Full text of Records of the Federal Reserve System, Record Group 82 : Weekly Report: Open Market Investment Committee (January 2-April 29, 1925), Box 2761, Folder 2

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Reproduced from the Unclassified I Declassified Holdings of the National Archives

~

DECLASSIFIED

Authority( f O

I ' o A l KTo. 131.
FEDERAL RESERVE
BOARD

Office Qorrespc ,^ e n « jjj
To _J

Besbers of the Board.-------




e Ifa y S ^ 1925.

Subject:
C*

For your infoiwetion.
^Governor Or las lager
Piatt
-U r • Hamlin
James
Klfr*
^ i r . Cunninghan
1 Mr. Miller
Please return to S ecreta ire O ffice.
L etter Matteson 5 /4 /2 5 en closin g re p o rt Open Market
Sornmitee A p ril 23 to A p r il 29, 1925.

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 s s if ie d
Authority

Uay 5 , 1925.

Bear Mr, Matteaoni
I
acknowledge r e ce ip t of end sh a ll bring 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 4th in s ta n t, addressed to Oovernor
C rissin g e r, en closin g a re p o rt o f tran saction s In
Government s e c u r it ie s and bankers aooeptanoes as
reported to the Open Market Investment Committee
fo r the Federal Reserve System fo r the p eriod from
A pril Z$ t o A p ril 29, 1925, in c lu s iv e , togeth er
with data received by the Coiaaittee from the Fed
e ra l reserve banks.
Very tru ly yours,

Welter L. Bddy,
Secretary.

Mr, W B. Mattes on, Secretary,
.
Open Market Investment Committee,
o /o Federal Reserve Bank,
New York, N.Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

declassified

Authority5 ) i J fiS *§

REC EI V

fviA 5 21925
Y

F e d e r a l R e s e r v e Ba n k
o f

OFFICE G£THE Q-OVEBNOB

Ne w Yo r k

Open % rk e t Investment Committee
fo r the Federal Reserve System




£JL 1X III1II Ah

i&y 4 P 1925

S i r :
Enclosed is a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from A p ril 23 to A pril 29, 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 ,
'

/

Secretary o f the Committee

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

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority (TC)

i

CONFIDENTIAL
REPORT OF O
PEN M
ARKET INVESTMENT COM ITTEE W
M
EEK ENDED APRIL 29, 1925

Holding® o f Earning A ssets o f Federal Reserve Banks Jan .7, Feb*25, March 25,
A p r il I and 29> 1925 as Comparod with Corresponding Periods in 1924
(000 Omitted)
BILLS
BANKERS ACCEPTANCES
TOTAL
♦GOVERNM
ENT
Sales
EARNING
DISCOUNTED
*1924
Purchases
Contracts
ASSETS
SECURITIES
$1,026,496
95Qt 801
942,080
1,008,388
873,381

$100,358
155,801
257,256
264,855
301,660

$279,588
205,022
164,947
163,001
102,800

039,578
38,288
37,511
50,711
21,685

$606 ,921
531 ,690
482 ,315
529 ,660
447 ,185

1,109,£65
1,129,697
1,040,699
1,086,539
1,027,752!

Jan « 9
Feb. 27
Mar* 26
Apr, 2
N •
3t>
*
»
-1925 <
Jan • 7
Feb, 25
Mar • 25
Apr. 1
■
m 29

496,029
364,694
343,751
357,834
349,039

332,029
278,885
287,544
283,935
238,243

8,949
38,361
19,361
32,443
28,585

264 ,408
433 ,805
377 ,641
399 ,925
399 ,985

i
♦Includes sa le s con tracts
CH GES IN HOLDINGS OF G
AN
OVERN EN SECURITIES AND BANKERS ACCEPTANCES
M T
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____________________ DURING T E K ENDED APRIL 29. 1925____________________
wE
(000 O n itted)
GOVERN EN SECURITIES
M T
Balance
Balance
Net
Apr* 22
APX:.J2
SSSRBSt
Boston
New York
Philadelphia
Cleveland
Richmond
A tlanta
Chicago
S t . Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T otals

BANKERS ACCEPTANCES
Net
Balance
Balance
Apr* 22
Change
Apr . 29

£ 21,155
93,621
24,706
39,942
3,385
3,927
52,580
9,297
17,346
23,970
20,348
34.754

£ 21,155
93,621
24,706
39,932
3,385
4,026
52,580
9,297
17,346
23,958
20,348
34.752

0
0
0
10+
0
990
0
0
124
0
2+

$ 28,749
40,920
24,241
23,689
10,375
11,073
35,250
10,015
17,308
11,675
7,094
17.854

30,474
39,122
24,091
24,092
10,634
11,004
31,768
9,470
16,989
11,414
7,188
19.280

£1,7251,798+
150+
40325969+
3,482+
545+
319+
261+
941.426-

$345,031

0345,106

C75-

§238,243

0235,526

$2,717+

C M E T O CH GES \7E K ENDED APRIL 29. 1925
O MN N
AN
E
a d eclin e o f C25,105,000 during the week brought t o t a l earning assets o f
the System to the lowest p oin t sin ce the we^k ended January 28, 1925 . The decline
™as c h ie fly accounted fo r by reductions o f v l l , 390,000 and <<3,967,000 in b i l l s and
s e c u r itie s held under s a le s co n tra cts, while b i l l s discounted declined ^12,390,000*
J i l l s purchased o u trig h t, however, increased 2,717,000*




Authorily <5xL 2f?S j?>

3
Bankers*
Acceptances




D ea lers’ o ffe r in g ra tes on unindorsed b i l l s continued
unchanged from the previous week at 3 per cent
per cent

for 30’ s, 3 1/8

fo r 6 0 - and 90-day b i l l s , and 3 1/8 to 3 1/4 per cent,

fo r 120-day m a tu ritie s,
Boston

rep orts a f a i r , although somewhat irre g u la r

supply, with 90-*day b i l l s predom inating,

The demand was confined

p r in c ip a lly t o lo c a l dealers while orders from foreign correspond
ents and the in t e r io r were n e g lig ib le ,

While the. supply was

s li g h t ly le s s than the demand, dealers t o t a l holdings remain at
rather a la rg e amount in comparison with recent months.

In New

York the market was m oderately a c tiv e , with a s lig h t ly la rg e r
supply o f b illfi as compared with the previous week*
a su b sta n tia l increase in the ou t~ of-tow i demand*
P h iladelphia was g e n e ra lly
from c i t y banks.

There was
The market in

in a c t iv e , with o n ly a lig h t demand

The supply was s lig h t ly la rg e r due c h ie fly

to the increase in sugar b i l l s .

Dealers in the Chicago d i s t r i c t

rep ort a small supply o f short b i l l s with a good demand, but
90-day b i l l s at p r e s e n t p rice s have been p le n tifu l#

SYSTEM SPECIAL INVESTMENT ACCOUNT
There were no tra n sa ction s during the period in the
System Account, the holdings at the c lo s e o f business A pril 29
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 o f issu es by ma
t u r i t i e s were as fo llo w s ;

■s
Reproduced from the Unclassified I Declassified Holdings of the National Archives

declassified

A u t h o r it y ^ Q i^ S ^

4
PARTICIPATION BT FEDERAL RESERVE BANKS

RECAPITULATION CF HOLDINGS BY MATURITIE
S

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

June 15, 1925
Sept .15 , 1925
Dec. 15, 1925
Mar. 15, 1926
Sept .15, 1926
Mar • 15, 1927
Dec ■ 15, 1927
Sept .15, 1928
Third L/L Bonds

$ 17,579,500
92,363,500
7,208,000
25,209,500
2,044,500
1,022,500
35,064,000
8,626,500
9,788,000
12,343,500
13,265,000
25.527.000
|250,041,500

0 31,132,700
5,274.500
60,160.100
40,301,000
21,901,000
18,875,900
32,296,300
30,100,000

$250,041,500

OPERATIONS ACCOUNT UNITED STATES TREASURY
Under Treasury a u th orization there was s o ld during the p e rio d fo r a c
count o f the A lien Property Custodian an aggregate o f $3,000,000 4 1 /4 per cent
Treasury bonds o f 1952, which sa les were sim ultaneously replaced through purchases
o f a lik e amount o f 3 per cent c e r t i f i c a t e s due December 15, 1925.
At the request o f the Treasury there was also purchased fo r account o f
the A lien Property Custodian an aggregate o f $4,000,000 2 3 /4 per cent c e r t i f i 
cates due September 15, 1925, and 3 per cent c e r t if ic a t e s due December 15, 1925*
These purchases were made in the Boston and New York d i s t r i c t s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

Q^J3Q5

ITEMIZED STATEM
ENT OF TRANSACTIONS AFFECTING THE INVESTM
ENT ACCOUNT OF
__________ FEDERAL RESERVE BANKS FR M APRIL 23 TO APRIL 29, 1925_________
O
TRANSACTIONS IN MISCELLANEOUS GOVERN EN SECURITIES
'
M T
Held Under
Sales
Purchases
Sales
Contracts
Issue
Issue
Boston
0
$
200 4# Treas. Bonds | 570,610
Cleveland
10,000 C-1925 Notes
0
0
A tlanta
136,550 Misc .Gov’ t S e c.
236 ,250 Misc .Gov *t S ec.
0
Chicago
0
0
1,187,500
Minneapolis
1,239,750 M is c* Gov‘ t Sec * 1,239,750 Misc .Gov11 Sec 0
Kansas C ity
11,900 Misc . G ov 't S ec.
2,250,000
San Francisco
, 0
2,000 Misc . Gov’ t Sec *
v4,008,110

,476,200

§1,400,200

bankers acceptances

Maturity
Boston

1-30 days
31-60
"
'61-90
H

PURCHASES
Amount
$

62,000
474.000
824.000

3#
- 3 1/8#
3 1/8#
3 1/8#

Other
H Idings
o

$3,085,000

$4,244,000 Sales
con tra cts

5,100,000

Rate

MATURITIES
Amount

1,723,000 oneday holdover
fo r d is tr ib u 
tion to F. R.
Banks
13,969,000 Sales
contracts
732,000 fo r 
eign trade
a cccp ta n ce»
246,000.Spec
i a l for . b i l l s

$1,360,000
New York

1-30 days
31-60
"
61-90
"
Over 90 M

5 ,511,000
350.000
769.000
268.000

3#
3 l /8 #
3 l/8 #
3 1/4#

3 1/4#
3 1/4#

>6,898,000

P h ilad elp h ia

1-30 days
31-60
M
61-90

535,000
1.690.000
2.396.000

3# - 3 l/8 #
3 1/8# - 3 3/8#
3 1/8# - 3 3/8#

4,471,000

3#

1,959,000

04., 621, 000
Cleveland




In other
d is t r ic t s

1,556,000

- 3 1/4#

901,000 Sterlin g b i l l s .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

d e c l a s s if ie d

Authority ( f t )

13>°)5

“
5?

BANKERS ACCEPTANCES - (Continued)

M aturity

PURCHASES
Amount

MATURITIES
Amount

JState

,

O th e r

Holdings
0

iCTchmonB

1-30 days §
33,000
31-60 «
59,000
In othor
1.337.000
d is ts $1,429,000

3 1/8$
3 1/4$
3$
- 3 1/4$

A tlanta

1-30 days
31-60 M
£n other
d is t r ic t s

3 1/8$
3 1/8$
- 3 1/4$
3$

1,119,000

920,000 Unin
dorsed
b i l l s pur
chased from
acceptin g
banks

3$
3
3 1/8$
3$

2,087,000

2,293,000 Sales
con tra cts

3 1/4$
3

1,296,000

3$

3 1/4$

751,000

In othor
d is t r ic t s 2,301,000
Spec .Purch.
612.000

3$

- 3 1/4$

2,594,000

3 1/4$

1,327,000

23,000
2,000
1>163.000

6 8 8, 000

$1,188,000
Chicago

1*30 days
850,000
31-60 "
20,000
61-90 "
106,000
In other
4.593.000
d i s t r ic t s
$5,569,000

St* Louis
Minneapolis

In other
d is t r i c t s

$2,913,000
Kansas C ity
Dallas

In other
d is t r i c t s
1-30 days
31-60 "
In other
d is tr ic ts

1,588,000
22.000
80.000
841.000

3$
3 1/8$
3$

1,037,000
3 1/4$

$ 943,000
San Francisco

1-30* days
31-60 *
*
61-90 M
In other
d is tr ic ts

367.000
606.000
236.000
136.000

3$
3 1 /8 $
3 1/4$
3$

2,771,000

3,557,000 Sales
Contracts

- 3 1/4$

345,000
T otals




$30,706,000

$27,989,000

$28,585,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority (f~( )

^ --------::_________________

*

RECAPITULATION OF PURCHASES AN SALES OF G VERN EN SECURITIES A D
D
O
M T
N
BANKERS ACCEPTANCES DURING W E EN
E K DED APRIL 29, 1925 AN
D
_________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES__________
(OOO Omitted)

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

$1,401
1,476
0
75-

030,706
0
27,939

Total
*32,107
* 1,476
27.939

$ 2,717*

(In clu d in g Sales C ontracts)
16-30 31**60 61-90 91 -da ysdays
days
days 6 Months

Over
6 Months

Holdings
A p ril 29, 1925

Within
15 days

Gov*t S ecu rities
B ills Purchased

S'4,008
0
^46,256
0
*,87,332
5.068
92.293 61.997 74.789 32.681

$211,443
0

*349,039
266.828

$96,301|61,997 $121,045 $32,681 $92,400

$211,443

$615,867




Total

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

(ft) 13>°}S

Form No. 1 1
3

ice~Correspc ience




FEDERAL RESERVE
BOARD

_/ate

T
r* of the Board.

/
For yQwr inform ation .

\Ak3v«rnor Crtaalnger*
P i« tt
►Mr. H **lin
J«a©a
/ Ifc*. Cunningh»*
/Mr* M ille r .
Pl©#*« retu rn to 3«oretaryt® Offioe.

L etter Metteson 4 /2 7 /2 5 en closin g Open Market
Committee Report week A p ril 16-22, 1925.

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 s s if ie d

A p ril 28, 1925.

Dear Mr. Mattesoni
I
acknowledge re o e ip t o f and ahull bring to
the a tte n tio n o f the members o f the Boerd your
l e t t e r o f the 27th in s te n t, addresaed to Governor
C riaainger, endow ing e re p o rt o f tranaactions in
Government u e o u ritie s and bankers acceptances aa
reported to the Open Market Investment Committee
fo r the f'edera 1 Reserve Syatem fo r the p eriod from
Ap*ll 10 t o A pril 22, 1925, in o lu s iv e , togeth er with
re ce iv e d by the Coamittee fro® the Federal re
serve banka.
Very tr u ly you rs,

Walter L. Bddy,
Secretary.

Mr. W. B. Hatteaon, S eoretery,
Open Market Investment Conraittee,
o /o Federal Reserve Bank,
Be* York, H.Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

declassified

Authority( f p / ^ 9 S l ?

RECEIVED
Fe d e r a l R e s e r v e

APR 2 8 1925

Bank

O F F IC E O F

THK
of

N e w Yo r k

Open Market Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

A p ril 27, 1925

S i r :
Enclosed is a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from A p ril 16 to A pril 22, 1925 in 
c lu s iv e , togeth er with data received by the Committee
from the Federal reserve banks.
R e s p e c tfu lly ,

Secretary o f the Committee
E ncl.
Honorable D.R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. G.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority(X)

l^ CS
?

CONFIDENTIAL
REPORT OF OPElf M ET INVESTMENT COM ITTEE W E EN
ARK
M
EK
DED APRIL 22, 1925.

Holdings o f Earning Assets o f Federal Reserve Banks Jan. 7, Feb, 25, Mar,
25. and A pril 1925 as Compared'Witli Corresponding Periods in 1924
(0 0 0 O m itte d )

^G VERN EN
O
M T

TOTAL
EARNING
ASSETS

-1924-

SECURITIES

BANKERS ACCEPTANCES
Sales
Contracts
Purchases

BILLS
DISCOUNTED

$1,026,496
950 , 801
942, 080
1,008, 388
996,119
912, 968
887,613

$100,358
155,801
257,256
264,855
268,903
266,667
274,295

$279,588
205,022
164,947
163,001
151, 893
130,104
120,803

$39,578
38, 288
37,511
50, 711
45, 713
46, 576
19,621

$606,921
531,690
482, 315
529,660
529,559
469, 570
472, 843

1,109,965
1,129,697
1,040,699
1,086, 539
1,076,616
1,039,344
1,052,857

Jan, 9
Feb. 27
Mar, 26
Apr. 2
"
9
" 16
" 23
-1925Jan. 7
Feb. 25
Mar. 25
Apr. 1
M 8
" 15
” 22

496,029
364,694
343,751
357,834
362,240
357,832
353,081

332,029
278,885
287, 544
283,935
263,891
251,037
235, 526

8,949
38, 361
19,361
32,443
46,794
23,021
39,975

264, 408
433, 805
377, 641
399,925
391,289
395, 302
412,375

x Includes sa les con tra cts
CH GES IN H)LDINGS OF G
AN
OVERN EN SECURITIES AN JANKERS ACCEPTANCES
M T
D
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_________
DURING W E EN
EK
DED AFR1L 22. 1925............................
...
(000 Omitted)
BANKERS ACCEPTANCES
Net
Balance
Balance
Chanse
Ael , - 15

Boston
New York
Philadelphia
Cleveland
R ichmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco

$ 21,155
93,621
24,706
39,932
3,385
4,026
52,580
9,297
17,346
23,958
20,348
34.752

$ 21,155
93,621
24,706
39,932
3,385
4,379
52,580
9,297
17, 346
23,943
20,348
34.752

—
0—
-0 -0 -0 -0 353-0*
-0 -0 15+
-0 -0 -

$ 30,474
39,122
24,091
24,092
10,634
11,004
31,768
9,470
16,989
11,414
7,188
19T280

$ 33, 266
44, 217
24,197
27, 554
12,024
l l r966
34,087
11,334
8, 258
12,741
8, 666
22,727

Tot al s

$345, 106

$345, 444

$338-

$235, 526

$251,037

$ 2, 7925, 0951063* 4621, 3909622, 3191, 8648, 731+
1, 3271, 4783, 447^
cn

G VERN EN SECURITIES
O
M T
Balance
Balance
Net
Apr, 22
Apr. 15
Chanee

511-

C M E T O CH GES W K ENDED APRIL 22. 1925,
O MN N
AN
EE
T otal earning assets o f a l l re se rv e banks increased §13,513,000 during the
statement week, due c h i e f l y to an advance o f $17,073,000 in b i l l s discounted, and
$16,954,000 in bankers acceptances held under sa les co n tra cts. B i l l s purchased out
rig h t d eclin ed $15, 511,000, w hile holdings o f Government s e c u r it ie s declined
14,751*000, o f which $4*413,000 represented red u ction s in sales e cntracts.



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority(f~Q

*§

2

L'oncy
Market

At the opening of the week reserves of leading New York City
member banks were su b sta n tia lly below requirements.

R e fle ctin g th is .

• ' .*

co n d itio n and the temporary s h iftin g of funds in cid en t to payment fo r the
recent issu es of s e c u r it ie s of the Dodge Motor Company money con d ition s in
New York turned s lig h t ly firm er.

O Tuesday, A pril 21, Stock Exchange c a l l
n

money a fte r renewing at 3 l/2 per cent advanced to 4 l / 2 per cent, but on
Wednesday the rate declined to 4 per cent and held unchanged throughout
the balance of the week*

The return flow of funds from the in t e r io r was

accompanied by a sharp increase in reserves of New York C ity banks, and on
Friday, A pril 24, both actual and average reserves fo r the week were in
excess of requirements without any increase in borrowings at th is bank*
The trend of lon ger term money, continued s lig h t ly e a sie r-

In

the time money market some loans fo r 90-days were placed at 3 3 /4 per cen t}
with m atu rities at 4 per ce n t.

Commercial

paper dealers rep ort a quiet

market in New York, due somewhat to the lim ite d supply of prime paper in
th e ir p o r t f o l i o s .

There has been a f a ir ly a ctive demand, however, from New

England and middlewest ce n te rs.

The most common rate continues 4 per cent,

with a somewhat la rg e r volume of paper moving at 3 .3 /4 per cen t.

The

demand fo r money continues sm all.
Government
Security
Market
a ctiv e ,




Trading in the Government bond market continued moderately
and sa les on the Stock Exchange during the p eriod to ta le d

$6,900,000.

A fter advancing la s t week to new high p r ic e s fo r the year,

a ctiv e L ib e rty Loan bonds held gen era lly firm at clo s e to the years high
p o in t, and on A pril 21 the Treasury 4 per cent bonds reached 101 12/32’ s,
a new high p r ic e fo r a l l tim e.
The market fo r short-term Government s e c u r it ie s was gen era lly

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

dull during the period with only small offerings and a lig h t
demand.

*r ic e s held firm and yields generally remained un

changed.

d is tr ic ts outside of ^*ew York report a good demand

for short-term c e r tific a te s maturing within the year*
^.ankers

Offering rates on 60 and 90 day unindorsed b i l l s
which were temporarily lowered to 3 per cent by some dealers
were again advanced 1 /8 to 3 1 /8 per cent and at the close of
the period a l l d istr ic ts report dealers offering 3o ' b at 3 per
cent and 60 and 90 day b i l l s at 3 1 /8 per cent*
Boston reports an increased supply of b i l l s due partly
to the reduced buying rates early in the week and the lack of
demand at the lower offering rates.

A
he demand from both lo cal

and out-of-town banks, however, has recently shown some improve
ment*

Sealers aggregate p o rtfo lios reached a new high point for

the year*

The bank acceptance market in New York continued quiet;

dealers sales were very lig h t and their purchases moderate*
The advance in rates toward the close of the week had l i t t l e
material e ffe c t on dealers' operations.

*^ Philadelphia the
n

market continued quiet with the supply and demand about equal.
Trading was dull with only a lig h t demand from lo ca l banks,
Ghicagp reports a moderate supply with a fa ir ly active demand,
principally for short m aturities.

SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change during the period covered by this report in
the aggregate holdings in the System Account, the only transaction being an even
exchange in par value of Treasury c e r tific a te s , due September 15 , 1925, for
Treasury notes maturing June 15, 1925.



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ( f t )

«■
=
-----------~

''

dull during the period with only snail offerings and a light
demand*

^rices held firm and yields generally remained un

changed*

d istricts outside of ^ew York report a good demand

for short-term certificates maturing within the year*
cankers

Offering rates on 60 and 90 day unindorsed b ills
which were tem porarily lowered to 3 per cent by some dealers
were again advanced 1 /8 to 3 1 /8 per cent and at the c lo s e o f
the p eriod a l l d is t r ic t s rep ort dealers o ffe r in g 30*s at 3 per
cent and 60 and 90 day b i l l s at 3 1 /8 per cent*
£o&ton reports an increased supply of b i l l s due partly
to the reduced buying rates early in the week and the lack of
dem
and at the lower offering rates,

A demand from both local
he

and ou t-of-tom banks, however, has recently shown some improve
ment*

Sealers aggregate portfolios reached a new high point for

the year.

The bank acceptance market in New York continued quiet;

dealers sales were very light and their purchases moderate*
The advance in rates toward the close of the week had l i t t l e
material effect on dealers1 operations*

^n Philadelphia the

market continued quiet with the supply and demand about equal.
Trading was dull with only a light demand from local banks,
Chicago reports a moderate supply with a fairly active demand,
principally for short maturities.
SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change during the period covered by this report in
the aggregate holdings in the System Account, the only transaction being an even
exchange in par value of Treasury certifica te s, due September 15, 1925, for
Treasury notes maturing June 15, 1925*




Reproduced from the Unclassified / Declassified Holdings of the National Archives

d e c la s s if ie d
Authority< f b

4

The p a r tic ip a tio n in the account hy a l l Federal reserve hanks at the
c lo s e o f business A pril 22 and the c l a s s i f i c a t i o n o f issu es by m atu rities m s as
fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 17,579,500
92,363*500
7,208,000
25,209,500
2,044,500
1,022,500
35,064,000
8,626,500
9,788,000
12,343,500
13,265,000
25.527.000

RECAPITULATION OF HOLDINGS BY MATURITIES
June 15, 1925
Sept* 15, 1925
Dec* 15, 1925
March 15, 1926
S ept. 15, 1926
March 15, 1927
Dec* 15, 1927
Sept. 15, 1928
Third L/L Bonds

$ 31,132,700
5,274,500
60,160,100
40,301,000
31,901,000
18,875,900
32*296,300
30,100,000

$250,041,500

$250,041,500

At the la s t meeting o f the Open Market Committee held at the time o f the
Governor*s Conference i t m s recommended th a t allotm ents t o the fe d e r a l Reserve
3ank o f M inneapolis should co n s is t mainly o f bankers acceptances in p referen ce
to Government s e c u r it ie s in order t o meet the request o f th a t bank fo r c o lla t e r a l
*3hieh would be a v a ila b le in case o f need fo r note is s u e s .

A ccordingly there

m e a llo tte d to the Minneapolis bank during the week purchases made in the New
York market aggregating about $ 9,000,000,

OPERATIONS ACCOUNT UNITED STATES TREASURY
Under Treasury a u th oriza tion s there m s so ld during the p eriod

for

account o f the A lien P roperty Custodian an aggregate o f $4,365,000 4 l / 4 per cent
Treasury bonds o f 1952, which sa les were sim ultaneously replaced through purchases
o f a lik e aggregate amount o f 2 3 /4 per cent c e r t i f i c a t e s due September 15, 1925
and 3 per cent c e r t i f i c a t e s due December 15, 1925*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority( f p

5
ITEMIZED STATEM
ENT OF TRANSACTIONS AFFECTING TH INVESTMENT ACCOUNT OF
E
FEDERAL RESERVE BANKS FRO APRIL 16 TO APRIL 22. 1925
M
G
OVERN EN SECURITIES
M T
Held Under
SaleS Contracts

SYSTEM INVESTMENT ACCOUNT
Purchased
Sales
Boston
New York
P hiladelphia
Cleveland
Hichmond
xtlanta
Chicago
i t . Louis
in n eap olis
.anaas C ity
Dallas
oan Francisco

365,500
1,935,500
143,500
524,500
37,500
15,500
729,500
176,000
208,500
255,500
276,000
532,500

# 365,500
1,935,500
143,500
524,500
37,500
15,500
729,500
176,000
208,500
255,500
276,000
532r500

$ 164,210
4,044,000
0
0
0
0
1,817,000
0
0
1,950,000
0
0

$5 ,200,000

$5,200,000

$7,975,210

1

OTHER TRANSACTIONS IN GOVERN EN SECURITIES
M T
Purchases
A tlanta
Minneapolis
Kansas C ity

$

Sales

531,150 M isc. Gov’ t Sec*
2,821,750 "

$3,368,000

$

884,200 M isc. GovH Sec,
2,821,750 1
1
"
*"
0

§3,705,950

BANKERS ACCEPTANCES
Maturity
oston

I -30 days
31-60 '*
61-90 M

PURCHASES
Amount

Rate

c/
192.000 3/°
913.000 3 l/Q'/o - 3 1 /4 $
935.000 3 1/8$

MATURITIES
Amount
$4,832,000

Other Holdings
$4,026,000 Sales
Contracts

$2,040,000

ew York

1-30 day#
61-90 "
Over 90 M




581.000 3#
156.000 3 1 /8 %
30.000 3 1/4#
$767,000

5,862,000

1,520,000 one
day h old 
over fo r
d is t . to
F.R. Banks
22,670,000 Sales
Contracts
692.000 foreign
trade accep t,
246.000 s p e c ia l
fo re ig n b i l l s

Reproduced from the Unclassified I Declassified Holdings of the National Archives

d e c l a s s if ie d

Authority

6

BANKERS ACCEPTANCES
PURCHASES
Amount

M aturity
P hiladelphia

1
31
61

30 days
60 "
90 “

$

591.000
490.000
3.050*000

( Continued)
MATURITIES
Amount

Rate
3$
3 1/8$
3 1/8$

Other
Holdings

3 1/4$
3 1/4$

,131,000

Cleveland

1
31

30 days
60 "

$

518,000
225.000

$

4,205,000

3$
3 1/8$

743,000

Richmond

987,000
Ster
lin g
b ills

1.390.000

Atlanta

1 « 30 days

Chi eago

1 - 3 0 days
31 - 60 "
61-90 "

41,000

3 1/8$

1.103.000

930,000
Uni'ndorsed
b ills
‘
purchased
from a c
cepting
banks

801,000
28,000
215.000

$

3$
3 1/8$
3 1/8$

3,363,000

3,258,000
Sales.....
Contracts

3 1/4$

$1,044,000

S t. Louis

1.864.000

Minneapolis

In other
d is tr ic ts

Kansas C ity
Dallas




3%

0
1 - 3 0 days

San Francisco

,400,000

1-30
31 ~ 60
61 ~ 90

"
H
w

10,000
399.000
612.000
242.000

3 1/2$

669,000
1.327.000

3$

1.488.000

3$
3 1/8$
3 1/8$

4.700.000

4,846,000
Sales
Contracts

11,253,000
T ota ls

$19,429,000

$34,940,000

139,975,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

(ft) 13f 13^2

RECAPITULATION OF PURCHASES AN SALES OF G VERN EN SECURITIES AN
D
O
M T
D
BANKERS ACCEPTANCES DURING W
EEK EN
DED APRIL 22, 1925 AN
D
- ________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES__________
( 000 OMITTED1
)
(Excluding Sales C ontracts)

Government
S e cu ritie s
Purchased
Sold
iatured

Bankers
Acceptances

T otal

$8>568
8,906
0

$19,429
0
34^940

$27,997
8,906
34.940

$1 5,5 11 -

$15,849-

$

338-

(In clu d in g Sales C ontracts)
Holdings
A pril 22. 1925

"Within
15 Days

16-30
Days

31-60
Days

61-90 91-D aysOver
Days 6 Months 6 Months

T otal

Gov*t S e cu ritie s $ 7,975 $ 0
$ 41,043 $ 0
$25,205
B ills Purchased
100.059 54,126
81.652 33.698 5.966

$278,858
0

$353,081
275.501

|108#034 $54,126 $122,695 $33,698$31,171

$278*858

$628,582




Reproduced from the Unclassified I Declassified Holdings of the National Archives
----- .-----------------

—

...

..............

..............................

DECLASSIFIED
Authority J j V

fj

F o r ^ N o . 131.

I Office Correspc
A ll raembe

j C\ty |

RESERVE

VD
R

e Board.

S u b ject:

3

Mr% Bddy,


•T u ^ rR T o
e Ms'tfe T iNf^


4^ace„ A pril 14, 1925 *

*

/
■M
S

For yb^r inform ation.
*^fovernor G rissin ger
v iifr. P la t t
'/M r . Hamlin
sM r* James
]/ Mr. Cunninagham
^ Mr* M iller
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




D E C L A S S IF IE D ^
Authority f j L

/f V ? ) |

A pril U , 192S.

Dear

M a ttson i

X acknowledge r e c e ip t o f and s h e ll bring to
the a tte n tio n o f the uefliers o f the Board your
l e t t e r o f the 13th in sten t* addreesed t o Governor
C rissin g e r, en closin g a rep ort o f tra n sa ction s in
Government s e c u r it ie s end bankers acceptances as
reported to the Open Market Investment Committee
fo r the Federal Reaer-re Syatem fo r the period from
A pril 2 to A pril 8 , 1925,. in c lu s iv e , togeth er with
date reoeired by the OoM&ttee fro ® 'th e Federal re
serve banka.
Very tru ly you rs,

Walter L. Eddy,
S ecretary.

Mr. W. 3. Matteson, S ecretary,
Open Market Investment Ootnmittee,
o /o Federal Reserve Bank,
Hew York, N.Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L ^ I P S O l-

;0£!V £D

APR 14 1925
Fe d e r a l R e s e r v e
of

Bank

N e w Yo rk

Open Market Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

A pril 13, 1925

S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r itie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from A pril 2 to A p ril 8, 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 o f the C o m itte e

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

O F F IC E O F
t h e q- v e b n o b
o

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority f T). (

1

CONFIDENTIAL
REPORT OF OPEN M
ARKET INVESTMENT COM ITTEE W
M
EEK ENDED APRIL 8 , 1925

Holdings o f Earning Assets o f Federal Reserve Banks Jan. 7 , Feb, 25, Mar* 25,
A pril 1 and 8» 1925 as Compared With Corresponding Periods in 1924
(000 Omitted)
BANKERS ACCEPTANCES
Sales
Purchases
Contracts

BILLS

TOTAL
EARNING
ASSETS
$1,026,496
950,801
942,080
1,008,388
996,119

Jan, 9
Feb. 27
Mar. 26
Apr. 2
9
-19 25Jan, 7
Feb, 25
Mar, 25
Apr* 1
”
8

$100,358
155,801
257,256
264,855
268,903

$279,588
205,022
164,947
163,001
151,893

$39,578
38,288
37,511
50,711
45,713

$606,921
531,690
482,315
529,660
529,559

1,109,965
1,129,697
1,040,699
1,086,539
1,076,616

•*1924»

♦G
OVERN EN
M T

496,029
364,694
343,751
357,834
362,240

332,029
278,885
287,544
283,935
263,891

8,949
38,361
19,361
32,443
46,794

264,408
433,805
377,641
399,925
391,289

SECURITIES

DISCOUNTED

♦Includes sa le s con tra cts
CHANGES IN HOLDINGS OF G VERN EN SECURITIES A D BANKERS ACCEPTANCES
O
M T
N
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____________________ DURING W E EN
E K DED APRIL 8 . 1925________________ _____
(000 Omitted)
G VERN EN SECURITIES
O
M T
Net
Balance
Balance
A p ril 8
A p ril 1
Change

BANKERS ACCEPTANCES
Net
Balance
Balance
Change
A p ril 1
A p ril 8

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

$ 20,816
92,524
24,271
39,449
3,104
3,832
51,660
8,940
17,383
23,768
20,108
34.325

$ 20,816
92,524
24,271
39,449
3,104
3,767
51,660
8,890
17,383
23,422
20,108
34.325

0
0
0
0
0
65*
0
50+
0
346+
0
0

$ 36,766
46,268
24,102
28,509
12,224
11,669
38,601
11,741
8,229
12,730
8,845
24.207

$ 39,194
48,755
25,367
31,160
13,054
12,212
42,467
13,381
8,728
14,117
10,463
25.041

$ 2 ,4 2 8 2 ,4 8 7 1 ,2 6 5 2,651-*
8305433 ,8 6 6 1 ,6 4 0 4991 ,3 8 7 1 ,6 1 8 834—

Totals

$340,180

$339*719

$461+

$263,891

$283,939

$20,048—

C M E T O CH
O MN N
ANGES V E ENDED APRIL 8 . 1925
i/E K
Total earning assets o f the System d eclin ed $9,923,000 during the week. Re
ductions in ou trigh t holdings o f bankers acceptances o f $20,048,000 and $8,636,000 in
b i l l s discounted were on ly p a r t ia ll y o f f s e t by in creases o f $14,355,000 in acceptances
held under sale® co n tr a c ts , and $4,406,000 in Government s e c u r ity h o ld in g s.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL £ ), f O S H

feiTSr.

2
Money
S ask si

Money c o n d i t i o n s in New York c o n tin u e d fir m said g e n e r a l l y
unchanged th ro u g h o u t t h e week*

On Monday, A p r il 6* r e s e r v e s o f

le a d in g New York C it y banks w ere about $ 3 5 ,0 0 0 ,0 0 0 b elow r e q u i r e 
m ents and, r e f l e c t i n g t h i s C o n d itio n ,

S tock Exchange c a l l money

a f t e r ren ew in g at 3 3 /4 p e r cen t advanced t o 4 l / 2
On Tuesday* how ever,

per e en t.

c a l l money opened and renewed a t 4 per ce n t

and co n tin u e d unchanged th rou g h ou t t h e b a la n c e d f t h e w eek, lo a n s
p la c e d ' on T hursday h o ld in g o v e r f o r t h e fo u r days u n t i l Monday*
The r e tu r n flo w o f funds from, t h e i n t e r i o r w as iecom p a n ied b y a
sh a rp in c r e a s e in r e s e r v e s fcf tfew Y ork C it y banks and at t h e c l o s e
o f th e week b o th a c t u a l and a v era g e r e s e r v e s w ere in e x c e s s o f r e *
q u irem en ts w ith o u t any c o n s id e r a b le b orrow in g a t t h i s bank.
The tim e money market c o n tin u e d q u ie t b u t t h e t r e n d in
r a t e s wa* s l i g h t l y e a s ie r *

S h o r t-te r m lo a n s w ere a v a i l a b l e at 3 3/4

p er een t and lo a n s f o r t h r e e and fo u r months w ere

g e n e r a l l y ar**

ra n ged at 4 p er c e n t .
Comm ercial pa per d e a le r s r e p o r t a somewhat l a r g e r

volum e

o f names m oving o u t s i d e o f Mew York a t 3 3 /4 p er c e n t , but ttoe
p r e v a i l i n g market r a t e rem ained unchanged at 4 per cen t*
mand was c h i e f l y from New England and m id d le ^ e st c e n t e r s .

The de*
D e a le r s

l i s t s o f p a p ers co n tin u e u n u s u a lly s m a ll.

Government
S ecu rity
SStlEfit,




The Government bond market was a c t i v e and s a l e s on t h e
Exchange d u rin g t h e p e r io d t o t a l e d $ 1 0 ,0 0 0 ,0 0 0 com pared w ith
^ 7 ,0 0 0 ,0 0 0 t h e week b e f o r e .

N otw ith sta n d in g firm n e s s in money

c o n d i t i o n s p r i c e s o f a l l i s s u e s advanced f r a c t i o n a l l y from th e
c l o s i n g l e v e l s o f t h e p r e v io u s w eek.

The T h ird 4 l / 4 ' s

at 101

2 5 /3 2 n d s w ere c l o s e t o t h e y e a r * s h ig h p r i c e , w h ile t h e new t r e a s 
u r y 4/£ bon ds o f 1 9 4 4 -5 4 advanced 8 /3 2 n d s t o 100 29/3 2n ds*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority f?

J).

3
The market fo r short-term Government s e c u r it ie s continued
quiet*

With small o ffe r in g s o f Treasury c e r t i f ic a t e s - p rice s were

lowered s lig h t ly on the June and September issu es o f 1925, with a c o r 
responding advance in y ie ld s .

Longer term Treasury N otes, however,

were reported in moderate demand but p r ic e s remained unchanged.
Bankers
Acceptances




At the clo s e o f the p eriod a l l d is t r ic t s report dealers
o f f e r in g 30-day b i l l s at 3 per cen t, and 60’ s at 3 l / 8 per cen t.

Of

fe rin g rates on 90-day unindorsed b i l l s were tem porarily lowered to
3 l / 8 per cen t, but at the clo s e o f the p eriod most dealers were b id 
ding 3 3/8 per cent, fo r th is m aturity and o ffe r in g at 3 1 /4 per cen t.
Boston rep orts a small supply o f b i l l s ty p ica l o f the season
o f the year.

D ea lers1 aggregate purchases were below the la s t few

weeks, notw ithstanding the temporary reduction in buying ra te s.

A l

though there was a demand from ou t-of-tow n banks’ sa les were small and
dealers holdings increased*

Short 60-day b i l l s were in b est demand.

New York the market was r e la t iv e ly q u ie t; the demand was f a ir but
s lig h t ly le s s than the supply and d e a le r s ’ p o r t fo l io s increased to the
h igh est poin t o f the year, a con d ition encouraged somewhat by them
sin ce a number o f them appeared to a n ticip a te e a s ie r money con d ition s
and a consequent lower trend in b i l l ra te s .

Our purchases from banks

were very small and almost n e g lig ib le from d e a le rs.
ports a gen era lly in a ctiv e market.

P hiladelphia r e 

The volume o f acceptances ou t

standing has been gradually decreasing during the past few weeks,
which has m a teria lly reduced the volume o f b i l l s entering the open
market.

The supply was s lig h t ly in excess o f the demand.

In Chicago

the supply was somewhat increased but the demand continued moderate
and d e a le r s 1 holdings increased over the previous week.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

^

DECLASSIFIED

Authority

J QSOl

.. 4 /

OPERATION3 ACCOUNT UNITED STATES TREASURY
Under Treasury a u th orisation there m s so ld during the
p eriod fo r account o f the A lien P roperty Custodian §4,000,000 4$
Treasury bonds o f 1944-54* and purchased in replacement $2,000,000
2 3/4$ c e r t ific a t e © due September 15, 1925 and $2,000,000 3$ c e r 
t i f i c a t e s maturing December 15, 1925,
M iscellaneous




At the request o f the Treasury the Federal Reserve BaJik
o f New York purchased $1,400,000 Third L ib e rty Loan 4 1/4$ bqnds
fo r account Investment o f In divid u al Indian Moneys,
SYSTEM SPECIAL INVESTMENT ACCOUNT
There have been no tra n sa ction s during the period iij the
S p ecia l Investment Account, the holdings a t the clo s e o f business
A p ril 8 remaining at $245,203,500,

The p a r tic ip a tio n by the vari~

ous Federal reserve banks and the c la s s if ic a t i o n by m atu rities was
as fo llo w s :

PARTICIPATION BY
FEDERAL RESERVE BANKS
Boston
$17,241,000
New York
91,267,000
P hiladelphia
6,773,000
Cleveland
24.726,500
Ri chmond
1,763,000
737,500
Atlanta
Chicago
34,387,000
S t. Louie
8,312,000
9,825,000
Minneapolis
Kansas C ity
12,043,000
Dallas
13,025,500
San Francisco 25.103.000
$245,203,500

RECAPIttfLATION OF
HOLDINGS BY MATURITIES
June
■Sept*
Dec,
Mar.
Sept.
Mar.
Dec.
Third
S ep t.

$
15, 1925
15, 1925
15, 1925
15, 1926
15, 1926
15, 19£7
15, 1927
L
l . : . Bonds
15, 1928

25,932,700
10,474,500
56,385,500
39>237,600
31,901,000
18,875,900
32,296,300
30,100,000

|245,203,500

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t ), |Q5 f ) l

ITEMIZED ST ATEK T O TRAILSACTIONS AFFECTING TH INVESTLEN ACCOU
EN
F
E
T
NT O
F
FEDERAL RESERVE BANKS FROM APRIL 2 TO APRIL 8. 1925___________
TRANSACTIONS IN MISCELLANEOUS G
OVERN EN SECURITIES
M T

Purchases
Boston
New York
Atlanta
Chicago
St* Louis
Minneapolis
Knasas C ity
T otals

Issue

0
0
96f 500 Misc.
0
SO, O O Third
O
612,100 M isc.
346.400 Misc*

Issue

Sales

0
0
31,200 Misc. Gov’ t
0
0
6I&,1Q0 Misc. Gov’ t
0
-

Gov’ t Sec.
L .L . Bonds
G ov't Sec.
Gov’ t Sec.

$1,105,000

$643,200

Held
Under Sales
Contracts
$
164,310
19,020,000
Sec.
0
1,374,500
0
Sec.
0
1.500.000
$22, 058,8 10

BANKERS ACCEPTANCES
Maturity
Boston

1-30 days
31-60 M
61-90 *
Over 90 r
t

PURCHASES
Amount
$

486,000
398,000
1,096,000
19.000

MATURITIES
Amount

Rate
3%
3
3 i/e% 3 1 /4 /

X
/
A

Other
Holdings

$4,427,000

$ 2,550,000 Sales
con tra cts

1/ 4 %

$1,999, 000

New York

1-30 days
31-60 "
61-90 *
Over 90 "

1,016,000
747,000
1,360,000
836^000

3%
3 l/Q%
3 l/d%
3 l /4 $

•
-

3
3
3
3

l /8 /,
l/tf*
l/tfo
l/2%

6,446,000

3%
r
#
- 3 l/Q%
3 1/b%
3/8/o
i
3 l/Q%
1
l/2/o

3,030,000

$3,959,000

P h iladelph ia 1-30 days
31-60 ,f
61-9 0 *

217.000
643.000
905.000

32,785,000 Sales
Contracts
3,645,000 one-day
holdover fo r
d is tr ib u tio n
to F.R,Banks

$1,765, 000
Cleveland

Richmond




1-30 days
31-60 w
In other
d i s t r ic t s

1-30 days
31-60 '*
61-90 "
In other
d is tr ic ts

608,000
636, 000
767.000

4,662,000
3 l/&%
3%
- 3

1/4 /.

$2,011,000
238, 000 3 l/8 /o - 3 l / 4/c
50.000 3 l/4 ^
45.000 3 l / 4 %
362.000 3%
- 3 l /4 $
$395, 000

1,525,000

833, 000 S ter
lin g b i l l s

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L &

| Q 5 QJ-

BANKSRS ACCEPTANCES - (Continued)
PURCHASES
Amount

M aturity
Atlanta

1-30 days
31-60 M
In other
d is tr ic ts

326,000
17,000
4’9 7 ,000

$ 1,083,000
3 1/8#
3 1/8#
3#
- 3 1/4#

540,000
Chicago

1-30 days
61-90 M

58,000
714.000
$

Other
Holdings

MATURITIES
Amount

Rate

3#
- 3 1/8#
3 1/8#

4,638,000

$1,161,000 Unin
dorsed b i l l s
purchased fro
accepting
banks

1,049,000 Sales
con tra cts

772,000

In other d i s t s ,

457.000

3#

- 3 1/4#

2.097.000

0

Minneapolis In other d ie t s .

403.000

3#

- 3 1 /4

tit

902,000

0

Kansas C ity In other d is ts *

589.000

3#

- 3 1/4#

1.976.000

0

Dallas

In oth er d ie t s .

406.000

3#

- 3 1/4#

2.024.000

0

San Fran

1-30 days
1,385,000
31-60 "
261.000
61-90 H
137,000
In other d i s t r i c t s 769,000

3#
3 1/8#
3 1/8#
3#
- 3 1/4J

3.386.000

S t# Louis

3,935,000 Sales
con tra cts

$ 2,552,000
T otals

$16,148,000

$36,196,000

$46,794,000

RECAPITULATION OF PURCHASES AN SALES OF G VERN EN SECURITIES
D
O
M T
AN BANKERS ACCEPTANCES DURING W
D
EEK ENDED APRIL 8 , 1925
AN HOLDINGS AS OF THAT DATS CLASSIFIED BY MATURITIES
D
(000 Omitted)
(Excluding Sales C ontracte)
Government
Bankers
S e cu ritie s
Acceptances
T otal
Purchased
Sold
Matured

36.196
$

Holdings
Apri.l 8,, 1925
Govft S e cu ritie s
B ills Purchased




$16,148

$1,104
643

Within
15 days.

461+

$20,048-

{ Including Sales C ontracts)
16-30
31-60
61-90
9 1 -d a y sdays
days
days
6 Months

$22,059
_106J 137 60.478
U
$128,196 *60,478

88.501
$88,501

$41,022
47^558
$88,580

$25,146
8.011
$33,157

$17,252
643
36>196
$19|587-

Over
6 Montns
$274,013
$274,013

T otal
$362,240
J1QJ585
$672,925

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L f ) , ) Q 5fr|

" K o r n i N o . 131,

Office Correspt .Jence


•v .Nrs T
e 'M wN
O iw
Ks


FEDERAL. RESERVE

/"
the Board„

BOARD

j^dte_ A p r i l l t..1925
ject:

For your inform ation.
v'dovernor G rissinger
Hamlin
V|&% P la tt
James
'iS r. Cunningham
Mr. M ille r
Please return t o S ecreta ry T O ffic e .
s

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED "
Authority £ j). f ( V ? ) [

April 7, 1925.

Dear Hr. Matteson:
I
acknowledge receipt of end sh all bring to
the attention of the members of the Board your
le tte r of the 6th instant, addressed to Governor
Griss inger, enclosing a report of transactions in
Government securities and bankers acceptances as
reported to the Open Harket Investment Committee
for the Federal Reserve System for the period from
March 26 to April 1# 1925, in clusive, tqgdther with
data recelviiSrtjy the Cciamittee from the Federal re
serve banks.
Very truly yours,

f::-;,-n6d ) g a i t e r 3 *
->
Walter L. Eddy,
Secretary.

Mr* W. B. Matteson, Secretary,
Open Harket Investment Committee,
c /o Federal Reserve Bank,
H York, N.Y.
ew

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

|

Fe d e r a l R e s e r v e

Bank
;

of

df

w i
T

?

...

N e w Yo r k
i

I
I

Open fiferket Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

A p ril 6, 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 the period from March 26 to A pril 1, 1925 in 
c lu s iv e , togeth er with data received by the Committee from
the Federal reserve banks.
i
He S/pactfu i;

W B. ifotteson
.
Secretary o f the Committee

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

•1925
"iK
)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

~

DECLASSIFIED

Authority fL ?), f Q f f i l

CONFIDENTIAL
REPORT O O
F PEN M ET INVESTMENT COM ITTEE W
ARK
M
EEK ENDED APRIL 1, 1925

Holdings of Earning Assets of Federal Reserve Banks Jan,7, F eb .25, Mar.25
and A p ril I . 1925 as Compared With Corresponding Periods in 1924
(OOO Omitted)
TOTAL
EARNING
ASSETS

-1924Jan* 9
Feb, 27
Mar* 26
Apr. 2
-1925J an, 7
Feb. 25
Mar. 25
Apr. 1

^GOVERN EN
M T
SECURITIES

BANKERS ACCEPTANCES
Sales
Contracts
Purchases

BILLS
DISCOUNTED

$1,026,496
9513,801
942,060
1,008,388

$100,358
155,801
257,256
264,855

$279,588
205,022
164,947
163, 001

$39,578
38,288
37,511
50,711

$606,921
531, 690
482,315
529,660

1,109,965
1,129,697
1, 040, 699
1,066,539

496,029
364,694
343,751
357,834

332 , 029
278,885
387,544
283,935

8,949
38,361
19,361
32,443

2 6 4 ,4C8
433,805
377,641
399,925

^Includes sa les con tra cts

CHANGES IN HOLDINGS O G
F OVERN EN SECURITIES AN BANKERS ACCEPTANCES
M T
D
BY FEDERAL RESERVE BANKS (EXCLUSIVE O SALES CONTRACTS)
P
_____________________DURING W
EEK ENDED APRIL 1. 1925_____________________
(000 Omitted)
GOVERN EN SECURITIES
M T
Balance
Net
Balance
A p ril 1
Mar*.25
Change
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F rancisco
Totals

BANKERS ACCEPTANCES
Net
Balance
Balance
O.han&e
A p ril 1
Mar* 25

$ 20,816
92,524
24,271
39,449
3,104
3,767
51,660
8 ,890
17,383
23,422
20,109
34r 324

$ 20,816
92,524
24,271
39,449
3,104
3,730
51,662
8,890
17,404
23,410
20*108
34*324

0
0
0
0
0
37+
2*
0
21-*12+
1+
0

$ 39,194
48,755
25,367
31,160
13, 054
12,212
42,464
13,381
8,728
14,117
10,463
25.040

$ 39,586
50,751
24,379
30,191
12,834
12,162
42,633
13,193
9,343
15,304
11,050
26.218

$

$339,719

$339,692

$27+

$283,935

$287,544

$3,609—

3921,9961,088+
969+
220*
50
169188+
6151,1875871.178-

C M E T C CHANGES W
O MN' N
EEK ENDED APRIL 1. 1925
T otal earning assets of the System advanced $45,840,000 during the week,
due c h ie fly to an in crease of $22,284,000 in b i l l s discounted and a further r is e of
$13,082,000 in acceptances held under sa les co n tra cts . Government se cu rity
holdings increased $14,083,000, the advance c h ie fly representing s e c u r it ie s held
under sa le s co n tra cts. B i l l s purchased ou trigh t d eclin ed $3,609,000.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

f). |QQO|

Money con d ition s in New York continued firm during

Money
Market

most of the week.

At the opening of the week reserves o f lead

ing New York C ity banks were in excess of requirements but r e f l e c t 
in g the usual preparations fo r f i r s t of the month requirements Stock
Exchange c a l l money renewals ranged from 4 l / 2 to 4 3 /4 per cen t,
with new loans at 4 l / 2 to 5 per ce n t.

Later in the week with a

com paratively lig h t demand fo r funds accompanying the slackened trad
ing in the se cu rity markets, the ra te fo r new loans declin ed to 3 l/z
per cent*

The usual movement of funds t o the in t e r io r fo llo w in g the

f i r s t o f the month, and other lo ss e s to the market were accompanied
by a sharp redu ction in reserves of New York C ity banks and at the
opening of business Friday actual reserves were below requirements,
r e s u ltin g in member banks borrowing in order t o maintain th e ir
req u ired reserves fo r the week.
Time money continued quiet with the trend s lig h t ly e a s ie r .
Rates ranged from 4 to 4 l / 4 per cen t, fo r a l l m a tu rities, with b or
rowers bidding 3 3 /4 per cent, fo r funds fo r 60 days.
c i a l paper market continued gen era lly q u ie t.

The commer

Dealers re p o rt buying

in sm all amounts by tru st companies in New York and a f a ir demand
from the Chicago and S t. Louis d i s t r i c t s .

The p re v a ilin g rate fo r

prime names continued unchanged at 4 per ce n t., with son® paper mov
ing l / 4 per cen t, above or. below the market*
Government
S ecu rity
Market




The Government bond market continued moderately a ctiv e and
sa le s on the Exchange during the p eriod to ta le d about ^7,200,000,
compared with $6,500,000 the week b e fo r e .

Accompanying e a sie r money

con d ition s p rice s on a l l issu es advanced fr a c t io n a lly during the
week and clo s in g p rice s on A p ril 4 of a l l 4 l / 4 per cen t. L ib erty Loan
bonds showed d eclin es of only 2/32nds to 4/32nds from the y e a r 's
high p o in t.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

“

DECLASSIFIED
Authority {T T). /A

3
The market fo r short-term Government s e c u r it ie s was q u iet,
w ith demand and supply about equal.

Prices on a l l Treasury Notes

h eld gen era lly unchanged but p r ic e s of Treasury c e r t if ic a t e s were
s lig h t ly lower*
Bankers
Acceptances




In New York there was a d e fin it e trend toward a reduction
in. b i l l ra tes which took e f f c c t on Wednesday, A p ril 1, the la s t day
o f the p eriod when d ealers reduced both b id and o ffe r ra tes l / 8 per
cent* on 30 and 60-day b i l l s *

On Thursday, A p ril 2, a l l dealers

lowered ra tes on 90-day b i l l s l/& per cent* and at the clo s e of the
week were o ffe r in g 60 and 9(*-day unindorsed b i l l s at 3 l / 8 per cent*,
and 30*s at 3 per cent*

Other d i s t r ic t s rep ort rates unchanged

during the p e rio d , dealers o ffe r in g 60 and 90-day unindorsed b i l l s
at 3 l / 4 per c e n t., and 30* s at 3 l / 8 per cent*
Boston rep orts a good supply of b i l l s coming out in the
market, p r in c ip a lly 90-day m aturities*

There was an increased

demand, e s p e c ia lly from ou t-of-tow n banks and orders were fo r f a ir ly
la rg e amounts and covered a l l m a tu rities.

Fewer b i l l s moved to other

d i s t r i c t s during the week, but dealers p o r t fo lio s remained so a ll*
In New York b i l l s were s lig h t ly le s s a ctiv e during the week*

The

volume o ffe re d t o the market was r e la t iv e ly small, p a r tic u la r ly the
more a ttra ctiv e names*

Accompanying e a sie r money con d ition s at the

c lo s e of the week the demand was very good*

In P h iladelph ia the b i l l

market continued quiet with the supply s lig h t ly in excess of the
demand#

Chicago re p o rts a, f a i r supply with moderate demand.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority .fjf i, j OSOl

4
OPERATIONS ACCOU UNITED STATES TREASURY
NT
In accordance with Treasury au th oriza tion s purchases o f
c e r t i f i c a t e s o f indebtedness were made during the period fo r account
o f the A lien P roperty Custodian in various d i s t r i c t s as fo llo w s :
Boston
New York

$

250,000 2 3/4$ issue due Sept. 15, 1925 at 99 31/32
1,500,000
3$
issu e due Dec. 15, 1925 at par
1 .5 0 0 r000 2 3/4$ issu e due Dec# 15, 1925 at par

$3,250,000

M iscellaneous




At the request o f the Treasury the Federal Reserve Bank
o f New York sold $900,000 Fourth L ib erty Loan 4 1/4$ bonds fo r
account o f the C iv il Service Retirement and D is a b ilit y 5\md«

SYSTEM SPECIAL INVESTMENT ACCOUNT

There has been no change during the period covered by
th is report in the.System S p ecial Investment Account, the holdings
at the "clo se o f business A pril 1 remaining at $245, 203*500*

The

p a r tic ip a tio n by the various Federal reserve banks and the c la s s if
i c a t i o n by m atu rities was as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 17,241,000
91,267,000
6,773,000
24,726,500
1,763,000
737,500
34,387,000
8,312,000
9,825,000
12,043,000
13,025,500
25.103.000
$245,203,500

RECAPITULATION OF
HOLDINGS BY MATURITIES
June 15, 1925 $
Sept .15, 1925
Dec* 15, 1925
Mar, 15, 1926
Sept *151 1926
Mar_ 15, 1927
Dec t 15, 1927
Third L,:L, Bonds
Sept. 15 , 1928

25,932,700
10,474,500
56,385,500
39,237,600
31,901,000
18,875,900
32,296,300
30,100,000

$245,203,500

Reproduoed from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ A

| A Q )(

5

ITEMIZED STATEM
ENT OF TRANSACTIONS Ai!52CTIh:G THE INVESTMENT ACCOU OF’
NT
__________ FEDERAL RS3ERVS BANK3 FR M M
O
ARCH 26 TO APRIL 1, 1925
_______
TRANSACTIONS IN MISCELLANEOUS G VERN EN SECURITIES
O
M T

Purchases
Boston
New York
A tlanta
Chicago
Minneapolis
Kansas C ity
Dallas

Sales

Issue

0
0
68,250 M isc. GovH Sec.
0
723,150 M isc. Gov’ t Sec.
12,200 M isc. GovH Sec.
______500 Fourth L. L ... Bds „

Issue

0
0
31*250 M iec. Gov’ t Sec.
1,500 TD-1925 Ctfs .
744,300 M isc. G ov't Sec.
0
0
$777,050

$804,100

Held
Under Sales
Contracts
3
138,350
16,445,500
0
281,500
0
1,250,000
________0
$18,115,350

BANKERS ACCEPTANCES

Maturity
Boston

1-30 days
31-60
"
61-90
"
Over 90
M

PURCHASES
Amount
5 706,000
554,000
2,576,000
80.000

MATURITIES
Amount

Rate
3%
- 3 l/4/o
3 1/8% - 3 l/4/b
3 1/8% - 3 3/8%
3 1 /4 *

14,308,000

1/8%
1/4*
3/8%
1/2%

9,395,000

Other
Holdings
$2,067,000 Sales
Cont racts

$3,916,000

New York

1-30 days
it
31-60
«
t
61-90
it
Over 90

3,989,000
1,432,000
1,132,000

ooo

3%
3 1/8%
3 1/8^
3 1/%%

-

3
3
3
3

^7,399,000

P hiladelphia

1-30 days
31-60
"
61-90
"

195,000 3%
- 3 1/8%
755,000 3 1 /3 i - 3 3 /8 %
2.033.000 3 1/8% - 3 1/2%

23,594,000 Sales
Contracts
602,000 foreign
trade accept
246,000 s p e cia l
foreign b i l l s

1,895,000

12,983,000

Cleveland




1-30 days
31 -60
"
61-90
"
In other
d is t r ic t s

1,036,000
300,000

3,325,000

2.306.000
$4,294 ,0 00

715,000 s t a r lin g b i l l s
652,000
3%
- 3 1/2%

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t k ] Q $ ) 1

6

BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount

Maturity
1-30 days
31-60
"
61-90
"
In other
d is tr ic ts

Richmond

)

214,000
377.000
206.000
887.000

MATURITIES
Amount

Rate

$1,464,000

3 l/4 /o
3 l /4 ^
3

Ot her
Holdings
0

- 3 1/2%

tlt 684, 000

1-30 days
31-60
*
*
In other
d is t r ic t s

Atlanta

)

31,000
66,000
1. 263.000

1,310,000

1,072,000 U in
n
dorsed
b i l l s pur**
chased
from ac
cept .banks

3 l/B%
3 1 /8 $ - 3 l/4 /o
3%
- 3 l/2%

2,775,000

367,000 Sales
co n tra cts

3 l/B%
3 l/8 /o
3%
-3

1/2%

>1,360,000

Chicago

31-60 days
61-90
"
In other
d i s t r ic t s

§

28,000
1,550,000
1.028.000

$2, 606 ,000

St. Louis

In other
d is tr ic ts

Kansas C ity

D allas

San Francisco

3%

- 3 1/2%

1,228,000

0

In other
d is t r ic t s

987,000

3%

- 3 l/2 /o

1,602,000

0

In other
d i s t r ic t s

1,271,000

3%

- 3 1/2%

2,458,000

0

In other
d is tr ic ts

Minneapolis

$1,416,000

1,258,000

3%

- 3 1 /2 %

1,845,000

0

1-30 days
31-60
*
61-90
«
In other
< is t r ic t s
5

149.000 3%
425.000 3 1 /8 #
23,000 3 1 /8 #
1.930.000 Z%
- 3 1 /2 %

3,705, 000

3,780,000 Sales
con tra cts

82,527,000

T o ta ls




$31,701,000

$35,310,000

$32, 443,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

RECAPITULATION OF PURCHASES AN SALES O G
D
F OVERN EN SECURITIES
M T
AN BANKERS ACCEPTANCES DURING W
D
EEK ENDED APRIL 1, 1925
AN HOLDINGS AS O THAT DATE CLASSIFIED BY MATURITIES
D
F
(000 Ctaitted)

(Excluding Sales C ontracts)
Government
Bankers
Acceptances
S e cu ritie s
Purchased
Sold
Matured

$31,701
35.310

27+

132,505
777
35.310

$ 3*609-

^004
777

0

$ 3 ,5 8 2 -

(In clu d in g Sales C ontracts)
61-90
16-30
31-60
days
davs
days

Holdings
A p ril 1. 1925

Within
15 days

Gov*t S e cu ritie s
B i l l s Purchased

$18,115
97.244

57.817

$115,359

057,817




T otal

9 1 -days6 Months

Over
6 Months

T o ta l

$ 41,001
60.980

$25,146
8.064

$273,562
-

$357,834
316.378

$92,273 $101,991

$33,210

$273,562

$674,212

92.273

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L & _ | L 0 5 O l

F o r m N o . I -51.

r

,

Office Correspc ^ence

FEDERAL RESERVE
BOARD

T o ____ A ll jpei»bers o f the Boqrd,
From_j

30, 1925.
Subject:

M
*Uk/Td(




For ybur inforraetion.
^xovernor C rissinger
^ M r . P la tt
V id r . Hamlin
James
i f Mr. Cunningham
1pi M iller
.
Jr. l.falntosh ( J fo

2

)

>tui*n t o S e cre ta ry ’ s O ffice*

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

£ f).

Authority

Uaroh 3 0 , 1 9 2 5 .

Dear 14*. Msttesons
R eceip t i s acknowledged o f your l e t t e r o f
the 28th in s ta n t, e n clo sin g re p o rt o f transac
tio n s in Government s e c u r it ie s and bankers ac
ceptances as reported t o the Open Market Invest
ment Corainittee fo r the Federal Reserve System fo r
the p eriod from ^ r c h 19 t o l l y c h 2St 192S,. in e lu s iv e , togeth er wf$tP3a€a"received by the Com
m ittee tram the Federal reserve banks. Tour l e t t e r
and enclosure w il l be brought t o the a tte n tio n o f
the meni&ers o f the Board.
Very tru ly you rs,

J . C. N o e ll,
A ssistant S ecreta ry .

Mr. tf. B. Matteson, S ecreta ry,
Open Market Investment Committee,
c / o Federal Reserve Bank,
Hew York, N. Y.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority j rfi. /(Vt OI

Fe d e r a l R e
of

se r v e

Ba

n k

j
|

i

N ew Yo r k

Open Market Investment Committee
f o r the Federal Reserve System




CONFIDENTIAL

March 28, 1925,

S i r :
Enclosed is a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee f o r the Federal Reserve
System f o r the period from March 19 to March 25, 1925 in 
c lu s iv e , togeth er with data received by the Committee from
the Federal reserve banks.

W B. M
.
ATTESON
Secretary o f the Committee.

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

r 0 iq 25

j
f

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

T). /Q Q )|

O
OKFICBNTIAL

REFORT OF OFSN M ET INVESTMENT COM ITTEE W K EN
ARK
M
EE
DED M H 2 5, 1925
ARC
Holdings o f Earning A ssets o f Federal tleserve 3anks January 7, February .25
and. March 25. 1925 as Compar ed with Corresponding Periods in 1924______
(<JO Omixt ed)
O
BILLS

BANKERS ACCEPTANCES
Sales
Contracts
Purchases

TOTAL
EARNING
ASSETS

1924
Jan. 9
Feb. 27
Mar. 19
Mar. 26
1925
Jan, 7
Feb. 25
Mar. 18
Mar. 25

♦government

$1, 026,496
950,801
922,182
942,080

§100.358
155, 801
**296. 777
257. 256

0279, 588
205,022
187,165
164,947

039, 578
58, 288
7,038
37, 511

$606,921
.531,690
431, 302
482, 315

1,109,965
1,129,697
1,056,847
1,040,699

496,029
364, 694
*** 428, 250
343, 751

332,029
278,885
267,483
287, 544

8,949
38, 361
9, 228
19, 361

264,408
433, 805
339,484
. 377, 641

SECURITIES

DISCOUNTED

♦Includes sa les con tra cts
•
>
**In clu d es $ 58,000,000 advance to Treasury on sp e cia l c e r t if ic a t e
***In clu d es $>100,500,000 advance t o Treasury on sp e cia l c e r t i f i c a t e
CH GES IN HOLDINGS OF GOVERN EN SECURITIES AN BANKERS ACCEPTANCES BY
AN
M T
D
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS) DURING
__________________________ W
EEK ENDED M
ARCH 25, 1925
.....................
....
(000 Omitted)
G VERN EN SECURITIES
O
M T
Balance
Balance
Net
Mar. 25
Mar. 18
Change
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Lou is
Minneapolis
Kansas C ity
Dallas
San Francisco

6 20,816
92, 524
24,271
39 *449
3,104
3,730
51,662
8, 890
17, 404
23, 410
20,108
34.324

$ 20,085
88,653
23,9D4
38,348
3,029
3, 584
50,204
8,487
16,983
22, 842
17,485
33. 25*7

$

731 +
3, 871 +
287 +
1,101 +
75 +
146 +
1,458 +
403 +
421 +
568 +
2,623 +
1.067 +

$339,692

^326,941

$12, 7514

BANKERS ACCEPTANCES
Net
Balance
Balance
Change
Mar. 18
Mar. 25
§ 39,586
50, 751
24, 279
30,191
12,834
12,162
42, 633
13,193
9,343
15, 304
11,050
26. 218

'4 38, 035
49, 826
23,659
29,469
11,368
11,169
31, 840
13,258
8, 803
14, 439
10, 618
25.013

1 1, 551 +
925 +
620 +
722 +
1,466 +
993 +
10, 793 +
65540 +
865 +
432 +
, u .m , +

$287, 544

.$267, 497

$20, 047 +

C M E T O CH GES W E ENDED M R H 25. 1925
O MN N
AN
EK
AC
T ota l earning assets declin ed fu rth er $16,148,000 during the week* Hold
ings of Government s e c u r it ie s decreased $84,499,000, the repurchase of |20, 000, 000 of
s e c u r itie s p rev iou sly sold tem porarily from the System’ s account being o f f s e t by
the payment of the Treasury s p e c ia l c e r t i f i c a t e of $100,500,000. B i l l s purchased
ou trigh t increased $20,061,000, while acceptances held under sa les con tra cts advanced
$10,133,000* and b i l l s discounted increased $38,157,000.



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ETh . |QQO|

2
Money
Market

The gradual withdrawal o f funds from the market through the
c o lle c t io n o f income ta x checks, and the lo s s o f funds to the in te r io r to
f i l l the vacuum created by Treasury tra n sfe rs to cover the overdraft with
the New York bank marked the completion o f the income ta x p eriod .
R e fle ctin g t h is condition and the demand fo r money fo r f i r s t o f the
month requirements, money con d ition s in New York turned d is t in c t ly
firm er.

Early in the week Stock Exchange c a l l money renewed at 3 l / 2

per c e n t., w ith the ra te fo r new loans g en era lly advancing t o 4 per cent.
On Thursday, March 26, new loans were placed at 4 l / 2 per cent, and on
Friday the ra te was advanced t o 5 per cent,

This marked a return t o the

le v e l p re v a ilin g e a r lie r in the month, p rio r t o the heavy Treasury
disbursements on March 16.
The trend o f longer term money was s lig h t ly e a sie r, however.
Loans for 60«»90 days declined tem porarily to 4 per cent, but subsequent
l y returned t o 4 t o 4 l / 4 per cent,
in a ctiv e .

Th'e market continued d u ll and

Commercial paper d ealers report the market q u iet, New York

C ity banks buying only ir r e g u la r ly for the account o f correspondents.
There was a f a ir demand from out-of-tow n cen ters, c h ie fly in the m iddlew est,

The supply o f paper in p o r t fo l io s continued unusually small.

Rates were unchanged at 4 per cent, with a few strong names moving at
3 3 /4 per cent.
Government
Security
karkfft




United States Government bonds were moderately a ctiv e and
sa les on the Stock Bxchange during tho period to ta le d about $6,500,000,
P rice s were firm , and with the exception o f the F irst 3 l / 2 ' s p rice s
on a l l issues advanced from 2/32nds to 5/32nds and g e n e ra lly recovered
to the le v e ls p re v a ilin g at the end o f February, priot* to the advance
in the discount ra te o f the New York bank.
A c t iv ity in the market fo r short-term -Government s e c u r itie s
centered p r in c ip a lly in a moderate demand fo r 1926 and 1927 Treasury

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL f o _ | Q $ ) l

3
N otes,

With a small supply o f th ese n otes in the market p r ic e s were

g e n e ra lly advanced 2/32nds with a corresponding d e clin e in yields*
treasury c e r t i f i c a t e s continued d u ll and q u ie t.
Bankers
Acceptances




Rates in a l l d i s t r i c t s continued unchanged from th e previou s week, d ea lers o ffe r in g 60 and 90*day unindorsed b i l l s at
3 l / 4 per cen t, and 30*s at 3 l / 8 per cent,
Boston re p o rts a continued increase in the supply o f
b i l l s , p r in c ip a lly in the 90-day m a tu rities.

The demand from both

l o c a l and ou t-of-tow n customers increased* but sa les ou t-of-tow n were
in small lo t s *

Short b i l l s continued in the best demand.

clo s e o f the week the market was very q u ie t.

At the

In New York the market

was on ly m oderately a ctiv e during the week, due c h i e f ly t o the fa ct
that b i l l s were r e la t iv e l y scarce although th ere was a good demand.
The demand was w e ll d istrib u te d and continued to be mainly fo r 30
and 60-day m a tu rities.

In some infrequent instances d ealers bid

3 1 /4 per cent, fo r prime 60-day b i l l s in the hope o f increasing t h e ir
supply o f t h is m aturity.

In Philadelphia th e b i l l market was g en era lly

in a ctiv e during the period although th ere was a f a ir demand from o u tof-tow n banks.

The lo c a l demand was q u iet, w hile th e supply o f b i l l s

was somewhat la rg e r due t o the increased buying in the grain and other
commodity markets.
moderate demand.

Chicago re p o rts a f a ir supply o f b i l l s with
Dealers o c c a s io n a lly o ffe r e d small b lo ck s o f en

dorsed b i l l s t o the reserve bank and do not seem anxious t o acquire
a la rg e p o r t fo lio or t o hold b i l l s .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j r f t , / ( Y / ) |

4

SYSTEM SPECIAL INVESTMENT ACCCU T
N
As noted in the previous re p o rt, there was repurchased during the s ta te 
ment week the balance of $10,000,000 of s e c u r it ie s p rev iou sly sold tem porarily to
member banks in New York and Chicago during the q u arterly tax period#

This tran

sa ction , togeth er with new purchases of $400,000, brought the System holdings to
$245,203,500 at the clo s e of business March 25.
The p a r tic ip a tio n in the account by a ll Federal reserve banks, and the
c la s s ific a t i o n by m atu rities, was as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

$ 17,241,000
91,267,000
6,773,000
24,726,500
1,763,000
737,500
34,387,000
8,312,000
9,825,000
12,043,000
13,025,500
25.103.000

RECAPITULATION O HOLDINGS BY MATURITIES
F
June 15, 1925
Sept.15, 1925
Dec. 15, 1925
Mar. 15, 1926
S e p t.15, 1926
Mar# 15, 1927
Dec. 15, 1927
Third L . L . Bonds
Sept. 15, 1928

$245,203,500

$ 25,932,700
10, 474, 500
56,385,500
39,237,600
31,901,000
18,875,900
32,296,300
30,100,000

$245,203,500

OPERATIONS ACCOU T UNITED STATES TREASURY
N
At the request of the Treasury the Federal Reserve Bank of New York pur
chased fo r various Treasury accounts during the p eriod $34,000 Second L ib erty Loan
4 l/^% bonds, $500,000 Treasury Nctes due December 15, 1927, and $40,000 due
September 15, 1926.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority I ? ft, ( 0 5 3 1

ITEMIZED STATEM
ENT oF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
„_________FEDERAL RESERVE BANKS FROM M
ARCH 19 TO M
ARCH 25. 1925___________
G
OVERN EN SECURITIES
M T
SYSTEM INVESTMENT ACCOUNT
Purchases
Boston

$

Issue

28,000 Part* System Inv*
1-406.000 Part* Repur ch.* Temp* Sales

Sales

Issue

$ 703,000 Part* Temp* Sales

$1,434,000

New York

149,000 Part* System Inv.
7.445.000 P art. Repurch.Temp* Sales

3,723,000 Part* Temp* Sales

$7,594,000

P h iladelph ia

11,000 Part* System Inv.
552.000 P a rt. Repurch. Temp* Sales

276,000 P a rt. Temp* Sales

£563,000

Cleveland

4G,50G Part* System Inv.
2*016.50u P a rt. Repurch* Temp. Sales

1 t008,o0u Part* Temp. Sales

|2,057,0o0

Richmond

3,o00 P art. System Inv*
144.000 P a rt. Repurch* Temp* Sales

72,Ou0 Part* Temp. Sales

$147,000

A tlanta

l,uoO P a rt. System Inv*
60.000 P a rt. Repurch* Temp* Sales

30,u00 P art. Temp* Sales

061,000

Chicago

56,000 P a rt. System Inv*
2.804.500 Part.Repurch. Temp. Sales

1,402,000 P art. Temp. Sales

$2,860,500

S t. Louis




13,500 Part* System Inv*
678T
000 P art. Repurch. Temp. Sales
4691,500

339,000 P a rt. Temp. Sales

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
A u th orityjL fi, | Q £ ) |

6

G VERN EN SECURITIES - (Continued)
O
M T
Purchases

16,000 P a rt, System Inv.
802.000 P art. Repurch. Temp, Sales

0

o
o
o
r4
*
o

$

=>
#

Minneapolis

Issue

Sales

Issue

P a rt. Temp. Sales

818,000

Kansas C ity

19,500 P art. System Inv,
982.000 P art. Repurch. Temp. Sales

491,000 P a rt. Temp, Sales

$ 1,001,500
Dallas

21,500 P a rt. System Inv.
1.062.000 P art. Repurch, Temp. Sales

531,000 P a rt, Temp. Sales

$ 1,083,500
San Francisco

41,000 Part. System Inv,
2,048.000 P a rt. Repurch. Temp. Sales

1,024,000 P a rt, Temp. Sales

0 2,089,000
Totals

*

400,000 P art. System Inv,
20,000,000 P art. Repurch, Temp. Sales

$10,000,000 P art. Temp. Sales

OTHER TRANSACTIONS IN G VERN EN SECURITIES
O
M T

Purchases
Boston
New York
Cleveland
Atlanta
Ghicago
3t , Loui s
Minneapolis
:vans as C ity
Dallas
San Francisco




I:ssue

Sales

-

52,000
144,350
50,000
1,353,050
81,400
2,071,000
2,000
03,753,800

Treas . 4/t Bonds
Misc , Gov ‘ t Sec .
Third
M isc,
Misc .
Misc ,
M isc.

L. L.
Gov‘ t
Gov't
GovH
Gov 't

Bds .
Sec .
St3C ,
Sac.
Sec.

..
..
29,950
1,348,600
24,000
500

^1,403,050

Issue

Held Under
Sales Contraci

Misc.Gov, Sec ,

M isc. Gov . Sec .
M isc. Gov , S e c,
M isc. Gov , S ec,

a 331,970
i ,745,000
0
0
982,000
0
0
1 ,000,000
0
0
$4,058,970

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L f c L f Q S > i

BANKERS ACCEPTANCES
Maturity
Boston

1-30 days
31-60 "
61-90 "
Over 90 "

PURCHASES
Amount
;

540,000
546,000
3,152,000
83 .000

MATURITIES
Amount

r/
>
3 l/8/o
3 l/8/o
3 i/4 ;0

3 l/Q%
3 1/4
3 1 /4 /

$2,770,000

$1,506,000
Sales Contracts

5,994,000

Rate

Other
Holdings

8.916.000
Sales Contracts
1.836.000
one day h old 
over fo r d is t .
to F.R.banks
507.000
foreig n trade
b ills
199.000
s p e cia l foreign
b ills

$4,321,000

New York

1-30 days
31-60 ”
61-90 "
Over 90 *
'

2.607.000
1.134.000
2.562.000
566.000

3%
3 l/8/o
3 1/Q%
3 1 /4 /

3 3/ 3;o
3 1/2/,

$6,919 ,000

Philadelphia

1-30 days
31-60 u
61-90 "

164.000
961.000
2.135 ,000

- 3 l/4 /o
3/o
3 l/sfo
3 1/2/1
3 1 /8 /
3 1/2%

2,640,000

0

&3,260,000

Cleveland

31-60 days
61-90 "
In other
d is t r ic t s

200,000
702,000
2,895.000

3,075,000
3/0

722,000
s t e r lin g b i l l s

- 3

$3,797 ,000

Richmond

1-30 days
31-60 "
61-90 "
In other
d is t r i c t s

150,000
389,000
505,000
1,379,000

3 l/8% - 3 1 / 4 /
3 1 /4 /
3 1 /4 /
3%
4 3 1 /2 /

957,000

,423,000

A tlanta




1-30 days
31-60 "
In other
d is t r ic t s

100 ,000

10,000

1.673.000
1 1,7 8 3 ,0 0 0

1/8 /
3%
- 3 1 /2 /

790,000

1,140,000
Unindorsed
b i l l s purchased
from accepting
banks

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority {T A

fP fo l

BAHK3RS ACCEPTANCES - (Continued)
PURCHASES
amount

Maturity
Chicago

1-30 days
31-60
"
61-90
"
In other
d i s t r ic t s

0

992,000
475,000
8.799.000
3.411.000

MATURITIES
Amount

Hate
3%
3 1/8%
3 1/8% - 3 1/4%
3%
- 3 1/2%

$ 2,884,000

Other
Holdings
$

649,000
Sales
Contracts

^13,677,000
In other
d i s t r ic t s

1,578,000

0

1,271,000

3%

- 3 1/2%

731,000

0

1,908,000

~ 3 1/2%

1*043,000

0

In other
d is tr ic ts

Dallas

- 3 1/2%

In oth er
d is t r i cts

Kansas C ity

3%

In other
d is tr ic ts

Minneapolis

1,513,000

C
O

S t. Louis

1,440,000

3%

- 3 1/2%

1,008,000

0

81,000
1.187.000
554,000
2.513.000

3%
3%
3%
3%

-

3,130,000

1-30 days
31-60
"
61-90
”
In other
d is tr ic ts

3
3
3
3

1/8%
1/8%
1/8%
1/2%

3,886,000
Sales
Contracts

$ 4,335,000
T otals

$46,647,000

$26,600,000

$19,361,000

RECAPITULATION OF PURCHASES AN SALES OF GOVERN EN SECURITIES AN
D
M T
D
BANKERS ACCEPTANCES DURING W
EEK ENDED M
ARCH 25, 1925, AN
D
_________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES__________
(000 Omitted)
(Excluding Sales C ontracts)
Government
Bankers
S e cu ritie s
Acceptances
Purchased
Sold
Matured

$46,647

$24,155
11,404

$70,802
11,404
26.600

26.600

$32,798+

§20,047+

$12,751+

Total

(In clu d in g Sales C ontracts)
Holdings
March 25.1925

Within
15 days

Gov’ t S ecu ritie s
B ills Purchased

$ 4,060
86.669

$

$90,729

$54,769




16-30
da vs
54.769

31-60
days

61-90 91-d a y sdays 6 Months

$ $ 40,996 $25,145
92.773 64.381
8,313
$92,773

$105,377

$33,458

Over
6 Months
$273,551
$273,551

T otal
$343,752
306.905
$650,657

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

F o rm

/Q f f i j

N o . 131.

Office Correspc

lence

FEDERAL RESERVE

BOARD

March 25, 1925
Subject:

o f the Bo»rd»

For your inform ation.
g o v e r n o r G rissinger
VMr. P la tt
/ M .Hamlin
r
v^ Jr. James
•
Cunningham
/ Mr. M ille r
.
*
McIntosh (JHj
Please return to S e cre ta ry 's O ffice ,

&

*

y
w

 ■5’r(K
>S•
V;
i


Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
AuthorityP h

|PO O )

March 2 » , 1 92 S .

D ear Hr. fifettea on :
I
ack n ow ledge r e c e i p t o f end s h e l l b r in g
t o th e a t t e n t i o n o f t h e members o f t h e B oard
/ o a r l e t t e r o f t h e 24th i n s t a n t , a d d re s s e d t o
Govern o r G r ia a in g e r * e n c l o s in g a r e p o r t o f
t r a n a a c t io n a in G ovem sient a e c u r i t i e s and
bank era a c c e p ta n c e s aa r e p o r t e d t o th e Open
Market In vestm en t Committee f o r th e F e d e r a l
R eserv e System f o r th e p e r io d frora K fer© fcl2_
t o March 1 8 , 19 ^ . i n c l u s i v e , t o g e t h e r w ith
d a te r e c e i v e d b y th e C a a m ittte e frcra th e F ed
e r a l r e s e r v e b a n k s.
V ery t r u l y y o u r s ,

W a lter !»• E ddy,
S ecreta ry .

Mr. W, B . Mattesaa*, S e c r e t a r y ,
Open M arket In vestm en t C om m ittee,
c / o F e d e r a l R e se rv e Bank,
Hew Y o rk , H.Y.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

T). / p Q j |

Fe d e r a l R e

se r v e

Ba

WE D

n k

IviAR '2 5 1925
of

OFFICE OF

N e w Yo r k

THE QOVERNQS

Open Market Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

March 24, 1925

S i r :
Enclosed is a re p o rt o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee for the Federal Reserve
System fo r the period from March 12 to iferch 18, 1925 in 
clu s iv e , to g e th e r with data received by the Committee
from the Federal reserve banks.
R e sp e ctfu lly ,

■ . B. Matteson
W
Secretary o f the Committee

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

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority |L&_.{,.0 SO 1

CONFIDENTIAL
REPORT OF OPEN M ET INVESTMENT COM ITTEE W
ARK
M
EEK EN
DED M R H 18, 1925
AC

Holdings o f Earning Assets o f Federal Reserve Banks January 7, March 4,
. I I and 18. 1925,
As Compared with Corresponding Periods in 1924
(000 Qmitt ed)
BILLS

BANKERS ACCEPTANCES
Sales
Contracts
Purchases

TOTAL
EARNING
ASSETS

-1924Jan. 9
Mar, 5
M 12
"
19
-1925J an. 7
Mar. 4
"
11
M 18

^GO
VERN EN
M T

*1,026,496
930,211
938,484
922,182

$100,358
182,066
212,639
xx296, 777

$279,588
203, 739
203, 252
187*165

$39, 578
55,998
39,364
7,038

$606,921
488,408
483, 499
431, 302

1,109,965
1,101,194
1,114,060
1,056, 847

496,029
382, 735
388,332
xxx428, 250

332,029
277, 712
270,625
267, 483

8,949
25,929
30, 729
9,228

264,408
400, 866
410, 422
339,484

SECURITIES

DISCOUNTED

xIn clu d es sa les con tra cts
xxIncludes $ 58,000,000 advance to Treasury on sp e cia l c e r t if i c a t e
xxxln clu d es $100,500,000 advance to Treasury on sp e cia l c e r t if i c a t e
CH GES IN HOLDINGS OF G VERN EN SECURITIES AN BANKERS ACCEPTANCES BY
AN
O
M T
D
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS) DURING
___________________________W K ENDED M R H 18, 1925_____________________
EE
AC
(GOO Omitted)
G
OVERN EN SECURITIES
M T
Balance
Balance
Net
Mar. 18
Chance
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

BANKERS ACCEPTANCES
Net
Balance
Balance
Change
11
Mar. 18
Mar,

$ 20,0 85
88, 653
23,984
38, 348
3,029
3,584
50,204
8, 487
16,983
22,842
17, 485
.. 33,258

$ 22,936
103, 745
28, 784
42, 865
3, 321
3, 520
59, 375
9,832
18,673
24,223
16, 737
37. 409

$ 2,85115,0924, 8004, 51729264*
9,1711,3451 ,6 9 0 1,3811, 2524.151-

$ 38,021
49, 826
23,659
29,469
11,368
11,169
31,840
13,258
8,803
14,439
10,618
25.013

$ 39, 582
49, 968
23, 273
29, 844
10, 115
9, 689
34, 095
13, 675
7, 639
13, 677
11, 135
- 27* 933

$1, 561142386*
3751,253+
1,480+
2, 2554171,164+
762+
5172.920-

£326. 942

&373.420

$46,478-

$267*_48.3

$270. 625

$3,142-

C M E T O CHANGES W
O MN N
EEK EN
DED M H 18, 1925,
ARC
Notwithstanding an advance o f $100, 500,000 to the Treasury on sp e cia l c e r t i
f ic a t e s t o t a l earning a ssets o f the System declined $57,213,000 duo to d eclin es o f
$70,938,000 in b i l l s discounted, $3,142,000 in acceptances purchased ou trig h t, and
$21,501,000 in b i l l s held under sa les co n tra cts. E xclusive o f the advance to Trea
sury, holdings o f Government s e c u r it ie s declined $46,478,000 due c h ie f ly to tempo
rary sales, from the System account, under repurchase agreement and th e redemption o f
maturing s e c u r it ie s as noted on a la t e r page.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j r / ) , |Q % )|

2
Money;
Market

Hie temporary excess o f Treasury disbursements over current r e c e ip ts due t o the la rg e over redemption in t h is d i s t r i c t o f maturing s e c u r i
t i e s and payment o f in te re s t on outstanding o b lig a tio n s ^Aiich m s financed
tem porarily by a s p e c ia l c e r t i f i c a t e to the New York Reserve bank con trib u 
ted t o the ease in noney con d ition s follow in g the ta x p e r io d .

Stock Ex

change c a l l money held steady at 4 per c e n t, on Monday, March 16, but bn
Tuesday the rate fo r new loans was lowered to 3 l / 2 per c e n t ,, and on Wed- .
nesday d eclin ed to 3 p er ce n t.

During the balance o f the week c a l l money

ranged from 3 1 /2 t o 3 per c e n t.

Treasury tra n sfe rs to- t h is d i s t r i c t sin ce

March 12 o f )140,000,000 to cover the ov erd ra ft with the New York bank were
accompanied by a su b sta n tia l lo s s o f funds to the in t e r io r to f i l l the
vacuum created by the Treasury t r a n s fe r s .

Qn Saturday, March 21, a ctu a l

reserves o f New York C learing House banks were $22,000,000 below req u ire
ments, a d e clin e o f $37,000,000 during the week.

R e fle ctin g these condi

tio n s the money market turned d is t in c t l y firm er on Monday, March 23, and
c a l l money a ft e r opening and renewing at 3 1 /2 per ce n t, advanced t o 4 per
cen t.
The time money market continued q u iet with ra tes unchanged from
previous q u o ta tio n s.
at 4 1 /4 per ce n t.

Funds fo r 4 to 6 months periods were g e n e ra lly placed
Commercial paper s lig h t l y more a c t iv e , but demand p r in 

c ip a l ly from the middle w est.

Dealers* present l i s t s are unusually small

and the volume o f paper outstanding at the end o f February, as reported by
26 d e a le rs, shows v ir t u a lly no change, notwithstanding a usual seasonal in 
crease at t h is p e rio d .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

d ec la s si f ie d

Authority jr j ) , _|.0 5 Q j___

Government
Se cu r ity
Market

Accompanying e a s ie r money co n d itio n s , the government bond
market was m oderately a ctiv e and sa le s on the exchange during the period
t o ta le d about y l0 ,0 0 0 5000, compared with $7,000,000 the week before*
In general p rice s h eld firm and g en era lly unchanged from the
previous p e rio d .

A c t iv it y was c h i e f ly on the Second, T hird, and

Treasury 4 1 /4 per cent* issues* The market fo r short-term government
s e c u r it ie s was s lig h t ly more a c t iv e , and dealers reported a f a ir demand
fo r Treasury notes maturing in 1926 and 1927.
Bankers
Acceptances




Rates in a l l d is t r ic t s held unchanged from the previous week,
d ealers o ffe r in g 60 and 90 day unindorsed b i l l s at 3 l / 4 per cent* and
30*s a t 3 l / 8 per cent*
Boston rep orts a s lig h t in crease in the supply o f b i l l s
although no large block s o f b i l l s were o ffe r e d .

The demand was in crea s

ed somewhat with country banks coming in to the market fo r small
amounts.

Short b i l l s continued in the b e st demand*

Although

d ealers in Boston reported in creased demand th e ir combined sa les
showed su b sta n tia lly lesfc than in the previous W6ek.

B i l l s sent to

oth er d i s t r i c t s , however, kept th e ir p o r t fo l io s about the same*
*n New York easy money con d ition s combined with su o sta n tia l foreig n
orders caused a good demand fo r b i l l s during the week, w hile the
supply was only moderate.

Prime member bank b i l l s and short m aturities

were again c h ie f ly in demand.

In P h ila d elrh ia the acceptance market

was r e la t iv e ly quiet during the e a r ij part o f the week but la t e r with an
in creased supply o f c a l l money the demand fo r b i l l s became moderately
a ctiv e*

Ch:cago rep orts a lim ite d supply with a f a i r l y good demand,

p r in c ip a lly fo r 6u day b i l l s .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L &

/Q S O j

4
SYSTEM SPECIAL INVESTMENT ACCCUNT
In accordance with the plan p rev iou sly adopted by the Open Market
Investment Committee o f dealing with money con d ition s over the qu a rterly tax
period s through temporary sa le s of Government s e c u r it ie s , the Committee so ld to
member banks on March 16 from the System Account at par f l a t , su b je ct t o repurchase
at that p r ic e plus in t e r e s t at 3% per annum f o r the number o f days h e ld , a t o t a l
♦

of $24,000,000

U. S. Treasury 4 3/Q% notes due December 15, 1925 ($20,000,000

t o New York banks and $4,000,000 t o Chicago banks).

Of t h is amount §12,000,000

were repurchased on March 17 and a fu rth er red u ction o f 02,000,000 on the 18th,
leavin g the amount outstanding a t the c lo s e of business on the la t t e r date
$10,000,000.*
Other tra n sa ction s in the System Account during the statement week
co n siste d o f the redemption of March 15, 1925 h oldings aggregating $31,365,000
and new purchases of $818,500 which tra n sa ctio n s, togeth er with the temporary sa le s
outstanding o f $10,000,000 as mentioned above, reduced the account at the c lo s e of
business March 18 t o a net fig u re of $234,803,500*

The p a r tic ip a tio n in th is

amount by a l l Federal Reserve Banks and the c la s s if i c a t i o n by m atu rities was as
fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Bostoi*.
New York
P h ilad elp h ia
Cleveland
Richmond
A tlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco

$ 16,510,000
87,396,000
6,486,000
23,677,500
1,688,000
706,500
32,928,500
7,959,500
9,408,000
11,532,500
12,473,000
24.038 . 000
$234,803,500

RECAPITULATION OF HOLDINGS BY MATURITIES
June 15,
S e p t.15,
Dec. 15,
Mar. 15,
Sept.15,
Mar* 15,
Dec. 15,
Third L .
Sept*

1925
1925
1925
1926
1926
1927
1927
L. Bonds
15, 1928

$ 25,932,700
10,474,500
45,985,500
39,237,600
31*901,000
18,875,900
32,296,300
30,100,000

$234,803,500

*
On Saturday, March 21 $5,000,000 o f s e c u r it ie s were repurchased and 1
remaining balance of $5,000,000 were taken up on Monday, March 23.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

OSD (

OPERATIONS ACCOUNT UNITED STATES TREASURY

As a r e i n v e s t m e n t o f
o f March 15,

19 2 5 c e r t i f i c a t e s

f u n d s made a v a i l a b l e t h r o u g h t h e r e d e m p t io n
fo r account o f th e A lie n

P roperty

C u s t o d ia n t h e r e w e r e p u r c h a s e d ufoder T r e a s u r y a u t h o r i z a t i o n s

for th at

c ou n t d u r i n g t h e p e r i o d
d istricts

as

h eld

c o v e r e d by t h i s r e p o r t

se c u r itie s

19 2 5 at par

B o s to n
New Y ork
P h ila d e lp h ia
C levelan d
T otal

2 3/4% c e r t i f i c a t e s

i? 2 , 0 0 0 , 0 0 0
4 , 9 5 0 ,0 0 0
4 ,0 4 5 ,0 0 0
2 .1 0 0 .0 0 0
$ 1 3 ,0 9 5 ,0 0 0

due Septem ber 1 5 .

19 2 5 at 99 3 1 /3 2

B o s to n
C h ic a g o

$

Total

B o s to n
New Y ork
P h ila d e lp h ia
C h ic a g o
T otal

At t h e r e q u e s t

738, 500
3 ,0 0 0 .0 0 0

5 3.733, 500

T r e a s u r y A t b o n d s dua 1 9 4 4 - 5 4 at




in t h e v a r i o u s

fo llo w s ;

New 3/C c e r t i f i c a t e s due December 15.

M isce lla n e o u s

ac

100 15-/32
$

3 0 0 ,0 0 0
4 ,5 2 0 ,0 0 0
1 ,0 0 0 ,0 0 0
I . 5 0 0 .0 0 0

$ 7 ,3 2 0 ,0 0 0

o f t h e T r e a s u r y t h e F e d e r a l R e s e r v e Bank o f New

York p u r c h a s e d .£44,400 T h i r d L i b e r t y Loan b o n d s f o r a c c o u n t o f t h e G e n e r a l
R a ilro a d

C o n t i n g e n t Fund.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

6

ITEMIZED STATEM
ENT OF TRAILSACTIONS AFFECTING THE INVESTM
ENT ACCOU T OF
N
_________ FEDERAL RESERVE BANKS FR M M R H 12 TO M H 18, 1925__________
O
AC
ARC
G VERN EN SECURITIES
O
M T
SYSTEM INVESTM
ENT ACCOUNT
Purchases
B oston

:)

Issue

5 7 , 5 0 0 P a r t i System I n v ,
1 . 6 8 7 . 50Q P a r t . R o p u r . Tamp. S a l e s

Salas

) 2 , 2 0 5 ,5 0 0 R edem p t. System A c c t .
2 , 3 9 0 . 5 0 0 P a r t . Temp. S a l e s

-1,745,000

New York

596,000

$ 305,000 P art, System Inv.
$11,674,500 Redempt. System Acct
8.933.000 P a rt, Repur. Temp. Sales 12.655,000 P a rt. Temp. Sales
*•9,238,000

P h iladelph ia

)2 4 ,329,500

$

23,000 P a rt, System In v.
*
663.000 P a rt, Repur, Temp, Sales

$

Cleveland

686,000

*

866,000 Redempt. System A cct.
939.000 P a rt. Temp. Sales

11,805,000

83,000 P a rt. System In v.
*3,163,000 Redempt. System A cct.
2.420.000 P art, Repur. Temp. Sales 3.428.500 P a rt, Temp, Sales

*,2,503,000

Richmond

06,591,500

5,500 Part* System In v ,
*
172.500 P a rt, Repur, Temp, Sales
3

Atlanta

Issue

178,000

225,500 Redempt. System A cct.
244.500 P a rt, Temp, Sales

■ 470,000
)




2,500 P a rt, System Inv,
$
72.000 P a rt, Repur. Temp, Sales

94,500 Redempt. System A cct.
102.000 P art, Temp, Sales

1

Chicago

5

74,500

196,500

o

$

114,500 P a rt, System Inv.
*>4,398,500 Redempt. System A cct.
3.366.000 P a rt, Repur. Tdmp. Sales 4.768 ,500 Part* Temp. Sales

^•3,480,500

“
‘9,167,000

,
'^
1

'’3

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
A u t h o r i t y | Qf o |

7
G VERN EN SECURITIES - SYSTEM INVESTMENT ACCOUNT - (Continued)
O
M T
Purchases

Sales

Issue

Issue

-) 27,500 P a rt. System la v .
813.500 P a rt. Repur * Temp. Sales

Minneapolis

01,063,000 Redempt. System A c c t »
1.152.500 P a rt. Temp. Sales

$841,000

S t. Louis

02,215,500

* 33,000 P a rt. System In v .
961.500 P a rt. Repur. Temp. Sales
§994,500

Kansas C ity

$

$ 1,257,000 Redempt. System A cct.
1 .3 6 2 .50Q P a rt. Temp. Sales
$2,619,500

40,000 P a rt. System Inv.
1.179.000 P a r t . Repur . Temp . Sales

$1,540,500 Redempt. System A cct.
1.670.000 P a r t . Temp. Sales

$1,219,000

0

Dallas

$3,210,500

$1,666,000 Redempt. System A cct.
1 . 8 0 6 . 0 0 0 P a r t. Temp. Sales

43,500 P a rt. System In v,
P a rt. Repur. Temp. Sales

1 .2 7 5 .0 0 0

§1,318,500

San Francisco

03,472,000

83,500 P a rt. System Inv.
2.457.000 P a rt. Repur. T&mp. Sales
02,540,500

T otals

03.211.000 Redempt, System A cct.
3.481.000 P a r t . Temp. Sales
06.692.000

0 818,500 P a rt. System In v.
24,000,000 P a rt. Repur, Temp, Sales

031,365,000 Redempt. System A cct.
34,000,000 P a rt, Temp. Sales

OTHER TRANSACTIONS IN G VERN EN SECURITIES
O
M T
Purchases
Boston
0
New York
0
P h ilad elp h ia 50,000
Cleveland
0
Atlanta
310,400
Chicago
15,000
S t. Louis
30,000
M inneapolis2,023,600
K?jisas C ity 661,850
D :.U is
3,651,150




03,742,000

Issue

TD-1925 C tfs .
M isc.GovH Sec,
TD-1925 C tfs .
3rd L .L . Bonds
M isc.GovH Sec,
M isc.GovH Sec.
M isc.GovH Sec.

Sales
0
0
3,730,700
428,000
124,000
3,500,000
0
1,089,200
51,300
750.000

Issue

Held Under
Sales Contracts

0
8,000
81,000,000*
Redempt .Mar .Mat. 14,500,000*
it
ii
n
0
0
M isc.GovH Sec.
5,000,000*
Redempt .Mar .Mat.
0
0
M isc.GovH Sec.
800,000
M isc.GovH Sec.
0
M isc.GovH Sec.

09,673,200
^Special 2% Treasury c e r t i f i c a t e s .

0 101,308,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ J X -l-O G O I

8
B N E S AC E
AKR
C PTAN E
CS
Maturity
Boston

1-30 days
31-60
"
61-90
°

MATURITIES
.Amount

PURCHASES
Amount
$

Rate

361,000
365,000
1.689.000

3% . - 3 1/4JS
3 l/&% - 3 1/4#
3 1/8^ - 3 1/4%

Other
Holdings

$3,976,000 $ ,703,000 Sales
Contracts

$2,415,000
New York

1-30 d a y s
31-60
«
61-90
"
Over 90
1
1

3.415.000
2.060.000
1,100,000
452.000

i/e% i/e% 1 / 4% -

1/ ? %
2/ 8 %
3 /6 %

7,169,000

\/z%

$.7,027,000

P h iladelph ia

1-30 days
31*60
»
'
61-90
"

416,000 3%
- 3 l /$ %
2,446,000 3 l / d % - 3 3 / S %
I >915. O P 3 l/8/o - 3
O

4,391,000

2,357,000 oneday hold
over fo r
d istr* to
F.R* banks
350,000 fo r 
eign trade
acceptances
87,000 s p e c ia l
fo re ig n b i l l s
0

$4,777,000
Cleveland

61-90 days
In other
d is t r ic t s

906,000
3.062.000

3 l /B %
3%

4,343,000
3 l/2/o

780,000 s te r
lin g b i l l s

$3,968,000
Richmond

1-30 days
31-60
•
In other
d is t r ic t s

50,000
180,000
1,612.000

3
3 I / 4/0
3%
- 3 1 /2 /

589,000

3 l /s %
3
3%
- 3 l/2/o

646,000

3 l/8/o
3/o
« 3 l/2/o
*

6,293,000

- 3 l/2/o

2,158,000

0

$1,842,000
Atlanta

1-30 days
31-60
M
In other
d is t r ic t s

8,000
27,000
2,091.000
$2,126,000

Chicago

61-90 days
In other
d is t r i c t s

993,000
3.045.000

: ,125,000 Unin
dorsed
b i l l s pur«*
chased from
accept,banks

$4,038,000
St. Louis




In other
d is t r ic t s

1,741,000

0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L & . / Q S ) |

BANKERS ACCEPTANCES - (Continued)
MATURITIES
Amount

Maturity

Kansas City

Dallas

San Francisco

In other
d i s t r ic t s

1,548 , 000

In other
d is t r i c t s

2,374,000

3%

- 3 1/2%

1, 526,000

3%

- 3 l/2/o

2,043,000

130,000
566,000
237, 000
1.154.000

3 l/8 /0
3 i/e%
3 l/B%
3%
- 3 l/2 /0

Other
Holdings

1,612,000

In other
d i s t r ic t s

Minneapolis

PURCHASES
Amount

1-30 days
31-60 "
61-90 ”
In other
d is t r i c t s

0

Rate

- 3 l/2/o

0

384,000

2,826,000
Sales Contracts

5,007, 000

$2,087,000

Totals

$38,610, 000

$35, 469,000

$9, 228,000

RECAPITULATION O PURCHASES AND SALES O G
F
F OVERN EN SECURITIES AN
M T
D
BANKERS ACCEPTANCES DURING W
EEK ENDED M R H 18, 1925 AN
AC
D
__________ HOLDINGS AS O THAT DATE CLASSIFIED BY MATURITIES_________
F
(000 Omitted)
(Excluding Sales C ontracts)
Government
S e cu ritie s
Purchased
Sold
Matured

Bankers
Acceptances

$28,562
35,755
39.285 (Redemption)

T otal

035,469
38.611

064, 031
35,755
77.896

0 3,142-

$49, 620-

-

* $46,478-

(in clu d in g Sales C ontracts)
Holdings
March 18. 1925

Within
15 days

31-60
days

61-90
days

91 days6 months

Over
6 months

85.048

040,994
055.970

022,231
6.723

0263,716

55.777

074, 000 055,777

085,048

096,964

028,954

0263,716

*Gov*t S e cu ritie s $
807
B i l l s Purchased
73.193

16-30
days
- «

•

T otal
0327,748
276.711
0604, 459

*Does not include advance to Treasury on s p e c ia l c e r t i f ic a t e s issued over
the March 15 tax p e rio d .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

F o r m N o . 131.

-Office Correspo. -*ence

£&_LQ5&L

FEDERAL RESERVE
BOARD

M
arch IB, 1925 ..

Subject:.

/
For your inform ation.
v ^ ov ern or Orisainger
VSfr. P la tt
\A \
&> Hamlin
/ M James
f*.
VM r . Cunningham
/
J Mr. M ille r
^ M r* McIntosh (
>&>«
Please return to S ecreta ry ’ s O ffic e .

-

rm a c \
x r tn*
ftta




1, - ,i is m M W
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




DECLASslFmT
Authority £ j X 4 £ ) S O ] — -

Uarah 1 8 , 1 92 5 .

D eer Mr. M atteaans

I
eaknow l edge r e c e ip t o f end aha 11 bring
t o the a tte n tio n O f the MMiberB o f th e Board
your le t t e r o f the 17th in s ta n t, addressed to
Governor C riaainger, en closin g a rep ort o f
tranaaotiona in (Jovemwent a e cu ritie a and
b a n k ers a c c e p t a n c e a a * r e p o r t e d t o the Open
>Iferkat Inveataant Q osaittee f o r the Federal
Kiaerva 3yat«ffl f o r th e p e r i o d f r om March A fro
?
;iferoh U , 1925. Inolu a lv e . ■t o g e t h e r w ith da ta
‘ r e c e i v e d by thaB V ttultiU ur frooi th e F e d e ra l r*~
aarv* banka,
Very tru ly youra,

W a lter L. E ddy,
S ecreta ry .

Mr. W. B. I fc tt e a o n , S e c r e t a r y ,
Open Ifarket In v e a ta e n t C oea a ittee,
o / o f e d e r a l H eaerre Bank,
Hew T ork , Jf.T.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ j ) , / ( ) £ / ) [

d e c e iv e d

MAR 1 8 1925
Fe d

eral

of

Re

se r v e

Ba

OFFICE Off
n k

THE GQVJBimQM

Ne w Yo r k

Open Siarket Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

March 17, 1925

S i r :
Enclosed is a rep ort o f tra n sa ction s in
Government s e c u r itie s and bankers acceptances as re 
ported to the Open Market Investment Committee fo r
the Federal Reserve System fo r the period from March
5 to Iferch 11, 1925 in c lu s iv e , tog eth er w ith data
received by the Committee from the Federal reserve
banks.
R e sp e c tfu lly ,

aecrexary oi tne Committee

Honorable D. R. C rissin g e r,
Governor, Federal Reserve Board,
W&shington, D. C.
Enclosure

Reproduced from the Unclassified / Declassified Holdings of the National Archives
----- ....-------------- ................. .

_________ _
_______________

DECLASSIFIED

Authority

|

CONF I DE NT I A L

/

REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MARCH 11,

1925

H o l d i n g s o f E a rn in g A s s e t s o f F e d e r a l R e s e r v e Banks J an u ary 7, F e b r u a r y 25
March 4 and 11* 1925* As Corn-pared W ith C o r r e s p o n d ing P e r i o d s in 1924

^qqq Omitted)
TOTAL
EARNING
ASSETS

-1924Jan.
9
F e b . 27
Mar,
5
n
12
-1925Jan.
7
F eb . 25
Mar.
4
11

^GOVERNMENT
SECURITIES

BANKERS ACCEPTANCES
S ales
C ontracts
Purchases

BILLS
DISCOUNTED

$ 1 ,0 2 6 ,4 9 6
950 , 601
930, 211
938, 484

$ 1 0 0 ,3 5 8
155 , 801
1 8 2 ,0 6 6
2 1 2 ,6 3 9

$ 2 7 9 ,5 8 8
2 0 5 ,0 2 2
203, 739
2 0 3 ,2 5 2

$ 3 9 ,5 7 8
5 8 ,2 8 8
55, 998
3 9 ,3 6 4

$606, 921
531,6 9 0
4 8 8 ,4 0 8
483, 499

1 ,1 0 9 ,9 6 5
1 ,1 2 9 ,6 9 7
1 ,1 0 1 ,1 9 4
1 ,1 1 4 ,0 6 0

4 9 6 ,0 2 9
364, 694
382, 735
388^332

3 3 2 ,0 2 9
2 7 8 ,8 8 5
277, 712
270 , 6 2 5

8 ,9 4 9
38, 361
2 5 ,9 2 9
30, 729

2 6 4 ,4 0 8
433, 80 5
4 0 0 ,8 6 6
4 1 0 ,4 2 2

v

In clu d es sa le s con tra cts

CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES BY
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS) DURING
______________________________ WEEK ENDED MARCH 11. 1925______________________________
............. ..
"
(0 0 0 O m i t t e d )
GOVERNMENT SECURITIES
B a la n c e
Net
B a la n c e
Mar. 11
Mar.
4
Change
B o sto n
New York
P h i l ad e l ph i a
C levela n d
Richmond
At 1 ant a
C h ica g o
S t . Lou i s
M in n e a p o lis
K ansas C i t y
D a lla s
San F r a n c i s c o
T otal

BANKERS ACCEPTANCES
Net
B alan ce
B alan ce
Change
Mar.
4
Mar. 11

$ 22, 936
103, 745
28, 784
42, 865
3 ,3 2 1
3, 520
5 9 ,3 7 5
9, 832
1 8 ,6 7 3
2 4 ,2 2 3
1 8, 737
3 7 .4 0 9

$ 22, 560
1 0 1 ,7 5 3
2 4 ,9 0 5
4 2 ,3 2 5
3, 282
3, 509
58, 625
9, 550
18, 503
2 3 ,9 6 0
1 8 ,4 5 2
36. 861

$

376+
1 ,9 9 2 +
3, 879 +
540 +
39+
11+
750+
282+
170 +
263+
285+
548+

$ 3 9 ,5 8 2
4 9 ,9 6 8
2 3 ,2 7 3
29, 844
1 0 ,1 1 5
9, 689
3 4 ,0 9 5
1 3 ,6 7 5
7, 639
1 3, 677
1 1 ,1 3 5
2 7 ,9 3 3

$ 39, 571
47, 830
2 3 ,8 3 6
3 1 ,1 5 7
8, 712
7, 757
38, 878
1 5 , 215
5, 798
12, 576
12, 559
• 33. 823

&
11 +
2 ,1 3 8 +
5631 ,3 1 3 1, 403 +
1 ,9 3 2 +
4 ,7 8 3 1 ,5 4 0 1 ,8 4 1 +
1 ,1 0 1 +
1 ,4 2 4 5. 89 0 -

$ 3 7 3 ,4 2 0

$364, 285

$ 9 , 135+-

$ 2 7 0 ,6 2 5

$277. 712

$ 7 ,0 8 7 -

COMMENT ON CHANGES WEEK ENDED MARCH 11.

1925

A g g r e g a t e h o l d i n g s o f e a r n i n g a s s e t s o f t h e System adv an ced $ 1 2 , 8 6 6 , 0 0 0
d u r i n g t h e week, due l a r g e l y t o an i n c r e a s e o f $ 9 , 5 5 6 , 0 0 0 in b i l l s d i s c o u n t e d , and
a f u r t h e r i n c r e a s e in Government s e c u r i t i e s o f $5, 59 7 ,0 0 0 , o f w h ic h $ 5 , 3 5 0 , 0 0 0 r e p 
r e s e n t e d purchase*? made f o r t h e System S p e c i a l I n v e s t m e n t A c c o u n t .
B ank ers a c c e p 
t a n c e s purchased o u t r i g h t d e c l i n e d $ 7 ,0 8 7 ,0 0 0 w h ile a c c e p t a n c e s h e ld under s a le s
c o n t r a c t s i n c r e a s e d £4, 8 0 0 , 0 0 0 .




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ J). I Q f o l

2

Money
Market

F ollow ing a d e f i c i t o f $35,600,000 in reserve requirements
o f clea rin g house banks, the rate on Stock Exchange c a l l money turned
d i s t in c t ly firm er on Monday, March 9, advancing to 5 per c e n t ., a fte r
ru lin g during the e a rly part o f the statement week at a 3 1/2 per cent*
le v e l#

As funds returned from the in t e r io r , however, money conditions

became e a s ie r and on Wednesday, March 11, the clo sin g day o f the period
the c a ll money rate receded to 4 per cent*, while some tra n sa ction s were
reported ou tsid e the Exchange at 3 per cent*

The time money market

was m oderately a c t iv e , at the rates re ce n tly p rev ailin g *

The commercial

paper market was s lig h t ly le s s a c tiv e , with prime paper gen era lly 4
per cent*
Govemment
Security
Market

P r a c t ic a lly no demand in New York C ity,
The Government bond market was m oderately a ctiv e and sales

on the Exchange during the week to ta le d $6,900,000 compared with
§5*900,000 la s t week*

P rices on a l l issu es were v ir t u a lly unchanged;

fr a c tio n a l re ce ssio n s in the F irs t 3 1 /2 * s and Second 4 1 / 4 's were o f f - 
set by advances in the F irst 4 1/4*3 and Fourth 4 l / 4 f s, with most a c t iv 
i t y d ire cte d toward the la s t is s u e .
was lig h t#

Trading in short-term s e c u r itie s

Dealers o ffe r in g p r ic e s showed s lig h t reductions in the

sh orter m atu rities and fr a c tio n a l advances in the longer term issues*
Bankers
Acceptances




Rates in a l l d is t r i c t s remained g en era lly unchanged from the
previous week, d ealers o ffe r in g 60 and 90-day unindorsed b i l l s at 3 1/2
per ce n t, and 30f s at 3 1/8 per ce n t.
Boston rep orts a com paratively good supply o f b i l l s ,
p r in c ip a lly o f 90-day m a tu ritie s, and an improvement in demand lo c a lly ,
few in q u irie s coming from ou t-of-tow n banks.
bank were moderate.

O fferin g s to the reserve

In New York the b i l l market was q u ie t.

The

supply and demand were about equal but both were su b sta n tia lly le s s
in volume than la s t week*

Prime member bank b i l l s o f 30 and 60-day

Reproduced from the Unclassified I Declassified Holdings of the National Archives
r ....—

-

DECLASSIFIED
Authority fT 7). |QQO|

m atu rities were in best demand by out-o 1-town banks as w ell as c i t y dealers*
Moderate o ffe r in g s were made to the reserve bank.
b i l l market with the supply and demand about equal.

P h ilad elp h ia rep orts an a ctiv e
YJhile there m s evidence

o f c i t y d ealers making temporary investments in b i l l s , occasioned by the ease in
the money market, the demand in general was from ou t-of-tow n banks.

In Chicago

the supply waa small with a good demand, e s p e c ia lly fo r the 6 0 -and 90-day
m atu rities*

SYSTEM SPECIAL INVESTMENT ACCOU T
N
In a n ticip a tio n o f approxim ately ^31,000,000 s e c u r it ie s maturing
March 15, 1925 in the System Account there was purchased, a ft e r the approval
o f the members o f the Open Market Investment Committee, during the period covered
by th is report $5,350,000 Treasury Notes due December 15, 1925*
The holdings at the clo s e o f business March 11, 1925 amounted to
$275,350,000 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 by m a tu ritie s, was as fo llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t, Louis
Minneapolis
Kansas C ity
Dallas
San Francisco

$ 19,361,000
102,487,500
7,605,000
27,766,000
1,980,000
828,500
38,615,000
9,334,000
11,033,000
13,524,000
14,626,500
28«189.500

Total

$275*350.000




RECAPITULATION OF HOLDINGS BY MATURITIES
March 15, 1925
June 15, 1925
Sept. 15, 1925
Dec. 15, 1925
Mar, 15, 1926
Sept. 15, 1926
Mar. 15, 1927
Dec* 15, 1927
Third L. L. Bonds
Sept. 15, 1928

$ 31,365,000
25,932,700
10,174,500
55,467,000
39,237,600
31,901,000
18,875,900
32,296,300
30,100,000

$275.350*000

Reproduced from the Unclassified I Declassified Holdings of the National Archives
- ’*— — »■-— *-------- —
J

------- — .......-

• ________,___________

DECLASSIFIED
Authorityjrft, /(¥/)(

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
__________FEDERAL RESERVE BANKS FROM M
ARCH 5 TO M
ARCH I I . 1925_____________
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
P u rch ases
S a le s
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h icago
St# L o u is
M in n ea p olis
Kansas C ity
D a lla s
San F r a n c is c o
T o t a ls

,V 3 7 6 ,0 0 0
1 ,9 9 2 ,0 0 0
1 4 7 ,5 0 0
5 3 9 ,5 0 0
3 8 ,5 0 0
16, 0 0 0
750, 000
1 8 1 ,5 0 0
2 1 4 ,5 0 0
2 6 2 ,5 0 0
2 8 4 ,0 0 0
5 4 8 ,0 0 0
0 5 ,3 5 0 ,

HELD UNDER
SALES CONTRACTS
0

0
0

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

0

0

0

0

0

0

0

0
2 0 , 000

0
0

0

0

0

0

0

0

000

0

0

0

0 1 4 ,4 1 1 ,1 0 0

0

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
P u rch ases
S a le s
P h ila d e lp h ia
A tla n ta
S t , L o u is
M in n e a p olis
Kansas C ity
D a lla s

0 3, 730, 700
5 4 ,0 0 0
1 0 0 ,0 0 0
8 9 7 ,3 5 0
450
1. OOP

B -1925 Motes
M isc, Gov’ t Sec*
T h ird L*L, Bonds
M isc. G o v 't S e c.
M isc, Gov’ t S e c,
Second L .L . Bonds

0 4 ,7 8 3 ,5 0 0

0
5 9 ,9 5 0 M isc* Gov’ t S e c.

0
9 4 1 ,5 5 0 M isc, Gov’ t S e c,

0
0
0 1 ,0 0 1 , 500

BANKERS ACCEPTANCES
PURCHASES
Amount

M a tu rity
B oston

1 - 3 0 days
3 1 -6 0
"
61-90
"
Over 9 0
"




0

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

§ 4,29 1,0 00

Rate
3fe
3 l /8 %
3 l /8 %
3 1/4:%

- 3 l /8 %
- 3 l /4 %
- 3 l/4 fo
- 3 l/Z %

MATURITIES
Amount
04, 280,

000

Other
H o ld in g s
O l , 756, 000 s a le s
con tra cts

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

QO
SI

Authority

BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount

New York

1-30 days $5,585,000
31-60
720,000
61-90
1.961.000
Over 90
1.098.000

-3
3/o
3/
-3
3 1 /8 /-3
3 1 /4 /- 3

MATURITIES
Amount

Rate

Maturity

1 /8 /
1 /8 /
1 /4 /
1/2%

$7,226,000

3%
-3 l/8/o
3 i/a /~ 3 1/ 4/
3 l/8 /o-3 l/4 /o

1,7^9,000

^9,364,000

Philadelphia

1-30 days $
31-60 "
61-90 n

224.000
290.000
722.000

Other
Holdings
$22,160,000 Sales
Contracts
2,462,000 one
day holdover
fo r d ist* to
F. R* Banks
373,000 foreig n
trade accept*
46,000 s p e c ia l
foreig n b i l l s

$1,236,000
Cleveland

61-90 days $ 258,000 3 1 /8 /
In other
2.894.000 3 /
*3 1 /4 /
d is t r i c t s
$3*152,000

Richmond

1-30 days $ 150,000
In other
2.038.000
d is t r ic t s
$2,188,000

3 1 /8 /
3/
-3 1 /4 /

785,000

A tlanta

1-30 days $
17,000
31-60 w
17,000
In other
2.480.000
d is t r ic t s
$2,514,000

3 l/8/o
3 l/8 /o
3%
-3 1 /4 /

582,000

Chicago

61-90 days $2,337,000

3 1 /8 /

St* Louis

In other
d is t r ic t s $1,804,000

3/

In other
d is t r i c t s $2,212,000

Minneapolis

Kansas City
Dallas




4,465,000

760,000 S te rlin g
b ills

1,261,000 Unindorsed
b i l l s pur
chased from
accept* banks

7,120,000

0

-3 1 /4 /

3,344,000

0

3/

-3 1 / 4 /

371,000

0

In other
d is t r ic t s $2,715,000

3/

-3 1 / 4 /

1*614,000

0

In other
d is t r ic t s 11,262,000

3/

-3 1 /4 /

2,686,000

0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority

(Q S )1

BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount
Francisco

T ota ls

$

298,000
111,000
156.000

*

1-30 days
31-60
w
61-90
w

Rate

‘ MATURITIES
Amount

Other
Holdings

56 5.000

- 3 l/B%
- 3 l/Q%

$33,640,000

$ 6,455,000 $ i , 911,000 sa les
con tra cts

£40. 727.000 £30r 729.000

RECAPITULATION OF PURCHASES AN SALES OF G VERN EN SECURITIES AN
D
O
M T
D
BANKERS ACCEPTANCES DURING W
EEK EN
DED M
ARCH 11, 1925 AND
__________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES_________
(000 Omitted)
(Excluding Sales C ontracts)
Bankers
Acceptances

Government
S e cu ritie s
Purchased
Sold
Matured

110,135
1,000
______ 2.

$33,640
0
40.727

GovH S e cu ritie s
B i l l s Purchased

*M i

I".
.}



$ 2 .0 4 8 4
-

(In clu d in g Sales C ontracts)
61-90
16-30
31-60
91- days- Over
day 8
davs
davs
6 Months 6 Months

Within
15 davs
$ 50, 466
95. 578

$43,775
1,000
40. 727

iJL&fiZ-

9*135+

Holdings
Mar, 11, 1925

Total

$

57. 712

T otal

$40,992
7,379

$296,874

$338,332
301.354

§57. 71.2 $86.958 %53. 727 $48,371

4296. 874

$639,.6S6

86.9 58

53. 727

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j r j L | Q

SOI

F o r m N o . 131.

Gorrespoi ience




FEDERAL RESERVE
BOARD

incite Mar oh K

19 25 .

/
^ f

t h e B o a r d , _______

eci

,
For your inform ation .
v^Governor C rissin g er
Mr. P la tt
l/Mr* Hamlin
James
i/Wm Cunningham
/

U r. M i l l e r

___ I M , * * *

Mr. MsIntoshZ—-----(
Please return t o Secretary*s O ffice ,

<

7

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £ ft,

th r o b 1 0 , 1 92 5 .

Doer Hr, !.fett>eson:
I
noknowledge r e c e ip t o f end s h a ll brin g
t o the a tte n tio n o f the members o f the Boerd
your l e t t e r o f the 9th in s ta n t, addressed to
Governor C riss in ger, ^ c l o s i n g a re p o rt o f
tr&nsaations in Gowrnoont n e o u ritie s and
bankers acceptances as reported t o the Open
Market Xnventnont Gocoraittec f o r the Federal
Reserve System fo r the p eriod frora February
^6 to M&rah 4 , 1925, in c lu s iv e , tog eth er with
dBt8~~reddiV0d by fKe“TrommIttee from the Fed
e r a l reserve banka.
Very tru ly yours.

(S igned) W a lte r L . ^
W «lter
Eddy,
S ecreta ry.

Mr* W. B. llntteson, S ecreta ry,
Open iterket Inveataaent C oaa ittee,
o /o Federal Re serve Bank,
Hew York, H*Y,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
A uthorityjrf i .

Fe d e r a l R e
of

Ne

se r v e

w

Yo

Ba

n k

rk

Open Market Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

March 9, 1925

S i r :
Enclosed is a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from February 26 to March 4, 1925
in c lu s iv e , tog eth er with data received by the Committee
from the Federal reserve banks.
R e sp e ctfu lly ,

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

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ j ) ,

CONFIDENTIAL
REPORT OF OPEN M
ARKET INVESTMENT COM ITTEE W E ENDED M
M
EK
ARCH 4, 1925
Holdings o f Earning Assets o f Federal Reserve Banks January 7, Februarv 25 and March 4 , 1925, As Compared With Corresponding Periods in 1924
(000 Omitted)
BILLS
BANKERS ACCEPTANCES
TOTAL
♦G VERN EN
O
M T
Sales
EARNING
DISCOUNTED
Contracts
-1924
ASSETS
Purchases
SECURITIES
Jan.

9
F e b , 27
Mar. ' 5
--19 25Jan. 7
F e b . 25
Mar, 4

$1,026,496 ,
950,801
938,484

$100,358
155,801
212,369

$279,588
205,022
203,252

$39,578
58,288
39,364

§606,921
531,690
483,499

1,109,965
1,129,697
1,101,194

496,029
364,694
382,735

332,029
278,885
277,712

8,949
38,361
25,929

264,408
433,805
400,866

^Includes sales con tracts
CH GES IN HOLDINGS OF G VERN EN SECURITIES AN BANKERS ACCEPTANCES BY
AN
O
M T
D
FEDERAL RESERVE BAN (EXCLUSIVE OF SALES CONTRACTS) DURING
KS
______________________
W E EN
E K DED M
ARCH 4. 1925____________________________
(000 Omitted)
G VERN EN SECURITIES
O
M T
Balance
Net
Balance
Mar. 4
Feb. 25
Change
Boston
New York
P hiladelphia
Cleveland
Ri chmond
Atlanta
Chicago
S t. Loui s
Minneapolis
Kansas City
Dallas
San Francisco
Total

$ 22,560
101,753
24,905
42,325
3,282
3,509.
58,625
9,550
18,503
23,960
18,452
36.861

0 22,560
101,753
24,905
42,325
3,282
3,461
56,125
9,409
18,438
23,877
17,094
36.861

0
0
0
0
0
48+
2,500+
141+
65+
83+
1,358+
0

$364,285

1360,090

$4,195+

BANKERS ACCEPTANCES
Net
Balance
Balance
Change
Feb, 25
Mar. 4
$ 39,571
47,830
23,836
31,157
8,712
7,757
38,878
15,215
5,798
12,576
12,559
33.823*

$ 40,731
49,339
20,231
33,273
4,975
4,229
39,290
17,450
2,638
11,635
16,132
38,962

$ 1 ,1 6 0 1,509~
3,605+
2 ,1 1 6 3,737+
3,528+
4122,2353,160+
941+
3 ,5 7 3 5 ,1 3 9 -

$277,712

$278,885

$ 1 ,1 7 3-

C M E T O CH GES W K ENBBD M
O MN N
AN
EE
ARCH 4. 1925
T otal earning a ssets o f a l l reserve banks d eclined $28,503,000 during
the statement week. The d e clin e was due c h ie fly to a reduction o f 032,939,000
in b i l l s discounted, while b i l l s purchased ou trigh t declined ->1,173,000 and ac
ceptances held under sa les contract *>2,432,000*
Government se cu rity holdings
increased $18,041,000, o f which $13,845,000 represented an increase in secure
itie a h e ld under sa les co n tra cts.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

%JX4££Di

2
Money
Market

With the completion o f f i r s t o f the month requirements, money
con d ition s in New York turned d ecid ed ly e a s ie r about the middle o f the
week*

A fte r ruling unchanged at 4 1/2 per cent* in the f i r s t two days

o f the week stock exchange c a ll money d eclin ed to 3 1 /2 per cen t, on
Wednesday, March 4, and continued at that rate throughout the balance
o f the week*

Large amounts o f money were on o f f e r and outside the

exchange some money was reported len t under the p re v a ilin g rate*

On

Saturday, March 7, actual reserves o f New York Clearing House banks
were $35,600,000 below requirements which represented a d eclin e o f
$84,000,000 during the week*

C h iefly r e fle c t in g t h is con d ition the

money market turned d is t in c t ly firmer on Monday, March 9, and stock
exchange c a l l money a ft e r opening and renewing at 3 1 /2 per cent*
advanced su c ce s s iv e ly to

^

per ce n t.

money continued g en era lly upward, however.

The trend o f longer term
Rates for 90-day loans

were advanced 1 /4 to 4 1/4 per cent*! and fiv e and s ix months1 matur
1
i t i e s ranged from 4 1/4 to 4 1 /2 per cent*

Later in the week, with

a la rg e r supply o f money on o f f e r , rates were s lig h t ly e a sie r and loans
fo r 90 days ranged from 4 to 4 1/4 per cent*

Commercial paper rates

fo r prime 4 to 6 months' names were g en era lly advanced to 4 per cent*
with on ly a few excep tion a l names moving at 3 3/4 per cent*

The market

in the East m s s lig h t ly more a ctiv e *
Government
Trading in the Government bond market continued quiet and
S ecu rity
Market
sa les on the stock exchange during the p eriod o f on ly $5,900,000 were




the sm allest fo r any week th is year*

Accompanying e a sie r money condi

tio n s p rice s o f a l l L ib erty Loan bonds advanced fr a c t io n a lly during
the week ended March 7*

On the announcement o f the new Treasury o f f e r 

ing o f an a d d ition a l issu e o f 4 per ce n t, bonds o f 1944 ~ 54 at 100 1/2
the outstanding issu e o f bonds d eclined from 100 3l/32nds on February 26,
to a corresponding b a sis o f 100 16/32nds on March 5*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

/Q ffil

3
The market for chort-term Government s e c u r it ie s was quiet
with demand and supply about equal.

With the advance in the discount

rata o f the New York bank p rice s o f a l l issues declin ed s lig h t ly but
subsequently recovered to the le v e l p re v a ilin g in. the previous week*
Bankers
Acceptances




Both bid and o f f e r rates in a l l d i s t r i c t s were advanced 1/8
per ce n t, during; the p eriod , dealers o ffe r in g 60 and 90-day unindorsed
b i l l s at 3 1/4 per cen t, and 30* s at 3 1 /8 per cent#
Boston reports very few b i l l s coming in to the market but
the v a r ie t y o f b i l l s has increased*

The aggregate o f b i l l s purchased

showed some reduction over the previous week but was in excess o f
the corresponding period la s t year*

Sales were la rg e r than in the

previous week and were w ell divided among the various m aturities*
■n New York the market was very a ctiv e during the e a rly part o f the
*
p e rio d .

Firmer money co n d itio n s, coin cid en t with the advance in the

discount rate and our buying rate fo r b i l l s resu lted in a very la rge
increase in the volume o f b i l l s o ffe re d to the market*

Dealers

advanced t h e ir rates 1/8 per ce n t, which togeth er with e a sie r money
con d ition s resu lted in a marked increase in the demand from both
lo c a l and out-of-tow n banks.

There was a corresponding d eclin e in

the volume o f b i l l s o ffe re d to the market and dealers had some
d i f f i c u l t y in completing t h e ir o rd e rs.
reached a low point fo r the year*

Dealers combined p o r t fo lio s

B i l l s were o ffe r e d to the reserve

bank in moderate volume as the market adjusted i t s e l f to the higher
le v e ls .

P hiladelphia reports only a f a ir supply and demand for b i l l s .

The lo c a l demand was poor with on ly a routin e demand from o u t-of-tow n .
In Ghicago the supply o f b i l l s m s fa ir with on ly a lig h t demand which
was p r in c ip a lly fo r the short m a tu rities.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority fr ? ),

SYSTEM SPECIAL INVESTMENT ACCOUNT
T here have b een no t r a n s a c t i o n s d u rin g th e p e r i o d c o v e r e d b y t h i s r e p o r t
i n th e System S p e c i a l In vestm en t A c c o u n t , th e h o ld in g s a t t h e c l o s e o f b u s in e s s
March 4 rem a in in g a t 4 2 7 0 ,0 0 0 ,0 0 0 , th e p a r t i c i p a t i o n in w hich by a l l F e d e r a l r e 
s e r v e b a n k s, and th e c l a s s i f i c a t i o n b y m a t u r i t i e s , was as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

B oston
Now York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h ica g o
S t . Lo 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

March 1 5 , 1925
June 15, 1925
Sept* 15, 1925
D ec.
15, 1925
March 15, 1926
S ept* 15, 1926
March 15, 1927
D ec.
15, 1927
T h ir d L. L, Bonds
S e p t . 15, 1928

0 18,985,000
100,!*95,500
7.457.500
27.226.500
1.941.500
812,500
37,865,000
9.152.500
10.818.500
13.261.500
14.342.500
27.641.500

$ 31,365;000
25,932,700
10,174,500
50.117.000
39,237,600
31.901.000
18,875,900
32,296,300
30.100.000

$270,000,000

4270 ,000 ,000

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM FEBRUARY 26 TO MARCH 4 . 1925_____________

TRANSACTIONS IN GOVERNMENT SECURITIES
P u rch ases
B oston
New York
A tla n ta
C hicago
S t . L ou is
M in n ea p olis
Kansas C it y
D a lla s

0
0
105,900
2,500,000
141,000
805,050
82,400
1.358.350

S a le s

M isc*G ov’ t Sec*
A - 1925 N otes
T h ird L.L. Bonds
M is c . G ovH S e c.
M is c . G ov H S e c .
M is c . G ovH S e c .

£4,992,700

H eld Under
S a le s C o n tr a c ts

0
0
57,800 M is c . G ovH Sec*
0
0
739,700 M isc. G ovH S e c .
0
0
$797,500

£ 329,055
18,100,000
0
20,000
0
0
0
0
$18,449,055

BANKERS ACCEPTANCES

M a tu rity
1-30 days

B oston

31-60
61-90
Over 90




"
"
"

PURCHASES
Amount

I

641,000
1,050,000
a ,131,ooo
128.000

4-4,950 tQQQ

MATURITIES
Amount

Rate

«*
3 l/4/o -

3 l/4 /o
3 1 /8 /,
3 l/4/o
3 3/8$

06,109,000

Other
H old in g s
01,821,000 S a le s
C o n tr a c ts

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

JOS ) !

BANKERS ACCEPTANCES - (Continued)
N W YORK
E
Feb. 25
Other banks

1-»15 days

MATURITIES AN RATES
D
16-30 days
31-60 days

$

§

10,000
3/

962,000
3/0
-3 l/4/o

61-9,0 days

Over 90 days

$1,356,000
3^-3 l/8 /o

§4,163, 000
3/o-3 3/8/o

17, 000
3 /-3 1 /2 /

391, 000
554, 000

171, 000
304, 000
3/

105, 000

Feb. 26
New York
Other banks

20, 000

3 l/4/o

Feb. 27
New York
Other banks

481,000
91,000
3/£~3 l/8 /o

2 7 7 ,0Q0
374, 000
3 /-3 3/ 8/

1,966, 0Q0
2,813, 000
3/s-3 3/ 8/0

3,518,000
6, 598,000
3/^3 3/8/o

718,000
885, ooa,
3 l/4 /o-3 l/5

195,000
1, 005, 000
3 l/Q%

48 0, 000
571, 000
3 lA /6 -3 l / 2 / e

337,000
461,000
3 l/8 /o-3 l/4 /o

247,000
3 04,000
3 I / 4/0 3 l / 2 / 0
-

Feb. 28
New York

4, 000
3 l/Q%

March 2
New York
Other banks

606,000
467, 000
3/.

359,000
2,128 , 000
3/0

2 , 000

9 , 000
9 , 000
3/«

399.000
753.000
3 1 /8 /

March 3
New York
Other banks

m

3 l /4 $

28 , 000
39 . 0Q0
3 1 /8 /- 3 1/4 /.

March 4
New York
T ota id ;
New York
Other banks

962,000
33C-.1,1/8.*
§1, 089, 000
568 , 000

§1,607,000
3,493,000

472,000
205,000
3 l/8%*3 1/4% 3 1 /8 V 3 l /4 #
§3,260,000
5,516,000

§4,426,000
12,531,000

Or and T o ta l;
New York
Other banks

14, 000
3 iA S
§1,564,000
.1,777,000

§11,946, 000
§35,830, 000

Matured frora New York holdings week ended March 4 :
§13,455,000
Other holdings by New York: §15,124,000 sa les co n tra cts ; §3,678,000 one-day hold
over fo r d is tr ib u tio n t o Federal Reserve Banks; §427,000 fo re ig n trade acceptances;
§226,000 s p e c ia l fo r e ig n b i l l s *




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L f ) , ) Q £ ) i

BANKERS ACCEPTANCES - (Continued)
Maturity
P h iladelph ia

1-3^ days
31-6u "
61- 9u "

PURCHASES
Amount

Rate

MATURITIES
Amount

other
Holdings

& 743,^00
1,319 ,<*>00
2.854.uQO

3 1 /8 $
3$
— 3 l /4 $
3$
- 3 3/8$

$ 1 ,3 1 1 ,wou

C

3$
3 1 /8 $
2%
- 3 1/2$

6,673,uuO

8u9,uoo S terlin g b i l l s

$4,916,000

Cleveland

1-30 days
31-60 n
In other
d i s t r ic t s

26,000
50,000
4.481.000
(<4,557,000

Richmond

1-30 days293,000 3 l/8 $
31-60 f'
130,000 3 1/8$
61-9u " 200,OuO 3 1 /8 $
In other
3.401.000 2%
- 3 l /2 $
d is t r ic t s

287,uOO

0 4 ,0 2 4 ,0 0 0

A tlanta

l-3u days
31-60 M
In other
d is t r ic t s

6 ,uOO
75,000
3.761.000

314,0o0

i/s i

1/ 8/.
/
°

4$
3 1/2$

3%
3%
3%

3 1/8$
3 1/8$
3 1/2$

4,821,000

In other
d is t r ic t s

2 ,7 4 9 ,pOO 3%

- 3 1 /2 $

4,984,000

In other
d is t r ic t s

3.211.000

3
7o

- 3 1/2$

51,000

In other
d is tr ic ts

3.750.000

3%

- 3 l/2 /o

2,809,000

03,842,000

Chicago

1 ,4 1 3 ,00u Unindorsed
b i l l s pur
chased from
a ccepting
banks

31-60 days
61-90 "
In other
d is t r i c t s

1,060,000
2.057.000
1.291.000

872,000 sa les
con tra cts

H ,408,000

S t. Louis
Minneapolis

Kansas C ity
Dallas




In other
d is t r ic t s

383,000 3%

3 1/2$

3,835,000
0
121.000 Sold to
M * Bks„
em
v>3,956 ,0.00

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j :

f(£Q\

ft,

3AMKBRS ACCEPTANCES - (Continued)
PURCHASES
Amount

M aturity
San Francisco

1-30 days
31-60 *
61-90 "
In other
d i s t r ic t s

v

MATURITIES
Amount

Rate

Other
Holdings

0 8,916,000

c 1 ,5 5 9 ,U O Sales
U
Contracts

§5 3 ,6 8 6 ,uOO

421,000 3)£
1,599 ,000 3i.
897,u j O
860
3/o - 3 l/2 /o

§25,929,UOO

0 3,777,000

T otals

§52,513,000

RECAPITULATION OF PURCHASES AND SALES OF G
0VERN
1.IEN SECURITIES AND
T
BANKERS ACCEPTANCES DURING W
EEK ENDING M
ARCH 4 , 1925 AND
_________HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES_________ _
(000 Omitted)
(Excluding Sales C ontracts)
Government
Bankers
S e c u r itie s
Acceptances
Purchased
Sold
Matured

T ota l

052,513
0
53>686

057,506
798
53.686

$ 1 ,1 7 3 -

V 4,993
798

0 3,022+

(In clu d in g Sales C ontracts)
91-daysOver
16-80
31-60
61-90
days
davs
davs
6 Months 6 Months

Holdings
March 4 . 1925

W ithin
15 davs

G ov 't S e cu ritie s
B i l l s Purchased

C 54%
0u8
l 0 2 r303

•
50.998

85.836

57t534

$4u,992
6.970

^287,736
-

(.382,736
303,641

£156,311

v50,998

£85,836

$57f 534

£47,962

0287,736

£686,377




T ota l

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t ) , | Q 5 0 l

F o r m N o . 131.

Office, forrespoi Jence
To

m^pbers o f the B o a rd s___ _

FEDERAL ftESERVE
BOARD

^

^ S ilb je c t:^ ^ ___ _______________ _.......

j- M i y .

2 .2 *
I




For your inform ation
Governor G rissinger
v Mr# P la tt
V j l f , Hamlin
yl& t. James
/ fo r / Cunningham
^Mb, M ille r
Malntosh
Please return t o S ecreta ry ’ s O ffice #

$s*

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
Authority jr _ & . / Q £ ) [

Marsh 3 , 1925.

Bear Mr. Mattesont
I
acknowledge re o e ip t o f and s h a ll bring 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 2nd in s ta n t, addressed t o Governor
C rissin g e r, en closin g a re p o rt o f tra n sa otion s in
Government seou ritifcs and bankers acceptances as
ted t o the Open Market Investment Committee
i* the Federal Reserve System fa r the period i'rera
February 19 t o February 25, 1925. in c lu s iv e . t o p i e r with d^ta r e o ^ e d b y t l ^ Committee front
the Federal reserve banks.
Very tr u ly yours,

Walter L. Eddy,
S ecreta ry.

M W. B. M itteson, Secretary,
ir.
Open Market Investment Committee,
o /o Federal Reserve Bsnk,
Hew York, ff.Y.

mmm
Reproduced from the Unclassified I Declassified Holdings of the National Archives"

DECLASSIFIED
Authority j L f i . / Q 5 f l l

Fe d

eral

Re

se r v e

Ba

n k

RECEIVED
of

N e w Yo r k

tviAR 3 :1925
OFFICE OF
THE GOVERNOR

Open Market Investment Committee
fo r the Federal Reserve System




CONFIDENTIAL

Iferch 2, 1925

S i r :
Unclosed is a re p o rt o f tra n sa ctio n s in Govern
ment s e c u r it ie s and bankers acceptances as rep orted t o the
Open Iferket Investment Committee f o r the Federal Reserve
System fo r the period from February 19 to February 25, 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 ,

V

w. B, Matteson
Secretary o f the Committee

Honorable D. R. Grissinger,
Governor, Federal Reserve Board,
Washington, D. C.
In closu re

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j r j j f ( V ? ) |

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED FEBRUARY 25 , 1925

H o l d i n g s o f E a r n i n g A s s e t s o f F e d e r a l R e s e r v e Banks J a n u a r y 7 and
F e b r u a r y 1 9 2 5 . As Compared W ith C o r r e s p o n d i n g F e r i p d s i n 1924
(0 0 0 O m itted)
total

►192 4 -

■"G V R M N
OEN ET

EARNING
ASSETS

SECURITIES

BANKERS ACCEPTANCES
S a les
C on tracts
Purchases

BILLS
DISCOUNTED

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

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

$ 2 7 ^ ,5 8 8
22 0 ,7 1 1
2 0 6 ,3 7 6
2 1 0 ,1 4 4
2 0 5 ,0 2 2

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

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

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

Jan.
9
Feb* .6
Feb! 13
Feb.* 20
F e b , 27
-1925-t
Jan.
7
Feb,
4
Feb, 11
F e b , 18
F e b . 25

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

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

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

2 6 4 ,4 0 8
3 2 2 ,3 6 7
3 3 1 ,8 0 6
34 2 ,4 7 1
4 3 3 ,8 0 5

*Irtelu des s a l e s

con tracts

CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES BY
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS) DURING
WEEK ENDED FEBRUARY 25 . 1925_____________ _____________
(0 0 0 O m itted)
GOVERNMENT SECURITIES
B a la n c e
B alan ce
Net
F eb. 25
Feb» 18
Change
B oston
New York
P h ila d e lp h ia
C levela n d
Richmond
A tlan ta
Chi cago
S t . L ou is
M in n ea p olis
Kansas C i t y
D a lla s
San F r a n c i s c o
T ota ls

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

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

$ 3 6 0 ,0 9 0

<§378,139

$ 1 ,4 0 6 7 ,4 4 5 5522 ,0 1 7 14458+
1 ,8 0 5 5767739753662 .0 4 8 $ 1 8 ,0 4 9

BANKERS ACCEPTANCES
B alan ce
B alan ce
Net
F e b . 25
F eb . 18
Change
$ 4 0 ,7 3 1
4 9 ,3 3 9
2 0 ,2 3 1
3 3 ,2 7 3
4 ,9 7 5
4 ,2 2 9
3 9 ,2 9 0
1 7 ,4 5 0
2 ,6 3 8
1 1 ,6 3 5
1 6 ,1 3 2
3 8 .9 6 2

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

$ 6 ,9 3 4 1 ,9 0 9 845+
339373+
128+
132+
802514+
7812 ,6 9 0 3 .3 4 7 -

5273,885

$ 2 9 3 ,6 9 5

$ 1 4 ,8 1 0 -

COMMENT ON CHANGES WEEK ENDED FEBRUARY 25 .

1925

T o t a l ea rn in g a s s e t s o f a l l F ederal r e s e r v e tanks in c r e a s e d $ 8 3 ,3 1 6 ,0 0 0
d u r i n g t h e s t a t e m e n t week and a r e at th e h i g h e s t pi. i n I s i n c e t h e week ended Decem
b e r 31, 1 9 2 4 ,
A ccom panying t h e f i r m e r c o n d i t i o n s in x b e money m a r k e t, b i l l s h e l d
u n d e r s a l e s c o n t r a c t s ad v an ced 0 2 0 , 0 0 0 . 0 0 0 , and b i l l s d i s c o u n t e d i n c r e a s e d
$ 9 1 ,3 3 4 ,0 0 0 *
A g g r e g a t e h o l d i r g s o 2 Government s e c u r i t i e s d e c l i n e d $ 1 3 , 5 1 1 , 0 0 0 ,
o f w hich $ 2 0 , 0 0 0 , 0 0 0 r e p r e s e n t e d s a l e s from t h e S p e c i a l I n v e s t m e n t A c c o u n t ,
a ccep ta n ces purchased o u tr ig h t d e c lin e d $ 1 4 ,8 1 0 ,0 0 0 .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

f ft.

/(Y V )|

2
Mpney
Market

The su bstan tial movement o f funds to the in t e r io r , contin-Ued heavy exports o f gold, and earmarking f o r

foreign account, the sa le

o f s e c u r it ie s from the System’ s Special Investment Account, and the
a ctiv e demand fo r money fo r month end requirements were the ch ie f
fa cto rs T«hich contributed to d i s t i n c t ly firm er money con d ition s in New
York*

From the previous close o f 3 per ce n t, stock exchange c a l l

money on Tuesday, February 24, advanced to 5 per c e n t.,th e highest
rate since January 2^and th is rate was again touched on Friday,
February 27,

The average rate at which new loans on the stock ex

change were placed during the week ended February 27, was 4*41 per
cent* compared with 3.39 per cen t, the week before-*
Time money was firm , o ffe r in g rates fo r 60 t o 90 day maturi~
t ie s were advanced 1 /4 per cen t, to 4 per cen t.

The commercial paper

market was quiet with the p re v a ilin g rate fo r prime 4 to 6 months
names at 3 3/4 - 4
Government
S ecu rity
Market

per cent,

Trading in United States Government s e c u r it ie s continued
qu iet and sa les on the Stock Exchange to ta le d on ly $6,000,000 un
changed from the previous p e rio d .

P rice s held g e n e ra lly firm dur

ing the period but follow in g the announcement o f the advance in the
discount rat© o f the New York Bank on Friday, February 27, p rice s
on a l l issu es declin ed from 2 /3 2 'nds to 6 /3 2 ’ nds.

The new Treasury

4 per cent* bonds closed at 100,26 and the 4 1 /4 ’ s at 104.21*
Holders o f short term; Government s e c u r it ie s showed l i t t l e
d is p o s itio n to s e l l while the demand continued in moderate volume
and the market g en era lly remained steady.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

~

DECLASSIFIED

Authority jr ft , ( Qf c Q |

3
Bankers
Acceptances




Rates in a l l d is t r ic t s remained unchanged from the previous
week, d ealers o f f e r i n g 60 and 90 day unendorsed b i l l s a t 3 1 /8 per
cent* and 30* s at 3 per cent*

On Friday, February 27, the buying

rate o f the New York Bank fo r 60 and 90 day endorsed b i l l s was ad
vanced 1 /8 per c e n t, to 3 1/8 p er cent*

Accompanying th is increase

dealers advanced both t h e ir bid and o f f e r rates 1 /8 p e r ce n t, on a l l
m a tu ritie s»
Boston rep orts a s lig h t in crease in the supply o f b i l l s
while the demand m s sp o tty V ith o n ly moderate sa le s to lo c a l banks,
Dealers purchases showed an increase over the previous week with a
n o tice a b le d e clin e in t h e ir s a le s .

In New York the ease in money

co n d itio n s e a rly in the period re su lte d in a good demand fo r b i l l s
which was con siderably in excess o f th « supply.

Firmer money condi

tio n s la t e r in the week brought many b i l l s in to the market and the
supply exceeded the current demand*

Trading g e n e ra lly was in

moderate volume and dealers p o r t fo l io s in crea sed .

In P h iladelph ia

e a r ly in the p eriod the demand fo r b i l l s by both lo c a l and inland
banks was good, but la t e r accompanying firm er money con d ition s the
demand became com paratively lig h t*

Chicago reports a moderate

supply with a f a ir demand p r in c ip a lly fo r prime names while s ix
months b i l l s moved r a p id ly .

OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank o f
New York purchased $200,000 Fourth L ib e rty Loan 4 l/4/£ bonds for
account o f the Secretary o f the I n te r io r - Investment o f Indian
Moneys.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

| (V 7 )[

SYSTEM 5PSCIAL IMV3STMEKT ACCOUNT
Further sa les o f Government s e c u r itie s from the System S pecial Account
have been made during the period aggregating $<£0,000,000 as fo llo w s:
$ 5,000,000 2 3 /4 / Cert* o f Ind, due September 15, 1925 to Treasury fo r redemption
15,000,000 4 3 /4 / Treas. Notes
M March
15, 1925 to the market
These sales reduced the System holdings at the clo se o f business
February 25 to ^270,000,000 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 by m atu rities, m s as fa llo w s:

PARTICIPATION BY FEDERAL RESERVE BAN
KS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
Sah Francisco

March 15, 19 25
June 15, 1925
Sept* 15, 1925
Dec* 15, 1925
March 15, 1926
Sept* 15, 1926
March 15, 1927
Dec* 15, 1927
Third L. L, Bohds
Sept* 15, 1S28




Z £ Wv U
?
$ 18,985,000
100,495,500
495.500
7.457.500
27.226.500
1.941.500
812.500
37,865,000
9.152.500
10.818.500
13.261.500
14.342.500
27.641.500
0 2 7 0 ,0 0 0 ,0 0 0

§ 31,365,000
25,932,700
10,174,500
50.117.000
39,237,600
31.901.000
18,875,900
32,296,300
30.100.000

$270,000,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority J L & , / Q & > I

ITEMIZED STATEM
ENT CF TRANSACTIONS AFFECTING TH INVESTMENT ACCOUNT O ALL
E
F
________FEDERAL- RESERVE BANKS FROM FEBRUARY 19 TO FEBRUARY 25. 1925_________
G VERN EN SECURITIES
O
M T
SYSTEM INVESTMENT ACCOJNT
Sales
Purchases
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San F rancisco

HELD U DER
N
SALES CO TRAC
N

0

§ 1,406, 000
7, 445, 000
552, 000
2,016,500
144,000
60, 000
2* $04,500
678, 000
8 02,000
982,000
1, 062, 000
2. 048. 000

0
4, 604, 000
0
0
0
0
0
0
0
0
0
0

0

§20, 000, 000

§4.604. 000

0
0
0
0
0
0
0
0
0
0
0
,

.

O ER TRANSACTIONS IN G VERN EN SECURITIES
TH
O
M T
Purchases
Sales
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas

§

210,250
1, 000, 000
101,8 00
5,233,700
7,700
696.000

Misc. Gov’ t Sec.
A -1925 Notes
Third L.L. ‘ Bonds
Misc. G ov't Sec,
Misc. Gov’ t Sec.
Misc. Gov*t Sec*

§7,249.450

§

92,500 Misc „ Gov’ t Sec.
0
0
5, 205/,600; Misc . Gov’ t Sec.
0
0

§5,298.150

BANKERS ACCEPTANCES

Maturity
Boston

1-30 days
31-60
"
61-90
n
Over 90
n




PURCHASES
Amount
283, 000
625, 000
1,991,000
5 9 .OOP
§2,958,000

MATURITIES
Amount

Rate
3%
3%
3%
3 l/4/o

3
3
3
3

l /8 %
l/B%
l/S%
Z/Sfo

$9,892, 000

Other
Holdings
§1,230,000 Sales
Contracts

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

|

BANKERS ACCEPTANCES N5T YORK
.V
F e b . 18
O th e r ban k s $

(C on tin u ed )

1 7 ,0 0 0
3%

Over 9 0 - d a y s

994 ,00 0

&L, 1 3 4 , 0 0 0
3%

£ 375,000
3 l/4 /o -3 5/Q%

1 8 0 ,0 0 0

day s

31-60 day s

1 1 4 ,0 0 0
3%

16-30
|

days

2,000

1 -1 5 days

61 -9 0

Feb. 19
New York

4 8 ,0 0 0
3 l /4 /o

3%

31

F e b . ‘20
New York
O t h e r ta n k s

13 ,0 0 0

6 5 8 .0 0 0

1 3 0 ,0 0 0

582.000

316.000
1 5 7 .0 0 0
3/o-3 l / 8 /o

156 ,00 0
8 9,000
3 l /4 /o

2 53 ,00 0
/ - 3 3 / 8 /0

135,000
3 1/4S&-3 1/2%

24

9 89 ,00 0
2 ,1 7 4 ,0 0 0

New York
O th e r bank s

1 5 ,0 0 0

6,000
3f0 3 1/8%
-

3%
F eb,

1, 000

3 /-3 l / 8 /

u
Feb.

9 0 ,0 0 0 •

1 4 6 .0 0 0
420.000

25

New Y ork

2 ,3 8 5 ,0 0 0
3%

4 ,0 0 0

139,000

3%-3 1 / 4 /

3%-3 1

3

T o t a ls :
New Y ork
<£2,398,000
O th e r b a n k s
1 4 7 ,00 0

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

9

300,000
1 ,4 2 0 ,0 0 0

$

839,000
1 ,5 7 3 ,0 0 0

Orand T o t a l s
New Y crk
O th e r b a n k s
A ggregate

4

340 t000
474,000

v5, 528,000
6 .4 8 4 .0 0 0

V12,012,000

Matured from New Y ork h o l d i n g s week ended F e b r u a r y 2 5 :
s? 7 ,4 3 7 , 0 0 0
O th er h o l d i n g s b y New Y o r k :
^23, 7 2 1 ,0 0 0 s a l e s c o n t r a c t s ; <> , 509,000 one~day
*6
h o l d o v e r f o r d i s t r i b u t i o n t o F e d e r a l r e s e r v e b a n k s ; .*>262,000 f o r e i g n t r a d e
b i l l s ; 4 2 3 9 ,0 0 0 s p e c i a l f o r e i g n b i l l s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

jL&_(G& >(

7
BANKERS ACCEPTANCES PURCHASES
Amount

M a tu rity
P h ila d e lp h ia

1 -3 0 days
3 1-60 "
61"90 "

$

9 3 ,0 0 0
1 3 2 ,0 0 0
1 ,0 6 2 ,0 0 0

( Cont in u e d 'I
MATURITIES
Amount

Rate

3/
3/
3/

$

O th er'
H old in gs

44-2,000

0

~ 3 1 /4 /
- 3 1 /4 i

$ 1 ,2 8 7 ,0 0 0

Cl eve land

1 -3 0 days
3 1 -6 0 "
6 1 -9 0 *
’
In o t h e r
di s t r i c t s

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

3 1 /8 /
3 1 /8 /
3 1/8 /c
- 3 1 /4
3%

3 ,3 2 1 ,0 0 0

8 3 2 ,0 0 0 S t e r 
lin g : b i l l s

‘ 2 ,9 8 2 ,0 0 0

Richmond

1 -3 0 days
6 1 -9 0 "
In o t h e r
d is t r i cts

2 5 0 .00 0
3 0 ,0 0 0
6 0 7 .0 0 0

3/
3 1 /8 /

3 1 /8 /

3/

5 1 4 ,00 0

3 1 /4 /

5887.000

A tla n ta

1 -3 0 days
31-60 ”
In o t h e r
d istricts

7 7 ,0 0 0
8 ,0 0 0
6 1 7 .0 0 0

3/
3/
3/

5 7 4 ,0 0 0

1 ,3 2 1 ,0 0 0 U n i n - '
d orsed b ills
purchased
from a c c e p t 
ing; banks

3 1 /4 /

$ 702,000

Chi cago

1 -3 0 day s
31-60
6 1 -9 0 "
In o t h e r
d i s t r i cts

7 7 ,0 0 0
2 15.000
6 79 .00 0
1 .3 7 1 .0 0 0

2,210,000

3/
3/
3/

31

1 ,2 0 2 ,0 0 0 s a le s
contracts

- 3 I / 4/0

52.342.000

S t. L ou is

M in n ea p olis

Kansas C i t y

D a lla s




In o t h e r
d is t r i cts

4 9 2 .0 0 0

3^

3 1 /4 /

In o t h e r
d istricts

5 1 4 .0 0 0

3/

3 1 /4 /

In o t h e r
d is t r i cts

5 8 7 .0 0 0

3/

3 1 /4 /

1 ,3 6 8 ,0 0 0

In o t h e r
d i s t r i cts

4 0 8 .0 0 0

3/

3 1 /4 /

3 ,0 4 8 ,0 0 0
5 0 ,0 0 0 S o l d t o

1 ,2 9 4 ,0 0 0

0

Mem. Bks*
$ 3 ,09 8,0 00

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority JT f ) , / (V?)

bankers

M a tu rity

San Francisco

1 -3 0 days
31-60
"
6 1-90
M

ACCEPTANCES - (Continued)

PURCHASES
Amount
v

MATURITIES
Amount

Rate

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

In other

[

3%
3j
3%
3/o -

s 5,
p

836, 000

Other
H old in gs
^ 3 ,0 4 5 ,0 0 0 S a l e s
C ontract s

3 1 /4 #

d 1st r i c t s
&2, 4 8 9 ,0 0 0

T ota ls

& 3 5 ,986* 0 0 0 * 3 8 , 3 6 1 , 0 0 0

v 2 1 ,1 7 6 ,0 0 0

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDED FEBRUARY 25, 1925 AND
__________ HOLDINGS AS OF THAT DATE CLASSIFIED BY. MATURITIES____________
(000 O m i t t e d )

Government
Secur i t i e s
P u r c h a se d
S old
Matured

(E x clu d in g S a les C o n tra cts )
Bankers
A c c e pt an c 3 s

T otal

3 5 .9 8 5

*28, 425
25, 298
35. 9 86

v l 4 , 810-

7 ,2 4 9
2 5 ,2 9 8
-

*32, 859-

* 2 1 ,1 7 6
-

* 1 8 ,0 4 9 -

^i

H old in gs
F e b . 25, 1925

G ov 't S e c u r i t i e s
B ills

P u r c h a sed
T otal




W it h i n
1 5 - days

(in c lu d in g S a les C on tracts)
1 6-30
31-60
61-90
91-d a ysOver
days
days
days
6 months 6 months

4 ,6 0 4
133, 777

*>33,055
55. 785

v

74, 827

v l 3 8 , 381

*88, 840

$ 7 4 ,8 2 7

v

T otal

48, 277

v 4 0 , 992
4. 580

* 2 8 6 ,0 4 4
-

*3 6 4 ,6 9 5
3 1 7 ,2 4 6

^48, 277

£>45, 572

* 2 8 6 ,0 4 4

* 6 8 1 ,9 4 1

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £ j L , f Q5 0 j

F o r m N o . 131.

Office Correspc ^Jence

FEDERAL RESERVE
BOARD

T o ____AH member o f the Board.__________

Date

iic:
bet

From_




For your inform ation.
y u ov ern or Gris sin ger
v Mr* P la tt
!/ Mrx Hamlin
James
's/Mr* Cunningham
Jf\kp. M iller
Mr. McIntosh
Please return t o S ecreta ry’ s O f f ic e .

^

February 25, 1925,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
AuthorityJTjfi, / Q f f i l

I

Fe d e r a l

R

of

eserve

B ank

N e w Yo r k

Open Market Investm ent Committee
f o r th e F ed era l R eserv e System




CONFIDENTIAL

F ebruary 21, 1925

S i r :
E n c lo 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 Government
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 as r e p o r t e d t o th e Open
Market Investm ent Committee f o r th e F ed era l R e s e rv e System
f o r th e p e r io d from F ebruary 12 t o February 18, 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.
R e s p e c tfu lly ,

^

S e c r e t a r y o f th e 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 Board,
W ashington, D. C.

Enclosure

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L f l . / 0 5 0 1

f\
t
if
t

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED FEBRUARY 1 8 , 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 eserv e Banks January 7 , F ebru ary
4 . 11 and 1 8. 1925„ As Compared W ith C o rresp on d in g P e r io d s in 1924
(000 O m itted )

-1 9 2 4 Jan.
F eb.

9
6
13
20
-1 9 2 5 Jan.
7
F eb.
4
"
11
"
18

BILLS

TOTAL
EARNING
ASSETS

^GOVERNMENT
SECURITIES

$ 1 ,0 2 6 ,4 9 6
895,363
9 51,680
8 91 ,33 1

$ 1 0 0 ,3 5 8
1 2 4 ,65 8
127,255
1 41,729

$ 27 9 ,5 8 8
220^711
2 0 6 ,3 7 6
2 1 0 ,1 4 4

$ 3 9 ,5 7 8
6 2 ,6 8 8
7 1,7 03
4 3 ,3 3 2

$606,921
4 87 ,29 6 5 46 ,34 6
4 96 ,12 6

1 *109,965
1 ,0 3 2 ,2 5 8
1 ,0 5 9 ,6 0 8
1 ,0 4 6 ,3 8 1

4 9 6 ,0 2 9
3 8 8 ,8 2 8
390,096
378,205

332,029
2 8 2 ,35 8
293,065
293,695

8 ,9 4 9
25,646
3 1,5 82
1 8 ,0 5 2

2 64,408
322,367
331,806
3 42,471

BANKERS ACCEPTANCES
S a le s
C o n tr a c ts
P u rch ases

DISCOUNTED

* I n c lu d e s s a le s c o n t r a c t s
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES BY
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS) DURING
____________ _______________ WEEK ENDING FEBRUARY 1 8 . 1925____________ _
_
_
(OOO O m itted )
GOVERNMENT SECURITIES
B a lan ce
B a lan ce
Net
F eb. 18
F eb. 11
Change
$ 24,669
1 12 ,92 0
2 5,7 33
4 5 ,3 5 0
3 ,4 9 8
3 ,4 2 0
5 9 ,3 3 2
1 0 ,2 8 4
1 9 ,6 7 6
2 5 ,3 4 2
1 7 ,9 9 1
3 9 .9 3 2

$

7033 ,7 2 2 2761 ,0 0 8 72171 ,4 0 2 2 99 4654905311 .0 2 3 -

$ 47,6 65
5 1 ,2 4 8
1 9 ,3 8 6
3 3 ,6 1 2
4 ,6 0 2
4 ,1 0 1
3 9 ,1 5 8
1 8 ,2 5 2
2 ,1 2 4
1 2 ,4 1 6
1 8 ,8 2 2
4 2 .3 0 9

$ 4 5 ,2 8 7
52,215
1 9 ,0 8 9
3 6 ,8 4 4
1 ,9 0 0
2 ,117
3 5 ,5 4 8
2 0,1 47
121
11,509
2 1,0 31
4 7.2 57

$2,378+
967297+
3 ,2 3 2 2,702+
1,984+
3 ,610+
1 ,8 9 5 2 ,003+
907+
2 ,2 0 9 4 ,9 4 8 -

# 37 8 ,1 3 9

|388,147

$ 1 0 ,0 0 8 -

|293,695

$ 29 3 ,0 6 5

C
O

T o t a ls

$ 2 3,9 66
1 0 9 ,1 9 8
2 5 ,4 5 7
4 4 ,3 4 2
3 ,4 2 6
3 ,4 0 3
5 7 ,9 3 0
9 ,9 8 5
1 9 ,2 1 1
2 4 ,8 5 2
1 7 ,4 6 0
38.9 09

+
o

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 ouis
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

BANKERS ACCEPTANCES
Net
B a la n ce
B a la n ce
Change
F eb. 11
F eb. 18

COM
MENT ON CHANGES WEEK ENDED FEBRUARY 1 8 . 1925
T o t a l ea rn in g a s s e t s o f a l l r e s e r v e banks d e c lin e d $ 1 3 *2 27 ,00 0 d u rin g
th e w eek.
The d e c l i n e was due c h i e f l y to a r e d u c t io n o f $ 1 1 ,8 9 1 ,0 0 0 in h o ld in g s
o f Government s e c u r i t i e s , o f w hich $ 1 0 ,0 0 0 ,0 0 0 r e p r e s e n t e d a s a le from th e System
In vestm ent A c c o u n t, and a d e c l i n e o f $ 1 3 ,5 3 0 ,0 0 0 in b i l l s h e ld under s a le s c o n - t
tra cts.
A c ce p ta n ce s p u rch a se d o u t r ig h t in c r e a s e d fu r t h e r $ 6 3 0 ,0 0 0 , w h ile b i l l s
d is c o u n te d advanced $ 1 0 ^ 6 6 5 ,0 0 0 .




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t k j Q 5 0 i

2
Money
Market

*

A ft e r ra n g in g from 3 l / 2

t o 4 p e r c e n t , f o r n e a r ly two

w eeks, c a l l lo a n ren ew a ls d e c lin e d t o 3 p e r c e n t , on F ebru ary 20,
f o l l o w i n g a s u b s t a n t i a l r e tu r n f lo w o f fu n d s from th e in t e r io r * ,
T in e money q u ie t and unchanged, most lo a n s b e in g f o r 4 - 6 months
a t 4 p er c e n t .
Com m ercial paper more a c t i v e in m iddle w e s t, f o ll o w i n g s l i g h t
advan ce in d e a l e r s '
Government
S e c u r it y
Market

o f f e r i n g r a t e s t o 3 3 /4 p er ce n t* f o r most names.

T ra d in g i n L ib e r t y Loan and T rea su ry bonds was q u ie t ,
s a le s on th e S to ck Exchange d u rin g th e p e r io d a g g r e g a tin g o n ly
$ 6 ,0 0 0 , 000*

There was a m oderate b u t s te a d y demand f o r th e new 4/£

T rea su ry bonds and p r i c e s h e ld fir m a t a p p ro x im a te ly 100 3 0 /3 2 * n d s.
A c t i v i t y in th e market f o r s h o r t -te r m Government s e c u r i t i e s
was g e n e r a ll y l i m i t e d t o th e e a r l y m a t u r it ie s *

Long i s s u e s o f T r e a s 

u r y N otes w ere q u ie t and p r i c e s d e c lin e d from %/%Zxnds t o 4 /3 2 * n d s .
Bankers
A cce p ta n ce s




D e a le r s o f f e r i n g r a t e s c o n tin u e d p r a c t i c a l l y unchanged
fro m th e p r e v io u s week a t 3 p e r c e n t , f o r 3 0 -d a y b i l l s ,

3 .1 / 8 p er

c e n t , f o r 6 0 *s and 9 0 ’ s and 3 l / 4 p er c e n t* f o r 1 2 0 -d a y m a t u r i t i e s ,
B oston r e p o r t s a s m a ll su p p ly o f b i l l s w ith demand
l i g h t and c o n fin e d m o s tly t o c i t y b a n k s.
made t o th e r e s e r v e bank.

S u b s t a n t ia l o f f e r i n g s were

A n o t i c e a b l e r e d u c t io n in b i l l s pu rchased

under s a le s c o n t r a c t s was a t t r i b u t e d t o e a s i e r money r a t e s and the
s c a r c i t y o f new b i l l s .

There was a m oderate su p p ly o f b i l l s

in

New York w ith demand fo c u s e d tow ard s h o r t m a t u r it ie s and member bank
b ills .

C on tin u ed f o r e i g n o r d e r s ,

c o n d itio n s ,

t o g e t h e r w ith somewhat e a s i e r money

r e s u l t e d i n heavy b u y in g a t th e c l o s e

o f th e week and d e a l 

e r s had d i f f i c u l t y in c o m p le tin g o r d e r s due t o th e s c a r c i t y o f b i l l s .
O ffe r in g s t o th e r e s e r v e bank were l i g h t .

In P h ila d e lp h ia c o n d i t i o n s

i n th e b i l l market were p r a c t i c a l l y unchanged from l a s t w eek.

The

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t h - f Q

S 1
O

3
su p p ly was m oderate w h ile th e demand con tin u ed l i g h t ,
li m it e d

s u p p ly w ith a good demand f o r prime names.

Chicago r e p o r t s a v e ry

D ea lers r e p o r t an in c r e a s e

in

o u t -o f-to w n t r a n s a c t i o n s .
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At th e r e q u e s t o f th e T re a su ry th e F ed era l R eserv e Bank o f New York
purchased f o r v a r io u s T re a su ry a c c o u n ts d u rin g th e p e r io d ig X ,5 5 0
>9

Second,

$7,400

T h ird and ^50,000 F ou rth L ib e r t y Loan bonds and s o ld $21,000 F ourth L ib e r t y Loan
b on d s,
SYSTEM SPECIAL INVESTMENT ACCOUNT
T here were s o ld

from th e System h o ld in g s d u rin g th e p e r io d cov ere d

by

t h i s r e p o r t $ 1 0 ,0 0 0 ,0 0 0 2 3/4% c e r t i f i c a t e s o f in d e b te d n e ss m aturing Septem ber 15,
1925,

$ 5 ,0 0 0 ,0 0 0 to t h e market and $ 5 ,0 0 0 ,0 0 0 t o th e T re a su ry f o r red em p tio n .
T hese s a le s red u ced th e System h o ld in g s at t h e c l o s e o f b u s in e s s F ebru ary

18 t o

$ 2 9 0 ,0 0 0 ,0 0 0 , th e

th e c l a s s i f i c a t i o n

p a r tic ip a tio n

T o t a ls

and

b y m a t u r it ie s , was as f o l l o w s :

PARTICIPATION BY FEDERAL RESERVE BANKS
Bo ston
New York
P h ila d e lp h ia
C levela 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 ra n cis co

in w hich by a l l F ed era l r e s e r v e banks,

$ 2 0 ,3 9 1 ,0 0 0
1 0 7 ,9 4 0 ,5 0 0
8 ,0 0 9 , 500
2 9 ,2 4 3 ,0 0 0
2 ,0 8 5, 500
8 72,500
4 0 ,6 6 9 ,5 0 0
9, 830,500
1 1 ,6 2 0 ,5 0 0
14, 243, 500
15, 404, 500
29. 689. 500
$ 2 9 0 ,0 0 0 ,0 0 0

RECAPITULATION OF HOLDINGS BY MATURITIES
March 15, 1925
June 15, 1925
S e p t. 15, 1925
D ec.
15, 1925
March 15, 1926
S ep t. 15, 1926
March 15, 1927
D ec.
1 5, 1927
T h ird L .L . Bonds
S e p t, 1 5, 1928

$ 4 6 ,3 6 5 ,0 0 0
2 5 ,9 3 2 ,7 0 0
1 5 ,1 7 4 , 500
5 0 ,1 1 7 ,0 0 0
3 9 ,2 3 7 , 600
3 1 ,9 0 1 ,0 0 0
18, 875,900
3 2 ,2 9 6 ,3 0 0
3 0 ,1 0 0 ,0 0 0

$ 2 9 0 ,0 0 0 ,0 0 0

N ,B .
S in ce th e date c o v e r e d by t h i s r e p o r t fu r th e r s a le s have been made a g g r e g a tin g
$ 2 0 ,0 0 0 ,0 0 0 , w hich r e d u c e s t h e t o t a l h o ld in g s in th e accou n t t o $ 2 7 0 ,0 0 0 ,0 0 0 .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L & ..f Q 5 0 j

4
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
FEDERAL RESERVE BANKS FROM FEBRUARY 12 TO FEBRUARY 18. 1925________
GOVERNMENT SECURITIES

Boston
New York
P h ila d e lp h ia
P le v e la n d
Richmond
A tla n ta
C hicago
S t . L o u is
M inneapol i s
Ka s s as C ity
D a lla s
San F ra n cis co

0
0
0
0
0
0
0
0
0
0
0
0
0

T o ta ls

v

H
4
O
o
o
o

SYSTEM INVESTMENT ACCOUNT
P u rch ases
S a le s

HELD UNDER
SALES CONTRACTS

7 03,000
3, 722, 000
276, 000
1 ,0 0 8 ,5 0 0
72, 000
30, 000
1 ,4 0 2 , 500
339, 000
401, 000
491, 000
531, 000
1 .0 2 4 .0 0 0

*> 5,605
6
0
0
0
0
0
0
0
0
0
0
0

000

^65, 605

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
P u rch ases
A tla rit a
S t . L o u is
M inneapol is
Kansas C it y
San F ra n c is c o
T o ta ls

$200,150
4 0 ,0 0 0
7 52,800
850
1 .0 0 0

M isc.
T h ird
M isc.
M isc.
M isc.

G o v 't S e c .
L .L . Bonds
G ov’ t S e c ,
G ov^ S ec.
G cvH S e c.

<*994,800

3

187, 350 Misc.. G ov*t S e c.
0
816,850 M isc. G ovH See,
0
0

si>l,0Q4, 200

BANKERS ACCEPTANCES

M a tu rity
B oston

1 -3 0 days
ti
31-60
61-90
»
Over 90




PURCHASES
Amount
§

4 2 1 ,0 0 0
2 ,4 2 6 ,0 0 0
3, 852 ,000
57.000

$6, 756, OOO

MATURITIES
Amount

ftate
3%
3%
3%
3 1 /4 ^

- 3 1/8%
- 3 1 /8 %
- 3 1/8%
- 3 3/B%

O ther
HpJLdiaiU

*4 ,.3 7 8,0 00

* 1 ,7 0 4 ,0 0 0 S a le s
C o n tr a c ts

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
A ^ r ity J L &

/Q % ?|

5

BANKERS ACCEPTS CSS - (C on tin u ed )

NOT YORK
Feb. IT
O th e r b a n k s

MATURITIES AND RATES
1 -1 5 d a y s

1 6 -3 0 d a y s

3 1 -6 0 d a y s

6 1 -9 0 d a y s

£ 1 2 5 ,0 0 0
3<

5 1 0 ,0 0 0
3$

0 1 * 9 5 2 ,0 0 0
- 3 1 /8 $

3 0 3 ,0 0 0
7 9 ,0 0 0

0 2 ,2 8 0 ,0 0 0

1 .3 2 7 .0 0 0
2 .7 0 9 .0 0 0
3i

1 9 1 ,0 0 0
1 ,0 6 4 ,0 0 0
3< - 3 1 / 8 t

2 7 4 ,0 0 0
9 8 7 ,0 0 0
3 ^ - 3 1 /8 $

O ver 9 0 -d a y s

F eb , IS
New York
O th e r ba n k s

H

1 2 5 ,0 0 0
3 1 /4 $ - 3

1/

Feb. 14
New York

F eb.

4 ,0 0 0
3i

1 7 ,0 0 0

4 9 ,0 0 0

1 8 3 .0 0 0
7 2 6 .0 0 0
3<

1 ,4 1 2 ,0 0 0
3$ - 3 1 /8 $

1 1 6 ,0 0 0
3f

1 5 0 ,0 0 0
2 ,1 6 7 ,0 0 0
3i

4 0 8 ,0 0 0
3i

1 3 4 ,0 0 0
3<

I 7 9 9 ,0 0 0
3 ,8 5 8 ,0 0 0

$ 1 ,2 2 4 ,0 0 0
6 ,8 4 6 ,0 0 0

3i

m

i^jaw York
f'+ h e r ba n k s

112,000
3<

3i

666,000

313.000
5 3 .0 0 0
3 1 /4 $

F eb . 17
New York
O th e r b an k s

4 6 5 ,0 0 0
4 7 ,0 0 0
3i

8 0 1 ,0 0 0
1 ,8 0 1 ,0 0 0
3<

1 1 5 .0 0 0
4 9 7 .0 0 0
3 1 /4 $

Feb* 18
New York

20,000
3<

• T ota ls:
New York
O th e r b a n k s

£ 8 8 0 ,0 0 0
2 5 1 ,0 0 0

$ 2 ,2 0 1 ,0 0 0
5 ,0 2 0 ,0 0 0

Grand T o t a l ;
New York
O th er ba n k s
A g g reg a te

1 5 0 ,0 0 0
3 1 / 4 $ - 3 5/l

0 4 0 3 ,0 0 0
5 5 0 ,0 0 0

0 5 ,5 0 7 ,0 0 0
1 6 ,5 2 5 ,0 0 0
$ 2 2 ,0 3 2 ,0 0 0

M atured from New York h o l d i n g s week ended F eb ru a ry 1 8 :
$ 6 ,4 7 4 ,0 0 0
O th ^ r h o l d i n g s b y New Y o rk :
$ 2 ,6 3 3 ,0 0 0 o n e -d a y h o l d o v e r f o r d i s t r i b u t i o n t o
F ederal re s e rv e ban k s;
$ 9 ,6 5 6 ,0 0 0 s a l e s c o n t r a c t s ;
$ 3 3 8 ,0 0 0 f o r e i g n t r a d e a c 
cep ta n ces;
$ 2 3 9 ,0 0 0 s p e c i a l f o r e i g n b i l l s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L & 4 - 0 5 b l

BANKERS ACCEPTANCES - (C o n tin u e d )

M a tu rity
P h ila d e lp h ia 1 -3 0 days
31-60
" '
6 1 -9 0
M

PURCHASES
Amount
$

MATURITIES
Amount

Rate

2 60,000 3#
5 0 2 ,0 0 0 3/o
1 ,1 0 8 .0 0 0 3#

- 3 1 /4 #
- 3 1 /4 /
- 3 1 /4 /.

$ 1 ,5 7 3 ,0 0 0

O ther
H old in g s
0

$ 1 ,8 7 0 ,0 0 0

C le v e la n d

61-90 days
In o th e r
d is tr ic ts

•421,000 3%
2 .1 1 7 .0 0 0 3 /

5 ,7 7 0 ,0 0 0
- 3 1 /4 /

594,000 s t e r 
lin g b i l l s

$2 ,538,-000
Richmond

1 -3 0 days
3 1 -6 0
M
6 1 -9 0 "
In o th e r
d is tr ic ts

2 3 6 .0 0 0
1 3 7 .0 0 0
2 5 1 .0 0 0
2 .2 8 3 >000

0

1 ,4 1 3 ,0 0 0 Unin
d o rs e d
b i l l s p u r
ch ased from
a c c e p t in g
banks

4 ,3 6 6 ,0 0 0

3%

1 /a #
1 /8 #
1 /8 #
1 /4 #

205 ,00 0

5 1 0 ,0 0 0

3
3
3
3

3%
3%
3#

7 7 ,0 0 0 s a le s
co n tra cts

$2 '9 0 7 ,0 0 0

A t la n t a

1 -3 0 days
3 1 -6 0 "
6 1 -9 0
"
0 ver9 0
"
In o th e r
d is tr ic ts

1 0 2 .0 0 0
1 0 .0 0 0
6 8 .0 0 0
3 ,0 0 0
2 .3 1 1 .0 0 0

3%
3%
3%
3 1 /4 #
3#

3 1 /4 #

$2 ,494 ,.000
C hicago

3 1 -6 0 days
6 1 -9 0
In o t h e r
d is tr ic ts

3 .3 0 1 .0 0 0 3#
5 6 7 ,0 0 0 3$
4 .1 0 8 .0 0 0 3%

- 3 1 /4 #

$ 7 ,9 7 6 ,0 0 0

S t.

L ou is

In o th e r
d is tr ic ts

5 1 5 ,0 0 0 3#

- 3 1 /4 #

M in n e a p o lis In o th e r
d is tr ic ts

2 .0 0 3 .0 0 0 3#

3 1 /4 #

Kansas C it y In o t h e r
d is tr ic ts

1 .9 8 6 .0 0 0 3#

- 3 1 /4 #

1 ,0 7 9 ,0 0 0

0

-

2 ,5 8 5 ,0 0 0

0

D a lla s




In o th e r
d is tr ic ts

3 7 6 ,0 0 0

3#

3 1 /4 #

2 ,4 1 0 ,0 0 0

0

0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

^

Authority j? £ ), | 0 S Q j___

BANKERS ACCEPTANCES -

PU CH
R ASES
Amount

Maturity
San Francisco

1-30 days
31-60 "
61-90 H
In other
Diets*

Totals

0

20,000
153 ,000
9,000
826,000

(C o n tin u e d )

Rate

MATURITIES
Amount

01,398,000 Salas
Contracts

05,956,000

3%
3%
3%

3^-3

Other
Holdings

l/4/o

0 1,008,000

035,306,000

035,936,000

018,052,000

■s

tsa sa a a t

RECAPITULATION O PU CH
F
R ASES AN SALES O G V R M N SECURITIES A D
D
F OEN ET
N
BAN ER ACCEPTAN
K S
CES D R G W E EN G FEB U Y 18, 1925 A D
U IN
EK
DIN
R AR
N
H LDINGS AS OF TH
O
AT D T CLASSIFIED BY M
AE
ATURITIES__________
(000 Omitted)
Government
Securities
Purchased
Sold
Matured

(Excluding Sales Contracts.)
Bankers
Acceptances

0

995
11,004

11,004
35.306

35.306
0

630+

9,379-

(I n c lu d in g S a le s C o n tr a c ts )

Holdings
Feb. 18. 1925

Within
15 days

16-3Q
days

Gov't Securities
B ills Purchased

0

65
107.286

) 47,064
71t762

0107,351

0118,826




0 36,931

35,936

0 10,009-

Totals

Total

31-60
days

61-90
days

91-days6 months

52.551

040,987
4.488

0290,089

75.660

0378;2O5
311T 47
7

075,660

052,551

0*5,475

0290,089

0689,952

0

-

Over
6 months

Total

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL ^ | Q 5 Q ]

•F o r m NOi>131.

Office Correspondence
To _

FEDERAL RESERVE

Date ' F ebruary 1 8 . 1925

Al l 11 1 1 !e r a of the B oard .____________
1611
..__________________________________—




______________

l

For you r in fo r m a t io n .
G overnor C r is s in g e r
Mr, P l a t t V 7
Mir. H a m l i n >
Mr. James /
H r. Cunningham k /
M r* M ille r /
/
P
M r . Me In t o s h . /

HfllBdbyO«Wllrol' er

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
Authority j j ) ,

IQ Cfi

P»bru»ry IB, 1826.

Deer Mr. Mettoaoni
I
acknowledge receipt of end aha11 bring
to the attention of the aeabem of the Board
your le tte r of the 17th instent, addressed to
Governor Crissinger, enclosing e report of
transactions in Covernsent securities end
bankers acceptances as reported to the Open
Iferket Investment Coomittee for the Federal
Reserve Systea for the period from F«frrytry R to
inclusive, together with
data receives Dy the Gomittee from the Federal
reserve banks*
Very truly yours.

Walter L. Eddy,
S ecreta ry *

Mr. W B. Mattesan, Secretary,
.
Open Market Investment Coomittee,
o/o Federal Reserve Bank,
N York, H.T,
ew

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority _ £ f t , / ( \C f) |

Fe d e r a l
of

R

eserve

B ank

N e w Yo r k

Open Market Investm ent Committee
f o r th e F e d e ra l R eserv e System




CONFIDENTIAL

F ebruary 17, 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 in G overn
ment s e c u r i t i e s and bankers a c c e p ta n c e s as r e p o r t e d t o th e
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 F ebru ary 5 to F ebruary 11,

1925

i n c l u s i v e , t o g e t h e r w it h d a 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 ban k s.

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.
Enclosure

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

Q S) I

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED FEBRUARY I I ,

1925

H o ld in g s o f E a rn in g A s s e ts o f F e d e r a l R eserv e Banks January 7, F ebruary
4 and 11. 1925. As Compared W ith C o rre sp o n d in g P e r io d s in 1924
(0 0 0 O m itted)
TOTAL
EARNING
ASSETS

-1 9 2 4 Jan# 9
F eb,
6
«
13
-1 9 2 5 J an ,
7
F eb,
4
H
11

* GOVERNMENT
SECURITIES

BILLS

BANKERS ACCEPTANCES
S a le s
C o n tr a c ts
P u rch ases

DISCOUNTED

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

$100,358
124,658
1 27 ,25 5

$ 279,588
2 2 0 ,7 1 1
2 0 6 ,3 7 6

$39,578
62,688
7 1 ,7 0 3

$60 6 ,9 2 1
4 8 7 ,29 6
5 46 ,34 6

1 ,1 0 9 ,9 65
1 ,0 3 2 ,2 5 8
1 ,0 5 9 ,6 0 8

496, 029
388,828
3 90 ,09 6

3 32 ,02 9
282, 358
2 89 ,63 8

8 ,9 4 9
2 5 ,6 4 6
35, 009

2 64,408
322,367
3 31,806

* In c lu d e s s a le s c o n t r a c t s
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES BY
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS) DURING
__ _________________________WEEK ENDING FEBRUARY 11. 1925_________________
...
(0 0 0 O m itted)
GOVERNMENT SECURITIES
B a lan ce
Net
B a lan ce
F eb, 11
F eb,
4
Change
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C h ica go
S t , L o u is
M in n ea p olis
Kansas C it y
D a lla s
San F r a n c is c o
T o t a ls

BANKERS ACCEPTANCES
Net
B a lan ce
B alan ce
Change
F eb,
4
Feb* 11

$ 2 4 ,6 6 9
1 1 2 ,9 2 0
2 5 ,7 3 4
4 5 ,3 5 0
3,4 9 8
3 ,4 2 0
5 9 ,3 3 2
10, 285
1 9 ,6 7 6
2 5 ,3 4 2
1 7 ,9 9 1
3 9 .9 3 2

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

0
0
0
0
0
36+
0
79+
547186+
0
0

$ 4 5 ,2 8 7
5 2 ,2 1 5
1 9,0 88
3 6 ,8 4 4
1 ,9 0 0
2 ,1 1 7
3 5,5 48
2 0 ,1 4 7
121
1 1 ,5 0 9
2 1 ,0 3 1
4 3 .8 3 1

$ 4 0 ,4 1 5
5 2 ,9 4 6
1 7 ,7 8 1
36,992
1 ,3 4 7
2 ,7 4 5
2 9 ,9 6 6
20,3 78
0
1 1 ,9 4 4
21, 663
4 6 ,1 8 1

$4,872+
7311,307+
148553+
6285, 582+
£31121+
4356322 t350-

$388,149

$ 38 8 ,3 9 5

$246-

$ 28 9 ,6 3 8

$28 2 ,3 5 8

$7,280+

COM
MENT O CHANGES W
N
EEK ENDED FEBRUARY 11.

1925

Advances in a l l c l a s s e s o f e a rn in g a s s e ts a g g r e g a tin g $ 2 7 ,3 5 0 , 000 b ro u g h t
t o t a l h o ld in g s t o th e h ig h e s t p o in t s in c e January 7 , R e f l e c t i n g fir m e r c o n d it io n s
in th e money m arket, b i l l s pu rch a sed under s a le s c o n t r a c t s in c r e a s e d $ 9 ,3 6 3 ,0 0 0 ,
w h ile a c c e p ta n c e s pu rch a sed o u t r ig h t in c r e a s e d $ 7 ,2 8 0 ,0 0 0 . H o ld in g s o f Government
s e c u r i t i e s advanced $ 1 ,2 6 8 ,0 0 0 , r e p r e s e n t in g p u rch a ses o f m is c e lla n e o u s s e c u r i t i e s
as th e r e were no t r a n s a c t io n s a f f e c t i n g th e System* s S p e c ia l Account*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

J), /Q g£)|

Reflecting heavy transfers to the interior and continued

aaney

Market
gold exports, money conditions in New YoJrk turned somewhat firmer.

O
n

Monday the rate for stock exchange call money advanced to 4 l /2 per
cent, but later receded to the 3 l /2 per cent* level*

Time money

market was dull and ruling rates continued without variation.
The market for commercial paper was quiet and confined
largely to the interior*

The tendency of rates was slig h tly firmer

in that a somewhat larger proportion of prime names was offered at
3 3/4 per cent*; the ruling rates however continued 3 1 /2 -3 3/4 per
cent.
Government
Security
Market

There was considerable activity in the First Liberty Loan
3 1/2 per cent, bonds and the high price during the week of 101 24/32
was within 4 /3 2 ’ nds of the high point of 1924.

Trading in the other

issues was in moderate volume only and prices reflected only slight
changes with the exception of the new 4^ Treasury bonds which sold
at a new high of 101*
Trading in short-term securities was light and dealers* o f
fering prices showed a sligh t reduction in the longer maturities.
Yfhile rates in a ll d istricts were uncertain during the week,
Acceptances




dealers generally advanced their bid and offer rates on unindorsed
b i l l s l / 8 per cent, for a ll maturities up to 90-days.
Boston reports a fairly good supply of b i l l s in the market.
The demand was moderate and principally ftfom city banks*

There was

a marked tendency on the part of b i l l holding banks, as well as
dealers, to reduce their p ortfolios, influenced considerably by the
change in b i l l rates.

The market in New York was fa irly active with

a sligh tly larger supply of b i lls and a good demand attributed in
part to buying for foreign accounts.

In Philadelphia the b i l l market

was unsettled in anticipation of fim er rates.

There was practically

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j j ) ,

/f f r i

no demand from c i t y and o u t -o f -t o w n banks.
m oderate su p p ly o f b i l l s

C hicago r e p o r t s a q u ie t market w ith th e

somewhat in e x c e s s o f t h e demsjnd.

somewhat i r r e g u la r r e f l e c t i n g u n c e r t a in t y as t o

R a te s were h ig h e r and

fu tu r e r a t e l e v e l s .

OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
The F ed era l R e se rv e Bank o f New York s o ld

f o r acoount o f th e A lie n P r o p e r ty

C ustodian $ 2 ,5 0 0 ,0 0 0 F ourth L ib e r t y Loan 4 l / 4 % bonds and pu rch ased in rep la cem en t
*>500,000 c e r t i f i c a t e s m aturing March 15, 1925,

and *>2,000,000 c e r t i f i c a t e s due

Septem ber 15, 1925,
SYSTEM SPECIAL INVESTMENT ACCOUNT
T here has been no change d u rin g th e p e r io d

covered by t h i s r e p o r t

in th e

System S p e c ia l In vestm en t A ccou n t, t h e h o ld in g s at t h e c l o s e o f b u s in e s s F ebru ary 11
rem ain in g at $ 3 0 0 ,0 0 0 ,0 0 0 , th e p a r t i c i p a t i o n
banks and th e c l a s s i f i c a t i o n

by m a t u r it ie s was as f o l l o w s :

PARTICIPATION BY FEDERAL RESERVE BANKS
Bo ston
New York
P h ila d e lp h ia
C levela n d
Richmond
A t la n t a
C hicago
S t. L o u is
M inneapol is
Kansas C ity
D a lla s
San F r a n c is c o

in w hich by th e v a r io u s F ed e ra l r e s e r v e

0 2 1 ,0 9 4 ,0 0 0
1 1 1 ,6 6 2 ,5 0 0
8, 285, 500
30, 251, 500
2 ,1 5 7 , 500
9 0 2 ,5 0 0
4 2 ,0 7 2 ,0 0 0
1 0 ,1 6 9 ,5 0 0
1 2 ,0 2 1 , 500
14, 734, 500
1 5 ,9 3 5 , 500
30. 713. 500

RECAPITULATION OF HOLDINGS BY MATURITIES
March
June
S e p t.
Dec.
Mar ch
S e p t.
March
Dec,
T h ird

15, 1925
15, 1925
1 5, 1925
15, 1925
15, 1926
15, 1926
15, 1927
15, 1927
L. L. Bonds
Sept . 15, 1928

s 46, 365, 000
p
25 ,9 32, 700
2 5 ,1 7 4 , 500
5 0 ,1 1 7 ,0 0 0
3 9 ,2 3 7 ,6 0 0
3 1 ,9 0 1 , 000
18, 875, 900
32, 296, 300
3 0 ,1 0 0 , 000

v3 0 0 ,000, 000

0 3 0 0 ,0 0 0 ,0 0 0

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
FEDERAL RESERVE BANKS FROM FEBRUARY 5 TO FEBRUARY 11, 1925_________
TRANSACTIONS IN MISCELLANEOUS GOVERNMENT SECURITIES

B oston
New York
A tla n ta
Chicago
St* L o u is
M in n e a p olis
Kansas C ity




1 ,3 3 8 ,3 0 0
1 8 6 ,1 0 0

S a le s
0
0
197, 850
0
0
1, 8 84,9 50
0

$ 1 ,8 3 7 ,7 0 0

*>2,082, 800

P u rch ases
0
0
2 34 ,30 0
0

79,000

Held Under
S a le s C o n tr a c ts
$ 6 5 4 ,1 5 5
1 ,2 7 0 ,0 0 0
0

22,000
0
0

_____ 0
*1, 9 4 6 ,1 5 5

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j £ j ) , fQ SOj.

4
BANKERS ACCEPTANCES
PURCHASES
Amount
B oston

1 -3 0 days
31~60 w
6 1 -9 0 "

$

1 0 0 ,0 0 0
3 ,5 5 6 ,0 0 0
5 .0 1 3 .0 0 0

MATURITIES
Amount

Other
H old in g s

$ 3 ,7 9 7 ,00 0

$ 2 ,4 5 7 ,0 0 0 S a le s
C o n tr a c ts

Rate
3$
3$
3$

- 3 1/ 8$
- 3 1 /8 $
- 3 „ l / 8$

$ 8 ,6 6 9 ,0 0 0

NEW YORK
F eb. 4
O ther banks

MATURITIES AND HATES
1 6-30 days
31~60 days

1~15 days
$

1 0 0 ,0 0 0
2 3/4%

*$2,308,000
$
2 3 /4 $ - 2 7 /8 $

6 1 -9 0 days

2 8 1 ,0 0 0
2 7 /8 $

$ 1 ,4 9 4 ,0 0 0
3$

1 5 2 .0 0 0
1 3 5 .0 0 0
2 3 /4 $

9 6 .0 0 0
7 9 .0 0 0
2 7 /8 $

3 2 8 ,00 0
1 ,1 4 3 ,0 0 0
3% -3 1 /8 $

9 9 7 ,0 0 0
1 ,7 6 0 ,0 0 0
3$ -3 1 /8 $

3 0 2 ,0 0 0
4 0 6 ,0 0 0
3$ - 3 1 /8 $

|

1 79 .00 0
8 4 5 .0 0 0
3$

7 6 ,0 0 0
1 4 7 ,0 0 0

Over 9Q-days

1 *6 8 0 ,0 0 0
3 ,8 3 9 ,0 0 0
3$ -3 l / 2 $

4 6 5 ,0 0 0
3 1 /4 $

Feb, 5
New York
O ther banks

1 4 ,0 0 0

2,000
2 3 /4 $

1 5 ,0 0 0
1 4 ,0 0 0
3 1 /4 $

F eb. 6
New York
O ther banks

2 8 ,0 0 0
5 3 ,0 0 0
3$ - 3 1 /8 $

1,000
3 72 ,00 0
3 1 /4 $

F eb. 9
New York
O th er banks

1 2 ,0 0 0
3 4 ,0 0 0
9 ,0 0 0
1 ,1 9 8 ,0 0 0
3$ ~ 3 1 /8 $ 3$ -3 1 /4 $

3 1 8 .0 0 0
3 7 1 .0 0 0
3 l/4 $ ~ 3 1 /2 $

F eb, 10
New York
O ther banks

1 3 .0 0 0
3 6 .0 0 0
3 1 /4 $

3 01 .00 0
8 6 3 .0 0 0
3$ — 1 /4 $
3

5 3 1 .0 0 0
5 9 2 .0 0 0
3$

3 21 .00 0
4 1 4 .0 0 0

1 ,1 3 2 ,0 0 0

5 2 4 ,0 0 0
3%

1 2 4 ,0 0 0
M. 3 iM

4 3 0 ,0 0 0

$ 1 ,1 8 6 ,0 0 0
1 6 4 ,0 0 0

$ 1^ 317,000
4^ 38 0 ,00 0

$ 1 ,1 7 1 ,0 0 0
2 ,3 2 3 ,0 0 0

$ 3 ,5 8 7 ,0 0 0
8 ,8 0 1 ,0 0 0

F eb. IX
New York
T o ta ls :
New York
O ther banks

Grand T o t a l :
New York
O th er banks
A g g reg a te

$

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

5 7 ,6 0 8 ,0 0 0
16>926.000
$ 2 4 ,5 3 4 ,0 0 0

Matured from New York h o ld in g s week ended F ebruary 1 1 :
0 8 ,3 3 9 ,0 0 0
O th er h o ld in g s b y New Y ork : 1 1 8 *3 1 7 ,0 0 0 s a le s c o n t r a c t s : $ 4 ,8 6 7 ,0 0 0 o n e -d a v
h o ld o v e r f o r d i s t r i b u t i o n t o F e d e ra l r e s e r v e b a n k s;
$ 24 6 ,0 0 0 fo r e ig n t r a d e
a cce p ta n ce s;
72 3 9 ,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 I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

f J (Q ffil
).

t
Uate.

Bankers ACCEPTANCES -

M a tu rity
P h ila d e lp h ia

1 -30 days
31-60
"
61-90
"

PURCHASES
Amount
I

(C o n tin u e d )
MATURITIES
Amount

67 ,000 3%
3 61 ,00 0 3i
2 .1 7 7 .000 3%

O ther
H o ld in g s

$ 1 ,2 9 8 ,0 0 0

Rate

0

- 3 i/s ;.

$ 2 ,6 0 5 ,0 0 0

C le v e la n d

1-30 days
31-60
"
6 1 -9 0
"
In o th e r
d is tr ic ts

100 .00 0
310 .00 0
4 7 6 .0 0 0
3 ,0 7 4 ,0 0 0

3/o
2 7 / 8 / - 3%
3%
2 3 /4 / - 3 1 /4 /

4 ,1 0 8 ,0 0 0

4 7 8 ,00 0 s t e r 
lin g b i l l s

,9 6 0 ,0 0 0
Richmond

1 -3 0 days
31-60
"
61-90
"
In o th e r
d is tr ic ts

68,000 3%

150,000

0

1 5 0 .0 0 0 3%
325.000 3)i
160 .00 0 2 3/4/o - 3 l/4 /o
$70 3 ,0 0 0

A t la n t a

1*30 days
6 1-90
"
In o th e r
d is tr ic ts

2 0 ,0 0 0 3/o
1 1 2 .00 0 3/o
151 .00 0 2 3 / 4 / - 3 1 / 4 /

911,000

$283,000
C hicago

1 -30 days
31-60 ”
61-90
"
In o th e r
d is tr ic ts

1, 287,000 Un
in d o r s e d
b ills
pu rch ased
from a c 
c e p t in g bks
,0 7 9 ,0 0 0 S a le s
co n tra cts

2 3/4/o
2 7/8/o
3%
2 3 / 4 / - 3 l/4 /o

2 ,7 6 1 ,0 0 0

In o th e r
d is tr ic ts

2 ,2 7 5 ,0 0 0 2 3 /4 /0 - 3 l/4 /o

2 ,5 0 6 ,0 0 0

In o th e r
d is tr ic ts

1 21,000 2 3/4/o - 3 l / 4 / t

In o t h e r
d is tr ic ts

1 ,4 6 8 ,0 0 0 2 3/4/o - 3 l/4 /o

1 ,9 0 3 ,0 0 0

In o th e r
d is tr ic ts

2*45 5 ,0 0 0 2 3 / 4 / - 3 l / 4 ; i

0
2 ,9 8 5 ,0 0 0
1 02 ,00 0 S o ld to
Mem. Bks

7 6 2 ,00 0
3 .9 1 8 .0 0 0
1 .1 5 3 .0 0 0
2 .5 1 0 .0 0 0
,3 4 3 ,0 0 0

S t . L ou is

M in n e a p o lis

Kansas C it y

D a lla s




0

0

$3,087,000

0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ I X _ J L 0 5 O l

e
uate.

-.■u\

BANKERS ACCEPTANCES -

V

M a tu rity

;\

v

PURCHASES
Amount

San Franc istx>

1 -3 0 days
',31-60 "
In o th e r
d 1st r i c t s

$

3 5 3 ,0 0 0
1 9 9 ,0 0 0
4. 7 1 3 .0 0 0

(C o n tin u e d )
O th er'
H o ld in g s

MATURITIES
Amount

R ate

$7, 6 1 5 ,0 0 0

2 3 /4 $ - 3f*
2 7 /8 #
2 3 /4 $ - 3 l / 4 $

$ 6 ,0 3 9 ,0 0 0 Sales
con tra ct s

&5t 265, 000
T o t a ls

$43, 7 5 5 ,0 0 0

$36, 475, 000

$ 3 5 ,0 0 $ ,0 0 0

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING WEEK ENDING FEBRUARY 11, 1925, AND
__________ HOLDINGS AS OF THAT DATE CLASSIFIED BY MATURITIES___________
(0 0 0 O m itte d )
(E x clu d in g S a le s C o n t r a c ts )
Government
Secur i t i e s
Purchased
S old
Matured

Bankers
A c ce p ta n ce s

$ 1 ,8 3 7
2 ,0 8 3

$43, 755

M ai.

36,4 75
$

$ 7,280+

246-

$45, 592
2 ,0 8 3
36, 475.
$ 7 ,0 3 4+

H old in g s
Feb, 11. 1925

W ith in
15 davs

(i n c lu d in g S a le s C o n tr a c ts )
16*30
31-60
6 1 -9 0
9 1 -d a y s Over
davs
davs
davs
6 months 6 months

G o v 't S e c u r i t i e s
B i l l s Purchased

f 1 ,9 4 6
108. 570

4 7 ,0 5 4
75,542

5 2 ,4 8 8

$ 4 0 ,9 9 2
4 ,2 6 2

$ 30 0 ,1 0 4

83, 785

$390,096
324. 647

$ 1 1 0 ,5 1 6

$83, 785

$12 2 ,5 9 6

$ 5 2 ,4 8 8

$ 4 5 ,2 5 4

$ 30 0 ,1 0 4

$714,743




Tot a l

Reproduced from the Unclassified / Declassified Holdings of the National Archives

~

DECLASSIFIED

Authority j L &, |Q5 0 l

F o r m N o . 131.

Office Correspok Jence

U ate_.^br u a r^ 0&4-

f

To •
.....ra
embejff




FEDERAL RESERVE
BOARD

Subifct:__
%
*****

Crov. u n s s m g e r t
Mr, P l e t t
Mr, Hamlin
Mr. James k
Mr, Cunningham i
D r, M i l l e r /
Mr, M cIn tosh ,
P le a s e r e t u r n t o

S ecreta ry ’ s O ffic e ,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

QSO \

Fe d e r a l R e
of

Ne

se r v e

w

Yo

Ba

n k

rk

Open Market Investm ent Committee
f o r th e F e d era l R e se rv e System




CONFIDENTIAL

F ebruary 9,

1925

S i r :
E n c lo 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 bankers a c c e p ta 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 ed era l R eserv e
System f o r th e p e r io d from January 29 t o F ebruary 4 ,
in c lu s iv e ,

1925

t o g e t h e r w ith d a ta r e c e i v e d by t h e Committee

from th e F ed era l r e s e r v e bank s.

S e c r e ta r y o f th e Committee

H onorable D. R. C r is s in g e r ,
G overn or, F ed era l R e se rv e Board,
W ashington, D. C.

Enclosure

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

/A f/)|

CQHFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE vV E ENDED FEBRUARY 4 , 1925
EK

H o ld in g s o f E arning A ssa ts o f F e d e ra l R eserv e Banks January 7 , 28 and
...... F ebruary 4 , 1925. as Compared w ith C o rre sp o n d in g P e r io d s in 1924
(0 0 0 O m itted)
TOTAL
EARNING
ASSETS

-19 24—
Jan* 9
"
30
Feb* 6
-1 9 2 5 Jan. 7
M
28
Feb. 4

^GOVERNMENT

BANKERS ACCEPTANCES
S a le s
C o n tra cts
P u rch a ses

SECURITIES

BILLS
DISCOUNTED

$ 1*026,496
9 1 4 ,8 8 1
8 95 ,36 3

$ 10 0 ,3 5 8
1 20 ,77 2
1 2 4 ,6 5 8

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

$ 3 9 ,5 7 8
3 5 ,8 6 2
6 2 ,6 8 8

$ 6 0 6 ,9 2 1
5 22 ,30 7
4 8 7 ,2 9 6

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

4 96,029
3 9 4 ,0 6 4
3 8 8 ,8 2 8

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

8 ,9 4 9
1 9 ,5 8 7
2 5 ,6 4 6

2 6 4 ,4 0 8
2 7 3 ,6 9 2
3 22 ,36 7

* I n c lu d e s s a le s c o n t r a c t s
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES BY
FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____ __________________ DURING m m ENDING FEBRUARY 4 . 1925 ___________ _ _ _
(0 0 0 O m itted )
GOVERNMENT SECURITIES
B a lan ce
Net
B alance
F eb. 4
Jan* 28
Change
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 ouis
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

$ 2 4,6 69
1 1 2 ,9 2 0
2 5 ,7 3 3
4 5 ,3 5 0
3 ,4 9 8
3 ,3 8 4
5 9 ,3 3 2
1 0 ,2 0 6
2 0 ,2 2 3
25,156
1 7 ,9 9 1
3 9 .9 3 1

$ 2 4 ,9 7 3
114 ,51 2
2 5 ,8 5 2
4 5 ,7 7 9
3 ,5 3 0
3 ,6 2 4
5 9,9 35
1 0 ,3 1 1
2 1,1 79
2 5 ,3 6 0
1 8 ,2 1 7
4 0 .3 6 8

$

T ota l

$ 388,393

$ 39 3 ,6 4 0

$ 5 ,247-

3041 ,5 9 2 11942932240603105956204**
226 —
437-

BANKERS ACCEPTANCES
Net
B a lan ce
B alance
J an . 28
Change
F eb, 4
$ 4 0 ,4 1 5
5 2,9 46
1 7 ,7 8 1
3 6 ,9 9 2
1 ,3 4 7
2 ,7 4 5
2 9 ,9 6 6
2 0,3 78
0
1 1,9 44
2 1 ,6 6 3
4 6 .1 8 1

$ 4 3 ,4 6 5
53,9 26
1 6,6 89
3 7 ,4 0 2
1 ,2 5 8
3 ,8 2 6
3 0 ,0 6 4
2 0,0 74
0
1 2 ,4 2 4
2 2,006
4 7 .0 4 6

$ 3 ,0 5 0 980**
1 ,0 9 2+
41089+
811 ,0 9 8 304+
0
480343865-

$ 28 2 ,3 5 8

$ 28 8 ,1 8 0

$ 5 ,8 2 2 -

COM ENT ON CHANGES Y®3K ENDED FEBRUARY 4,
M

1925

A ggrega 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 advanced $ 4 3 ,6 7 6 ,0 0 0
d u rin g th e week due to an in c r e a s e o f $ 4 8 ,6 7 5 ,0 0 0
b i l l s d is c o u n t e d , and a fu r t h e r
r i s e o f $ 6 ,0 5 9 *0 0 0 in bankers a c c e p t a n c e s h e ld u n d er s a le s c o n t r a c t s *
H o ld in g s o f
Government s e c u r i t i e s d e c lin e d .*$5,236,000, s a le s from th e System S p e c ia l Investm ent
A ccou n t am ounting t o $ 6 ,2 7 5 ,0 0 0 *
Bankers a c c e p t a n c e s p u rch a sed o u t r ig h t d e cr e a s e d
$ 5 ,2 3 6 ,0 0 0 #




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ T). { Q f o l

Money

Except for temporary fluctuations dow to three and up to
n

Market
4 per cent, the call loan rate ruled unchanged at the 3 l/Z per cent*
le v e l.

Time money market was quiet and rates- continued unchanged.
Commercial paper dealers report a quiet market with a tendency

towards higher rates as the seasonal easing in money has not been as
great as some anticipated.

Prime 4 go 6 months paper is now quoted at

3 l / 2 to 3 3/4 per cent*
Government
Security
Market

Trading in United States Government bonds continued active and
prices were sligh tly firmer shan during the previous week.

The longer

term issues, especially the Fourth Liberty Loan and new 4 per cent*
Treasury bonds were in best demand, the latter advancing to 100 27/32rids,
a new high siiice date of issue.

The following table shows sales during

the week of United States Government bonds on the Stock Exchange in
which decimals represent thirty-secondsJ
Amount in
Thousands
01,076
168
1,576
480
2,357
341
1,035

Issue
First
«
•

3 l/2 s
4 l /4 s
Second
4 l /4 s
4 l /4 s
Third
4 l /4 s
Fourth
Treasury 4 l /4 s
it
4s

Ciotfim* Prices
Feb, 4
Jan. 28
101.14
101,27
101 a
101.14
102,00
104.28
100,26

101,15
101.29
101.2
101.15
101,30
10$.00
100.25

1924
Low
High
98.22
98,8
98.4
99,8
98.8
99.8
100,9

101,28
*102.22
*102.00
*102.23
*103.00
*107.00
100,20

*High since date of issuance
Activity in the shoi’t-term Government security market was in
moderate volume and trading centered principally in the September 1925
certificates and Treasury notes maturing in 1927,

Prices of the early

maturities were practically unchanged, while the longer t^rm issues
advanced from 1 to 3/32nds,
Dealers’ offering rates continued unchanged from the previous

Bankers
Acceptances




week at 2 7/8 per cent* for 30 day b i lls ,
90s,

and 3 per cent, for 60s and

O Friday, February 6, accompanying the increase in our buying
n

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j ? I), / Q gjf f l

3
rat© t o 3 p e r cen t*
and i t

f o r 30 and 6 0 -a a y m a t u r i t ie s , r a t e s became u n s e t t l e d

i s n o t y e t c e r t a i n a t what l e v e l s th e y w i l l becom e re a d ju s te d *

An in c r e a s e o f l / 8 p er c e n t , on a l l m a t u r it ie s th rou gh n in e t y day& ap 
pea rs lik e ly .
B oston th e su p p ly was p r a c t i c a l l y unchanged from th e p r e 
v io u s week b u t th e demand was l i g h t , and d e a l e r s ' com bined h o ld in g s i n 
c r e a s e d t o th e h ig h e s t p o i n t t h i s year*

O ffe r in g s to th e r e s e r v e bank

w ere m o d e ra te , a lth o u g h s a le s under re p u rch a se agreem ents in c r e a s e d
s u b s t a n t ia lly .

New York r e p o r t s a somewhat q u ie t market p r i o r to th e

change in our ra te s *

Money c o n d it io n s w ere r e l a t i v e l y e a sy an d, as a

r e s u l t , th e demand f o r b i l l s was in e x c e s s o f th e su pply*
o f f e r i n g s were made to th e r e s e r v e bank.
was m o d e ra te ly a c t iv e *
money njtarket*
bank*

M oderate

The b i l l m arket in P h ila d e lp h ia

I n c r e a s e d demand f o r b i l l s

r e f l e c t e d ea se in the

C om p a ra tiv ely l i g h t o f f e r i n g s w ere mad& t o th e r e s e r v e

C h icago r e p o r t s a f a i r l y a c t i v e market w ith su p p ly somewhat in

e x c e s s o f demand*

OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
Upon T rea su ry a u t h o r it y th e F e d e ra l R eserv e Bank o f New York s o l d f o r
a cco u n t o f th e A lie n P r o p e r ty C u stod ia n $ 4 ,5 0 0 ,0 0 0 F ou rth L ib e r t y Loan 4 l / 4 ^ bonds
and p u rch a sed in rep la cem en t a 'lik e a g g re g a te amount o f - c e r t i f i c a t e s o f in d e b te d *
n ess m aturing March 15 and Septem ber 1 5 , 1925*
A t the r e q u e s t o f the T rea su ry th e F e d e ra l R eserv e Bank o f New York a ls o
p u rch a sed $ 3 5 0 ,0 0 0 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 March 1 5, 1925, f o r a cco u n t o f

the C i v i l S e r v ic e R etirem en t and D i s a b i l i t y Fund*

SYSTEM SPECIAL INVESTMENT ACCOUNT
In a d d it io n to a s p e c i a l exchange t r a n s a c t i o n in v o l v i n g th e s a le o f
$ 2 ,0 0 0 ,0 0 0 March 1927 n o t e s and the p u rch a se o f a l i k e amount o f Septem ber 1925 c e r 
tific a te s ,

th e r e was a ls o s o l d from th e S p e c ia l A ccou n t d u rin g th e p e r io d c o v e r e d

b y t h i s fceport s e c u r i t i e s a g g r e g a tin g $4,27-5,500*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
A uthorityJl£). I C S ? !

4
These o p e r a t io n s red u ced th e System h o ld in g s at th e c l o s e

o f b u s in e s s

F ebruary 4, 1925 t o an even $300, 000, 00G> th e p a r t i c i p a t i o n in w hich by the
v a r io u s F e d e ra 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 by m a t u r it ie s are 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 h ica go
S t , L o u is
M in n ea p olis
Kansas C it y
D a lla s
San F r a n c is c o

RECAPITULATION OF HOLDINGS BY MATURITIES
$ 46, 365, 000
2 5 ,9 3 2 , 700
25, 174, 500
5 0 ,1 1 7 j COO
3 9 ,2 3 7 , 600
3 1 ,9 0 1 , 000
1 8 ,8 7 5 , 9 00
3 2 ,2 9 6 , 300

March 15, 1925
June 15, 1525
S e p t, 15, 1925
D ec,' 15, 1925
March 15, 1926
S e p t. 15, 1926
March 15, 1927
D ec.
15, 1927
T h ird L . L . Bonds
S e p t, 15, 1928

$ 2 1 ,0 9 4 * 0 0 0
1 1 1 ,6 6 2 ' 500
8, 285, 500
30, 251, 500
2 ,1 5 7 ,5 0 0
902, 500
42, 072/000
10,169* 500
12, 021, 500
14. 734, 500
1 5 ,9 3 5 ,5 0 0
_ 3 0 .7 1 3 500

3 0 ,1 0 0 , 000

$300, 000, 000

$300, 000, 000

ITEMIZED STATEMENT O TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
F
ALL FEDERAL RESERVE BANKS FROM JANUARY 29 TO FEBRUARY 4. 1925
GOVERNMENT SECURITIES
SYSTEM INVESTMENT ACCOUNT
S a le s
P u rch ases
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h ica g o
S t , L o iiis
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

H eld Under
S a le s C o n tr a c ts

4 4 5 ,5 0 0
2 ,3 3 6 ,0 0 0
175, 000
629, 000
47, 000
1 7 ,5 0 0
8 8 4 ,5 0 0
207 , 000
254, 000
308, 000
3 3 1 ,5 0 0
640, 500

$ 2 4 4 ,9 0 0
0
0
0
0
0
190, 000
0
0
0
. 0
0

$ 6 ,2 7 5 ,5 0 0

142, 000
7 4 4 ,5 0 0
56, 000
200, 500
1 5 ,0 0 0
5 ,5 0 0
2 8 2 ,0 0 0
66, 000
8 1 , 000
98, 000
1 0 5 ,5 0 0
2 0 4 .0 0 0

$434, 900

$

$2, 000, 000

OTHER TRANSACTIONS IN GOVERNMENT' SECURITIES
P u rch a ses
S a le s
A t la n t a
St« L o u is
M in n e a p o lis
Kansas C it y




$

6 0 ,1 5 0
36, 500
3 ,7 5 8 ,3 5 0
6, 300

$5,861, 300

M isc.
M isc*
M isc.
M isc.

Gov » t
Gov
Gov ’ t
Gov Tt

S e c,
S e c,
S e c.
S ec,

$287, 050 M isc. GovH . S e c,
0
4, 5 4 2 ,1 5 0 M isc. Gov’ t S e c.
0

$4,829,200

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority jL & _ _ f.Q 5 0 |

BANORS ACCEPTANCES
PURCHASES
Amount

M a tu rity
B oston

1 -3 0 days
31-60 "
6 1-90 '•

$

R ate

523 ,00 0
1, 0 8 9 ,0 0 0
1 .7 6 8 ,0 0 0

2 3/k% - 2 7/8%
2 7/8% - 3%
'3%
- 3 l /8 /o

MATURITIES
Amount
$ 6 ,4 3 0 ,0 0 0

O ther H o ld in g s
$>2,763,000 S a le s
C o n tr a c ts

$3, 3 80,000
NSW YORK
Jan. 28
O ther banks

1 -1 5 davs
$ 1 ,0 0 6 ,0 0 0
2 3/4%

1 6 -3 0 davs

31-60 davs

6 1 -9 0 davs

Over 90 davs

4 1 6 ,0 0 0
$ 1 ,9 0 3 ,0 0 0
$ 1 2 9 ,0 0 0
2 3 / 4 / - 2 7/8% 2 7/8% - 3 l /8 /o 3% - 3 l/8%

$ 8 8 ,0 %
3 l/4 %

Jan . 29
York
O ther banks

3 62 ,00 0
3 3 ,0 0 0
2 3 /4 /0

1 5 ,0 0 0

6,000

1 ,0 5 8 ,0 0 0
2 3/4/o

3%

3 l /2 /o

2 0 5 ,0 0 0
8 99 ,00 0
1, 2 4 8 ,0 0 0
1, 5 53 ,00 0
2 3/4/o - 2 7 / 8 / 2 7/8% - 3/o

4 6 3 ,0 0 0
1 ,9 9 1 ,0 0 0
3/o

80, 000
3 l /4 /o

5 2 1 ,00 0

395, 000
14, 000
3/o

Jan, 30
New York
O ther banks

3 0 3 ,0 0 0
305, 000
2 3 /4 $

9,000

Feb. 2
New York
O ther banks

174, 000
6 2 ,0 0 0
2 3/4%

5 6 9 ,00 0
4, 298, 000
2 3 /4 /

6,000

9 ,0 0 0
518 ,00 0
2 3/4%

2 7/8%

2 5 7 ,00 0
3 l /4 /o

F eb. 3
New Yorkv
O ther banks

9 1 ,0 0 0
2 3/4%

3 61 ,00 0
1 ,0 2 4 ,0 0 0
2 7/8%

361, 000
541, 000
3%

6 0 ,0 0 0
2 7/8/o

800 ,00 0
3/o

$ 1 ,8 4 1 ,0 0 0
4 ,4 8 0 ,0 0 0

$2, 0 1 9 ,0 0 0
2, 681, 000

Feb. 4

50,000
2 3 /4 1

New York

T o ta ls :
New York
O ther banks

6 30 ,00 0
2 3/4/o - 2 7 / 8j

$ 895 ,00 0
1 ,4 9 7 ,0 0 0

$ 1 ,4 1 3 ,0 0 0
7 ,5 3 8 ,0 0 0

T o ta ls :
New York
O ther banks
A g g reg a te

4 4 0 ,0 0 0
3 l/4 %

$ 7 2 1 ,0 0 0
168, 000

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

M atured from New Y ork h old in g ® week ended F ebru ary 4 :
# 7 ,8 6 9 ,0 0 0 ^
O ther h o ld in g s b y New Y o rk ; $ 4 ,6 4 8 ,0 0 0 o n e -d a y h o ld o v e r f o r 4 i s t r i b u t x o n t o
F e d e r a l r e s e r v e b a s ic s ; $ 9 ,6 4 1 ,0 0 0 s a l e s C o n t r a c t s ; $ 2 5 7 ,0 0 0 f o r e ig n tra d e
b ills ;
$ 2 3 9 ,0 0 0 s p e c i a l f o r e i g n .Jbjjfclli* ’ ; i




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority j j ) ,

/Q 5 f> l

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT' SECURITIES AND BANKERS
ACCEPTANCES DURING ’W
EEK ENDING FEBRUARY 4, 1925 AND HOLDINGS
_____________________ AS 0? THAT DATE CLASSIFIE'D BY MATURITIES_____________________
(0 0 0 O m itted)
(E x clu d in g S a le s C o n t r a c ts )
Government
S e c u r itie s

Bankers
A ccep ta n ces

$ 5 ,8 6 1
1 1 ,1 0 4

$ 3 3 ,5 4 4

P urch ased

Sold
Matured

$ 3 9 ,4 0 5
1 1 ,1 0 4
3 9 .3 6 6

3 9 .3 6 6
$ 5 ,2 4 3 -

H o ld in g s
F e b . 4. 1925

W ith in
15 days

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

$




T ota l

435
9 3 .7 8 9

$ 9 4 ,2 2 4

$ 1 1 ,0 6 5 -

>,822-

(I n c lu d in g S a le s C o n t r a c ts )
1 6 -3 0
3 1 -6 0
6 1 -9 0
Days
Days
Day b

8 5 .5 4 1

$ 4 7 ,0 4 4
8 3 . 25&

$85, 541 $ 130,303

9 1 - Days6 Months

Over
6 Months

4 0 .0 4 8

$ 40 ,98 7
5 .3 6 7

$ 3 0 0 ,3 6 4 $ 3 8 3 ,8 3 0
303. 004

$40, 048

$ 4 6 ,3 5 4

$ 3 0 0 ,3 6 4 $ 6 9 6 ,8 3 4

T ota l

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L &

{ Q %Q |

F o r m N o . 131.

Office Correspoi ience




FEDERAL RESERVE
BOARD

n
T
bject:

i n fo r m s t io n .
Mr.
Mr,
Mr.
I-v *
fr •
Mr.
Mr.

P la tt V /
Hamlin 1 /
James
Ounninghaln l/' /
M i ll e r /
/
M cIntosh \/

P le e 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 .

Uate. jESaibr.up r y_.5_»_1925

Reproduced from the Unclassified I Declassified Holdings of the National Archives




~ DECLASSIFIED
Authority j r j t M Q S ) |

February 3 , 1925.

B##r 1ft*.
Receipt Is acknowledged o f your X«tt«r of
the 2nd instant, encloa
e report of tr«n*ec~
tlotift in Government aeouritiea *M beakers ■©oept<tnae& ce reported t o th e Open l4*rkot Investnirat Coaaittea for the Federel K m erm
far
1
the porlod t r m January 22...^ TJMfrtt>ey..^2ar A g2S r
inclusive, together Hi t i l tfet* received by the
Gomittee froa the Federal reserve banks* Tour
le tte r mid enclosure w ill be brought to the a t 
tention of the aeabers of the Bo»r<l.
Very truly yours,

(Binned) Walter H Eddy
Walter L. Bd$r,
Secretary.

Hr. f • B. M«tteson, Secretary,
Open Market Investment Coasoittecv,
o/o Ifederal Ri»«r»f Bank,
He* York, U,T.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority J l T), / Q f o l

Fed er a l
of

R

eserve

B ank

N e w Yo r k

Open Market Investm ent Committee
f o r th e F e d e ra l R e se rv e System




CONFIDENTIAL

F ebruary 2 , 1925

S i r :
E n c lo 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 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 t e d t o th e
Open Market Investm ent Committee f o r th e F e d e ra l R eserve
System f o r th e p e r io d from January 22 t o January 28,

1925

i n c l u s i v e , t o g e t h e r w ith d a 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 bank s.
R e s p e c tfu lly ,
/

—
W. B. U atteson
S e c r e t a r y o f th e 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 lo s u r e

—

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL f i, /Q & )1

CONFI DENTI AL

R P R O O E M R E INVESTM T C M ITTE W E E D D JA U Y 28, 1925.
EOT F PN AKT
EN
O M
E EK N E
N AR

Holdings of Earning Assets of Federal Reserve Banks January 7 and
28» 1925. As Compared With Corresponding Periods in 1924
(OOO Omitted)

TO
TAL
EARNING
ASSETS

-1924-

GOVERNRENT
SECURITIES

B K S ACC PTAN E
AN ER
E
CS
Sales
Contracts
Purchases

BILLS
DISCOUNTED

$1,026,496
914,881

$100,358
120,772

)279,588
235,930

339, 578
35,862

$606,921 :
522,307

1,109,965
988,582

J an. 9
*
30
-1925Jan. 7
"
28

496, 029
394, 064

332,029
288,180

8,949
19,587

264f 408
273*692

includes sales contracts

C A G S IN H
HNE
OLDINGS O G V R M N SECURITIES A D B K S ACC
F OEN ET
N AN ER
EPTAN
CES
BY FE E A R SER
D R L E VE B K (EXCLUSIVE O SALES CONTRACTS)
AN S
F
__________________ D R G W E ENDING JA U Y 28. 1925
U IN
EK
N AR
(000 Omitted)
G V R M N SECURITIES
OEN ET
Balance
Net
Balance
Jan. 28
Jan. 21
Change

B N ER ACCEPTAN
A K S
CES
Net
Balance
Balance
Change
Jan. 21
Jan. 28

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

$ 24,973
114,512
25,852
45,779
.3,530
3,624
59,935
10,311
21,179
25,360
18,217
40. 368

) 27,181
126,089
26,720
48,714
3,762
3,503
64,318
11,337
21,426
26,870
19,861
43*542

$ 2,20811, 5778682,935232121+
4,3831,0262471,5101,6443.174-

$ 43,465
53,926
16,689
37,402
1,258
3,826
30,064
20, 074
0
12,424
22,006
47.046

$ 44,031
57,464
16,887
38,838
1,025
4,436
30,510
20,509
8
13,243
22,313
48, 673.

$

Totals

$393,640

$423,323

$29,683-

$288,180

$297,937

$9,757-

5663,5381981,436233+
61044643588193071.627-

CM ET O C A GS WE E D
O MN M H N E
E K N ED JA U Y 28. 1925
N AR
Accompanying firmer money conditions to tal earning assets of a ll reserve
tanks increased $43,126,000 during the statement week, due mainly to an increase of
$70,935,000 in b i l l s discounted, and $11,348,000 in acceptances held under sales
contracts. Government security holdings declined $29,400,000, of which $32,500,000
represented sales from the System Investment Account, while b ills purchased:outright
were reduced $9,757,000.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^

T).

fQ fo l

2

bonev
Market

.

After fluctuations in the early days of the period, reflect*
ing readjustments in the reserve position of New York City banks, the
c a ll rate became more stable at 3 l /2 per cent.

Time money rates con

tinued unchanged*
Commercial paper dealers report a fa irly active market with
rates unchanged at 3 l / 2 per cent.
Government
Security
Market




The following table shows sales during the week of United
States Government bonds on the stock exchange in which decimals repre
sent thirty-seconds:
Amount in
Thousands
$1* 039
174
2,471
1,655
2,342
553
2,059

Closing Prices
Jan*28
Jan.21

Issue
First
"
Second
Third
Fourth
Treasury
w

3 1 /2 *0
4 l/4» s
4 l/4 * s
4 l/4* s
4 l/4 ’ s
4 l /4 ’ s
4**

101.15
101.29
101,2
101.15
101.30
105.00
100.25

101.18
101*26
100.30
101.12
101.25
104.27
100.17

1924 High

Low
98*22
98.8
98.4
99. &
98 *8
99,8
100.9

101.28
*102<22
*102.00
*102.23
*103.00
*107.00
*100.20

^iigh since date of issuance
Trading in short-t£rm Government securities was in moderate
volume and prices were practically unchanged from the previous week.
BNES AC
A K R C EPTAN ES
C
Rates in a ll d istricts remained generally unchanged during
the period, dealers continued to offer 30-day b i lls at 2 7/8 per cent*,
60*s and 90* s at 3 per cent.
boston reports an increased supply of b i lls but smaller
sales than in the preceding week, with the result that dealers' hold
ings were somewhat increased.

Although some accepting banks have re

leased their ow b i l l s during the week, there is a moderate supply
n
which has not yet been marketed*

Substantial offerings were m
ade to

the reserve bank as a result of the higher outside rates.

Easier

money conditions in New York in the fore part of the week resulted
*

'''

in a strong demand for b i lls and dealers* portfolios were reduced

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority J L & ../ Q £ ) l

c o n s id e r a b ly ,.

Accompanying th e fir m in g in r a t e s tow ard th e c l o s e o f th e p e r i o d ,

and th e con seq u en t in c r e a s e d volum e o f b i l l s

in th e m arket, th e demand n o t i c e 

a b ly d im in ish ed and d e a le r s * p o r t f o l i o s were r a p i d l y re p la c e d *

There were m oderate

o f f e r i n g s t o th e r e s e r v e bank.

The b i l l market in P h ila d e lp h ia was q u ie t w ith

su p p ly and demand a bou t eq u a l*

Hates con tin u ed unchanged from th e p r e v io u s

le v e ls .

C hicago r e p o r t s a good su p p ly with demand fo cu se d tow ards 6 0 ’ s and 9 0 * s ,
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
Upon T re a su ry a u t h o r iz a t io n th e F ed era l R eserve Bank o f New York s o ld

f o r a cco u n t o f th e A lie n P r o p e r ty C ustodian $ 7 ,5 0 0 ,0 0 0 4f T re a s u ry Bonds o f
1944 - 54 and p u rch a sed f o r th a t a cco u n t a l i k e amount o f 2 3 /4 ^ 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 September 1 5, 19 2 5.

SYSTEM SPECIAL INVESTMENT ACCOUNT
F u rth er s a le s have been made d u rin g th e p e r io d co v e r e d by t h i s r e p o r t
o f Government s e c u r i t i e s in th e System S p e c ia l A ccou n t as f o l l o w s :
Jan*
",
"
"
"
”

22 To market
22 To T re a su ry a / c A*P.C*
23 "
"
” ” " "
23 " market
26 "
"
27 "
”
T ota l

$ 1 2 ,0 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
3 ,0 0 0 «0 0 0
$ 3 2 ,5 0 0 ,0 0 0

These s a l e s , t o g e t h e r w ith th e p u rch a se o f ^ 1 ,4 0 0 ,0 0 0 , r e s u l t in a n e t re d u c
tio n

in th e a cco u n t d u rin g th e p e r io d o f ^ 3 1 ,1 0 0 ,0 0 0 *
The t o t a l h o ld in g s in th e System A ccount a t th e c lo s e o f b u s in e s s

January 28 amounted t o $ 3 0 4 ,2 7 5 ,5 0 0 , th e p a r t i c i p a t i o n in which by th e d i f f e r e n t
F e d e ra 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




by m a t u r it ie s a re as f o l l o w s :

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t ) , ..{ Q S O l

PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C hicago
S t , L ou is
M in n e a p o lis
Kansas C it y
D a lla s
San F ra n cis co

March 1 5 , 1925
June 1 5 , 1925
S e p t . 1 5, 1925
D ec. 1 5 , 1925
March 1 5 , 1926
S e p t . 1 5 , 1926
March 1 5, 1927
D ec.
1 5, 1927
T h ird L .L , Bonds
S e p t. 15, 1928

$ 2 1 ,3 9 7 ,5 0 0
1 13 ,25 4 *00 0
8 .4 0 4 .5 0 0
3 0 .6 8 0 .0 0 0
2 .1 8 9 .5 0 0
9 1 4 ,5 0 0
4 2 .6 7 4 .5 0 0
1 0 .3 1 0 .5 0 0
1 2 .1 9 4 .5 0 0
1 4 .9 4 4 .5 0 0
1 6 .1 6 1 .5 0 0
3 1 .1 5 0 .0 0 0

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

$ 3 0 4 ,2 7 5 ,5 0 0

$ 3 0 4 ,2 7 5 ,5 0 0

N. B* S in ce th e d a te co v e r e d by t h i s r e p o r t fu r t h e r s a le s have been made a g g r e 
g a tin g $ 4 ,2 7 5 ,5 0 0 , which r e d u c e s th e t o t a l h o ld in g s in th e a cco u n t t o * 3 0 0 ,0 0 0 ,0 0 0 .
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM JANUARY 22 TO JANUARY 28. 1925
GOVERNMENT SECURITIES
HELD UNDER
SALES CONTRACTS

SYSTEM INVESTMENT ACCOUNT
S a le s
P u rch ases
B oston
New York
P h ila d e lp h ia
C levela n d
Richmond
A tla n ta
Chicago
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

C lev ela n d
A tla n ta
M in n e a p o lis
Kansas C it y
San F ra n cis co
T o t a ls




$ 9 9 ,5 0 0
5 2 1 ,00 0
3 9 ,0 0 0
1 4 0 ,5 0 0
1 0 ,5 0 0
4 ,0 0 0
197 ,50 0
4 6 ,0 0 0
5 6,5 00
6 8 ,5 0 0
7 4 ,0 0 0
1 4 3 .0 0 0

$ 2 ,3 0 7 ,5 0 0
1 2 ,0 9 3 .5 0 0
9 0 6 ,5 0 0
3 ,2 5 6 ,0 0 0
2 4 2 ,50 0
9 0 ,0 0 0
4 ,5 8 0 ,5 0 0
1 ,0 7 2 ,5 0 0
1 ,3 1 3 ,5 0 0
1 ,5 9 6 ,0 0 0
1 ,7 1 8 ,5 0 0
3 1318*000

$ 37 4 ,4 0 0
0
0
0
0
0
5 0 ,0 0 0
0
0
0
0
0

1 1 ,4 0 0 ,0 0 0

$ 3 2 ,5 0 0 ,0 0 0

$ 42 4 ,4 0 0

OTHER TRANSACTIONS IN government SECURITIES
S a le s
P u rch ases
$ 1 8 0 ,0 0 0
TM-1925 C t f s .
0
6 9 ,1 0 0
2 7 5 ,3 5 0 M is c . Gov’ t S e c.
8 7 5 ,8 0 0
1 ,8 8 6 ,9 0 0 M is c . Gov’ t Sec*
0
1 6 ,7 5 0 M is c . Gov’ t Sec*
0
Fourth L .L * Bonds
1 .0 5 0
$ 2 ,3 6 0 ,0 5 0

$ 94 4 ,9 0 0

M is c , Gov’ t Sec,
M is c . ^ o v 't Sec,

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority JT f t ,

[

BANKERS ACCEPTANCES

M a tu rity
B oston

l-*30 days
3 1 -6 0 *
6 1 -9 0 "

PURCHASES
Amount
$

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

MATURITIES
Amount

Rate
2 3 /4 #
2 7 /8 #
3#

2 7 /8 #
3#
3 1 /8 #

,8 3 2 ,0 0 0

O ther H old in g s
$ 1 ,9 4 1 ,0 0 0 S a le s
C o n tr a c ts

$ 4 ,2 6 6 ,0 0 0

NEW YORK

Jan* 21
O th er banks

1 -1 5 days

MATURITIES AND RATES
6 1-90 days
31~60 days

1 6-30 days
$

$

9 7 8 ,0 0 0
3 # -3 1 /4 #

Over 90 days
$

2 8 0 ,0 0 0
3 1 /4 #

$ 1 ,8 0 4 »0 0 0
2 3 /4 #

1 7 2 ,0 0 0
2 3 /4 # ~ 2 7 /8 #

$ 1 ,1 1 6 ,0 0 0
2 7 /8 # -3 #

0
2 ,0 0 0
2 3 /4 #

3 0 0 .00 0
3 43 .00 0
2 3 /4 # ~ 2 7 /8 #

2 01 ,00 0
9 1 1 ,0 0 0
2 7/8 # ~ 3 #

1 4 8 ,0 0 0
4 1 3 ,0 0 0
3^ -3 1 /4 #

5 9 ,0 0 0
2 13 ,00 0
3 1 /4 #

1 4 2 .0 0 0
3 7 4 .0 0 0
2 3 /4 #

270,000
2 ,2 9 0 ,0 0 0
2 3 /4 # -2 7 /8 #

5 0 0 .0 0 0
6 2 7 .0 0 0
2 7 /8 # -3 #

5 2 5 .00 0
6 8 2 .0 0 0
3 # -3 1 /4 #

1 00 ,00 0
1 9 0 ,0 0 0
3 1 /4 #

0
1 8 2 ,0 0 0
2 7 /8 # ~ 3 #

0
4 7 ,0 0 0
3 # -3 1 /4 #

0
2 3 ,0 0 0
3 1 /4 #

5 1 0 ,0 0 0
2 ,2 1 8 ,0 0 0
2 7 /8 #

8 7 5 ,0 0 0
3 ,5 5 2 ,0 0 0
3#

3 ,0 0 0
1 4 6 ,0 0 0
3 1 /4 #

8 ,0 0 0
3 :'-3 i / r '

0

Jan. 22
New York
O ther banks

Jan * 23
New York
O ther banks

Jan• 26
New York
O ther banks

1 9 7 .0 0 0
1 0 0 .0 0 0
2 3 /4 #

4 0 0 .0 0 0
9 9 8 .0 0 0
2 3 /4 #

Jan* 27
New York
O ther banks

5 2 0 .0 0 0
3 5 6 .0 0 0
2 3 /4 #

6 8 5 ,0 0 0
1 ,2 6 8 ,0 0 0
2 3 /4 # « 2 7 /8 #

Jan* 28
New York

T o ta ls :
New York
O ther banks

1 ,0 4 1 ,0 0 0
2 3M

$ 1 ,9 0 0 ,0 0 0
2 ,6 3 6 ,0 0 0

0

£ 1,6 5 5 ,000
5 ,0 7 1 ,0 0 0

2 68,000
2 .7 /8 # - 3 1 /8 #

$ 1 ,4 7 9 ,0 0 0
5 ,0 5 4 ,0 0 0

T o ta ls :
New York
O ther banks
A ggregate

$ 1*5 5 6,0 00
*sr 6 7 2 ,000

$ 1 6 2 ,0 0 0
8 5 2 ,0 0 0

1 6 ,8 0 9 ,0 0 0
1 9 .2 8 5 .0 0 0
526.094.000

M atured from New York h o ld in g s week ended January 2 8 :
^ 1 0 ,2 9 0 ,0 0 0
O ther h o ld in g s b y New Y ork :
$ 9 ,2 0 2 ,0 0 0 s a le s c o n t r a c t s ; ^ 3 ,5 4 2 ,0 0 0 o n e -d a y h o l d 
o v e r f o r d i s t r i b u t i o n t o F ed era l r e s e r v e ban k s; ^282,000 fo r e ig n tr a d e b i l l s ;
$ 2 3 9 ,0 0 0 s p e c i a l fo r e ig n b i l l s *




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L & ^ Q S O l

BANKERS ACCEPTANCES -

M a tu rity
P h ila d e lp h ia

1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
"

PURCHASES
Amount
$

8 5 ,0 0 0
4 8 7 ,0 0 0
1 .9 9 0 , 000

(C o n tin u e d )

R ate
2 3 /4 ^ - 3%
3 l/8 /o
3%
3%

MATURITIES
Amount
<*2,760, 000

Oth sr
H o ld in g s
0

12*562^000
C le v e la n d

31-*60 days
In o th e r
d is tr ic ts

5 ,7 0 9 ,0 0 0

6 8 8 ,0 0 0
3 .5 8 5 .0 0 0

561, 000 ste?^
lin g b i l l s

$ 4 ,2 7 3 . 000
Richm ond

-

A t la n t a

1 -3 0 days

20, 000

C h ic a g o

1 -3 0 days
3 1 -6 0
w
6 1 -9 0
"
In o th e r
d is tr ic ts

170, 000
470, 000
371, 000
1 .9 7 8 .0 0 0

2 3 3 ,0 0 0

2 3/4fo

2 3/4fo
2 7 /8 $ - 3%
3%
2 3 /4 % - 3 3/&%

0
630, 000

0
1, 075, 000 Unin
d o rs e d b i l l s
pu rch a sed
from a c c e p t 
in g banks

3 , 418, 000
4 1 9 ,0 0 0 S a le s
17. 000 R e t .
C o n tr a c ts
Item
$ 3 ,4 3 5 ,0 0 0

$ 2 .9 8 9 . 000
St* L o u is

M in n e a p o lis
Kansas C it y

In o th e r
d is tr ic ts
-

2 ,9 2 5 ,0 0 0
0

2 3/4/o - 3 3 /8 $
-

3 ,3 6 0 ,0 0 0

0

8 ,0 0 0

.0

San F r a n c is c o

1 ,7 5 5 ,0 0 0

2 3/4/o - 3 3/8/o

2 ,5 7 4 ,0 0 0

0

In oth e r
d is tr ic ts

D a lla s

In oth er
d is tr ic ts

3 ,2 6 2 ,0 0 0

2 3 /4 ^ - 3 3 /8 ^

3, 569, 000

0

7 6 6 ,0 0 0
5. 780. 000

2 3/ 4/
2 3 /4 $ - 3 3/^%

8 ,1 7 3 ,0 0 0

1 -3 0 days
In o th e r
d is tr ic ts

2 ,3 2 6 ,0 0 0 S a le s
C o n tr a c ts

$6. 546, OOP

T o ta ls




$ 3 5 ,5 8 3 , 000

$45, 340, 000

$19,587* 000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

/Q50l

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND BANKERS
ACCEPTANCES DURING YtfE K ENDING JANUARY 2 8, 1925 AND HOLDINGS
E
____________________ AS OF THAT DATS CLASSIFIED BY MATURITIES______________________
(OOO O m itted)
(E x c lu d in g S a le s C o n t r a c t s )
Bankers
A cce p ta n ce s

Government
S e c u r it i e s
P urch ased
S old
Matured

T ota l
039,343
33,4 45
4 5 ,3 4 0

535,583

$ 3 ,7 6 0
33,445

4 5 ,3 4 0

$ 3 9 ,4 4 2 -

$ 9 ,7 5 7 .

$ 2 9 ,6 8 5 -

( I n c lu d in g S a le s C o n tr a c ts )
91 D ays6 Months

Over
6 Months

40,987
7 ,6 6 7

304 ,74 8

34,973

3 94,064
307j_767

$ 3 4 ,9 7 3

$ 48 ,65 4

$304 >748

$70 1 ,8 3 1

H old in gs
Jan4 28. 1925

W ithin
15 flaya

1 6-30
Days

31-60
Days

61-90
Days

Gov*t S e c u r i t i e s
B i l l s Purchased

9 0 „ 251

7 8 ,3 7 4

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

$ 9 0 ,2 5 1

$ 7 8 ,37 4

$14 4 ,8 3 1

T o ta l




T ota l

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority ^ L j O S O l

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
Authority j L &

| D & )j

January 2?, 19£6«
V

Bear Hr* Hettfjaom
Beoeipt Is aetocrrledged of year lo tts r
of January 26th enclosing a report of tr«mr, actions
1h iovenaimmt
and bankers aooeptanoes
as reported to the Opm Market
Qm m tttm
for the ?odoral Beserre System for the period fro#
January IS to January 21, 1926 iBolusive, together
w fir iiir T W W ^

th e F e d e ra l

reserve banka#
•? e r y t r a l y youre#

Walter I*. ®idy#
Secretary*

Hr*
3 . H e tte e o n f S e c r e t a r y #
Open I'a rk et Ifcraatfrent Ctotisntttee#
e / o F e d e r a l B e a e rre Bank#

Kew Yorsc# H. T*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority fT J). / Q f / ) !

Fe d e r a l
of

R eserve
N

ew

B ank

Yo r k

Open Market In vestm en t Committee
f o r th e F e d e r a l R eserv e System




January 2 6 , 1925.
CONFI DENTIAL

S i r :
E n c lo 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 Govern
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 as r e p o r t e d t o th e
Open Market In vestm en t 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 January 15 t o January 2 1 , 1925
i n c l u s i v e , t o g e t h e r w ith d a ta r e c e iv e d by th e Committee
from th e F e d e r a l r e s e r v e b a n k s.
R e s p e c tfu lly ,

f / V. B.
1/ ^

M atteson
S e c r e ta r y o f th e Committee

H on orab le D. R. C r i s s i n g e r ,
G o v e rn o r , F e d e ra l R eserv e B o a rd ,
W a sh in gton , D. C.

Enclosure

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L j ^ | Q £ ) (

c o n f i d e n t i a l

REPORT OF OPEN MARKET INVESTMENT 'COMMITTEE
■ E K ENDED JANUARY 2 1 , 1925
WE

C O N T E N T S

EEDSRAL RESERVE BANK STATISTICS

PAQ5

Com parison o f H o ld in g s - E arning A s s e ts - - - - - - - - - - - - -

1

Changes in H o ld in g s - Government S e c u r i t i e s -

1

Bankers A cce p ta n ce s - - - - - - - - - - - -

1

Money M a rk e t- - - - - - - - - - - - - - - - - - - - - - - - - - -

2

FINANCIAL CONDITIONS

S e c u r it y M arkets

- - - - -

F oreig n Exchange

- -

New F in a n cin g - - -

- -

- - -

- -

- -

- -

- -

- -

- -

- -

-

----------------------- -------------------------- ~ ~

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

~

- -

2
3

-

3

Government S e c u r it y M arket

3

Bankers A c ce p ta n ce s - - - - - - - - - - - - - - - - - - - - - - -

4

OPERATIONS FOR TREASURY

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

SYSTEM* S SPSGIAL INVESTMENT ACCOUNT-------------------- ----------- - --------------

4
5

TRANSACTIONS AFFECTING, INVESTMENT ACCOUNT ALL BANKS




Government S e c u r i t i e s - - - - - - - - - - - - - - - - - - - - - -

6

Bankers A cce p ta n ce s ----------------------------------

7

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authorityjr_£), | Q £ )1

C M A ISO OF HOLDINGS OF EARN G ASSETS OF FED AL R
O PR N
IN
ER
ESERVE BAN S
K
F O JA U Y 3Qt 1924 TO JAN AR 21, 1925
R M N AR
U Y
(000 Oraitt ed)
TOTAL
EAR IN
N G
ASSETS

- 1924 Jan.
Feb.
Mar,
April

30
27
26
30
28
Jun^ 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
• 1925 7
Jan.
14
»
21

^G V R M N
OEN ET

BAN ER ACCEPTAN
K S
CES

BILLS

SECURITIES

§

914,881
950,801
942,080
673,381
850,193
826,260
824,867
855*225
928,355
1,024,176
1,087,171
1,249,438

1,109,965
1,079,721
945,456

Purcha se s

Cont ract s

D
ISCO N
U TED

§120,772
155,801
257,256
301,660
333,282
429,794
505,281
541,626
574,596
584,200
582,215
540,160

§235,930
205,022
164,947
102,800
49,869
44,065
23,244
48,649
90,431
179,746
267,279
341,969

§35,862
58,288
37,511
21,685
36,891
969
1,197
640
1 , 470
35,658
13,722
45,318

§522,307
531,690
482,315
447,185
429,600
350,131
293,895
262,560
259,863
222,565
221,405
314,128

8,949
17,385
8,239

264,408
261,759
202,757

332,029
496,029
485., 502.
306, 516
297,937
423,464
xIncludes sales contracts

C A G S IN HOLDINGS OF G V R M N SECURITIES A D B K S ACCEPTAN
HNE
OEN ET
N AN ER
CES
BY FE ER RESER BANKS (EXCLUSIVE OF SALES CO TRACTS)
D AL
VE
N
________________ D R G W E EN ING JAN AR 21, 1925___________________
U IN
EK
D
U Y
(O O Omitted)
O
G V R M N SECURITIES
OEN ET
Net
Balanc e
Change
Jan* 14

Balance
Jan, 21

BANKERS ACCEPTAN
CES
Net
Balance
Change
Jan, 14

Balance
Jan, 21

§ 27,181
126,089
26,720
48,714
3,762
3,503
64,318
11,337
21,426
26,870
19,861
43,542

§ 30,926
145,724
28,190
54,000
4,156
3,732
71,752
13,077
25,487
29,702
22,650
48,926

§ 3,74519,6351 ,4 70 5,2863942297,4341 ,7 4 0 4 ,0 61 2,8322 ,7 89 5,384-

§ 44,031
§ 48,501 § 4,4701 ,46658,930
57,464
16,887
16,468
419+
43839,276
38,838
2881,313
1,025
5,097
661.4,436 .
1,572+
28,9*38
30,510
20,095
414+
20,509
0
8
8
83814,081
13,243
2 ,0 11 24,324
22,313
49,838
48,673
1 .1 65 -

§423,323

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

§478,322

§54,999-

§297,937

|306,869 $ 8 ,9 3 2 -

CMETO C AGSW
O MN N H N E
EEK EN E JAN AR 21. 1925
DD
U Y
Total earning assets of a l l reserve banks decreased #134,265,000 during the
week to the lowest point since the week ended September 24, 1924*
The decline was
due chiefly to a. reduction of $62,038,000 in holdings of Government securities of
which §52,750,000 represented sales from the System Investment Account, and a sharp
decline of £59,002,000 in b $lls discounted* Acceptances purchased outright further
decreased C8,579,000, while acceptances held ux}der sales contracts were reduced
§ * * 1 4 6 ,0 0 0 .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j^ Q , / Q 5 0 !

2
M HEY MARKET
O

The movement o f

funds t o t h i s d i s t r i c t

from t h e i n t e r i o r and th e

s u r p lu s o f $ 7 0 ,0 0 0 ,0 0 0 in e x c e s s r e s e r v e s on S aturday,

January 17,

buted t o e a s ie r money c o n d it io n s th a n in th e p r e c e d in g p e r io d .
January 21, th e r a t e f o r s t o c k exchange c a l l money,
c e n t .,

re c e d e d t o

2 l/2% t a d e c l i n e o f 1 l / 2

tu r itie s .

R u lin g r a t e s at

per c e n t ,

from th e 4 per c e n t,

and 3 3 /4 t o 4 p er ce n t,

p a r t ic u la r ly fo r

3 l/2% ito 3 3 /4 per c e n t ,

On Wednesday,

a f t e r renew ing at 3 per

l e v e l rea ch ed on January 1 5, t>he o p e n in g day o f th e p e r i o d .
cr e a s e d a c t i v i t y in th e tim e money m arket,

c o n tr i

There was in fo u r months^ ma

f o r 60 t o 9 0 M a t u r i t i e s

f o r th e fo u r and s i x months* m a t u r it ie s ,

rem ained

unchanged.
Commercial paper d e a le r s r e p o r t a m o d e ra te ly a c t i v e market and a
f a i r su p p ly o f paper w ith d is c o u n t s at 3 l / 2

per c e n t, on prime names and

3 3 /4 per c e n t , on o t h e r names.
Week Ended
J a n u a ry 14

C a ll money, r e n e w a ls , a v era g e
C a ll money, new lo a n s , a vera ge
Time money, 6 0-90 days, o f f e r
Com mercial papei; 4 -6 months

2 .8 0
2 .8 2
3 l/2
3 1 /2
s e c u r it y

S tock
Market

Week Ended
J a n u a ry 21

3 ,2 5
3 .1 0
3 3 /4
3 l/2

markets

T ra d in g on th e s to c k exchange was somewhat s m a lle r d u rin g th e period
th an in r e c e n t w eeks, a lth o u g h d a i ly t r a n s a c t io n s averaged o v e r a m i l li o n
sh a res.

On January 2 1 .th e Dow-Jones a vera ge o f i n d u s t r i a l s d e c lin e d t o 1 2 2 .JL

one and o n e - h a l f p o in t s lo w e r than th e r e c o r d h ig h e s t a b lis h e d on January 1 3 .
The average on r a i l r o a d
G eneral
Bond
Market

s t o c k s rem ained p r a c t i c a l l y unchanged.

D e s p ite th e ea se in th e money m arket, t r a d in g in bonds was l e s s ac~
t iv e d u rin g th e w eek.

T r a n s a c tio n s on th e S tock Exchange,

S t a t e s Government is s u e s ) t o t aired $68 m i l l i o n , ,
m illio n

from l a s t week*

from t h e h ig h p o in t rea ch ed on Jan

T ra d in g in c o n v e r t i b l e i n d u s t r i a l and u t i l i t y

s l i g h t l y , w h ile




a d e c r e a s e o f n e a r ly $13

The Dow-Jones a vera ge o f f o r t y bonds at th e c l o s e o f

t h e p e r io d d e c lin e d f r a c t i o n a l l y to 9 0 .9 9
u a ry 1 3 .

(e x c lu d in g U n ited

is s u e s in c r e a s e d

high grade r a i l r o a d bonds rem ained p r a c t i c a l l y unchanged*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j £ j L - f O £ ) |

F o re ig n

Heavy b u y in g o f B r i t i s h exchange in l a t t e r p a r t o f th e p e r io d

Exchange

r e s u l t e d in c o n tin u e d advan ces in s t e r l i n g and on W ednesday, January 2 1 ,
s t e r l i n g c lo s e d a t $4*78 5 /1 6 , o n ly f r a c t i o n a l l y low er th an i t s r e c e n t
h ig h p o in t s in c e January 1916, On T h u rsday, January 2 2 , th e r a t e went t o
$ 4 .8 0 .

C o n t in e n ta l e x ch a n g e s, in flu e n c e d b y the s tr e n g t h in s t e r l i n g made

s u b s t a n t i a l a d v a n ce s, and a t th e c l o s e o f th e p e r io d French and Belgium
fr a n c s advanced t o 5*40 c e n ts and 5*07 c e n t s r e s p e c t i v e l y .

Ita lia n l i r e

c l o s e d p r a c t i c a l l y unchanged from l a s t week.
New
F in an cin g

New s e c u r i t y o f f e r i n g s t o t a l e d $ 1 1 7 ,0 0 0 ,0 0 0 d u rin g th e w eek
ended January 14 a g a in s t 38 m i l l i o n s l a s t w eek, b u t were s t i l l c o n s id e r a b ly
s m a lle r than th e h eavy o f f e r i n g s i n r e c e n t w eek s.

The g r e a t e r p a r t o f th e

w eek ly fin a n c in g was a cco u n te d f o r b y i n d u s t r i a l is s u e s w hich a g g re g a te d
about £ 8 0 ,0 0 0 ,0 0 0 .
O il

An is s u e o f # 5 0 ,0 0 0 .,000 6 p e r c e n t , S i n c l a i r Crude

P u rch a sin g Company n o te s o f f e r e d t o y i e l d 6 1 /4 p e r c e n t * , and

$ 1 2 ,5 0 0 ,0 0 0

.M id-C ontinen t P etroleu m C o r p o r a tio n 6 l / 2 p e r cen t* g o ld

b o n d s , w ere the l a r g e s t s i n g l e o f f e r i n g s *
L ib e r t y
Bpnd
Market

T ra d in g in th e L ib e r t y Loan and T re a s u ry bonds d u rin g th e p e r io d
was c o m p a r a tiv e ly q u i e t , s a le s on th e S to ck Exchange t o t a l i n g o n ly
v 8 , 0 0 0 ,0 0 0 , th e s m a lle s t volume o f t r a d in g s in c e l a s t O ctob er*

The p r i c e s

o f a l l is s u e s w ere f r a c t i o n a l l y h ig h e r th an d u rin g th e p r e v io u s week as
i n d i c a t e d in th e f o l l o w i n g t a b l e o f s a l e s on th e S to c k Exchange i n w hich
d e cim a ls r e p r e s e n t 32nds:
Amount in
Thousands




£ 1 ,9 6 5
272
1 ,6 9 1
1 ,3 0 8
2 ,2 2 3
533
808

C lo s in g P r i c e s
Jan* 21 Jan. 14

Is s u e
F ir s t
M
”
S econd
T h ird
F ourth
T re a su ry
”

3
4
4
4
4
4

l/2 s
l/4 s
l/4 s
l/4 s
l/4 s
l/4 s
4s

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

101*10
1 01 .19
1 0 0 .2 4
1 0 1 .4
101*23
1 0 4 .2 6
100*18

xH igh s i n c e date o f is s u a n c e

1924
Low
9 8 .2 2
9 8 .8
9 8 .4
9 9 .8
9 8 .8
99*8
1 0 0 .9

High

x
x
x
x
x
x

1 0 1 .2 8
1 0 2 .2 2
1 0 2 .0 0
102*23
1 0 3 .0 0
1 0 7 .0 0
1 0 0 .2 0

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

DECLASSyFjrED

Authority

/ Q5 Q |

4
New York
Market f o r
S h o rt-te rm
Governmentg

S h o rt-te rm Government s e c u r i t i e s m a tu rin g i*J 1925 c o n tin u e d
in a c t i v e demand th rou g h ou t t h e p e r io d w h ile t r a d in g in th e lo n g e r
term ed n o t e s was in l i g h t v olu m e.

P r a c t i c a l l y no change o c c u r r e d in

p r i c e s o v e r th e p r e v io u s week w ith t h e e x c e p t io n o f t h e 1927 m a tu r i
t i e s w hich d e c lin e d 3 /3 2 s .
BANKERS ACCEPTANCES
R a tes in a l l d i s t r i c t s rem ained unchanged from th e p r e v io u s
week* d e a le r s o f f e r i n g

2 7 fQ% f o r 30~day b i l l s ,

and 3 l/8%> t o 3 1 /4 % f o r 1 2 0 -d a y m a t u r i t i e s .

3% f o r 6 0 * s and 9 0 * s
On T hursday, January

2 2 , two New York d e a le r s were b id d in g 3% f o r a l l m a t u r it ie s up t o
9 0 -d a y s , and o f f e r i n g a t 2 7 /8 / ! .
A b s tr a c t o f
Reports
from Banka




B oston r e p o r t s a co n tin u e d good s u p p ly o f b i l l s w ith im p rov ed demand from l o c a l and o u t -o f -t o w n b a n k s.

S u b s t a n t ia l p u r 

ch a ses b y banks in d ic a t e th e rep la cem en t o f t h e i r p o r t f o l i o s # i i c h
were red u ced in l a t e D ecem ber.
lig h t.

O f f e r i n g s t o th e r e s e r v e bank were

In New York t h e r e was good demand e s p e c i a l l y

f o r prim e mem

b e r bank nam es, a lth ou gh s u p p ly was n o t i c e a b l y l e s s than in p r e v io u s
week.

D e a le r s ' h o ld in g s showed s u b s t a n t i a l r e d u c t io n s .

P h ila d e lp h ia

r e p o r t s a f a i r l y a c t i v e m ark et, demand somewhat in e x c e s s o f s u p p ly .
Movements o f b i l l s

co n tin u e d in m oderate volum e a t p r e v io u s l e v e l s .

-fr* ® iica.go th e s u p p ly in c r e a s e d w ith demand ce n te r e d p r i n c i p a l l y
tow ard lo n g e r m a t u r i t i e s .
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
Upon T rea su ry a u t h o r iz a t io n th e F e d e ra l R eserv e Bank o f
New York s o ld f o r a cco u n t o f t h e A lie n P r o p e r t y C u stodian $ 7 ,5 0 0 ,0 0 0
A T re a su ry bon ds o f 1944 - 54 and p u rch a sed f o r t h a t a ccou n t
r%
$ 6 ,5 0 0 ,0 0 0 2 3/4/£ c e r t i f i c a t e s due Septem ber 1 5 , 1 9 2 5 .

At th e re q u e s t

o f th e T rea su ry th e F ed era l R eserv e Bank o f New York a ls o p u rch a sed
$ 4 1 ,3 0 0 Second 4 1/4:% L ib e r t y Loan bonds
o f Columbia T e a c h e r s ' R etirem en t Fund.

fo r a cco u n t o f th e D i s t r i c t

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L ? V . ( Q £ ) I

5
SYSTEM SPECIAL INVESTMENT ACCOUNT
The con tin u e d ea se in th e money market made i t d e s i r a b le t o red u ce th e
th e a ccou n t fu r t h e r , in l i n e w ith th e a c t i o n taken at th e m eetin g o f t h e
Committee on January 9 , 1925*
T h e r e fo r e , a f t e r c o n s u lt in g w ith a l l o f th e mem
b e rs o f th e Committee and r e c e i v i n g t h e i r a p p ro v a l t o make f u r t h e r s a le s in a d d i
t i o n t o th o s e a u th o r iz e d at th e m eetin g r e f e r r e d t o , th e f o l l o w i n g s a le s w ere made:
Jan. 15
it

»
if
if
ii
fi

15
16
19
21
21
21

To market
To T re a su ry a / c A .P .C .
To market
m

«

To T re a su ry a / c A .P .C .
To m arket
it

H

$ 7 ,5 0 0 ,0 0 0
1 ,7 5 0 ,0 0 0
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
1 3 40 0 0 ,0 0 0
$ 3 7 ,7 5 0 ,0 0 0

These d e l i v e r i e s and th e d e l i v e r i e s on a cco u n t o f s a le s made under th e a u t h o r iz a t io n
o f January 9 amounting t o $ 1 5 ,0 0 0 ,0 0 0 r e s u l t e d in a n e t r e d u c tio n in th e a ccou n t
d u rin g t h e p e r i o d co v e r e d by t h i s r e p o r t o f § 5 2 ,7 5 0 ,0 0 0 *
The t o t a l h o ld in g s in th e System a cco u n t a t th e c l o s e o f b u s in e s s January
21 amounted t o s 3 3 5 ,3 7 5 ,500, th e a p p ortion m en t o f 'which t o a l l F e d e ra l r e s e r v e
$
banks was as f o l l o w s :
T rea su ry
N otes
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 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
T o t a ls

N«B»

C e r tific a t e s o f
In d eb ted n ess

L i b e r t y Loan
Bonds

T o ta l

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

$ 2 ,9 9 9 ,0 0 0
1 4 ,9 4 0 ,0 0 0
2 ,7 2 2 ,0 0 0
3 j9 8 5 ,0 0 0
3 6 5 ,0 0 0
6 7 ,5 0 0
5 ,9 8 2 ,0 0 0
7 0 1 ,0 0 0
1 ,3 9 6 ,0 0 0
1 ,9 7 4 ,5 0 0
2 ,0 2 7 ,5 0 0
4 .1 1 5 .0 0 0

$ 1 ,9 2 7 ,0 0 0
1 1 ,1 8 2 ,5 0 0
7 6 0 ,5 0 0
3 ,2 1 3 ,5 0 0
1 49,500
1 5 5 ,50 0
4 ,0 3 3 ,0 0 0
1 ,2 6 3 ,5 0 0
1 ,1 1 2 ,5 0 0
1 ,4 8 7 ,0 0 0
1 ,6 6 3 ,0 0 0
3 .1 5 2 ,5 0 0

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

1 2 6 4 ,0 0 1 ,0 0 0

$ 4 1 ,2 7 4 ,5 0 0

$ 3 0 ,1 0 0 ,0 0 0

$ 3 3 5 ,3 7 5 , 500

F urther s a le s have been made s in c e th e d a te co v e r e d by t h i s r e p o r t o f
$ 1 6 ,0 0 0 ,0 0 0 ,
There were a ls o s o l d t o th e T re a s u ry s in c e January 21,
$ 7 ,5 0 0 ,0 0 0 o f c e r t i f i c a t e s t o r e p l a c e a l i k e amount o f new 4^ bonds S old
f o r a cco u n t o f th e A lie n P r o p e r ty C u sto d ia n .
T hese o p e r a t io n s w i l l red u ce
th e t o t a l h o ld in g s in th e System a ccou n t t o $ 3 1 1 ,8 7 5 ,5 0 0 .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

6
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM JANUARY 15 TO JANUARY 2 1 . 1925
GOVERNMENT SECURITIES

P u rch ases
Bo s to n

£

Issu e

4 2 6 ,0 0 0 P a r t .S y s t .I n v * C /I

S a le s

H eld Under
S a le s
C on tracts

Issu e

S 1 ,6 5 1 ,0 0 0 P a r t .S y s t .I n v . C /I
f
ir
n
ii
T/fo
2 .5 2 0 .5 0 0

0

$ 4 .1 7 1 .5 0 0
New York

2 ,2 3 4 ,0 0 0 P a r t * S y s t .I n v - C /I

i 8 ,6 5 5 ,5 0 0 P a r t .S y s t * I n v .
t
<
it
«
T/N
1 3 .2 1 4 .0 0 0

0

2 1 .8 6 9 .5 0 0
P h ila d e lp h ia

1 6 7 ,5 0 0 P a r t .S y s t .I n v * c / l

0

6 4 8 ,0 0 0 P a r t .S y s t . I n v . C /I
*t
«
n
T/N
9 9 0 .0 0 0

0

$ 1 .6 3 8 .0 0 0
C le v e la n d

6 0 1 ,0 0 0 P a r t .S y s t ,I n v * C / l

$• 2 ,3 2 9 ,5 0 0 P a r t .S y s t .I n v . C /I
It
W 1
»
3 .5 5 7 .0 0 0
T/*J

0

e 5 .8 8 6 .5 0 0
Richmond

4 4 ,5 0 0 P a r t .S y s t * I n v . C /I

$

1 7 3 ,5 0 0 P a r t .S y s t .I n v . C /I
W
M
It
T/N
2 6 5 .00 0

0

4 3 8 .5 0 0
A t la n t a

1 6 ,5 0 0 P a r t .S y s t .I n v . C /I
1 7 .9 0 0 M is c .G o v t « S e c .

$

6 4 ,5 0 0 P a r t .S y s t .I n v * C /I
U
It
II
T/B
9 9 ,5 0 0
9 9 .4 0 0 M isc*G ovt*S ec*

0

34T
400
*
C h icago

8 4 5 ,5 0 0 P a r t .S y s t .I n v . C /I

V

2 6 3 .4 0 0
3 ,2 7 6 ,5 0 0 P a r t .S y s t . I n v . C /I
n
«
»t
T/U
5 .0 0 3 .5 0 0

1 41 ,00 0

< 8 .2 8 0 .0 0 0
”•
S t . L ou is




1 9 8 ,0 0 0 P a r t .S y s t .I n v . C /I

7 6 7 ,0 0 0 P a r t .S y s t .I n v *
w
»
«
1 .1 7 1 .5 0 0
& 1 .9 3 8 .5 0 0

C /I
1/S

0

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L f o , ( O S ) ] .

GOVSRNMENT SECURITIES - (C o n tin u e d )

P u rch a ses
M in n e a p o lis

$

2 4 2 ,5 0 0
1 .0 5 5 .9 5 0

Issu e

Issu e

S a le s

P a r t .S y s t .I n v .C /l
Mi s c . G o v t . S e c .

$

939 ,500
1 .4 3 4 .0 0 0
2 .9 8 6 .0 0 0

H eld Under
S a le s
C o n tr a c ts

P a r t .S y s t .I n v .C /l
II

II

0

It

M is c .G o v t .S e c .

, 2 9 8 .4 5 0
| 5 ,3 5 9 ,6 0 0
Kansas C it y

2 9 4 ,5 0 0
8 .5 0 0

P a r t .S y s t .I n v .C /I
M i s c .G o v t .S e c .

$ 1 ,1 4 1 ,5 0 0
1 .7 4 3 .0 0 0
2 50 ,00 0

P a r t .S y s t ,I n v .C /l
n
h
ii 'Jyft

0

3rd 4 l/4 /£ L /L

3 0 3 ,0 0 0
$ 3 .1 3 4 ,5 0 0
D a lla s

$

3 1 7 ,5 0 0

P a r t .S y s t .I n v ,C /l

$ 1 ,2 2 9 ,5 0 0
1 .8 7 7 .5 0 0

P a r t .S y s t .I n v . C / l
»i
m
h •£/&

0

P a r t . S y s t . In v . C /l

0

$ 3 .1 0 7 ,0 0 0
San F r a n c is c o £ 6 1 2 ,5 0 0
2 .0 0 0
$
T o t a ls

P a rt . S y s t . I n v .C /l
M isc .Govt .S e c .

$ 2 ,3 7 4 ,0 0 0
3 .6 2 4 .5 0 0

6 1 4 .5 0 0

if

ii

&62 .0 8 5 .5 0 0

T/fa

$ 5 ,9 9 8 .5 0 0

$ 7 .0 8 4 ,3 5 0

H

$ 14 1 .0 0 0

BANKERS ACCEPTANCES

M a tu r ity
B oston




1 - 30 days
h
31 ~ 60
it
61 - 90

PURCHASES
Amount
$ ' 4 9 5 ,0 0 0
300 ,000
4 0 5 ,0 0 0
$ 1 .2 0 0 .0 0 0

R ate
2 3 /4 ^ - 3%
2 7 /B%
3
% - 3 1 /8 #

MATURITIES
Amount
$ 5 ,6 7 0 ,0 0 0

O th er
H o ld in g s
0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL & ^ J Q S ) !

8

BANKERS' ACCEPTANCES’ NEW YORK
Jan. 14
Other banks

MATURITIES AND RATES
3 1 -6 0 days
6 1 -9 0 days

1 -1 5 davs
$

(C o n tin u e d )

1 6 -3 0 days

5 2 ,0 0 0
2 3 /4 #

2

6 76 , 00 0
1 5 4 ,0 0 0
2 3 /4 #

1 0 0 , 000
3 3 9 ,0 0 0
2 3 / 4 # - 2 7 /8 %

$

9 3 5 ,0 0 0
7 /8 #

3/ 4# - 2

Over 9 0 davs

$ 4 2 1 ,0 0 0
2 7 /8 # - 3 #

$ 1 ,4 5 0 , 000
3#

$ 1 9 6 , 000
3 1 /4 #

6 4 7 ,0 0 0
1 , 6 4 7 ,0 0 0
2 7 /8 # - 3 # -

4 2 5 , 000
2 ,4 6 3 , 000

57, 000
9 8 , 000
3 1/ 4#

J an . 15
New York
Other banks

3%

J a n . 16
New York
Other banks

000

7 6 0 , 000
1 , 5 1 4 , 000
2 3 /4 #

650* 000
3 8 8 ,0 0 0
2 3 /4 #

5 5 0 ,0 0 0
1 , 6 22, 000
2 7,/8/o-3/c

3 5 2 , 000
2 ,1 6 8 , 000
3#~3 l / 8 #

1 0 , 000

280, 000
4 3 4 , 000
2 3 /4 #

3 94, 000
628, 000
2 7 /8 #

1 9 1 , 000
5 5 2 , 000

5 1 ,0 0 0
7 , 000
2 3 /4 #

2 5 9 ,0 0 0
4 3 3 , 000
2 7 /8 #

1 5 , 000
1 0 5 , 000

1 1 , 000

7/ 8 / 0 3/o
-

9 1 , 000
3/o-3 l /4 /o

52, 000
3 1/ 4/0

$ 1 ,8 6 1 , 000
4 .7 5 1 .0 0 0

$ 1 ,0 7 4 ,0 0 0
6 .7 3 8 .0 0 0

$ 1 1 0 ,0 0 0
3 1 6 .0 0 0

1,

3#

J a n , 19
New York
Other fcanks

2 3 /4 #

3%

22, 000
3 l /4 /o

J an . 2 0
New York
Other banks

—

—

3%

Jan* 21
New York

1 ,1 7 5 , 000
2 3 /4 /o

2

T o ta ls :

New York
Other banks

$ 2 ,6 2 1 , 000
1 . 7 2 0 . 000

^ 1, 0 8 1 ,0 0 0
2 .1 0 3 .0 0 0

T o ta ls :
New York
Other banks
A ggregate

$ 6 ,7 4 7 , 000
15. 6 2 8 .0 0 0

| 2 2 ,3 7 5 , OOO

Matured from New York h o ld in g s week ended January 2 1 :
$8, 213, 000
Other h o ld in g s by New Y ork :
$ 4 ,3 5 0 ,0 0 0 on e -d a y h o ld o v e r f o r d i s t r i b u t i o n t o F e d e r a l
r e s e r v e ban k s; $ 2 2 6 ,0 0 0 f o r e i g n b i l l s ; 0 2 3 9 ,0 0 0 s p e c i a l f o r e i g n b i l l s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED ~
Authority j L i L j j Q S l l

BANKERS ACCEPTANCES PURCHASES
Amount

M a tu rity
P h ila d e lp h ia

3 1-60 days
6 1 -9 0
”

?

3 2 6 ,0 0 0
2 ,7 9 3 .0 00

(C o n tin u e d )
MATURITIES

Rate
2 7/8% - 3 l/Q%
3

Amount

$ 2 ,7 0 0 ,0 0 0

O ther
H o ld in g s
0

1

$ 3 ,1 1 9 ,0 0 0
C le v e la n d

6 1 -9 0 days
In o th e r
d is tr ic ts

i

1 2 1 ,0 0 0
2 .7 9 5 T
000

3 ,3 5 4 ,0 0 0
2 3 /4 ;t - 3 1/4%

4 7 5 .0 0 0 S t e r l 
in g b i l l s

£>2,916,000
Richmond
A t la n t a

288y000
1 -3 0 days
6 1 -9 0

4 0 ,0 0 0
3 .0 0 0
§

C h icago

1 -3 0 days
3 1 -6 0
"
In o th e r
d is tr ic ts

2 z/4%
2 7/Q%

7 0 4 ,0 0 0

2 2/ 4 %

2 ,2 6 0 ,0 0 0

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

2 7/8/o - 3 l /8 /o
2 3/4/o - 3 1 /4 %

0
1 .0 4 0 .0 0 0 u n in d orsed b i l l s
p u rch a sed
from a c c e p t 
in g banks
9 9 9 ,0 0 0 S a le s
C o n tr a c ts

£ 3 ,8 3 2 ,0 0 0

S t . L ou is

In o th e r
d is tr ic ts

2 ,2 7 1 ,0 0 0

2 3 /4 % - 3 1/4%

1 ,8 5 7 ,0 0 0

0

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




0

In o th e r
d is tr ic ts

1 ,3 2 4 ,0 0 0

2 3/4fo - 3 l/4%

2 ,1 6 2 ,0 0 0

0

In o th e r
d is tr ic ts

2 .4 7 6 .0 0 0

2 3/4/o - 3 l / 4 #

4 ,4 8 7 ,0 0 0

0

In o th e r
d is tr ic ts

5 .4 8 6 .0 0 0

2 2/4% - 3 1/4%

6 ,6 5 1 ,0 0 0

$ 2 9 ,4 1 4 ,0 0 0

$ 3 8 ,3 4 6 ,0 0 0

9 1 0 ,0 0 0 S a le s
Cont r a c t s
£3^39,000

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority f h ,

Benr Mr* tfatt»«<m;
Receipt Is acknowledged o f your letter
of the 10th instant, enclosing a report of trans~
actions In Oovornnent securities and bankers ac
ceptances as reported to your Committee for the
Federal Beserve System for the period fr oa January
8th to January 14th r inclusive, together with data
received by your Gooraittee from the Federal reserve
banks*
Very tru ly yours.

(S ifirn e d ) J« C.

4.. C. JlooU*
Assistant Secretary

Mr* If* B* Matteson* Secretary*
Open Market Investaent Comaltte e ,
o/o Federal Reserve Bank,
Him York, If. T.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j r j ft,

Fe d e r a l
of

R

eserve

Ba n k

N e w Yo r k

Open Market Investm ent Committee
f o r th e F ed era l R eserv e System




CONFIDENTIAL

January 19, 1925

S i r :
E n c lo se 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 G overn
ment s e c u r i t i e s and bankers a c c e p t a n c e s a s r e p o r t e d t o th e
Open Market In vestm en t 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 January 8 t o January 14,

1925

i n c l u s i v e , t o g e t h e r w it h d a ta r e c e iv e d by t h e Committee
from th e F ed era l r e s e r v e b an k s6
R e s p e c tfu lly ,

~J
F
W. B. M atteson
S e c r e t a r y o f th e Committee

H on orable D. R . C r is s i n g e r ,
G ov ern or, F e d e ra l R e se rv e B oard,
W ashington, D. C.

Enclosure

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L ^ ( . Q 5 0 l

C O N F I D E N T I A L

REPORT OF OPEN M
ARKET INVESTMENT COMMITTEE
WEEK ENDED JANUARY 14, 1925

C O N T E NT S

FEDERAL RESERVE BANK STATISTICS

PAGE

Com parison o f H o ld in g s - E arn in g A s s e ts - - - - - - - - - - Changes in H o ld in g s - Government S e c u r i t i e s - - - - - - - - -

1
1

Bankers A cce p ta n ce s - - - - - - - - - -

1

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

2

FINANCIAL CONDITIONS
Money Market

S e c u r it y Markets

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

2

F o r e ig n Exchange

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

3

New F in a n cin g - - - - - - - - - - - - - - - - - - - - - - - -

3

Government S e c u r it y Market

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

3

Bankers A cce p ta n ce s - - - - - - - - - - - - - - - - - - - - -

4

OPERATIONS FOR TREASURY...................................... - ........................... .......................

4

SYSTEM* S SPECIAL INVESTMENT ACCOUNT---------------- -------------------- - - - -

5

TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS




Government S e c u r i t i e s - - - - - - - - - - - - - - - - - - - B ankers A c ce p ta n ce s - - - - - - - - - - - - - - - - - - - - -

6
7

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
AuthorityjLfc, ( P S ) !

COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
FROM JANUARY 3 0. 19 24 TO JANUARY 14, 19 25
ix,
(000 O m itted )
TOTAL
EARNING
ASSETS

-1 9 2 4 Jan*
30
Ft5b« 27
Mar*
26
A p r il 30
28
May
June 25
Ju ly 30
Aug* 27
S e p t, 24
29
O c t.
N ov,
26
Dec ; 31
-1925 I**
7
Jan*
1
1
14

$

♦GOVERNMENT
SECURITIES

9 1 4 ,8 8 1
9 5 0 ,8 0 1
9 4 2 ,0 8 0
8 73 ,38 1
8 50 ,19 3
8 2 6 ,2 6 0
824,867
855 ,22 5
9 2 8 ,3 5 5
1 ,0 2 4 .1 7 6
1 ,0 8 7 ,1 7 1
1 ,2 4 9 ,4 3 3

P u rch ases

$ 1 2 0 ,7 7 2
15 5,301
257,256
3 01,660
3 33,282
4 2 9 ,7 9 4
5 05,281
541,626
574,596
5 84 ,20 0
5 8 2 ,2 1 5
5 40 ,16 0

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

BILLS

BANKERS ACCEPTANCES

$ 2 3 5 ,9 3 0
2 0 5 ,0 2 2
164,947
1 02 ,80 0
49,869
4 4 ,0 6 5
2 3 ,2 4 4
4 8,6 49
9 0 ,4 3 1
179 ,74 6
267,279
341 ,96 9

332,029
496,029
4 8 5 ,5 0 2
3 06 ,51 6
* In e lu d e s s a le a c o n t r a c t s

C o n tra cts

DISCOUNTED

$ 35 ,86 2
58,2 88
3 7 ,5 1 1
21,685
36,891
969
1,197
640
1 ,4 7 0
3 5 ,6 5 8
1 3 ,7 2 2
4 5 ,3 1 8

A522,307
531,690
4 82 ,31 5
447 ,18 5
4 2 9 ,6 0 0
350 ,13 1
2 93,895
2 6 2 ,5 6 0
2 59 ,86 3
222,565
221,405
314,128

3 ,9 4 9
1 7 ,3 8 5

264 ,40 8
261,759

CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
__________________ DURING W
EEK ENDING JANUARY 1 4, 1925_____________________
(0 0 0 O m itted)
GOVERNMENT SECURITIES
B alan ce
Net
B alance
Jan. 14
Jan. 7
Change

BANKERS ACCEPTANCES
Net
B alance
B alan ce
Change
Jan. 7
Jan. 14

$ 30,926
1 45 ,72 4
2 8 ,1 9 0
54,000
4 ,1 5 6
3 ,7 3 2
7 1 ,7 5 2
13,0 77
25,4 87
29,7 02
2 2,6 50
4 8,9 26

$ 32,339
1 5 3 ,13 5
23,746
5 5 ,9 5 4
4 ,3 0 5
2,195
7 4 ,5 5 8
1 3,7 34
24,2 18
30,6 24
23,703
50,957

$ 1 ,4 1 3 7 ,4 1 1 5561 ,9 5 4 1491,537+
2 ,8 0 6 6571,269+
9221 ,0 5 3 2 .031-

$ 4 8 ,5 0 1
5 8 ,9 3 0
16,4 68
38,923
1 ,3 1 3
5,097
28,9 38
2 0,0 95
8
1 4 ,0 8 1
24,3 24
4 9 ,8 3 8

$ 5 4 ,5 5 1
64,1 86
1 8,1 30
4 0 ,4 8 7
1 ,2 9 7
6,1 5 9
31,303
2 1 ,1 2 4
8
1 5 ,4 4 8
2 5,8 38
5 3 ,4 9 8

$ 6 ,0 5 0 5,256**
1 ,6 6 2 1 ,5 6 4 16+
1 ,0 6 2 2 ,3 6 5 1 ,0 2 9 0
1 ,3 6 7 1 ,5 1 4 3 ,6 6 0 -

$ 47 8 ,3 2 2

B oston
New York
P h ila d e lp h ia
C lev ela n d
Richmond
A tla n ta
Chicago
S t . Lou i s
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

0 49 4 ,4 6 8

$16,146.

^306,516

$332,029

$25 ,51 3

COM ENT ON CHANGES 1EEK ENDED JANUARY 1 4, 1925
M
T o ta l earn in g as sat s o f a l l r e s e r v e banks d e c lin e d $ 3 0 ,2 4 4 ,0 0 0 , due
c h i e f l y t o th e d e cr e a se o f $ 1 0 ,5 2 7 ,0 0 0 in Government s e c u r i t y h o ld in g s and a
fu r t h e r r e d u c t io n o f $ 1 5 ,5 1 3 ,0 0 0 in h o ld in g s o f b i l l s pu rch ased o u t r i g h t .
Banlcars
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 s in c r e a s e d $ 8 ,4 3 6 ,0 0 0 , w h ile b i l l s d is c o u n te d
d e c lin e d $ 2 ,6 4 9 ,0 0 0 .



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

£jX4-O O\
S

2
MONEY MARKET
R e fle c tin g
c l o s e o f la s t w eek,
tie s ,

d e p l e t e d r e s e r v e s o f New Y ork c i t y b a n k s a t t h e
c o n t in u e d g o l d e x p o r t s ,

and o u r s a l e s o f

m oney c o n d i t i o n s in Mew Y ork t u r n e d somewhat f i r m e r .

J an u ary 1 2 , t h e r a t e
p er cen t,

fo r

from t h e 2 l / z

and 4 p e r c e n t ,

On M onday,

e x ch a n g e c a l l m oney was a d v a n c e d t o

per ce n t,

r a t e o f F r id a y ,

and w it h

3 l/ z p e r c e n t , on W ed n esd ay.

b o r r o w in g s a d v a n ce d t o
m o d e r a t e ly a c t i v e .

stock

s e c u r i

R u lin g r a t e s w ere 3 l / 2

3

in c r e a s e d

Tim e m oney was

per cen t,

f o r 9 0 -d a y l o a n s

fo r lo n g e r m a tu r itie s .

C om m ercial p a p e r d e a l e r s r e p o r t a f a i r l y

increased buying by city and in terior banks.
r a n g in g from 3 l/ z t o

3 3 /4 p e r c e n t ,

a c t i v e m ark et w it h

Rates continued firm,

f o r p rim e 4 - 6

m o n th s’

pap er,

a

l a r g e r volu m e o f p a p e r g o in g a t t h e lo w e r r a t e .

Teek Ended

C a l l m oney, r e n e w a ls , a v e r a g e
Call m oney, new l o a n s , a v e r a g e
T im e m oney, 60 - 90 d a y s , o f f e r
C om m ercial p a p e r , 4 - 6 m onths

Week Ended

J a n u a ry

Jan u ary 14

4 .0 0
3 .5 1
3 3 /4
3 l/ z

7

- 3 3 /4

2 .8 0 .
2 .8 2
*3 l/Z
3 l/Z

SECURITY MARKETS
S to c k

S t o c k s c o n t in u e d a c t i v e th r o u g h o u t t h e week and on s e v e r a l

Market
da y s t r a n s a c t i o n s on t h e S to ck E xch an ge w e r e in

e x ce ss o f 2 m illio n

sh ares.

fo r ty in d u s tr ia ls

On J a n u a ry 13 t h e D ow -J on es a v e r a g e o f

e s t a b l i s h e d a new h ig h r e c o r d o f 1 2 3 .5 6 b u t on Jan u ary 1 4 ,
h e a v y s e l l i n g and a sh a rp r e a c t i o n ,
T he a v e r a g e o f r a i l r o a d

fo llo w in g

t h i s a v e r a g e d e c l i n e d on e p o i n t .

s t o c k s d e c l i n e d 1 l/Z p o i n t s from t h e h ig h

p o i n t o f 1 0 0 .7 8 r e a c h e d on Ja n u a ry 9 .
gen eral
Bond
M arket

t r a n s a c t i o n s in b o n d s d u r in g t h e week c o n t in u e d w it h
a c tiv ity ,

and s a l e s on t h e S to ck E xchange ( e x c l u d i n g U n ite d S t a t e s G o v e r n 

ment i s s u e s ) t o t a l e d




in cre a s e d

$31 m i l l i o n

d u r in g t h e sta te m e n t week a s com pared

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority (T T). / C f /) |

w ith $60 m i l l i o n th e week b e fo r e *

Under s tr o n g i n s t i t u t i o n a l demand

s u b s t a n t i a l p r i c e advan ces were r e c o r d e d in r a i l r o a d bonds l e g a l f o r
in vestm en t b y sa v in g s banks and in su ra n ce com pa n ies.

The " A n n a lis t "

a vera ge o f f o r t y bonds re a ch e d a hew r e c o r d h ig h a t 107*83 on January 10
b u t d e c lin e d a p o in t a t th e c l o s e o f th e p e r i o d .
m o d e ra te ly a c t i v e and p r i c e s

firm *

F o r e ig n bonds were

The "T im es1 a v era g e o f 10 i s s u e s
'

c l o s e d th e p e r io d a t 10^ *83, l e s s than a p o in t b elow th e h ig h o f l a s t
November.
F o r e ig n
E xch a n ge

R e a c t io n a r y movements in th e E n g lis h pound r e s u l t e d in a de
c l i n e o f 2 c e n ts on January 1 2 , b u t a sharp r e c d v e r y on th e c l o s i n g
day o f th e p e r io d b rou g h t th e q u o t a t io n t o 4 .7 7 7 / l 6 t h s , w it h in a
f r a c t i o n o f th e y e a r ’ s h igh p o i n t .

R e p o r ts o f p o l i t i c a l a f f a i r s in

I t a l y were a t t r i b u t e d t o th e co n tin u e d d e c l i n e i n th e l i r e -

The French

fr a n c c l o s e d a t 5*34 c e n t s , a l o s s o f 6 p o i n t s from l a s t w e e k 's c lo s e *
New
F in a n cin g

The volume o f new fin a n c in g d u rin g th e week en din g January 17
a g g r e g a tin g $ 3 8 .m i l l i o n was in sharp c o n t r a s t to th e hea vy o f f e r i n g
o f r e c e n t p r e v io u s w eeks.

P u b lic u t i l i t y

is s u e s t o t a l e d §27 m i l l i o n

o f which $15 m i l l i o n r e p r e s e n t e d an o f f e r i n g o f 6% p r e f e r r e d s t o c k o f
th e P u b lic S e r v ic e E l e c t r i c and Gas Company.

The o n ly o t h e r im p orta n t

ite m was an o f f e r i n g o f $10 m i l l i o n bonds o f th e Cuba Company,
L ib e r t y
Bond
Market




T ra d in g in L ib e r t y Loan and T rea su ry bonds co n tin u e d m oder
a t e l y a c t i v e d u rin g th e sta tem en t w eek, s a le s on th e S t o c k Exchange
t o t a l i n g $15 m i l l i o n as compared w ith $12 m i l l i o n th e p r e v io u s week*
P r i c e s o f a l l is s u e s d e c lin e d f r a c t i o n a l l y w ith th e e x c e p t i o n o f th e
F i r s t 3 l / 2 s w h ich , under c o m p a r a tiv e ly a c t i v e demand, advanced 1 0 /3 2 n d s.
The fo llo w in g t a b l e g iv e s a summary o f s a le s on th e S to ck E xch ange, in
w hich d ecim a ls r e p r e s e n t t h i r t y - s e c o n d s :

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j ?

Amount in
Thousands
1 2 ,3 9 6
573

2,666
2 ,2 2 8
5 ,3 3 0
254
1 ,3 5 3

/ QS O 1

-1 9 2 4 Low

C lo s in g P r i c e s
Jan- 7
J a n »14

Is s u e

1 0 1 .1 0
101.19
1 0 0 .2 4
1 0 1 .4
1 01 .23
1 0 4 .2 6
100 .18

F ir s t

3 l / 2 's
4 l/4 rs
Second
4 l/4 ‘ s
T h ird
4 l/4 ’ s
F ourth
4 1 /4 's
T rea su ry 4 1 / 4 ’ s
it
41 s
T*

1 0 1 .0 0
1 01 .31
1 0 0 .3 1
1 01.9
1 0 1 .3 0
105*10
1 00 .22

9 8.
98-8
9 8 -4
9 9 .8
9 8 .8
9 9 .8
1 00 .9

101.28
* 1 0 2 .2 2
* 1 0 2 .0 0
* 1 02 .23
* 1 0 3 .0 0
* 1 0 7 .0 0
* 1 0 0 .2 0

* High s in c e date o f is s u a n ce
New York
Market f o r
S h o r t-te r m
Governments

There was an a c t iv e demand d u rin g th e p e r io d f o r s h o r t -te r m
Government s e c u r i t i e s m aturing in 1925 and th e is s u e due March 15,
T ra d in g , how ever,

1926.

in th e lo n g e r m a t u r it ie s was in m oderate volum e.

P r i c e s o f a l l is s u e s h e ld g e n e r a lly fir m at th e l e v e l s

o f the p r e v io u s

w eek.
BANKERS ACCEPTANCES
R a tes




D e a le r s ’

o f f e r i n g r a t e s co n tin u e d unchanged from th e p r e v ia

ous week at 2 7 /8 p er cent#
and 901s and 3 l / 8 - 3

f o r 3 0-d ay b i l l s ,

1 /4 per c e n t ,

3 p er c e n t , f o r 6 0 's

f o r 1 2 0 -d a y m a tu r itie s *

R e p o r ts on b i l l market c o n d it io n s r e c e iv e d from the v a r io u s
F e d e r a l r e s e r v e banks i n d i c a t e a good demand f o r b i l l s

d u rin g th e e a r ly

p a r t o f th e week, e s p e c i a l l y f o r the s h o r t e r m a t u r it ie s .
c o n d i t i o n s tow ard th e c l o s e

Firm er money

o f th e p e r io d r e s u lt e d in la r g e o f f e r i n g s

t o th e market and a somewhat l i g h t e r demand.

New York d e a l e r s ’

a g g re g a te p o r t f o l i o s were s u b s t a n t i a l ly low er than th e p r e v io u s week*
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At the r e q u e s t o f th e T rea su ry th e F e d e r a l R eserv e Bank o f
New York s o ld f o r a cco u n t o f th e A lie n P r o p e r t y C u sto d ia n $ 5 ,0 0 0 ,0 0 0
A% T rea su ry Bonds o f 1 9 4 4 -5 4 and pu rch a sed in re p la cem en t $ 2 ,7 0 9 ,5 0 0
c e r tific a te s

due March 15,

due Septem ber 15,

1925,

1925 and $ 2 ,2 0 0 ,0 0 0 2 Z/^% c e r t i f i c a t e s

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL fc), f O S ) l

5
SYSTSM SPECIAL INVESTMENT ACCOUNT
There was a r e d u c tio n in th e Government s e c u r i t y h o ld in g s in th e S p e c ia l
A ccount d u rin g th e p e r io d c o v e r e d b y t h i s r e p o r t o f $ 1 9 ,9 0 9 ,5 0 0 *
^ 1 0 ,0 0 0 ,0 0 0 r e p r e s e n te d June 15, 1925 T re a su ry n o t e s ,

Of t h i s amount

th e s a le f o r which was

a u th o riz e d a t th e m eetin g o f th e Open Market Investm ent Committee on January 9
and consummated on th a t day fo r fu tu re d e l i v e r y at o u r o p t i o n .

There was a ls o

s o l d to th e m arket $ 5 ,0 0 0 ,0 0 0 T re a su ry n o t e s and $ 4 ,9 0 9 ,5 0 0 c e r t i f i c a t e s o f
in d e b te d n e s s t o th e T re a su ry f o r a ccou n t o f th e A lie n P r o p e r t y C ustodian*
The t o t a l h o ld in g s in th e System A ccount a t th e c lo s e o f b u s in e s s
January 14 amounted t o $ 3 8 8 ,1 2 5 ,5 0 0 , th e a pportion m en t o f which t o a l l F ed era l
r e s e r v e banks was as f o l l o w s :
T rea su ry
N otes
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 ity
D a lla s
San F r a n c is c o
T o t a ls

C e r tific a t e s o f
In d e b te d n e ss

L ib e r t y Loan
Bonds

T o ta l

$ 2 1 ,2 0 0 ,0 0 0
1 1 1 ,9 2 3 ,0 0 0
6 ,7 7 9 ,5 0 0
3 0 ,1 5 4 ,0 0 0
2 ,1 7 2 ,0 0 0
8 7 7 ,0 0 0
4 2 ,0 4 6 ,0 0 0
1 0 ,5 4 4 ,0 0 0
1 2 ,3 7 7 ,0 0 0
1 4 ,T 5 3 ,500
1 5 ,9 9 3 ,0 0 0
3 0 .6 8 2 .0 0 0

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

$ 1 ,9 2 7 ,0 0 0
1 1 ,1 8 2 ,5 0 0
7 6 0 ,5 0 0
3 ,2 1 3 ,5 0 0
1 49 ,50 0
1 55,500
4 ,0 3 3 ,0 0 0
1 ,2 6 3 ,5 0 0
1 ,1 1 2 ,5 0 0
1 ,4 8 7 ,0 0 0
1 ,6 6 3 ,0 0 0
3 .1 5 2 ,5 0 0

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

$ 2 9 9 ,5 0 1 ,0 0 0

$ 5 8 ,5 2 4 ,5 0 0

$ 3 0 ,1 0 0 ,0 0 0

$ 3 8 8 ,1 2 5 ,5 0 0

RECAPITULATION OF PURCHASES
Made By
Amount
B oston
flew York
P h ila d e lp h ia
C levelan d
Richmond
At la n ta
Chicago
S t . L ou is
M in n e a p o lis
D a lla s
San F r a n c is c o




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

RECAPITULATION OF PURCHASES BY MATURITIES
March 15, 1925
June 15, 1925
S e p t, 15, 1925
D ec,
15, 1925
March 15, 1926
S e p t. 15, 1926
March 1 5, 1927
D ec.
15, 1927
T h ird L*L„ Bonds
S e p t, 15 , 1928

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

$ 3 8 8 ,1 2 5 ,5 0 0

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

|

6
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOJNT OF ALL
_________ FEDERAL RESERVE BANKS FROM JANyARY 8 TO JANUARY 1 4 . 1925___________ „
GOVERNMENT SECURITIES

P u rch a ses
B oston

Is s u e

0

Is s u e

S a le s
§

3 4 3 ,5 0 0
1 .0 6 5 .0 0 0

H eld Under
S a le s
C o n tr a c ts

P a r t . S ys. I n v . C / l
if
M
* ijy'fl
»

S I . 4 1 3 .5 0 0
New York

$ 1 ,8 2 7 ,5 0 0
5 .5 8 3 .0 0 0

P a r t * S y s .I n v .C /l
«
•
»
« t/ n

P h ila d e lp h ia

$

P a r t .S y s . I n v . C / l
It
H
H t£^

1 3 7 ,0 0 0
418T500

4 ,4 2 0 ,0 0 0

0

3....5 5 5 .5 0 0
C le v e la n d

4 1 ,0 0 0

A -1925 N otes

0

4 9 2 ,0 0 0
1 .5 0 3 r 000

P a r t . S y s. I n v . C / l
"
,f
"
T/N

31,9 .95 .00 0
Richmond

A t la n t a

0

1 ,6 5 9 ,7 5 0

C h ica g o

3 6 ,5 0 0
1 1 2 .0 0 0

1 3 ,5 0 0
4 2 ,0 0 0
66. 650

M isc. Gov % S e c .

$

P a r t. S ys. In v . C /l
»*
«t
«

P a r t .S y s . I n v . C / l
«
il
»i ■jy'jj

6 92,000
2 .1 1 4 .0 0 0

P a r t .S y s . I n v . C / l

M isc, G ov*t S e c.

ti

n

«»

$ 2 .8 0 6 .0 0 0
S t . L o u is

M in n e a p o lis




)

4 ,3 5 1 ,2 0 0

1 6 2 ,0 0 0
4 9 5 .0 0 0

P a r t ,S y s . I n v . C / l
«
n
a

M isc. Gov’ t S e c. $

1 9 6 ,5 0 0
6 0 6 ,00 0
2 .2 7 3 .2 0 0

P a r t .S y s .I n v « C /l
w
«
«

1 .082.700

M isc. Gov’ t S e c.

1 ,4 1 0 ,0 0 0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

| Q£ ) (

GOVERNMENT SECURITIES -

P u rch ases
Kansas C it y

Issu e

(C on tin u ed )

S a le s

Issu e

$ 5 6 ,2 5 0 M is c . G o v 't S e c . $ 24 1 ,0 0 0 P a r t, Sys* In v . C / l
7 3 6 ,50 0
"
T/N
1,000 T r e a s . 4# Bonds

H eld Under
S a le s
C o n tr a c ts
$ 1 ,3 5 0 ,0 0 0

$ 978,500

D a lla s

2 59 ,50 0 P a r t . S y s . I n v . C /I
793 T500
"
"
"
T/N
,0 5 3 ,0 0 0

San F r a n c is c o

2 ,9 5 0 M is c . G ov’ t S e c .

5 0 1 ,5 0 0 P a r t . Sys* In v . C / l
1 .5 3 1 .5 0 0
"
”
'*
T/K

0

$ 2 ,0 3 3 ,0 0 0

T o t a ls

| 6 ,1 1 1 ,1 5 0

$ 2 2 ,2 5 5 ,3 5 0

$ 7 ,1 8 0 ,0 0 0

BANKERS ACCEPTANCES

M a tu rity
B o sto n




1 -3 0 days
3 1 -6 0
"
61-90 "

PURCHASES
Amount
$ 20 5 ,0 0 0
7 5 ,0 0 0

202 ,000

$ 48 2 ,0 0 0

Rate
2 3 /4 #
2 7 /8 #
3#
- 3 1 /8 #

MATURITIES
Amount
$ 6 ,5 3 2 ,0 0 0

O ther
H o ld in g s
$ 5 9 4 ,0 0 0 S a le s
C o n tr a c ts

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority j L ^ | Q 5 0 l

BANKERS ACCEPTANCES - (C on tin u ed )
NEW YORK
Jan. 7
Other banks

I - I 5 days

1 6 -3 0 days

MATURITIES AND RATES
3 1 -6 0 days
61-9 0 days

$ 1 8 ,0 0 0
2 3 /4 $

-

$ 5 0 2 ,0 0 0
2 7 /8 - 3 $

1 0 3 ,0 0 0
2 3 /4 $

14, 000
2 7 /8 $

278, 000
8 9 0 ,0 0 0
2 7 /8 - 3 $

2 6 3 ,0 0 0
7 2 6 ,0 0 0
2 3 /4 $

4 4 ,0 0 0
4 1 7 ,0 0 0
2 3 /4 $

352, 000
227, 000
2 7 /8 - 3 $

6 ,0 0 0
1 0 ,0 0 0
2 f$ -2 7 /8 $

2 0 0 ,0 0 0
3 6 0 ,0 0 0
2 7 /8 - 3 $

Over 9 0 days

$1, 032, 000
3$

$ 4 4 ,0 0 0
3 1 /4 $

Jan. 8
New York
Other banks

76, 000
3 3 /8 $

106, 000
3^$-3 3 /8 $

J an» 9
New York'
Other banks

49, 000
3$

Jan. 12
New York
Other banks

7 0 ,0 0 0
2 4 ,0 0 0
2 3 /4 $

6 0 ,0 0 0
1 8 ,0 0 0
3 $ -3 l / 8 $

5 1 7 ,0 0 0
3 l/4 $

J an. 13
New York'
Other banks

1, 439, 000
7 8 4 ,0 0 0
2 3 /4 $

184, 000
2 ,0 9 7 ,0 0 0
2 3 /4 $

63, 000
325, 000
2 7 /8 $

32, 000
1, 310, 000
3$

23, 000
524, 000
3 1 /4 $ ,

J an . 14
New York

- __________ 3 7 9 ,0 0 0
___________
Z x -3 7 /8 #

T o ta ls :
New York
$ 1 ,7 7 2 ,0 0 0
Other banks 1, 6 6 0 ,0 0 0

$ 613, 000
2 ,5 3 8 , 000

7 ,0 0 0
2 7 /8 % -3 £

7 5 1 ,0 0 0
3/.

$ 9 0 0 ,0 0 0
2 ,3 0 4 ,0 0 0 ,

$ 892, 000
2 ,4 3 6 , 000

T o ta ls :
New York
Other banks
A ggregate

22, 000
3 1 /4 ^

$

4 5 ,0 0 0
1 ,1 9 1 ,0 0 0

$ 4 ,2 2 2 , 000
1 0 .1 2 9 r 000
$14, 351, 000

Matured from New York h o ld in g s week ended January 1 4 :
$ 9 ,4 7 8 ,0 0 0
Other h o ld in g s by New Y ork :
$ 9 ,4 0 8 ,0 0 0 s a le s c o n t r a c t s ; $ 3 ,0 5 4 ,0 0 0 on e-d a y h o ld 
o v e r f o r d i s t r i b u t i o n t o F e d e ra l r e s e r v e b an k s; $ 2 1 7 ,0 0 0 f o r e ig n b i l l s ; |&39,Q0Q
s p e c ia l fo r e ig n b i l l s *



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
AuthorityJtjD,

fQ O
Sl

BANKERS ACCEPTANCES - (C o n tin u e d )

M a tu rity
P h ila d e lp h ia

1 -3 0 days
3 1-60
1
1
6 1 -9 0
"

PURCHASES
Amount
$

115 ,00 0
1 4 9 ,0 0 0
1 ,0 1 2 ,0 0 0

O ther
H old in g s

MATURITIES
Amount

Rate

$ 2 ,9 3 8 ,0 0 0
2 7 /8 $ - 3 1 /8 $
3$

$ 1 ,2 7 6 ,0 0 0

C le v e la n d

1 -3 0 days
3 1 -6 0
"
6 1 -9 0
"
In o t h e r
d is tr ic ts

100,000
4 2 2 .0 0 0
1 5 0 .0 0 0
1 ,7 9 4 ,0 0 0

8 2 7 ,0 0 0 s t e r 
lin g b ills

4 ,0 3 0 ,0 0 0

2 3 /4 $
2 7 /8 $
3 of
2 3 /4 $ - 3 3 /8 $

1 2 ,4 6 6 ,0 0 0

Ri chmond

0

1 6 ,0 0 0

At la n ta

2 ,0 8 7 ,0 0 0 Unin
d o rs e d b i l l s
p u rch ased
from accept**
in g banks

1 ,0 6 3 ,0 0 0

0

*
C hicago

S t . L ou is

In o th e r
d is tr ic ts
In o t h e r
d is tr ic ts

M in n e a p o lis
Kansas C it y

D a lla s

San F r a n c is c o

1 .3 9 4 .0 0 0

1 .4 8 5 .0 0 0

2 3 /4 $ - 3 3 /8 $

2 3 /4 $ - 3 3 /8 $

0
In o th e r
d is tr ic ts

8 4 5 ,0 0 0

In o th e r
d is tr ic ts

1 ,6 5 0 ,0 0 0

1 -3 0 days
3 1-60
"
6 1-90
"
In o t h e r
d is tr ic ts

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

4 9 ,0 0 0 S a la s
co n tra cts

3 ,7 5 9 ,0 0 0

2 ,5 1 4 ,0 0 0
0

2 3 /4 $ - 3 3 /8 $

2 3 /4 $ - 3 3 /8 $

2 7 /8 $
3$
3$
2 3 /4 $ - 3 3 /8 $

2 ,2 1 2 ,0 0 0

’

3 ,1 3 4 ,0 0 0
30*000 S o ld t o
Mem.Bks*
$ 3 ,1 6 4 ,0 0 0
6 ,7 0 6 ,0 0 0

0

9 1 0 ,0 0 0 S a le s
co n tra cts

$ 3 ,0 4 6 ,0 0 0

T o t a ls




$ 1 6 ,8 8 2 ,0 0 0

$ 4 2 ,3 9 6 ,0 0 0

$ 1 7 ,3 8 5 ,0 0 0

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

January 1 9 , 1925

B ear OSr. M atteson*
I
ack n ow ledge r e c e i p t o f and s h a l l b r in g t o
th e a t t e n t io n o f the members o f th e Board y ou r
l e t t e r o f t h e 1 2th i n s t a n t , e n c lo s i n g a r e p o r t o f
t r a n s a c t io n s i n Government s e c u r i t i e s and b an k ers
a c c e p t a n c e s as r e p o r t e d t o th e Open J& rket I n v e s t 
ment Ooimaittiro f o r th e F e d e r a l R eserv e System f o r
th e p e r i o d from January 2 t o January 7 ^ 1 9 2 5 , In 
c l u s i v e , t o g e t h e r w ith data r e c e i v e d by th e C oaa i t t e e from th e F e d e r a l R eserv e Banks.
Very t r u l y y o u r s ,

W a lter L. Eddy
S e c r e ta r y *

Mr. W. B. i.fe tte so n , S e c r e t a r y ,
Open !4arket In v estm en t C oa m ittee
o / o F e d e ra l R eserv e fim k ,
Hew Y o rk , H.Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL t h /Q & )|

Fe

d er a l
o f

Re

s e r v e

New Y

Ban

k

ork

JAN 16 1925
. .;ii

Open Iviarket Investm ent Committee
f o r the F e d era l R e se rv e System




CONFIDENTIAL

January 12,

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 overn
ment s e c u r i t i e s and bankers a c c e p ta n c e s as r e p o r t e d to th e
Open Llarket Investm ent Committee f o r th e F ed era l R e se rv e
System f o r th e p e r i o d from January 2 t o January 7,

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.
R e s p e c tfu lly ,

W. B. M atteson
S e c r e ta r y of th e Committee

H onorable D. R. C r is s in g e r ,
G overn or, F ed era l R eserv e Board,
W ashington, D. C.

E n c lo su re

0 -i-‘

tij v'ilRMQR

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL & _ ./,. 0 5 O l

G 0 N F I D E N.T I A L

REPORT QF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED JANUARY 7, 1925

C Q N T E N T S

FEDERAL RESERVE BANK STATISTICS

PAGE

Com parison o f H old in g s - E arn in g A s s e ts
Changes in H o ld in g s • Government S e c u r i t i e s

1
-

1

Bankers A cce p ta n ce s - - - - - - - - - - -

1

FINANCIAL CONDITIONS
Money Market

2

S e c u r it y Markets

-

2

F o r e ig n Exchange

3

New F in a n cin g

3

Government S e c u r it y Market

-

4

Bankers A c ce p ta n ce s

-

5

OPERATIONS FOR TREASURY

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

- ---------

SYSTEM* S SPECIAL INVESTMENT ACCOUNT

~

6

........................................... - - - -

6

TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS




Government S e c u r i t i e s Bankers A ccep ta n ce s

-

8
9

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL & , / Q f f i l

comparison of holdings of earning assets of federal reserve banks

_ ____________ F O JA U Y 30. 1924 fO JA U Y 7 . 1925______________
_
R M N AR
N AR
(000 Omitted)
TOTAL
EARNING
ASSETS

-1924
Jan * 30
Feb. 27
March 26
April 30
28
May
June 25
July 30
Aug. 27
Sept, 24
Oct. 29
Nov. 26
Dec.' 31
*
-1925 m
7
Jan,

B N ER ACCEPTAN
A K S
CES
Sales
Purchases
Contracts

♦government
SECURITIES

BILLS
DISCO N
U TED

914,881
950,801
942,080
873,381
850,193
826,260
824,867
855,225
928,355
1,024,176
1,087,171
1,249,438

$120,772
155,801
257,256
301,660
333,282
429,794
$05,281
541,626
574,596
584,200
582,215
540,160

$235,930
205,022
164,947
102,800
49,869
44,065
23,244
48,649
90,431
179,746
267,279
341,969

$35,862
58,288
37,511
21,685
36,891
969
1,197
640
1,470
35,658
13,722
45,318

$5222,307
531,690
482,315
447,185
429,600
350,131
293,895
262,560
259,863
222,565
221,405
314,128

1,109 ,965

$

496,029

332,029

8,949

264,408

*Iheludes sales contracts

C A G S IN H
HNE
OLDINGS O G V R M N SECURITIES A D B N E S ACCEPTAN
F OEN ET
N
A KR
CES
BY FE ER R
D AL ESER
VE B K (EXCLUSIVE OF SALES CO TR
AN S
N ACTS)
DURING IflB K ENDING JA U Y 7 . 1925____________________ _
E
N AR
^ 000 Omitt ad)
G V R M N SECURITIES
OEN ET
Balance
Balance
Net
Jan. 7
Dec. 31
Change
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chi cago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
Totals

BAN ER ACCEPTAN
K S
CES
Net
Balance
Balance
Change
Dec. 31
Jan. 7

$ 32,339
153,135
28,746
55,954
4,305
2,195
74,558
13,734
24,213
30,624
23,704
50,957

$ 35,250
168,398
29,889
60,050
4,611
3,785
80,370
15,087
25,788
32,631
25,372
55,143

$ 2,91115,2631,1434,0963061,5905,8121,3531,5702,007«
1,
668.
4,186 *

$ 54,551
64,186
18,130
40,487
1,297
6,159
31,303
21,124
8
15,448
25,838
53,498

$ 57,106
68,996
18,276
40,390
1,486
6,937
32,263
21,391
8
15 ,661
26,197
53,258

$ 2,5554,810 146 ~
97+
' 1897789602670
213359240+

$494,469

1536,374

$4l,905~

§332,029

$341,969

$9,940-

CMETO C AGS «K
O MN N H N E

E D D JA U R 7, 1925
NE
NAY

Declines in a l l classes of earning assets during the week aggregating
$139,473,000 cancelled most of the increase since the week ended November 26, 1924.
The decrease was largely accounted for by a sharp reduction in b i l l s discounted of
^49,720,000, while Government security holdings declined $44,131,000. Holdings of
bankers acceptances declined $46,309,000 of which ^36,369,000 represented b ills
held under sales contracts*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L &

/Q £ ) |

- 2 ~

MNYMR E
OE
AKT
The return of currency from circulation since the first of the year
and the return of funds from the interior led to a rapid easing in money
conditions in New York.

The call loan rate declined from 5 per eent- on

January 2 to 2 per cent, on January 8 ,

This easing took place more rapidly

than could be compensated for by the reduction in the earning assets of the
New York bank which declined from $410 million on December 24 to $275
million on January 7 , b ills discounted being reduced by $80 million, # ii le
holdings of b i l l s and securities under sales contracts were entirely elim i
nated*

In view of these conditions, with the approval of the members of the

Committee, beginning January 5 sales of securities were made from the System’s
account aggregating about $51 million by the close of business January 8.
O January 9 c a ll money ruled at 2 1 /2 per cent, and at the close only $3
n
million remained unlent compared with $30 million earlier in the week*

New

York City banks were $23 millions deficient in their reserves in the Saturday statement,
Time money was easier and offering rates for 60 and 90-day maturi
tie s were lowered from a range of 3 3/4 to 4 per cent* last week to virtu 
a lly a 3 1 /2 per cent, b asis.
Commercial paper dealers report an active market, -with a good de
m
and for prime 4 to 6 months’ paper at 3 1 /2 per cent.

A few sales were re

ported in the western centers at 3 1/4 per cent.
Week Ended
January 3
Call money, renewals, average
Call money, new loans, average
Time money, 60 - 90 days, offer
Commercial paper, 4 - 6 months

4*75
4.82
4.00
3 3/4

Week Ended
January 10
3*20
2.85
3 l /2
3 l/Z

SECURITY M R E
A K TS
Stock
Market

Following heavy selling and a sharp reaction in industrial stocks
on January 5, the marked became stronger and by Saturday, January 10, the
Dow-Jones average of industrials had recovered nearly 3 points^ a hew high




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
AuthorityjL& |Q 5 0 |

•3
record .

R a ilr o a d s t o c k s , which were n o t a f f e c t e d m a t e r i a l l y by th e r e -

a c t io n on January 5 ,

co n tin u ed s tro n g and advanced t o a l e v e l a p p r o x i

m a te ly 1 1 /4 p o i n t s above th e p r e v io u s h ig h o f December 1 8 .
in g co n tin u ed t o a vera ge n e a r ly 2 m i l li o n
G en eral
Bond
Market

S tock t r a d 

sh a res d a i l y .

Bond tr a d in g co n tin u e d m o d e r a te ly a c t i v e ,

s a le s (exclu din g

U n ited S ta te s Government i s s u e s ) on th e S to ck Exchange a g g re g a te d $81
m i l l i o n d u rin g th e week ended January 10 compared w ith $69 m i l l i o n th e
week b e f o r e *

R e f l e c t i n g th e e a s in g in money c o n d it io n s u su a l in Jan uary,

d o m e s tic c o r p o r a t e bond p r i c e s

co n tin u e d t o advance g r a d u a lly , and on

th e a vera ge rea ch ed l e v e l s o n ly f r a c t i o n a l l y b e lo w th e December h ig h
p o in ts fo r 1924.

F oreign Government bonds a ls o con tin u e d t o advance and

th e "T im es” a vera ge o f 10 is s u e s rea ch ed a l e v e l o n ly 1 p o i n t b e lo w th e
h ig h o f l a s t N ovem ber.
F o re ig n
Exchange

C ontinued hea vy demand f o r s t e r l i n g r e s u lt e d

in fu r t h e r g ra d u a l

a d v a n ces, which c a r r ie d th e pound up t o $ 4,7 9 1 /8 on F r id a y ,
o n ly 1 1 /2 p e r c e n t , b e lo w g o ld p a r i t y .

January 9 ,

T h is r e p r e s e n t s a g a in o f about

53 c e n ts in th e yea r and o f 26 c e n ts s in c e t h e B r i t i s h e l e c t i o n on O cto b e r
29.

Dutch g u i l d e r s a t 4 0 .6 1 c e n t s on January 8 a ls o s e t a new h ig h r e c o r d

fo r recen t y ea rs.

O ther le a d in g C o n tin e n ta l exchanges were g e n e r a l l y

q u i e t and firm as were a ls o South A m erican .

Shanghai exchange d e c lin e d

m o d e r a te ly fo l l o w i n g January 5, accom panying a s i m ila r d e c l i n e in th e
p r i c e o f s i l v e r but r e c o v e r e d on January 9 .

Canadian d o l l a r s were s te a d y

a t a bou t 3 /8 o f 1 p a r c e n t , d i s c o u n t .

New

The volum e o f n e r fin a n c in g showed a s u b s t a n t ia l in c r e a s e and

F in a n cin g
new bond is s u e s o f f e r e d d u rin g th e week ended January 10 t o t a le d
m illio n

compared w ith o n ly $25 m i l l i o n th e week b e f o r e .

\260

T h is was r e 

p o r t e d t o be th e l a r g e s t t o t a l on r e c o r d and com pares w ith th e p r e v io u s
record t o t a l o f

^250 m i l l i o n

in th e week ended January 1 9, 1 9 2 3 .

P u b lic

u t i l i t y is s u e s a g g re g a te d ^131 m i l li o n o f which $125 m i l l i o n were 35

y ea r 5 p e r c e n t ,


bonds o f th e Am erican T elep h on e and T eleg ra p h Company

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority i h . | P fh |

offered to yield 5.30 per cent.

State and municipal offerings were

the largest in several months and totaled $73 million while foreign
issues aggregated $15 million.
Liberty
Bond
Market

With the ease in the money market, and the evidence of in
stitution al buying, Liberty bond transactions continued active, and
sales on the Stock Exchange during the week totaled $16, 000, 000 as
compared with $13,000,000 the week before.

Prices on a ll issues

showed advances from the closing levels of the previous week of from
2/32nd to 11/32 nd1s excepting the Treasury 41s which remained
virtu ally unchanged during the period.

Activity continued principal

ly in the Fourth 4 l / 4 per cent, issue as indicated in the following
table of Liberty bond sales in which decimals represent th irty-

$2,257
601
2,991
2,061
6,281
560
935

Issue
First
n

3 l /2 s
4 l/4 s
Second 4 l/4 s
Third 4 l/4 s
Fourth 4 l/4 s
Treas. 4 l/4 s
4s

Closing Prices
Jan. 10
Jan. 3
100.30
101.21
100,22
101.4
101.23
105
100.22

101.9
101.28
100.28
101.7
101*30
105.7
100.21

- 1
Low
98.22
98.8
98.4
99.8
98.8
99.8
100.9

1

Amount in
Thousands

to
to

seconds:

High
101.28
*102.22
*102.00
*102.23
*103.00
*107.00
*100.20

* High sine© date of issuance
New York
Market for
Short-term
Governments




Accompanying easier money conditions there was an increased
demand during the period for short-term Government securities.

Al

though offerings were comparatively ligh t prices remained substan
t i a lly unchanged.

At the close of the period there was a tendency

to firmer prices, especially for the 1925 maturities, due to a
reported demand in the market by a large corporation for a sub
stantial amount of issues of 6 and 9 months’ maturities.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ &

/Q f/j[

5

A verage
Week Ended
Jan. 3
M aturing
M aturing
M a t u r in g
M a tu r in g
M a tu r in g
M a tu r in g

June
S e p te m b e r
D ecember
S ep te m b e r
March
Decem ber

1925
19 25
19 25
19 26
1927
19 27

*-

y ie ld
y ie ld
y ie ld
y ie ld
y ie ld
- y ie ld

A verage
Week Ended
Jan , 10

2 .7 2
2 .7 8
2 f 90
3 .6 6
3 .7 8
3 .7 8

'

2.66
2 .7 1
2.8 7
3 .6 2
3 .7 5
3 .7 5

bankers acceptances

fia te s

R ates in a l l d i s t r i c t s rem ained unchanged from t h e p r e v io u s
weak, d e a le r s o f f e r i n g 60 and 9 0 -d a y u n in d o rse d b i l l s
30*s a t 2 7 /8 p e r c e n t .

a t 3 p e r c e n t , and

On T h u rsday, January 8 , one d e a le r low ered th e

o f f e r i n g r a t e on 9 0 -d a y b i l l s t<3 2 7 /8 p e r c e n t .
A b stra ct
B oston r e p o r t s a s u b s t a n t ia l in c r e a s e in th e s u p p ly , due
o f R ep orts
from Banks t o s e v e r a l la r g e b lo c k s o f b i l l s com ing in t o th e m arket from a num




ber o f a ccep tors.

The l o c a l demand was p o o r e a r l y in th e week, b u t

l a t e r b o th th e l o c a l and o u t -o f -t o w n demand im proved w ith th e demand
g e n e r a l l y f o r 60-*day b i l l s .

D e a le r s p o r t f o l i o s

in c r e a s e d s l i g h t l y

due t o th e in c r e a s e in su p p ly r a t h e r than t o s m a lle r s a l e s .

In

New York t h e r e was a m oderate in c r e a s e in th e su p p ly and, accom pany
in g e a s ie r money c o n d i t io n s , a s u b s t a n t i a l in c r e a s e in th e demand.
The demand f o r b i l l s
la r g e r .

from l o c a l s a v in g s banks

D e a le rs a g g re g a te p o r t f o l i o s

was a l s o somewhat

d e cr e a s e d s u b s t a n t i a l l y and

o f f e r i n g s t o th e r e s e r v e bank were l i g h t .

In P h ila d e lp h ia th e b i l l

m arket was m o d e ra te ly a c t i v e w ith th e su p p ly and demand a bou t e q u a l.
The in c r e a s e d demand f o r b i l l s

was a t t r i b u t e d t o th e d i s p o s i t i o n on

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

|Q5 P l

6
the part of some investors to wait further developments in the bond mar
ket before employing their funds in long-term securities*

In Chicago

the supply was fair with a better demand for b ills *
OPERATIONS F R AC O N OF UNITED STATES TR
O
C UT
EASU
RY
Under Treasury authority the Federal Reserve Bank of New York
sold for account of the Alien Property Custodian $10,000,000 4$ Treasury
Bonds of 1944-&4 and purchased in replacement a like amount of 4/» c e r t i fi 
cates maturing March 15, 1925.
At the request of the Treasury the Federal Reserve Bank of New
York also purchased $13,800 Second Liberty Loan 4 1/4$ bonds for account
of the D istrict of Columbia Teachers* Retirement Fund*

SYSTEM SPECIAL IN
VESTM T A C U T
EN C O N
In view of easy money conditions prevailing since the turn of the year the
members of the Committee were communicated with and on January 5 a decision was
reached to s e ll securities from the System Accovmt to the amount necessary to pre«*
vpnt undue ease in money conditions so far a$ this could be accomplished without
disorganizing the market*

Accordingly 05,000,000 of securities were sold to the

market on January 5 , $ 1 5 ,0 0 0 ,0 0 0 on January 6 and $ 1 6 ,0 0 0 ,0 0 0 on January 7*

In

addition $ 5 ,0 0 0 ,0 0 0 March 1 5, 1925 4$ certificates were sold to the Treasury, a cco u n t
Alien Property Custodian.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL & _ { 0 S )|

Through these operations the total holdings in the System Account at the
close of business January 7 were reduced to $408,035,000, the apportionment of which
to a ll Federal reserve banks was as follows:
Treasury
N tes
o
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Callas
San Francisco
Totals

Certificates
of Indebtedness

Liberty Loan
Bonds

Total

$ 22;265 ,000
117,506 ,000
7,198 ,000
31,657 ,000
2,284 ,000
919 ,000
4 4 ,1$0 ,000
11,039 ,000
12,983 ,000
15,490 ,000
16,786 ,500
32.213 .500

$ 4,572,500
23,189,000
3.339.500
6.205.500
530,500
129,000
9,105 ,000
1.432.000
2.291.500
3.062.500
3.199.000
... §*m *ooo

$ 1,927,000
11,182,500
760 500
3,213 500
149 500
155 500
4,033 000
1,263 500
1,112 500
1,487 000
1,663,000
.^ 1 5 2 ^ 0 0

$ 28,764 500
151,877 500
11.298 000
41,076 000
2,964 000
l;2 0 3 500
57.298 000
13,734 500
16,387 000
20,039 500
21,648,500
41.744.000

$314,501,000

$63,434,000

$30 %
IQ0.000

$408.035.000

RECAPITULATION O P R H S
F U C ASE
M
ade Bv
Amount

ATURITIES
RECAPITULATION O P R H
F U C ASES BY M

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

March 15, 1925
June 15, 1925
Sept. 15, 1925
Dec. 15, 1925
March 15, 1926
Sept. 15, 1926
March 15, 1927
Dec* 15, 1927
Third L* L* Bonds
Sept. 15, 1928

$ 20,871,500
284,243,700
16,884,500
6,936,000
600,000
1,944,400
52,225,000
5,453,900
3,128,000
8,169,000
$408.035.000

$ 55,350,000
57,932,700
60,724,500
62,617,000
48,237,600
31,901,000 ^
28,875,900
32,296,300 ✓
30,100,000 ^

$408.035.000

N. B.
Since the period covered by this report additional sales were made on January
8 of $5,000,000 securities to the market and $4,909,500 to the Treasury, account
Alien Property Custodian, making to tal System holdings $398,125,500,




IB B 5S 8S 5P
BS S S *
Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L t L j Q S D j

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM JANUARY 2 TO JANUARY 7 , 1925_________
GOVERNMENT SECURITIES

P u rch ases

S a le s

B oston

Issu e

$ 2 ,6 2 7 ,0 0 0 P a r t .S y s . I n v . C / l
2 8 4 ,0 0 0
"
"
1 T ft
1

Held Under ’
S a le s C ontracts
0

$ 2 .9 1 1 ,0 0 0
New York

$ 1 3 ,7 7 4 ,5 0 0 P a r t .S y s ,I n v . C / I
” T/N
1 .4 8 9 ,0 0 0

2 1 0 ,0 0 0

$ 1 5 .26 3 .500
P h ila d e lp h ia

$ 1 ,0 3 1 ,5 0 0 P a r t ,S y s . I n v . C / I
1 1 1 .5 0 0
"
"
" Tf t
$ 1 .1 4 3 ,0 0 0

C levela n d

X I , 500

$ 3 ,7 0 7 ,0 0 0 P a r t . S y s .I n v ,C /l
4 0 0 .5 0 0
”
"
" T/H

C-1925 T ft

£ 4 ,1 0 7 ,5 0 0
Richmond

5 5 1 ,10 0

-

M is c . G ov‘ t

$

2 7 6 ,0 0 0 P a r t .S y s . I n v , C / l
3 0 .0 0 0
”
"
" T ft

$
A tla n ta

0

3 0 6 ,0 0 0

S e c. $

1 0 2 ,5 0 0 P a r t .S y s , I n v . C / l
1 1 .0 0 0
”
"
" T ft
5 2 7 ,8 5 0 M is c . G o v 't Bonds
1 ,5 0 0 ,0 0 0 S p e c ia l S a les

$ 2 ,1 4 1 ,3 5 0
C h icago

0

& 5 ,2 1 4 ,5 0 0 P a r t .S y s . I n v , C / l
5 6 4 .0 0 0
"
u
" T/N
3 3 ,4 0 0 T rea su ry 4# Bonds
$ 5 .8 1 1 ,9 0 0

S t . L ou is




0

$ 1 ,2 2 1 ,0 0 0 P a r t .S y s . I n v . C / I
1 3 2 .0 0 0
"
"
" T ft

0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

^JX_l-05OI

GOVERNMENT SECURITIES -

P u rch a ses
M in n ea p olis

Is s u e

$ 4 6 4 ,8 5 0

S a le s

M is c . G o v 't Sec*

(C o n tin u e d )

H eld Under
S a le s C o n tr a c ts

Is s u e

$ 1 ,4 9 5 000 P a r t .S y s . I n v . C / l
161 500 "
"
" T/M
378 250 M is c . G ov ’ t S e c .

0

$ 2 ,0 3 4 ,7 5 0

Kansas

rC ity

6 ,1 0 0

M isc. G ov’ t S e c .

$ 1 ,8 1 6 ,5 0 0 P a r t .S y s . I n v . C / l
1 9 6 .5 0 0 ”
"
« T/N

1 ,3 5 0 ,0 0 0

$ 2 ,0 1 3 ,0 0 0
D a lla s

5 0 0 ,0 0 0

T h ird L /L Bds.

$ 1 ,9 5 6 ,5 0 0 P a r t .S y s . I n v . C / l
2 11 .50 0
”
”
" T/N
$ 2 ,1 6 8 ,0 0 0

San F r a n c is c o

$ 3 ,7 7 8 ,0 0 0 P a r t ,S y s . I n v . C / l
4 0 8 .5 0 0 ”
"
" T/N
$ 4 ,1 8 6 ,5 0 0

T o t a ls

$ 1 ,5 3 3 ,4 5 0

$ 4 3 ,4 3 9 ,5 0 0

$ 1 ,5 6 0 ,0 0 0

uys.-. ts a r s

BANKERS ACCEPTANCES

M a tu rity
B o sto n

1 -3 0 days
3 1 -6 0 "
6 1 -9 0 "




PURCHASES
Amounts

$

68,000
2 3 4 .0 0 0
2 38 .00 0

$ 5 4 0 ,0 0 0

Rate
2 3 /4 $ - 2 1/8%
2 7 /8 $
3%

MATURITIES
Amount
$ 3 ,Q $5 ,0 0 0

Other
H old in g s
$ 1 ,4 2 5 ,0 0 0

S a le s
C o n tr a c ts

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

f Qf o

10
BANKERS ACCEPTANCES ~ (C o n tin u e d )
NEW YORK
D e c. 31
O ther banks

Jan .

1 -1 5 days
0 1 ,1 0 4 ,0 0 0
2 3/4 $ ~ 2 7 /8 $

MATURITIES AND RATES
1 6 -3 0 days
31 *-60 days
6 I -9 0 days
$ 1 3 2 ,0 0 0
3$

$ 2 ,8 3 6 ,0 0 0
2 3 /4 $ ~ 3 $

$ 4 3 4 ,0 0 0
3%

' •
Over 90-davs
$ 1 9 0 ,0 0 0
3 l /4 $ « 3 1 ft!*

2

Naw York
O th er banks

2 4 8 .0 0 0
1 2 5 .0 0 0
2 3 /4 $ - 3%

3 5 6 ,0 0 0
2 3 /4 $

3 8 2 ,0 0 0
5 6 ,0 0 0
2 3 /4 $

3 6 8 ,0 0 0
9 0 0 ,0 0 0
2 3 /4 $ ~ 3 $

1 0 0 ,0 0 0
6 3 9 ,0 0 0
2 7 /8 $ - 3 $

1 .7 5 0 .0 0 0
1 .1 6 8 .0 0 0
2 3 /4 $

7 ,0 0 0
9 6 1 ,0 0 0
2 3 /4 $ -3 $

4 1 ,0 0 0
1 5 8 ,0 0 0
3$

1 3 5 ,0 0 0

9 8 ,0 0 0
2 7 /8 $ - 3 $

Jan* ,5
New York
O ther banks

2 2 ,0 0 0
144,000,
4 8 6 ,0 0 0
2 47 ,00 0
3 $ -3 1 /8 $ 3 l/4 $ ~ 3 3/8$

.. 6
New York
O ther banks

J an .

110,000
4 6 ,0 0 0
8,000
1 ,8 1 5 ,0 0 0
1 /4 $ -3 3 /8 $
3$
3

1 , 868,000
2 7 /8 $

7

New York
T o t a ls *
*
New York
O th er banks

§ 2 ,8 4 3 ,0 0 0
2 ,4 5 3 ,0 0 0

3 5 ,0 0 0

3 8 ,0 0 0
2 7 /8 $ -3 $

4 6 8 ,0 0 0
2 3M
$

3 7 5 ,0 0 0
5 ,0 5 3 ,0 0 0

§

2 7 3 ,0 0 0
2 ,7 3 6 ,0 0 0

$

1 4 4 ,0 0 0
2 ,8 9 3 ,0 0 0

T o ta ls :
Now York
O th er banks
A g g reg a te

$ 2 5 4 ,0 0 0
4 4 5 ,0 0 0

§ 3 ,8 9 4 ,0 0 0
1 3 ,5 8 0 ,0 0 0
§ 1 7 ,4 7 4 ,0 0 0

Matured from New York h o ld in g s week ended January 7 :
$ 8 ,7 0 4 ,0 0 0
O ther h o ld in g s by New York.* $ 3 3 6 ,0 0 0 s a le s c o n t r a c t s ; $ 1 ,5 9 6 ,0 0 0 on e «d a y h o ld ~
o v e r f o r d i s t r i b u t i o n t o F e d e ra l r e s e r v e b a n k s ; $ 2 1 0 ,0 0 0 f o r e ig n b i l l s ; $239,000
s p e c i a l fo r e ig n b i l l s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jL & ^ fO S O l

11
BANKERS ACCEPTANCES - (C o n tin u e d )
PURCHASES
Amount

M a tu rity
P h ila d e lp h ia

1 -3 0 days $ 1 0 1 ,0 0 0
3 1 -6 0 "
2 3 1 ,0 0 0
61~ 9 ° "
2 .4 5 0 ,0 0 0

MATURITIES
Amount

Hate
2 3 /4 $ - 2 7 /8 $
2 7 /8 $ - 3 1 /8 $
3$
- 3 1 /4 $

$ 2 ,9 2 8 ,0 0 0

2 7 /8 $
2 3 /4 $ - 3 3 /8 $

2 ,4 6 3 ,0 0 0

O ther
H old in g s
0

$ 2 .7 8 2 »QOQ
C lev ela n d

3 1 -6 0 days $ 1 5 5 ,0 0 0
In o t h e r
2 ,4 0 5 .0 0 0
d is tr ic ts

8 2 7 ,0 0 0 s t e r 
lin g b i l l s

A k M P .o o o
Hi chmond

1 8 9 ,0 0 0

A tla n ta

1 -3 0 days $
3!U6°
"

C hicago

6 1-90 days $ 1 2 2 ,0 0 0
1x1 o t h e r
1 ,7 8 3 ,0 0 0
d is tr ic ts
$ 1 ,9 0 5 .0 0 0

S t . L o u is

In o th e r
d i s t r i c t s $ 1 ,9 7 8 ,0 0 0

7 6 9 ,0 0 0
5 1 0 .0 0 0

2 3 /4 $
2 7 /8 $

2 ,0 5 7 ,0 0 0

2 .1 4 7 .0 0 0 U nin
d o rs e d
b i l l s p u r
chased from
a c c e p t in g
banks

3$
- 3 1 /8 $
2 3 /4 $ ~ 3 3 /8 $

2 ,8 6 5 ,0 0 0

1 .3 5 9 .0 0 0 s a le s
co n tra cts

2 3 /4 $

2 .2 4 5 .0 0 0

3 3 /8 $

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




I

0
0

0
In o th e r
d is tr ic ts

1 ,2 1 9 }000

2 3 /4 $ - 3 ,3 /8 $

1 .4 3 2 .0 0 0

0

In o th e r
d is tr ic ts

2 ,1 5 1 ,0 0 0

2 3 /4 $ - 3 § / 8/^

2 .5 1 0 .0 0 0

0

3 2 6 ,0 0 0
5 0 0 ,0 0 0
6 6 5 ,0 0 0
4 ,0 4 5 .0 00

2 7 /8 $
2 7 /8 $
3$
2 3 /4 $ - 3 3 /8 $

5 .2 9 6 .0 0 0

1 -3 0 days
3 1-60 u
6 1 -9 0 "
In o th e r
d is tr ic ts

$ 5 ,5 3 6 ,000

Totals

0

$ 2 3 ,8 4 4 .0 0 0

8 1 0 ,0 0 0 s a le s
con tra cts

-TV
$ 3 3 .7 8 4 ,0 0 0

$8,949.000

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

DECLASSIFIED
Authority j r f i . | Q Q )[

F o r m N o . 131.

Office Cprrespc
r
p0

,




.ence

FEDERAL RESERVE
BOARD

^ t h e Board*

For you r in fo r m a t io n .
V^&overnor O r is s in g e
^ M r. P l a t t
L 'V tr. Hamlin
v
James
yr y i Cunningham
y M r . M ille r
Mr* M cIntosh
P le a s e r e tu r n t o S e c r e t a r y ’ s O f f i c e .

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority {T J), / p O p [

April 21, 1925•

Deer &*• Matteson:
I
acknowledge receipt of and shell bring
to the attention of the members of the Board
your le tte r of the 20th instant, addressed to
Governor Crissinger, enclosing a report of
transactions in Government securities and
bankers acceptances as reported to the Open
Market Investment Committee for the Federal
Reserve System for the period from April 9 ^ 0
April 15* 1925, inclusive, together with date
received by the Committee from the Federal re
serve banks.
Very truly yours,

Walter L. Eddy,
Secretary.

Mr. W B. Matt®son. Secretary,
.
Open Market Investment Committee,
c / j Federal Reserve Bank,
N York, H.Y.
ew

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L ^ | Q S ) i

i
Federal R eserve

Bank

I RECEIV ED
j

ApR g 1 ^

I

New Y ork

o f

OFFICE

Open Market Investment Committee
for the Federal Reserve System




CONFIDENTIAL

April 20, 1925

S ir :
Enclosed is a report of transactions in Govern
ment securities and bankers acceptances as reported to the
Open Market Investment Committee for the Federal Reserve
System for the period from April 9 to April 15, 1925 inclu
sive, together with data received by the Committee from the
Federal reserve banks.
Respectfully,

s
^

W. B. Uat^eson
Secretary of the Committee

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

of

thk a o v w

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j £ - f U Q £ ) I

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED APRIL 1 5 , 1925

H o ld in g s o f E a rn in g A s s e ts o f F e d e ra l R eserv e Banks Jan, 7 , F eb, 2 5, Mar, 2 5 ,
A p r il 1 . 8 and 1 5 . 1925 as Compared w ith C orresp on d in g P e r io d s in 1924______
(0 0 0 O m itted)
TOTAL
EARNING
ASSETS

-1 9 2 4 9
Jan.
Feb« 27
Mar* 26
Apr.
2
i?
9
it
16
-1 9 2 5 Jan.
7
F eb, 25
Mar#- 25
Apr,
1
Apr. 8
M
15

GOVERNMENT

BANKERS ACCEPTANCES
S a le s
Purchases
C o n ta cts

SECURITIES

BILLS
DISCOUNTED

3 1 ,0 2 6 ,4 9 6
9 50 ,80 1
9 42 , 08 0
1, 008,388
996,119
912,968

<£100, 358
1 55 ,80 1
2 5 7 ,2 5 6
2 6 4 ,8 5 5
2 6 8 ,9 0 3
2 6 6 ,6 6 7

$27 9 ,5 8 8
2 0 5 ,02 2
1 6 4 ,9 4 7
163, 001
1 5 1 ,89 3
1 3 0 ,1 0 4

<£39,578
38 , 288
3 7 ,5 1 1
5 0 ,7 1 1
4 5 ,7 1 3
4 6 ,5 7 6

$ 60 6 ,9 2 1
5 3 1 ,6 9 0
482 ,31 5
5 2 9 ,6 6 0
529,559
4 6 9 ,5 7 0

1 ,1 0 9 ,9 6 5
1 ,1 2 9 ,6 9 7
1, 040, 699
1,"066, 539
1, 0 76 ,61 6
1, 0 3 9 ,3 4 4

496 , 029
364, 694
3 4 3 ,7 5 1
3 5 7 ,8 3 4
3 6 2 ,2 4 0
357 ,83 2

332,029
2 78 ,88 5
287, 544
2 8 3 ,9 3 5
2 6 3 ,8 9 1
2 5 1 ,03 7

8 ,9 4 9
3 8 ,3 6 1
1 9 ,3 6 1
32,4 43
4 6 ,7 9 4
2 3 ,0 2 1

264,408
4 3 3 ,80 5
3 7 7 ,64 1
399,925
391,289
3 9 5 ,3 0 2

^ In clu d e s s a le s c o n t r a c t s
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_ _ _____________ DURING WEEK ENDED APRIL 15j 1925
(0 0 0 O n itte d )
GOVERNMENT SECURITIES
B a lan ce
B a lan ce
Net
Apr* 15
Change
A p r. 8

BANKERS ACCEPTANCES
Net
B a lan ce * B a lan ce
Change
Apr* 15
A pr. 8

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

^ 2 1 ,1 5 5
9 3 ,6 2 1
2 4 ,7 0 6
3 9 ,9 3 2
3 ,3 8 6
4 ,3 7 9
5 2 ,5 8 0
9 ,2 9 7
1 7 ,3 4 6
2 3 ,9 4 3
20,3 48
3 4 .7 5 1

i 2 0 ,8 1 6
9 2 ,5 2 4
2 4 ,2 7 1
3 9 ,4 4 9
3 ,1 0 4
3 ,8 3 2
5 1 ,6 6 0
8 ,9 4 0
1 7,3 83
23,7 69
2 0,1 08
34* 325

$

339+
1, 097+
435+
483+
282+
547+
920+
357+
37174+
240+
426+

$ 3 3 ,2 6 6
4 4 ,2 1 7
2 4 ,1 9 7
2 7 ,5 5 4
12* 024
1 1 ,9 6 6
34, 087
1 1 ,3 3 4
8 ,2 5 8
1 2 ,7 4 1
. 8 ,6 6 6
2 2 ,7 2 7

$ 3 6 ,7 6 6
4 6,2 68
2 4 ,1 0 2
2 8 ,5 0 9
1 2 ,2 2 4
11,669
3 8 ,6 0 1
1 1 ,7 4 1
8 ,2 2 9
1 2 ,7 3 0
8 ,8 4 5
24 r 207

$ 3 ,5 0 0 2, 05195+
955200 297+
4 *51 4 4 0729+
. U*
. 1791 ,4 8 0 -

T o t a ls

0345, 444

$ 3 4 0 ,1 8 1

$5,263+

$25 1 ,0 3 7

$ 26 3 ,8 9 1

$ 1 2 ,8 5 4 -

COM ENT O CHANGES WEEK ENDED APRIL 15
M
N
T o t a l ea rn in g a s s e t s o f a l l r e s e r v e banks d e c lin e d $ 3 7 ,2 7 2 , 0 0 0 ,t o the lo w e s t
p o in t s in c e th e week ended F ebru ary 4 , 1925, H o ld in g s o f b i l l s under s a le s co n tr a c ts
d e c lin e d 0 2 3 ,7 7 3 ,0 0 0 and b i l l s h e ld o u t r ig h t $ 1 2 ,8 5 4 ,0 0 0 . Government s e c u r i t y h o ld 
in g s showed a n e t r e d u c t io n o f $ 4 ,4 0 8 ,0 0 0 b u t b i l l s d is c o u n t e d in c r e a s e d $ 4 ,0 1 3 ,0 0 0 *



*■
Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authorityf J), /Q Q O [

Money
Market

At th e o p e n 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 s u b s t a n t i a l l y in e x c e s s o f r e q u ir e m e n ts .

R e fle c t in g t h is

c o n d i t io n and th e f u r t h e r g a in t o th e market th rou g h th e e x c e s s o f
T re a su ry d isb u rsem en ts f o r i n t e r e s t paym ents o v e r th e w ithdraw al o f
funds from d e p o s it a r y ban k s, money c o n d it io n s in New York d u rin g th e
week tu rn e d d i s t i n c t l y e a s i e r .
and renew ing a t 4 p e r ce n t
p e r ce n t

S to ck Exchange c a l l money a f t e r o p e n in g

an Monday, A p r il 1 3 , d e c lin e d t o 3 1 /2

and co n tin u e d unchanged a t t h a t r a te th rou g h ou t th e b a la n ce

o f th e week.

The fu r t h e r l o s s o f funds t o th e i n t e r i o r and th e re p a y 

ment o f lo a n s a t t h i s bank e a r l i e r in th e week was accom panied b y a
sharp d e c l i n e in r e s e r v e s o f New York C it y b an k s, and on F r id a y ,
A p r il 17 , th e s e banks were o b l ig e d t o in c r e a s e t h e i r b orrow in g s co n 
s i d e r a b ly a t t h i s bank in o r d e r t o m a in ta in t h e i r r e q u ir e d average
r e s e r v e f o r th e week.
The tr e n d o f lo n g e r term money con tin u ed e a s i e r .

Some lo a n s

f o r 90 days were p la c e d a t 3 3 /4 p e r ce n t and a t 4 p e r ce n t f o r fo u r
t o s i x months* m a t u r it ie s *

Com mercial p a p e r d e a le r s r e p o r t New York

banks b u y in g in sm a ll amounts a t 4 p e r c e n t .

The demand, h ow ev er, has

been c h i e f l y from th e m id d lew est w ith a s o m e ^ a t l a r g e r volum e o f p a p e r
m oving a t 3 3 /4 p e r c e n t .

The demand f o r money c o n tin u e s u n u s u a lly

l i g h t and d e a le r s * p r e s e n t lis t -e a re s m a ll,
Government
S e c u r it y
Market




The Government bond m arket was m o d e ra te ly a c t i v e and s a le s
on th e Exchange d u rin g th e p e r io d t o t a l e d $ 6 ,0 0 0 ,0 0 0 .

Accompanying

e a s ie r money c o n d i t i o n s , h ow ever, p r i c e s advanced s h a r p ly and s e v e r a l
L ib e r t y Loan is s u e s and th e T re a su ry 4 p e r ce n t and 4 1 /4 p e r c e n t
bonds ranched new h ig h p r i c e s f o r th e year*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j L f ) , - ) Q£ ) I

3
The narkfct f o r s h o r t -te r m Government s e c u r i t i e s was moder
a t e ly a ctiv e * .

D e a le r s r e p o r t a good demand f o r T reasu ry N otes matur

in g in 1926 and 1927 and p r i c e s were advanced s l i g h t l y on s e v e r a l
i s s u e s , w ith a c o r r e s p o n d in g d e c l i n e in y i e l d .
Bankers
A cce p ta n ce s




The tr e n d i n b i l l r a t e s co n tin u e d e a s i e r bu t a c t u a l r a t e s
w ere somewhat u n s e t t l e d d u rin g th e p e r io d *
in g r a t e s unchanged on 3 0 -d a y b i l l s
ever,

A ll d is t r ic t s rep ort o ffe r 

at 3 p e r cen t*

low ered o f f e r i n g r a t e s on 60 and 9 0 -d a y b i l l s

b u t some d e a le r s

Most d e a l e r s , how
l/8

t o 3 p e r ce n t

con tin u e d t o h o ld th e s e m a t u r it ie s unchanged a t 3 l / 8

per ce n t.
B oston r e p o r t s few new b i l l s

com ing i n t o th e m arket, b u t the

l o c a l su p p ly was in e x c e s s o f the demand.

S u rp lu s b i l l s were g e n e r a lly

se n t t o th e New York market and d e a le r s * h o ld in g s showed a s c a l i e r t o t a l
than i n th e p r e v io u s week.

A lth ou gh d e a le r s have a l l re d u ced r a t e s , new

b u s in e s s i s v e r y sm a ll and s a le s p o o r .
f o r h ig h y i e l d i n e l i g i b l e

There was a good demand, h ow ever,

and tra d e b i l l s .

In New York th e market was

q u ie t due c h i e f l y t o th e m oderate su p p ly o f b i l l s compared w ith th e good
demand.

The u n c e r t a in t y o f money c o n d it io n s caused an u n s e t t l e d con 

d i t i o n i n d e a le r s r a te s *

Some d e a le r s lo w e re d b oth b id and o f f e r r a t e

1 /8 p e r ce n t b u t th e lowfer b i d r a t e b rou gh t o n ly a s l i g h t in c r e a s e in
th e s u p p ly , w h ile th e demand s la c k e n e d at th e low er o f f e r i n g r a t e .
D ealers*

p o r t f o l i o s d e c l i n e d m o d e ra te ly , w h ile o f f e r i n g s t o t h i s bank

were n e g l i g i b l e ,

P h ila d e lp h ia r e p o r t s th e market g e n e r a lly q u ie t*

D uring th e l a t t e r p a r t o f th e week, how ever, accom panying e a s i e r money
co n d itio n s ,

the demand f o r b i l l s

su p p ly co n tin u e d sm all*
b ills

in c r e a s e d t o some e x t e n t w h ile th e

The lo w e r in g o f r a t e s in c r e a s e d th e su p p ly o f

somewhat b u t th e demand sla c k e n e d c o n s i d e r a b l y .

a slo w demand w ith a sm a ll s u p p ly o f b i l l s
m od era te.

C h ica g o r e p o r t s

and d e a le r s p o r t f o l i o s

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority p 'f i . /(Y t O|

SPECIAL INVESTM
ENT A C U T
CON
T r a n s a c t io n s in th e System A ccount d u rin g th e week c o v e r e d b y t h i s r e p o r t
b ro u g h t th e t o t a l h o ld in g s t o a p p ro x im a te ly $ 2 5 0 ,0 0 0 ,0 0 0 ,

a n e t in c r e a s e d u rin g

th e sta tem en t week o f $ 4 ,8 3 8 ,0 0 0 as f o l l o w s :
P u rch ases
$ 4 ,0 0 0 ,0 0 0 '
6 9 3 ,1 0 0 )f r o n F,H,B,
1, 0 6 3 ,4 0 0 ) C h ica g o
p o r t fo lio

4 3/&% December 1 5, 1925 T rea su ry N otes
4 3/8%
M
15, 1925
*
"
4 3/4/o March
15, 1926
H
"

$ 5 ,7 5 6 ,5 0 0
S a le s
3% December 15, 1925 C e r t , o f In d e b te d n e ss
N

e

9 1 8 .5 0 0
t

$4, 838, 000

The s a le t o th e System from C h ic a g o 's p o r t f o l i o o f T rea su ry N otes was
made s im u lta n e o u s ly w ith t h e i r p u rch a se from th e T rea su ry o f F ou rth L ib e r t y Loan
bon ds.

T h is p u rch a se by C h ica g o ,

and th e s a le o f $ 9 1 8 ,5 0 0 c e r t i f i c a t e s from the

System A ccou n t, was consummated in o rd e r t o com p lete th e t r a n s a c t io n s a u th o r iz e d by
th e

T rea su ry f o r a ccou n t o f th e A lie n P r o p e r ty C u stod ia n as n o te d i n th e paragraph

under T rea su ry o r d e r s .
The p a r t i c i p a t i o n by a l l bonks in th e System A ccount at th e c l o s e o f
b u s in e s s A p r il 15,

and the c l a s s i f i c a t i o n

PARTICIPATI C BY FEDERAL RESERVE BANKS
N
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C h ica g o
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




$ 1 7 ,5 7 9 ,5 0 0
9 2 .3 6 3 .5 0 0
7 .2 0 8 .0 0 0
2 5 .2 0 9 .5 0 0
2 .0 4 4 .5 0 0
1 .0 2 2 .5 0 0
35, 064, 000
8 .6 2 6 .5 0 0
9 .7 8 8 .0 0 0
1 2 .3 4 3 .5 0 0
1 3 .2 6 5 .0 0 0
2 5 .5 2 7 .0 0 0
$250, 041, 500

o f is s u e s by m a tu ritie s , was as f o l l o w s :
RECAPITULATION OF HOLDINGS BY MATURITIES
June 15, 1925
S e p t ,15, 1925
D ec, 15, 1925
Mar. 15, 1926
S e p t .15, 1926
Mar. 15, 1927
D ec. 15, 1927
S e p t .15, 1928
T h ird L /L Bds

$ 2 5 ,9 3 2 ,7 0 0
IQ, 4 7 4 ,5 0 0
6 0 ,1 6 0 ,1 0 0
4 0 .3 0 1 .0 0 0
3 1 .9 0 1 .0 0 0
1 8 ,8 7 5 ,9 0 0
3 2 ,2 9 6 ,3 0 0
3 0 ,1 0 0 , 000

$ 2 5 0 ,0 4 1 ,5 0 0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority j ? I), /Q g /)|

5

OPERATIONS ACCOUNT UNITED STATES TREASURY

Under T re a su ry a u t h o r iz a t io n s t h e r e was s o ld d u rin g th e p e r io d for
a cco u n t o f th e A lie n P r o p e r ty C u stodia n an a g g r e g a te o f 0 1 3 *2 4 9 ,0 0 0 F ourth
L ib e r t y Loan 4 1 /4 $ and 4 1 /4 $ T re a su ry bonds o f 1 952, which s a le s were
s im u lta n e o u s ly r e p la c e d th rou gh p u rch a ses o f a l i k e a g g re g a te amount of 2 3 /4 $
c e r t i f i c a t e s due Septem ber 1 5 , 1925 and 3$ c e r t i f i c a t e s due December 1 5 , 1 9 2 5 .
These t r a n s a c t io n s were e x e cu te d in th e B o sto n , New Y ork , C hicago and C lev e la n d
d is tr ic ts *




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ j X 4 0 S O l

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ _ FEDERAL RESERVE BANKS FROM APRIL 9 TO APRIL IS , 1925__________ _
GOVERNMENT SECURITIES
H eld Under
S a le s C o n tr a c ts

SYSTEM INVESTMENT ACCOUNT
P u rch a ses
S a le s
> 4 0 3 ,0 0 0
1 ,4 3 8 ,5 0 0
4 6 0 .5 0 0
5 7 5 .5 0 0
288 , 000
288, 000
8 0 6 , 000
345, 500
0
3 4 5 .5 0 0
288, 000
518, OOP

T o t a ls

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

$

$ 5 ,7 5 6 ,5 0 0

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

$ 9 1 8 ,5 0 0

$ 1 2 ,3 8 7 ,7 1 0

2 6 1 ,7 1 0
9 ,5 8 8 500

7 8 7 ,5 0 0
0
0
1 ,7 5 0 ,,0 0 0
,
0

0_
_

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
S a le s

P u rch ases
A t la n t a
C h ica go
St* L o u is
M in n e a p o lis
Kansas C it y
San F r a n c is c o

$ 2 8 0 ,3 5 0
2 ,0 0 0 , 000
4 2 ,5 0 0
1 ,4 5 8 ,6 5 0
1 2 3 ,1 0 0
2» 000

M isc, G ov*t Sec*
F ourth l / l Bds*
TD-1925 C t f s .
M isc* G ov*t Sec*
M isc. G o v 't Sec*
Misc# G ov*t S e c,

$ 1 8 ,1 0 0
1 ,7 5 6 ,5 0 0
0
1 ,4 5 8 ,6 5 0
2 5 0 ,0 0 0
0

M isc. Gov’ t Sec*
M isc, T/N t o System
M isc. Gov’ t Sec*
In te r m e d ia te Cr* Bk. Deb,

$ 3 ,4 8 3 ,2 5 0

$ 3 ,9 0 6 ,6 0 0

BANKERS ACCEPTANCES

M a tu rity
B oston




1 -3 0 days
3 1 -6 0
"
6 1 -9 0
M
Over 90
w

PURCHASES
Amount
1 6 7 .0 0 0
59, 000
8 8 5 .0 0 0
9 , 000
$ 1 ,1 2 0 , 000

MATURITIES
Amount

Rate

%

3 1 /8
3 1 /8 #
3 1 /4 #

3 l/8 #
3 l/4 #
3 l/4 #

$ 4, 620, 000

Other
H old in g s
$ 2 , 037, 000 S a le s
co n tra cts

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ | Q 5 f l [

3AHK5RS ACCEPTANCES - ( C on tin u ed)

M a tu rity
New York

1 -3 0 days
3 1-60 "
6 1 -9 0 M
Over 90 «

PURCHASES
Amount
$ 1 ,3 6 3 ,0 0 0
6 2 ,0 0 0
880,000
6 6 .0 0 0

R ate

3%
3 l/8%
3 l/8%
3 1/4% -

MATURITIES
Amount

S4, 4 2 2 ,0 0 0 ^ 1 1 ,5 4 6 ,0 0 0 S a le s
con tra cts
7 9 3 ,0 0 0 one
day h o ld 
over fo r
d is t .. to
F .R . 3ks
7 02 .00 0 f o r 
e ig n t r a d e
a ccep ts.
2 4 6 .0 0 0 s p e c i a l
f o r e ig n b i l l s

3 l/2%

$ 2 ,3 7 1 ,0 0 0

P h ila d e lp h ia

1 -3 0 days
3 1 -6 0 "
6 1 -9 0 «

Ot her
h id in g s

.7 1 6 ,0 0 0 3%
1 4 7 ,0 0 0 3 l/8%
2 .0 9 0 .0 0 0 3 l/8% - 3 l/4%

2, 85e, 000

0

2 ,4 9 8 ,0 0 0

9 5 3 ,0 0 0 S t e r 
lin g b i l l s

2 ,9 5 3 ,0 0 0

C lev ela n d

Richmond

In o t h e r
d is tr ic ts

1 -3 0 days
31-60 "
6 1 -9 0 H
In o t h e r
d is tr ic ts

1 ,5 4 3 ,0 0 0

3)

9 2 ,0 0 0
50, 000
74, 000
5 84.000 3%

-3 1 /2 %

1 ,0 0 0 ,0 0 0

- 3 1 /2 ^

0 8 0 0 ,00 0

A tla n ta

1 -3 0 days
3 1-60 "
6 1 -9 0 w
In o th e r
d is tr ic ts

1 0 3 .0 0 0
9 .0 0 0
6 .0 0 0
9 8 5 .0 0 0

3%
- 3 1/8%
3 l/Q%
3 1/8%
3%
- 3 l/2%

8 06 ,00 0

8 ,0 0 0 3 1/8%
155. 000 3%
-3 l / 2 %

4 ,6 7 7 ,0 0 0

&L,1 0 3 ,0 0 0

C hicago

31-60 days
In o th e r
d is tr ic ts

V 1 6 3 ,0 0 0

S t, L o u is

M in n e a p o lis




In o t h e r
d is tr ic ts

In o th e r
d is tr ic ts

1 ,0 0 1 ,0 0 0 3%

864,000

3
%

- 3 1/2%

-3

1%
/2

1 ,4 0 8 ,0 0 0

835,000

1 ,1 0 8 ,0 0 0 Un in 
d o rse d
b i l l s pur
chased from
a c c e p t in g
banks

1 ,8 2 3 ,0 0 0 S a le s
co n tra cts

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

£]),

BANKERS ACCEPTANCES PURCHASES
Amount

M a tu rity
Kansas C ity

(C o n tin u e d )
MATURITIES
Amount

Rate

£ 1 ,2 2 4 ,0 0 0

3%

2 .0 0 0
3 .0 0 0
883 .00 0

3%
3%
Z%

0

- 3 1/2% $ 1 ,2 1 3 ,0 0 0

1 -3 0 days
3 1 -6 0 "
In o t h e r
d is tr ic ts

D a lla s

In o t h e r
d is tr ic ts

O ther
H o ld in g s

1 ,0 6 7 ,0 0 0
- 3 1 /2 jL

$ 88 8 ,0 0 0

San F r a n c is c o

1 -3 0 days
3 1-60
"
61-90
H
In o th e r
d is tr ic ts

1 9 8 .0 0 0
1 6 0 .0 0 0

20 ,000
1 .4 5 8 f000

3%
3 1 /8 $
3 l/Qfo
3/o
- 3 l /2 /o

3 ,3 1 6 ,0 0 0

3 ,8 1 3 ,0 0 0
S a le s C o r tra cts

£ l ,8 3 6 ,0 0 0

T o t a ls

$ 2 8 ,7 2 0 ,0 0 0 £ 2 3 ,0 2 1 ,0 0 0

1 1 5 ,8 6 6 ,0 0 0

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES AND
BANKERS ACCEPTANCES DURING \7EEK ENDED APRIL 1 5 , 1925 AND
_____________ HOLDINGS AS OF THAT DATE CLASSIFIED BY M A T U R IT IE S ____
(000 O m itted )

G ovenjm ent
S e c u r itie s
P u rch ased
S o ld
M atured

(E x clu d in g S a le s C o n t r a c t s )
:
Bankers
A c ce p ta n ce s

0 9 ,6 6 5
4 ,4 0 2
Q
$ 5 ,2 6 3 +

H o ld in g s
A p r il 15.,. 1925

£ 1 5 ,8 6 6
2 8 t 720

U 5 , 531
4 ,4 0 2
2 8 r720

§ 1 2 ,8 5 4 -

£ 7 ,5 9 1

0

( i n c lu d in g S a le s C o n t r a c t s )
31-60
61-90
9 1 -D a y sdays
days
6 Months

W ith in
15 Days

1 6 -3 0
Days

G ov’ t S e c u r i t i e s £ 1 2 ,3 8 8
B i l l s P u rch a sed _ 80,',433

0
5 8 t633

0
$ 4 1 ,0 2 4
86,606
4 1 .1 8 4

£ 9 2 ,8 2 1 £ 5 8 ,6 3 3

£ 8 6 ,60 6 £ 8 2 ,2 0 8




T ota l

Over
6 Months

T ota l

£ 25 ,20 5
7 .2 0 2

£ 279,215
0

£ 3 5 7 ,8 3 2
2 7 4 .0 5 8

£ 3 2 ,4 0 7

£ 27 9 ,2 1 5

^631,890
Full text of Records of the Federal Reserve System, Record Group 82 : Weekly Report: Open Market Investment Committee (January 2-April 29, 1925), Box 2761, Folder 2

FRASER
