0 0 0
2 ,2 3 4 ,0 0 0
3 ,7 3 7 ,0 0 0
con tracts
3 1/ 2;%
$ 2 ,2 8 0 ,0 0 0
T o t a ls
$ 2 4 ,8 3 7 ,0 0 0 $ 2 8 ,3 1 7 ,0 0 0
$ 2 3 ,9 5 7 ,0 0 0
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING ’WEEK ENDING AUGUST 1 2, 19 25 AND
__________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES___________ _
( 000 om itted)
Government
S e c u r itie s
Purchased
S old
Matured
(E x c lu d in g S a le s C o n tr a c ts )
Bankers
A cce p ta n ce s
Gov’ t S e c u r i t i e s
B i l l s P urchased
T otals
W ith in
15 days
$11 ,61 9
8 4 .7 * 4
$96,363
T o ta l
$23,957
0
24,837
526
2 ,3 7 0
0
$ 1 ,8 4 4 -
H o ld in g s
-12. 1925
*
$ 2 4 ,4 8 3
2 ,3 7 0
24.837
$ 2,724-*
880-
(I n c lu d in g S a le s C o n tr a c ts )
1 6-30
31-60
6 1 -9 0
9 1 -d a y s
Over 6
days
days
days
6 Months Months
o
T ota l
34,767
$ 1 6 ,3 4 4
4 3 .3 5 9
0
38.6 27
$ 1 ,5 3 3
1 0 .1 6 2
$ 29 9 ,0 8 4
0
$ 32 8 ,5 8 0
211t 659
$34,767
$59,703
$38,627
$11,695
$299,084
$540,239
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £
j) ,
f ( V /) |
F o r m N o . 131.
-Office Correspc 'ence
To
A ll Memb e r s o f t h e-^6oar4-
FEDERAL RESERVE
BOARD
^ate
... August 11 , . 1925
Subject:.
**y
From---------- Sddy-
F or y o u r in fo r m a t io n :
G overnor C r is ^ in g e r
Mr. P l a t t N /
Mr. Hamlin
Mr. James
Mr. Cunningham
& r. M i ll e r j
C o l. M cIntosh
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority £ j X 4 0 S l i
-iugttafc 11* 1929
2)aar Mr* Jtetfc#*ons
I
«ok»0irli»4g» wwmlpi osf and shall bring to the
attention o f th« meabars o f the Board your l«ftt*r o f the
10th instant, enclosing a report of transact!one in Governjaewt securities and bankers acceptances as reported to your
CoMsitte® Ibr the period tr&& #uly SOth to August 5th , in elutiva* together with data raoedvad from th# Federal r«~
w m banks*
ffcry truly yours*
H i t « r W Sddy,
8 # o r « tA r y
Hr* W* B* Isttason, Secretary,
Open Iferleet Investment Cotoittee,
<*/© federal Beserra Bank*
Tork, S. I .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority P f ). |QCiO|
RECEIVED
/
AUG 1 1 192S
Fe d e r a l
o f
R
N
e se r v e
ew
Yo
Ba
n k
r k
Open Market In vestm en t Committee
f o r the F e d e ra l R eserv e System
CONFIDENTIAL
August 10, 1925
S i r :
E n clo s e d i s a r e p o r t o f t r a n s a c t i o n s i n Govern
ment s e c u r i t i e s and bank ers a c c e p ta n c e s as r e p o r te d t o the
Open Market In vestm en t Committee f o r th e F ed era l R e se rv e
System f o r th e p e r io d
from J u ly 30 t o August 5, 1925 i n c l u
s i v e , t o g e t h e r w ith da ta r e c e i v e d by th e Committee from
th e F e d e ra l r e s e r v e b an k s.
r. B. M atteson
S e c r e t a r y o f the Committee
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. (1)
OFPICii Off
<ptrm QOVBBiHOB
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority JT
«f
■
J), |(V ?)|
-----
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED AUGUST 5, 1926
Holdings of Earning Assets of Federal Reserve Banks January 1925 to Date
______________ As .C.piDP&re.d. W4,th -Corre si>^n4i nlLiiwlg sLl&M----------------------------(OOO Omitted)
TOTAL
EARNING
ASSETS
«19 24Jan* 9
Feb* 27
Mar* 26
Apr* 30
May 2$
June 25
July 30
Aug* 6
-1925Jan, 7
Feb* 25
Mar* 25
Apr* 29
May 27
June 24
July 29
Aug* 5
GOVERNMENT SECURITIES
Outright
Sales
Contracts
Purchases
BANKERS ACCEPTANCES
Sales
Outri ght
Contracts
Purchases
BILLS
DISCOUNTED
$1,026*496
950,801
942t080
$73,381
850,193
826,260
824,867
832,502
$ '92; 368
155,655
254,717
300,238
332,072
427j 032
505,270
535,506
$ 7,990
146
2; 539
1,422
1,210
2,762
11
11
$279,588
205>022
164,947
102,800
49,$69
44*065
23,244
20,961
$39*578
38,288
37,511
21,685
36,891
969
1,197
1,136
$606,921
531,690
482*315
447,185
429,600
350,131
293,895
273,638
1,109,965
1,129,697
1,040,699
1,027,752
1^054,376
1,034,470
1,021,342
1,101,653
494,469
360,090
339,692
345,031
345,365
324,609
318,569
313,804
1,560
4, 604
4,059
4,008
3,849
7,454
11,591
14,690
332,029
278,885
287,544
238,243
241,377
215,277
183,978
184,042
8,949
38,361
19,361
28,585
37,036
26,389
26,498
27,930
264,408
433,805
177,641
399,985
413,999
455,445
468*356
543,837
CHANGES IN HOLDINGS OF GOVERiNMENT SECURITIES AND BANKERS ACCEPTANCES
BY iEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
............ ......................DURING PEEK ENDED AUGUST 5. 1925
________ ,
(OOO Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
Change
i M j .... §.
iu iz M
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
$
5,200
53,634
17,874
30,714
5,569
14,397
40,093
31,043
16,029
32,000
28,259
— 43^992
$
0318,804
$318,569
5,200
53,634
17,874
30,714
5,569
14,438
39,969
30,953
16,029
31,996
*8,201
__SL
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
Julv
29
__ 1
$1,986$ 29,843
$ 27,857
21712,528
12,311
432+
11,188
11,620
248+
16,667
16,915
58+
6,847
6,905
922+
13,136
14,058
45524,578
25,033
1,398+
9,962
11,360
19,349
43+
19,392
617+
15,237
14,620
1,59810,191
8,593
602+
14.614
.
& 2U .
$235+
$184,042
0
0
0
0
0
41124+
90+
0
4+
58+
$183,978
,
$64+
COMMENT ON CHANGES WEEK ENDED AUGUST 5f 1925
Total earning assets holdings increased $80,311,000 during th e w eek. T h is
was made up of increases o f $75,481,000 in b ills discounted, $64,000 in o u t r ig h t
holdings o f b i l l s , f l , 432,000 in b i l l s held under sales contracts, and $3,334,QO<)
in Government securities ($3,096,500 in securities held under sales c o n t r a c t s and
approximately $237,500 in outright holdings).
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L ? k _{Q
/
M oney'
Market
SOi
e l e c t i n g th e u su a l f i r s t o f th
t o th e i n t e r i o r money r a t e s were s l i g h t l y
.nonth movement o f funds
firm er*
On th e
f i r s t three:
days o f the week c a l l money c lo s e d a t 4 1 /2 p e r ce n t a f t e r an openinand ren ew al charge o f 4 1 /4 p e r c e n t .
Accom panying th e in c r e a s e in
th e su p p ly o f funds i n th e market on Thursday and F rid a y the r a te
h e ld firm a t 4 1 /4 p e r ce n t th r o u g h o u t.
Time money co n tin u e d q u ie t and s l i g h t l y fir m e r , th e c h i e f
a c t i v i t y b e in g in 9 0 -d a y lo a n s a t 4 1 /4 p e r c e n t , and f i v e and s i x
months* m a t u r it ie s a t 4 1 /2 p e r c e n t .
T ra d in g in com m ercial p a p e r was v e r y q u ie t d u rin g th e week*
I n t e r i o r banks w^ere th e p r i n c i p a l b u y e rs , w h ile in New York th e
demand co n tin u e d d u l l .
The p r e v a i l i n g r a te
f o r prim e names i s now
4 per cen t.
Government
S e c u r it y
Market
U n ited S ta te s Government bonds co n tin u e d q u i e t , th e t o t a l
s a le s on th e S tock Exchange d u rin g th e p e r io d am ounting t o abou t
| 5 ,0 0 0 ,0 0 0 .
T ra d in g was ce n te r e d m o s t ly in th e F ir s t 3 1 /2 p e r cen t
and Fourth 4 1 /4 p e r ce n t L i b e r t y Loan bonds#
P r i c e s o f a l l is s u e s
were a shade lo w e r than th e p r e v io u s w eek .
In th e s h o r t -te r m Government s e c u r i t i e s th e r e was a f a i r l y
good demand f o r th e Septem ber and December 19 25 m a t u r it ie s and p r i c e s
h e ld firm *
Bankers
A cce p ta n ce s
T ra d in g i n th e lo n g e r i s s u e s co n tin u e d in l i g h t volume#
D ealers* o f f e r i n g r a te s on u n in d orsed b i l l s were unchanged
a t 3 p e r ce n t f o r 30-*day b i l l s ,
3 1 /8 p e r ce n t t o 3 1 /4 p e r ce n t
f o r 60 and 9 0 s , and 3 3 /8 p e r ce n t
f o r 1 2 0 -d a y m a t u r it ie s *
R ep orts from r e s e r v e banks i n d i c a t e v e r y l i t t l e
in th e v a r io u s b i l l m ark ets d u rin g th e week*
a s l i g h t i n c r e a s e in th e su p p ly o f b i l l s
was
In B oston th e r e was
f o r th e week#
l i g h t and m o s t ly f o r s h o r t m a t u r i t i e s .
a c tiv ity
The demand
The New York m arket was
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL ^ | Q £ )i
s l i g h t l y more a c t i v e , w ith th e s u p p ly and demand a bou t e q u a l.
c o n tin u e d s m a ll.
P h ila d e lp h ia and C hicago
su p p ly o f new b i l l s
D ealers* p o r t f o l i o s
r e p o r t a v e r y l i g h t demand#
The
com ing i n t o th e market was sm a ll*
SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change d u rin g th e p e r io d i n th e System S p e c ia l In
v estm en t A ccount#
The p a r t i c i p a t i o n b y th e v a r io u s F edera l r e s e r v e banks a t
th e c l o s e o f b u sin e ss August 5 and th e c l a s s i f i c a t i o n o f is s u e s h e ld in th e a c
cou n t by m a t u r it ie s w ere as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
B oston
New York
P h ila d e lp h ia
C le v e la n d
Ri chmond
A tla n ta
Chi cago
S t , L o u is
M in n e a p o lis
Kansas C it y
D a lla s
San F ra n cisco
T o t a ls
• 2 9 3 ,0 0 0
5 2 ,3 7 6 ,8 0 0
3 76 ,50 0
11*1 8 2,5 00
.4 *2 3 8 ,0 0 0
1 2 .0 5 3 .5 0 0
2 0 .8 2 6 .5 0 0
2 9 ,7 5 3 ,0 0 0
8 ,4 7 1 ,0 0 0
2 0 *0 3 7 ,5 0 0
2 2 *3 0 5 ,5 0 0
RECAPITULATION OF HOLDINGS BY MATURITIES
S ep t,
D ec.
Mar*
S e p t#
Mar*
D ec.
S ep t,
15,
15,
15,
15,
15,
15,
15,
1925
$
1925
1926
1926
1927
1927
1928 3rd L /L Bds,
3 ,2 7 4 , 500
3 8 ,1 6 0 , 100
6 3 ,3 0 1 , 000
4 0 ,4 0 1 , 000
2 3 ,8 7 5 , 900
3 2 ,2 9 6 , 300
1 5 ,1 0 0 , 000
. ^ J L ^ ^ PQQ
$ 2X 6 ,4 0 8 ,8 0 0
$ 2 1 6 ,4 0 8 ,8 0 0
OPERATIONS ACCOUNT UNITED STATES TREASURY
A s p e c i a l o f f e r i n g was made t o th e New York bank o f a round amount o f
1 5 ,0 0 0 ,0 0 0 I b i r d L i b e r t y Loan 4 1 /4 $ bonds a t 101 1 2 /3 2 n e t*
T h is o f f e r i n g was
su b m itted t o th e T re a su ry and a c c e p t e d * th e p u rch a se t o a p p ly on th e Cum ulative
S in k in g fUnd«
Reproduced from the Unclassified I Declassified Holdings of the National Archives
■
.---- --....________
DECLASSIFIED
SO1
Authority
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ ALL FEDERAL RESERVE BANKS FROM JULY 30 TO AUGUST 5 . 1 9 2 5 ._______
TRANSACTIONS IN MISCELLANEOUS GOVERNMENT SECURITIES
S a le s
Held Under
S a le s C o n tr a c ts
0
O'
6 4 ,9 0 0
0
0
8 9 9 ,6 0 0
0
0
$ 4 ,1 1 8 ,0 0 0
7 .6 1 5 .0 0 0
0
1 ,0 5 4 ,5 0 0
0
0
5 0 0 ,0 0 0
1 .4 0 0 .0 0 0
| 964,500
$ 1 4 ,6 8 7 ,5 0 0
P u rch ases
B oston
New York
A t la n t a
Chicago
S t . L ou is
M in n ea p olis
Kansas C ity
D a lla s
I
0
0
24,4 50
1 2 3 ,5 5 0
9 0 ,0 0 0
8 9 9 ,6 0 0
4 ,0 0 0
5 8 .7 0 0
?
$1 *200 ,300
BANKERS ACCEPTANCES
M a tu rity
B oston
1 -3 0 days
3 1 -6 0 ”
6 1 -9 0
M
PURCHASES
Amount
I
1 4 6 ,0 0 0
3 7 2 ,0 0 0
5 6 3 t00Q
MATURITIES
Amount
R ate
3 l/8 #
3 1 /4 #
3 3 /8 #
$ 3 ,0 6 7 ,0 0 0
- 3 1 /8 #
3%
3 l/8 #
3 1 /4 # • 3 3 /8 #
3 1 /4 #
1 ,0 8 7 ,0 0 0
3 1/8%
3 1 /8 # 3 1 /4 # -
1 ,9 5 0 ,0 0 0
3#
3 1 /8 /.
3 1 /4 #
O ther
H o ld in g s
$ 1 ,5 6 7 ,0 0 0 S a le s
con tra cts
,0 8 1 ,0 0 0
New York
1 -3 0 days
3 1 -6 0 "
6 1 -9 0
"
Over 90 w
7 7 7 ,0 0 0
3 1 .0 0 0
5 4 .0 0 0
8.000
$
P h ila d e lp h ia 1 -3 0 days
31-60
M
6 1-90
"
8 7 0 ,0 0 0
I
4 7 ,0 0 0
6 74 ,00 0
1 .6 6 1 .0 0 0
12,382 ,0 00
1 /4 #
1/2#
1 4 ,9 7 3 ,0 0 0 S a le s
con tra cts
3 ,6 9 4 ,0 0 0 o n e day h o ld o v e r
fo r d is tr ib u tio n
t o F . R* Banks
6 4 8 .0 0 0 fo r e ig n
t r a d e a c c e p ta n c e s
2 5 4 .0 0 0 s p e c i a l
f o r e ig n b i l l s
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
M ato.i.ty,
C le v e la n d
1 -3 0 days
31-60 "
6 1-90 "
Over 90 ”
In o th a r
d is tr ic ts
BANKERS ACCEPTANCES - ( C ontinued)
PURCHASES
MATURITIES
Amount
R ate
§
2 2 0 ,0 0 0
1 ,1 9 5 ,0 0 0
382 ,000
1 3 5 .0 0 0
6 6 4 .00 0
3j
3 1 /8 /
3/
- 3 l/4 /£
3 l /4 /o
3%
- 3 1/2%
$2 ,340 ,000
Other
H o ld in g s
S
4 0 0 ,0 0 0 S te r
lin g B ills
52 .596 .000
Richmond
1 -3 0 days
3 1-60 H
6 1-90 M
In o th e r
d is tr ic ts
101 ,000
3 20 .00 0
40 ,000
905 .000
1 ,380 ,000
3 1 / Q%
3 1/4%
3 J. / 4 #
3%
-
0
3 1/2%
81 .446 .000
6 1-90 days
In o th e r
d is tr ic ts
A tla n ta
69 ,000
3 .002 .000
3 1/ 4/
3$
-
2 ,149 ,000
3 60,000 Unin
d orsed b i l l s
purchased
from a c c e p t
in g banks
5 ,274 ,000
1 ,486 ,000 S ale
con tra cts
0
3 l/2 /o
.8.3 .071 .000
C h icago
1 -3 0 days
In o th e r
d is tr ic ts
400 ,000
■4 -419 .0.00.
3/
3%
-
3 1/2%
^sjLg^O Q Q
3t . L ou is
M in n e a p o lis
Kansas C ity
D a lla s
In oth a r
d is tr ic ts
2 ,9 6 3 ,0 0 0
3%
-3 l/2 /o
1 ,5 6 5 ,0 0 0
In o th e r
d is tr ic ts
2 ,351 ,000
3/
-
3 .1 / 2/
2 ,308 ,000
In o th e r
d is tr ic ts
2 *938 ,000
3/
-
3 1 /2 /
2 ,321 ,000
In o th e r
d is tr ic ts
1 ,8 0 0 ,0 0 0
3/
-
3 1 /2 /
3 ,3 9 0 ,0 0 0
831
354
304
69
2 .058
3f
3 1/B i
3 1 /4 i
3 3/6%
San F ra n c is c o 1 -3 0 days
3 1-60 "
6 1-90 M
9 1 -1 2 0 H
In o t h e r
d is tr ic ts
*000
,000
,000
,000
.000
3 ,014 ,000
-
■
0
0
1 9 4 ,0 0 0 Sal
con tra cts
4 ,2 7 4 ,0 0 0 Sale
co n tra cts
3 X/2%
83 .616. .000.
Totals
$29 .933 .000
$27 .930 .000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority p~ J). f Q f o l
/
6
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT’ SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDING AUGUST 5 , 19 25 AND
___________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES •_______ _
(000 O m itted )
(E x clu d in g S a le s C o n t r a c ts )
Bankers
Go vernment
A cce p ta n ce s
S e c u r itie s
P urch ased
S o ld
Matured
T o ta l
$ 1 ,2 0 0
965
0
$ 2 9 ,93 3
0
29 f 869
$ 3 1 ,1 3 3
■ 965
29.869
$
$
$
235+
64+
( I n c lu d in g S a le s C o n tr a c ts )
1 6 -3 0
3 1 -6 0
6 1 -9 0
9 1 -d a y s davs
days
days
6 Months
2994
H o ld in g s
A ug. 5 . 1925
W ith in
1 5 -d a v s
G o v 't S e c u r i t i e s
B i l l s P u rch ased
$ 14 ,68 7
8 3 .1 4 3
$
0
3 6 .6 2 1
$ 1 6 ,3 4 4
4 5 .7 4 5
$
0
34.289
$ 1 ,5 4 2
1 2 .1 7 4
$ 30 0 ,9 2 3
0
$33 3 ,4 9 6
2 1 1 .9 7 2
$9 7 ,8 3 0
$ 3 6 ,6 2 1
$62,089
$34,289
$ 1 3 ,7 1 6
$ 30 0 ,9 2 3
$54 5 ,4 6 8
T o t a ls
O ver 6
Months
T ota l
Reproduced from the Unclassified / Declassified Holdings of the National Archives
--
_.rT|
___
DECLASSIFIED "
Authority £ f ) ,
j
y ^ k > rm 1 o . 1 3 1 ,^ ^
Offi<$ Correspo
.ence
FEDERAL RESERVE
BOARD
^ace_
Subject:.
F or y ou r in fo r m a t io n :
G overnor C r ip s in g e r
Mr. P l a t t
Mr. Hamlin
m
Mr# Cunningham
Mr. James u
Mr. M i l l e r
C o l. M cIntosh
Augus t 4 , 1 9 2 5
/
fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
D E C L A S S IF IE D ^
A u t h o r it y f
t;,
/ 0 5 6 f
4* IVZB
D «ar Mr*
IiKWipt i* acknowledged o f your le tte r o f
tb« Srd instant, *n©losing report of tnm*Aotlond
in
G o r r o r r u a M it
s o c u r ltl* *
and
ban k ers
tio ce p ta n o e s
mi
r«portad to th» Qp*n %ri&£ Zmwtfswm* C<andtt#« for
th* Y*£«r«l' H«a©rr« 8y«t«a for th* pariod froe July
W to M ly t f # 1925, inolu*lv*# tog*th#r with d»t*
r»eeired by th« Coacdtto© frcsa tho ?ed«ral reserv*
bunk**
Tour
with enclosure «&$. bo brought
i# the attention o f the wenber* o f the Board*
¥«ry truly your*,
>l« 0o» * o e ll#
A*alst«nt Seoretery
Kr. W* 'lb Butteeon* georetery.
Open Market Inr**ta«rt Coanaittee,
Federal Keservw Benk,
Rev York, I. T.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ X M 0 5 0 I
1
~W FQ k
■
i
Fe d e r a l
of
R
e se r v e
Ba
n k
Ne w Y o r k
Open Iferket Investment Committee
for the Federal Reserve System
CONFIDENTIAL
August 3, 1925
Si 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 July 23 to July 29, 1925 inclu
sive, together with data received by the Committee from
the Federal reserve banks.
Respectfully,
— •—
/
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure (l)
Secretary of the Committee
1
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL & ^ _ f.Q 5 0 [
CONFIDENTIAL
RBPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 29, 1925'
Holdings
Earning Assets of Federal Reserve Banks January 192'5 to Date
Compared with Corresponding Period 1924___________________
(000 Omitted)
_ ___________________ a s
-1924- ■
Jan - 9
27
.lar- 26
vor* 30
ay 28
. me 25
July 23
" 30
-1925Jan . 7
Feb. 25
Mar * .25
Apr. 29
May 27
June 24
July 22
" 29
TOThL
EARNING
ASSETS
$1,026,496
950,801
942,ObO
87 3,381
850,193
<326,260
000,823
824,867'
♦GOVERNMENT
SECURITIES
vlOO,358
155,801
257,256
301,660
333,282
429,734
477 ,211
505,281
BANKERS ACCEPTANCES
Sales,
Contracts
Purchases
$39,578
4279,588
38,288
205,022
164,947
37,511
21,685
102,800
49,869
36,891
969
44,065
30,408
1,122
1,197
23,244
BILLS
DISCOUNTED
$606,921
531,690
482,315
•447,185
429,600
350,131
290,832
293,895
264,403
8,949
496,029
332,029
433,805
38,361
364,694
27 8,885
377,641
287,544
343,751
19,361
399,985
28,585
349,039
238,243
413,999
349,214
241,377
37,036
455,445
215,277
26,389
324,609
442,522
27,7 26
335,304
196,799
468,356
26,498
183,978
330,160
♦Includes sales contracts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
______________ ' DURING WEEK ENDED JULY 29. 1925________ _______________
(000 (knitted)
GOVERNMENT SECURITIES
BANKERS ACCEPTANCES
Net
Balance
Balance
Balance
•
Net
Balance
Change
July
22
July 29
July
29
July 22
&>£££&
$ 1,652Boston
$ 31,495
4
i~
$ 29,843
$ 5,200
$ 5,201
1,83614,364
12,528
New York
53,634
53,634
0
70011,188
11,888
17,874
Philadelphia
17,874
0
1,07116,667
17 ,738
Cleveland
30,714
30,714
0
1,3636,847
8,210
5,569
5,569
Richmond
0
2,06315,199
14,438
13,136
Atlanta
14,403
35+
258+
39,969
39,711
25,0*3
10+
25,033
Chicago
10,244
30,953
30,878
9,962
S t. Louis
75+
282304+
16,029
19,045
19,349
Minneapolis
0
16,029
47615,096
31,995
31,99b
1+
14,620
Kansas City
2,40 812,599
28,201
28,068
133+
10,191
Dallas
1.28414.614
15.898
43
742
...
43
,
992
250+
San Francisco
&12,8214196,799
$183,97 8
0318,569
$751+
: i l ? Hx8
Totals
1 ,1 0 9 , ) 6 5
1,129,697
1,040,699
1,027,752
1,054,376
1,034,470
1,014,701
1,021,342
.gniMBNT CN CHANGES WEEK SNDEfi JULY 29, 1925
Total earning asset holdings shewed a net increase of ^6,641,000 durjn?
the week. An increase of $25, 834,000
b i lls discounted was partially offset by
the following decreases $12,821,000 in outright purchases of b i lls , &L,228,000 in
b ills held under sales contracts and <*5,144,000 in Government securities (Government
ieeurities held under sales contracts decreased approximately v5,000,000 and out
right holding# increased 4750,000),
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority F h . |QQO|
As th is d istrict gained substantially through the Gold
Money
Market
Settlement Fuad last week there was sja Increasing supply of money
available for Stock 3xch?aige call loans.
Rates, after ruling at 4
per cent until Thursday, went to 3 3/4 per cent nt the close.
On
Friday, due to the month-end demrnd, money closed at 4 l / 2 per cent
with but 03,000,000 remaining unlent*
Time money was quiet with 60 and 90 day loans ranging at 4 to
4 l / 4 per cent, and four to six months' loans at 4 l / 4 to 4 l/Z per
cent*
Local trading in commercial paper was light while there was
a moderate outside demand at 3 3 /4 to 4 per cent,
Government
Sales of Government bonds on the Stock Exchange continued
light totaling about v7,000,000 for the period, which is about the
weekly averse of sales made during the month of July.
Prices have
been slightly irregular nnd closed at approximately the same prices
as the previous week, with the exception of the 4 and 4 l / 4 per cent
Treasury bonds in which slight reductions occurred,
Prices on short-term Government securities remained practically unchnnged with reports from dealers indicating sales in about
the same volume as purchases.
Rates on unindorsed b i lls continued unchanged from the
.
Acceptances
previous week, dealers offering 30-day b i l l s at 3 per cent, 60s and
90s at 3 l / 8 to 3 l / 4 per cent* and 120-day maturities at 3 3/8 per
cent«
The supply of b i l l s in the Bpston market remained small
while the demand has been fa ir ly good with
for 90-day maturities.
elt«M e orders, especially
The Mew York market was exceedingly quiet
featurftlMt* The supply of b i l l s was very small ant! principal sales
mm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
~
DECLASSIFIED
Authority
3
were to local banks, short b i lls being mostly in demand.
combined portfolios decreased slig h tly .
Dealers1
Chicago reports a very quiet
market with l i t t l e demand and practically no new b i lls offered.
SYSTEM SPECIAL INVESTMENT ACCOUNT
There were no changes in the System Special Investment Account during
the period.
The partifcipation by the various Federal reserve banks and the
classification of issues held in the account by maturities were as follows:
PARTICIPATION BY FEDERAL RESERVE BANKS RECAPITULATION OF H)LDINGS BY MATURITIES
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
293,000
52, 376, 800
376,500
11,182,500
4,228,000
12*0 53, 500
20 , 826 , 500
29,753,000
8,471,000
20,037, 500
22, 30 5, 500
34.505.000
Sept.
Dec.
Mar.
Sept,
Mari
Dec.
Sept.
15,
15,
15,
15,
15,
15,
15,
1925
1925
1926
1926
1927
1927
1928 3rd L / jL
$216,408, £00
$
3, 274, 500
38,160,100
63,301,000
40,401,000
23, 875,900
32, 29 6,300
15,100,000
$216,40 8,800
OPERATIONS ACCOUNT UNITED STATES TREASURY
Orders for the purchase of $11,000,000 Third Liberty Loan 4 1 /4 per
cent bonds were executed in the Boston and New York d istricts for account of
the Cumulative Sinking Fund.
In the New York market orders were also executed
covering the purchase of $110,000 3 per cent December 15, 1925 certificates
account Civil Service Retirement and D isability Fund, $102, 250 Third Liberty
Loan 4 l / 4 per cent bonds for account of the Interstate Commerce Commission General Railroad Contingent Fund.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
~
DECLASSIFIED
Authority j L t ) , ..) O S ) 1
4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
_________ALL FEDERAL RESERVE BANKS FROM JULY 23 TO JULY 29. 1925________
TRANSACTIONS IN MISCELLANEOUS GOVERNMENT SECURITIES
Held Under
Sales
Sales Contracts
Purchases
r>oston
New York
Atlanta
Chicago
S t. Lou is
Minneapolis
Kansas City
Dallas
San Francisco
Totals
I
250,000
0
9 5,250
257,550
75,000
5,809,150
1,000
133,150
.. ..250,000
$
250,000
0
60 , 200
0
0
5,809,150
0
0
0
$ 2,905,000
6,0 50,000
0
1,336,000
0
0
700,000
600,000
0
$6,871,100
$6,119,350
^11, 591,000
BANKERS ACCEPTANCES
Maturity
Boston
PURCHASES
Amount
1-*30 days $ 265,000
31-•60 "
289,000
61-►90 w
1,164,000
Over 90 H • m ,m .,.9Q 0
Rate
T/o
- 3 iM
3 1/8% * 3 1/4%
3 l/*%
3 1/4^ - 3 3/8%
MATURITIES
Amount
$3,792,000
Ot her
$1,670 ,000 Ss
contracts
*
$2,140,000
New York
1-30 days
31-60 w
61-90 M
Over 90 '\
491,000
82,000
67.000
57.000
3%
3
3 1/4f
3 l/±%
2,533,000
11,813,000 Sales
contracts
5,620,000 oneday holdover
for d istr. to
F.R, Banks
747.000 For
eign trade
acceptances
254.000 Special
fo r e ig n b ills
2,551,000
51,000 Sales
contracts
$697,000
Philadelphia 1*30 days
31-60 "
61*90 n
124.000
1,041,000
686*000
3%
3 l/ Q j
3 l/4%
3 1 /8 f
3 1/4^
$1,851,000
Cleveland
1*30 days
31-60 *’
61*90 n
Over 90 ”
In other
d istricts
900.000
500,000
201,000
120,000
36.000
$1,757,000
2,8fc8,000
3 \/8%
3 1/4^
3 l/4/o
3%
- 3 1/2%
481,000 Ster
ling b ills
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Q£ ) I
Authority
5
BANKERS ACCEPTANCES - (Continued)
Maturity
Richmond
1 -3 0 days
31-60 "
In other
d istric t s
PURCHASES
Amount
$
1 0 0 ,0 0 0
1 5 ,0 0 0
4 7 6 ,0 0 0
Rat e
MATURITIES
Amount
$ 1 ,9 5 4 ,0 0 0
3 1 /8 %
3 1 /4 %
3%
3 1 /2 %
3%
3%
3 1/2%
Other
Holdings
o
•
$591,000
Atlanta
1 -3 0 days
In other
4 9 ,0 0 0
1 ,1 1 6 ,0 0 0
3 ,2 2 8 ,0 0 0
386 ,00 0 Unindorsed b i l l s
purchased from
accepting
banks
2 ,7 0 0 ,0 0 0
7 0 8 ,0 0 0 S a les
con tra ct s
d is tr ic ts
$ 1 ,1 6 5 ,0 0 0
Chicago
31-60 days
61 -90 "
In other
d is tr ic t s
1 4 ,0 0 0
1 1 8 ,0 0 0
2 ,5 7 8 ,0 0 0
3 1 /8 %
3 l/4%
3%
3 1/Zt
$ 2 ,7 1 0 ,0 0 0
S t. L o u is
Minneapolis
Kansas C it y
D a lla s
San F ra n cisco
In o th e r
d is tr ic ts
1 ,2 9 7 ,0 0 0
3%
3 1 /2 %
1 ,5 7 9 ,0 0 0
0
In o t h e r
d is tr ic ts
1 ,9 7 2 ,0 0 0
3%
3 1/2%
1 ,6 6 8 ,0 0 0
0
In o th e r
d is tr ic t s
2 ,0 0 6 ,0 0 0
3$
3 1/2%
2 ,4 8 2 ,0 0 0
0
In o t h e r
d is tr ic ts
744 ,00 0
3%
3 1/2%
3 ,1 5 2 ,0 0 0
0
l*-30 days
3 1 -6 0 "
61-90 «
In o t h e r
d is tr ic ts
4 6 2 .0 0 0
2 7 3 .0 0 0
7 7 ,0 0 0
1 ,3 5 7 ,0 0 0
3%
3 1/8%
3 1/4%
3%
3 ,4 5 3 ,0 0 0
4 ,7 6 8 ,0 0 0 S a le s
con tra ct s
3 1/2%
$ 2 ,1 6 9 ,0 0 0
T o ta ls
$ 1 9 ,0 9 9 ,0 0 0
$ 3 1 ,9 2 0 ,0 0 0
$ 2 6 ,4 9 8 ,0 0 0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
"
DECLASSIFIED
Authority j L ^ _ Q 5 0 l
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING wEEK ENDING JULY 29, 1925 AND
_________HOLDINGS AS OF THAT DATS CLASSI KEEP BY MATURITIES__________
( OOO Omitted)
(Excluding Sales Contracts)
•Goverftment
Bankers
Securities
Acceptances
Purchased
Sold
Matured
Total
§6,871
6, 120
0
§19 ,099
0,
§25,970
6,120
31 ,920
§
§12 ,821-
§12 ,070 -
751+
(Including Sales Contracts)
16-30
31-60
61-90
9 1 -days- Over 6
days
days
days
6 Months Months
Holdings
July 29 . 1925
Within
15- days
Gov't Securities
B ills Purchased
§11 ,591
81 >065
45.793
§16,344
44.508
■ 0
29 .720
§ 1,542
9,390
§300,687
0
§330,164
210,476
T o t a ls
§92,656
§45,793
§60,852
§29,720
§10,932
§300,687
£540,640
Total
eproduced from the Unclassified / Declassified Holdings of the National Archives
DEcIXsslFJrED~
Authority g X l ^ l O S O l
F o r m N o . 131.
/OfficeyCorrespo ^ence
of the Board.
' V RESERVE
iJate July28*_1925
Subject:.
For your information.
Governor Cr^singer
Mr. Platt n/
Mr. Heanlinl^^
Mr. James J
Mr. Cunningham
v_^°Mr. M ille r j^
Please return to Secretary's O ffice.
/
R e p ro d u c e d fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
DECLASSIFIED
A u t h o r it y ^
[ C j^n T )
M y 2 * , 1925.
Dear W * ’Kttitfttcttt
1
ackncwledgo reeeipt of and Bhall &r£i3$
to ifee atteatien *sf i&e ntsbers of the Bmrd
7<w
of ike 27th ia/st^at-* addressed to
Governor 0ri«*ia f#r* e»oi©*ing a report of
trwumotiona tn Gcurerwaent #ocmriti#B and
banker* aooeptanoes an reported to ike Open
liarltet rur«»twBt Cowiittee for' the Federal
Beeenr* 9yrte« for th® period tr m July 16 to
Jttly 22, 192s, Inc lu* ire , iofetlier
the O ow iiit# fron the federal r e • e rre banka »
Very tsmly yo«a**»
Walter L.* Eddy,
Secretary.
Mr. W* B. Matte*on, S*eretary,
Open Marked Inre»taent Coanittec ,
e /o Federal Reierre Beak*
lew York, I #T,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-^trrf -
.
DECLASSIFIED
Authority JT ft ,
([)<?)]
X \
Fe d e r a l R e s e r v e
of
Ba n k
N ew York
Open I&rket Investment Committee
for the Federal Reserve System
CONFIDENTIAL
July 27, 1925
S i r :
Inclosed 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 16 to July 22, 1925 inclu
sive, together with data received by the Committee from
the Federal reserve banks.
R e s p e c tfu lly ,
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure (l)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority J l £ l 4 £ £ 0 1
00NFIPBM1AL
REPORT OF OPEK MARKET INVEST^NT COMMITTEE WEEK ENDED JULY 22, 1925
Pfeldinrs of Earninr Assets of Federal Reserve Br.nks Jmuary 1925 to Date
As Compared With Correspondinr Period 1924
^ooo QtJl4t't e ^
-1924Jan. 9
Feb. 27
Mar. 26
Apr. 30
May 26
June 25
July 2
July 9
July 16
July 23
-1925Jan. 7
Feb. 25
Mar. 25
Apr. 29
May : 27
June 24
July 1
July 8
July 15
July 22
TOTAL
EARNING
ASSETS
Sl,0£6f 496
980,801
942,000
873, 381
850,193
826,260
853,556
820, 972
810,495
800, 023
♦ GOVERNMENT
SECURITIES
$100,358
155, 801
257,256
301,660
333,282
429,794
435,494
450, TO
466, 574
477,211
DISCOUNTED
v>6Q6,921
531, 690
482,315
447,185
429,600
350,131
369,001
310,713
305,243
290,832
8,949
38,361
19,361
28,585
37,036
26,389
37,917
29 , 501
28,237
27,726
264,408
43 3,80 5
377, 641
399,905
413,999
455,445
511,625
450, 331
454, 739
442, 622
332,029
496,029
278,885
364,694
287,544
343,751
349,039
238,243
241,377
340,214
215,277
324,609
353,575
211,173
211,210
338,961
344,477
203,092
196,799
335,304
♦ Includes sales contracts
1,109,965
1,120,697
1,040,699
1,027, 752
1,054,376
1,034,470
1,127,040
1,042.753
1,043, 295
1,014,701
BILLS
BANKERS ACCEPTANCES
kales
Contracts
Purchases
0,39, 578
$279,588
20 5,022
38,288
164,947
37, 511
21,685
102,800
36, 891
49, 869
969
44,065
36,065
16,742
19,536
38,973
36,057
1, 371
30,408
1,122
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BAITERS ACCEPTANCES
EY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
___________________ DURING TPEEK ENDED JULY 22. 1925
~~~~
(OOO Omitted)
GOVERNMENT SECURITIES
BAITERS ACCEPTANCES
Net
balance
Net
Talance
Balance
balance
Julv 22
Julv 15
Julv 22
Change
Julv 15
Change
-o v 31,495
4 33,392
v 5,201
Bostcn
0 5,301
fcl, 897-0 14,364
. 53,634
New York
16,353
1,989*
53,634
-0 17, 874
11,88817, 874
12,729
Philadelphia
841Cleveland
2,78130,714
30,714
-0 17,738
20,519
Richmond
5,569
5, 5*9
8,210
8,874
664-0*
38714,403
14, 417
15,199
15, 586
Atlanta
1439, 677
25,023
26,221
Chic'vo
39,711
1,19834*
St* Louis
30 , 878
30,821
10,361
574
11710,244
16,02$
Minn®apel is
16,029
-o 19,045
15,741
3, 304*
-0 Kansas City
31,995
1,026 +
31,995
15,096
14,070
28,068
Dallas
28,0 56
12*
1,018“
12, 599
13,617
>043.742
San Francisco 43,742
15. 898
15.629
269 +
Totals
0317,818
*317,729
$89 +
vl96, 799
v20 3,092
^6,293-
COGENT ON CHANGES l.EEK gNDED Mi,Y 22. 192*
Total earning asset holdings declined ^28,594,000 during the week, due chiefr
ly to decreases of *12,217,000 in b i lls discounted *9tl?3*000 in Government securities
(of which approximately ^9,000,000 represented reductions in st4.es contract holdings),
*6,293,000 in outright purchases o f b i lls , and $511*000 in acceptances held under soles
contracts.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority JT h. / Q f o |
-2 -
Accompanying a d eficit in average reserves of leading
Money
Market
York City banks early in the week money conditions were re
la tiv e ly firm.
Rates, advancing from 3 3/4 per cent, on Monday,
held at 4f l / 4 and 4 1 /2 per cent* until Friday when the rate
eased to 4 per cent* and there was a substantial amount of funds
unlent at the close.
Time money was moderately active with a tendency toward
higjier rates*
Loans for 60 and 90 days were arranged at from 4
to 4 l / 4 per cent., while 5 **nd 6 months* loans were quoted from
4 3/8 to 4 l /2 per cent.
Trading in commercial paper during the week continued
light* with more sales being made at 4 than 3 3/4 per cent*
Government
SecurityMarket
Stock Exchange sales of Government bonds during the
period totaled v6»200,000, compared with $8, 500,000 the previous
week.
As a result of the higher trend of money rates, prices of
a ll issues flowed substantial declines ranging from 7 to 34/32nds»
Prices also declined considerably on the short-term
securities, especially the longer maturities in which reductions
of from 6 to 12/32nds occurred.
Dealers report sales in fair
volume by holders of a ll issues due apparently to profit taking.
Owing, however, to the d iffic u lty in moving these issues dealers
are acquiring heavier portfolios than desired under present condi
tion s.
Bankers
Accept ances
Dealers* offering rates on unindorsed b i l l s remained
onchanged from the previous week with 30-day b i l l s offered at 3
per cent,, 60s and 90s at 3 l / 8 to 3 l / 4 per cen t,, and 120-day
maturities at 3 3/8 per cent.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED ~
Authority j L t ) , ) Q S ) i
3
V
Bostop the supply was moderate and demand limited with evidences of
seasonal dullness.
Ninety day maturities continued to be in best demand-
New York market was very quiet.
was moderate.
The
Few new b i l l s came into the market and demand
Dealers* coiribined portfolios increased slig h tly .
Chi capo reports
only moderate activity in the b i l l market with rates reasonably firm*
SYSTEM SPECIAL INVESTMENT ACCOUNT
There were no transactions in the System Special Investment Account
*
I
during the period.
The amount remained unchanged at the close of business July
22 at 1216 ,408 ,800 • The participation by the various Federal reserve banks and
the classification o f issues held in the account by maturities were as follows:
PARTICIPATION RY PEDERAL RESERVE BANKS RECAPITULATION OF HOLDINGS BY MATURITIES
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chi cago
S t. Louis
Minneapolis
Kansas City
Dallas
San JVancisco
$
Totals
293 ,000
52 ,376 ,800
376 ,500
11 ,182 ,500
4 ,228 ,000
12 ,053 ,500
20 ,826,500
29 ,753 ,000
8 ,471,000
20 ,037 ,500
22 ,305,500
34.505 ,000
Sept.
Dec.
Mar.
Sept.
Mar.
Dec.
Sept.
15,
15,
15,
15,
15,
.15 ,
15,
|
1925
1925
1926
1926
1*27
1927
1928 3rd L/L Bds .
$216,408,800
3,274,500
38 ,160 ,100
63 ,301 ,000
40 ,401 ,000
23,875,900
3S ,396 ,300
15,100,000
1216,408,800
OPERATIONS ACCOUNT UNITED STATES TREASURY
Transactions in Government securities for account United States Treas
ury were confined to one authorisation against which there was purchased in the
New York market $601,250 Second Liberty Loan 4 1 /4 per cent bonds for account of
the Secretary o f the Interior Investment o f Individual Indian Hinds*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
^-----------DECLASSIFIED
Authorityj? ft, |(Y?)|
ITEMIZED STATEMENT OF TRANSACTIONS AFBECTING IBS INVESTMENT' ACCOUNT OF ALL
___ _________ FEDERAL RESERVE BANKS FROM JULY 16 TO JULY 2 2 . 1925
TRANSACTIONS IN MISCELLANEOUS GOVERNMENT SECURITIES
Purchases
Bast on
Hfew York
Atlanta
Chie%go
S t- Louis
Minneapolis
Kansas City
Sallas
Totals
Held Under
Sales Contracts
Sales
i
I
0
0
68,600
0
0
1,186,250
0
600
$ 2 ,577 ,635
12,135 ,000
0
1,448 ,500
0
0
. 700,000
625.000
$1 ,344 ,000
$1,255,450
$17,486,135
0
0
54 ,950
33 ,850
57 ,000
1 ,186,250
250
11,700
BANKERS ACCEPTANCES
PURCHASES
to n a l
Boston
685.000
255.000
925.000
■■..xflufloa
1- 30 days
31k*60 w
61-90 If
Over 90 ft
MATURITIES
Mfttesl
Rate
3f
3 .1 /8 ^
3 1 /4 ^
3 1/4^*
3
3
3
3
l/B% $3,772,000
1/4$
3/8/s
3/8/o
Other
Holdings
, ,408 ,000 Sales
contracts
IX ,875,000
New York
1-30 days
31-60 *1
$ 424,000
.....§1 *29°
$
Philadelphia
1-30 days
31-60 "
61-90 ”
2,475,000
486,000
341,000
668 ,000
1.294,000
3/*
- 3 l/%%
3 \/%P 3 1/4^
3 1/4$
3,144,000
3$
3,209,000
17,660,000 Sales
contracts
844.000 one*
day holdover
for distribu
tion to F. R„
Banks
794.000 for
eign trade
acceptances
254.000 special
foreign b i l ls
$2,303,000
Cleveland
In other
d istricts
% 428,000
- 3 l/z%
480 ,000
Sterling b i lls
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
A u th o rity
I
BANKERS ACCEPTANCES -
( C ontinued)
PURCHASES
MATURITIES
Rate
MatmAYl.
Richmond
1-30 days
31-60 H
61-90 w
In other
d istricts
§
5,000
94,000
189 ,000
307.000
Other
Holdings
§ 1,259,000
3%
G
V
3 i/e%
3 1/4^
3%
3 1/2%
3%
3 1/2%
0 595,000
itlanta
In other
d istricts
1-30 days
31-60 «
61-90 w
In other
d istricts
Chicago
1,068 ,000
618 ,000
163,000
178 ,000
Xs!
3°i/e%
3 1/4%
s%
1,455,000
4,928 ,000
445,000 Unin
dorsed b ills
purchased from
accepting banks
1,040,000 Sales
contracts
3 l/2%o
$3,730 ,000
St# Louis
In other
d istricts
1,598 ,000
3%
- 3 1/2%
1,715,000
0
Minneapolis
In other
d istricts
4,556 ,000
3%
3 1/2%
1 ,252 ,000
0
Kansas City
In other
d istricts
2,252 ,000
3%
3 l/2%
1,226 ,000
0
Dallas
In other
districts
741,000
3%
3 1/2%
1 1759 ,000
0
San Francisco
Totals
1-30 days
31-60 ”
61-90 ”
In other
d istricts
299.000
260 ,000
345.000
1.467 .000.
3%
3 l/8/=
3 l/4fo
3%
2 ,102 ,000
3,801,000 Sales
contracts
3 1/2,%
$2,371,000
0 2 2 ,0 0 3 ,0 0 0
$28 ,2 9 6 ,0 0 0
$ 2 7 ,7 2 6 ,0 0 0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
|Q5 0 J -
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING ”7EEK ENDING JULY 22, 1925'AND
__________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES_________
(OOO Omitted)
(Excluding Sales Contracts)
Government
Bankers
Securities
Acceptances
Purchased
Sold
Matured
|1,344
1,255
0
$89+
Holdings
July 22, 1925
Within
16*30
Gov’ t Securities $ 17,485 $
0
B ills Purchased
86,910 $3,0.58
Totals
$104,395 $53,058
$22,003
0
28, 296
$6,293-
Total
$23,347
1,255
f 28,296
$6,204-
( Including Sales Cont ract s)
91-days31-60
61-90
days
days
6 Months
Over 6
Months
Total
$16,344$
0
46.117 29,833
$ 1 ,5 4 2
8,607
$299,933
0
$335,304
224,515
$62,461 $29,833
#10*149
$299,933
$559,829
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
01
Authority j L t k |Q-S
JpOTMl N O . 131.
i /r i p g * »
g
1
I
FEDJ^AL RESERVE
Office Corresp _ Jenc , ^
U tc..July
Subject:.
For your information.
Governor Crissinger<
Mr. Hamlin
Mr. Platt
>/ Mr* James
Mr. Cunningham
/ ' Mr. M iller.
*
Please return to Secretary’ s Office,
^21
R e p ro d u c e d fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
DECLASSIFIED
A u t h o r it y j T
f
Door Hr. Matteson*
I
aak»airia&£» rccalpt of aad Bfeall "brlnj;
to %Ug nitration at tfe« msa&trstha »oa*<J
your letter of the 20tk lA*taivt,
to
Oorcrnor Or\.«rin*ar, sneloalng a report of tray?*actions in
#a#tirttla# #ur**t b**kar* a©*
•apiax-aa# &* raported to the Opets Vftrlcet Tnrost* 9Rt Co*»ittaa for tu t F«4»rtl Raaarra Syate»
for tfea pariod fro® July $ to July 15, 1916*
inaluatr#, tofether with data raoaivad by tha
Com it tat fro® tha ?adaral raaatff* banka.
Vary tru ly year*.
Waltar U E4dy,
Saaratary*
Mr.
B. Mattaaon, Saarotary,
Opan Ifcrkat Iwroatment Co*aittee ,
o /o Padoral Reaarva Bank,
«c* York, H*Y,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority JT J),
Federal R eserve Bank
o f Ne w Yo r k
Open Market InvestDent Committee
for the Federal Reserve System
CONFIDENTIAL
July 20, 1925
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 July 9 to July 15, 1925 inclu
sive* together with data received by the Committee from the
Federal reserve banks.
i
Secretary of the Committee
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure (l)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jLfc), (Q 5 0 l
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 15, 1925
Holdings of Earning Assets of Federal Reserve Banks January 1925 to Date
As Compared with Corresponding Period in 1924
“
(OOO Omitted)
-1924Jan* 9
Feb, 27
Mar* 26
Apr* 30
May 28
June 25
July 2
*.
9
" 16
-1925Jan* 7
Feb, 25
Mar, 25
Apr* 29
May 27
June 24
July 1
M 8
M 15
TOTAL
EARNING
ASSETS
$1,026,496
950,801
942,080
873,381
850,193
826,260
858,556
820,972
810,495
1,109,965
1,129*697
1,040,699
1,027,752
1,054,376
1,034,470
1,127,040
1,042,753
1,043,295
^GOVERNMENT
SECURITIES
$100,358
155,801
257,256
301,660
333,282
429,794
435,494
450,500
466,574
BANKERS acceptances
Sales
Contracts
Purchases
0279,588
205,022
164,947
102,800
49,869
44,065
36,069
38,973
36,057
496,029
332,029
278,885
364,694
• 343,751
287,544
349,039
238,243
241,377
349,214
215,277
324,609
353,575
211,173
211,210
338,961
344,477
203,092
^Includes sales contracts
BILLS
DISCOUNTED
$39,578
38,288
37,511
21*685
36,891
969
16,742
19,536
1,371
$606,921
531,690
482,315
447,185
429,600
350,131
369,001
310,713
305,243
8,949
38,361
19,361
28,585
37,036
26,389
37,917
29,501
28,237
264,408
433,805
377,641
399,985
413,999
455,445
511,625
450,331
454,739
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_____ _____________ DURING WEEK ENDED JULY I5« 192S______________________
(OOO Omitted)
GOVERNMENT SECURITIES
BANKERS ACCEPTANCES
Balance
Net
Balance
Net
Balance
Balance
Change
Julv 15
July . 8
Julv 8
<&&gge.
Boston
$ 0
$1,117*.
$ 5,201
$ 33,392
$ 5,201
$ 34,509
New York
0
703.
18,056
53,634
53,634
16,353
13,002
273Philadelphia
0
17,874
17,874
02,729
Cleveland
850+
30,714
29,864
71821,237
2d, 519
Ri chmond
0
8765,569
9,750
5,569
8,874
14,417
20+
Atlanta
14,397
398.
15,586
15,984
39,677
Chicago
26,221
2,42039*663
14+
28,641
St, Louis
30,821
247+
10,361
10,647
286.
30,574
Minneapolis
0
15,362
16,029
16,029
15,741
379+
Kansas City
0
12,650
31,995
3.4,070
31,995
1,420+
Dallas
28,056
21+
13,617
28,035
14,022
405.
San Francisco
43.742
1+
17.350
. 43*74}
l 5 f629
1*721Totals
$317,729
$316,576
$1,153+
$203,092
$211,210
$7,118COMMENT ON CHANGES WEEK ENDED JULY 15
Total earning assets of a ll reserve banks advanced $542,000 during the
week, Increases of -$5,516,000 in Government securities, of which .^4,362f000 repre
sented an advance in sales contract holdings, and $4,408,000 in b ills discountedvwere
partially offset by a decline of $7,118,000 in outright holdings of bills,and a
further reduction of $1,264,000 in b ills held under sales contracts,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority fT ft.
jC ff )[
2
Money
Market
At the opening of the week reserves of leading New York City
banks were in deficit of requirements but reflecting the return flow of
funds to this d istrict from the interior Stock Exchange call money turned
distin ctly easier.
The average rate at which new loans were arranged,
after advancing to 4.56 per cent on Monday, July 13, made daily recession
to 3.55 per cent by Thursday, July 16, the lowest since May 20.
with only a
Frida;
light demand the ca ll loan rate opened and renewed at 3 3/4
per cent and held unchanged at that rate throughout the day*
Time money was quiet but slig h tly firmer than in recent weeks.
Loans for -five and six months' were arranged at 4 1/4 per cent, three aril
four moifths at 4 to 4 1/4 per cent; and sixty days at
4 per cent.
The local market for commercial paper remained very quiet, but
a moderate demand continued in the Middle West at the prevailing rates,
Government
Security
Market
There was increased activity in the government bond market
during the period and sales on the Stock Exchange totaled $8,500,000
as compared with $4,400,000 the previous week.
While most issues showed
declines of 2 to 16/32nds, following firm money conditions early in the
week prices in general were somewhat firmer toward the close*
The market for short-term securities continued dull, and
prices on nearly a l l issues declined sligh tly with a corresponding ad~
vance in yields*
Bankers
Rates in a ll d istricts held unchanged from the previous week,
A ccep ta n ces
dealers offering 30-day b i lls at 3 per cent, 60*s and 9 0's at 3 1/8 to
3 1/4 per cent and 120-day maturities at 3 3/8 per cent.
In Boston the supply continued limited but in sufficient
volume to sa tisfy the light demand,
demand*
Ninety-day b ills were in best
City banko were moderately active while country banks appeared
to be completely out of the market.
The New tork b i ll market was
exceptionally quiet during the period despite the slig h tly increased
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL £ ), j Q S O
Bankers
' supply early in the week,
Chicago reports the demand for b i lls .
Acceptances
(Continued) especially for short maturities, was in excess of the supply, Ifciifces
remained unchanged,
SYSTEM SPECIAL INVESTMENT ACCOUNT
With the approval of the Open Market Investment Committee a special ex
change transaction was consumosted consisting of the sale of $2,000,000 Treasury
Notes maturing December 15, 1925,on a 3*10% basis and the purchase in replacement
of a like amount of notes due March 15* 1926, at a 3,30^ basis.
The total holdings
at the close of business July 15 aggregated $216*408,800, the participation in which
by a ll Federal reserve banks and the classification of issues by maturities were as
follows:
PARTICIPATION BY FEDERAL RESERVE BANKS
RECAPITULATION OF HOLDINGS BY MATURITIES
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Sept,
Dec,
Mar#
Sept*
Mar*
Dec,
Sept •
$
293,000
52,376,800
376,500
11,182,500
4,228,000
12,053,500
20,826,500
29,753,000
8,471,000
20,037,500
22,305*500
34.505>000
15,
15,
15,
15,
15,
15,
15,
1925
$ 3, 274,500
38, 160,100
1925
63, 301,000
1926
40, 401,000
1926
23, 875,900
1927
32, 296,300
1927
15, 100,000
1928 3rd L/L Bds*
$216,408,800
0216,408,800
OPERATIONS ACCOUNT UNITED STATES TREASURY
At the request of the Treasury the Federal Reserve Bank of New York
purchased during the period $500,000 3% certificates of indebtedness maturing
June 15, 1926, for account of the Alien Property Custodian, and §74,600 Second
Liberty Loan 4 l/A% bonds and $59,500 Treasury Nfctes maturing December 15, 1925,
for account of the Foreign Service Retirement and D isability Fund*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL ^ | 0 5 fa t
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
FEDERAL FESERVE BANKS .FROM. JULY 9 TO JULY 15. 1925
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Purchases
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
$
Held Under
Sales Contracts
Sales
2*500
484,000
31500
103,500
39,000
111,500
192,500
275,000
78,500
185,000
206,000
319 f 000
$
$2,000,000
2} 500
484,000
3,500
103,500
39,000
111,500
192,500
275,000
78,500
185,000
206,000
319.000
$ 3,092,435
21,624,000
0
0
0
0
1,330,500
0
0
700,000
0
0
$2,000,000
$26,746,935
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis
Dallas
San Francisco
Totals
Sales
Issue
Purchases
[isc* Gov*t Sec*
$ 850,000
75,950
14.750
247,100
664,050
21.750
1 .000
Fourth L/L bonds
Misc, Gov’ t Sec*
♦»
«
u
0
56,200
0
0
664,050
0
0
Issue
Misc, GoV*t Sec,
Misc* Gov’ t Sec,
$720,250
$1,874,600
BANKERS ACCEPTANCES
Maturity
Bo st on
1-30 days
31-60
*'
61-90
”
Over 90
H
PURCHASES
Amount
Rate
- 3 1/8$
| 508,000 3$
402,000 3 l/8 $ - 3 1/4$
405,000 3 1 / 4 $ - 3 3/8
4. OOP 3 1/4$ - 3 3/8$
$ 1 ,3 1 9 ,0 0 0
MATURITIES
Amount
Other
Holdings
$2,436,000
$2,807,000 Sales
contracts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j £ j P, f
BANKERS ACCEPTANCES - (Continued)
Maturity
New York
Philadelphia
1-30 dayg
1-30 days
31-60 M
61-90 11
PURCHASES
Amount
313 ,000
Rate
MATURITIES
Amount
02 ,016 ,000
3%
$1 ,379 ,000 3%
- 3 1 /8 %
891 ,000 3 l/8 $ -3 3/8%
-1,021 .000 3 1/4%
Other
Holdings
02 ,222 ,000 o*>e
day holdover
for distribu
tion to F, R«
Banks
17,675,000 Sales
contracts
890.000 For
eign trade b i lls
254.000 Spedal
foreign b i lls
3,564,000
0
03 ,291 ,000
Cleveland
Richmond
In other
d istricts
31-60 days
61-90 «
In other
d istricts
1 ,163 ,000
62.000
91.000
3.86 £ 0 0
- 3 1/2%
1 ,881,000
3 1/4%
3 1/4%
3%
-3 1/2%
1,615,000
3 1/4%
3%
-3 1/2%
2,062 ,000
3%
3 1/4%
3% -3 1/2%
4,795,000
3%
480,000 Ster
ling b i lls
0739 ,000
Atlanta
31-60 days
In other
d istricts
15,000
JL.649 .000
01,664 ,000
Chicago
1-30 days
61-90 ”
In other
d istricts
194,000
50,000
2 >131.000
421,000 Unin
dorsed b i lls
purchased from
accepting banks
1,563,000 Sales
contracts
02,375,000
St * Louis
Minneapolis
Kansas City
In other
d istricts
1.045.000
3%
-3 \/2%
i |33i ,000
0
In other
d istricts
2 ,813,000
31%
- 3 1/2%
2 ,434,000
0
In other
d istricts
2.790.000
3%
-3 1/2%
1,370,000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL?),. JQ £ ) l
BANKERS ICCEPT\NCES -
M a tu rity
Dallas
PURCHASES
Amount
MATURITIES
1-3Q days
3 1-60 "
6 1 -9 0 M
In o th e r
d is tr ic ts
1 9 5 ,0 0 0
8 0 .0 0 0
1 5 .0 0 0
I .361 .000
3$
3 1 /8 $
3 1 /4 $
3$
-
O ther
Amount
R ate
6 1 -9 0 days O
6 0 ,0 0 0 3 1 /4 $
In o th e r
1 .1 3 0 .0 0 0 3$
d is tr ic ts
$1 ,190 ,000
San F ra n c is c o
C ontinued)
3 1 /2 $
$ 1 ,5 3 4 ,0 0 0
61 ,000 S old
3 ,3 7 2 ,0 0 0
0
1 ,9 2 5 ,0 0 0 S a le s
con tra cts
3 1 /2 $
0 1,6 51 ,000
Totals
$28 ,471 ,000 $28 ,237 ,000
$20 ,353 ,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDING JULY 1 5 , 1925 AND
___________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES__________
( 000 O m itted)
(E x c lu d in g S a le s C o n tr a c ts )
Government
Bankers
Securities
A ccep ta n ces
P urchased
S old
Matured
0 3 ,8 7 5
2 ,722
$20 ,353
__
01 ,153 +
$24 ,228
2 ,722
0
-2L& JX
J S U ML
O 7 ,1 1 8 -
0 5 ,965-
( I n c l u d i n g S a le s C o n tr a c ts )
H o ld in g s
W ithin
1 6 -3 0
31-60
h \ lt X .^ 2 3 2 1
IS A
.SaaiL,
P&YJL.
Gov* t S e c u r i t i e s
B i l l s P urch ased
To t a l s
y.,s.
$ 26 ,74 6
8,6,525.
$ 1 1 3 ,2 7 1
o
49 ,642
0 4 9 ,6 4 2
6 1-90
Days
91 days
6 Months
0
$ 19 ,61 8 $ 5 6 ,7 8 6
57 t293. 26 «.9_9_8_ 1.0,,8_71_
§ 57 ,2 9 3
0 4 6 ,6 1 6
0-67 , 6 5 7
Over 6
Months
$241 ,327
0
0 2 4 1 ,3 2 7
0344 ,477
gA U 32.?,
0 5 7 5 ,8 0 6
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
jA fo l
LormNo. 131.
Office Correspo, ^ence
To
All meaty
FEDE*'.^- RESERVE
BOARD
_
Subject:.
kof the Boarc
3t 3
From__Mr,
iJate_July 15^_. 1925^
For your infonnetion.
Qavernor Cri^singer
Mr. Platt V '
Hamlin
Mr* James
Mr. Cunningham
Mr* McIntosh
Please return to Secretary’ s Office*
a—*»s
R e p ro d u c e d fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
D E C L A SSIFIE D ^
Authority
July 16, 1926.
D ear
ilatueaant
X aokno*l<*d«e receipt o f and #1*11 brin* to
the attention of the aeabera of the Board yotr
letter of thd 14th instant, addreaaed to Governor
Criaalnger, enoloain* • report of tranaaotiona in
Qoveraaen* aeouritiea and bankers aooeptanoea as
reported to the Open Market Invaataant Committee
for the Federal Raaerve Syato® for the period
froa July 2 to July 8, 1925, incluaive, together
with data reoeired by the Ooawitta© fro* th© Fed
eral reaerve banka.
Very
truly y o u r a ,
W alter L. E ddy,
3 a oreta ry . '
Mr. W. B. M atteaon , S a o r a ta r y ,
Open Markat In v e a t» e n t O om a ittee,
o / o F e d e ra l R aaerve Bank,
Haw T ork , N .I .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority p j \
| A fo |
Fe d e r a l R e s e r v e
o f
Ba n k
Ne w Y o r k
Open Market Investment Committee
for the Federal Reserve System
CONFIDENTIAL
July 14, 1925
S i r :
Inclosed 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 2 to July 8, 1925 inclu
sive, together with data received by the Committee from
the Federal reserve banks*
Respectfully,
Secretary of the Committee
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. ( l )
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L & ^ j . Q S D l
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 8, 1925
Holdings of Earning Assets of Federal Reserve Banks January 1925 to Date
As Compared With Corresponding Period in 19 24
(000 Omitted)
•GOVERNMENT
TOTAL
EARNING
ASSETS
-1924
Jan, 9
Feb, 27
i'ar, 26
Apr, 30
May 28
June 25
July 2
July 9
-1925
Jan, 7
Feb* 25
Mar, 25
Apr. 29
May 27
June 24
July 1
July 8
SECURITIES
$100,358
155,801
257,256
301,660
333,282
429,794
435,494
450,500
$1,026,496
950,801
942,080
873,381
850,193
826,260
858,556
820,972
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
$279,588
205,022
164,947
102,800
49,869
44,065
36,069
38,973
DISCOUNTED
$39,578
38,288
37,511
21,685
36,891
969
16,742
19,536
$606,921
531,690
482,315
447,185
429,600
350,131
369,001
310,713
8,949
38,361
19,361
28,585
37,036
26,389
37,917
29,501
264,408
433,805
377,641
399,985
413,999
455,445
511,625
450,331
332,029
496,029
278,885
364,694
343,751
287,544
238,243
349,039
241,377
349,214
215,277
324,609
211,173
353,575
211,210
338,961
♦Includes sales contracts
1,109,965
1,129,697
1,040,699
1,027,752
1,054,376
1,034,470
1,127,040
1,042,753
BILLS
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS {EXCLUSIVE OF SALES CONTRACTS)
_______
DURING WEEK ENDED JULY 8^ 1925
___________ -________
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
Change
Julv 8
M lBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
3t* Louis
Minneapolis
Kansas City
Dallas
San Francisco
i 5,201
53,634
17,874
29,864
5,569
14,397
39,663
30,574
16,029
31,995
28,035
43.741
Totals
$316,576
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
Julv 1
Julv 8
5,353
53,634
17,874
29,764
5,569
14,173
39,543
30,474
16,029
31,948
28,010
43.741
$ 1520
0
1004
0
224+
120+
100+
0
47+
25*
0
$ 34,509
18,056
13,002
21,237
9,750
15,984
28,641
10,647
15,362
12,650
14,022
17.350
$ 31,628
17,659
15,099
20,257
9,924
17,214
28,834
11,136
15,766
12,943
12,519
18.194
$2,881+
397+
2,097980+
174~
1,2301934894042931,503+
844-
$316,112
$464+
$211,210
$211,173
$37+
$
COMMENT ON CHANGES WEEK ENDED JULY 8
Total earning assets of a ll reserve banks decreased §84,287,000 due
chiefly to declines of $61,294,000 in b ills discounted; $14,614,000 in Government
securities (a reduction of $15,078,000 in sales contracts and an increase of
$464,000 in outright holdings), and $8,416,000 in b ills held under sales contracts;
Acceptances purchased outright increased $37,000,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
AuthorityjL& fC6 0 l
Money conditions continued easy during most of the week.
Money.'
Market
At the opening of the week reserves of leading New York City banks
were in excess of requirements and by Thursday, July 9 , the average
rate at which new loans were placed declined to 3 .75 per cent from
the 4 per cent level at the close of the previous week.
On the
following day, however, apparently reflecting substantial with
drawals to the in te rio r, the average rate advanced to 4.29 per cent.
Time money continued quiet with rates virtually un
changed.
Sixty and ninety day loans were quoted at 3 3/4. to 4 per cent, *
* sr
'
and four to six months1 maturities from 4 to 4 l /8 per cent.
The New York nmrket for commercial paper remained in
active at 4 per cent, while in the middlewest, although rates
remained unchanged, demand was somewhat lessened.
Prevailing
rate outside of New York continued at 3 3/4 per cent.
Government
Security
Market
Trading in the Government bond market was q u ie t and
sales on the Stock Exchange totaled $4,400,000 compared with
$9,400,000 the previous week.
While further advances to new
record highs were made by the fir s t and Treasury 4 l/4 * s and
Treasury 4’ a at 103 .6 , 108.12, 104.14 respectively, during the
period, on FYiday there was a noticeable reaction and prices on
a ll issues showed declines of 6 to 12/32nds .
The market for short*term Government securities was
d u ll, and prices in general receded fractionally with correspond
ing advances in y ie ld s.
bankers
Dealers’ offering rates on unindor#ed b i l l s in a ll
d istricts continued unchanged from the previous week with 3 0-day
b i l l s offered at 3 per cent, 609o and 90*e at 3 l /8 to 3 1/4 per
cent, and 120-day maturities at 3 3/8 per cent.
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
j Q S fli
Boston reports a fairly good supply of b ills coming into the market and
a slight improvement in local demand*
One dealer reports a tendency among banks
to indorse b ills at a small profit rather than hold them at the present rates in
their portfolios®
Acceptances moved well at the prevailing rates with the best
demand centered in the 60-day maturities*
was the marked decline
The outstanding development in New Ynrk
in the volume of b ills offered to the market«
Dealers ex
perienced some d iffic u lty in adequately completing their orders due to the very
good demand, chiefly from the investment of foreign money*
were particularly in demand*
Ninety day maturities
In Philadelphia the market continued quiet; supply
and demand were practically unchanged from recent levels*
supply small and the demand quiet#
Chicago reports the
Rates were firm.
SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change during the period covered by this report in
the Government security holdings in the System Special Investment Account, the
amount remaining at the close of business July 8 , at $216,408,800*
The partici
pation by the various Federal reserve banks and the classification of issues held
in the account by maturities were as follows:
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
293,000
52,376,800
376,500
11.182.500
4,228,000
12.053.500
20,826,500
29,753,000
8,471,000
20.037.500
22.305.500
34*505.000
RECAPITULATION OF HOLDINGS BY
Sept* 15, 1925
i|
Dec* 15, 1925
March 15, 1926
Sept* 15, 1926
March 15, 1927
Dec* 15, 1927
Sept* 15, 1928 3rd L/L Bds*
$216,408,800
MATURITIES
3,274,500
40,160,100
61,301,000
40,401,000
23,875,900
32,296,300
15,100,000
$216*408,800
OPERATIONS ACCOUNT UNITED STATES TREASURY
Under Treasury authority there were purchased, account Civil Service
Retirement and D isability Fund, $900,000 3% certificates maturing June 15, 1926,
at parf $277,000 in New York market and $623,000 in the Cleveland d istrict*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
AuthorityjL fi, |Qff)|
4<
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________________FEDERAL RESERVE BANKS . FROM JULY 2 TO JULY 8, 1925_______
TRANSACTIONS IN MISCELLANEOUS GOVERNMENT SECURITIES
Purchases
Boston
Net? York
Cleveland
Atlanta
Chicago
St. Louis
Minn eapolis
Kansas City
Dallas
0
0
100,000
325, 650
120,000
100,000
1,216,^50
46,500
26,850
-
Issue
Sales
Issue
$
151,500
0
0
101,350
0
0
1,216,250
0
3.000
Misc.GovH Sec. $2,420,445
17,588,000
0
Misc.Gov’ t
Sec,
0
1,416,000
0
Misc.Gov't
Sec.
0
700,000
Second 4 l/4%
Bds 260,000
$1,472,100
$22,384,445
TJ*1926 C tfs .
Misc.Gov’ t Sec.
Fourth L/L Bds.
Fourth L/L Bds.
Misc.Gov’ t Sec.
Misc.Gov’ t Sec.
Misc.Gov’ t Sec.
$1,935,250
Held Under
Sales
Contracts
BANKERS ACCEPTANCES
PURCHASES
Amount
Maturity
Boston
1-30 days
31-60 ”
61-90 "
Over 90 ”
738.000
704.000
2,743,000
796.000
MATURITIES
Amount
Rate
3%
3 1/8%
3 1/4%
3 1/4%
-
3 1/8%
3
3
3 l/Z%
*2 ,100,000
H f%
1,450,000
Other
Hoi dings
$2,377,000 Sales
Contracts
|4,981,000
New York
1-30 days
31-60 "
61-90 ’*
Over 90 "
1,197,000
128,000
510,000
12,000
3 l /8 # 3 1 /4 # 3 1 /2 #
\z
£1,847,000
Philadelphia 1-30 days
31-60
M
61 *90
"
*5*000
925,000
388»000
$1,338,000
3,435,000
3 1/8# - 3
3,855,000 one-day
holdover for
distribution to
F. R. Banks
15,475,000 Sales
Cont ract s
813.000 Foreign
trade Accepts.
254.000 Special
foreign b i ll s
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority jL & _ | _ 0 S 0 l
BANKERS ACCEPTANCES ( Continued)
PURCHASES
k w l
Maturity
Cleveland
31-60 days
61-90 "
Over 90 w
In other
d istricts
MATURITIES
Amount
Rate
76,000 3 1/8%
729 ,000 3 l/A%
170,00Q 3 1/4%
AJ752 .ooq 3%
- 3 1/2%
I
$1,747,000
Other
Hpldinjrs
$
480 ,000 Ster
ling b i l l s
$2 ,727 ,000 '
Richmond
1-30 days
31-60 "
In other
d istricts
$
141,000
265,000
904 .000
3 1/8%
3 1/4%
3%
■* 3 1/2%
1 ,484 ,000
3%
3 1/8%
3 1/4%
3%
2 ,803 ,000
3 1/2%
709 ,000 Unin«*
dorsed b i l ls
purchased' *'
from accept
ing banks
3%
3%
2,538 ,000
3 1/2%
1,819 ,000 Sales
contracts
0
$1,310 ,000
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San ft-ancisco
T o ta ls
1-30 days
31-60 "
61-90 "
In other
d istricts
1-30 days
In other
d istricts
$
127,000
288 ,000
41,000
1.117.000
$1 ,573,000
$ 240,000
2 .105 .000
$2,345,000
In other
d istricts
$1,120 ,000
3%*
*• 3 1/2%
1,609 ,000
In other
d istricts
1.523.000
3%
- 3 1/2%
1,927,000
In other
d istricts
1.601.000
3%
- 3 1/2%
1,894,000
5,000 3 1/8%
- 3 1/2%
2 -2B1.000 3f.
783,000
31-60 days
In other
d istricts
0
$2 ,286 ,000
1-30 days \ 316,000
366 ,000
31-60 "
442 ,000
61-90 "
1.449 .000
In other
d istricts
573 ,000
$ 2 5 ,2 2 4 ,0 0 0
3,417,000
3%
3 1/8%
3 1/4%
3,719,000 Sales
contracts
- 3 1/2%
$ 2 5 ,1 8 7 ,0 0 0
$ 2 9 ,5 0 1 ,0 0 0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
dEclassTfied
Authority j L P , / Q S O I
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDING JULY 8, 1925 AND
__________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 omitted)
(Excluding Sales Contracts)
Government
Bankers
Securities
Acceptances
Purchased
Sold
Matured
$ 1,936
1,472
0
$
$ 25,224
0
25.187
464+
T^tal
$ 27,160
1,472
25.187
37+
501+
(Including Sales Contracts)
Holdings
July 8. 1925
Within
15 days
16-30
days
31-60
days
61-90
days
Gov*t Securities
B ills Purchased
$22,384
82.609
54.451
\ 0
62.894
$20,368
32.453
$58,235
8.304
$237,974
0
$338,961
240.711
1104,993
|54,451
$62,894
$52,821
$66,539
$237,974
$579,672
Totals
91-days
6 Months
Over 6
Months
Total
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
| (V /)|
F o r m N o . 1S.1.
Office Correspc vlence
FEDERAL RESERVE
BOARD
jjace... J u ly •£, 19 as.
T o ______ A l l members o f the B|ard*
From_
y Ur* Eddy,
•
For you r in fo r m a t io n :
w ^ fovern or O r is s in g e r
V M r. P la tt
l/ l f c . Hamlin
^ M r . James
^ M r. Gunninghsm
Mro M ille r *
Please r e t u r n t o S e c r e t 8 r y * s O f f i c e ,
1-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority f
T),
/QQO|
July 8 , IMS,
Beer Ifr. Ifctteeoni
I
aeknotrled&e receip t o f and sh ell brin« to
tfee attention o f the sne«b#rs o f the Boerd your
le tte r o f the ?th Inetant, addreeeed to Ooireraor
Criaainger, enclosing a report o f tranesotione
in 0<*v«mM*nt aecuritiea and bankers aoeeptanoea
at reported to the Open Market XnveatKent Uammittee
fo r the FedenuI R M «m System fo r the period froa
June 25 to July 1, 192t>, inolu eive, together with
data received by ths ftoraalttee from the Federal re*
serf* banka.
Very truly yoarsf
(Big'ned)
i-
Welter X*. Bd<fr#
Secretary*
Mr* W. B. ifatteson, Secretary,
Open liarleet Inveetmsnt Gana&ttee,
o /o Federal Reserve Bank,
le v York. H.Y.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
^D ECLASSIFIED
Authority
Fe d e r a l R e s e r v e
of
Ba n k
N e w Yo r k
Open Market Investment Committee
for the Federal Reserve System
CONFIDENTIAL
July 7, 1925
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 June 25 to July 1, 1925 inclu
sive, together with data received by the Committee from
the Federal reserve banks.
Secretary of the Committee
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. (1)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
AuthorityjLt), / Q £ ) l
confidential
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JULY 1, 1925
Holdings of Earning Assets of Federal Reserve &anks Jan♦ 1925 to Date
A*? Compared With Corresponding Period in 1924
(000 Oraatted)
BILLS
TOTAL
♦GOVERNMENT
BANKERS ACCEPTANCES
EARNING
Salw s
DISCOUNTEi
—19 24—
SECURITIES
Purchases
Contracts
ASSETS
Jan*
Feb.
Mar#
Apr.
May
June
July
9
27
26
30
28
25
2
-1925 —
Jan, 7
Feb, 25
Mar. 25
Apr. 29
May 27
June 24
July 1
01,026,496
950,801
942,080
873,381
850,193
826,260
858,556
0100,358
155,801
257,256
301,660
333,282
429,794
435,494
0279|588
205,022
164,947
102,800
49,869
44,065
36,069
039,578
38,288
37,511
21,685
36,891
969
16,742
0606,921
531,690
482,315
447,185
429,600
350,131
369,001
8ffc49
38,361
19,361
28,585
37,036
26,389
37,917
264,408
433,805
377,641
399,985
413,999
455,445
511,625
332,029
496,029
278,885
364,694
343,751
287,544
349,039
238,243
241,377
349,214
215f 277
$24,609
211,173
353,575
♦Includes salea contracts
1,109,965
1,129,697
1,040,699
1,027,752
1,054,376
1,034,470
1,127,040
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
DURING WEEK ENDED JULY 1. 1925_______________________
(OOO Omitted)
BANKERS ACCEPTANCES
GOVERNMENT SECURITIES
Balance
Balance
Net
Net
Balance
Balance
June
24
Change
te m -M
toflgg
iakL-JL
Bostpn
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
0
196537+
497797-
31,628
17,659
15,099
20,257
9,924
17,214
28,834
11,136
15,766
12,943
12,519
■l& O ll
31.403
16,989
17,533
19,913
9,421
17,674
28.403
10,729
18,382
15,117
12,482
171231
225+
670+
2,434344+
503+
460431+
407+
2,6162,17437+
__ 963+
01,041-
0211,173
0215,277
04,104-
5,353
53,634
17,874
29,764
5,569
14,173
39,543
30,474
16,029
31,948
28,010
3.3*741
3,872
54,844
17,883
28,880
5,667
14,363
39,001
31,162
16,225
31,411
28,507
,..M A 3 8
01#481+
1 210
9884+
98190258-
$316,112
1317,153
, -
688 -
!
COMMENT ON CHANGES WEEK ENDED JULY 1
Aggregate holdings o f earning assets of the System advanced 092,570,000 dur
ing the week to the highest point since February 25, 1925, due chiefly to a net in
crease o f 028,966,000 in Government securities (an advance of 030,000,000 held under
sales dontracts; and a reduction of 01,034,000 in outright holdings); an advance of
§11,528,000 in holdings of b ills under repurchase agreements, and a further rise of
$56,180,000 in b ills discounted* Acceptances purchased outright declined 04,104,000*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L t ) , | 0 5 S [
2
Money rates continued high early in the week reflecting trans
Martel
fers to the interior , holiday currency demands, and requirements for
mid-year and fir s t of month settlements.
A.s the banking position was
adjusted to care for these needs money became easier.
On Monday,
June 29, the average rate at which new loans were placed was 5.45 per
cent, the highest since December 31, 1929, but following daily reces
sions declined to 4.16 per cent on Friday, July 3.
The time money market remained inactive, rates on 60 to 90day loans held at 3 7/8 to 4 per cent during the fir s t half of the
week, but were sligh tly easier toward the close at 3 3/4 to 4 per cent.
Rates on 4 to six months1 loans were quoted at 4 to 4 1/8 per cent.
Commercial paper dealers report the New York market quiet;
rates for prime names continued at 3 3/4 to 4 per cent, New York City
banki holding for the higher rate.
While moderate activity continued
in the Middle West, the beet demand was from Pennsylvania and New Jersey
banks .
Government
Market
There was increased activity in the Government bond market
and sales on the Exchange during the period totaled $9,400 ,000 compared
with |7,800,000 the week beforerecent high levels .
Prices held firm and close to their
New record highs since date of issue were reached
by the S'irst and Fourth 4 l/4 * s at 103, and 103 .10, and the Treasury 4* s
and 4 l/4 * s at 104.12 and 108.10 respectively.
The short-term security market continued quiet with only
a ligh t demand and small offerings.
In general prices were slightly
lower from the levels of the previous week with corresponding advances
in y ie ld s.
Bankers
Acceptance
Rates on unindorsed b i l l s remained unchanged from the previous
week, dealers offering 30-day b i l l s at 3 per cent, 60*s and 90*8 at
3 l / 8 to 3 l /4 per cent and 120-day maturities at 3 3/8 per cent.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L t ) , / Q S O l
3
Boston reports the supply of b i l l s very small with few banks accepting.
B ills moved freely at the current rates with the demand, chiefly for 9(Vday maturi
t i e s , slightly in excess of the supply.
moderate activity -
In the New York market there was only
The supply continued to be sligh tly in excess of the demand
while rates appeared to be se ttle d .
Philadelphia reports the demand fair and cen
tered principally on the 90-day maturities,
in Chicago, the demand was better than
the supply with rates firm at the prevailing le v e ls .
Sixty day b i l l s were in best
demand♦
SYSTEM SPECIAL INVESTMENT ACCOUNT
As noted in the previous report, the Committee approved the sale during
the period covered by this report from System holdings of $5,000,000 Third Liberty
Loan 4 l / 4 $ bonds to the Treasury, account Alien Property Custodian.
The holdings
in the System Account at the close of business July 1 amounted to $216*408,800, the
participation in which by a ll Federal reserve bank's and the classification of issues
were as follows J
PARTICIPATION BY JBDSRAL RESERVE BAMS
Boston
New York
Philadelphia
Cleveland
Richmond
$
293,000
RECAPITULATION OF HOLDINGS BY MATURITIES
$
3,274,500
Sept.
1 5 , 1925
Dec.
-1 5 , 1925
40 ,160 ,100
376 ,500
March
15, 1926
61 ,301 ,000
11 ,182 ,500
Sept.
15, 1926
40 ,401 ,000
4 ,228 ,000
March
15 * 1927
23,875,900
32 ,296 ,300
52 ,376 ,800
Atlanta
12,053,500
Dec .
15, 192*
Chicago
20 ,826,500
Sept.
15, 1928 3frd l/L 15,100 ,000
S t. Louis
29 ,753,000
Minneapolis
8,471 ,000
Kansas City
20,037,500
Dallas
22 , 305,500
San Francisco
....34 J505 .000
$ 216,408,800
$216,406 ,800
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L & _ | Q S ) j
4
OPERATIONS ACCOUNT UNITED STATES TREASURY
The Treasury requested the Federal Reserve Bank of New York to purchase
various Government securities for account o f the Alien Property Custodian and
Civil Servioe Retirement and Disability fund, which purchases were made in the
different d istricts as follows5
Alien Property Custodian
Boston
June 15, 1926 aartificate s at par
«
ti
10,000,000
ii
3,500,000
it
1,200,000
New York
M 15f 1926
H
Philadelphia
"
15, 1926
"
Atlanta
"
15, 1926
{ "
Chicago
w 15, 1926
*
IT 99 31/32-par
St* Louis
"
15, 1926
”
11 par
San Francisco
"
15, 1926
”
It
II
6,000,000
539,000
1,000,000
It
From System
Special Acct, Third Liberty Loan bonds
$ 2,761,000
101 30/32
5.000.000
$30,000,000
Service Retirement and D isability Fund
Boston
June 15# 1926 Certificates at par
New York
Second L/L 4 1/4# bonds
Philadelphia
June 15, 1926 certificates at par
Atlanta
Chicago
tt
tl
«
Minneapolis
San Francisco
"
15, 1926
”
«
ii
101 16/32
ti
Second L/L 4 1/4# bonds
it
101 16/32
June 15, 1926 certificates
ti
par
Dec. 15, 1925
«i
"
"
N
15, 1925 notes
June 15, 1926 certificates
M 15, 1926
"
$ 1,000,000
8,000,000
1,000,000
100,000
1,380,000
350,000
99 3l/32-par
400,000
3*10 basis
250,000
If
par
It
tt
500,000
- 400f 000
$13,380,000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
AuthorityjLl), /OSD!
ITEMIZED STATEMENT OF TRANSACTIONS AFPECTING THE INVESTMENT ACCOUNT
___
OF JEDERAL. RESERVE BANKS FROM JUNE 25 TO JULY 1 . 1925
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
vhi&s.
Held Under
Sales Contracts
0
0
0
0
0
0
0
0
0
0
0
-.. o
0
7,000
1,210,000
8,500
258 ,500
98 ,000
278,500
481 ,500
687,500
195,500
463,000
515,000
797,000
Ol ,524 ,405
32,592 ,000
0
0
0
0
2,647,000
0
0
700,000
0
0
0
45,000,000
437,463 ,405
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Issue
Eanto aas.
Boston
Cleveland
Atlanta
Chicago
Minneapolis
Kansas City
Dallas
4l ,489 ,000
1 ,142 ,000
607 ,500
223,950
1,236,100
1,000,000
____ 18 .000
ial&s.
TJ-1926 Ctfs
TS-1925
"
Misc . Gov’ t Sec.
Fourth L/L Bonds
Misc. Gov*t See.
A-1926 Notes
M isc. Govf t Sec*
45,716,550
Issue
4
1 ,300 Misc. Gov*t See*
m
0
Gov*t
Sec*
519,650 Misc,
«
•
0
1,236,100 Miso* Gov*t See*
0
m
_ 0 .
41,757,050
BAMERJLACCEPTANGES
Ma.turl.t3t
Boston
1-30 days
31-60
"
61-90
"
Over 90
H
msatAm
Amount
4
411,000
684,000
1,863 ,000
___n ...m
*2 ,970,000
MATURITIES
foam t
Ratp
3$
3 1/8$
3 1/4$
3 1/4$
3 1/8$
3 3/8$
$2 ,745 ,000
Other
$3 ,354,000 Sales
contracts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L t L . { Q 5 & 1
6
BANKERS ACCEPTANCES - (Continued)
Maturity
New York
1-30 days
31-60
"
61-90
"
°v©r 90
*
PURCHASES
Amount
#4,598,000
208,000
1,068,000
1.302.000
MATURITIES
Amount
Rate
3#
3 1/8#
3 1/4#
3 1/4#
- 3 1/8#
- 3 1/4#
- 3 3/*$
- 3 1/2#
$6,506,000
17,176,000
Philadelphia
1-30 days
31-60
H
61-90
M
295.000
850.000
790.000
3#
- 3 1/4#
3 1/8# - 3 3/8#
3 1/8#. - 3 1/4#
4t369,000
3 1/4#
3 1/4#
3#
* 3 1/2#
2,951,000
3 1/4#
1,415,000
Other
Holdings
$26,836,000 Sales
contracts
1,411,000 1-day
holdover for
distribution
to F.R* Banks
831.000 for
eign trade
bi 11s
254.000 special
foreign b ills
0
.,935,000
Cleveland
61-90 days
Over 90
"
In other
d istricts
54,000
50,000
3,191,. 000
480,000 Ster
ling b ills
$3,295*000
Ri ohmond
1-30 days
31-60
M
In other
d istricts
77,000
100,000
0
3 1/4#
3 1/2#
1.741.000
$1*918,000
Atlanta
1-30 days
61-90
"
In other
d istricts
56.000
25.000
■I..518..00P
2,053,000
721,000 Unin
dorsed b ills
purchased
from accept
ing banks
3#
3 1/8#
3 1/4#
- 3 1/2#
3#
3,061,000
1,188#000 Sales
contracts
3#
1,9 30,000
3 1/4%
3%
- 3 1/ 2$
(1,593,000
Chicago
1-30 days
31-60
"
61-90
w
In other
d istricts
632,000
22,000
81,000
. ZJ2Lm
$3,492,000
St% Louis
In other
d istricts
2,337|000
3 1/2#
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L t ), 1 0 £ H
BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount
Maturity
Minneapolis
In other
d istricts $1,813,000
Spec,Purch»
500,000
MATURITIES
Amount
Rate
3%
- 3 1/2%
$4,929,000
3%
3 l/Zjt
4,594,000
Other
Holdings
$2,3X3,000
Kansas City
In other
districts
1-30 days
31-60
H
In other
d istricts
Dallas
2.420.000
20,000 3%
5,000 3 1/8%
1.735.000 3%
1,723,000
3 1/2%
$1,760,000
San Francisco
1-30 days
31-60
w
61-90
H
In other
d istricts
861,000
473.000
157.000
2f 556>000
3%
3
3 1/4%
- 3 1/2%.
3%
3,084,000
2,842,000 sale
contracts
|4,047,000
Totals
$35,253,000
$39 f 360,000
$37,917,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCE'S DURING WEEK ENDED JULY 1, 1925 AND
__________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES_________
(000 Omitted)
Government
Securities
Purchased
Sold
Matured
(Excluding Sales Contracts)
Ban ke rs
Acceptances
$ 5,717
6,758
0
$35,256
0
39.360
$1,041-
Holdings
July I , 1925
Gov*t Securitiees
B ills Purchased
T o ta ls
Total
$40,973
6,758
39*360
$4,104-
$5,145-
(Including Sales Contracts)
16-30
31-60
61-90
91-days
. Within
davs
davs
6 Months
15 davs davs
$20,368 $58,055
$37,462 $ 0
) o
8.938
67P302
28.392
j ip .,m
Over 6
Months
$237,690
0
Total
$353,575
249.090
$ 1 2 7 ,5 7 5
$ 2 3 7 ,6 9 0
$ 6 0 2 ,6 6 5
$ 5 4 ,3 4 5
$ 6 7 ,3 0 2
$ 4 8 ,7 6 0
$ 6 6 ,9 9 3
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j ^ f Q S Q l
l< o r m .N o. 1-11.
Office Corresp r. 'ence
P’POERAL r e s e r v e
BOARD
bat&JuJy
1925
1
___ A l l members o f t h e !B o a r d .
Mr. N o e l l .
m3
For you r in fo r m a t io n .
‘g o v e r n o r C r is s in g e r
VMr0 P l a t t
^ifr. Hamlin
Mr. Jsmes
\ Mr, Cunningham
Mr. i-.fi.ller
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 .
R e p ro d u c e d fro m th e U n c la s s ifie d
I D e c la s s ifie d
H o ld in g s o f th e N a tio n a l A rc h iv e s
DECLASSIFIED
Authority
^XMjSOl
July 1 , 1926
E>ear kAr. kfetteaoni
I
acknowledge reoeipt of and aha11 bring to
the ettontion of the neabera of the Board 7 our
le tte r of June 50th, addreaaed to governor
Criauinger* enolaalng a report of tranaactiona
In aoTernaent aoouritiea and bankers acceptancea
as reported to the Open Market Inveatment Corandttee
for the Pederal H om rw Syate a for the period from
June 18 to
» 'lnolualm , together with
daUe 1 BUWtVeJ by the Comiaittee fro* the Pederal reaenr© banka*
Very truly youra,
J. 0. Noell,
Aaaiatant Secretary.
II** W. B. Uatteaon, S«oretary,
Open ifcrket Xnreatoent Comalttee
0 / 0 Pederal Reaerre Bank,
' Hew Tork, H»Y*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
Fe d e r a l R e s e r v e
of
Ba n k
N ew York
Open Market Investment CTommittee
for the Federal Reserve System
CONFIDENTIAL
June 30, 1925
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 June 18 to June 24, 1925 inclu
sive, together with data received by the Committee from
the Federal reserve banks.
Respectfully,
<r
w. b .
a&tfi
Secretary of the Committee
H onorable 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 Archives
DECLASSIFIED
Authority jL ff), |Q S Q-1
f
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE 1EEK ENDED JUNE 24,' 1925
Holdings of Earning Assets .of Federal Reserve Banks Jan, 1925 to date
As Compared With Corresponding Period in 1924
(000 Omitted)
-1924Jan. 9
Feb* 27
Mar. 26
Apr, 30
May 28
June 4
»t 11
" 18
* 25
-1925Jan. 7
Feb. 25
Mar. 25
Apr* 29
May 27
June 3
" 10
* 17
u 24
TOTAL
EARNING
ASSETS
^GOVERNMENT
$1,026,496
950*801
942,080
873,381
850,193856,243
844,579
835,905
826,260
§100,358
155,801
257,256
301,660
333,282
397,890
422,905
425,902
429,794
1,109,965
1,129,697
1,040,699
1,027,752
1*054,376
1,064,151
1,064,684
1,007,196
1,034,470
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
$279,588
205,022
164,947
102,800
49,869
43,420
42,791
56*116
44,065
332,029
496,029
27.8,885
364,694
343,751
287,544
238,243
349,039
241,377
349,214
253,652
354,105
237,580
359,848
306,399
226,245
215,277
^324,609
Includes sales contracts
BILLS
DISCOUNTEI
§39,578
38,288
37,511
21,685
36,891
12,212
1,590
1,206
969
$606,921
531,690
482,315
447,185
429,600
401,420
375,992
351,380
350,131
8,949
38,361
19,361
28,585
37,036
31,302
37,372
19,838
26,389
264,408
433,805
377,641
399,985
413,999
412,342
417,134
441,964
455,445
CHANGES'IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_____ ________________ DURING WEEK ENDED JUNE 24. 1925 :__________
(OOO Omitted)
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St# Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
GOVERNMENT SECURITIES ■.
Balance
Balance
Net
June 24
June 17
Change
$ 3,872
$
26+
$ 3,846
54,844
50,003
4,841+
17*848
17,884
36+
28,880
25,546
3,334+
5,667
5,276
391+
487+
14,363
13,876
39,801
37,167
2,634+
31,162
2,749+
28,413
783+
15,442
16,225
29,^20
31,411
1,891+
28,508
909+
27,599
144.5.38
3.192+
$317,155
$295*882
$21,273+
BANKERS ACCEPTANCES
Net
Balance
Balance
Chanse
June 17
June 24
$ 1,052*
$ 31,403
$ 32,455
19,080
2,09116,989
1,316*
18,849
17,533
21,292
1,37919,913
4829,421
9,903
18,209
17,674
53529,108
28,403
70510,729
11,144
41519,718
18,382
I , 336*
1,0 61 15,117
16,178
58112,482
13,063
17T231
171246
__
$10,968$215,277
$226,245
COMMENT ON CHANGES WEEK ENDED JUNE 24
Total earning assets of a ll reserve banks increased $27,274,000 during the
week due chiefly to advances o f $18,310,000 in Government securities: $ 6 -55X*OOQ in
b ills held under sales contracts, and a further rise of $13*481,000 in b i l l s dis
counted. Acceptances purchased outright declined $10,968,000*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j r f j,
Money conditions in New York turned distinctly firmer toward
Market
the close of the week, apparently reflecting the preparations for June
30 statements and the loss of funds to the interior.
After call money
had opened and renewed at 3 3/4# on Monday, June 22, the rate for new
loans made successive daily advances to 5 per cent by Thursday, June 25,
the highest rate since March 30t and on Friday renewals reached 4 l /2 per
cent.
Accompanying firmer money rates holdings at the New York bank
of Government securities and bankers acceptances under sales contracts
showed an increase since Friday, June 19, of &17*340,000 by June 26, and
of $9,770,000 by June 25 respectively.
Time money continued quiet at sligh tly higher rates.
Sixty to
ninety day loans were quoted at 3 7/8 to 4 per cent and four to six
months* loans wera generally arranged at 4 per cent.
The commercial paper
market was dull in New York at 4 per cent, while in the middlewest the
demand continues fa ir ly active at 3 3 /4 per cent.
Ooyarftiaent
I
Maykat
transactions in the Government bond market continued in the
0ai»e volume as ia the previous week, 3ales on the Stock Exchange totaling
$7,806,000 during the period as compared with &7,400,000 Hhe week before.
In general, prices advanced fractionally and on Tuesday, June 23, new
record highs were established by the First and Fourth 4 l /4 * s and Treas
ury 4 's at 102.31, 103,4 and 103.28 respectively.
On Wednesday the
Treasury 4 l / 4 ’ s advanced to 107.29, the highest since date of issue.
The market for short-term Government securities was inactive
with demand and supply about equal.
Dealers offering prices showed
fractional reductions throughout the l i s t .
Dealers* offering rates on unindorsed b ills continued unchanged
from the previous week at 3 per cent for 30**day b i lls , 3 l / 8 to 3 l / 4
per cent for 60 and 9 0 's and 3 3/8 per cent for 120-day maturities*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j L t ) , J O S H
3
Bankers
In Boston the supply was practically unchanged from the previ4s.fi.a33:im oa s,
(Cont* d)
ous week, while the donand was increased somewhat by the appearance of
substantial foreign orders.
While b ills in general moved freely at the
offered rates accepting banks are retaining their 9Cudays b i l l s for a
3 1 /4 per cent bid rate , although dealers continue to bid 3 l /8 to 3 l /2
per cent.
The demand for b i lls in New York most of the week was greatly
in excess of the supply , following substantial buying for foreign ac
counts , and as a result dealers* combined portfolios reached a low point
for the year .
Accompanying the firmer money conditions at the close of
the week , however , large amounts were offered to the market and the
demand was accordingly decreased.
in best demand.
Maturities longer than 30-days were
Philadelphia reports the supply o f b i lls was only fair
with a continued scarcity for 90*day maturities , ntfhile in Chicago the
demand exceeded the supply at the prevailing rates.
OPERATIONS ACCOUNT UNIT3D STATBS TREASURY
At the request of the Treasury the Bbderal Reserve Bank of
New York purchased during the period covered by this report, for account
of the Alien Property Custodian, $830,000 certificates maturing June 15,
1926 and 110,000,000 Third Liberty Loan 4 l/4% bonds, the latter being
purchased from the System Special Investment Account.
The Jfederal Reserve Bank of New York , at the request of the
Treasury , arranged to exchange for the account of the Civil Service
Retirement and Disability Fund $6 ,000,000 4 l/4% notes maturing September
1 5 , 1926 and $7,000 ,000 notes due December 1 5 , 1927 for a like aggregate
amount of Second Liberty Loan 4 1/4% bonds .
There was also purchased fbr account of the Secretary of the
Interior account Investment of Indian Moneys $2 ,000,000 Second Liberty
Loan 4 \/4% bonds*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j ^ O , | Q 5 0 l
4
SYSTEM SPECIAL INVESTMENT ACCOUNT
As noted in the previous report, the repurchase for the System Account
of the balance of :)32,000,000 securities temporarily sold over the tax period
was completed on June 20.
Other transactions during the statement week consisted
of the sale authorized by the Committee at its meeting June 24 of $2,000,000
certificates due September 15, 1925, to Foreign account and $10,000,000 Third
Liberty Loan 4 l/4%> bonds to the Treasury, account Alien Property Custodian*
The holdings in the System Account at the close of business June 24 amounted to 3221,408,800, the participation in which by a l l Federal reserve banks
and the classification of issues toy maturities were as follows:
PARTICIPATION BY FEDERAL RESERVE BANKS
RECAPITULATION OF HOLDINGS BY MATURITIES
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Sept*
Dec.
March
Sept.
March
Dec,
Sept.
$
300,000
53,586,800
385,000
11,441,000
4,326,000
12,332,000
21,308,000
30,440,500
8,666,500
20,500,500
22,820,500
35.302.000
$221,408,800
15,
15,
15,
15,
15,
15,
15,
1925
1925
1926
1926
1927
19 27
1928 3rd L/L
3,274,500
40,160,100
61,301,000
40,401,000
23,875,900
32,296,300
20,100,000
0221,408,800
N.B,
In accordance with the action taken at its last meeting the Committee ap
proved, since the period covered by this report, the further sale from System hold
ings o f $5tQQ0*000 Third Liberty Loan 4 1/4% bonds to the Treasury account Alien
Property Custodian, for delivery June 29.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
^ DECLASSIFIED
AuthorityJl & 4 0 S D 1
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
__________ FEDERAL RESERVE BANKS FROM JUNE 18 TO JUNE 24. 1925___________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Purchases
Issue
Sales
Held Under
Sales Contracts
Issue
51,735,240
2,950,000
0
0
0
0
2,169,000
0
0
0
600,000
0
Boston
16,500 Part,Sys ,Inv*
$
43,500 Repurch.Temp,Sale s $
ti
u
it
n
it
ii
New York
7,745,500
2,904,500
ti
t
t
ii
ii
ft
ii
Philadelphia
55,500
21,000
tt
it
ti
n
t
t
t
t
Cleveland
1,654,000
620,000
ti
n
it
h
tf
t
t
Pdchmond
625,000
234,000
n
t«
it
it
tt
it
Atlanta
1,782,000
668,000
ti
i»
ti
«
ii
t
i
Chicago
3,079,000
1,155,000
ii
n
t
i
t
t
t
t
H
St* Louis
4,399,500
1,650,500
if
n
It
II
it
tt
Minneapolis
1,252,500
470,000
ii
t
t
t
t
ii
I
I
tl
Kansas City
2,963,000
1,111,000
ft
tf
If
II
tt
tt
Dallas
3,298,500
1,236,500
if
I
t
fl
tt
ii
ii
San Francisco 5.102.000
l r913nOOO
$32,000f000
$7,454,240
$12,000,000
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Boston
Philadelphia
Cleveland
Atlanta
Chicago
Minneapolis
Kansas City
Dallas
San Francisco
Issue
Sales
Issue
0
$
1,300
1,000 MiaaA>vH Securities
0
tt
it
n
2,300,000
0
n
tr
»t
63,650
690,500
710,000 Fourth L/L bonds
0
2,834,550 Misc, GovH Securitiesi 2,834,550
tt
tt
»
39,000
0
tt
it
rt
15,550
1,168,300
ti
tt
tt
3.000
0
$5,966,750
Misc, Gov*t Securities
•
tt
t*
ti
**
tt
u
Fourth L/L bonds
$4,694,650
BANKERS ACCEPTANCES
Maturity
Boston
1-30 days
31-60
"
61-90
w
PURCHASES
Amount
$1,551,000
379,000
1.366.000
$3,296,000
Rate ‘
MATURITIES
Amount
- 3 1/8% $4,348,000
3 1/ 8%
3 1/ 4% - 3 3/ 8%
Other
Holdings
$1,202,000 Sales
contracts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_
DECLASSIFIED
Authority
/ QS O 1
6
BANKERS ACCEPTANCES - (Continued)
Maturity
New York
1-30 days
31-60
"
61-90
"
Over 90
*
PURCHASES
Amount
MATURITIES
Amount
Bate
$2*283,000
640,000
318,000
313TOOP
3#
3 1/3%
3 1/4#
3 1/4#
*
3
3
3
3
1/8#
1/4#
3/S#
3/8#
$5,645,000
$3,554,000
Philadelphia 1-30 days
31-60
tt
61-90
M
25,000 3
703,000 3
949.000 3 l/4 #
2,993,000
Other
Holdings
$15,511,000 Sales
contracts
2,065,000 one
day holdover
for distribu
tion to F. R,
Banks
818.000 for
eign trade
acceptances
204.000 special
foreign b ills
0
3 3/8#
3 1/2#
$1,677,000
Cleveland
Richmond
In other
d istricts
1-30 days
31-60
“
61-90
M
In other
d istricts
613,000 Ster
ling b ills
814,000
- 3 1/4#
2,193,000
85.000
175.000
30.000
608.000
3
3 1 / 4#
3 1/4#
3#
- 3 1/4#
1,380,000
3 1/2#
1,170,000
482.000 Unin
dorsed b ills
purchased from
accepting banks
3#
3-11/8#
3 1/4#
3#
- 3 1/4#
5,073,000
884.000 Sales
contracts
0
$898,000
Atlanta
61-90 days
In other
d istricts
142,000
-&2U2SSL
- 3 1/4#
$635,000
Chicago
1-30 days 1,485,000
31-60
H
652,000
61-90
"
830,000
In other
1.401rOOP
districts
$4,368,000
St. Louis
In other
districts
86 6,000
3#
- 3 i/4 #
1,281,000
0
Minneapolis In other
districts
539.000
3#
- 3 1/4#
1.875.000
0
Kansas City In other
districts
875.000
3#
- 3 1/4#
1.936.000
0
__________ _msBmsagee
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-•—
-T-r.....-..
i■-
DECLASSIFIED
Authority j L £ ),
I OSD!
BANKERS ACCEPTANCES * ( Continued)
PURCHASES
Mount
Dallas
1-30 days
31*60 "
Over 90
In other
di stricts
$
32 ,000
7,000
194 ,000
559 .000
Rater
MATURITIES
Amount
Other
HoldlnpT
$1 ,180 ,000
193 ,000 Sold to
Mem-Bks
3%
3%
3 1/2%
3%
- 3 1/4$
0
$792 ,000
1 ,652 ,000
656 >000
102 ,000
57 ,000
m jM
San Francisco 1-30 days
31-60 "
61-90 "
In other
districts
3 1/8%
3 1/4$
3%
- 3 i/ 4
4 ,610 ,000 Sales
contracts
U ,637 ,000
Totals
$30 ,919 ,000
$19 ,951 ,000
$26 ,389 ,000
RSCAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES \ND BANKERS ACCEPTANCES
DURING WEEK ENDED JUNE 24 P 1925 AND HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITISS
(000 Omitted)
(Excluding Sales Contracts)
Government
Bankers
.M a i
Purchased
Sold
Matured
$37,968
16,695
-------0 _
$19,951
0
JKUISL
$57,919
16,695
JXLm
$21 ,273+ .
$10 ,968-
$1© ,305+
(including Sales Contracts)
16-30
31*60
61-90
9 1 -days.Jteta
j| m
Holdings
lm $, M.
Within
iJL.flava.
Gov’ t Securities
B ills Purchased
\ 7 ,454
1LJ11
$
0
47. ,7.46
$
0
$19 ,226
j u
a
au M R
$93 ,771
$47 ,746
$72 ,665 $49 ,084
Totals
$58 ,016
Over 6
Maja&ia
Total
„J L m
|239 ,913
. Q
$324 ,609
241 ,666
063 ,096
§239 ,913 $566 ,275
Reproduced from the Unclassified I Declassified Holdings of the Nationaj Aichi es
BECLASSIFffijoT
Authority
/( Y ^ |
3
The market for short-term Government settur it ies was quiet with
demand and supply about equal and prices generally remained unchanged.
Bankers
Acceptances
Reflecting the light demand for bankers* b i lls and the incrers
ed suppply dealers in New York and Chicago advanced both bid and offer
rates on a ll maturities l / 8 per cent,on Wednesday, May 20, and are now
offering 30-day unindorsed b i lls at 3 l / 8 per cent, 60 and 9 0 's at 3 l / 4
per cent and 120-day maturities at 3 l / 4 to 3 3/8 per cent.
Other dis
t r ic t s report rates unchanged from previously current levels*
Boston reports an ample supply of b i lls for the demand.
The
market was very quiet although sales were sligh tly in excess of the pre
vious-week.
Combined holdings of dealers increased and are now generally
at the same level as in the corresponding period last year*
itie s continued in the best demand.
Short matur
Accompanying sligh tly firmer money
conditions* the supply of b i lls in New York was substantially in excess
of the demand*
Accordingly dealers’ portfolios showed a large increase
and at the close of the period rates were advanced with substantial
offerings to th is bank in adjustment of dealers’ positions. Chicago
reports a fair supply of b ills with only a light demand.
ACCOUNT
UNITED
STATES
■■................ . n>i ■
■' i»iiiiihiw i» —n
— «whii ■ ■' TREASURY
........
■" mnmimm
im
— OPERATIONS
— ..—n— wm y y i.mn. mmi ■
At the request of the Treasury the Federal Reserve Bank of
New York purchased during the period ^19,800 Third Liberty Loan 4 l /4 $
bonds for account of the Interstate Commerce Commission - General
Railroad ContingeritFund*
Reproduced from the Unclassified I Declassified Holdings of the National Aichives
"' -
DECLASSIFIED
Authority
SYSTEM SPECIAL INVESTMENT ACCOUNT
The final installment amounting to $23,149,500 in the readjustment of
Government securities in the System Account, under the plan approved by a ll Federal
reserve banks, was effected on Thursday, May 21.
As stated in the
Committee's
le tte r of that date this completed the to tal redistribution of System holdings
aggregating $79,149,500, the participation in which by the various Federal reserve
banks was as follows:
Sale
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. LoUifi
Kansas City
Dallas
San Francisco
Purchase
§ 17,241,000
31y346,GOO
6,773,000
12,289,500
,
2,840,000
12.903.500
11 000,000
79,149,500
25.751.500
10.808.500
12.506.000
14.340.000
$
79,149,500
(Minneapolis has received additional allotment of b i lls )
Accordingly the revised participation in the System Account at the close
o f business May 21, and the classification of issues held in the account were as
follow s:
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
&
338,500
60,517,500
435,000
12,920,000
4,884,500
13,926,000
24,064,000
34,378,000
9,788,000
23,152,000
25,771,000
$9.867.000
1250,041,500
RECAPITULATION OF HOLDINGS BY MATURITIES
June
15, 1925
Sept. 1$, 1925
Dec.
15, 1925
March 15, 19&6
Sept» 15, 1926
March 15, 1927
15, 1927
D*C.
Sept. 15. 1928
3rd L/L Bonds
£ 31,132,700
5,274,500
40,160,100
55,301,000
31,901,000
23,875,900
32,296,300
30,100,000
$ 250,041,500
DECLASSIFIED
Authority j ^ / Q g Q
|
ITEMIZED STATE! * ,/F TRANSACTIONS AFFECTING THl xWSTMENT ACCOUNT OF
FEDERAL RESERVE BANKS FRUM MAY 14 TO MAY 20. 1925
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Purchases
Boston
New York
Philadelphia
Cleveland
Richmond
Ailanta
Chicago
Si* Louis
Kansas City
Dallas
San Francisco
Held Under
Sales Contracts
Sales
0
0
0
0
956,500
4,345,000
' . 0
8.671.500
4.986.500
4.211.500
K 829.000
$
1.28,000,000
5,806,000
10,724,000
2,280,500
4,138,500
0
o
5,051,000
o
o
o
Q
) 1,706,650
8,000,000
0
0
0
0
844, 500
0
2,250,000
0
0
) 2 8 , 0 0 0 ,0 0 0
5 1 2 ,8 0 1 ,1 5 0
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Atlanta
Minneapolis
Kansas City
Dallas
San Francisco
*
239,500
873,550
94,200
33,950
1.000
Issue
Misc.
Misc.
Misc.
Misc.
Misc.
Gov1t
Gov1t
Gov* t
Gov* t
Gov* t
Sales
Sec,
Sec,
Sec.
Sec*
Sec.,
Issue
206,950 Misc. Gov't Sec#
873,550 Misc4 Gov't Sec,
0
0
0
$1,242,200
) l t080,500
BANKERS ACCEPTANCES
Maturity
Boston
1-30 days
31-60
"
61-90
11
Over 90 H
PURCHASES
Amount
$
342,000
59.000
1,486,000
64.000
MATURITIES
Amount
Rate
- 3 l/8/S
$3,907,000
1/ 6% -
1/ 6 % l / i% *»
Other
Holdings
$4,066,000 Sales
Contracts
\/i%
i/6%
$1,951,000
New York
1-30 days
31-60
"
61-90
Over 90 H
6.926.000
1.559.000
4.243.000
__jsaauflBg
$13,021,000
3%
3%
- 3 l /8 #
3 1/8# - 3 l /4 #
3 l /4 # - 3 l /2 #
9,162,000
21,203,000 Sales
Contracts
905,000 foreign
trade accept*
11,229,000 one-day
holdover for distr*
to F.R#Banks
246,000 special
foreign b i lls
Reproduced from the Unclassified I Declassified Holdings of the Nationajilrchives
DECLASSIFIED
Authorityjrft, (ftC /)|
BANKERS ACCEPTANCES - (Continued)
Maturity
Philadelphia
1-30 days
31-60
61-90
PURCHASES
Amount
$
559,000
201,000
1.095.000
Rate
3%>
3 1/8%,
3 1/8%
3 1/4%
3 1/4%
MATURITIES
Amount
Other
Holdings
$2,466,000
0
01,855,000
leveland
1-30 days
31-60
"
In other
d istricts
208,000
10,000
5>143.000
3%
3 1 /8 /
3,670,000
3 l M - 3 1/4%
3 1/4%
3 1/4%
3%
- 3 1 /4 /
1,719,000
3 1/8/,
3%
3 1/8%
3 1/8%
- 3 1/4%
3%
1,436,000
3%
3 1 /8 /
3 1/8%
3%
- 3 1/4%
4,123,000
473,000 Ster
ling b ills
$5*361,000
Richmond
1-30 days
31-60
"
61-90
"
In other
d istricts
92,000
237.000
107.000
2.174.000
0
$2,610,000
Atlanta
1-30 days
31-60
"
61-90
"
Over 90
w
In other
d istricts
21,000
45.000
108,000
75.000
1.708.000
634,000 Unin
dorsed
b ills
purchased
from accept
ing banks
$1,957,000
Chicago
1-30 days
31-60
M
61-90
"
In other
d istricts
24.000
93.000
1.377.000
6.352.000
1,601,000 Sales
Contracts
07,846,000
St. Louis
Minneapolis
Kansas City
In other
d istricts
3,316,000
3%
- 3 1/4%
1,302,000
0
In other
d istricts
1.455.000
3%
- 3 1/4%
3,105,000
0
In other
d istricts
3.098.000
3%
- 3 1/ 4%
1,719,000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority£ a
ih q n f
7
BANKERS ACCEPTANCES - (C o n tin u e d )
PURCHASES
Amount
M a tu rity
MATURITIES
Amount
Rate
O ther
H o ld in g s
s?
D a lla s
San F r a n c is c o
3 1-60 days 0
2 6 ,0 0 0
61-90
"
5 2 ,0 0 0
In o th e r
2 .1 9 2 .0 0 0
d is tr ic ts
3 2 ,2 7 0 ,0 0 0
3 l/&%
3 l/Q%
3%
-
1 -3 0 days
3 1-60
"
6 1-90
"
In o th e r
d is tr ic ts
3%
3 l/Q%
3 l/4%
3 2 7 ,0 0 0
3 09 ,00 0
9 ,0 0 0
4 .2 4 8 . 000
3%
0
6 9 8 ,0 0 0
0
3 l/4 >
2 ,5 1 8 ,0 0 0
- 3 l/4 1
/
^ 4 ,8 9 3 ,0 0 0
T o t a ls
$ 4 9 ,6 3 3 ,0 0 0
$ 3 5 ,8 2 7 ,0 0 0
$ 4 0 ,3 5 7 ,0 0 0
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDED MAY 20, 1925 AND
__________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES___________
(000 O m itted)
(E x clu d in g S a le s C o n tr a c ts )
Government
Bankers
S e c u r itie s
A ccep ta n ces
P urch ased
S old
Matured
H o ld in g s
May 2 0 f 1925
G o v 't S e c u r i t i e s
B i l l s P u rch ased
Totals
0 78 ,87 7
29,0 83
0 4 9 ,63 3
0 2 9 ,2 4 4
2 9 ,0 8 1
0
0
3 5 .8 2 5
'163+
013,808+
W ithin
15 days
T ota l
(I n c lu d in g S a le s C o n tr a c ts )
1 6 -3 0
3 1-60
61-90
days
days
days
0
0 12 ,80 2
109*929
6 0.1 53
0122,731
060,153
0 46 ,25 6
6 3.3 60
0109,616
0
38.3 81
038,381
013,969+
9 1 - days
Over
6 Months 6 Months
0 2 0 ,1 4 5
T ota l
0 279,179 035 8 ,3 8 2
......1*20.3 .. ......... Q______ £ 76*..026.
024,348
0279,179 0634,408
d e c l a s s if ie d
AuthorityIL lX -lQ S Q l
F o r m . N o . 131.
icAlCorresp Lence
FEDERAL RESERVE
—
Date_
SuWSect:_
ijll
P l© e * « o ir c u l& t e p rom p tly and r e t u r n t o S e c r e t a r y * *
^ Qowraor ari*»tager
vjfcv Janas
yMr* P l a t t
^ Mr# Hbp I.Ii *.
'M r * Om m l n gh m
'fl£ * K ille r
Digitized »0
for
FRASER
7MtN
MBKTmiMTmo JPTir*
L e t t e r May 1 8 th fm Mr* M att^son e n c l o s i n g r e p o r t
o f Open Market. In vestm en t C om m ittee, May 7 - 13•
R e p ro d u c e d fro m th e U n c la s s ifie d
I D e c la s s ifie d
H o ld in g s o f th e N a tio n a jflr q h iv e s
BECLASSiF'ffifiT
Authority £ _ h I O ff) I
Say
20, 1925.
Dear Hr*
Beoaipt is aokaowledged of you r
l e t t e r m£ 'Wm$' %&%h *aaX#*is«:
at tr«n # aofcimis 1m tkm m m m t ««curiti*g find bantatr#
as reported to th« Qp«a Kajfc#t
ferwatwut ^owslttae for th« Federal H«*«rv«
% *t# a for the
' frow Hay 7th to K&y
13th inolrisivo, together with data r*o«iT*d
b j tha Committee frw th# Federal ra*err«
b*m :s.
Yonr letter lias bean &r&Qght to the
attenti :n of th« morbors of th#
¥**7 tBxXy jour#*
(Signed) W alter L. Bddy
' va lt e r L. Eddy,
Searetary.
Ir*
S* F a tteion , S eorotery ,
Cfexm t'aricet J»v@*tff?fc&t Oosa&tfce**
o /o Federal Ra serve Bank,
lew Tor’:, If. 7 .
wm
Reproduced from the Unclassified I Declassified Holdings of the National Aichi es
DECLASSIFIED
Fe d e r a l R e s e r v e
of
Ba n k
N ew Yo r k
Open Market Investment Committee
fo r the Federal Reserve System
May 18, 1925
CONFIDENTIAL
S i r :
We are en closin g rep ort 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 fo r the period from May 7 to May 13, 1925
in c lu s iv e , togeth er with data received by the Committee
from the Federal reserve banks.
R e sp e c tfu lly ,
Honorable D* R. C rissin ger,
Governor, Federal Reserve Board,
Washington, D. C.
E n c l.
(1 )
Reproduced from the Unclassified I Declassified Holdings of the Nationa M ichi e 5
DECLASSIFIED
~
Authority j L & 4 £ £ & l _ _ _
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY 13, 1925
Holdings o f Earning Assets o f Federal Reserve Banks Jan.7, Feb*25, Mar*25,
Apr*29. May 6 and 13. 1925 As Compared With Corresponding Periods in 1924
(OOO Omitted)
-1924Jan* 9
Feb, 27
Mar. 26
Apr* 30
May
7
May' 14
-1925Jan* 7
Feb'* 25
Mar* 25
Apr* 29
May
6
May 13
TOTAL
EARNING
ASSETS
^GOVERNMENT
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
$1,026,496
950,801
942,080
873,381
838,505
810,257
$100,358
155,801
257,256
301,660
310,832
323,164
$279,588
205^022
164,947
102,800
83,525
71,409
$39,578
38,288
37,511
21,685
3,762
3,952
$606,921
531,690
482,315
447,185
440,285
411,181
1,109,9651,125,697
1,040,699
1,027,752
1,076,682
1,013,585
496,029
364,694
343,751
349,039
375,714
379,977
332,029
278,885
287,544
238,243
220,768
221,861
8,949
38,361
19,361
28,585
57,698
61,125
264,408
433,805
377,641
399,985
410,602
338,722
SECURITIES
BILLS
DISCOUNTED
^Includes sales contracts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____________________ DURING T O ENDED MAY 13» 1925_______________
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Balance
Net
Change
May 13
May 6
Boston
New York
Philadelphia
Cleveland
Richmond
At lanta
Chi cago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
Totals
BANKERS ACCEPTANCES
. Net
Balance
Balance
Change
May 13
May 6
$ 15,349
82,897
22,426
35,804
4,342
8,222
47,529
17,968
17,346
29, 261
24,689
39.586
$ 21,155
93,621
24,706
39,942
3,385
3,857
52,580
9,297
17,346
24,214
20,401
34.755
$ 5,80610,7242,2804 ,1 3 8 957+
4,365+
5 ,0518,671+
0
5,047+
4,288+
4*831+
$ 25,961
37,638
25,273
21,697
9,597
9,826
34,478
9,297
12,960
14,072
6,805
14.257
$ 26,048
36,728
24,644
22,463
10,194
9,922
34,466
9,155
15,472
10,240
6,640
14*796
$345,419
$345*259
160+
$221,861
$220,768
$
87910+
629+
7665979612+
142+
2 ,5123,832+
165+
539-
$1,093+
COMMENT ON CHANGES VBEK ENDED MAY 13. 1925
T otal earning assets o f the System d eclined $63,097,000 during the, ■week,
due c h ie f ly to a decrease o f $71,880,000 in b i l l s discounted which was only p a r tly
o f f s e t by increases o f $3,427,000 and $4,103,000 r e s p e c tiv e ly in b i l l s and s e c u r it ie s
under sa les con tracts while acceptances held ou trigh t advanced $1,093,000*
Reproduced from the Unclassified I Declassified Holdings of the National Aichi /es
d e c l a s s if ie d
-
Money
Market
2
-
Money con d ition s in New York continued v i r t u a l l y unchanged
from the previous week.
Stock Exchange c a l l loans again ranged from
3 1 /2 t o 4 per cent and the average rate fo r new loans during the week
was 3*76 per cent compared with 3*68 per cent the week b e fo r e .
At the
opening o f the week reserves o f leading New York C ity banks were below
requirements and average reserves continued in d e f i c i t throughout the
week so that on Friday, May 15, loans at t h is bank were su b sta n tia lly
increased*
On Saturday, May 16, however, borrowings were repaid and
our loans t o member banks d eclin ed to the low est poin t sin ce e a rly in
January*
Time money continued quiet with nominal rates unchanged at
3 3/4 to 4 per cent fo r a l l m a tu ritie s.
Some tradin g fo r three
and four months1, however, was reported at 3 7 /8 per cen t.
Commercial papar was Bpoderately a c t iv e , v/ith the steady
demand s t i l l coming from the in t e r io r .
Although actu al quotations
were unchanged at 3 3 /4 to 4 per cen t, the tendency in rates was
s lig h t ly e a s ie r and a few sa les o f prime paper o f short m aturity were
reported at 3 1 /2 per cent*
Government
Although sa les o f Government bonds on the Stock Exchange
S e c u r it y
during the week ended May 16 to ta le d o n ly $4,600*000 p r ic e s held
firm and se v e ra l L ib erty bond issu es advanced to new high le v e ls fo r
the year*
The new Treasury 4 per cent bonds o f 1944-54 establish ed
a new high sin ce date o f issuance at 102 18/32nds while the 4 1 /4
per cent issue reached a new high fo r the year at 106 15/32nds*
The market fo r short-term Government s e c u r it ie s continued
quiet with on ly a lig h t demand and sm all o ffe rin g s *
P rices held
firm and y ie ld s on a l l issu es remained v i r t u a ll y unchanged from the
previous week*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
...
DECLASSIFIED
Authority £ j ) g
3
Sanders
Acceptances
D ealers1 o ffe r in g ra te s on un indorsed b i l l s in a l l
d is t r i c t s continued unchanged from the previous week, w ith 30-day
b i l l s o ffe r e d at 3 per cent, 60*s and 9 0 's at 3 l / 8 per cent got#
1 2 0-day m a tu rities at 3 l / 4 per cen t,
Boston re p o rts a somewhat la r g e r supply w ith b e tte r
b lock s o f b i l l s coming into th e market.
The demand continues
c h ie fly fo r the short m aturities* although some banks continue
t o fe e l that ra te s are t o o low.
were moderate.
the week.
O ffe rin g s t o the reserve bank
The b i l l market in New York was very quiet throughout
Although the supply o f b i l l s was su b sta n tia lly smaller
than in the previous week it s t i l l continues in excess o f the de
mand.
P h iladelphia re p o rts the acceptance market quiet w ith prac
t i c a l l y no demand from lo c a l banks and on ly a rou tin e country in
qu iry.
T his bank re p o rts that th e re has been a tendency among
bankers t o d iv ert t h e ir funds into oth er channels w h ile brokers be
lie v e th at ra te s on prime b i l l s may go lower w ithin a short tim e.
Chicago re p o rts a small supply o f short m atu rities which continue t o
be in the best demand.
Longer m a tu rities were in good supply but the
demand was l i g h t .
SYSTEM SPECIAL INVESTMENT ACCOUNT
Under th e program suggested by th e Open Market Investment
Committee and approved by a l l Federal reserve banks o f r e d is tr ib u tin g
holdings in the System Account, p a r tia l readjustments have been con*
summated in two instalm ents o f $28,000,000 each on May 13 and May 15,
making a t o t a l o f $56,000,000 as shown below.
The balance, t o complete
the readjustment o f System holdings, w i l l be re d is trib u te d on May 21.
Reproduced from the Unclassified I Declassified Holdings of the National$1 chi es
DECLASSIFIED
Authority jT jfc
4
Sale
Boston
New York
P h iladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Kansas C ity
Dallas
San Francisco
T otal
Purchase
$11,612,000
0
21,448,000
4,561,000
8,277,000
1,913,000
8,690,000
10,102,000
17,343,000
9,973,000
8,423,000
.
9.658.000
$56,000,000
$56,000,000
met
(M inneapolis has received a d d itio n a l allotm ent o f b i l l s )
The revised p a r tic ip a tio n by the various Federal reserve banks in the
System Account at the clo se o f business May 15, ( a f t e r $56,000,000 readjustment)
and the c la s s if ic a t i o n o f issu es held in the account, were as fo llo w 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
Dallas
San Francisco
June 15, 1925
Sept#15, 1925
Dec, 15, 1925
Mar. 15, 1926
Sept.1 5 , 1926
Mar. 15, 1927
Dec. 15, 1927
Third L/L Bonds
S e p t.15, 1928
$
5,967,500
70.915.500
2.647.000
16.932.500
3.957.500
9.712.500
24.962.000
25.969.500
9.788.000
22.316.500
21 688.000
35.185.000
0 31,132,700
5,274,500
40,160,100
55.301.000
31.901.000
23,875,9 00
32,296,300
30.100.000
.
$250,041,500
$250,041,500
OPERATIONS ACCOUNT UNIT5D STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank o f New York
purchased during the period $241,250 United States Third L iberty Loan 4 l/4%>
bonds fo r account o f the In te rsta te Commerce Commission - General Railroad Con
tingent Fund.
Reproduced from the Unclassified I Declassified Holdings of the Nation^Mirohives
DECLASSIFIED
Authority j r A
(A O o|
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
_____
FEDERAL RESERVE BANKS FROM MAY 7 TO MAY 13. 1925______________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Purchases
Boston
New York
P h iladelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Kansas C ity
Dallas
San Francisco
Held Under
Sales Contracts
Sales
0
0
0
0
956,500
4, 345,000
0
8.671.500
4.986.500
4.211.500
4.829* OOP
$ 5,806,000
10 ,724,000
2, 280, 500
4,138,500
0
0
5,051,000
0
0
0
0
<$28,000,000
$
$28,000,000
575,750
29,500,000
0
0
0
0
2.233.000
0
2.250.000
0
0
$34,558,750
SSBSKSHSHSPSTSTS?
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Issue
Atlanta
$
135,950 Misc. Govf t
Minneapolis
3,272,400 Misc, Gov’ t
Kansas C ity
60,850 Misc. Gov’ t
Dallas
77,300 Misc* Gov’ t
San Francisco
M isc♦ Gov11
Sales
S ec.
Sec»
Sec,
S e c.
Sec.
$ 3,548,500
Issue
$ 115,950 M isc. Gov’ t Sec,
3,272,400 M isc, G ov't Sec.
0
0
0
$3,388,350
BANKERS ACCEPTANCES
Maturity
Boston
PURCHASES
Amount
1-30 days $ 781.000
207.000
31-60
"
61-90
"
1 .005.000
Rate
iM
3 l/S%
3 l/ ifi
- 3 l/ if.
MA1URITIES
Amount
$2,080,000
Other
Holdings
$3,404,000 Sales
co n tra cts
$1,993,000
New York
1-30 days
31*60
"
61-90
"
Over 90
”
4,700,000
42,903,000 Salear
2,410,000-- Z%
1,252,000-- 3 l/&% - 3 l/4%
co n tra cts
2,020,000-- 3 l/Z%
822,000 fo re ig n
8.000-- 3 l/zi
trade accept*
--------“ ---- --------------------------------------- 7,963,000 one-day
$5,690,000
holdover for
2 4 6 , « p e to °i£ -R -Ekefo r e ig n b i l l s
Reproduced from the Unclassified I Declassified Holdings of the NationafArchives
DECLASSIFIED
Authorityjrfl. | p fo |
BANKERS ACCEPTANCES - ^Continued)
P h iladelph ia
MATURITIES
Amount
Maturity
PURCHASES
Amount
Rate
1-30 days
31-60
"
61-90
271.000
960.000
1,802,000
3%
- 3 l/4/o
3 l/Q% - 3 l/4 $
3 l/Q% - 3 l/$%
$2,404,000
Other
Holdings
0 ..
,3, 033, 000
Cleveland
31-60 days
61-90
M
In other
d is t r i c t s
113.000
355.000
1,627,000
2,861,000
609,000 Ster
lin g b i l l s
3 I/870 - 3 l/4 /.
3 1/ 4/.
3 1/4$
- 3 l/4 /o
3/c
1,698,000
0
3/c
3/i
3/o
3%
1,556,000
3>
- 3 1/4$
♦2,005,000
Richmond
1-30 days
31-60
"
61-90
In other
d is t r i c t s
163.000
75,000
129.000
734.000
$1,101,000
Atlanta
1-30 days
31-60
"
61-90
"
In other
d is tr ic ts
442.000
80,000
362.000
576.000
3
3
3
3
l/8 /o
1 /8 /i
l/8 /c
l/4 /o
777,000 Unin
dorsed b i l l s
purchased
from accept
ing banks
>1,460,000
Chicago
1-30 days
In other d i s t r ic t s
275,000
3%
2 . QI4T00Q
3%
- 3 l/4 /o
2,277,000
2,491,000 Sales
con tra cts
$2,289,000
S t. Louis
Minneapolis
Kansas City
In other
d is tr ic ts
946,000
3%
- 3 l/4 /»
804,000
0
In other
d i s t r ic t s
392,000
3%
- 3 l / 4/o
2,904,000
0
In other
d is t r i c t s
Spec .Purch.
897,000
4,003,000
3/
- 3 l/4 /o
1,068,000
3%
- 3 l/4 /o
3 5 5 ,0 0 0
) 4 ,900,000
Dallas
In other
d is t r ic t s
520,000
0
Reproduced from the Unclassified / Declassified Holdings of the Nationai'Aichiv'es
DECLASSIFIED
A ir ily
BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount
Maturity
San Francisco
1-30 days
31-60 "
In other
d ists*
461,000
36,000
1.145>000
MATURITIES
Amount
Rate
Other
Holdings
3f0
$2,181,000 $ 1,910,000 Sale s
3 1/8$
con tra cts
3%
- 3 1/4$
$ 1,642,000
Totals
$24,868,000 $61,125,000
$26,061,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING ®EK ENDED MAY 13, 1925 AND
HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES _______ ,
(000 Omitted)
(Excluding Sales Contracts)
Gove rnment
Bankers
S e cu ritie s
Acceptances
Purchased
Sold
Matured
131,547
31,387
0
$26,061
0
24.968
$
0 1,093+
160+
#57,608
31,387
24.968
$1,253+
( Including Sales Contracts)
Over
16-30
31-60
61-90
91-days
6
Months
6
Months
days
days
days
T otal
$ 46,256
63.048
0
30»761
$20,145
4,296
$279,017
0
$379,977
282,986
$109,304
$30,761
$24,441
$279,017
$662,963
Holdings
May 13. 1925
Within
15 days
GovH S ecu ritie s
B ills Purchased
$34,559
124.639
0
60,242
$159,198
$60,242
T otal
Reproduced from the Unclassified I Declassified Holdings of the National*Aichiv3S
DECLASSIFIED
Authority j r A
F o r m N o . l-'?l.
1
Office Correspor ence
FEDERAL RESERVE
Jfey IS, 1925.
t M B o ir d .
3
W
For your information
^Ooremor Crl*sing«r
Platt
Hamlin
~^Sr. Janes
Cunningha*
Miller
Pletse return to Secretary’s Office.
L e t t e r M stteson 5 / l l / 2 5 e n c l o s i n g Open Market
Oommittee R ep ort week A p r il 30 May 6 , 19 25.
PW
Reproduced from the Unclassified I Declassified Holdings of the National Archives
—
DECLASSIFIED^
Authority ^ Z L _ t 0 5 l i
M»y IS , 1925.
Deer Mr. Matte8on:
I
acknowledge receipt of and shall bring
to the attention o f the aeabers of the Board
your le tte r of the 11th instant, addressed to
Governor Crissinger, enclosing a report of
transactions in Government securities and
bankers acceptances as reported to the Open
Market Investment CoesBittee for the Federal
Reserve System for the period froa April 30
to May 6 , 1925, inclusive, together with data
received by the Committee from the Federal re
serve banks.
Very truly yours,
- TT7<-.1f
T . JlX- W
Walter L. Eddy,
Secretary.
•. W. B. Matteson, Secretary,
Open Market Investment Coraaittee,
o/o Federal Reserve Bank,
Hew York, M.Y.
Reproduced from the Unclassified I Declassified Holdings of the National$1 chi =s
d e c l a s s if ie d
Authmity S L b U 0 S o l
I
r ec eiv e
F e d e r a l R e s e r v e Ba n k
of
May 11, 1925
CONFIDENTIAL
S i r :
Enclosed i s a report o f tra n sa ction s in Govern
sent 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 A pril 30 to May 6, 1925 in c lu
siv e, togeth er with data received by the Committee from
the Federal reserve banks.
R e sp e ctfu lly ,
Secretary, Open Market
Investment Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
E n c l.
(1 )
MAY 1 3 1925
osmc:......
' ,vii
New Yo r k
o
G-v; v
Reproduced from the Unclassified I Declassified Holdings of the National Archives
" ' --
DECLASSIFIED
Authority
REPORT OF OPEN MARKET INVESTMENT COMMITTEE VffiEK ENDED MAT 6 , 1925
Holdings o f Earning Assets o f Federal Reserve Banks Jan, 7, Feb. 25, Mar. 25,
A pril 29 and Mav 6. 1925 As Compared With Corresponding Periods in 1924
(000 Omitted)
-1 9 2 4 Jan. 9
Feb. 27
Mar. 26
Apr, 30
May
7
-1925Jan* 7
Feb. 25
Mar. 25
Apr. 29
May
6
BILLS
TOTAL
EARNING
ASSETS
♦GOVERNMENT
§1,026,496
950,801
942,080
873,381
838,505
$100,358
155,801
257,266
301,660
310,882
0279,588
205,022
164,947
102,800
83,525
$39,578
38,288
37,511
21,685
3,762
§606,921
531,690
482,315
447,185
440,285
1,109,965
1,129,697
1,040,699
1,027,752
1,076,682
496,029
364,694
343,751
349,039
375,714
332,029
278,885
287,544
238,243
220,768
8,949
38,361
19,361
28,585
57,698
264,408
433,805
377,641
399,985
410,602
SECURITIES
BANKERS ACCEPTANCES
Sales
Centract s
Purchases
DISCOUNTED
♦ Includes sa les con tracts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
DURING ISEK ENDED MAY 6. 192S
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
Change
..& X J L
Boston
New York
P hiladelphia
Cleveland
Ri chaend
Atlanta
Chi cago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
Apr.. 29
May 6
$ 21,155
93,621
24,706
39,942
3,385
3,857
52,580
$,297
17,345
24,214
20,401
... 34.75.5
0 21,155
93,621
24,706
39,942
3,385
3,927
52,580
9,297
17,346
23,970
20,348
... 34,7.54
0
0
0
0
0
700
0
1244+
53+
1+
$ 26,048
36,728
24,644
22,463
10,194
9,922
34,466
9,155
15,472
10,240
6,640
I 4 t796
$ 28,749
40,920
24,241
23,689
10,375
11,073
35,250
10,015
17,308
11,675
7,094
17.854
$ 2 ,7 0 1 4 ,1 9 2 403+
1 ,2 2 6 1811,1517848601,8361 ,4 3 5 4543.058-
$345,258
$345,031
$227+
#220,768
$238,243
§17,475-
COMMENT ON CHANGES WEK. ENDED MAY 6. 1925
t o t a l earning a ssets o f a l l reserve banks advanced $40,930,000 during the
statement week, due c h ie f ly to in creases in b i l l s and s e c u r it ie s held under sales
con tra cts o f $29,113,000 and $26,447,000 r e s p e c t iv e ly , while b i l l s discounted ad
vanced $10,617,000* B i l l s purchased ou trigh t d eclin ed §17,475,000*
Reproduced from the Unclassified I Declassified Holdings of the Naticnai^ichi es
DECLASSIFIED
Authority
Money
Market
Notwithstanding the usual f i r s t of the month movement of
funds to the in t e r io r and su b sta n tia l tra n sfe rs t o other d is t r i c t s
in cid e n t to the sa le of the Dodge Motor Company, money con d ition s in
New York continued easy during the week*
Stock Exchange c a ll loans
ranged from 3 l / 2 t o 4 per cent and the average rate fo r new loans
during the week was 3.68 per cent compared with 3.81 per cent the
week b e fo r e .
Accompanying the sharp redu ction during the la t t e r part
of the week in net demand d ep osits reserves of leading New York City
banks were in excess of requirements and on Saturday, May 9, loans
at th is bank were su b sta n tia lly reduced.
The trend of longer term money continued easy.
Time money
ra tes remained unchanged at 3 3 /4 to 4 per cent on a l l m aturities*
Commercial paper continued quiet in New York with a f a i r l y a ctiv e
demand from the in t e r io r .
Dealers rep ort a s lig h t ly e a sie r tendency
in ra tes with prime names at 3 3 /4 t o 4 per cen t.
Government
Security
Market
Accompanying e a sie r money con d ition s the Government bond
market was moderately a ctiv e and sa les on the Stock Exchange during
the week ended May 9 to ta le d about $6,000,000.
P rice s o f a l l L ib erty
bond issu es held g en era lly firm , while the Treasury 4 l / 4 per cent
bonds reached 105 23/32nds, a new high p oin t fo r the year#
The mar
ket fo r short-term Government s e c u r it ie s continued q u ie t, and p rice s
g en era lly held steady,
Boston rep orts that brokers a n ticip a te e a sier
money and there has been con siderable s e llin g of Treasury c e r t i f i c a t e s
and n otes, with a corresponding demand fo r Treasury bonds.
Bankers
Acceptances
Rates on unindorsed b i l l s in a l l d i s t r i c t s remained un
changed from the le v e ls of the previous week, d ealers o ffe r in g 30-day
b i l l s at 3 per cent, 60 and 90* s at 3 1/8 per cen t, and 120-day
m a tu rities at 3 l / 4 per ce n t.
Reproduced from the Unclassified / Declassified Holdings of the National-Aichives
DECLASSIFIED
Authority j r f l. /
j
3
Boston rep orts only a f a ir volume of b i l l s a v ailab le from
only a few sources.
The supply, however, has been s u f f ic ie n t to cover
the lig h t demand and sa les have been only in sn a il amounts.
O fferings
to the reserve bank were su b sta n tia lly le s s than m aturities*
In New
York there v/ae a su b sta n tia l increase during the week in both the supply
and demand fo r b i l l s as compared with the past several weeks*
The supply,
however, was su b sta n tia lly in excess of the demand and dealers aggregate
p o r t fo l io s increased to the highest p oin t of the year.
P h iladelph ia r e
p orts a continued d u ll market with verjf l i t t l e demand from both lo c a l and
inland banks.
Chicago dealers re p o rt the supply o f b i l l s in excess of
demand which appears to be generally fo r 30 and 60-day m a tu ritie s.
The
demand fo r short b i l l s of 30-da.ys and le s s i s n e g lig ib le at the present
r a te «
SYSTEM SPECIAL INVESTMENT ACCOUNT
As approved at the meeting o f the Committee on A pril 30, 1925 a s p e c ia l
exchange tra n sa ction was Consummated during the period covered by th is report con*»
s is t in g of the sa le from the System Account of a sin g le block of $20,000,000
4 3/4
per cent Treasury Notes maturing December 15, 1925 and the purchase in replacement
of $15, 000, 000 Treasury Notes due March 15, 1926 aiid 45, 000, 000 notes due March 15,
1927.
A ccordingly there was no change in the aggregate h oldings, the amount at
the c lo s e o f business May 6 remaining at $250,041,500.
The p a r tic ip a tio n by the
various Federal reserve banks and the c l a s s if i c a t i o n of issu es by m atu rities were as
f ollow s:
Reproduced from the Unclassified I Declassified Holdings of the National ftrchives
DECLASSIFIED
Authority
I.
4
PARTICIPATION BY FEDERAL RESERVE BANKS
RECAPITULATION OF HOLDINGS BY MATURITIES
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St * Louis
Minneapolis
Kansas City
Dallas
San Francisco
June 15, 19 25
Sept .15, 19 25
Dec, 15, 19 25
Mar. 15, 1926
S e p t,15, 19 26
Mar, 15, 1927
Dec, 15, 1927
Sept ,15^ 19 28
Third L/L Bonds
Total
$ 17,579,500
92.363.500
7 ,2 0 8 ,COO
25.209.500
2.044.500
1.022.500
35.064.000
8,6 26,500
9,788,000
12.343.500
13.265.000
25.527.000
$ 31,132,700
5,274,500
40,160,100
55.301.000
31.901.000
23,875,900
32,296,300
30.100.000
§250,041,500
$250,041,500
OPERATIONS ACCOUNT UNITED STATES TREASURY
Under Treasury auth orization there was purchased during the period for
account o f the A lien Property Custodian $1^000,000
2 3/4 per cent c e r t if ic a t e s o f
indebtedness due September 15, 1925 and $1,000,000
3 per cent c e r t i f ic a t e s due
December 15, 19 25.
At the request o f the Treasury there was a lso purchased fo r account o f the
In tersta te Commerce Commission - General Railroad Contingent Fund §236,000 Third
L iberty Loan 4 1/4 per cent bonds.
Reproduced from the Unclassified / Declassified Holdings of the Nationai-Aichives
''
-
DECLASSIFIEDAuthority
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
___________ FEDERAL RESERVE BANKS FROM APRIL 30 TO MAY 6 . 1925______________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
P u rch ases
B oston
New York
P h ila d e lp h ia
C lev ela n d
Ri chmond
A tla n ta
Chi cago
S t . L ou 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
Held Under
S a le s C o n tr a c ts
S a le s
$ 1 ,4 0 6 ,0 0 0
7 ,3 8 8 ,0 0 0
5 7 6 ,5 0 0
2 *0 1 6 ,5 0 0
1 6 3 ,5 0 0
8 2 ,0 0 0
2 ,8 0 4 ,5 0 0
6 9 0 ,0 0 0
7 8 3 ,0 0 0
987 *000
1 ,0 6 1 ,0 0 0
2 *0 4 2 .0 0 0
$ 1 ,4 0 6 ,0 0 0
7 ,3 8 8 ,0 0 0
5 7 6 ,5 0 0
2 ,0 1 6 ,5 0 0
1 6 3 ,5 0 0
8 2 ,0 0 0
2 ,8 0 4 ,5 0 0
6 9 0 ,0 0 0
7 8 3 ,0 0 0
9 8 7 ,0 0 0
1 ,0 6 1 ,0 0 0
2 T0 4 2 ,0 0 0
0
$ 2 0 ,0 0 0 ,0 0 0
0 2 0 ,0 0 0 ,0 0 0
0 3 0 ,4 5 5 ,5 0 0
0
2 4 ,6 0 0 ,0 0 0
0
0
0
0
3 ,6 0 5 ,5 0 0
0
0
2 ,2 5 0 ,0 0 0
0
0
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
sue
P u rch ases
B oston
A t la n t a
M in n e a p o lis
Kansas C ity
D a lla s
!?
S a la s
o
;
1 41 ,30 0
1 ,5 2 9 ,5 5 0
2 4 4 ,50 0
5 3 .0 0 0
me
200 M is c , Gov’ t Sec*
2 1 0 ,7 0 0 M is c . G o v 't S e c ,
1 ,5 2 9 ,5 5 0 M is c . G o v 't S e c ,
0
0
0 1 ,9 6 8 ,3 5 0
$ 1 ,7 4 0 ,4 5 0
3ANKERS ACCEPTANCES
M a tu rity
B oston
1 -3 0 days
3 1 -6 0 "
6 1 -9 0 M
0
PURCHASES
Amount
Rate
1 2 2 ,0 0 0
3 4 7 ,0 0 0
5 5 6 ,0 0 0
3%
~ 3 1/8%
3 1/3% - 3 1 /4 ^
3 1/3% - 3 l/\%
0 1,02 5,0 00
MATURITIESOther
AmountH o ld i
$ 3 ,7 2 6 ,0 0 0
A 3 ,9 3 3 ,0 0 0 S a la s
co n tra cts
Reproduced from the Unclassified I Declassified Holdings of the Nationarl Archives
" -----
d e c la ssifie d ^
Authority
BANKERS ACCEPTANCES ~ (C o n tin u e d )
Maturity
New York
1-30 days
31-60
61-90
Over 90
PURCHASE S
Amount
02,317 ,000
1 .9 4 6 .0 0 0
1 .2 1 8 .0 0 0
3 6 1 f000
MATURIT IE S
Amount
Rati
1/8/,
1 /4 /
1/4%
3/8 %
110,064,000
3%
3 1/8/, - 3 3/ 8/0
3 l / 8/o - 3 l/4/o
4,040,000
3%
1/8/
1/81
1/4%
3
3
3
3
05,872,000
P h ila d e lp h ia
1-30 days
31-60
"
61-90
M
372,000
1.911.000
2.160.000
O ther
H old in g s
$ 2 ,6 6 5 ,0 0 0
o n e -d a y
h o ld o v e r
fo r d i s t r ,
t o F, R. B k s .
4 2 ,7 6 6 ,0 0 0 S a la s
co n tra cts
7 8 1 .0 0 0 f o r e ig h t r a d e b il£
2 46 .00 0 S p e c
i a l fo r e ig n
b ills
0
$4,443,000
C le v e la n d
Ri chmond
In o th e r
d is tr ic ts
1-30 days
31-60
"
61-90
"
In o t h e r
d is tr ic ts
1,985,000
3/
3 3/8%
3 , 211,000
128,000
365,000
50,000
1.077,000
3 1 /8 /
3 l/4/o
3 1/4%
3/
3 1 /4 %
1,801,000
6 9 6 ,0 0 0 S t e r
lin g b i l l s
0
3 3 /8 /
$1,620,000
A tla n ta
1-30 days
31-60
n
In o t h e r
3 1 /8 /
3 1 /8 /
- 3 3/8^
3/
2,153,000
3/
3/
4,037,000
3 3 /8 /
1 ,1 2 1 ,0 0 0
3/
3 3 /8 /
1,064,000
3%
-3
1,356,000
3/
1,000
10,000
991,000
9 27,000 Unin d o r s e d b i l l s
p u rch a sed from
a c c e p t in g banks
d is tr ic ts
$1,002,000
C hicago
1-30 days
In o t h e r
d is tr ic ts
275,000
2.978,000
2,675,000 S a le s
con tracts
$3,253,000
S t * Louis
Minneapolis
In o t h e r
d is tr ic ts
0
3 /8 /
2,900,000
0
- 3 3 /8 /
2,791,000
0
In o t h e r
d is tr ic ts
Kansas C ity
1,981,000
In o t h e r
d is tr ic ts
Reproduced from the Unclassified I Declassified Holdings of the National Archi es
.
DECLASSIFIED
Authority f j ) .
(<Y ?)|
1
7
BANKERS ACCEPTANCES - (Continued)
Matur it v
B alias
In other
d is tr ic ts
San Francisco
1-30 days
31-60 "
61-90 "
In other
d is t r ic t s
PURCHASES
Amount
$
MATURITIES
Amount
Rate
772,000
3%
- 3 3/8$
59,000
224,000
242,000
534.000
3%
3 l/Q%
3 l/$%
3%
-3
;„>1, 226,000
4,117,000
Other
H o ld in gs
-0 3?009,000 Sale
contracts
3/8%
$ 1,059,000
T ota ls
$24,572,000
$42,047,000 $57,698,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDED MAY 6, 1925 AND
________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES___________
(000 Omitted)
(Excluding Sales C ontracts)
Government
Bankers
Secur it ie s
Acceptances
Purchased
Sold
Matured
$21,968
21, 741
0
227 +
Holdings
k-av 6,..1925.
C-av't S e cu ritie s
ft i l l s Purchased
$24,572
0
42.047
$46, 540
21,741
42.047
$17, 475-
$17, 248-
(in clu d in g Sales Contracts)
Within 16-30
31-60
61-90 91-days15 days Davs
Davs
Days
6 Months
$30,456
117,490
$ 14 7,94 6
0
$ 46,256
56.847
70 T384
$ 5 6 ,8 4 7
$116,640
0
$20,145
29.120
4T625
$29 ,1 20
yp„t.fd
$ 24 ,7 70
Ovor
6 Months
T otal
$278, 857 £375,714
0
278r 466
*2 78 , 857
$6 5 4 ,1 8 0
Reproduced from the Unclassified I Declassified Holdings of the Nationali^ichives
DECLASSIFIED
Authority
F o r n ? N o . 131.
Office Correspe ^ence
L_Me.mbers o f th e J o a r d
EEAs. RESERVE
BO.yKD
>ub]ect:
For your inform ation:
/G o v em or G rissin ger
VMr, P la tt
U 'llr. Hamlin
/M r , James
•^<Mr» Cunningham
M ille r
/ Col* McIntosh
Reproduced from the Unclassified / Declassified Holdings of the NationSMrchives
' ’ ---
DECLASSIFIED
Authority
S ill
June ZS, 192#
D ear.Sirs
I
acknowledge re o e ip t o f and sh a ll b rin g
t o the a tte n tio n o f the members o f the Board your
l e t t e r o f the 22nd in s ta n t, en closin g rep ort o f
tra n sa ction s in Government s e c u r it ie s and bankers
acceptance* as reported t o the Open Market In vest
ment Committee f o r the Federal Reserve System f o r
the p eriod from June 11 t o tfune 17th, 192$ in c lu
-----------:------ ---- ------------------sive*
Very t r u ly you rs,
Walter L* Iddy,
Seoretary
Mr* W* B* liatteson , S eoretary,
Open Market Investment Committee,
Federal Reserve Bank,
Hew Tork, H. I .
Reproduced from the Unclassified I Declassified Holdings of the Nationg|$rchives
DECLASSIFIED
Authority| J ),
/ftCf) |
Ii
Fe d e r a l R e s e r v e
of
Ba n k
N e w Yo r k
Open Market Investment Committee
fo r the Federal Reserve System
CONFIDENTIAL
June 22, 1925
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 Market Investment Committee fo r the Federal Reserve
System fo r th e period from June 11 to June 17, 1925 in c lu
siv e , tog eth er with data received by the Committee from
the Federal reserve banks.
ResK ic t f u ll y ,
W. B. Matteson
Secretary o f the 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 e se rv e B oard,
W ashington, D. C.
E n c l.
(1 )
Reproduced from the Unclassified I Declassified Holdings of the Nationdlfftrchives
*****v
d e c l a ssif ie d '
Authority
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JUNE 17, 1925
Holdings o f Earning Assets o f Federal Reserve Bank Jan, 7, Feb,25, Mar*25, A pr,29,
27. June 3. 10 and 17. 1925 As Compared with Corresponding Periods in 1924
(000 Omitted)
TOTAL
^GOVERNMENT
earning
-1924Jan*
Feb*
Mar,
Apr,
May
June
it
M
9
27
26
30
28
4
11
18
-1925Jan, 7
Feb* 25
Mar* 25
Apr, 29
May 27
June 3
n 10
i« 17
ASSETS
SECURITIES
11,026,496
950,801
942,080
873,381
850,193
856,243
844,579
835,905
$100,358
155,801
257,256
301,660
'333,282
397,890
422,905
425,902
'BANKERS ACCEPTANCES
Sales
Contracts
Purchases
$279*588
205,022
164,947
102,800
49,869
43,420
42,791
56,116
DISCOUNTED
$39,578
38,288
37,511
21,685
36,891
12,212
1,590
1,206
1,109,965
1,129,697
1,040,699
1,027,752
1,054,376
1,064,151
1,064,684
1,007,196
8,949
332,029
496,029
38,361
278,885
364,694
19,361
343,751
287,544
28,585
349,039
238,243
37,036
241,377
349,214
31,302
253,652
354,105
37,372
359,848
237,580
19,838
306,399
226,245
*Ineludes sales contracts
GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
________
DURING WEEK ENDED JUNE 17, 1925
(. 000 Omitted)
GOVERNMENT SECURITIES
Balance
Balance
Net
June 17
June 10
Change
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
S t, Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
Totals
BILLS
$
3,846
50,003
17,848
25,546
5,276
13,876
37,167
28,413
15,442
29,520
27,599
41.346
$29 5,882
$
3,919
62,985
17,941
27,911
6,323
17,028
42,134
35,787
17,541
35,892
33,228
49t896
1350,585
$606,921
531,690
482,315
447,185
429,600
401,420
375,992
351,380
264,408
433,805
377,641
399,985
413,999
412,342
417*134
441,964
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
June 10
June 17
7312,982932,3651,0473,1524,9677,3742,0996,3725,6298.550-
$ 32,355
19,080
18,849
21,292
9,903
18,209
29,108
11,144
19,718
16,178
13,063
17T246
$ 31,455
35,604
19,929
23,370
9,933
13,438
34,006
11,475
20,221
11,702
8,416
18,031
$ 1,000+
16,5241,0802,078304,771+
4,8983315034,476+
4,647+
785-
$54,703-
$226,245
$237,580
$11,335-
$
COMMENT ON CHANGES WEEK ENDED JUNE 17
Aggregate holdings o f earning a ssets o f the System decreased $57,488,000
during the week. D eclines o f s^53,449 , 000 in Government s e c u r it ie s , o f which
032,000,000 represented temporary sales under repurchase agreements, $11,335,000
in acceptances purchased o u trig h t, and $17,534*000 in b i l l s held under sa les con
tr a c ts were only p a r t ia lly o f f s e t by an advance o f $24,830,000 in b i l l s discounted*
Total b i l l s discounted o f $441,964,000 were the highest since A pril 30, 1924#
Reproduced from the Unclassified / Declassified Holdings of the Nationgf:# rchives
BECLASSIFJfEET
Authority M I L ^ S O I
Money
Market
Despite the heavy fin a n cia l operation s centering on tax
day money con d ition s in New York remained steady at 3 3/4 per cent*
*
O ffs e ttin g the la rge gains t o the market from Treasury payments o f
maturing s e c u r it ie s and in te re st were Government withdrawals, income
ta x c o lle c t io n s , and the su b sta n tia l sa les to member banks under re—
purchase agreements o f s e c u r it ie s held in the System Investment
Account.
The time money market was quiet but s l ig h t ly firmer*
Loans
were g en era lly arranged at 3 7 /8 per cent fo r short m a tu rities and
at 4 per cent fo r the longer d a tes.
The commercial paper market re
mained quiet in New Y0rk with ra tes unchanged#
A f a ir ly a ctiv e de
mand continues in the New England, Pennsylvania and Chicago d is t r ic t s *
Government
Trading in the Government bond market was m oderately a ctive
Secu rity
Market
and sa les on the Stock Exchange to ta le d $7,400,000 during the period
as compared with $9,200,000 the week before*
clo s e to t h e ir recent high le v e ls *
P rice s held firm and
On fr id a y , June 19, the F irst
4 1/4* s and Treasury 4*s advanced to new record highs at 102*26 and
103*20 r e s p e c tiv e ly , while the Second 4 l /4 * s at 101*19 esta b lish ed
a new high for the year*
The market fo r short-term Government s e c u r it ie s was gener
a l l y quiet during the p eriod with only gm-all o ffe r in g s and a lig h t
demand*
Bankers
Acceptances
P rice s held firm and y ie ld s remained p r a c t ic a lly unchanged*
P re v a ilin g rates on unindorsed b i l l s continued g en era lly
unchanged from the previous week, dealers o ffe r in g 30-day b i l l s a*6
3 1/8 per cen t, 60 and 90*s at 3 1 /4 per cent and 120-day m atu rities
at 3 1 /4 to 3 3/8 per cent*
Reproduced from the Unclassified I Declassified Holdings of the National>Aichi ss
D E C L A S S IF IE D "
A u th o rity £
j5
4 0 S U
Boston rep orts the supply o f b i l l s continued small throughout the week
although there was a n o tice a b le increase in the demand, e s p e c ia lly fo r the longer
m a tu ritie s.
On Monday, July 15, the reserve bank advanced i t s buying rate on
90-day b i l l s to 3 l / 4 per ce n t;
rates on other m atu rities remaining unchanged*
New York there was a good demand fo r b i l l s , c h ie fly those o f 90* day m a tu rities,
but the market’ s a c t iv it y was cu rta ile d by the inadequate supplyare being created*
Few new b i l l s
Dealers* p o r t f o l io s , co n s istin g almost e n tir e ly o f 30 and short
60-day b i l l s , were reduced to a new low poin t fo r the year.
On Friday, June 12,
the reserve bank advanced i t s buying rate on 90-day b i l l s to 3 1 /4 per cent while
other rates continued unchanged.
P hiladelphia rep orts the b i l l market during the
period was q u ie t, and the supply only f a ir with a s c a r c ity o f 90^day m a tu ritie s.
Chicago the supply was moderately good and demand f a i r .
Hates were s lig h t ly
firmer*
SYSTEM SPECIAL INVESTMENT ACCOUNT
As noted in the previous re p o rt, temporary sa les o f Government s e c u r i
t ie s from the System Account v/ere made during the current tax period to member
banks in the New York and Chicago d is t r i c t s under an agreement to be repurchased
on or b efore June 20, 1925.
The fo llo w in g is a statement o f these tra n sa ction s
from which i t w i l l be seen that the amount outstanding at the clo s e o f the sta te*
ment week, Wednesday, June 17, was ^?32,000*000 o f which ^25,000,000 was repurchase
ed on June 19, and the balance on June 20:
Sales
(Treasury N otes)
Date
June
”
•»
«
”
"
13
15
16
17
19
20
$47,000,000
4,000,000
7,000,000
-
Repurchases
10,000,000
2,000,000
14,000t 000
25,000,000
7,000,000
Amount
Outstanding
$47,000,000
41,000,000
39,000,000
32,000,000
7,000,000
*.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
'' : -
D E C L A S S IF IE D
A u th o rity £
j5
4 0 5 2 J _
4
Other tra n sa ction s in the System Account during the statement week con
sis te d o f the purchase on June 12 o f $9*500,000 March and September 1926 notes
which, in add ition t o the $5,000,000 notes mentioned in the previous report,make
a t o t a l o f $14,500*000 s e c u r it ie s purchased in p a r t ia l replacement o f $31,132,700
June 15, 1925, m atu rities which were redeemed on that date*
These tra n sa ction s
(e x clu s iv e o f temporary sa les outstanding o f $32,000,000) reduced the account at
the close o f business June 17 to a net figure o f $233,408,800, the p a r tic ip a tio n
in which by a l l Federal reserve banks and the c la s s if ic a t i o n o f issues by matur
i t i e s were as follow s*
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P hiladelphia
Cleveland
Ri chmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
$
316,500
56,491,300
406,000
12,061,000
4,560,000
13,000,000
22,463,000
32,091,000
9,136,500
21,611,500
24,057,000
.-J 7 ^ 1 § * 0 0 0
RECAPITULATION OF HOLDINGS BY MATURITIES
Sept,
Dec*
March
Sept*
March
Dec*
Sept.
15,
15,
15,
15,
15,
15,
15,
1925
1925
1926
1926
1927
1927
1928 3rd L/L
$23$t 408,800
$
5,274,500
40,160,100
61,301,000
40,401,000
23,875,900
32,296,300
30,100,000
$233,408,800
OPERATIONS ACCOUNT UNITED STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank o f New York
purchased during the period fo r account o f the In te rsta te Commerce Commission General Railroad Contingent Fund $77,650 United States Third L ib erty Loan 4 l/4/£
bonds*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Autim"< y £ l).4 Q S C ii
ITEMIZED STATEMENT OF TRANSACTIONS AFSECTING THE INVESTMENT ACCOUNT OF
__________ FEDERAL RESERVE BANKS FROM JUNE 11 TO JUNE 17» 1925___________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Purchases
Boston
^13,000
35r000
Issue
P a r t, Sys.Inv,
Repur,Temp,Sales
048,000
New York
02,299,000
6.292t000
16,500
-4.5x500
P a rt, Sys*Inv*
Re pu r «Temp« Sale 9
491,000
l f 343,000
P a rt, Sys,Inv,
Repur, Temp, Sales
185,500
508.000
P a rt,S y s,In v ,
Repu r.Temp , Sale s
529,500
l r448r500
P a rt.S y s,In v ,
Re pur.Temp.Sales
914,000
2t 502r 500
03,416,500
616,550
7,535,200
l 4 f 037.500
Redemp,Sys*
Temp,Sale s
267,000
8,000,000 Spec
2% Ctfs*
54,000
101.000
Re demp, Sys •
Temp,Sale s
0
1,608,500
2*997.000
Redemp .Sys,
Temp,Sale s
0
608,000
1.133.000
Redemp.Sys,
Temp.Sales
0
Redemp,Sys,
Temp.Sales
0
01,741,000
P a rt.S y s,In v ,
Repu r,Temp. Sale s
01,978,000
Chicago
0
14,605,500
0693,500
Atlanta
Redemp,Sys,
Temp.Sale s
1155,000
01,834,000
Richmond
42,000
78T500
021,572,700
062,000
Cleveland
0
Held Under
Sales Contracts
0120,500
08,591,000
Philadelphia
Sales
Issue
1,734,000
3. 230* 500
04,964,500
P art.Sys,Inv*
Repur,Temp,Sales
2,996,000
5t 581.500
08,577,500
Re demp.Sys,
Temp,Sales
1,483,500
Reproduced from the Unclassified I Declassified Holdings of the NationdiArchives
DECLASSIFIED^
Authority jT j ft. f f t f o |
SYSTEM INVESTMENT ACCOUNT
Purchases
S t . Louis
Held Under
Sales C ontracts
0
§1,306,000 Part .Sys*In v .
§ 4,280,500 Redemp. Sys
3 ,575 ,000 Repur .Teryp .Sales
7 ,974 ,500 Temp * Sales
§4,881,000
Minneapolis
$12,255,000
372,000 Part .Sys .I n v .
1.018.000 Repur .Temp .Sales
Kansas C ity
1,219,000 Redomp . Sys.
2.270.500 Temp . Sales
§ 3,489,500
§1,390,000
879,500 Part .S y s .In v .
2.407.500 Repur.Temp .Sales
Dallas
2,883,000 Redomp. Sys
5.370.500 Temp* Sales
§ 8,253,500
§3,287,000
979,000 Part* Sys .Inv .
2.679.500 Repur.Temp .Sales
San Francisco
1,515,000 Part .Sys.Inv .
4.145 .500 Repur.Temp .Sales
§5,660,500
4,964,000 Redemp. Sys
9 247.500 Temp. Sales
§14,211,500
# § 9,500,000 Part .Sys .Inv .
§31,132,700 Redemp. Sys
** 26.000.000 Repur .Temp .Sales 58.000.000 Temp . Sales
Grand T otal
§35,500,000
150,000
3,208,500 Redemp . Sys
5.978.000 Temp . Sales
§ 9,186,500
§3,658,500
T otals
Issue
Sales
Issue
§10,517,050
§89,13?,700
* P a r tia l replacement o f Treasury Notes maturing June 15, 1925
*■* Repurchases o f s e c u r it ie s tem porarily sold under repurchase agreements
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Boston
Cleveland
A tlanta
Issue
0
700,000 TJ-1926 C tfs .
436,700 . Misc . GovH Sec .
Fourth L/L bonds
Misc . G ov't S e c .
Misc • GovH Sec .
Chicago
Minneapolis
Kansas C ity
210,000
2,276,350
551,500
Dallas
San Francisco
72,800Misc . GovH Sec .
2.001.000 Misc . GovH Sec .
§6,248,350
Sales
100
293,500
384,650
217,600
16,000
2 ,276,350
1 ,956,500
1,000
174,000
2 .000.000
07 ,320,500
Issue
Treasury 4/*
Redemp .June
Misc . Gov H
Redemp .June
it
ii
bonds
Treas .Notes
Sec .
Treas .Notes
ii
ii
Misc » GovH Sec .
Redemp .June Treas .Notes
TJ-1926 C t f s .
4 / Treasury bonds
Redemp* June Treas. JMoter,
Reproduced from the Unclassified I Declassified Holdings of the Nationcfi’Aichivss
DECLASSIFIED"Authority
BANKERS ACCEPTANCES
M aturity
Boston
1-30 days
31-60
M
61-90
”
Over 90
”
PURCHASES
Amount
$ 305,000
1.716.000
3.121.000
161,000
Rate
MATURITIES
Amount
$ 4*303,000
3$ .
3 1/8$ - 3
3 1/8$ - 3
3 1/4$ - 3 3/,s$
1/ 2%
Other
Holdings
S ,230,000 Sales
contracts
05,303,000
New York
1-30 days
31-60
M
61-90
M
Over 90
”
2,698,000
277.000
781.000
365f 000
3$
3 1/8$
3 1/4$
3 1/4$
- 3 1/8$
- 3 1/4$
«
- 3 1/2$
20,645,000
800,000 3%
- 3 1/4$
1,362,000 3 1/8$ - 3 1/2$
667.000 3 1/4$ - 3 1/2$
3,909,000
,121,000
P hiladelphia 1-30 days
31-60
”
61-90
"
9.067.000 Sales
contracts
1.718.000 one
day holdover
for d istr* to
F« R. banks
838.000 fo r
eign trade b i l l s
155.000 sp e cia l
foreign b i l l s
0
$2,829,000
Cleveland
61-90 days
In other
d is t r i c t s
250,000
982.000
3 1 /8 $
3$
- 3 1/4$
3,310,000
780,000 Ster
lin g b i l l s
$1,232,000
Ri chmond
31-60 days
61-90
"
In other
d is t r ic t s
320,000
50,000
990.000
1,390,000
1 /4 $
1/4 $
0
- 3 1/4$
$1,360,000
Atlanta
Chicago
6,000
1-30 days
21,000
31-60
”
117,000
61-90
"
In other d i s t , 786,000
From N.Y.
5.013.000
p o r t fo l io
$5,943,000
3 1/4$
3 1/4$
3 1/8$
3/o
1-30 days
61-90
”
In other
d is t r ic t s
3$
3 1/8$
175,000
1,035,000
999
$ 3 ,5 8 9 ,0 0 0
1,172,000
445,000 Unin
dorsed b i l l s
purchased
from a ccep t
ing banks
8,487,000
733,000 Sales
con tra cts
3 1 /4 1
3 1 /4 i
3 1/4$
3 1/4$
Reproduced from the Unclassified I Declassified Holdings of the Natiorai Aichi es
DECLASSIFIED---"" ^
Authority p h . j Q 9 0 |
8
BANKERS ACCEPTANCES - (C o n tin u e d )
PURCHASES
Amount
M a tu rity
St * Loui s
M in n e a p o lis
Kansas C it y
In o t h e r
d is tr ic ts
>1,466,000
3$
. 3 1 /4 $
$ 1 ,7 9 7 ,0 0 0
In o t h e r
d is tr ic ts
1 ,0 6 8 ,0 0 0
3$
- 3 1 /4 $
1 ,5 7 1 ,0 0 0
1 .5 2 3 .0 0 0
5 .0 2 1 .0 0 0
3$
- 3 1 /4 $
2 ,0 6 8 ,0 0 0
3$
3$
- 3 1 /4 $
In o t h e r
d is tr ic ts
From N*Y«,
p o r t fo lio
O ther
H old in g s
MATURITIES
Amount
Rate
$ 6 ,5 4 4 ,0 0 0
D a lla s
1 -3 0 days
6 6 ,0 0 0
In o t h e r d i s t s , 1 ,0 0 4 ,0 0 0
From N. Y,
port f o l i o
San Francisco
1 ,4 2 3 ,0 0 0
$ 6 ,0 7 0 ,0 0 0
4 4 1 .0 0 0
4 7 9 .0 0 0
7 6 ,0 0 0
1 .4 9 8 r000
1 -3 0 days
3 1-60
"
6 1-90
”
In o t h e r
d is tr ic ts
3$
3 1 /8 $
3 1 /8 $
3$
- 3 1 /4 $
3 ,8 7 2 ,0 0 0 .
S a le s contra cts
3 ,2 7 9 ,0 0 0
$ 2 ,4 9 4 ,0 0 0
T otals
$ 5 3 ,3 5 4 ,0 0 0
$ 4 2 ,0 1 9 ,0 0 0
$ 1 9 ,8 3 8 ,0 0 0
RECAPIT AULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDED JUNE 17, 1925 AND
________ HOLDINGS AS OF THAT' DATE CLASSIFIED BY MATURITIES_________
(0 0 0 O m itted)
( Excluding Sales Contracts)
Government
S e c u r itie s
P urchased
Sold
Matured
Bankers
A cce p ta n ce s
$41 ,75 0
9 1,9 69
4 ,4 8 4
Total
$ 42 ,01 9
0
5 3 .3 5 4
$ 5 4 ,7 0 3 -
$ 83,769
91,969
57,838
$66 , 038 -
$ 1 1 ,3 3 5 -
( I n c lu d in g S a le s C o n tr a c ts )
H old in gs
June 1 7 r 1925
G ovH S e c u r i t ie s
B i l l s P urch ased
T o t a ls
W ith in
15 days
$10,517
8 6 .9 2 3
1 6 -3 0
days
4 5 f 275
$ 9 7 ,4 4 0
$ 4 5 ,27 5
$
0
3 1-60
days
,3 8,
6 1 -9 0
days
$ 2 0 ,8 9 5
4 1 .4 1 7
9 1 -d a y s - Over 6
6 months months
$ 58,016
$21 6 ,9 7 4
6>680
0
$306,402
2 4 6 .08 3
$ 6 5 ,7 8 8
$ 6 2 ,3 1 2
$64,696
$ 55 2 ,4 8 5
$
0
$ 21 6 ,9 7 4
T otal
Reproduced from the Unclassified I Declassified Holdings of the Nationsfl Archives
DECLASSIFIED
Authority
F o r m . N o . 131.
Office C respc
FEDERAL. RESERVE.
BOARD
_ence j
o f t h e B o a r d ___
June 16, 1925
I
^ibject:
For your inform ation:
Governor C rissin ger
r* P la tt
Mr. Hamlin
•/ Mr, James
X, Mr. Cunningham
Ifr. M ille r
/ C o l . McIntosh
\
H a l_
_
H M a^
_
_
H a_
a a H
a ^
H
H
I H
I R
I < a n lllln B
H
Reproduced from the Unclassified I Declassified Holdings of the National Archives
a p a lH
P B
'
I
-
DECLASSIFIED
Authority £ 2 X 4 0 5 2 1
E x e c u t e
ruidpi
Date
June 1 6 , 1925
Dear Sir?
I
acknowledge r e c e ip t o f and sh a ll bring
t o the a tte n tio n o f the members o f the Board your
le t t e r o f the 16th in sta n t t en closin g rep ort 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 Invest*
ment C o m itte e f o r the Federal Reserve System f o r
, laA iual ve »
the period from June 4 .to ju m ,togeth er id th data receiv ed by the Committee from
th© Federal reserve banks*
Very tr u ly yours ,
(Signed) W alter JU Jiiddy
W alter
M dy,
Secretary
llr« W» B* Matteson, S e cre ta ry ,
Open Market Investment Committee,
o /o Federal Reserve Bank,
Kew York, H. Y.
Reproduced from the Unclassified I Declassified Holdings of the National Aichives
DECLASSIFIED
Authority ILA
r e c e iv e d
j
J U N 1 G 1925 i
F e d e r a l R e s e r v e Ba n k
OFFICE (JF
'
-HE GOVEBHOR 1
o f N ew Y o rk
Open Market Investment Committee
for the Federal Reserve System
CONFIDENTIAL
June 15, 1925
S i r :
Enclosed is a rep ort of 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 June 4 to June 10, 1925 in c lu
s iv e , togeth er with data received by the Committee from
the Federal reserve banks.
R e sp e c tfu lly ,
^
JtC. *W. B.
Secretary o f the Committee
Honorable D. R. C rissin g e r,
Governor, Federal Reserve Board,
Washington, D. C.
E n c l. ( l )
Reproduced from the Unclassified / Declassified Holdings of the NaliontflAichii/es
... * * * » -------
''1- — - -■ "
-
DECLASSIFIED
^
Authority
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENIED JUNE 10, 1925
Holdings o f Earning Assets o f Federal Reserve Banks Jan,7, Feb*25, Mar,25, Apr*29,
------27,* June 3...and 10^. 1925 As Compared With Corresponding Periods in 1924 ..............
(000 Omitted)
TOTAL
EARNING
ASSETS
*G0VERNMSNT
$1,026,496
950,801
942,080
873,381
850,193
856,243
844,579
$100,358
155,801
257,256
301,660
333,282
397,890
422,905
$279,588
205,022
164,947
102,800
49,869
43,420
42,791
$39,578
38,288
37,511
21,685
36,891
12,212
1,590
$606,921
531,690
482 ? 515
447,185
429,600
401,420
375,992
1,109,965
1,129,697
1,040,699
1,027,752
1,054,376
1,064,151
1,064,684
496,029
364,694
343,751
349,039
349,214
354,105
359,848
332,029
278,885
287,544
238,243
241,377
253,652
237,580
8,949
38,361
19,361
28,585
37,036
31,302
37,372
264,408
433,805
377,641
399,985
413,999
412,342
417,134
-1924*
Jan,
Feb,
Mar*
Apr*
May
June
9
27
26
30
28
4
"
11
-1925Jan* 7
Feb, 25
Mar » 25
Apr, 29
May 27
June 3
*
10
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
bills
DISCOUNTED
■^Includes sale's con tracts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_________ DURING WEEK SNEED JU^S 10. 1925
____________.
(000 Omitted^
GOVERNMENT SECURITIES
Balance
Balance
Net
June 10
June 3
Chan<?e
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
Totals
$
3,919
62,985
17,941
27,911
6,323
17,028
42,134
35,787
17,541
35,892
33,228
49t896
$350,585
$
3,912
61,775
17,933
27,653
6,225
16,807
41,591
35,099
17,346
35,429
32,651
49f099
$345,520
BANKERS ACCEPTANCES
Net
Balance
Balance
Chanee
June 10
J.
7+
1,210+
8+
258+
98+
221+
543+
688+
195+
46 3+
577+
797+
$ 31,455
35,604
19,929
23,370
9,933
13,438
34,006
11,475
20,221
11,702
8,416
18.031
$ 34,437
41,487
21,781
25,047
10,905
9,864
37,214
12,077
18,907
14,097
8,885
. .18,9.51
$ 2,9825,8831,8521 ,6 7 7 9723,574+
3,203602«*
1,314+
2,395469920-
$5,065+
$237,580
$253,652
$16,072-
$
COMMENT ON CHANGES WEEK ENDED JUNE 10
T otal earning assets o f a l l reserve banks increased $533,000 during the
statement week* Advances o f $5^,743,000 in Government se cu rity h old in g s, $61070,000
in b i l l s held under sa le s co n tra cts, and $4,792,000 in b i l l s discounted were p r a c ti
c a lly o f f s e t by a d eclin e o f $16,072,000 in acceptances purchased o u trig h t.
Reproduced from the Unclassified I Declassified Holdings of the Nation J g ch iv e s
DECLASSIFIED
Authority jTjfo. /
m m "
Market .
I
Money condition® in New York turned somewhat ea sier towards
the c lo s e of the week,
At the opening of the week average reserves of
leading New York C ity hanks were s u b sta n tia lly below requirements* Re
f le c t i n g th is co n d itio n the rate on Stock Exchange f a l l loans on Monday
and Tuesday held firm at the average le v e l of the previous week.
Follow-
ing the fu rth er return flo w of funds, however, the rate on Wednesday,
June 10 declin ed from 4 per cent to 3 3 /4 per cent and continued unchang®
ed at that rate throughout the balance of the week*
\ Time money was
q u ie t.
^
Rates continued unchanged at 3 3 /4 t o 4
per cent with an occa sion a l loan fo r six months1 arranged at 4 per cent*
The market fo r commercial paper continued qu iet in New York; rates
.
remained unchanged at 3 3 /4 to 4 per cent* While the New York banks are
apparently out o f the market a f a i r demand was rep orted from the New
England, P h ilad elp h ia and
Government
Security
Market
Chicago d is t r ic t s #
There was increased a c t iv it y in the Government bund market
fo llo w in g the announcement by the Treasury of i t s June 15 financing
program, and s a le s on the Stock Exchange during the week to ta le d
$9,235,000 against $6*000,000 the previous week* The o ffe r in g o f/
$125,000,000 one*year c e r t i f i c a t e s at 3 per cen t, which was h ea v ily over
subscribed, was apparently le s s than had been an ticip a ted and re su lted
in a atrong demand fo r a l l outstanding is s u e s , Qn June 11 a ll L iberty
Loan bonds except the F ir s t 3 l/2 * s had reached
new high
le v e ls fo r the
year, while the F irs t converted 4 l/4 * s at 102*25, the Treasury 4*s at
103*16 and the Treasury 4 l / 4 ' s at 107,18 e sta b lis h e d 're co rd high# sin ce
th e ir dates of issuance.
Sim ilar firm ness p rev a iled in the
*h ort*tcrn
se cu rity market and p r ic e s on Treasury Notes and c e r t if i c a t e s made :
fr a c t io n a l advances from l/3 2 n 4 s
to 3/32*ids„
N H B B a | a H M H B H H | | H H a H | a H H a B M ^ H B B f la M M a B a a iB H g Q
£ g g g g ^ P g Q
jP g | a n ! ! H B H M r -
Reproduced from the Unclassified I Declassified Holdings of the National Aichi es
...
—
DECLASSIFffiD~~
Authority £ j ) , j
|
3
Bankers
Acceptances
D ealers1 o ffe r in g rates continued unchanged from the p revious week at 3 1/8 per cent for 30-day b i l l s , 3 1 /4 per cent
fo r 60s and 9 0 s, and 3 1 /4 to 3 3/8 per cent fo r 120-day m a tu ritie s,
Boston rep orts a very small supply o f b i l l s in the market
th is week with demand lig h t and confined c h ie f ly to c i t y banks#
One dealer reported a good foreign demand fo r 90-day m a tu rities,
but owing to the s c a r c it y o f these b i l l s was unable to complete
the o rd e r.
In d ivid u a ls, co rp o ra tio n s, and
to be com pletely absent from the market*
cou n try
banks appear
Dealers* purchases and
sa les show a decided d eclin e th is week and o ffe r in g s to the reserve
bank were small#
In New York the b i l l market was f a i r l y a c t iv e .
The supply o f b i l l s , m ostly o f 30 and 60-day m atu rities was substan
t i a l l y in excess o f the demand and as a re su lt dealers* p o r t fo lio s
were con sid erab ly in crea sed .
The strong demand fo r 90-day b i l l s
was a ttrib u ted to the small supply o f that maturity*
O fferings to
the reserve bank were moderate and c h ie f ly from c i t y banks.
P h ilad elp h ia reports the b i l l market unusually q u iet during the
week, while in Chicago the supply continued f a ir with moderate
demand and rates reasonably firm*
OPERATIONS ACCOUNT UNITED STATES TREASURY
At the request o f the Treasury, the Federal Reserve Bank o f New York pur
chased during the period fo r account o f the A lien Property Custodian $2,500,000
Third 4 1/4$ L ib erty Loan bonds and -31,000,000 - 3$ c e r t i f i c a t e s maturing Dec* 15,
19 25*
Under Treasury a u th ority the Federal Reserve Bank o f New York executed
at p riv a te sa le from the investment holdings o f the Alien Property Custodian
§18,000,000 face amount 2 3/4$ c e r t if i c a t e s due Sept. 15, 1925 for d e liv e ry Saturday,
June 13, and purchased fo r that account in replacement §10,000,000 Second 4 1/4$
L ib erty Loan bonds fo r d e liv e ry June 13, §5,000,000 Third 4 1/4$ L ib erty Loan bonds
I
Reproduced from the Unclassified I Declassified Holdings of the National Aichives
; -
b e classifie F
Authority jTjft,
f
and $3,000,000 new 3% c e r t i f i c a t e s , Series TJ-1926, fo r d e liv e r y June 15*
The^e
purchases were consummated in the Boston and New York d is t r i cts*
SYSTEM SPECIAL INVESTMENT ACCOUNT
As p a r t ia l replacement in a n ticip a tio n o f $31,132,700 s e c u r it ie s maturing
June 15t 1925 held in the System account, in accordance with the Committee^ l e t t e r
to a l l Federal reserve banks dated June 1, there was purchased during the statement
week $5,000,000 Treasury Notes due Mar<Sh 15, 1926,
The t o t a l holdings in the System account at the close o f business Wednesday,
June 10, amounted to $255,041,500, the p a r tic ip a tio n in which by a l l Federal reserve
banks and the c la s s if ic a t io n by m atu rities were as follow s*
PARTICIPATION BY FEDERAL RESERVE BANKS
RECAPITULATION OF HOLDINGS BY MATURITIES
Bo ston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t, Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
June
Sept.
Dec,
March
Sept,
March
Dec,
Sept,
I
345,500
61.727.500
443,500
13.178.500
4,982,500
14.204.500
24.545.000
35.065.500
9>983,500
23.615.000
26.286.500
40.664f000
15,
15,
15,
15,
15,
15,
15,
15,
1925
1925
1925
1926
1926
1927
1927
1928 3rd h/h
$ 31,132,700
5,274,500
40,160,100
60,301,000
31,901,000
23,875,900
32,296,300
30,100,000
$255,041,500
#255,041,500
Transactions Since Close o f Statement Week
Further new purchases o f §9,500,000 March and September 19 26 Treasury Note9
were made on June 12 in p a r tia l replacement o f June 15 m a tu ritie s.
In accordance with the esta b lish ed procedure o f dealing with money con
d itio n s over q u a rterly ta x p e rio d s, the Committee sold to member banks in New Y0rk
on June 13 from System h old in g s, at par fla t su b ject to repurchase at option on or
before June 20 at that p rice plus in te re s t at 3 per cent per annum for the number
o f days h e ld , a t o t a l o f $47,000,000 Treasury N otes,
There was also sold in the
Chicago d is t r ic t * fo r d e liv e r y June 15, $4,000,000 notes making an aggregate o f
$51,000,000,
Reproduced from the Unclassified I Declassified Holdings of the Nation^j^chives
DECLASSIFIED
Authority £ j j _ J Q f o |
5
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
__________ FEDERAL RESERVE BANKS FROM JUNE 4 TO JUNE l0» 1925____________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Purchases
M s1
Held Under
Sales Contracts
$
7,000
1,210,000
8,500
258, 500
98,000
278,500
481,000
687, 500
195, 500
463,000
515, 500
797.000
0
0
0
0
0
0
0
0
0
0
0
0
v 561,455
7,213,000
0
0
0
0
788, 500
0
0
700,000
0
0
X 05,000,000
0
#9*262,955
xPartial replacement of certificates maturing June 15
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
lsm&
Atlanta
Chicago
Minneapol is
Kansas City
Dallas
$ 107,400
61,900
1,745,400
50
___ §L> im
S ales
Misc. Gov’ t Sec*
Fourth L/L
Misc. Gov’t Sec.
Second t/L
Misc. Gov*t Sec.
Ol, 975,900
$
163,950
0
1,745,400
0
0
Misc. Gov’t Sec,
Misc. G0v*t Sec.
$1,909,350
BANKERS ACCEPTANCES
PURCHASES
Boston
1 - 30 days
31 • 60 *»
61 - 90 *
325.000
142.000
731-000
ftl,198,000
Other
3j£
» i / a - 3 i /4 jt
3 1/8JC - s. 1/4%
$4,180,000
\i2,632,000 'S« ta«
contracts
Reproduced from the Unclassified I Declassified Holdings of the Nationa l ^ chives
DECLASSIFIED^
Authority
j ftC/, |
BANKERS ACCEPTANCES « (Continued,)
New York
M aturity
PURCHASES
Amount
1-30 days
31-60
”
61-90
”
Over 90
0 2 ,9 3 2 ,0 0 0
6 7 2 .0 0 0
7 9 8 .0 0 0
39 3 .0 0 0
Rate
3$
3 l/ efo
3 1 /8 $
3 l/4 $
-
3 3 /8 $ 0 1 0 ,6 7 8 ,0 0 0
- 3 3 /8 $
- 3 l/4 $
- 3 l/2 $
04,795,000
P h iladelphia
1-30 days
31-60
"
360,000 3%
- 3 l /8 $
50,000 3 l /4 $ - 3 3/8$
61-90
2 6 7 .0 0 0
’«
Other
MATURITIES
Mount
03.580.000 1-day
holdover fo r
d is t .t o F,R*Bks
24.701.000 Sales
contracts
947,000 foreign
trade acccpt*
49,000
sp ecia l
fo re ig n b i l l s
0
2,529,000
3 l / 8 $ - 3 3 /8 $
0677,000
Cleveland
31-60 days
61-90
w
In other
d is t r i c t s
358,000
1,035,000
1.130,000
3 l /8 $
3 l/8 $
3$
- 3 l/2 $
4,200,000
8 3 7 ,0 0 0 S t e r
lin g b ills
0 2 ,5 2 3 ,0 0 0
Richmond
1-30 days
31-60
"
61-90
"
In other '
d is tr ic ts
80,000
76,000
63,000
837,000
3 l /8 $ - 3 l /4 $
3 1/ 4$
3 l /4 $
3$
- 3 l/2 $
2,028,000
0
01,056,000
A tlanta
1 -3 0 days
31-60
”
61-90
”
N .Y .Port.
In other
d is t r ic t s
1 4 ,0 0 0 3 l / s $
1 6 ,0 0 0 3 l / 4 $
2,186,000
395,000 Unin
dorsed b i l l s
purchased from
accepting banks
3$
3 l/8%
3$
- 3 l/2 $
5,561,000
531,000 Sales
con tra cts
3£
1 ,6 2 2 ,0 0 0
19,000 3 l/4 $
5,021,000 3 1/8$ - .3 1/4$
690,000 3$
- 3 l /2 $
0 5 ,7 6 0 ,0 0 0
Chicago
1-30 days
31-60
”
In other .
d is t r ic t s
500,000
38,000
1,815,000
02,353,000
St* Louis
In other
d i s t r ic t s
1,020,000
-
3 1 /2 $
0
Reproduced from the Unclassified I Declassified Holdings of the Natonai-Aichiv/es
"' — - —
d eclassified
A'*b^ * y% L lX 4 C £ cd — -
BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount
Maturity
Minneapolis
In other
d is t r i c t s
S p ecia l
purchases
MATURITIES
Amount
Rate
& 691,000 3/4
1.403>000
- 3 l /2 $
$
Other
Holdings
780,000
&2,094,000
Kansas City
Dallas
In other
d is tr ic ts
1 ,0 2 8 jooo 3%
1*30 days
31-60
*
In other
d is tr ic ts
- 3 1/2%
3^423^000
1,309,000
25,000 Sold to
MemJBka
.30^000 3%
17,000 3 1/8%
812.000 3%
- 3 1/2%
1865,000
San Francisco
1*30 days
31-60 " '
61-90 "
In other
d is tr ic ts
170.000
616.000
23,000
1.097.000
3%
3 1/8$
3 1 /8 ^
3%
+ 3 l/2%
3,700,000 Sale;
con tra cts
2,826,000
$1,906,000
T otals
$41,347,000
$25,275,000
$37,372,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDED JUNE 10, 1925 AND
HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Omitted)
Government
S e cu ritie s
Purchased
Sold
Matured
(Excluding Sales C ontracts)
Bankers
Acceptances
T otal '
$6,974
1,909
0
$25,275
0
411347
$32,249
1,909
41,34?
$5,065+
§16,072-
-Oil >00?*-
(In clu din g Sales C ontracts)
Holdings
M s
Within
15 day»
16-30
.daze.
31*60
days
Gov*t Securities $ 55,52Q
106,694
B ills Fur«httsed
♦ 0
50,124
$
§162,214
$50,124
$65,736
0
65^730
I
61*»90
days
91»days*
6 months
Over 6
months
0
$>20,145
$284,183
6
..
$359,848
274 952
Reproduced from the Unclassified / Declassified Holdings of the N a t i o n ^ ^ h i v e ^ ^ ^ ^ ^ ^ 1,* ,~
DECLASSIFIED
IAO**! [
Authority j r
F o r m N O . 131.
W
Office Correspc uence
.
-RAJ. RESERVE
BOARD
.Jate, June I Q * 1925.*
To ____ A ll members o f the Boa
t
From___Mr
/
3
F<Jr your inform ation.
\*^tfOvernor C rissinger
N/mt. P la tt
s j Mr. Hamlin
^Mp^James
Cunningham
J IJbr• M ille r
Please return to S ecreta ry ’ s O ffice *
3
^
R e p ro d u c e d fro m th e U n c la s s ifie d
I D e c la s s ifie d
H o ld in g s o f th e N a tio n a l .A rc h iv e s
B E C L A S S IF ff ic T
A u th o rity f
(). /
I
Jane 10* 1925.
Dwr ffe* Matteeant
1
aaknaeledge receipt of and iheli. bring to
the attention of the iteafeers of the Board your
letter Of the 8th instant, enclosing * report Of
tmweotic3B«' in Oorerjawot securities end benteers
nooeptimoeB es reported to the Open Market l&*eet~
nent Committee for the Federal Reserve System for
the period from May 28 to June 3 , 1925* inclusive,
together with data reoeired Dy the '6o«SLtt»# from
the fcedterel reserve bsftks.
fery truly yours*
Welter L* Eddy,
Secretary.
Mr. W. B. Matteaon, Seoretary,
Open Ilftrkat InvestMBttt Committee,
o/o Federal Reserve Bank,
Hew York,
Reproduced from the Unclassified I Declassified Holdings of the NatondlAichives
DECLASSIFIED
AuthorityJ T j f t ,
^RA L RESERVE
O F
N E W Yo R K
Open Market Investment Committee
for the Federal Reserve System
CONFIDENTIAL
June 8, 1925
Si r :
Enclosed i s a rep ort of 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 28 to June 3, 1925 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 ,
i/
Honorable B. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Encl.
(1)
Secretary o f the Committee
Reproduced from the Unclassified / Declassified Holdings of the Nationafiftrchives
"
■ -
OECLASSfFlED “
Author«y
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED JUNE 3, 1925
Holdings of Earning Assets o f Federal Reserve Banks Jan*7, Feb«25, Mar*25, Apr.29j
. May 27 and June 3. 1925 As Compared with Corresponding P eriods in 1924*
........
’(000 Omitted)
TOTAL
EARNING
ASSETS
1924
J an» 9
Feb* 27
Mar, 26
Apr, 30
May 28
June 4
1925
Jan, 7
Feb, 25
Mar, 25
Apr, 29
May 27
June 3
^GOVERNMENT
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
DISCOUNTED
$1,026,496
950,801
9 42,080
873,381
850,193
856,243
$100,358
155,801
257,256
301,660
333,282
397,890
$279,588
205,022
164,947
102,800
49,869
43,420
§39,578
38,288
37,511
21, 685
36,091
12,212
$606,921
531,690
482,315
447,185
429,600
401, 420
1,109,965
1,129,697
1,040,699
1,027,752
1,054,376
1,064,151
496,029
3 64,694
343,751
349 , 039
349,2^4
354,105
332,029
278,885
287,544
238,243
241,377
253,652
8,949
38,361
19,361
281585
37,036
31,302
264,408
433,805
377,641
399,985
413,999
412,342
* Includes sa les con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_____________________ DURING WEEK ENDED JUNE 3, 1935 ...
......—
(000 Q uitted)
GOVERNMENT SECURITIES''
Balance
Net
Balance
June 3
May 27 Chanee
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
$ 3,912
61,775
17,933
27,653
6,225
16,807
41,591
35,099
17,346
35,430
32,651
49.099
$345,521
0 3,912'" / 0
0
61,775
1 7 ,9 3 3 ,'
0
27,65.3
Q
6,225
0
16,811
441,580
11+
35,099
0
17,346
0 *
35,430
0
149+
32,502
49.099
0
$345,365
$156+
BANKERS ACCEPTANCES.
Net
Balance
. Balance
Change
June 3
M M -J&
$34,437
41,487
21,781
25,047
10,905
9,864
37,214
12,077
18,907
14,097
8,885
18,951
$253,652
$34,197
38,254
21,610
24*470
10,794
9,480
37,008
12,136
10,674
15,452
8,719
18^581
$241,377
$ 240+
3, 233+
171*
577+
111+
384+
206+
59233+
8/
1. 355166+
36$+,
$12, 275+
COMMENT ON CHANGES flSEK ENDED JUNE 3.1925
Total earning assets o f a ll reserve banks advanced $9,775,000 during the week
due p r in c ip a lly to the increase of $12,275,0.00 in b i l l s purchased ou trig h t. Govern
ment se cu rity holdings advanced $4,891,000, of which $4,733,000 represented holdings
under sa le s co n tra cts, while acceptances held under sa les con tra cts were reduced
♦ 5,734,000,3“i l l s discounted declined $1,657,000,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D ^
A u th o rity £ 2 X 4 0 5 D
j
2
Massac
MttCtot
With the com pletion o f f i r s t o f the month requirements fo r
in te r e s t and dividend payments, the money market in New York turned
somewhat ea sier about the middle o f the week.
On Monday, June 1, the
average rate at which new loans were placed was 4.26 per cen t, the
highest sin ce A p ril 1 , but fo llo w in g d a lly re ce ssio n s d eclin ed to 3 .76
per cent by Thursday, June 4,
On Friday, however, a further lo s s o f
funds to the in t e r io r , and a d e f i c i t in average reserves o f leading
New York City banks was accompanied by firm er co n d itio n s , and the
average ra te on c a l l loans advanced t o 4.19 per cen t.
Time money continued in a c t iv e ; nominal rates were unchanged
at 3 3/4 to 4 per cent on a ll m a tu rities, with some loans fo r 4 to 6
months* m aturities placed at the higher rate o f 3 7/8 to 4 per cent.
The commercial paper market was quiet in New York with
rates unchanged from p reviou sly current le v e ls *
The bulk o f sales
continues to be in the Middle West and New England d i s t r ic t s although
\
dealers report a f a i r demand from P h ilad elp h ia .
Government
Security
Trading in the Government bond market continued moderately
a ctiv e and sa les on the Stock Exchange to ta le d $6,000>000 during the
p eriod as compared with $5*250,000 the previous week.
P rices on
L iberty Loan issu e s generally h eld steady at c lo s e to t h e ir recent
high le v e ls , and on Junfe 4 the Treasury 4 per cent issu e advanced
t o 103* a new high record* w h ile th e Treasury 4 l / 4 per cent loan
equalled t h e ir previous record high at IG7 .
The turnover was relar*
t iv e ly small in the market f o r short-term Government s e c u r it ie s ,
although the p r ic e s on Treasury Notes maturing in 1926 and 1927 made
fr a c t io n a l advances with corresponding d e clin e s in y ie ld .
from the Unclassified I Declassified Holdings of the Nationaf^ rch ives
DECLASSIFIED
Authority
[
3
Bankers
Acceptances
Hates in a ll d istric ts continued unchanged from the previous
week, dealers offering 30-day b i lls at 3 1 /8 per cent, 60 and 9 0 's at
3 1 /4 per cent, and 120-day maturities at 3 1 /4 to 3 3 /8 per cent.
-Boston reports a moderate supply of b ills in the market
principally of the 30 and 60-day maturities, with demand spotty but in
fa ir volume.
B ills moved slowly at the offered rates with demand cen
tered ch iefly on the 90-day maturities.
Banks in th is d istrict appear
to be holding their b ills until rates become more stable.
to the reserve bank continued heavy.
Offerings
The New York market was more
active during the period accompanying end of the month adjustments
and increased buying by foreign correspondents.
Both supply and de
mand increased and aXl maturities moved freely.
Although dealers*
sales were in excess of their purchases, resulting in reductions in
their p o rtfo lio s, bid and offered rates continued unchanged,
Philadelphia reports the market in acceptances continued quiet with
very l i t t l e demand from either local or country banks,
Chicago re
ports a fa ir supply of b i lls with moderate demand and rates reasonably
firtt*
OPERATIONS ACCOUNT UNITED STATES TREASURY
At the request of the Treasury the Federal Reserve Bank of New York
sold from the investment holdings of the Alien Property Custodian §6,800,000 2 3/4
per cent certificates due September 15, 1925, and purchased in partial replacement
13,000,000 Third Liberty Loan 4 1 /4 per cent bonds and $1,000,000 3 per cent certi
ficates maturing December IS, 1925,
The Federal Reserve Bank of New York also purchased $524,100 Fourth
Liberty Loan 4 1 /4 per cent bonds for various Treasury accounts.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
DECLASSIFIED
Authority £ j & 4 Q C £ j
4
SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change during the p eriod covered by th is report in
the Government s e c u r ity h oldings in the System Special Investment Account the
amount at the clo s e o f business June 3 remaining at $250,041,500,
The p a r tic ip a
tio n by the various Federal reserve banks and the c la s s i f ic a t i o n o f issu es by
m aturities held in the account were as fo llo w s :
PARTICIPATION BY BEDERAL RESERVE BANKS
Bo ston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
S^n Francisco
T ota ls
RECAPITULATION OF HOLDINGS BY MATURITIES
338,500
60,517,500
435,000
12,920,000
4,884,500
13*926,000
24,064,000
34,378,000
9,788,000
23,152,000
25,771,000
39.867.000
| 31,132,700
June
15, 1925
5,274,500
Sept, 15, 1925
40,160,100
Dec.
15, 1925
55,301,000
March 15, 1926
31,901,000
Sept. 15, 1926
23,875,900
March 15, 1927
32,296,300
Dec.
15, 1927
Sept. 15, 1928
30,100,000
3rd L ib e rty Loan Bonds
$250,041,500
$250,041,500
$
In order to rep lace from time to time the m atu rities in the sp e cia l
$10,000,000 allotm ent o f b i l l s # iic h the Federal Reserve Bank o f Minneapolis r e
ceived in p reference to t h e i f p a r tic ip a tio n in Government se cu rity h old in gs in
the recent readjustment plan, there has been a llo t t e d t>o the Minneapolis bank
during the p eriod a d d itio n a l b i l l s aggregating $8,597,000.
Reproduced from the Unclassified / Declassified Holdings of the N ation^rchives
DECLASSIFIED
Authority
5
ITEMIZED STATEMENT OF TRANSACTIONS AFJECTING THE INVESTMENT ACCOUNT
_________OF FEDERAL RESSRVS BANKS FROM MAY 28 TO JUNE 3. 1925________
TRANSACTIONS IN MISCELLANEOUS GOVERNMENT SECURITIES
Purchases
Boston
New York
Atlanta
Chicago
Minneapolis
Kansas C ity
Dallas
0
0
92,050
11,300
710,150
50
148.750
Issue
Sales
M isc.G ov't Sec*
Fourth L/L Bonds
M isc,G ov't Sec,
Third L/L Bonds
Misc,Gov*t Sec.
sue
0
0
96,400 M isc.G ov't Sec*
0
710,150 M isc.G ov’t Sec,
0
0
$
262,990
6,500,000
0
460,500
0
1,200,000
160.000
$8,563,490
$806,550
$962,300
Held Under
Sales
Contracts
BANKERS ACCEPTANCES
M aturity
Boston
1-30 days
31-60
*
61-90
tt
Over 90
*
PURCHASES
Amount
$1,267,000
551,000
2,326,000
136.000
Rate
MATURITIES
Amount
Other
Holdings
3$
3 1 /8 $ . 3 1/4$
3 1 /8 $ . 3 1/4$
3 1/4$
$4 ,040,000
$2,690,000 Sale
Contracts
3$
3 1/8$ - 3 1 /4 $
3 1 /8 $ - 3 1 /4 $
3 1/4$ * 3 1 /2 $
6,078,000
1,403,000 1-day
holdover fo r
d is trib u tio n
to F.R.Banks
20,621,000
Contracts
795,000 Foreign trade
acceptances
216,000 Spe
c ia l foreign
b ills
3$
- 3 1 /4 $
3 1 /8 $ - 3 3/8$
3 1/8$ - 3 1 /4 $
1,987,000
$4,280,000
New Yorft:
1-30 days
31-60
"
61-90
"
Over 90
"
5,913,000
368,000
1,814,000
1.216.000
$9,311,000
___________
T ‘
P hiladelphia
1-30 days
31-60 "
61-90 "
320,000
557,000
1.281.000
$ 2 ,1 5 8 ,0 0 0
0
Reproduced from the Unclassified I Declassified Holdings of the National Aichi es
DECLASSIFIED
Authority £ j ) , j C f r ) |
BAI,KERS ACCEPTANCSS -(Continued)
Maturity
PURCHASES
Amount
[ATURITIES
Amount
Hate
Cleveland
1-30 days $1,242,000 3$
31-60
"
274,000 3 1/8$
61-90
"
1,049,000 3 1/8% In other
3.027.000 3%
- 3 1/2%
d is t r ic t s
$5,592,000
Richmond
31-60 days
In other
d is t r ic t s
330,000
1.117.000
$5,015,000
Other
H old in gs
;
717,000 Ster
lin g b i l l s
0
3 1/4%
3%
- 3 1/2$
1,336,000
3%
- 3 1/8%
3 1 /8 %
3 1/8%
3 1/4$
3$
- 3 1/2$
1,246,000
3$
3 1/8$
3 1/8$
3$
- 3 1/2$
5,368,000
1,909,000
3$
-3
1 /2 $
1,968,000
0
1,013,000
8.597.000
3$
<-3 1/2$
1,377,000
0
1,931,000
3$
- 3 1 /2 $
3,286,000
0
1,113,000
3$
-
9 4 7 ,0 0 0
0
$1,447,000
Atlanta
1-30 days
31-60
"
61-90
”
Over 90
"
In other
d is t r ic t s
83,000
176,000
509,000
64,000
798,000
589,000 Unin
dorsed b i l l s
purchased from
accepting
banks
$1,630,000
Chicago
1-30 days
31-60
"
61-90
H
In other
d is t r ic t s
$
775,000
452,000
601,000
3.746.000
1,780,000 Sales
Contracts
',574,000
S t. Louis
In other
d is t r ic t s
Minneapolis In other
d is t r ic t s
Spec„Purch*
$9,610,000
Kansas C ity In other
d is t r ic t s
Dallas
In other
d is t r ic t s
3 1 /2 $
Reproduced from the Unclassified / Declassified Holdings of the NationaMrchives
declassified
Authority
7
* BANKERS AGCSPTANGSS - (Continued)
PURCHASES
Amount
M aturity
San Francisco
1-30 days
31-60
M
61-90
*
In oth er
d is t r ic t s
$
347,000
99,000
243,000
2.658.000
'
Rate
MATURITIES
Amount
Other
Holdings
$2,979,000
$2,491,000 Sales
con tra cts
3$
3 1 /8 %
3 1/8$
3$
t - 3 1/2$
$3,347,000
T ota ls
$47,902,000
$35,627,000 $31,302,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDED JUNE 3, 1925 AND
________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
(000 Omitted)
Government
S e cu ritie s
(Excluding Sales Contracts)
Bankers
Acceptances
T otal
$962
806
0
$47,902
0
35,627
$48,864
806
35,627
$156+
$12,275+
$12,431+
Purchased
Sold
Matured
Holdings
June 3 t 1925
G ov't S ecu ritie s
B iU s Purchased
(In clu d in g Sale s Contracts)
31-60
61-90 91-daysOver
days
days
6 Months 6 Months
Within
15 days
16-30
davs
$ 54,839
101.805
0
61.614
0
63.887
0
50.804
$20,145
6.844
$279,121
0
$354*105
284.954
$156,644
$ 6 1 ,61 4
$63,887
$ 5 0 ,8 0 4
$26,98$
$279,121
$639,059
Total
mm-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d eclassified
Auth° " * £ A 4 & 5 a i
F o r m N o . 131.
2DF.RAL,
RESERVE
Office Corresf n mce^>^M
RO
the. B08 rd •
! _ ^/7
iW3ubject:.
For your inform ation:
/g o v e r n o r C rissin ger
N
*Mr* P la tt
Ur, Hamlin
x/ Mr* James
Cunningham
Edr* M ille r
Please return to S e cre ta ry 's O ffic e .
U
07
?«0
• IW*N»fIN? r-fll!«TI iSffiOK
Reproduced from the U nclassified
I D eclassified
H oldings of the N a tio n d lltre h iv e s
B E C L A S S IF fE B
Authority P 6 - / O S f c I
June S, 1925.
Dear H*. Mattesoni
X acknowledge receipt of and shall bring %o
th# attention of the members of the Board your
latter of the 2nd instant, addreBSed to Governor
Criaainjer, enclosing a report of transactions in
Government aeourities and bankers acceptances as
reported to the Open Market Investment Ooraalttee
for the Pederal Reserve Qystea for the period from
UK? 27, 1925, Inalusive, together with
^?eo»it5a By W U«w ittee from the Pederal
reserve banka#
Ifisry truly yours,
Walter L. Eddy,
Secretary*
Mr. W. B. Mstteson, Seoretary,
Open Market Investment Oommittee,
o/o Pederal Reaerve Bank,
New York, H.Y.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
RECEIVED
JUN 3 ? 1925
Fe d e r a l R e s e r v e
of
Ba n k
OFFICE OF
THE G Q V E R N C p
N ew Yo r k
Open Jferket Investment Committee
fo r the Federal Reserve System
CONFIDENTIAL
June 2,1925
S i r :
Enclosed i s a rep ort of 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 21 to May 27, 1925 in c lu
s iv e , tog eth er with data received by the Committee from the
Federal reserve banks.
R e s p e c tfu lly ,
^
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
E n c l. (1 )
Secretary of the Committee
Reproduced from the Unclassified I Declassified Holdings of the National Aichive 5
DECLASSIFIED
Authority j j L j Q S ) I
CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY 27* 1925
Holdings o f Earning A ssets o f Federal Reserve Banks January 7, February 25, March 25,
Apri l 29, May 20 and 27, 1925 As Compared With Corresponding P eriods in 1924
(000 Oftiitted)
^GOVERNMENT
-1924*
TOTAL
EARNING
ASSETS
Jan, 9
Feb. 27
M&r. 26
Apr* 30
May 21
”
28
-1925Jan. 7
Feb. 25
Mar* 25
Apr. 29
May 20
,»
27
$1,026,496
950,801
942,080
873,381
795,499
850,193
‘
1,109,965
1,129,697
1,040,699
1,027,752
985,560
1,054,376
$100,358
155,801
257,256
301,660
324,641
333,282
$279,588
205,022
164,947
102,800
52,958
49,869
$39, 570
38,288
37,511
21,685
2,734
36,891
$606,921
531,690
482,315
447,185
414,615
429,600
496,029
364,694
343,751
349,039
358,382
349,214
332,029
278,885
287,544
238,243
235,669
241,377
8,949
38,361
19,361
28 , 585
40,357
37,036
264,408
433,805
377,641
399,985
338,402
413,999
BANKERS ACCEPTANCES
Sales
Purchases
Contract s
SECURITIES
BILLS
DISCOUNTED
xIncludes sa les co n tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
x..__________—................. .... .
(000 Omitted)
S#fiton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St# Louis
Minneapolis
Kansas city
Dallas
San Francisco .
T otals
GOVERNMENT SECURITIES
Balance
Balance
Net
May 27
May 20
Change
BANKERS ACCEPTANCES
Net
Balance
Balance
May 27
May 20
Change
$
$ 5,6301 0 ,3982 ,2 1 2 4 ,0 1 2 927+
4,211+
8988,459+
0
. 838+
3,567+
4., 683+
$ 34,197
38,254
21,610
24,470
10,794
9,480
37,008
12,136
10,674
15,452
8,719
. 18,583
$ 24,005
41,497
24,662
23>388
10,488
10,347
38,201
11,311
11,310
15,451
8,377
16,632
$10,192+
3 ,2 4 3 3 ,0 5 2 1,082+
306+
8671 ,1 9 3 825+
6361+
342+
1,951+
$
$241,377
$235,669
$ 5,708+
3,912
61,775
17,933
27,653
6,226
16,811
41,580
35,099
17,345
35,430
32,502
49.099
$345,365
$
9,542
72,173
20,145
31,665
5,229
12,600
42,478
26,640
17,345
34,592
28,935
44,416
$345,830
465-
COMMENT ON CHANGES VffiEK ENDED MAY 27.
Total earning assets o f a l l reserve banks advanced §68,816,000 during the
statement week due c h ie f ly to an increase o f $75,597,000 in b i l l s discounted which
jaached the highest p oin t since February 25, 1925. ® Slls purchased o u trig h t in c -oased $5,708,000 ^h ile Government s e c u r itie s and bankers acceptances held under
‘Sales con tracts declined $8,952,000 and $3,321,000 r e s p e c t iv e ly .
Reproduced from the Unclassified I Declassified Holdings of the Nation iiftrc hives
DECLASSIFIED
Authority j
fQ Q ) j
R e fle ctin g the d e f i c i t in reserves o f leading New York
C ity banks, the c a llin g o f loa n s, and preparations fo r f i r s t o f the
month in te r e s t and dividend disbursements, money con d ition s turned
slig jh tly firm er during the week,
A fte r the temporary advance on
May 25 to 4 1 /2 per cent, stock exchange c a l l money opened and
renewed at 4 p er cent on Tuesday and held unchanged during most o f
the week*
On Friday, May 29, hovsever, fo llo w in g some in flo w o f
funds from the in t e r io r , the rate a ft e r opening and renewing at
4 per cent receded further to 3 3 /4 per ce n t.
Time money continued q u iet with rate fo r a l l m atu rities
unchanged a t 3 3/4 to 4 per ce n t.
Loans fo r 4 to 6 months*# how
ever* were g e n e ra lly held a t 4 per cent although some loans were
reported made at the bid rate*
The commercial paper market was quiet*
Dealers rep ort
New York banks buying ir r e g u la r ly , the bulk o f business continuing
to be in the Middle West vjhere s a le s were g e n e ra lly at 3 3/4 per
cent*
Gove mment
Trading in the L ib e rty Loan and Treasury bonds during
Se c u r i t y
Market
the p eriod was com paratively q u ie t and sa le s on the Stock Exchange
to ta le d $5,250,000 as compared with $7,900,000 the previous week*
In general p r ic e s held firm and were p r a c t ic a ll y unchanged from
th e ir recent high le v e ls .
A c t iv it y was centered c h i e f ly on the
Second and Fourth 4 1 /4 per cent issu es*
The market f o r short
term Government s e c u r it ie s m e qtfiet with supply and demand about
equal and tradin g in lig h t volume*
Bankers
Acceptances
Dealers o ffe r in g rates on unindorsed b i l l s in a l l d is
t r i c t s continued unchanged from the previous week with 30»day
b i l l s o ffe r e d a t 3 1 /8 p er cen t, 60 and 90*8 at 3 1 /4 per cent
and 120-day m atu rities at 3 1 /4 to 3 3 /8 per cent*
Reproduced from the Unclassified I Declassified Holdings of the NationajjArchives
DECLASSIFIED
Authority £
J),
/Q fol
I
3
Boston rep orts an increased supply of b i l l s over the previous week with a
stronger demand at the p re v a ilin g ra te s, although d is t r ib u t io n continues to be
sm all.
Demand continued to be centered on 30-day m aturities#
reserve bank were the la r g e s t fo r any week th is year.
was q u ie t.
Purchases by the
In New York the b i l l market
While the supply o f b i l l s continued in excess o f the demand both were
m a teria lly le s s than fo r the previous week.
There was
a f a i r l y good demand fo r
short m atu rities which was a ttrib u ted to end-of-month requirem ents.
Although rates
continued unchanged there was evidence o f an u n settled undertone in the market,
Chicago reports the supply o f b i l l s was f a i r l y good and demand somewhat improved
although s t i l l slow*
Rates were reasonably firm with some ir r e g u la r it ie s in brokers*
q u ota tion s.
SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change in the System h old in gs sin ce the previous rep ort
the account at the c lo s e o f business May 27 remaining at $250,041,500.
The . .
p a r tic ip a tio n by the various Federal reserve banks and the c la s s if ic a t i o n of issues
held in the account by m a tu 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
Dallas
San Francisco
$
338,500
60*$17,500
435,000
12,920,000
4,884,500
13,926,000
24,064,000
34,378,000
9,788,000
23,152,000
25,771,000
39.867.000
$ 2 5 0 ,0 4 1 ,5 0 0
RECAPITULATION OF HOLDINGS BY MATURITIES
June 15, 1925
S e p t.15, 1925
Dec. 15, 1925
Marchl5, 1926
S e p t.l5 # 1926
MarchlS, 1927
Dec. 15, 1927
S e p t.15, 1928
3rd L/L Bonds
■
.-
0 31,132,700
5,274, 500
40,160,100
55,301)000
31,901,000
23,875,900
32,296,300
30,100,000
$ 2 5 0 ,0 4 1 ,5 0 0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority JT I). | ( V ? ) |
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
__________ FEDERAL RESERVE BANKS FROM MAY 21 TO MAY 27, 1925___________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
0
0
0
■ Q ••
927yOOO
4.213.500
0
8.408.500
835,500
4.083.000
4.682.000
B o s to n
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas
San Francisco
Held Under
Sales Contracts
Sales
Purchases
o 5 ,6 2 9 ,0 0 0
1 0 ,3 9 8 ,0 0 0
o
4 2 4 ,4 9 0
0
0
0
0
0
2 , 212,000
4 ,0 1 2 ,5 0 0
0
0
1 ,4 2 5 ,5 0 0
8 9 8 ,0 0 0
$23,149,500
0
0
0
______ 0
0
2,000,000
0
_____ 0
$ 2 3 ,1 4 9 ,5 0 0
$3,849* 990
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Boston
Atlanta
St# Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
0
83,350
. 51,000
2 ,1 8 2 ,8 50
251,850
7,400
1.000
Issue
Misc* G ov 't Sec
TD-1925 C tfs .
Misc. Gov*t Sec
M isc. Gov’ t Sec,
M isc. Gov’ t Se$,
M isc. G ov't Sec,
$2,577,450
Sales
Issue
500
86,050
0
2,182,850
250.000
523.000
0
Treasury 4$ bonds
M isc, Gov’ t .S e c .
Misc,Gov*t Sec*
Misc.Gov*t Sec*
Treas* 4$ bonds
«•
$3,042,400
BANKERS ACCEPTANCES
Maturity
Boston
1-30 days
31-60
H
61-90
"
Over 90 n
PURCHASES
Amount
§ 2,564,000
1,444,000
8,543,000
169.000
$ 1 2 ,7 2 0 ,0 0 0
Rate
3 1/8$
3$
3 1/8$ - 3 1/4$
3 1 /8 $ - 3 1 /4 $
3 1/4$
MATURITIES
Amount
Other
Holdings
$2,528,000
$3,225,000 SaXee
con tra cts
Reproduced from the Unclassified I Declassified Holdings of the Natic nai Archives
DECLASSIFIED
Authorityjrfi. jftC f)|
BANKERS ACCEPTANCES - (Continued)
M aturity
Now York
1-30 days
31-60
"
61-90
"
Over90
”
PURCHASES
Amount
$2,272,000
408,000
1,474,000
305.000
MATURITIES
Amount
Rate
$7,702,000
3 1/8% - 3 1/4%
3 1/Q% - 3 1/4%
3 1/8% - 3 1/2%
$4,459,000
P hiladelphia
1-30 days
31-60
"
Other
Holdings
$26,880,000 Sales
con tra cts
559.000 oneday h o ld
over for
d is tr* to
F*R, Banks
737.000 foreign
trade ac
ceptances
245.000 Special
foreign
b ills
3,329,000
252,000
3 3/8%
$277,000
Cleveland
1-30 days
11,000 3%
31-60
"
462,000 3 1/8%
61-90
" 283,000 3 1/8%
In other
3.667.000 3%
- 3 1/2%
d is tr ic ts
r, 423,000
3,341,000
Richmond
31-60 days
61-90
"
In other
d i s t r ic t s
3 1/4$
3 1/4%
3%
- 3 1/2%
1,608,000
3 1/8%
2,137,000
145,000
88,000
l t681,000
402,000 S terlin g b i l l s
0
,914,000
Atlanta
1-30 days
61-90
"
In other
d i s t r ic t s
29,000
57,000
..1,184,000
3%
-3
1/2%
$1,270,000
Chicago
1-30 days
61-90
"
In other
d is t r i c t s
425.000
322.000
4.497.000
692,000 Unin
dorsed
b i l l s pur
chased from
accepting
banks
3%
3 1/8%
3%
- 3 1/2%
6,437,000
2,087,000 Sales
con tra cts
3%
1,665,000
0
$5,244,000
3 t r Louis
In other
d is t r i c t s
2,490,000
~ 3 1/2%
Reproduced from the Unclassified / Declassified Holdings of the NationaMrchives
BECLASSIFfEB
Authority
t
BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount
Maturity
Minneapolis
Kansas C$ty
P a lla s
In oth er
d is tr ic ts
1,389,000
3<
- 3 1/2%
$2,025,000
In other
d is tr ic ts
2,373,000
3°C
- 3 1 /2 i
2,372,000
6.,000 H
6,000 3 l/ H
18,000 3 l/ 8 t
l t 628tQQ0 H
- 3 1 /2 *
1,316,000
I -30 days
31-60
"
61-90 • «
In other
d is tr ic ts
O ther
MATURITIES
Amount
Rate
Holdings
$1,658,000
San Francisco
1-30 days
31 •'$0
»
61-90
w
In other
d is tr ic ts
627.000
353.000
401.000
3«C$4>000
2,504,000
3 l/B i
3 l /4 <
2,209,000 S te
C ontracts
- 3 1 /2 %
$4,455,000
T o ta ls
$36,964,000
$42,672,000
$37,036,000
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING TOK ENDED MAY 27, 1925 AND
_________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES
rT'^ (OOO OmitteS)'
Government
S e c u r itie s
purchased
Sold
Matured
{E xcluding Sales C ontracts)
Bankers
Acceptances
T ota l
$25,727
26,192
0
$42,672
0
36,964
$68,399
26,192
36»964
$
$ 5,708+
$ 5,243+
465-
gasaates
(in clu d in g Salee C ontracts)
16-30
31-60
61-90 91-d a y sOver
days
days
6 Months 6 Months
Holdings
May 27, 1925
Within
15 days
Gov*t S ecu ritie s
*5i l l & purchased
| 3,849
lp 5»4Q6
£ 46,256
56,877
$
0
64f 199
0
48,181
020,145
3 >750
$278,964
0
$349,214
278,413
$109 ,255
$103,133
$64,199
$48,181
$2 3,89 5
$2 78,9 64
$627,627
T otal
Reproduced from the Unclassified I Declassified Holdings of the National Aichives
' ' •-
DECLASSIFIED
Authority j r j j ,
/ A O -) |
F o r m N o f 1*1
OflFIce Correspc lienee
■
. F II /
i
i
T ot:
•#vhndm*t ftwtiwo omoa
FEP^PAL RESERVE
BOARD
L/ate„
A
m bers o f th e Board
-May..23+..1225..
“Subject:.
j ?.
For you r in fo r m a t io n :
P le a s e re tu r n t o S e c r e t a r y ’ s O f f i c e .
'^ G o v e r n o r G r is s in g e r
Mr. P l a t t
(✓'Mr. Hamlin
/ Mr*'y^ames
Cunningham
Y / .r . M i l l e r
C o l. M cIntosh
-a*"5"
*3
-- '
R e p ro d u c e d fro m th e U n c la s s ifie d
I D e c la s s ifie d
H o ld in g s o f th e N a t io n ^ ljt a h iv e s
D E C L A S S IF IE D
Authority £ j ) t
f(V/) |
m i 26, 1925.
Dear Hr« Ifette# on*
I
aoimowledge reoeipt of and aha11 bring
to th© attention of th* raenabers of th© Boar#
your le tte r of th© 25th inatnnt, addreaaed to
Governor Oriaa inger, enclosing a report of
■transaction# la Oovernaent aeouritiea and'
bankera aoceptanoes aa reported to the Open
iterket Investment Goomittee for the Federal
Reaerve Syatem for the period frtn ifry 14 to
20, XgBf InoluBive. together with data '
^reoeire<ri>y the Ooramittee from the Federal re
aerve banka.
Ipry truly yours,
_ t , BddT
f i l t e r L* Bddy,
Seoretary.
Mr. W. B. Matteacn, Seoretary,
Open Market Investment Committee,
o/o Pedera1 Reserve Bank,
Kam York, 8.Y .
Reproduced from the Unclassified I Declassified Holdings of the Nationai$ichi es
aw
■
DECLASSIFIED
Authority
na
O F Ne w Y o r K
hi A
|
OWT7
Open Market Investment Committee
for the Federal Reserve System
CONFIDENTIAL
May 25, 1925
S i r :
Inclosed is a report of transactions in Govern
ment securities and bankers acceptances as reported to
the Open Market Investment Committee for the Federal Re
serve System for the period from May 14 to May 20, 1925
inclusive, together with data received by the Committee
from the Federal reserve banks.
Respectfully,
Honorable D. R. Crissinger,
Governor, Federal Reserve Board,
Washington, D. C.
Encl. ( l )
d e c l a s s if ie d
Authorityjr&
|(Y ^)|
COMFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY 20, 1925
Holdings of Earning Assets of Federal Reserve Banks Jan»7, Feb',25, Mar,25, Apr.29,
(000 Omitted)
-19 24Jan* 9
Feb* 27
Mar, 26
Apr, 30
May 7
”
14
"
21
-1925Jan* 7
Feb, 25
Mar, 25
Apr* 29
May
6
n
13
"
20
TOTAL
EARNING
ASSETS
*GOVERNMENT
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
BILLS
DISCOUNTED
01,026,496
950,801
942,080
873,381
838,505
810,257
795,499
0100,358
155,801
257j 256
301,660
310,882
323,164
324,641
0279i 588
205,022
164,947
102,800
83,525
71,409
52,958
039,578
38,288
37)511
21,685
3,762
3,952
2,734
0606,921
531,690
482,315
447,185
440,285
411,181
414,615
1,109,965
1,129,697
1,040,699
1,027,752
1,076,682
1,013,585
985,560
496,029
364,694
343,751
349,039
375,714
379,977
358,382
332,029
278,885
287,544
238,243
220,768
221,861
235,669
8,949
38,361
19,361
28,585
57,698
61,125
40,357
264,408
433,805
377,641
399,985
410,602
338,722
338,402
^Includes Sales Contracts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
DURING 1EEK ENDED MAY 20. 1925
(000 Omitted)
GOVERNMENT? SECURITIES
Net
Balance
Balance
Change
Mav 20
Mav 13
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dalias
San Francisco
Totals
0
9,542
72,173
20,145
31,665
5,299
12,600
42,478
26,640
17,346
34,342
28,935
44.416
0345,581
0
15,348
82,897
22,426
35,804
4,342
8,222
47,529
17,968
17,346
29,261
24,689,
39.586
0345,418
0
5,80610,7242,2814 ,139957+
4,378+
5,0518,672+
0
5,081+
4,246+
4%830+
$
163+
BANKERS ACCEPTANCES
.Net
Balance
Balance
Change
Mav 13
Mav 20
0
24,005
41,497
24,662
23,383
10,488
10,347
38,201
11,311
11,310
15,451
8,377
,16»632.
$235,669
0
25,961
37,638
25,273
21,697
9,597
9,826
34,478
9,297
12,960
14,072
6,805
14f 257
0221,861
0
1,9563,859+
611—
1,691+
891+
521+
3,723+
2,014+
1,6501,379+
1,572+
2.375+
013,808f
COMMENT ON CHiiNGES VZBEX ENDED MAY 20. 1925
Total earning assets of a ll reserve banks declined 028,025,000 further
to the lowest point since the week ended January 21, 1925* The decline was due
chiefly to reductions of $21,758,000 and $20,768,000 respectively in securities
and b ills under sales contracts, while b ills discounted declined 0320,000*
Acceptances purchased outright increased $13,808,000#
d e c l a s s if ie d
Authority ^ JX 4 i£ o l
2
Money'
Market
Money conditions in Now York continued unchangod from the
levels prevailinn; during the past month and Stock Exchange ca ll loan
renewals held steady at 3 3/4 per cent with the rate for new loans
generally unohanged except for a temporary decline to 3 1 /2 per cent
on May 20 and an advance to 4 per cent on May 22*
At the opening
o f the week, reserves of leading New York City member banks were sub-*
stan tially below requirements and continued in d eficit throughout
the week so that on Friday, May 22, banks werfe obliged to increase
their borrowings considerably at th is bank in order to maintain
their required average reserve for the week*
These loans, however,
were immediately repaid on Saturday, so that on Monday, May 25,
reserves were again in d eficit and, Stock Exchange c a ll loans ad
vanced to 4 1 /2 per cent,
Time money continued quiet with nominal rates for a ll matu rities unchanged at 3 3 /4 to 4 per cent, bat trading has been gen
erally arranged at 3 7/8 per cent*
The commercial paper market in New York continued quiet,
only a few banks buying in limited amounts generally at 4 per eent*
Dealers report a continued active demand from the Chicago and St* .
Louis d istricts and a fair demand from New England centers.
Outside
of New York the trend in rates has been slig h tly easier and dealers
report prime paper moving freely at 3 3/4 per cent*
Qovornraertt
Security
Market
Trading in the Government bond market was active and sales
on the Stock Exchange during the week ending May 23 totaled about
$7,900,000 compared with $4,600,000 the week before*
Prices gener
a lly held steady at close to the recent high levels and on May 20
bonds *
the First and Fourth issues of 4 1 /4 per cent Liberty Loan/established
new hicrh prices for the year#
Reproduced from the Unclassified I Declassified Holdings of the National A chives
DECLASSIFIED
Authority JT J), |QC?)|
3
The market for short-term Government securities was quiet with
demand and supply about equal and prices generally remained unchanged.
Bankers
Acceptances
Reflecting the light demand for bankers* b i lls and the incre^s
ed supply dealers in New York and Chicago advanced both bid and offer
rates on a ll maturities l / 8 per cent.on Wednesday, May 20, and are now
offering 30-day unindorsed b i lls at 3 l / 8 per cent, 60 and 90*s at 3 l / 4
per cent and 120-day maturities at 3 1 /4 to 3 3/8 per cent.
Other dis
t r ic t s report rates unchanged from previously current levels*
Boston reports an ample supply of b ills for the demand.
The
market was very quiet although sales were sligh tly in excess of the pre
vious week.
Combined holdings of dealers increased and are now generally
at the same level as in the corresponding period last year*
itie s continued in the best demand.
Short matur
Accompanying sligh tly firmer money
conditions, the supply of b i lls in New York was substantially in excess
of the demand.
Accordingly dealers’ portfolios showed a large increase
and at the close of the period rates were advanced with substantial
offerings to th is bank in adjustment of dealers' positions. Chicago
reports a fair supply of b ills with only a light demand.
OPERATIONS
ACCOUNT
UNITED STATES
TREASURY
........
..... ‘.. Tf........
■'*' ■"
.........
—
—
*...
At the request of the Treasury the Federal Reserve Bank of
New York purchased during the period §19,800 Third Liberty Loan 4 l /4 $
bonds for account of the Interstate Commerce Commission - General
Railroad Contingent Fund»
@FedFRASER