View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

Fe

d e r a l

o f

R
N

e s e r v e

e w

Y

B

a n k

o r k

P E R S O N A L

May 6 , 1929

D ear G o v e r n o r Y ou n g:
We a r e e n c l o s i n g ,

fo r your f i l e s ,

a report o f

t r a n s a c t i o n s i n G overnm ent s e c u r i t i e s and b a n k e r s a c c e p t ­
an ces as r e p o r te d

t o t h e Open M arket In v e s tm e n t G oiam ittee

f o r t h e F e d e r a l R e s e r v e System f o r t h e p e r i o d fro m A p r i l
2 5 , 19129 t o May 1 , 1929 i n c l u s i v e , t o g e t h e r w it h d a t a r e ­
c e i v e d b y th e C om m ittee fro m t h e F e d e r a l r e s e r v e b a n k s .

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority E»Q*

Fe

d e r a l

R

e s e r v e

B

a n k

f
o f

CONFIDENTIAL

N

e w

Y

SK'D-BK. O m
P

o r k

May 6 , 1929

M r. E . A. G o ld e n w e is e r ,
D i r e c t o r , D i v i s i o n o f R e s e a r c h and S t a t i s t i c s ,
F e d e ra l R eserv e B oard,
W a s h in g to n , D• C.
D ear Mr. G o ld e n w e is e 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 i o n s i n G overnm ent

s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M arket In v e s tm e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o m A p r i l 2 5 , 1 9 2 9 t o May 1 , 19 2 9 i n c l u s i v e ,
t o g e t h e r w i t h d a t a r e c e i v e d b y t h e C om m ittee fro m th e F e d e r a l
r e s e r v e ban ks.




Secretary, Open Market
Investment Committee

J0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q «

FOR SPE C IA L CIRCULATION
'^IsBASE T
il

IN IT

i AND RETURN TO S j ^ n r T A R p 3 0

G ov . Y ou n ,

d r . H a m lin

Mr. J a m e s

Mr. P l a t t

Mr. H i l l e r

Mr. C u n n i n g h rn p

_ 02

F

e d e r a l

o f

R
N

e s e r v e

e w

Y

CONFIDENTIAL

Mr. P o l
B

a n k

o r k

May 6 , 1 9 2 9

D ear G o v e r n o r Y ou n g:
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 i o n s i n G overnm ent
s e c u r i t i e s and b a n k e r s 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
M arket I n v e s tm e n t C o m m it t e e .fo r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o m A p r i l 2 5 , 1929 t o May 1 , 1 9 2 9 i n c l u s i v e ,
t o g e t h e r w i t h d a t a r e c e i v e d b y t h e C om m ittee fro m th e F e d e r a l
re s e r v e ban k s.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 » VffiSfr

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED MAY-1,

-1 9 2 8 A pr,
25
May
29
J une 27
J u ly 25
Aug- ' 29
S e p t* 26
O ct*
31
Nov*
28
26
D ec.
-1 9 2 9 Jan*. 30
Feb*
27
27
% r.
Apr*
24
May
1

TOTAL
EARNING
ASSETS

1929

(0 0 0 O m itted )
GOVERNMENT SECURITIES
BANKERS ACCEPTANCES
S a le s
O u t r ig h t
O u t r ig h t
S a le s
C o n tra cts
P u rch ases
P u rch ases
C on tra cts

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

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

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

$ 3 3 1 ,4 2 5
2 8 3 ,4 7 2
*199,074
1 6 0 ,9 3 9
1 5 6 ,7 6 5
2 0 4 ,8 0 5
3 5 5 ,4 7 9
4 3 1 ,2 3 0
4 2 2 ,6 7 8

$ 3 4 ,4 1 6
2 Q ,516
2 4 ,3 5 8
8 ,1 4 4
2 7 ,5 3 4
5 8 ,6 1 4
8 3 ,8 9 7
5 1 ,1 1 3
6 6 ,5 9 2

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

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

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

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

BILLS
DISCOUNTED
$

5 3 ,5 8 0
2 5 ,7 6 7
1$,80O
2 1 ,9 3 1
4 8 ,4 2 7

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

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING WEEK ENDED MAY 1 , 1929
(OOO O m itted )
GOVERNMENT
B a la n c e
May 1
B o sto n
New Y ork
P h ila d e lp h ia
C le v e la n d
Richm ond
A tla n ta
C h ic a g o
S t* L o u is
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
N .Y , h o l d o v e r s
and o t h e r b i l l s
T o ta ls

$

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

Ne t
Change
$

BANKERS ACCEPTANCES
N et
B a la n c e
Change
Mav 1

31517287346—
0
1296314 ,2 1 3 +
1290
203354-

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

$

592+
9 ,5 4 3 +
9082 ,7 3 5 1 ,6 1 3 1 ,3 3 6 848+
1 ,0 8 1 1 ,4 3 7 82053153-

4 .8 3 0
$ 1 4 0 ,9 1 4

$ 1 ,8 0 2 +

$ 2 ,7 5 0 +

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

$ 8 ,3 8 2 +
1 5 ,2 8 7 1 1 ,7 9 7 1 6 ,2 6 9 +
2 ,8 1 7 +
9 ,1 3 7 +
1 ,4 6 0 231+
1 ,8 6 5 2 ,9 8 4 +
583+
1 ,3 2 2 +

$ 9 8 5 ,8 2 9

$ 1 1 ,3 1 6 *

2 T281+

$ 1 2 1 ,9 9 4

BILLS DISCOUNTED
N et
B a la n c e
Change
Mav 1

COMMENT ON CHANGES WEEK ENDED MAY 1 ,

1929

T o t a l e a r n in g a s s e t s o f t h e S ystem show ed an i n c r e a s e o f $ 4 8 ,6 4 4 ,0 0 0 f o r
t h e c u r r e n t s ta t e m e n t w eek.
The a p p r o x im a te ch a n g e s b y c l a s s i f i c a t i o n c o n s i s t e d o f
i n c r e a s e s o f s }l# 8 0 0 ,0 0 0 and $ 2 ,7 5 0 ,0 0 0 r e s p e c t i v e l y , i n o u t r i g h t p u r c h a s e s o f G overr
m eat s e c u r i t i e s and b a n k e r s a c c e p t a n c e s , $ 1 1 ,3 0 0 ,0 0 0 I n b i l l s d i s c o u n t e d .a n d
$ 2 5 ,6 5 0 ,0 0 0 n e t i n in v e s t m e n t s h e l d ux& er s a l e s c o n t r a c t s *
The l a t t e r it e m c o n s i s t e d
c f an i n c r e a s e o f $ 2 6 ,5 0 0 ,0 0 0 i n b a n k e r s a c c e p t a n c e s and a d e c r e a s e o f $ 8 5 0 ,0 0 0 i n
Governm ent s e c u r i t i e s *




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 * MRSS*

2
Money
M arket

The r e n e w a l r a t e f o r c a l l money r o s e f u r t h e r t o a h ig h o f
14 p e r c e n t at t h e end o f A p r i l , and t h e r a t e f o r new l o a n s t o u c h e d
15 p e r ce n t»O n May 1 ? h o w e v e r , th e re n e w a l r a t e d ro p p e d t o 11 p e r c e n t
and d u r in g t h e day t h e r e was a su b s e q u e n t r e d u c t i o n i n t h e new lo a n
r a t e t o 10 p e r c e n t .
On t h e n e x t d a y o f t h e c a l e n d a r w eekf T h u r s d a y ,
t h e c a l l r a t e was s t e a d y a t 10 p e r c e n t , w h ile on F r id a y t h e new lo a n
r a t e ad v a n ced l a t e i n t h e a f t e r n o o n t o 11 p e r c e n t fro m a r e n e w a l a t
10 p e r c e n t , a cco m p a n y in g t h e u s u a l o u t f l o w o f fu n d s t o o t h e r d i s t r i c t s
a f t e r t h e f i r s t o f t h e m on th , w eek -en d c u r r e n c y w it h d r a w a l s , and a
Governm ent c a l l from d e p o s i t a r i e s *
D u rin g tfee f i r s t p a r t o f t h e w eek , t h e r e was some i n f l o w o f
fu n d s t o t h i s m arket from o t h e r c e n t e r s , and t h e r e w ere a l s o s u b s ta n ­
t i a l d is b u r s e m e n ts made b y t h e R e s e r v e Bank f o r f o r e i g n a c c o u n t*
T h e se
g a in s t o t h e m ark et w ere su p p le m e n te d b y an i n c r e a s e i n R e s e r v e Bank
t a k i n g s o f b i l l s ( m o s t l y u n d er s a l e s c o n t r a c t ) , and as a c o n s e q u e n c e
t h e b o r r o w in g s o f t h e New Y o rk C i t y b an k s a t t h e F e d e r a l R e s e r v e
t e m p o r a r i l y w ere re d u ce d t o a r e l a t i v e l y lo w l e v e l *
L a t e r i n t h e w eek ,
t h e i n c r e a s e d r e q u ir e m e n ts f o r c u r r e n c y , t h e Governm ent w ith d r a w a l from
d e p o s i t a r i e s , and t h e o n s e t o f an ou tw ard movement o f co m m e r c ia l f u n d s ,
ca u se d an i n c r e a s e i n New Y ork bank b o r r o w i n g , b u t on F r id a y t h e i n ­
d e b t e d n e s s o f t h e C i t y ba n k s was s t i l l a b o u t 0 3 7 ,0 0 0 ,0 0 0 l o w e r th a n on
t h e p r e c e d i n g F r i d a y , and f o r th e week a v e r a g e d 0 1 8 6 ,0 0 0 ,0 0 0 , o r
$ 2 1 ,0 0 0 ,0 0 0 l e s s th a n i n t h e p r e c e d i n g week#
The tim e m oney m a rk et was v e r y q u i e t d u r in g t h e p a s t w e e k ,
and t r a d i n g was l a r g e l y c o n f i n e d t o t h e s h o r t e r m a t u r i t i e s *
In th e
f i r s t p a r t o f t h e w eek , 30u d ay m oney l e n t a t 9 p e r c e n t , and 60 and
9 0 u d ay m oney a t 8 l / 2 p e r c e n t , b u t to w a r d t h e end o f t h e week t h e
3 G -d a y r a t e r e c e d e d t o 8 3 /4 p e r c e n t , w h ile 60 and 9 0 -d a y m oney re ­
m ain ed a t 8 l / 2 p e r c e n t .
F o u r t o s i x m onths* m oney was q u o te d
n o m i n a ll y a t 8 l / 4 p e r c e n t*
The m ark et f o r co m m e r c ia l p a p e r c o n t in u e d e x c e e d i n g l y q u i e t .
¥ h i l e t h e p r e v a i l i n g r a t e f o r p r im e names rem a in ed a t 6 p e r c e n t , t h e r e
w ere some s a l e s o f t h e s m a l l e r g o o d names a t 6 l / 4 p e r c e n t , on d i r e c t
b i d s fro m t h e banks*
The t o t a l volum e o f s a l e s was s m a l l , and mer­
ch a n ts * r e q u ir e m e n ts f o r a ccom m od a tion l im i t e d *

Governm ent
S e c u r ity
M arket




The m arket f o r U n ite d S t a t e s Governm ent s e c u r i t i e s was q u ie t
w ith t h e demand, i n t h e l a t t e r p a r t o f t h e week sh ow in g some im provem en t
o v e r t h e p r e v i o u s week*
The 3 l / 2 p e r c e n t T r e a s u r y n o t e s m a tu r in g on
March 1 5 , 1 9 3 0 -3 2 and t h e l o n g - t e r m b o n d s w ere i n b e s t demand, w h ile
T r e a s u r y c e r t i f i c a t e s and T r e a s u r y n o t e s due S e p te m b e r and D ecem ber 1 5 ,
1 9 3 0 -3 2 w ere f i r m .

4
4
4
4
4
3
3
3

1 / 2%
3 /4 $
l/4 fo
l/4 /o
3 /4 /
l/2^o
1/2%
1 /2 /

D e a l e r s 1 O f f e r i n g P r i c e s a t t h e End o f t h e C a le n d a r Week
and N et C hanges from P r e v io u s W eek*s C lo s e
N et
Approx*
Y ie ld
Change
P r ic e
Issu e
4 *7 1
+ l/3 2
99 3 1 /3 2
C e r t . o f In d * due June
1 5 , 1929
n
11
_
_
4 .8 9
S e p t . 1 5 , 1929
99 3 0 /3 2
“
11
11
M
"
S e p t . 1 5 , 1929
99 2 3 /3 2
5*02
11
11
"
1929
99 1 8 /3 2
4 .9 7
D ec.
15,
it
11
it
99 2 9 /3 2
"
Dec*
4 .8 8
15, 1929
T r e a s u r y N o te s 11
Mar*
97
3 /3 2
+ 3 /3 2
4 *5 9
15* 1932
it
11
"
S e p t . 1 5 , 1932
97
4*47
Tl
11
1932
D ec.
97
4 *4 0
15,
ii

DECLASSIFIED
Authority £»Q« VWS?

P r i c e s on N©w Y ork S t o c k E x ch a n ge on S a t u r d a y ,
May 4 t 3.929 and N o t C hanges from Previous W eek*s C lo s e

Issu e
1st 3 l/2 s
1st 4 l /4 s
4 th 4 l / 4 s

er.s
^ ffp p ta n c e s

fp M m
J£-Yr l.




P r ic e
98 3732
99 2 2 /3 2
99 2 f / 32

N et
Change I s s u e
+ 7 /3 2 T r e a s ,
+ 7 /3 2
w
+ 3 /3 2
M
H
"

P r ic e
4 s 1944^.54
4 l / 4 s 1 9 4 7 -5 2
3 3 / 4 s 1 9 4 6 -5 5
3 3 / 3 s 1 9 4 3 -4 7
3 3 / 8 s 1 9 4 0 -4 3

105 2 /3 2
109
102
6 /3 2
98
l/3 2
97 2 8 /3 2

N et
Change
+ 7 /3 2
+ 8 /3 2
+ 9 /3 2
+ 1 /3 2
+ 4 /3 2

d e a l e r s * o f f e r i n g s o f u n in d o r s e d b a n k e r s a c c e p t a n c e s c o n t in u e d
^a!t t h e f o l l o w i n g r a t e s d u r in g t h e c u r r e n t s ta t e m e n t w eek :
5 3 /8 p e rce n t
f o r 3 0 c t £ 0 # , 9 0 s and 1 2 0 s and 5 1 / 2 p e r c e n t f o r 1 8 0 - d a y b i l l s .
On
May 3 , d e a l e r s a d v a n ce d t h e i r b i d and a sk ed r a t e s on 30*.day b i l l s l / 8
p e r C e n t, r a t e s f o r o t h e r m a t u r i t i e s r e m a in in g unchan ged*
B o s t o n r e p o r t s t h a t t h e r e was a n o t i c e a b l e im p rov em en t i n t h e
b i l l m ark et i n i t s d i s t r i c t d u r in g t h e p a s t p e r i o d . The s u p p l y o f new
b i l l s show ed a g o o d i n c r e a s e , w h i le s a l e s w ore t h e h i g h e s t i n s e v e r a l
w eeks p a s t *
The e f f e c t o f t h e l o w e r in g o f t h o b i l l r a t e d u r in g t h e
p r e v i o u s week b e g a n t o make i t s e l f f e l t , and some o f t h e l a r g e r a c c e p t s
a n ce h o u s e s r e p o r t e d t h a t many m ore a c c e p t a n c e c r e d i t s w i l l b e op en ed
upon a f u r t h e r r e d u c t i o n .
O f f e r i n g s t o t h e R e s e r v e ^ank w ere g r e a t e r
th a n f o r some t im e *
I n New Y o r k t h e s u p p ly o f b i l l s , ■sshilo n a r r o w ,
i n c r e a s e d a b o u t 6 0 p e r c e n t o v e r l a s t w e e k 's a g g r e g a t e *
T he volum e
was t h e l a r g e s t s o f a r t h i s y e a r , and was c o n s i d e r a b l y i n o x c e e s o f
t h e demand w h ich a l s o i n c r e a s e d s u b s t a n t i a l l y .
D e a le r s * p u r c h a s e s
c o n s i s t e d m a in ly o f s h o r t b i l l s , Tuhich a t p r e s e n t a r e v e r y h a r d t o
m ove.
d i s t r i b u t i o n c o n s i s t e d m a in ly o f o r d e r s f o r n i n e t i e s f o r f o i w
e ig n a c c o u n t.
L o c a l b u y in g im p r o v e d m o d e r a t e ly and was c h i e f l y f o r
c o r p o r a tio n a cco u n t.
D e a le r s * p o r t f o l i o s i n c r e a s e d a b o u t 50 p e r c e n t *
P h i l a d e l p h i a r e p o r t s t h a t i t s a c c e p t a n c e m a rk et was g e n e r a l l y i n a c t i v e *
O f f e r i n g s w ere m ore p l e n t i f u l and c o n s i s t e d f o r t h e m o s t p a r t o f 3 0 - d a y
b ills .
T h e demand im p r o v e d s l i g h t l y .
D e a le r s * p o r t f o l i o s i n c r e a s e d *
C h ic a g o r e p o r t s t h a t t h e r e was v e r y l i t t l e ch a n g e i n i t s b i l l m ark et
fro m t h e p r e v i o u s w e e k , a lt h o u g h d e a l e r s r e p o r t e d an i n c r e a s i n g d i s t r i ­
b u t i o n i n s m a ll am ounts among c o u n t r y b an k s*
D a l la s r e p o r t s t h a t
d e a l e r s r e p o r t e d b i l l s m oved f r e e l y a t o f f e r e d p r i o e s w ith t h e dtomand i n
e x c e s s o f t h e a v a i l a b l e s u p p ly *
One d e a l e r m aking a p r a c t i c e o f b u y in g
u n a c c e p t e d b i l l s r e p o r t e d a s l i g h t i n c r e a s e i n t h e s u p p ly on a c c o u n t
o f a p p r o a c h in g I'-ay s h ip m e n ts .
O f f e r i n g s t o t h e R e s e r v e Bank w ere
s l i g h t l y l e s s th a n t h e p r e v i o u s w eek and c o n s i s t e d a lm o s t e n t i r e l y o f
t h i r t i e s and s i x t i e s .

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED

Authority E»Q«

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T r a n s a c t i o n s consum m ated u n d er T r e a s u r y a u t h o r i z a t i o n d u r in g t h e c u r r e n t
s ta t e m e n t week w ere as f o l l o w s :
S a l e s o f § 2 t 3 0 0 f 00Q p a r amount 3 l / 2 $ T/H due 3 / 1 5 / 3 0 - 3 2 f o r a c c o u n t A l i e n
P r o p e r t y C u s to d ia n
1 * 0 0 0 ,0 0 0
w
"
4 l / 2 f 0 C .I due 6 /1 5 /2 9 f o r a c c o u n t G o v e n v
m ent L i f e I n s u r a n c e Fund
$ 3 ,3 0 0 ,0 0 0

md p u rch a se s o f $

T o t a l S a le s

3 8 3 ,9 0 0 p a r amount 4 l /4 j£ F o u r th L /L b o n d s f o r a c c o u n t
I n t e r s t a t e Commerce C om m ission ,
G e n e r a l R a i lr o a d C o n t in g e n t Fund
1 , 3 0 0 ,0 0 0
w
M
3 1 /2 % T /N due 3 / 1 5 / 3 0 - 3 2 f o r German
S p e c i a l D e p o s it A cco u n t

$ 1 ,6 8 3 ,9 0 0

T o t a l P u rch ases

SYSTEM SPECIAL INVESTMENT ACCOUNT > GOVERNMENT SECURITIES
As m e n tio n e d i n l a s t w eek f s r e p o r t , t h e F e d e r a l R e s e r v e Bank o f S t .
r e p u r c h a s e d on A p r i l 26 * 0 3 ,5 0 0 ,0 0 0 o f t h e $ 9 ,5 0 0 ,0 0 0 t e m p o r a r i l y t a k e n o v e r fro m them r e c e n t l y *

T h is s a l e

L o u is

3 1 /2 % T r e a s u r y n o t e s

r e d u c e d t h e t o t a l amount o f

h o l d i n g s i n t h o A c c o u n t t o $ 2 3 ,5 0 0 ,0 0 0 , i n c l u d i n g t h e b a l a n c e o f 0 6 ,0 0 0 ,0 0 0 n o t e s
b e i n g h e l d t e m p o r a r i l y f o r t h o S t*
b an k s and t h e c l a s s i f i c a t i o n

L o u is bank*

The p a r t i c i p a t i o n b y F e d e r a l r e s o r v e

o f is s u e s at th e c lo s e

o f t h e s ta te m e n t w eek e n d in g

May 1 , 1 9 2 9 , w ere a s f o l l o w ® ;
PARTICIPATION BY FECERAL RESERVE BANKS
B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
Richm ond
A tla n ta
C h ic a g o
S t . L o u is
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

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

Totals

023,500,000




RECAPITULATION OF HOLDINGS BY MATURITIES
D e c . 1 5 , 1932 -

3 l/2 f* T/U

$ l 7 t 5QQ$OQO

P lu s te m p o r a r y
p u r c h a s e fr o m
S t , L o u is * p o r t f o l i o
3 1 /2 ? . T/tt duo 3 /1 5 / 3 2 0 3 ,0 0 0 ,0 0 0
3 X /if. "
" 9/15/32 3.000.000
6 ,0 0 0 ,0 0 0

023,500,000

O W!
TP

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 «

ITEMIZED STATED - OF TRANSACTIONS AFFECTING-THE
/ESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM APRIL 25 TO HAY 1 , 1 9 2 9 , INCLUSIVE
GOVERNMENT, SECURITIES ~ SYSTEM INVESTMENT ACCOUNT
S a le t o
S t .L o u i s
B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
Richm ond
A tla n ta
C h ic a g o
S t* L o u is
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

$

3 1 5 ,0 0 0
1 ,0 8 7 ,5 0 0
2 8 7 ,0 0 0
3 4 6 ,0 0 0
0
1 0 2 t 000
6 3 1 ,0 0 0
0
1 5 9 ,0 0 0
0
2 1 9 ,0 0 0
3 5 3 f 500

$ 3 ,5 0 0 ,0 0 0

T o ta l

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
New Y ork
A tla n ta
S t.

L o u is

M in n e a p o lis
D a lla s

P u rch ases
§ 1 ,2 5 9 ,2 5 0
* 1 ,0 4 0 ,0 0 0
9 6 ,4 0 0
* * 3 ,5 0 0 ,0 0 0
4 7 5 ,0 0 0
2 3 7 ,5 0 0
3 0 .0 0 0
1 6 .0 0 0

T o ta ls

Issu e
A -1 9 3 0 -3 2 N o te s
June 1 5 , 1929 C / l
M isc* Gov’ t Sec*
CL 1 9 3 0 -3 2 N o te s
A - 1 9 3 0 -3 2
"
B - 1 9 3 0 -3 2
"
M isc# G o v 't - S e c .
June 1 5 , 1929 C / l

S a le s
$ 1 ,2 2 8 ,7 0 0
0
1 2 3 ,2 5 0
0
0
0
0
0

Issu e
F o u rth L /L b on d s
M isc*

G ovH S e c .

$ 1 ,3 5 1 ,9 5 0

0 6 ,6 5 4 ,1 5 0

*He l d t e m p o r a r ily ,
* * R e p u r c h a s e from S ystem A cco u n t,
BANKERS ACCEPTANCES
(0 0 0 O m itted )
H o ld in g s
B oston
New York

P u rch ased

0 1 9 ,8 8 9
1 3 ,3 0 2

0 3 ,0 5 0
* 1 7 ,6 2 0
4 ,8 7 7
2 ,3 8 7
0
0
524
539
0
0
0
714
1*036

P h ila *
C l eve*
Ri chmond
A tlan ta
C hicago
S t . Louis
Minn*
Kan* C i t y
D allas
San Fran*

1 2 ,2 1 4
1 5 ,6 2 0
7 ,8 8 8
7 ,8 8 8
2 ,1 9 4
2 ,4 4 8
5 ,0 9 2
6 ,6 7 8
1 1 ,0 0 7
12 t475

R.
II

By A l l o t ­
m ent from
0
0

Mat u r itie s &
0 2 ,4 5 8
8 ,0 7 7

H o ld in g s
1
0 2 0 ,4 8 1
2 2 ,8 4 5

O th e r H o ld in g s
C lo s e May 1 T 1929
S a le s
O th er
B ills
O' 9 ,5 1 6
0
75
678
3 0 ,7 4 3

A*

R*

ti
>
i

ii

0
1 ,2 5 0
502
468
936
0
523
784
414
0

3 ,2 9 5
3 ,9 8 5
2 ,1 1 5
2 ,3 2 8
627
1 ,0 8 1
1 ,9 6 0
1 ,6 0 4
1 ,6 5 9
■1.089

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

96
106
52
902
141
44
27
33
36
72

0
0
0
0
3 ,7 9 6
0
0
0
262
4 T110

0 4 8 ,4 2 7
0 3 0 ,7 4 7
T o ta ls
04 *877
0 3 0 ,2 7 8
0 1 1 7 ,1 6 4
0 1 1 6 ,6 9 5
B i l l s h e l d o v e r n ig h t b y New Y ork f o r d i s t r i b u t i o n t o o t h e r F„ R, Banks - -

0 2 ,2 6 2
2 .5 6 8

R. i n d i c a t e s R e t a in e d and A. i n d i c a t e s A l l o t e d , i n t h e a b ov e
sta te m e n t.
* The m a t u r i t i e s o f t h e s e b i l l s w ere t o o s h o r t t o a p p o r t i o n t h e b i l l s to o t h e r
p a r t i c i p a t i n g banks

NOTE;




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED

Authority £»Q*

-

6
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING MAY 1T 1929
(000 O m itte d )
1 - 3 0 days
5 -5 l/2 5 o
B o s to n
New Y ork
P h ila d e lp h ia
A tla n ta
C h ica g o
D a lla s '
San F r a n c i s c o
T o ta ls

3 1 -6 0 days
5 1 / 8 - 5 5 /8 $

6 1*90 days
5 1 / 4 - 5 5 /8 $

O v er 9 0 - days
5 3 /4 $ ......

T ota l

§ 1 , 421
2 0 ,5 0 6 ,
1 , 089 *
500*
517
337
23 4

§ 1 , 629
1 ,9 7 8
526
0
22
296
790

§ o
0
772
24**
0
64
12

§0
13
0
0
0
17
0

• § 3 ,0 5 0
2 2 ,4 9 7
2 ,3 8 7
524
539
714
l t 036

§2 4 , 604

§ 5 , 241

§872

§3 0

§3 0 , 747

,

" * P u rch ased a t 4 l / 2 $
* * P u r c h a s e d a t 4 3 /4 $
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES CURING WEEK ENDING MAY 1 . 1929
(000 O m it t e d )
(E x c lu d in g S a l e s C o n t r a c t s )
G overn m en t
S e c u r itie s
P u rch ased

Sold
M atu red

T o ta ls

B a n k ers
A ccep ta n ce!

$ 6 , 654
4 ,8 5 2
0

T ota l

§3 0 , 747
0
30. 278
469+
2, 2 8 1 + (N e t Change
________ l<-day h o l d o v e r
& oth e r b i l l s )

§ 1 , 802+

2. 750+

•

§3 7 , 401
4 ,8 5 2
30. 278
§ 2 ,2 7 1 +
2 ,2 8 1 + (N e t Change
(__________ l - d a y h o l d o v e r
& oth er b i l l s )
§ 4, 552+

HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES MAY 1 .
(0 0 0 O m it t e d )

W ith in
1 5 - days
Go.v’ t S e c u r i t i e s
B i l l s P u rch ased

T o t a ls




9 ,8 1 6
94. 551

§1 0 4 ,3 6 7

(I n c lu d in g S a le s C o n tr a c ts )
1 6 -3 0
3 1 -6 0
6 1 -9 0
days_______days
days

91 d a y s 6 m onths

1929

O v er 6
m on th s

To t a l

0
30. 092

§ 1 ,0 6 0
32. 037

§

0
1 1 T069

§ 9 ,1 5 5
2. 672

§ 1 3 0 ,6 9 9
0

§ 1 5 0 , 730
1 7 0 .4 2 1

§30, 092

§ 3 3 ,0 9 7

§11, 069

§ 1 1 ,8 2 7

§1 3 0 ,6 9 9

§3 2 1 ,1 5 1

§

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED

Authority £»Q»

\

A p r i l SO , 1 9 2 9

Dear Mr* M a tte s o n :
I
ack now 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 i o n o f th e members o f t h e F e d e r a l Re­
s e r v e Board yo u r l e t t e r o f the,J£8£&L i n s t a n t , en ­
c l o s i n g r e p o r t o f t r a n s a c t i o n s i n Ooveranient s e c u r i ­
t i e s and bank ers a c c e p ta n c e s a s r e p o r te d t o y o u r
com m ittee f o r th e p e r io d froia A p r i l 1 8 , 1 9 2 9 t o
A p r il 2 4 , 1 92 9 i n c l u s i v e *
V ery t r u l y y o u r s ,

E . M* M c C le lla n d ,
A s s i s t a n t S e c r e ta r y

Mr* V,. B* M a tte s o n , S e c r e t a r y ,
Open
In v e stm e n t C o m m ittee,
c / o F e d e r a l R e se rv e Bank,
New 'fo r k , II. Y,

Unrket

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

Fe

d e r a l

o f

R
N

e s e r v e

e w

Y

B

a n k

o r k

P E R S O N A L

A p r i l 2 9 , 1929

D ear G o v e rn o r Y ou n g:
We a r e e n c l o s i n g , f o r y o u r f i l e s ,

a rep o rt o f tra n s-

a c t i o n s a s r e p o r t e d t o t h e Open M ark et I n v e s tm e n t C om m ittee
f o r t h e F e d e r a l R e s e r v e S y stem f o r t h e p e r i o d fro m A p r i l 1 8 ,
1 929 t o A p r i l 2 4 , 1 9 2 9 i n c l u s i v e , t o g e t h e r vrith d a t a r e c e i v e d
b y t h e C om m ittee fr o m t h e F e d e r a l r e s e r v e b a n k s .

S e c r e t a r y , Open Marke
In v e s tm e n t C om m ittee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority e . q .

0 n * /

'

/

m s?

s '

'Q U .1 J L . r

( U lU_AJL'
i
Fe d e r a l R e s e r v e B a n k
of

CONFIDENTIAL

Ne w Yo r k

A p r il 2 9 , 1929

Mr* E . A . G o ld e n w e is e r ,
D i r e c t o r , D i v i s i o n o f R e s e a r c h and S t a t i s t i c s ,
F e d e ra l R eserve B oa rd ,
W a s h in g to n , D. C.
D ear Mr* G o ld e n w e is e 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 i o n s i n G overnm ent

s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M arket I n v e s t m e n t C om m ittee f o r th e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o m A p r i l 1 8 , 19 2 9 t o A p r i l 2 4 , 19 2 9 i n c l u ­
s i v e , t o g e t h e r w it h d a t a r e c e i v e d b y t h e C om m ittee fr o m t h e
F e d e r a l r e s e r v e b an k s*




Secretary, Open Market
Investment Committee

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q« \33Sy

FOR SPE C IA L CIRCULATION _
A §!

^

J Eb h fBUfeig V

Mr

it.¥km *

7 , I N I T I A L AND F S T IF "' TO
« i i n U -*

^

Fd*teW*t«RESERV»l?o f

N

e w

CONFIDENTIAL

Y

o r k

A p r i l 2 9 , 1929

D ea r G o v e r n o r Y ou n g;
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 i o n s i n G overnm ent

s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M arket In v e s t m e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o to A p r i l 1 8 , 19 2 9 t o A p r i l 2 4 , 1 9 2 9 i n c l u ­
s i v e , t o g e t h e r w it h d a t a r e c e i v e d b y t h e C om m ittee fro m t h e
F ed era l r e s e r v e ban ks.

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Xoung,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.




eproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »0 * MRS?*

CONFIIENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE VffiEK jurlDED APRIL 2 4 , 1929
H o ld in g s

-1 9 2 8 Apr*
25
May
29
June 27
J u l y 25
Aug*
29
S e p t . 26
O ct*
31
Nov*
28
Dec*
26
-1 9 2 9 30
Jan*
Feb.
27
27
Mar*
17
A p r.
A pr.
24

o f E a r n 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 from A p r i l 2 5 .
(0 0 0 O m itted )

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

GOVERNMENT SECURITIES
S a le s
O u t r ig h t
P u rch ases
C o n tra cts
0 2 9 3 ,3 6 5
0 1 1 ,3 9 0
2 0 3 ,8 9 1
1 5 ,5 3 5
1 9 9 ,9 7 7
1 1 ,9 6 0
1 0 ,5 0 6
1 9 7 ,1 3 5
1 1 ,9 1 6
1 9 7 ,0 4 8
2 1 3 ,3 7 4
1 5 ,6 5 8
2 0 0 ,4 7 0
2 6 ,6 2 9
24,6442 0 4 ,6 3 8
3 5 ,3 0 0
1 9 7 ,0 2 8
1 9 9 ,0 2 6
1 6 4 ,9 8 5
1 6 5 ,9 6 5
1 5 1 ,6 4 4
1 3 9 ,1 1 2

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

1928 t o

BANKERS ACCEPTANCES
S a le s
O u t r ig h t
C o n tra cts
P u rch ases
0 3 4 ,4 1 6
0 3 3 1 ,4 2 5
2 8 3 ,4 7 2
2 0 ,5 1 6
2 4 ,3 5 8
1 9 9 ,0 7 4
8 ,1 4 4
1 6 0 ,9 3 9
2 7 ,5 3 4
1 5 6 ,7 6 5
5 8 ,6 1 4
2 0 4 ,8 0 5
8 3 ,8 9 7
3 5 5 ,4 7 9
5 1 ,1 1 3
4 3 1 ,2 3 0
6 6 ,5 9 2
4 2 2 ,6 7 8
3 8 2 ,0 2 9
3 0 8 ,3 0 8
1 9 1 ,6 2 7
1 2 7 ,1 1 7
1 1 9 ,2 4 4

Date

BILLS
DISCOUNTED
0
7 0 9 ,0 7 3
9 4 3 ,7 9 1
1 ,0 3 1 ,8 7 4
1 ,0 2 5 ,1 0 9
1 ,0 3 8 ,7 7 3
1 ,0 1 0 ,7 6 6
9 3 2 ,2 7 1
9 9 0 ,2 4 0
1 ,1 6 7 ,5 7 9

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

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

CHANGES IN EARISING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING VJEBK ENDED APRIL 2 4 . 1929
(0 0 0 O m itted )
GOVERNMENT SECURITIES
B a la n c e
N et
Ad ip. 24
Change
0 4 ,4 2 0
0 1 ,0 9 4 9 ,6 0 3
3 ,7 7 8 1 7 ,2 2 6
1 ,0 2 5 2 8 ,3 0 8
1 ,2 0 3 1 ,8 0 9
3043 ,3 7 1
3802 4 ,6 7 2
2 ,1 9 2 7 ,1 2 5
0
8 ,7 9 4
5529 ,7 9 3
0
1 1 ,6 3 0
7761 2 ,3 6 0
1 ,2 28—

B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
R ichm ond
A tla n ta
C h ic a g o
S t . L o u is
M in n e a p o lis
K ansas C i t y
D a lla s
S an F r a n c i s c o
N .Y . h o l d o v e r s
and o t h e r b i l l s
T o ta ls

BANKERS ACCEPTANCES
N et
B a la n ce
Change
A p r, 24
0
224+
0 1 9 ,8 8 9
1 ,5 9 7 +
1 3 ,3 0 2
1 2 ,2 1 4
510+
1 5 ,6 2 0
1 ,2 1 0 6707 ,8 8 8
8+
7 ,8 8 8
2 ,1 9 2 2 ,1 9 4
1 ,9 8 8 2 ,4 4 8
3025 ,0 9 2
9876 ,6 7 8
1 1 ,0 0 7
6709771 2 ,4 7 5
2 T549

0 1 3 9 ,1 1 2

0 1 2 ,5 3 2 -

l r216-

0 1 1 9 ,2 4 4

0 7 ,8 7 3 -

D
B ILIS : ISCOUNTED
N et
B a la n c e
Change
A p r. 24
0 7 5 ,4 2 6
0 1 ,0 8 2 —
2 ,8 6 6 +
2 6 2 ,8 6 9
4 ,8 6 1 +
1 1 3 ,6 5 9
1 4 ,7 4 5 7 5 ,0 7 8
3 ,6 7 2 5 1 ,5 4 4
.1 ,3 2 6 +
6 7 ,3 7 4
6 ,3 2 9 1 1 2 ,1 8 5
6 ,7 5 3 4 7 ,1 0 2
1 ,6 5 8 +
2 4 ,2 3 5
4 3 ,1 3 7
2 ,4 0 6 +
2 2 ,1 4 2
1 ,1 1 8 +
1 ,4 3 7 7 9 ,7 6 2

0 9 7 4 ,5 1 3

0 1 9 ,7 8 3 -

COMMENT ON CHANGES WEEK ENDED APRIL 2 4 T 1 9 2 9 ,
T o t a l e a r n in g a s s e t s o f th e System d e c l i n e d £ 2 9 ,5 6 1 ,0 0 0 to t h e i r l o w e s t
The a p p r o x im a te c h a n g e s b y c l a s s i f i c a t i o n c o n s i s t p o i n t s i n c e M arch o f l a s t y e a r ,
e d o f d e c r e a s e s o f 0 1 2 ,5 5 0 ,0 0 0 an d 0 ? , 8 5 0 ,0 0 0 r e s p e c t i v e l y , in o u t r i g h t p u r c h a s e s o f
G overn m en t s e c u r i t i e s an d b a n k e r s a c c e p t a n c e s , § 1 9 ,8 0 0 ,0 0 0 i n b i l l s d i s c o u n t e d an d
an i n c r e a s e o f § 8 , 900, 000 i n in v e stm e n ts h e l d u n d e r s a l e s c o n t r a c t s .
The l a t t e r
i n c r e a s e c o n s i s t e d o f 090 0, 000 i n G overnm ent s e c u r i t i e s an d $8, 0 00, 000 i n b a n k e r s
a ccep ta n ces.




"^

. . .

.

.i

i

i i

Reproduced from the Unclassified I Declassified Holdings of the National Archives

"

T
*

M oney
M ark et

^

i

m m m m m m m m m mn
m m m m m m m m m r*

DECLASSIFIED

Authority E »0« VTRSy

C a l l m oney b eg a n t h e week a t a r e l a t i v e l y l o w l e v e l b u t a d v a n c e d r a t h e r s h a r p ly a s t h e w eek p r o g r e s s e d , i n r e s p o n s e t o m o n th -e n d
in flu e n c e s .
The r a t e rem a in ed a t 7 l / 2 p e r c e n t on M onday, c o n t i n u i n g
t h e m ovem ent o f th e p r e v i o u s w eek, b u t on T u esd ay a d v a n c e d t o 8 p e r
c e n t , a t w h ich l e v e l t h e q u o t a t i o n h e l d s t e a d y a l l day W edn esd ay,
On
T h u rsd a y , t h e r e was a r i s e to 12 p e r c e n t from th e ren ew a l l e v e l o f 8
p e r c e n t , and on F r i d a y , th e 2 6 th , th e new l o a n r a t e r e a c h e d 1 6 p e r
c e n t , a f t e r r e n e w a ls h a d b e e n s e t a t 9 p e r c e n t .
The 16 pei* c e n t r a t e
f o r S t o c k E x ch a n ge demand a ccom m od a tion i s th e h i g h e s t s i n c e M arch 26,
when m oney r e a c h e d 20 p e r c e n t .
The f l o w o f c o m m e rcia l fu n d s b e tw e e n t h i s m a rk e t an d o t h e r
c e n t e r s l a r g e l y b a l a n c e d d u r in g th e w eek an d f o r e i g n a b c o u n t paym ents
r e s u l t e d i n l i t t l e n e t a d d i t i o n o f fu n d s to th e m a r k e t.
In f a c t , a l l
c o m m e r c ia l an d a g e n c y t r a n s a c t i o n s , and F e d e r a l R e s e r v e b i l l and
s e c u r i t y t r a n s a c t i o n s , com b in ed , p l a c e d o n l y a sm a ll n e t amount o f functe
a t th e d i s p o s a l o f t h e m a rk e t, a n d a s a c o n s e q u e n c e t h e i n d e b t e d n e s s
o f t h e New Y ork C i t y ba n k s a t th e R e s e r v e Bank rem a in ed h ig h - a v e r a g ­
in g $ 2 0 7 ,0 0 0 ,0 0 0 f o r t h e w e e k .
The tim e m oney m a rk e t e a s e d f u r t h e r d u rin g th e f i r s t p a r t o f
t h e c a l e n d a r w eek, an d l o a n s f o r 2 to 4 m onths w ere p l a c e d a t 8 l / 4 p e t
c e n t , a n d 5 - 6 m on th s* m a t u r i t i e s a t 8 p e r c e n t .
L a t e r in th e week
t h e m a rk e t b eca m e somewhat f i r m e r due to a r e d u c t i o n i n o f f e r i n g s o f
fu n d s , an d l o a n s f o r t h e s h o r t e r m a t u r i t i e s w ere r e p o r t e d a t b o t h 8 l / 4
a n d 8 l / 2 p e r c e n t , w it h no b u s i n e s s i n t h e l o n g e r d a t e s .
T h e re was l i t t l e ch a n g e in t h e co m m e rc ia l p a p e r m a rk e t from
th e p r e v i o u s s t a t e o f q u i e t u d e .
P r a c t i c a l l y a l l names w ere q u o te d a t
6 per cen t.

G overn m en t
S e c u r ity
M a rk et




A ccom p a n y in g f i r m e r money c o n d i t i o n s d u rin g th e l a t t e r p a r t
o f th e c u r r e n t c a l e n d a r week, th e demand f o r U n ite d S t a t e s G overnm en t
s e c u r i t i e s , w h ic h h ad shown some im provem en t d u r in g t h e p r e v i o u s fe w
w eek s, f e l l o f f a n d was som ewhat l e s s th an th e am ount o f o f f e r i n g s .
A l l o f t h e o u t s t a n d in g s h o r t an d l o n g - t e r m i s s u e s show ed s l i g h t f r a c t i o n ­
a l r e c e s s i o n s i n p r i c e s from th e p r e v i o u s w e e k 's c l o s e w it h th e e x c e p ­
t i o n o f th e T r e a s u r y 4 s o f 1 9 4 4 -5 4 w h ich r e g i s t e r e d a g a in o f 5 /3 2 n d s #

4
4
4
4
3
3
3

D e a le r s * O ffe r in g ;. P r i c e s a t th e End o f th e C a le n d a r Week
an d N e t Changes fro m P r e v io u s W eek’ s C lo s e
N et
Appro:
Issu e
P r ic e
Change
Y ie l
C e r t , o f In d * due June 1 5 ,1 9 2 9
99 3 0 /3 2
-1 /3 2
4 ,9 0
1
M 1
it S e p t . 1 5 , 1929
3/ 4% »*
-1 /3 2
4*89
99 3 0 /3 2
H
It H
1 S e p t .1 5 , 1929 99 2 3 /3 2
1
l/4/o
-1 /3 2
4*98
«
II It
it D e c. 1 5 ,1 9 2 9
l/4/o
99 1 8 /3 2
4 .9 5
-1 /3 2
It II
it D e c . 1 5 ,1 9 2 9
3/4/o H
99 2 9 /3 2
4 .8 8
-1 /3 2
1/ 2% T r e a s u r y N o te s
M ar. 1 5 ,1 9 3 2
97
-4 /3 2
4 .6 1
n
II
«
l/2/o
S e p t .1 5 ,1932
97
-4 /3 2
4 .4 6
M
II
i« D ec, 1 5 ,1 9 3 2
l/2/o
97
-4 /3 2
4 .3 9

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority

Issu e
1 s t 3 l/2 s
1 s t 4 l/4 s
4t h 4 l / 4 s

E»Q«

C l o s i n g P r ic e : , o.u New York S t o c k Exchange on S a tu r d a y .
A p r i l 2 7 ,1 9 2 9 and F e t Changes from- P r e v i o u s Week’ s C l o s e
Eet
P rice
Change.
I ssue
P rice
97 26/32
-4 /3 2
T r e a s , 4s
1944-54
10 4 27 /3 2
99 1 5 / 3 2
-5 /3 2
"
4 l / 4 s 19 4 7-52
108 24/32
99 23/32
-2 /3 2
“
3 3 /4 s 1 9 4 6 - 5 6
10 1 29/32
3 3 /8 s 1 9 4 3 - 4 7
3 3 / 8 s 1 9 4 0 -4 3

98
97 24/32

N et
Change
+5/32
-8 /3 2
-5/3 2
-3 /3 2
-8 /32

Bankers
A ccep tan ces

On A p r i l 22 d e a l e r s l o w e r e d t h e i r r a t e s l / 8 p e r c e n t t h e r e ­
b y e s t a b l i s h i n g t h e f o l l o w i n g r a t e s a t which t h e y o f f e r e d u n in d o r s e d
bankers a c c e p ta n c e s ;
5 3/8 p er c e n t f o r 30s, 60s, 90s and 12 0 s , and
5 l / 2 per cen t f o r 180-day b i l l s .

R ep orts
Week
Ending
A p r i l 24

B oston r e p o r t s t h a t t h e r e was no change i n l o c a l c o n d i t i o n s
in i t s b i l l m arket during th e p a s t v/eek and i f a n y t h i n g , t h e s u p p ly
and demand was s l i g h t l y l e s s than th e p r e c e d in g p e r i o d .
A lth o u g h
d e a l e r s l o w e r e d t h e i r r a t e s , no m a t e r i a l e f f e c t was shown.
Due to
t h e v e r y sm all su p p ly , b i l l s moved f r e e l y and d e a l e r s were o b l i g e d
to r e c e i v e t h e d e s i r e d m a t u r i t i e s from t h e i r o f f i c e s i n o t h e r c i t i e s .
O f f e r i n g s to th e R eser ve bank were v e r y s m a l l .
'In Hew York, a s
r e p o r t e d l a s t week, d e a l e r s had d i f f i c u l t y i n f i l l i n g th e demand on
a c c o u n t of t h e i r p o r t f o l i o s b e i n g d e p l e t e d b o t h a s to volume and
m a tu ritie s.
T h is c o n d i t i o n c o n t in u e d u n t i l A p r i l 22 when a l l
d e a l e r s lo w e r e d t h e i r b i d and a s k e d r a t e s l / 8 p e r c e n t on a l l m a t u r i ­
t i e s , e x c e p t 3 0 - day b i l l s .
T h i s r a t e change e f f e c t e d a m oderate i n ­
c r e a s e i n t h e s u p p ly of b i l l s , b u t had t h e te n d e n c y to ca u s e a
d e c r e a s e i n t h e demand, w i t h th e r e s u l t t h a t d e a l e r s * p o r t f o l i o s i n ­
c r e a s e d a b o u t 50 p e r c e n t o v e r th e p re v io u . w eekf s a g g r e g a t e .
P h i l a d e l p h i a r e p o r t s t h a t i t s a c c e p t a n c e s m ark et was unchanged from
t h e p r e v i o u s week.
O f f e r i n g s were l i g h t w it h p r a c t i c a l l y no demand*
C h icago r e p o r t s t h a t i t s m ark et f o r b i l l s c o n t in u e d q u i e t during the
p a s t p e r i o d and c o n d i t i o n s in t h e i r d i s t r i c t d id n o t ap p ear to have
w arranted the r e c e n t decrease in r a t e s .
D a lla s re p o r ts t h a t d ealers
r e p o r t e d b i l l s moved f r e e l y a t o f f e r e d p r i c e s .
The demand f o r the
l o n g e r m a t u r i t i e s f o r w hich t h e r e was a s l i g h t p r e f e r e n c e was i n e x ­
c e s s of th e a v a i l a b l e s u p p l y .
O f f e r i n g s to th e R e se r v e bank were
a b o u t t h e same a s l a s t week, c o n s i s t i n g a l m o s t e n t i r e l y o f t h i r t i e s
and s i x t i e s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q*

/

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T r a n s a c t i o n s consum m ated u n d er T r e a s u r y a u t h o r i z a t i o n d u r in g t h e c u r r e n t
s ta te m e n t week w ere as f o l l o w s :
P u r c h a s e s o f $ 1 ,0 0 0 ,0 0 0 p a r amount 4 3 /4 $ C / l
1 .6 0 0 .0 0 0
1
1
'*
4 3 /4 $
"
2 .4 0 0 .0 0 0
"
'•
4 1 /4 $
M
1 . 0 0 0 T000 "
"
4 1 /2 $
"
.
_
^ 6 ,0 0 0 ,0 0 0 T o t a l P u r c h a s e s
'

due 9 /1 5 /2 9
" 1 2 /1 5 /2 9
1 1 2 /1 5 /2 9
1
"
6 /1 5 /2 9

a c c o u n t S u r p lu s Money
"
H
*
M
C " .
.
« •
"
G overnm ent. L i f e
I n s u r a n c e Fund

SYSTEM SPECIAL INVESTMENT ACCOUNT ~ GOVERNMENT SECURITIES

D u rin g t h e c u r r e n t s ta t e m e n t week s a l e s w ere made fro m h o l d i n g s i n t h e
System A c c o u n t t o t h e m ark et o f 0 1 2 ,5 0 0 ,0 0 0 T r e a s u r y 3 l / 2 $

n o t e s due D ecem ber 1 5 ,

193CL.32 f o r d e l i v e r y as f o l l o w s :
A p r i l 18 "
19 "
24 T o ta l

0 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 T5 0 0 .0 0 0
0 1 2 ,5 0 0 ,0 0 0

T h e se s a l e s r e d u c e d t h e t o t a l amount o f h o l d i n g s i n t h e A cco u n t a t th e
c lo s e

o f b u s i n e s s W edn esday, A p r i l 2 4 , 1 9 2 9 # t o 0 2 7 ,0 0 0 ,0 0 0 , i n c l u d i n g t h e

$ 9 ,5 0 0 ,0 0 0 t a k e n o v e r t e m p o r a r i l y from S t .

L o u is r e c e n t l y *

F e d e r a l r e s e r v e ba n k s and t h e c l a s s i f i c a t i o n
PARTICIPATION BY FEDERAL RESERVE BANKS
B o sto n
New Y ork
P h ila d e lp h ia
C le v e la n d
Riohm ond
A tla n ta
C h ic a g o
S t . L o u is
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

0 2 ,3 6 3 ,5 0 0
8 ,1 5 9 ,0 0 0
2 ,2 1 4 ,0 0 0
2 ,5 9 7 ,5 0 0
6 5 6 ,5 0 0
7 8 6 ,5 0 0
4 ,7 3 4 , 5 0 0
0
1 ,1 9 1 ,5 0 0
0
1 ,6 4 2 ,5 0 0
2 . 6 5 4 r 500

T o ta ls

0 2 7 ,0 0 0 ,0 0 0

N o te :

The p a r t i c i p a t i o n b y

o f t h e i s s u e s w ere as f o l l o w s :

RECAPITULATION OF HOLDINGS BY MATURITIES
Dec* 1 5 , 1932 -

3 l / 2 $ T /N

# 1 7 ,5 0 0 ,0 0 0

P lu s te m p o r a r y
p u r c h a s e fro m
S t . L o u is ’ p o r t f o l i o
3 1 /2 $ T/N due 3 /1 5 /3 2 0 3 ,0 0 0 ,0 0 0
3 1 /2 $
w
M 9 /1 5 / 3 2
3 ,0 0 0 ,0 0 0
3 1/2% "
” 1 2 /1 5 /3 2
3 .5 0 0 .0 0 0
9 ,5 0 0 ,0 0 0

$ 2 7 ,0 0 0 ,0 0 0

On A p r i l 2 6 t h t h e F e d e r a l R e s e r v e Bank o f S t . L o u is r e p u r c h a s e d $ 3 ,5 0 0 ,0 0 0
o f t h o 0 9 ,5 0 0 ,0 0 0 - 3 l / 2 $ T r e a s u r y n o t e s t e m p o r a r i l y ta k e n o v e r from
them r e c e n t ly #




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
- '

Authority £»Q«

5
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEGSRAL RESERVE BANKS FROM APRIL 18 TO APRIL 2 4 r I 9 2 9 p INCLUSIVE
GOVERNMENT SECURITIES * SYSTEM INVESTMENT ACCOUNT
S a le s
B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
R ichm ond
A tla n ta
C h ic a g o
S t . L o u is
M in n e a p o lis
K an sas C i t y
D a lla s
San F r a n c i s c o

$ 1 ,0 9 3 ,5 0 0
3, 777, 500
1 ,0 2 5 , 000
1* 2 02, 500
304, 000
3 6 5 , 000
2 ,1 9 2 , 500
0
551, 500
0
760, 0 0 0
.,,.1 * 2 2 8 * 1 0 0

T o t a l .............................. ...................

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
P u rch ases
$ 1 8 9 ,4 0 0
Sr OOP

A tla n ta
B a l ia s
T o ta ls

Issu e
M i s c . G o v 't S e c .
F o u r th i / L b o n d s

S a le s
$ 2 0 3 ,9 0 0
20* 600

$ 1 9 4 ,4 0 0

Issu e
M is c . G ov’ t S e c .
F o u r t h L /L b o n d s

$ 2 2 4 ,5 0 0

BANKERS ACCEPTANCES
(000 O m itte d )

H o ld in g s
A p r i l 17
$ 1 9 ,6 0 5
1 1 ,7 0 5

B oston
New Y ork
P h ila .
C le v e .
R ichm ond
.A tla n ta
C h ic a g o
S t . L o u is
Minn *
Kan*. C i t y
D a lla s
San F ran*
T o ta ls

1 1 , 704
1 6 ,8 3 0
8 ,5 5 8
7 ,8 8 0
4 , 386
4, 436
5 ,3 9 4
7 ,6 6 5
1 1 ,6 7 7
1 3 r 452
$ 1 2 3 , 352

O th e r H o ld in g s
C lo se A p r i l 2 4 /2 9
S a l es
O th e r
B ills
C on tra cts
$
75
$ 2 ,7 2 8
699
1 4 ,4 0 3

By A l l o t P u r c h a s e d m ent from
Own Mfct.
N. Y,
$ 2 ,4 9 6 R
$ 0
0
3# 514 "
5, 223 A
2 ,5 5 4 R
0
0
1, 694
25 M
628
1 ,2 1 4 "
613
218 *
0
0
0
0
608
0
1 ,0 9 7
722 "
583
338 ”
0

M a tu ritie s &
S a le s
$ 2 ,2 7 2
1 , 916
2, 045
2, 904
1 ,3 2 3
1 ,8 1 9
2 ,4 1 0
1 , 988
910
2, 084
1 ,9 7 5
l r 315

1 2 , 214
15, 620
7, 888
7 ,8 8 8
2 ,1 9 4
2, 448
5, 0 9 2
6, 678
11 , 007
12. 475

751

141

83
3T 966

44
27
33
36
72

$ 1 6 ,3 0 4

$22, 961

$116, 695

§2 1 , 931

$2, 354

0 5 , 223

B i l l s h e l d o v e r n i g h t b y New Y ork f o r

d is tr ib u tio n

H o ld in g s
A p r i l 24
| 1 9, 889
1 3 ,3 0 2

96
106
52
973

0
0
0
0

0
0
0

t o o t h e r F , R* B anks -

J J i.

■42, 549
NOTE:

R« indicates Retained and




indicates Allotted in the above statement

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q « VffiSfr

6
MATURITIES AND RATES ON BILLS PURCHASED « K
(000 O m itte d )
1 - 3 0 days
5 -5 1/2%
B o s to n
New Y ork
P h ila d e lp h ia
R ich n o n d
A tla n ta
C h ic a g o
D a lla s
San F r a n c i s c o

$

T o ta ls

3 1 -6 0 days
5 1 / 4 - 5 5 /8 /o

ENDING APRIL 24 T 1929

6 1 -9 0 days
5 1 / 2 - 5 5 /8 >

O v er 9 0 - days
5 1 /2 * 5 3/4fo

T ota l

$ 1,000
2, 421
997
25
49**
24
361
318

$8, 791

* P u rch ased a t 4 1 /2 %
* * P u r c h a s e d a t 4 3 /4 $

$ 1 ,1 3 4
14
416
0
217**
0
15
0

$239
18 8
0
0
37***
0
39
19

$ 2 ,4 9 6
8, 737
2, 554
25
1 , 214
218
722
338

$ 5 ,1 9 5

123
6 ,1 1 4
1 ,1 4 1
0
911*
194
307
1

$1, 796

$522

$ 16, 304

* * * P u rch a s e d a t 5%

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING YffiEK ENDING APRIL 2 4 .1 9 2 9
(0 0 0 O m it t e d )
(E x c lu d in g S a l e s C o n t r a c t s )
G overnm ent
S e c u r itie s
P u rch ased
S o ld
M atu red

T o ta ls

B a n k ers
A ccep ta n ces

194
1 2 , T25
0

T ota l

§ 1 6 , 304
0
2 2 .9 6 1
$ 6, 6 5 7 1, 2 1 6 - (N e t Change
_____ 1 - d a y h o l d o v e r
& oth e r b i l l s )

012, 5 3 1 -

$16, 498
1 2 , 725
22. 961
$ 1 9 ,1 8 8 l , 2 1 6 - ( N e t Change
_________ J . - d a y h o l d o v e r
&o t h e r b i l l s )
$20, 4 0 4 -

7, 8 7 3 -

HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES APRIL 24.
(0 0 0 O m it t e d )
(in c lu d in g
W ith in
1 5 -d a v s
G ovH S e c u r itie s
B i l l s P u rch ased
T o ta ls




S a le s C o n t r a c t s )
3 1 -6 0
davs

1 6 -3 0
davs

$10, 670
6 6 r 626

$

$ 77, 296

■$28, O il

e
28j O il

1929

6 1 -9 0
davs

91 d a y s 6 m onths

O v er 6
m onths

T ota l

19
34. 266

$ 0
9 .5 5 7

$ 9 ,1 5 5
.....2, .715

$129, 938
0

$149, 782
1 4 1 .1 7 5

$34, 285

$9, 557

$11, 870

$ 1 2 9 ,9 3 8

$290, 957

$

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

Authority £»0» VffiSy

A pril 23, 1929

Dear ?£r* Mattes cm:
I
acknowledge re ce ip t o f and shall bring
to the attention o f the members of the Board your
le t t e r o f the22nd in stan t, enclosing report o f
transactions in uovernaent s e cu ritie s and banker*
acceptances as reported to your committee f o r the
period from April 11, 1929 to A pril 17, 1929 in clu ­
sive*
Very truly yours*

£• U McClelland,
m
A ssistant Secretary

Mr#
B* M ateaon, secretary.
Open Market Investment Committee,
c /o Federal Reserve Bank,
New York, I . Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q «

F

e d e r a l

o f

R
N

e s e r v e

e w

Y

B

a n k

o r k

r

PERSONAL- :

A p r i l 2 2 , I9& 9

D ear G o v e r n o r Y ou n g:
We a r e e n c l o s i n g ,

fo r your f i l e s ,

a report o f

t r a n s a c t i o n s i n G overnm ent s e c u r i t i e s and b a n k e r s a c c e p t ­
an ces as re p o r te d t o

t h e Open M arket In v e s tm e n t C om m ittee

f o r t h e F e d e r a l R e s e r v e System f o r t h e p e r i o d fr o m A p r i l
1 1 , 1 9 2 9 t o A p r i l 1 7 , 19 2 9 i n c l u s i v e , t o g e t h e r w it h d a t a
r e c e i v e d b y t h e C om m ittee fro m th e F e d e r a l r e s e r v e b a n k s .

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £»Q« VW Sy

%

V Q .

CONFIDENTIAL

A p r i l 2 2 , 1929

M r. E . A. G o ld e n w e is e r ,
D i r e c t o r , D i v i s i o n o f R e s e a r c h and S t a t i s t i c s ,
F e d e ra l R eserv e B oard,
W a s h in g to n , D. C.
D ear M r. G o ld e n w e is e r s
E n c l o s e d i s a r e p o r t o f t r a n s a c t i o n s i n G overnm ent
s e c u r i t i e s an d b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M arket In v e s tm e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o m A p r i l 1 1 , 1 9 2 9 t o A p r i l 1 7 , 1 9 2 9 i n c l u ­
s i v e , t o g e t h e r w it h d a t a r e c e i v e d b y th e C om m ittee fro m th e
F ed era l r e s e r v e ban k s.




Secretary, Open Market
Investment Committee

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £«Q«

FOR SPE C IA L Q I R C U L A T I O f

j

T T L Y , IN IT IA L :A N D RETURM Tu -JECHKT
G o v . ¥ci<U;T

Mr. H a m lin

L - , P la t t 1

F e I M

Mr. J a m e s

^ ^ S E

o f

N

e w

Y

CONFIDENTIAL

R

^

S ^ N K g“'

o r k

A p r i l 2 2 , 1929

D ear G o v e r n o r Y ou n g:
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 i o n s i n G overnm ent
s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M arket In v e s t m e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o m A p r i l 1 1 , 1 9 2 9 t o A p r i l 1 7 , 1929 i n c l u ­
s i v e , t o g e t h e r w it h d a t a r e c e i v e d b y t h e C om m ittee fro m t h e
F ed era l r e s e r v e ban k s.

S e c r e t a r y , Open M arket
In v e s tm e n t C om m ittee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0* \2flSy

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED APRIL 1 7 ,
H o ld in g s o f E a r n 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 fro m A p r i l
(000 O m it t e d )
TOTAL
EARNING
ASSETS
#1, 380, 659
1 , 4 68, 295
1, 467, 733
1, 4 02, 323
1, 4 33, 026
1, 507, 797
- 1 , 603, 476
1 , 7 0 6 ,2 5 5
1, 899, 312

-1 9 2 8 A pr.
25
May
29
June
27
J u ly
25
Aug.
29
S e p t , 26
O ct.
31
N ov.
28
D ec.
26
-1 9 2 9 Jan.
30
F eb.
27
M ar.
27
A p r.
10
A p r,
17

1,
1,
1,
1,
1,

GOVERNMENT SECURITIES
S a le s '
O u t r ig h t
P u rch ases
C o n tra cts
$293, 365
$11, 390
1 5 , 535
2 03, 891
1 1 ,9 6 0
1 9 9 , 977
1 9 7 ,1 3 5
1 0 , 506
1 1 ,9 1 6
1 9 7 , 048
1 5 ,6 5 8
213, 374
2 00, 470
26, 629
204, 638
24, 644
1 9 7 , 028
35, 300

467, 039
463, 032
409, 712
2 9 3 ,7 8 3
3 1 0 ,1 6 2

1 9 9 , 026
1 6 4 ,9 8 5
1 6 5 ,9 6 5
1 6 2 , 584
151, 644

25.

1929

1928 t o

BANKERS ACCEPTANCES
O u tr ig h t
S a le s
P u rch ases
C on tra cts
$ 3 4 ,4 1 6
$331, 425
20, 516
283, 472
24, 358
1 99, 074
1 6 0 , 939
a, 1 4 4
27, 534
1 56, 765
58, 614
204, 805
83, 89 7
355, 479
4 3 1 ,2 3 0
51, 113
66, 592
422, 678

2, 745
1 ,4 1 5
4, 345
3 ,5 0 5
9, 785

382, 029
308, 308
1 9 1 ,6 2 7
1 4 4 , 232
1 2 7 ,1 1 7

53,
25,
16,
13,
13,

d a te
BILLS

DISCOUNTED
709, 073
943, 791
1, 031, 874
1 , 025, 109
1, 038, 773
1, 010, 766
932, 271
990, 240
1 , 1 6 7 , 579

$

580
767
800
085
910

820,
952,
024,
1,
963,
994,

634
482
130
532
296

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
(000

B o s to n
New Y ork
P h ila d e lp h ia
C le v e la n d
R ichm ond
A tla n ta
C h ica g o
S t . L o u is
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
N .Y . h o l d o v e r s
and o t h e r b i l l s
T o ta ls

GOVERNMENT SECURITIES
B a la n c e
N et
A p r . 17
Change
$
875$ 5, 514
1 3 , 381
4, 0 2 2 1 8 , 251
81929, 511
9622 ,1 1 3
2433, 751
24926, 8 6 4
1, 7547 ,1 2 5
0
9, 346
4419, 793
0
1 2 , 406
5921 3 ,5 8 9
983-

BANKERS ACCEPTANCES
B a la n c e
N et
Change
A p r . 17
$ 2 ,2 8 1 +
$ 1 9 , 665
4, 0 4 9 1 1 , 705
1, 7581 1 ,7 0 4
1 6 ,8 3 0
1, 9 2 3 8688, 558
7, 880
1 ,7 4 1 1 ,6 2 6 4 , 386
1 ,3 7 4 4, 436
5195, 394
9387 ,6 6 5
1 1 ,6 7 7
1 ,9 1 0 1 3 , 452
3 ,9 8 5 .

$ 1 5 1 ,6 4 4

$ 1 0,940-

3 ,7 6 5

1 T 295+

$ 1 2 7 ,1 1 7

0 1 7 ,1 1 5 -

BILLS DISCOUNTED
B a la n c e
N et
Change
A p r . 17
$ 76, 508
$ 7 ,1 3 4 +
1 3 ,2 6 8 +
260, 003
1 0 8 , 798
4, 394+
20, 3 2 2 8 9 ,8 2 3
7, 729+
55, 216
8, 512+
66, 048
1 4 ,5 5 0 1 18, 514
5 3 ,8 5 5
6 ,0 0 0 +
22, 577
3 ,8 3 4 +
4, 682+
40, 731
6, 949+
2 1 ,0 2 4
8 1 ,1 9 9
3 ,1 3 4 +

$994, 296

$30, 764+

COMMENT ON CHANGES WEEK ENDED APRIL 1 7 . 1 9 2 9 .
T o t a l e a r n in g a s s e t s o f t h e System showed an i n c r e a s e o f $ 1 6 ,3 7 9 ,0 0 0 f o r
t h e c u r r e n t sta te m e n t w e e k .
The a p p r o x im a te ch a n g e s b y c l a s s i f i c a t i o n c o n s i s t e d of.
d e c r e a s e s o f $ 1 0 ,9 5 0 ,0 0 0 and $ 1 7 ,1 0 0 ,0 0 0 r e s p e c t i v e l y , i n o u t r i g h t p u r c h a s e s o f Gov**
ernm ent s e c u r i t i e s and b a n k e r s a c c e p t a n c e s , and i n c r e a s e s o f $ 3 0 ^ 7 5 0 ,0 0 0 i n b i l l s
d is c o u n t e d and $ 7 ,1 0 0 ,0 0 0 i n in v e s t m e n t s h e l d u n d er s a l e s c o n t r a c t s .
The l a t t e r i n ­
c r e a s e c o n s i s t e d o f $ 6 ,3 0 0 ,0 0 0 i n Governm ent s e c u r i t i e s and $ 8 0 0 ,0 0 0 i n b a n k e r s
a cce p ta n ce s*
B an k ers a c c e p t a n c e s h e l d o u t r i g h t b y t h e System a r e now a t t h e i r lo w e s t
p o i n t s i n c e S e p te m b e r 7 , 1 9 2 7 , and Governm ent s e c u r i t i e s h e l d o u t r i g h t a r e now lo w e r
th a n a t any t im e s i n c e F e b r u a r y 1924*



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £>»0» URSfr

2
^one v
.M arket

G a l l money r a t e s i n New Y ork w ere r e l a t i v e l y s t e a d y d u rin g '
t h e w eek en d ed A p r i l 1 9 .
R en ew als on t h e f i r s t f o u r days o f th e week
w e re a r r a n g e d a t 8 p e r c e n t and on F r i d a y a t 7 l / 2 p e r p e n t .
On
T u esd a y, t h e new l o a n r a t e a d v a n c e d to 9 p e r c e n t from th e ren ew a l
l e v e l o f 8 p e r c e n t , r e f l e c t i n g an o u t f l o w o f fu n d s to o t h e r c e n t e r s ,
b u t on th e n e x t two days t h e r e w ere r e c e s s i o n s t o 7 l / '2 p e r c e n t i n th e
r a t e f o r new l o a n s .
A l l o f F r i d a y 1s 'l o a n s w ere a t th e ren ew a l f i g u r e '
Of 7 l / 2 p e r c e n t .
Demarid f o r new ’ S t o c k E xch an ge l o a n s was a t a com*
p a r a t i v e l y lo w l e v e l d u rin g t h e e n t i r e w e e k .
G overnm ent i n t e r e s t paym ents b e g in n in g on th e 1 5 th and p u r ­
c h a s e s o f s e c u r i t i e s f d r th e T r e a s u r y w ere a p p r o x im a t e ly o f f s e t b y w i t h ­
d r a w a ls o f G overn m ent fu n d s from d e p o s i t a r i e s .
D uring t h e f i r s t p a r t
o f th e w eek, t h e r e w ere f u r t h e r f o r e i g n a c c o u n t paym ents to th e m a rk et,
r e p r e s e n t i n g t h e p r o c e e d s o f g o l d r e l e a s e d from e a r m a r k ,' b u t l a t e r in
t h e 'w e e k t h e m a rk e t l o s t fu n d s a s th e r e s u l t o f new e a rm a r k in g s f o r
fo r e ig n a cco u n t.
R e f l e c t i n g t h i s l o s s , i n c r e a s e d c u r r e n c y r e q u ir e m e n ts
t o w a r d t h e en d o f th e w eek, a n d l o s s e s th r o u g h F e d e r a l R e s e r v e b i l l and
s e c u r i t y o p e r a t i o n s , th e b o r r o w in g s o f th e New Y ork C i t y b a n k s r o s e to
$ 2 3 0 ,0 0 0 ,0 0 0 a t th e end o f t h e w e e k .
F o r t h e p e r i o d a s a w h o le , th e
C i t y ban k s* i n d e b t e d n e s s a v e r a g e d a b o u t $ 2 0 0 ,0 0 0 ,0 0 0 , a s com p ared w ith
$ 1 7 7 ,0 0 0 ,0 0 0 in th e p r e v i o u s w e e k .
O f f e r i n g s o f tim e fu n d s w ere l a r g e r d u rin g th e p a s t week, and
th e e a s in g te n d e n c y r e p o r t e d a s o c c u r r i n g to w a r d th e end o f th e p r e v i o u s
w eek, d e v e lo p e d f u r t h e r a s th e c u r r e n t w eek p r o g r e s s e d .
As a c o n s e ­
q u e n ce , th e t r a d i n g r a t e f o r th e m a t u r i t i e s up to 4 m on th s becam e e s ­
t a b l i s h e d a t 8 l / 2 p e r c e n t , th e same a s th e r a t e f o r th e 5 an d 6
m on th s* l o a n s .
C o n d i t i o n s in th e co m m e r cia l p a p e r m a rk et w ere l a r g e l y un­
changed.
M id d le W estern s a l e s to i n v e s t i n g ba n k s w ere o f f a i r v olu m e,
b u t i n o t h e r p a r t s o f th e c o u n t r y v e r y q u i e t m a r k e ts w ere r e p o r t e d *
D e a le r s c o n t i n u e d to ta k e o n l y sm a ll am ounts o f new p a p e r from commer­
c i a l an d i n d u s t r i a l c o n c e r n s .
P r a c t i c a l l y any name i n th e d e a l e r s 1
l i s t s C o u ld b e o b t a i n e d b y i n t e r e s t e d ban k s a t 6 p e r c e n t .

G overnm ent
S e c u r ity
M ark et




The m a rk e t f o r U n it e d S t a t e s G overnm ent s e c u r i t i e s c o n t in u e d
m o d e r a t e ly a c t i v e d u r in g t h e c a le n d a r week*
T h ere was a f a i r l y g o o d
demand f o r th e 3 l / 2 p e r c e n t T r e a s u r y n o t e s and th e l o n g - t e r m b o n d s ,
e s p e c i a l l y T r e a s u r y b o n d s , t h e l a t t e r m e n tio n e d i s s u e s s e l l i n g a t t h e i r
h ig h e s t l e v e l s s in c e l a s t F eb ru a ry .
The s h o r t - t e r m T r e a s u r y c e r t i f i ­
c a t e s w ere f i r m .

4 l / 2%
4 3 /4 ^
4 1/4%

4 l/47o
4 3/4/o
3 1/2 %
3 1 /2%
3 1 /2%

D e a le r s * O f f e r i n g P r i c e s a t th e End o f th e C a le n d a r Week
an d N et Changes fro m P r e v io u s W oek*s C lo s e
N et
A p p rox *
Y ie ld
Issu e
Change
P r ic e
.
.
.
C e r t ,. o f I n d . due June 15, 1929
4 .6 4
99 31/32
it
*1
1 S ep t.
1
"
4 .8 0
-1 /3 2
99 31/32
1929
15,
if
1
1 1 S e p t , 1 5 , 1929
1
4 ,8 6
"
99 24/32
M
It
1 D e c . 1 5 , 1929
1
4*87
”
+ 1 /3 2
99 19/32
n
tt
i» D e c.
"
4 .8 3
+ 1 /3 2
99 3 0 /3 2
1 5 , 1929
T r e a s u r y N o te s" M ar,
4 *5 7
+ 7 /3 2
97 4/32
1 5 , 1932
1 it S e p t .
1
4*43
+ 7 /3 2
97 4/32
1 5 , 1932
1 TI D e c .
1
"
4*36
+ 7 /3 2
97 4 /3 2
1 5 , 1932

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q« VflRSfr

■a aSi
f &aS

3
C l o s i n g P r i c e s ' on New Y ork S t o c k E x ch an ge on S a tu rd a y .
A p r i l 2Qt 1929 an d N e t C hanges from P r e v io u s W eek"s C lo s e
N et
Change
- 6 /3 2
+ 1 4 /3 2
+ 1 0 /3 2

P r ic e
1 0 4 2 2 /3 2
109
102
2 /3 2
98
3 /3 2
98

N et
Change
4 2 2 /3 2
+ 1 .6 /3 2
♦ 4 /3 2
+ 1 5 /3 2
+ 1 6 /3 2

Issu e
1 st 3 l/2 s
1 st 4 l/4 s
4 th 4 l / 4 s

P r ic e
97 3 0 /3 2
99 2 0 /3 2
99 2 5 /3 2

B an k ers
A ccep ta n ces

D e a le r s * o f f e r i n g s o f u n in d o r s e d b a n k e r s a c c e p t a n c e s w ere
a t t h e f o l l o w i n g r a t e s d u rin g t h e c u r r e n t s ta t e m e n t w e e k ;
5 3 /8 p e r
c e n t f o r 3 0 sf 5 3 /8 to 5 l / 2 p e r c e n t f o r 6 0 s , 5 l / 2 p e r c e n t f o r
90s a n d 1 2 0 s , an d 5 5 /8 p e r c e n t f o r 1 8 0 -d a y b i l l s ,

R ep orts
Week
E n d in g
A p r i l 17




.I s s u e
T re a s * 4s
1 9 4 4 -5 4
T reas.
T reas.
T reas.
T r e a s . 3 3 /8 s 1 9 4 0 -4 3

B o s t o n r e p o r t s t h a t th e s u p p ly o f b i l l s c o n t i n u e d sm a ll i n
i t s d i s t r i c t d u r in g t h e p a s t p e r i o d w it h th e demand somewhat im p rov ed *
The b e s t demand w as f o r n i n e t y day b i l l s w h ich m oved f r e e l y .
S a le s
t o C i t y b a n k s an d th e R e s e r v e Bank i n c r e a s e d o v e r t h e p a s t week#
P h i l a d e l p h i a r e p o r t s t h a t th e s u p p ly o f b i l l s c o n t i n u e d s m a ll i n i t s
d i s t r i c t d u r in g t h e p a s t w eek*
T h ere was some im p rov em en t i n o u t o f - t o w n b u y in g , a lt h o u g h t h e demand was g e n e r a l l y p o o r *
O ffe r in g s
t o th e R e s e r v e ban k w ere l i g h t .
P o r t f o l i o s rem a in ed l o w .
In New
Y ork d e a l e r s * p u r c h a s e s w e re m o d e r a te an d s l i g h t l y i n e x c e s s o f s a l e s *
T h e re w a s, h o w e v e r, a g o o d demand f o r b i l l s an d d e a l e r s c o u l d h a v e
s o l d m ore th a n t h e y d i d h a d i t n o t b e e n t h a t t h e i r p o r t f o l i o s w ere
much d e p l e t e d b o t h a s to volu m e an d d e s i r e d m a t u r i t i e s .
The demand
c o n s i s t e d m a in ly o f s i x t i e s and n i n e t i e s f o r f o r e i g n a c c o u n t .
L ocal
b u y in g was l i g h t *
D e a le r s 1 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 *
C h ica g o
r e p o r t s t h a t i t s b i l l m a rk e t w as v e r y q u i e t a n d w h i le d e a l e r s r e p o r t ­
e d p r a c t i c a l l y no new b i l l s o f f e r e d b y l o c a l b a n k s, t h e demand seem ed
to be v ery lim it e d .
D a lla s r e p o r t s t h a t d e a l e r s c o n t i n u e d t o im p o r t
b i l l s from o t h e r d i s t r i c t s d u r in g th e p a s t w e e k .
D e a le r s r e p o r t e d
t h a t t h e r e was a s a t i s f a c t o r y s u p p ly o f th e l o n g e r m a t u r i t i e s b u t o n l y
a l i m i t e d s u p p ly o f n i n e t i e s .
The demand f o r b i l l s c o n t i n u e d g o o d
w it h p r e f e r e n c e f o r th e l o n g e r m a t u r i t i e s .
The p r i n c i p a l demand
c o n t i n u e d fro m i n t e r i o r b a n k s .
O f f e r i n g s t o th e R e s e r v e bank w ere
much s m a l l e r th an d u r in g t h e p r e v i o u s w eek, an d c o n s i s t e d p r i n c i p a l l y
o f t h i r t i e s an d s i x t i e s *

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
- '

Authority £ » 0 «

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T r a n s a c t i o n s consum m ated u n d er T r e a s u r y a u t h o r i z a t i o n d u r in g t h e c u r r e n t
s ta t e m e n t week w ere as f o l l o w s ;

S a le s o f $

3 0 0 ,0 0 0 p a r amount 4 3 / 4 # C / l due 9 /1 5 /2 9 fr o m German S p e c i a l
D e p o s it A cco u n t
2 ,0 0 0 ,0 0 0
"
"
3 1 /2 # T /n due 3 / 1 5 / 3 0 - 3 2 fro m A l i e n P r o p e r t y
---------■
—
C u s to d ia n A cco u n t
■ —.*
■
$ 2 ,3 0 0 ,9 0 0 T o t a l S a le s

and p u r c h a s e s o f $ 1 , 0 0 0 , 0 0 0 p a r amount 3 l / 2 # T/N due 3 /1 5 /3 0 - 3 2 f o r a c c o u n t
Governm ent L i f e I n s u r a n c e Fund
1 1 8 ,8 5 0
"
*
4 1 /4 # 4 t h h /h b o n d s f o r a c c o u n t
G e n e r a l R a i l r o a d C o n t in g e n t Fund
6 , 0 0 0 ,0 0 0
"
"
4 1 /4 # C / l due 1 2 /1 5 /2 9 f o r a c c o u n t
- , .................
S u r p lu s Money
$ 7 ,1 1 8 ,8 5 0

T o ta l P u rch ases

SYSTEM SPECIAL INVESTMENT ACCOUNT -

GOVERNMENT SECURITIES

D u rin g t h e c u r r e n t s ta t e m e n t week s a l e s w ere made fro m h o l d i n g s i n t h e
System A c c o u n t o f $ 1 0 ,0 0 0 ,0 0 0 T r e a s u r y 4 l / 4 # c e r t i f i c a t e s o f i n d e b t e d n e s s due
Decem ber 1 5 , 1 9 2 9 , f o r d e l i v e r y as f o l l o w s :
A p r i l 12
A p r i l 15
A p r i l 17

$

5 0 0 ,0 0 0 t o t h e m ark et
4 ,0 0 0 ,0 0 0
Treasury,
5 t5Q 0,00Q

$ 1 0 ,0 0 0 ,0 0 0

account Surplus Money

T ota l

T h e s e s a l e s l e f t t h e t o t a l amount o f h o l d i n g s i n t h e A c co u n t a t t h e
c l o s e o f b u s i n e s s W edn esday, A p r i l 1 7 , 1 9 2 9 , i n c l u d i n g t h e $ 9 ,5 0 0 ,0 0 0 ta k e n o v e r
t e m p o r a r i l y fro m S t .. L o u is r e c e n t l y , a t $ 3 9 ,5 0 0 ,0 0 0 .
The p a r t i c i p a t i o n b y F e d e r a l
r e s e r v e ban k s and t h e c l a s s i f i c a t i o n s o f t h e i s s u e s w ere as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
B o s to n
New Y ork
P h ila d e lp h ia
C le v e la n d
Richm ond
A tla n ta
C h ic a g o
S t . L o u is
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 o ta ls

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

RECAPlfULATiOH
D e c.

1 5 , 1932 -

OF HOLDINGS BY MATURITIES

3 l/2 # ? /$

$ 3 0 ,0 0 0 ,0 0 0

P lu s temporary
purchase from
S t . Louis* p o r t fo lio
3 1 /2 # T /N du e 3 /1 5 /3 2 $ 3 ,0 0 0 ,0 0 0
3 1 /2 #
M
"
9 /1 5 /3 2 3 ,0 0 0 ,0 0 0
3 1 /2 #
"
" 1 2 /1 5 /3 2 3 r 5 0 0 .0 0 0
9 ,5 0 0 ,0 0 0

$ 3 9 ,5 0 0 ,0 0 0

N ote:
S i n c e t h e c l o s e o f t h e s ta t e m e n t week f u r t h e r s a l e s w ere made fro m h o l d i n g s
i n t h e S ystem A cco u n t o f $ 1 0 ,0 0 0 ,0 0 0 - 3 l / 2 # T r e a s u r y n o t e s due D ecem ber 1 5 , 1 9 3 0 32 ( $ 5 ,0 0 0 ,0 0 0 f o r d e l i v e r y on A p r i l 18 and $ 5 ,0 0 0 ,0 0 0 on A p r i l 19) l e a v i n g t h e
t o t a l amount o f h o l d i n g s i n t h e A c c o u n t $ 2 9 ,5 0 0 ,0 0 0 i n c l u d i n g t h e amount t e m p o r a r i l y
ta k e n o v e r fro m S t* L o u is *



Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 «

5
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM APRIL 11 TO APRIL 1 7 . 1 929. INCLUSIVE...........
GOVERNMENT SECURITIES -

SYSTEM INVESTMENT ACCOUNT
S a le s
0

B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
R ichm ond
A tla n ta
C h ic a g o
S t . L o u is
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

8 7 5 ,5 0 0
3 ,0 2 2 , 000
819, 500
962, 000
243, 500
291, 500
1 ,7 5 4 , 000
0
441, 500
0
608, 000
982. 500

010, 000, 000

To t a l

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES

New Y ork

*0

A tla n ta
D a lla s

P u rch ases
Issu e
5 0 0 ,0 0 0 D ec. 1 5 /2 9 - 4 l / 4 / * C / l
515, 400 M i s c . G o v ’ t S e c .
20. 600 F o u r th L /L b o n d s

T o t a l s 0 1 ,0 3 6 , 000

S a le s
* 0 1 ,0 0 0 ,0 0 0
*
5 0 0 ,0 0 0
4 7 3 ,2 5 0
5 n000

Issu e
M arch 15, 1932 T/N
D ec, 1 5 /2 9 -4 l / 4 $
M i s c , G o v 't S ec*
F o u r th L /L b o n d s

01, 978, 250

* H e ld t e m p o r a r i l y .
BANKERS ACCEPTANCES
(0 0 0 O m itte d )

H o ld in g s
A p r i l 10
0 1 7 ,3 8 4
1 5 , 754

B o sto n
New Y ork
P h ila .
C le v e ,
R ichm ond
A tla n ta
C h ica g o
S t . L o u is
M in n .
Kan, C i t y
D a lla s
San F r a n ,

1 3 , 462
1 8 ,7 5 3
9, 426
9, 621
6 ,0 1 2
5 ,8 1 0
5, 913
8, 603
1 3, 587
1 7 . 437

P u rch ased
Own M kt.0 4, 281 R
3 ,1 7 0 ”
2, 859 A
1, 59 4 R
2 ,0 4 2 "
134 "
778 "
20 M
0
0
0
642 "
241 ”

By A l l o t ­ M a tu ritie s &
m ent f rcm
S a le s
N , Y«
0 2 ,0 0 0
V 0
0
7, 219

H o ld in g s
A p r i l 17
O 19, 665
1 1 ,7 0 5

3, 352
4, 979
1, 407
2, 729
1 ,6 4 6
1 ,3 7 4
859
1 ,5 9 0
2, 790
4 .2 2 6

11, 704
1 6 ,8 3 0
8, 558
7, 880
4 ,3 8 6
4, 436
5, 394
7, 665
1 1 ,6 7 7
13. 452

0
1, 014
405
210
0
0
340
652
238
0

O th e r H o ld in g s
C lo s e A p r i l 1 7 /2 9
S a le s
O th e r
C o n tra cts B i l l s
0 2, 232
0
75
721
6 ,3 1 1
0
0
0
0
2, 201
0
0
0
44
3 .1 2 2

To t a l s
0 1 4 1 , 762
0 1 3 , 910
015, 761
0 1 2 3 , 352
0 2 ,8 5 9
0 3 4 ,1 7 1
B i l l s h e l d o v e r n i g h t b y New Y ork f o r d i s t r i b u t i o n to o t h e r F , R. Banks - - T ota l

NOTE:

96
106
52
1 , 006
141
44
27
33
36
72
$ 2 f 409
1 .3 5 6
0 3 ,7 6 5

R, indicates Retained and A, indicates Allotted in the above statement,




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £«0«

*
6
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING APRIL 1 7 .
(0 0 0 O m itte d )
3 1 -6 0 days
5 1 / 8 - 5 s/ai

1 - 3 0 days
5 -5 1 / 2 i
B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
R ichm ond
A tla n ta
C h ica g o
D a lla s
San F r a n c i s c o
T o ta ls
„

$

1929

O v e r 9 0 - days

6 1 -9 0 days
5 1/2%

.

l/Zk.

5

T ota l

$3, 570
1 ,1 5 4
384
440
108
0
0
301
0

$8, 216

$ 15
11
36
200
0
34**
0
213
117

$ 0
956
0
0
0
0
0
6
0

$ 4 ,2 8 1
6, 029
1, 594
2 ,0 4 2
134
778
20
642
241

$5, 957

696
3, 908
1 ,1 7 4
1 ,4 0 2
26
744*
20
122
124

$626

$962

$ 1 5 , 761

* P u r c h a s e d a t 4 l /2 %
♦ ♦ P u rch a sed a t 4 3 /4 $
RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS -ACCEPTANCES DURING WEEK ENDING APRIL 1 7 t 1929
(000 O m itte d )
( E x c lu d in g S a le s C o n t r a c t s )
B an k ers
A ccep ta n ces

G overnm ent
S e c u r itie s
P u rch ased

Sold
M atu red

T o ta ls

T ota l

$ 15, 761
0
3 4 .1 7 1
$18, 4 1 0 1, 2 9 5 + (N et Change
__________ 1 -d a y h o l d o v e r
& o th er b i l l s )

, 942-

$16, 797
1 1 ,9 7 8
3 4 .1 7 1
$29, 3 5 2 l ,2 9 5 + ( N e t Change
1 -d a y h o l d o v e r
& oth e r b i l l s )

$ 1 7 ,1 1 5 -

S 1 ,0 3 6
1 1 , 978
0

$ 28, 0 5 7 -

HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES APRIL 17.
(000 O m it t e d )

1929

(I n c lu d in g S a le s C o n t r a c t s )
W ith in
1 5 - davs

1 6 -3 0
davs

3 1 -6 0
days

6 1 -9 0
davs

91 days
6 m onths

G ovH S e c u r itie s
B i l l s P u rch ased

$ 9, 785
62. 231

$

$

$

o
1 3 . 048

$ 9 ,1 5 5
2. 509

$ 1 4 2 ,4 8 4
0

$ 1 6 1 ,4 2 9
1 4 1 .0 2 7

Totals

$ 7 2 ,0 1 6

$ 2 8 ,5 0 3

$ 1 3 ,0 4 8

$ 1 1 ,6 6 4

$ 1 4 2 ,4 8 4

$ 3 0 2 ,4 5 6




0
28. 503

5
34. 736

$ 3 4 ,7 4 1

O v er 6
m onths

T o ta l

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

Authority £ » 0 «

April 16, 1929

Bear lir* tfattason:

3*e*ipt

i a acknowledged o f youiL l&t£ag.jalL
tho 16th i n
one losing report o f transact Ions
IrT Ctovernrasat secu rities' and bankers acceptance*
at reported to your costaitte* f o r the period fr o *
A pril 4, 1929 to April 10, 192# in clu siv e .

V#ry tr u ly you r*,

Jg* U M c C le lla n d ,
m
A s s is ta n t S e c r e ta r y

Mr. W B« Mattosonf Seeratary,
*
Open H&rket Investment Ckwwdttee,
c /o Federal leserve 8ank.
Few Tork, V. Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £»0»

f

Jf/t/
*L
a ■J




* /
jlsu

F e d e r a l

o f

R e s e r v e
N

e w

Y

a

B a n k

o r k

■

CONFIDENTIAL

Mr. E.

A.

A p r i l 1 5 , 1929

G o ld e n w e is e r ,
D i r e c t o r , D i v i s i o n o f R esearch and S t a t i s t i c s ,
F e d e r a l R e se r v e B oard,
W ashington, D. C.

Dear Mr. G o ld e n w e is e r :
E nclosed i s
s e c u ritie s

a r e p o r t o f t r a n s a c t i o n s i n Government

and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open

Market I n v e s tm e n t CoFjnittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d from A p r i l 4 , 1929 t o A p r i l 1 0 ,
siv e ,

1929 .in clu ­

t o g e t h e r w i t h d a t a r e c e i v e d b y t h e Committee from t h e

F e d e r a l r e s e r v e b an k s.

Secretary, Open Market
Investment Committee

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

-

Authority E»Q«

1

Fe

I

d e r a l

o f

R
N

e s e r v e

e w

Y

B

a n k

o r k

P E R S O N A L

A p ril 1 5 ,

1929

Dear Governor Young:
W are e n c lo s in g ,f o r your f i l e s ,
e

a report o f

t r a n s a c t i o n s i n Government s e c u r i t i e s and b a n k e rs a c c e p t ­
ances as reported

t o t h e Open Market I n v e s tm e n t Committee

f o r t h e F e d e r a l R e se r v e System f o r t h e p e r i o d from A p r i l
4 , 192 9 t o A p r i l 1 0 ,
re c e iv e d by the

1929 i n c l u s i v e ,

to g e th e r w ith data

Committee from t h e F e d e r a l r e s e r v e b an k s. •

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Repioduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED

Authority £»Q*

iP S O IA I . CIRCULATION
■ v i b S P S f ; I M l f l A L iil D E S T U P !
,

h v. Y o u n g
■ P JO , v
,
Mr. P l a t t




f e

'$ m \ m

mr, $ m §~ ?
ilir .jS w w -i® ^ ia ia v /r

_

Fe

d e r a l

o f

R
N

e s e r v e

e w

Y

B

Mi*

a n k

o r k

CONFIDENTIAL

A p r i l 1 5 , 1929

D ear G o v e r n o r Y o u n g :
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 i o n s i n G overnm ent

s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M ark et In v e s tm e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fr o m A p r i l 4 , 1 9 2 9 t o A p r i l 1 0 , 1 9 2 9 i n c l u ­
s i v e , t o g e t h e r w it h d a t a r e c e i v e d b y t h e C om m ittee fro m th e
fe d e r a l r e s e r v e ban k s.
V e ry , t r u l y y o u r s ,

1 , B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Keproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 «

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED APRIL 1 0 ,

1929

H o ld in g s o f E a r n 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 fr o m A p r i l 2 5 t 1 9 2 8 t o
(0 0 0 O m itte d )
TOTAL
e a r n in g

-1 9 2 8 25
A p r*
29
May
June
27
J u ly
25
Aug*
29
S e p t , 26
O ct*
31
N ov,
38
Deo*
26
-1 9 2 9
Jan.
30
F eb.
27
27
M ar.
A pr,
3
10
A pr.

ASSETS
4 1, 3 8 0 ,6 5 9
1 , 4 6 8 ,2 9 5
1 , 4 67 , 733
1 ,4 0 2 ,3 2 3
1 , 4 3 3 ,0 2 6
1 , 507, 797
- 1 ,6 0 3 , 4 7 6
1 , 7 0 6 ,2 5 5
1 , 8 9 9 , 312

GOVERNMENT SECURITIES
S a le s
O u ifig h t
C o n tra cts
P u rch ases
$ 2 9 3 ,3 6 5
$ 1 1 ,3 9 0
1 5 ,5 3 5
2 0 3 , 891
1 1 ,9 6 0
1 9 9 ,9 7 7
1 0 ,5 0 6
1 9 7 ,1 3 5
1 1 ,9 1 6
1 9 7 , 048
1 5 ,6 5 8
2 1 3 ,3 7 4
26, 629
2 0 0 ,4 7 0
24, 644
2 0 4 , 638
3 5 ,3 0 0
1 9 7 ,0 2 8

1, 467, 039
1 , 4 6 3 ,0 3 2
1 ,4 0 9 , 712
1 , 3 8 0 ,4 5 8
1 , 293, 783

1 9 9 ,0 2 6
1 6 4 ,9 8 5
1 6 5 , 965
1 6 5 ,8 2 8
1 6 2 , 58 4

BANKERS ACCEPTANCES
S a le s
O u tr ig h t
C o n tra cts
P u rch ases
$ 3 4 , 416
$ 3 31, 425
20, 516
2 8 3 , 472
2 4 ,3 5 8
1 9 9 , 074
8 ,1 4 4
1 6 0 , 939
27, 534
1 5 6 , 765
58, 614
2 0 4 , 805
8 3 ,8 9 7
355, 479
5 1 ,1 1 3
4 3 1 ,2 3 0
66, 5 f 3
4 2 2 ,6 7 8

2 , 745
1 ,4 1 5
4 ,3 4 5
3 ,2 3 0
3 ,5 0 5

BILLS
DISCOUNTED
$
7 0 9 ,0 7 3
• 9 4 3 ,7 9 1
1 ,0 3 1 ,8 7 4
1 ,0 2 5 ,1 0 9
1 ,0 3 8 ,7 7 3
1 , 0 10, 766
9 3 2 ,2 7 1
990, 240
1 ,1 6 7 ,5 7 9

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

382, 029
3 08, 308
1 9 1 ,6 2 7
1 6 0 , 780
1 4 4 , 232

Date

8 2 0 ,6 3 4
9 5 2 ,4 0 2
1 ,0 2 4 ,1 3 0
1 ,0 2 9 , 852
963, 532

CHANGES IN EARNING ASSETS HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_______________________DURING WEEK ENDED APRIL 1 0 t 1929_____________________
(0 0 0 O m it t e d )

B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
R ichm ond
A tla n ta
C h ic a g o
S t * L o u is
M in n e a p o lis
K an sas C i t y
D a lla s
San F r a n c i s c o
N *Y. h o l d o v e r s
and o th e r b i l l s
T o ta ls

GOVERNMENT SECURITIES
B a la n c e
N et
A p r , 10
Change
$
6 ,3 8 9
M
1 7 , 403
3, 0 0 0 1 9 , 070
0
30, 473
0
2 ,3 5 6
0
4, 000
72 8 ,6 1 8
0
7 ,1 2 5
2379, T87
0
9, 793
0
1 2 ,9 9 8
0
1 4 ,5 7 2
0

BANKERS ACCEPTANCES
B a la n c e
N et
Chanp-e
A pr* 10
$
874$ 1 7 ,3 8 4
1 5 , 754
2 ,6 4 3 1 3 ,4 6 2
2, 6 3 4 1 8 , 753
3 ,0 7 9 9019, 426
9 ,6 2 1
393+
6 ,0 1 2
2 ,3 6 3 5 ,8 1 0
9835 ,9 1 3
4238, 603
24+
1 3 ,5 8 7
525+
1 7 , 437
2 ,6 7 8 .... 2 r 4f
70

$ 1 6 2 , 584

$ 3 ,244-

912-

$ 1 4 4 , 232

$ 16, 5 4 8 -

BILLS DISCOUNTED
B a la n c e
N e t.
Change
A pr* 10
$ 3 ,1 2 4 *
$ 69, 374
246, 735
11^207+
1 0 4 , 404
45620, 217+
1 1 0 ,1 4 5
2 ,0 6 9 47, 487
2 ,0 5 6 57, 536
7 lf 6911 3 3 , 06 4
47, 855
1 3 ,3 1 3 1 8 , 743
5 ,6 3 3 +
36, 049
2 ,2 3 4 6*01 4 ,0 7 5
7 8 ,0 6 5
f, 784-

COMMENT ON CHANGES B E K ENDED APRIL 10.

$963, 532

$66, 3 2 0 -

1929

T o t a l e a r n in g a s s e t s o f th e S y stem show ed a d e c r e a s e o f $86, 675, 0 0 0 f o r
t h e c u r r e n t s t a t e m e n t w eek, t o l e s s th an $ 1 ,3 0 0 ,0 0 0 ,0 0 0 t h e l o w e s t s i n c e M arch, 1 9 2 8 ,
The a p p r o x im a te ch a n g e s b y c l a s s i f i c a t i o n c o n s i s t e d o f d e c r e a s e s o f $ 3 ,2 5 0 ,0 0 0 and
$ 1 6 ,5 5 0 ,0 0 0 r e s p e c t i v e l y , i n o u t r i g h t p u r c h a s e s o f G overnm ent s e c u r i t i e s an d b a n k e r s
a c c e p t a n c e s , $ 6 6 ,3 0 0 ,0 0 0 i n b i l l s d i s c o u n t e d and $ 5 5 0 ,0 0 0 n e t i n in v e s t m e n t s h e l d
u n der s a l e s c o n t r a c t s *
The l a t t e r it e m c o n s i s t e d o f an i n c r e a s e o f $ 3 0 0 ,0 0 0 in
G overnm ent s e c u r i t i e s a n d a d e c r e a s e o f $ 8 5 0 ,0 0 0 i n b a n k e r s a c c e p t a n c e s .




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority fc»0« V3R5%'

z-'

Money
M arket

C a l l m oney i n New Y ork a v e r a g e d somewhat lo w e r d u r in g t h e c a l ­
e n d a r week j u s t c l o s e d th a n i n t h e p r e c e d i n g week*
On M onday, t h e c a l l
r a t e was s t e a d y a t 7 p e r c e n t a l l d a y , f o l l o w i n g a c l o s i n g r a t e o f 6 p e r
c e n t on t h e p r e v i o u s F r id a y *
On t h e n e x t tw o d a y s , h o w e v e r , c o n d i t i o n s
fir m e d som ew hat, due t o an o u t f l o w o f fu n d s fr o m t h e m arket t o o t h e r
c e n t e r s , and t h e r a t e f o r new lo a n s on b o t h d a y s w ent t o 10 p e r c e n t .
On t h e l a s t tw o d a y s o f t h e w eek , t h e r e n e w a l r a t e was s e t a t 9 p e r
c e n t , b u t on F r i d a y t h e r e was a d e c l i n e t o 7 p e r c e n t i n t h e S t o c k E ju
ch a n g e new lo a n r a t e *
The s l i g h t l y e a s i e r r a t e s f o r C8.ll money r e f l e c t
i n p a r t t h e p a s s in g , o f t h e f i r s t o f t h e month s t r a i n #
D u rin g t h e week j u s t c l o s e d , th e n e t f l o w o f fu n d s b e tw e e n
d i s t r i c t s was s t r o n g l y a g a in s t New Y o r k , and a s t h i s l o s s was o n l y o f f ­
s e t i n p a r t b y g o l d im p o r t s and l a r g e f o r e i g n a c c o u n t paym en ts o f t h e
p r o c e e d s o f g o l d r e l e a s e d from ea rm a rk , t h e a v e r a g e i n d e b t e d n e s s o f t h e
New Y0 rk C i t y ba n k s a t t h e R e s e r v e Bank a t $ 1 7 7 ,0 0 0 ,0 0 0 was s l i g h t l y
l a r g e r th a n i n t h e p r e c e d i n g week*
I n t h e t im e m oney m a r k e t , a l l m a t u r i t i e s o f lo a n s w ere p l a c e d
a t 9 p e r c e n t d u r in g t h e f i r s t p a r t o f t h e week#
Toward t h e end o f t h e
w eek , h o w e v e r , o f f e r i n g s becam e somewhat m ore p l e n t i f u l , and 6 m onths*
lo a n s w e re p l a c e d a t 8 1 /2 p e r c e n t , b u t t h e s h o r t e r m a t u r i t i e s up t o
90 d a y s c o n t in u e d t o comaanA 9 p e r c e n t# .......

The going/'f’or prime commercial paper continued to be 6 per
cent# At th is rate there was a slig h t improvement in the bank invest­
ment demand fo r paper, c h ie fly in the Middle West# At the same tim e,
new drawings of paper continued very small, and the dealers* ownership
of paper declined somewhat during the week*
Government
S e c u r ity
M arket

The volu m e o f t r a d i n g i n U n ite d S t a t e s G overn m en tf b o n d s
c o n t in u e d i n f a i r v o l u n e , e s p e c i a l l y f o r t h e i s s u e s o f T r e a s u r y b o n d s ,
and t h e upward t r e n d i n p r i c e s w h ich s t a r t e d tw o w eek s ago c o n t in u e d
i n a m ore p r o n o u n c e d d e g r e e *
The demand f o r t h e s h o r t - t e r m T r e a s u r y c e r t i f i c a t e s o f i n d e b t ­
e d n e s s and T r e a s u r y n o t e s was n o t as g o o d as t h e demand f o r t h e lo n g ­
te rm b o n d s and d e a l e r s o f f e r i n g p r i c e s f o r t h e T r e a s u r y c e r t i f i c a t e s
a t t h e end o f t h e c a l e n d a r w eek w ere fr o m l / 3 2 t o 3 /3 2 n d s l o w e r and t h e
T r e a s u r y n o t e s un ch an ged fr o m t h e p r e v i o u s w eek ’ s c l o s e .
C l o s i n g P r i c e s on New Y ork S t o c k E xchange on S a t u r d a y ,
A p r i l 13 1929 and N et Changes fro m P r e v io u s W eek’ s C lo s e

Net
Issu e
1 s t 3 1/2 s
1st 4 l/4 s
4 th 4 l / 4 s




3 /4 $

1H
1 /4 $
3/4$

1 /2 $

&

P r ic e
98 4 /3 2
99
6 /3 2
99 1 5 /3 2

Change
Issu e
1 9 4 4 -5 4
+ 6 /3 2
T rea s# 4 s
4 1/4 s 1 9 4 7 -5 2
3 3 / 4 s 1 9 4 6 -5 6
■8/32
3 3 / 8 s 1 9 4 3 -4 7
3 3 / 8 s 1 9 4 0 -4 3

P r ic e
104
107 2 6 /3 2
100 3 0 /3 2
97 2 0 /3 2
97 1 6 /3 2

N et
Change
+ 1 .8 /3 2
*
2 8 /3 2
+1.
+ 1 * 1 1 /3 2
+1*

P r i c e s a t t h e End o f t h e C a le n d a r $ e e k
D e a le r s * O f f e r i n g
and N et C h anges fro m P r e v io u s W eek, s C l o s e
— Net
Y ie ld
Change
P r ic e
Issu e
4 *62
C ert# o f I n d . due June
99 31/32
1 5 , 1929
- 1/32
II
t!
1
1
4 .7 2
-3 /3 2
Sept# 1 5 , 1929
100
It
It
it
4# 83
-2 /3 2
99 2 4 /3 2
S e p t # 1 5 , 1929
n
1
1
tl
»
-1 /3 2
Dec#
99 1 8 /3 2
1929
4 .9 0
15*
II
II
ti
n D ec.
-1 /3 2
4 .7 8
1929
99 3 1 /3 2
15,
1
- 96 2 9 /3 2
T r e a s u r y N o te s 1 Mar#
4 .6 4
1 5 , 1932
ti
1
1
1 Sep t# 1 5 , 1932
1
96 2 9 /3 2
4 .4 9
M
ti Dec#
tf
--------96 2 9 /3 2
1 5 , 1932
4 .4 2

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »0 * VTRSfr

3
B an k ers
A ccep ta n ces

D e a le r s *

o ffe r in g s

of

u n in d o r s e d b a n k e r s a c c e p t a n c e s w ere

a t t h e f o l l o w i n g r a t e s d u r in g t h e c u r r e n t s ta t e m e n t w eek :
ce n t f o r 3 0 s , 5 3 /8 t o . 5 l /2 p e r c e n t f o r 6 0 s , 5 l / 2
9 0 s and 1 2 0 s , and 5 5 /8 p e r c e n t f o r
R ep orts
Week
E n d in g
A p r i l 10




d is tr ic t

some f a l l i n g
to

d u r in g t h e p a s t p e r i o d

o f f , m a tu r itie s

p e r cen t f o r

1 8 0 -d a y b i l l s .

P o s t o n r e p o r t s t h a t t h e s u p p ly o f b i l l s
in i t s

5 3/ 6 p e r

c o n t in u e d s m a ll

and w h ile t h e demand showed

up t o 90 d a y s moved f r e e l y *

S a le s

o u t - o f - t o w n b an k s w e re s m a ll and d e a l e r s fo r w a r d e d t h e i r s u r p lu s

s u p p ly t o t h e i r o f f i c e s i n

o th e r c i t i e s .

In New Y ork t h e demand,

w h i le n o t a s h e a v y as i n t h e p r e c e d i n g w eek , was g o o d and s u b s ta n ­
t i a l l y in
D e a le r s *

e x c e s s o f t h e s u p p ly w h ich f e l l
s a l e s c o n s i s t e d m a in ly o f

m a tu r itie s f o r f o r e ig n
p o r tfo lio s

a ccou n t.

o ff

c o n s id e r a b ly .

ord ers f o r n in e tie s

L o c a l b u y in g was l i g h t .

d e c r e a s e d t o t h e lo w e s t l e v e l s

w ere e x t r e m e ly lo w .
fa ir .
fo r b ills

D e a le r s *

s in c e F ebru ary 1923.

P h i l a d e l p h i a r e p o r t s t h a t i t s b i l l m ark et was q u i e t .
p o r t e d t h a t t h e r e w ere f e w b i l l s

and l o n g e r

D e a le r s r e ­

i n t h e m ark et and t h e i r p o r t f o l i o s

O f f e r i n g s w ere l i g h t w ith t h e demand o n ly

C h ic a g o r e p o r t s t h a t d e a l e r s r e p o r t e d v e r y l i t t l e
in i t s

d is tr ic t

now c a r r y i n g f a i r l y

la r g e

except f o r

c o n t in u e d t o f a l l
demand f o r b i l l s
p r in c ip a lly fo r
d i f f i c u l t y in

o ff

s h o r t m a t u r i t i e s and t h e y a r e

amounts o f n i n e t y day b i l l s .

r e p o r t s t h a t t h e s u p p ly o f b i l l s

o r ig in a tin g in i t s

as t h e c o t t o n

demand

season i s

D a lla s

d is tr ic t

n e a r ly o v e r.

The

was much s t r o n g e r th a n t h e p r e v i o u s week and was
lo n g m a t u r it ie s .

One d e a l e r r e p o r t s

e x p e r ie n cin g

o b t a i n i n g a d e q u a te s u p p ly fro m o t h e r d i s t r i c t s .

p r i n c i p a l demand was fro m i n t e r i o r b a n k s , w h ile t h e demand from
R e s e r v e c i t y ba n k s show ed some im p r o v e m e n t.

O ffe r in g s t o th e

R e s e r v e Bank w ere much h e a v i e r th a n i n t h e p r e v i o u s w eek and
c o n s i s t e d a lm o s t e n t i r e l y

of th ir t ie s

and s i x t i e s .

The

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority fc»Q«

4
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
T r a n s a c t i o n s consum m ated u n d er T r e a s u r y a u t h o r i z a t i o n
s t a t e m e n t week w ere a s f o l l o w s :

d u r in g t h e c u r r e n t

639, 900 p a r am ount 4 l / 4$ F i r s t L /L b o n d s fro m a c c o u n t G overnm ent
L i f e I n s u r a n c e Fund
1 .0 0 0 . 0 0 0
"
”
3 \/Z% T/N due 3 /1 5 /3 0 - 3 2 a c c o u n t G overnm ent
L i f e I n s u r a n c e Fund
1 .0 0 0 .0 0 0
"
"
3 l / 2 / e T/N due 3 / 1 5 / 3 0 - 3 2 fr o m a c c o u n t A l i e n
_________
P r o p e r t y C u s to d ia n

S a le s o f $

$2, 939, 900

T o ta l S a le s

P u r c h a s e s o f $ 3 , 500, 000 p a r am ount
... 3, 600, 000 "
"
9 0 0 ,0 0 0
”
"
7 .5 0 0 .0 0 0
"
"
034 5 0 0 ,0 0 0

4
4
4
4

l/2 $
1 /4 $
l/4 /o
3 /4 $

C /l
"
*
’
"

due 6 /1 5 /2 9
”
9 /1 5 /2 9
M 1 2 /1 5 /2 9
M 1 2 /1 5 /2 9

f o r a c c o u n t S u r p lu s Money
"
1
1
"
*
*
"
"
*
*
”
«
"
”
"

T o ta l P u rch ases

SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
T h ere was no t r a n s a c t i o n e f f e c t e d i n th e S ystem A c c o u n t d u r in g th e
c u r r e n t s t a t e m e n t w eek, th e t o t a l h o l d i n g s i n th e A c c o u n t r e m a in in g a t t h e c l o s e of
b u s i n e s s , A p r i l 1 0 , 1 9 2 9 a t 049, 500, 000 *
The p a r t i c i p a t i o n b y F e d e r a l r e s e r v e
ba n k s an d th e c l a s s i f i c a t i o n o f i s s u e s a t t h e c l o s e o f th e s ta te m e n t w eek w ere as
fo llo w s :
PARTICIPATION EY FEDERAL RESERVE BANKS
B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
Richm ond
A tla n ta
C h ic a g o
S t * L o u is
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 o ta ls

$ 4, 332, 500
1 4 , 958, 500
4, 058, 500
4, 762, 000
1 ,2 0 4 ,0 0 0
1 , 4 4 3 ,0 0 0
8 ,6 8 1 ,0 0 0

0
2 ,1 8 4 ,5 0 0

0

RECAPITULATION OF HOLDINGS BY MATURITIES
D ec* 1 5 , 1 9 2 9 -4 l / 4 $ C / l
D e c . 1 5 , 1 9 3 2 -3 \/Z% T/N

$ 1 0 ,0 0 0 ,0 0 0
30t 000r 000
$ 4 0 ,0 0 0 , 000

P lu s te m p o r a ry
p u r c h a s e from
S t .L o u i s * p o r t f o l i o
3 1 / 2 $ T/N due 3 /1 5 /3 2 $ 3 ,0 0 0 ,0 0 0
3 l/Z %
"
"
9 /1 5 /3 2
3 ,0 0 0 ,0 0 0
3 1/2/= ”
” 1 2 /1 5 /3 2
3 .5 0 0 . OOP

3, 010, 500
4 t 8 6 5 t 500

9, 5 00, 000

$ 4 9 , 500, 000

$ 4 9 , 5 0 0 , 000

NOTE: S in c e th e c l o s e o f t h e s t a t e m e n t w eek s a l e s w ere made fr o m h o l d i n g s i n
S ystem A c c o u n t o f $ 1 0 ,0 0 0 ,0 0 0 T r e a s u r y 4 l / 4 $ c e r t i f i c a t e s due D ecem ber
15, 1929, f o r d e liv e r y as f o l l o w s :
A p r i l 12 $
5 0 0, 000 t o t h e m ark et
"
15
4 ,0 0 0 ,0 0 0
”
’*
1
1
”
17
5 .5 0 0 .0 0 0
”
T reasu ry,
$ 1 0 , 000, 000

a c c o u n t S u r p lu s Money

T ota l

T h ese s a l e s w i l l l e a v e t h e t o t a l am ount o f h o l d i n g s i n t h e A c c o u n t a t
$ 3 9 ,5 0 0 ,0 0 0 i n c l u d i n g th e $ 9 ,5 0 0 ,0 0 0 T r e a s u r y N o te s ta k e n o v e r t e m p o r a r i l y fr o m
t h e S t . L o u is ban k r e c e n t l y *



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £«Q*

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
- ... FEDERAL BESERVE BANKS FROM APRIL 4 TO APRIL I 0 r 1 9 2 9 f INCLUSIVE________
GOVERNMENT SECURITIES
P u rch ases
New Y ork

* $ 1 ,0 0 0 ,0 0 0

A tla n ta
S t . L tm is

1 1 9 ,2 0 0
0

T o ta ls

-

Issu e
M arch 1 5 ,

S a le s

1 9 3 0 -3 2 T/N

M is c . G ov H S e c .
-

Issu e

* $ 2 ,0 0 0 ,0 0 0 S e p t* 1 5 , 1929 4 3 / 4 ?°C /l
*
2 ,0 0 0 ,0 0
1 2 6 ,9 5 0 M i s c . G o v H S e c .
237. 500 S e p t *15, 1 3 3 0 -3 2 T/N

$ 1 ,1 1 9 ,2 0 0

$ 4, 3 6 4 ,4 5 0

* H e ld t e m p o r a r i l y

BANKERS ACCEPTANCES
(0 0 0 O m it t e d )

H o ld in g s
A p r il 3
B oston
New Y ork

P u rch ased
Own M k t.

$ 1 8 ,2 5 8
1 8 , 397

$ 1, 665
3 ,0 3 9
6, 22 4
1 , 639
0
228
403.
14
0
0
0
1 ,4 9 0
592

P h ila .
C l e v e la n d
R ichm ond
A tla n ta
C h ic a g o
S t . L o u is
M in n .
Kan- C i t y
D a lla s
San F r a n ,
T o ta ls

1 6 , 096
2 1 ,8 3 2
1 0 , 327
9, 228
8, 375
6, 793
6, 336
8 ,5 7 9
1 3 , 062
20r 115
$ 1 5 7 , 398
jv e r

$ 1 5 ,2 9 4

R
”
A
R
"
"
’*

n
"

By A l l o t M ature
m ent fr o m i t i e s &
N , Y«
S a le s

H o ld in g s
A p r il 10

O th e r H o ld in g s
C l o s e A p r i l 1 0 /2 9
S a le s
O th e r
C o n tra cts
B ills

$ 2 ,5 3 9
5 ,6 8 2

$ 1 7 ,3 8 4
1 5 ,7 5 4

$ 3 ,2 0 2
3 ,8 4 5

0
2, 046
829
865
0
0
735
1 ,1 4 5
604
0

4 , 273
5 ,1 2 5
1 ,9 5 8
875
2 ,3 7 7
983
1 ,1 5 8
1 ,1 2 1
1 ,5 6 9
3 ,2 7 0

1 3 ,4 6 2
1 8, 753
9, 426
9 ,6 2 1
6 ,0 1 2
5 , 810
5, 913
8 ,6 0 3
1 3 ,5 8 7
1 7 . 437

0
0
0
0
2, 664
0
0
0
61
3 r 313

96
106
52
979
141
44
27
33
36
72

$6, 224

$ 30, 930

$ 1 41, 762

$ 1 3 , 085

$ 2 ,4 0 2

$ o
0

t o o t h e r F . R . B anks T o ta l - - - - - - - -

NOTE:

$

68

-

$2, 470

R. indicates Retained and A. indicates Allotted in the above statement.




75
741

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q « \2BS3*

MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING APRIL 1 0 .
(000 O m itte d )
1- -30 days
5 -5 l/Z %
B oston
New Y ork
P h ila d e lp h ia
R ichm ond
A tla n ta
C h ica g o
D a lla s
San F r a n c i s c o
T o ta ls

0

3 1 -6 0 days
5 1 / 8 - 5 l / 2 co
/

857
6, 052
1 , 003
94
320*
14
262
5

0

0 8 , 607

6 1 -9 0 days
5 1 / 2 - 5 5/Q%

1929

O v er 9 0 - days
5 1 / 2 - 5 5/8%

To t a l

16 0
334

* A
s 0
i*
208
0
0
0
0
88
0

0 1 ,6 6 5
9 ,2 6 3
1 , 639
228
4D3
14
1 ,4 9 0
592

01, 841

0296

0 1 5 ,2 9 4

0

191
2 ,6 4 4
432
50
0
0
980
253

617
359
204
84
83**
0

0 4, 550

♦ P u rch a se d a t 4 l / 2 $
♦ ♦ P u rch a sed a t 4 3 /4 $
RECAPITULATION OF PURCHASES AIn s a l e s of government s e c u r i t ie s
SD
AND BANKERS ACCEPTANCES DURING WEEK ENDING APRIL 10. 1929
(000 O m it t e d )
(E x c lu d in g S a l e s C o n t r a c t s )
G overn m en t
S e c u r itie s
P u rch ased
S o ld
M atu red

T o ta ls

B an k ers
A ccep ta n ces

OX,120

T o ta l

0 1 5 ,2 9 4
0
30. 930
015, 6369 1 2 - (N e t Change
__________ 1 -d a y h o l d o v e r
& oth er b i l l s )
0 16, 5 4 8 -

4 ,3 6 4
0

$ 3 ,2 4 4 -

0 1 6 ,4 1 4
4 ,3 6 4
3 0 f 930
0 1 8 ,8 8 0 9 1 2 - (N e t Change
_________ JL-^day h o l d o v e r
& oth er b i l l s )
0 1 9 ,7 9 2 -

jjQLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES APRIL 1 0 .
(OOO O m it t e d )

1929

( I n c l u d i n g S a le s C o n t r a c t s )
W ith in
l$ -d a y s
G ovH S e c u r itie s
B i l l s P u rch ased
T o ta ls




1 6 -3 0
days

3 1 -6 0
days

6 1 -9 0
days

91 days
6 m onths

0 3, 505
6 7 r 504

0

0

0

5
2 0 .3 7 0

$ 9 ,1 6 0
l t 938

0 1 53, 419
0

0 1 6 6 ,0 8 9
1 5 7 T 317

0 7 1 ,0 0 9

0 3 8 ,0 1 0

0 2 0 ,3 7 5

0 1 1 ,0 9 8

0 1 5 3 ,4 1 9

0 3 2 3 ,4 0 6

0
38r 010

0
2 9 .4 9 5

0 2 9 ,4 9 5

O v er 6
m onths

To t a l

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

'

Authority £»0»

A p r il 10,

1929

D ear Mr* M a t t e s o n :

1
a c k n o w le d g e r e c e i p t o f an d s h a l l b r i n g
t o t h e a t t e n t i o n o f t h e members o f t h e B oard y o u r
l e t t e r o f A p r il 8 th f e n c lo s in g re p o rt o f tra n sa c­
t io n ® i n G overnm ent s e c u r i t i e s and b a n k e r s a c c e p t ­
a n c e s a s r e p o r t e d t o y o u r c o m m itte e f o r t h e p e r i o d
fro m M arch 2 3 , 1929 t o A p r i l S # 1929 i n c l u s i v e ,
•/ery t r u l y y o u r s ,

M. M c C le lla n d ,
A s s is ta n t S e c r e ta r y

Mr# W. B. i / a t t e s o n , S e c r e t a r y ,
Open M arket In v e s tm e n t C o m m itte e ,
c / o F e d e r a l R e s e r v e Bank,
New Y o r k , N. Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority S»Q» f f l S ?

StC’ D-BK' OP

Fe

d e r a l

o f

CONFIDENTIAL

R
N

e s e r v e

e w

Y

B

f

1 1 1 ®

a n k

o r k

A p r i l 8 , 1929

Mr* E . A. G o ld e n w e is e r ,
D i r e c t o r , D i v i s i o n o f R e s e a r c h and S t a t i s t i c s ,
F e d e ra l R eserve B oard,
? y a sh in g to n , D. C.
D ear M r. G o ld e n w e is e 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 i o n s i n G overnm ent

s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M arket I n v e s tm e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r i o d fro m M arch 2 8 , 1 9 2 9 t o A p r i l 3 , 1929 inclu-*s iv e ,

t o g e t h e r w it h d a t a r e c e i v e d b y t h e C om m ittee from t h e

F ed era l r e s e r v e ban k s.

Secretary, Open Market
Investment Committee

A ,
V

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

Authority E»0»

I

I

F

e d e r a l

o f

R
N

e s e r v e

e w

Y

B

a n k

o r k

P E R S O N A L

A p r i l 8, 1923

Dear Governor Young:
W are e n c lo s in g ,
e

fo r your f i l e s ^ a

reoort o f

t r a n s a c t i o n s i n Government s e c u r i t i e s arfa. b a n k e r s 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 Markjrc I n v e s tm e n t Committee
f o r t h e F e d e r a l R e se r v e ,3y s te n iy fo r t h e p e r i o d from March
28 , 1929 t o A p r i l 5 ,

in c lu s iv e ,

t o g e t h e r w it h d a t a

r e c e i v e d b y t h e Gom
m

from t h e F e d e r a l r e s e r v e b a n k s .
V e jT t r u l y y o u r s ,

B. Matte son
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Yfashington, D. C.

Encl.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £«Q«

fm
■LEAS?*'

AA- ‘
ItPf M - ti 1 /
faf.
KlN M i l l 3? *******

* G 6 v , V..-,




SPECI AL CIRCULATION

P la tt
F

e d e r a l

o f

R
N

■
■.STU 1... J^CKKTARY*S
?'-i
h r. J LH6 3 v/
i i
8khrxtngli.affl^/'

e s e r v e

e w

Y

B

>>
£
P6%$,

a n k

o r k

CONFIDENTIAL

A p r i l 8 , 1929

D ear G o v e r n o r Y o u n g :
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 i o n s i n G overnm ent

s e c u r i t i e s and b a n k e r s a c c e p t a n c e s a s r e p o r t e d t o t h e Open
M ark et In v e s tm e n t C om m ittee f o r t h e F e d e r a l R e s e r v e System
f o r t h e p e r io d , fro m M arch 2 8 , 19 2 9 t o A p r i l 3 , 1 9 2 9 i n c l u ­
s i v e , t o g e t h e r w it h d a t a r e c e i v e d b y t h e C om m ittee fro m t h e
F e d e ra l r e s e r v e ban k s.

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £ » 0 «

'CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED APRIL 3 f 1929
H o ld in g s o f E a r n 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 from A p r i l 2 5 T 1928 t o
(0 0 0 O m itte d )

-1 9 2 8 A p r,
25
May
29
June 27
J u ly 25
A u g,
29
S e p t , 26
O ct,
31
N ov, „ 28
26
D e c,
-1 9 2 9 30
Jan,
Fob,
27
27
M ar.
A p r,
3

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

GOVERNMENT SECURITIES
O u t r ig h t
S a le s
P u rch ases
C o n tra cts
0 2 9 3 ,3 6 5
0 1 1 ,3 9 0
2 0 3 ,8 9 1
1 5 ,5 3 5
1 9 9 ,9 7 7
1 1 ,9 6 0
1 9 7 ,1 3 5
1 0 ,5 0 6
1 9 7 ,0 4 8
1 1 ,9 1 6
2 1 3 ,3 7 4
1 5 ,6 5 8
2 0 0 ,4 7 0
2 6 ,6 2 9
2 0 4 ,6 3 8
2 4 ,6 4 4
1 9 7 ,0 2 8
3 5 ,3 0 0
1 9 9 ,0 2 6
1 6 4 ,9 8 5
1 6 5 ,9 6 5
1 6 5 ,8 2 8

BANKERS ACCEPTANCES
O u t r ig h t
S a le s
P u rch ases
C o n tra cts
0 3 3 1 ,4 2 5
0 3 4 ,4 1 6
2 0 ,5 1 6
2 8 3 ,4 7 2
2 4 ,3 5 8
1 9 9 ,0 7 4
1 6 0 ,9 3 9
8 ,1 4 4
2 7 ,5 3 4
1 5 6 ,7 6 5
5 8 ,6 1 4
2 0 4 ,8 0 5
8 3 ,8 9 7
3 5 5 ,4 7 9
5 1 ,1 1 3
4 3 1 ,2 3 0
6 6 ,5 9 2
4 2 2 ,6 7 8

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

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

D ate
BILLS

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

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

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

CHANGES IN EARNING AS SI
(0 0 0 O m itted )
GOVERNMENT SECURITIES
B a la n c e
N et
A p r,
3
Change
0 1 ,0 5 2 +
0 6 ,3 8 9
2 0 ,4 0 3
3 ,6 3 5 +
1 9 ,0 7 0
959+
3 0 ,4 7 3
1 ,1 5 8 +
2 ,3 5 6
0
4 ,0 0 7
231+
2 ,1 0 9 +
2 8 ,6 1 8
1 1 ,7 0 1 7 ,3 6 2
9 ,7 8 7
530+
9 ,7 9 3
0
707+
1 2 ,9 9 8
1 4 ,5 7 2
1 ,1 8 3 +

B oston
New Y ork
P h ila d e lp h ia
C le v e la n d
Richm ond
At l a n t a
C h ic a g o
S t . L o u is
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
N .Y . h o l d o v e r s
and o t h e r b i l l s
T o ta ls

0 1 6 5 ,8 2 8

BANKERS ACCEPTANCES
N et
B a la n c e
A pr.
3
Change
0 6 ,0 8 2 0 1 8 ,2 5 8
5 ,1 3 1 1 8 ,3 9 7
2 ,5 8 4 1 6 ,0 9 6
1 ,4 4 0 2 1 ,8 3 2
1 ,3 7 4 1 0 ,3 2 7
2229 ,2 2 8
4 ,7 9 7 8 ,3 7 5
6 ,7 9 3
1 ,5 7 5 1 ,9 6 5 6 ,3 3 6
1 ,7 1 3 8 ,5 7 9
1 ,2 3 6 1 3 ,0 6 2
3 ,1 0 0 2 0 ,1 1 5
3 f 382

0

137-

372+

0 1 6 0 ,7 8 0

0 3 0 ,8 4 7 -

BILLS DISCOUNTED
N et
B a la n c e
Change
A pr.
3
0 3 ,1 1 6 +
0
7 2 ,4 9 8
6 3 ,6 4 5 2 3 5 ,5 2 8
9451 0 4 ,8 6 0
6 ,1 7 8 +
8 9 ,9 2 8
4 ,6 4 2 +
4 9 ,5 5 6
9 ,6 5 2 +
5 9 ,5 9 2
2 0 ,0 7 5 +
2 0 4 ,7 5 5
7 ,0 1 4 +
6 1 ,1 6 8
1 ,2 1 3 1 3 ,1 1 0
8 ,0 0 0 +
3 8 ,2 8 3
3 ,4 0 0 +
1 4 ,7 2 5
9 ,4 4 8 +
8 5 ,8 4 9

0 1 ,0 2 9 ,8 5 2

0 5 ,7 2 2 +

COMMENT ON CHANGES VrfEEK ENDED APRIL 3 f 1 9 2 9 'T o t a l e a r n in g a s s e t s o f t h e S ystem show ed a d e c r e a s e o f 0 2 9 ,2 5 0 ,0 0 0 f o r
t h e c u r r e n t s ta te m e n t w e e k .
The a p p r o x im a te ch a n g e s b y c l a s s i f i c a t i o n c o n s i s t e d o f
an i n c r e a s e o f 0 5 ,7 0 0 ,0 0 0 i n b i l l s d is c o u n t e d and d e c r e a s e s o f 0 3 0 ,8 5 0 ,0 0 0 i n ou t­
r i g h t p u r c h a s e s o f b a n k e r s a c c e p t a n c e s , and $ 4 ,0 0 0 ,0 0 0 i n in v e s t m e n t s h e l d u n d er
s a le s co n tra cts ^
The l a t t e r d e c r e a s e c o n s i s t e d o f 0 1 ,1 0 0 ,0 0 0 i n Governm ent s e c u r i t i e s and 0 2 ,9 0 0 ,0 0 0 i n b a n k e r s a c c e p t a n c e s .




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 «

Money
M ark et

The New Y ork c a l l m oney m a rk e t e a s e d c o n s i d e r a b l y a f t e r th e
f i r s t of A p r il.
On M onday, A p r i l 1 , t h e re n e w a l r a t e was s e t a t 1 0
p e r cfcn t, f o l l o w i n g a r e n e w a l a t 15 p e r c e n t on th e p r e v i o u s t r a d i n g
da y , M arch 2 8 , b u t o f f e r i n g s a t th e re n e w a l f i g u r e w ere b e lo w th e
demand a n d th e new l o a n r a t e s u b s e q u e n t ly was a d v a n c e d a g a in t o 1 5 p e r
cen t.
On T u esd ay th e c a l l r a t e h e l d a t 12 p e r c e n t a l l d a y ;
on
W ednesday t h e r e was a d e c l i n e t o 8 p e r c e n t fr o m th e re n e w a l r a t e o f
10 p e r c e n t ;
a n d on T h u rsd a y an d F r id a y th e new l o a n r a t e to u c h e d 6
p e r c e n t on b o t h d a y s , a f t e r r e n e w a ls h a d b e e n a r r a n g e d a t 1 0 p e r c e n t
on T h u rsd a y an d a t 8 p e r c e n t on F r i d a y .
The 8 p e r c e n t r e n e w a l r a t e
was t h e l o w e s t s i n c e M arch 1 9 , an d th e 6 p e r c e n t r a t e f o r new l o a n s
w as th e l o w e s t l e v e l t o u c h e d s i n c e M arch 1 3 ,
D u ring th e f i r s t w eek
o f th e m o n th , t h e r e was o n l y a r e l a t i v e l y s m a ll n e t o u t f l o w o f fu n d s
t o o t h e r c e n t e r s , f o l l o w i n g a l a r g e i n f l o w d u r in g th e l a s t w eek o f
M arch .
F e d e r a l R e s e r v e b i l l o p e r a t i o n s c o n t i n u e d to t a k e fu n d s o u t
o f t h i s m a r k e t, b u t t h e r e were r a t h e r h e a v y f o r e i g n a c c o u n t paym ents
t o t h e s t r e e t , r e p r e s e n t i n g p r i n c i p a l l y th e p r o c e e d s o f g o l d r e l e a s e d
fro m e a rm a rk .
The i n d e b t e d n e s s o f th e New Y ork C it y b a n k s a t th e
R e s e r v e Bank a v e r a g e d $ 1 6 9 ,0 0 0 ,0 0 0 d u r in g t h e p a s t w eek , a d e c l i n e o f
$ 2 3 ,0 0 0 ,0 0 0 from th e p r e v i o u s w e e k .
Q u o t a t io n s f o r tim e m oney, on t h e o t h e r h an d , a d v a n ce d
f u r t h e r d u r in g th e c a le n d a r w eek j u s t c l o s e d .
T h ro u g h o u t t h e p e r i o d ,
t h e r e w e re t r a n s a c t i o n s a t 9 p e r c e n t in m a t u r i t i e s up t o 90 days an d
on s e v e r a l days o f th e w eek l o a n s f o r th e l o n g e r m a t u r i t i e s w e re a l s o
p l a c e d a t th e 9 p e r c e n t r a t e .
C u r r e n t l e v e l s f o r tim e l o a n s a r e a s
h ig h a s t h o s e t h a t p r e v a i l e d d u r in g p a r t o f 1 9 2 0 .
Due to th e v e r y l i m i t e d in v e s t m e n t demand f o r co m m e rcia l
p a p e r , t h e p r e v a i l i n g r a t e f o r p rim e names h a s b e e n a d v a n c e d t o 6 p e r
c e n t , a new h ig h l e v e l f o r c o m m e r c ia l p a p e r s i n c e S ep tem b er 1 9 2 1 .
S in c e th e ch an ge i n th e r a t e , th e b u y in g demand a s 7 /e l l a s t h e s u p p ly
o f p a p e r h a s r e m a in e d s m a l l .

Government
Security
Market




The m a rk e t f o r U n it e d S t a t e s G overnm en t s e c u r i t i e s c o n t in u e d
m o d e r a t e ly a c t i v e .
The demand was g o o d an d p r a c t i c a l l y a l l i s s u e s
r e g i s t e r e d f r a c t i o n a l g a in s o v e r th e p r e v i o u s w eek *s c l o s e , t h e l o n g ­
term b o n d s , w it h th e e x c e p t i o n o f th e T r e a s u r y 3 3 /8 s o f 1 9 4 7 sh ow in g
g a in s o f fro m 8 /3 2 t o 2 6 /3 2 n d s .

4
4
4
4
4
3
3
3

D e a le r s * O f f e r i n g P r i c e s a t th e End o f th e C a le n d a r Week
a nd M et C hanges from P r e v io u s W e e k 's C lo s e
N et
Change
Issu e
P r ic e
♦ 3 /3 2
l/Z % C e r t . o f I n d . due June
10 0
15, 1929
it
it
ii
n S ep t.
+ 4 /3 2
100
3 /3 2
3 /4 #
15, 1929
<
i
it
n
n S e p t.
99 2 6 /3 2
+ 4 /3 2
1 /i t
1 5 , 1929
If
it
n
n D ec.
+ 1 /3 2
99 1 9 /3 2
1 5 , 1929
ti D e c .
»
ii
+ 1 /3 2
10 0
3 / 4/i II
1 5 , 1929
+ 1 /3 2
96 2 9 /3 2
1 / 2 / . T r e a s u r y N o te s ii M a r.
1 5 , 1932
n
it
ii
+ 1 /3 2
96 2 9 /3 2
1 /8 *
S e p t . 1 5 , 1932
it
it D e c .
ti
+ 1 /3 2
96 2 9 /3 2
1 5 , 1932
1 /2 #

A pp rox.
Y ie ld
4 ,4 2 .
4 .5 1
4 *68
4 .8 4
4 .7 4
4 .6 4
4 ,4 9
4 .4 2

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED

Authority £»Q*

Issu e
1 st 3 l/2 s
1 st 4 l/4 s
4 th 4 l / 4 s

C l o s i n g P r i c e s on New Y ork S t o c k E x ch a n ge on S a tu r d a y .
A p r i l 6. 1929 a n d N e t C hanges fro m P r e v io u s W eek*s C lo s e
N et
Issu e
P r ic e
P r ic e
Change
1 0 2 2 4 /3 2
97 3 0 /3 2
+ 1 8 /3 2
T r e a s . 4s
1 9 4 4 -5 4
it
1 0 6 3 0 /3 2
4 l / 4 s 1 9 4 7 -5 2
99
6 /3 2
+ 1 9 /3 2
ti
1 9 4 6 -5 6
99 3 0 /3 2
99
7 /3 2
+ 1 1 /3 2
3 3 /4 s
it
96 9 /3 2
3 3 /8 s 1 9 4 3 -4 7
ii
96 1 6 /3 2
3 3 /8 s 1 9 4 0 -4 3

N et
Change'
+ 1 4 /3 2
+ 2 6 /3 2
+ 8 /3 2
- 1 /3 2
+ 1 5 /3 2

B an k ers
A cce p ta n ce s

D e a le r s o f f e r i n g s o f u n in d o r s e d b a n k e r s a c c e p t a n c e s w ere
a t th e f o l l o w i n g r a t e s :
5 3 /8 p e r c e n t f o r 3 0 s, 5 3 /8 to 5 l / 2 p e r
c e n t f o r 6 0 s , 5 l / 2 p e r c e n t f o r 90s a n d 1 2 0 s an d 5 5 /8 p e r c e n t f o r
1 8 0 -d a y b i l l s ,

R ep orts
Week
E n d in g
A p r il 3

B o s t o n r e p o r t s t h a t t h e r e was v e r y l i t t l e ch a n g e i n l o c a l
c o n d i t i o n s i n t h e b i l l m a rk et d u rin g th e p a s t week#
A s l i g h t im ­
p ro v e m e n t was n o t e d i n t h e s u p p ly , w h i le t h e demand, u n d o u b te d ly
due t o h ig h r a t e s o v e r t h e m o n th -e n d , s l a c k e n e d p e r c e p t i b l y w it h th e
r e s u l t t h a t d e a l e r s s h ip p e d many o f t h e i r b i l l s to t h e i r o f f i c e s
in o th e r c i t i e s .
O f f e r i n g s t o th e R e s e r v e Bank w ere v e r y smalJL.
New Y ork t h e s u p p ly o f b i l l s was m o d e r a t e ly g o o d and a p p r o x im a te ­
l y e q u a l t o th e dem and.
D i s t r i b u t i o n c o n s i s t e d m a in ly o f n i n e t i e s
an d l o n g e r b i l l s f o r f o r e i g n a c c o u n t .
L o c a l b u y in g was m o d e r a te ,
c h i e f l y f o r s h o r t e r m a t u r i t i e s and p r i n c i p a l l y f o r c o r p o r a t i o n
a ccou n t.
D e a le r s made f a i r l y s u b s t a n t i a l s h ip m e n ts to t h e i r o u t o f - t o w n b r a n c h e s an d c o r r e s p o n d e n t s an d t h e i r p o r t f o l i o s r e a c h e d th e
l o w e s t l e v e l s i n c e A u g u st 1 9 2 8 .
P h i l a d e l p h i a r e p o r t s t h a t th e
demand f o r b i l l s show ed a l i t t l e im p rov em en t d u r in g th e p a s t w eek,
a lt h o u g h g e n e r a l l y th e m a rk et was q u i e t .
D e a le r s r e p o r t e d t h a t
b i l l s w ere som ewhat s c a r c e .
O f f e r i n g s w ere n o t h e a v y .
C h ica g o
r e p o r t s t h a t d e a l e r s r e p o r t e d a f a i r demand f o r 3 0 -d a y m a t u r i t i e s
a t p r e s e n t r a t e b u t s i x t i e s an d n i n e t i e s a p p e a r t o b e a c c u m u la t in g *
D a lla s r e p o r t s t h a t th e s u p p ly o f b i l l s o r i g i n a t i n g i n i t s d i s t r i c t
d e c l i n e d due to s e a s o n a l i n f l u e n c e s .
One d e a l e r r e p o r t e d t h a t
d i f f i c u l t y was e x p e r i e n c e d i n s e c u r i n g s u p p ly o f b i l l s i n o t h e r
d i s t r i c t s , p a r t ic u la r ly s i x t ie s .
B i l l s a v a i l a b l e m oved f r e e l y a t
e x is tin g r a t e s .
The demand was much l a r g e r th a n th e p r e v i o u s week
a n d w as p r i n c i p a l l y f o r n i n e t i e s .
I n t e r i o r b a n k s c o n t i n u e d to b e
la r g e s t b u y ers.
O f f e r i n g s t o t h e R e s e r v e Bank w ere l a r g e r th an
th e p r e v i o u s w e e k .




Rp d ce fr m eUclas dI Dcla dHld g ofth Ntio a A iv s
e ro u d o th n s ifie e ssifie o in s e a nl rch e
DECLASSIFIED

Authority E »
>»0

f

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ra n s a c tio n s consummated f o r th e T rea su ry d u rin g th e c u r r e n t sta tem en t
week were as f o l l o w s ;
S a le o f ^ 1 ,0 0 0 ,0 0 0 - 4 l/$% 1 s t L /L bonds f o r a c c o u n t Government L i f e In su ra n ce
Fund and p u rch a se o f 0 500,000 - 4 3/4% C / l due 9 /1 5 /2 9 f o r German S p e c ia l D e p o s it
A cco u n t *
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
During th e c u r r e n t sta tem en t week the F e d e r a l R eserve Bank o f S t* L o u is ,
owing to the heavy demands on t h a t bank b y member banks in i t s d i s t r i c t , was r e ­
l i e v e d o u t r ig h t o f i t s p a r t i c i p a t i o n o f Government s e c u r i t i e s in th e System A cco u n t
amounting to $ 2 ,2 0 0 ,0 0 0 ,and r e l i e v e d te m p o r a r ily o f $ 9 ,5 0 0 ,0 0 0 - 3 l/z% T rea su ry
" n o t e s o f 19^ 0-32 from i t s o u t r i g h t h o ld in g s c f Government s e c u r i t i e s .
These
s e c u r i t i e s were a l l taken o v e r a t th e c u r r e n t m arket p r i c e s and a p p o r tio n e d to th e
o t h e r p a r t i c i p a t i n g banks e x c e p t Richmond, w ith the u n d ersta n d in g th a t S t , L o u is
w ould re p u rch a se t h e $ 9 ,5 0 0 ,0 0 0 T rea su ry n o t e s a t a l a t e r date a t th e same p r ic e *
These t r a n s a c t io n s r e s u lt e d in the t o t a l h o ld in g s in th e A cco u n t b e in g
in c r e a s e d te m p o r a r ily from $ 4 0 ,0 0 0 ,0 0 0 t o $ 4 9 ,5 0 0 ,0 0 0 *
The p a r t i c i p a t i o n by
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 o f i s s u e s a t th e c l o s e o f th e s t a t e ­
ment week were as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
B oston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C hicago
S t . L o u is
M in n e a p o lis
Kansas C ity
D a lla s
San F r a n c is c o
T o t a ls




0 4 ,3 3 2 ,5 0 0
1 4 ,9 5 8 ,5 0 0
4, 058, 500
4, 762, 000
1 .2 0 4 .0 0 0
1, 4 4 3 ,0 0 0
8 .6 8 1 .0 0 0
0
2 .1 8 4 .5 0 0
0
3, 010, 500
4 .8 6 5 .5 0 0

$49, 500, 000

RECAPITULATION QF HOLDINGS BY MATURITIES,
D ec. 1 5 ,1 9 2 9 - 4 l/4 ? « C / l
D ec. 1 5 ,1 9 3 2 - 3 l/2% T/N

$10, 000, OOO
30f OOP. 000
0 4 0 ,0 0 0 ,0 0 0

P lu s tem porary
p u rch a se from
S t.L o u is * p o r t f o l i o :
3 l /2 /o T/N due 3 /1 5 /3 2 $ 3 ,0 0 0 ,0 0 0
3 1/2% ”
M 9 /1 5 /3 2
3 ,0 0 0 ,0 0 0
3 1/2% "
" 1 2 /1 5 /3 2
3f 500, 000.
9j 5 0 0 ,0 0 0

$49, 500, 000

Rp d ce fr m eUclas dI Dcla dHld g ofth Ntio a A iv s
e ro u d o th n s ifie e ssifie o in s e a nl rch e
DECLASSIFIED
Authority £»Q* VTRSff

tin
*.

5
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM MARCH 28 TO APRIL 3. 1929. INCLUSIVE
GOVERNMENT SECURITIES - SYSTEM INVESTMENT ACCOUNT

T o t a ls

P u rch ases
$ 1 ,0 5 3 ,0 0 0
5 ,8 3 5 ,0 0 0
9 5 9 ,5 0 0
1 ,1 5 7 , 500
0
341, 000
2 ,1 0 9 ,5 0 0
0
5 3 0 ,5 0 0
0
7 3 1 ,5 0 0
1 ,1 8 2 T500

S a le s
0
o
♦ 2 ,2 0 0 ,0 0 0
0
0
0
0
0
2, 200, 000
0
0
0
0

In c r e a s e
$ 1 ,0 5 3 ,0 0 0
3, 6 3 5 ,0 0 0
959, 500
1 ,1 5 7 ,5 0 0
0
3 4 1 ,0 0 0
2 ,1 0 9 ,5 0 0
0
5 3 0 ,5 0 0
0
7 3 1 ,5 0 0
..1 .1 8 2 ,.5 0 0

D ecrease
$
0
0
0
0
0
0
0
2 ,2 0 0 , 000
0
0
0
0

$13, 900, 000

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 i t y D a lla s
San F r a n c is c o

$4, 400, 000

0 1 1 ,7 0 0 ,0 0 0

$ 2 ,2 0 0 ,0 0 0

♦ R ep resen ts amount o f S t . L o u i s ’ p a r t i c i p a t i o n taken o v e r b y New York on March 29
and a l l o t t e d to p a r t i c i p a t i n g banks on A p r il 1 .
OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
A t la n t a
S t . L o u is
D a lla s
T o t a ls

P u rch ases
Issu e
$ 1 6 0 ,2 5 0 M is c . G ovH Sec*
0
0

S a le s
2 6 9 ,5 0 0
0
♦ 9, 5 0 0 ,0 0 0
2 4 ,0 0 0

Is s u e
M is c . G ov H S e c .
/a r io u s 1 9 3 0 -3 2 T/N
TJ-1 9 2 9 C /I

$9, 7 9 3 ,5 0 0

$ 1 6 0 ,2 5 0

♦Temporary s a le to System A c c o u n t.
BANKERS ACCEPTANCES
(000 O m itted )

B oston
New York
P h ila *
C le v e la n d
Richmond
A t la n t a
C hicago
♦St« L o u is
M inn.
Kan. C it y
D a lla s
San Fran»
T o ta lf

H o ld in g s
March 27
0 24, 340
2 3 ,5 2 8
1 8 ,6 8 0
2 3 ,2 7 2
1 1 ,7 0 1
9 ,4 5 0
1 3 ,1 7 2
8 ,3 6 8
8 ,3 0 1
10, 292
1 4, 298
2 3 .2 1 5
>188, 617

P u rch ased
Own M kt.
$
929 R
8 ,9 1 0 "
6 ,7 4 7 A
1 ,4 1 0 R
498 “
275 "
340 ”
95 ”
0
0
0
1 ,0 1 2 ”
353 ”
$ 2 0 ,5 6 9

By A llo t * Matur ment f rcm i t i e s &
S a le s
N. Y„
$ 7,011
$ 0
1 ,8 0 8 * *
0
1 2 ,2 3 3
0
3 ,9 9 4
3 ,9 4 3
2 ,0 0 5
2 ,4 9 3
844
956
1 ,5 1 8
0
4 ,8 9 2
356
1 ,9 3 1
661
2, 626
1 ,3 0 8
3 ,021
617
2 ,8 6 5
0
3 .4 5 3
$ 6 ,7 4 7

$ 5 1 ,7 8 8

B i l l s h e ld o v e r n ig h t b y New York f o r d i s t r i b u t i o n

Holdings
A p r il " 3
$ 1 8 ,2 5 8
1 8 ,3 9 7
1 6 ,0 9 6
2 1 ,8 3 2
1 0 ,3 2 7
9 ,2 2 8
8 ,3 7 5
6 ,7 9 3
6 ,3 3 6
8 ,5 7 9
1 3 ,0 6 2
.... 2 0 .1 1 5

O th er H o ld in g s
C lo se A p r i l 3 /2 9
S a le s
O th er
C o n tr a c ts B i l l s
$ 2 ,8 9 1
75
0
773
6, 728
0
0
0
0
1 ,8 5 8
0
0
0
129
2t 317

96
106
52
948
141
44
27
33
36
72

32, 403
97?
to o t h e r F« R, Banks - $157, 398

T o ta l

0 1 3 ,9 2 3

• 3 . 382
j

♦ On March 29 S t* L o u is d is c o n t in u e d p a r t i c i p a t i o n in System p u rch a ses o f b i l l s ,
♦♦^Sold to a f o r e i g n co r re s p o n d e n t*

NOTE;

R* in dicates Retained and A, indicates A llo tte d in the above statement.




Rp d ce fr m eUclas dI Dcla dHld g ofth Ntio a A iv s
e ro u d o th n s ifie e ssifie o in s e a nl rch e
DECLASSIFIED
Authority £ »0 «

6
MATURITIES AND RATES ON BILLS PURCHASED WEEK ENDING APRIL 3. 1939
(000 O m itted )
1 -3 0 days
4 1 /2 - 5 1 /2 t
Bo 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 icago
D a lla s
San F r a n c is c o

$

_ ~

3 1 -6 0 days
4 3 /4 - 5 1 /2 %

$ 1 4 ,2 1 0

T o t a ls

208
1 2 ,7 7 1
873
0
0
100
20
131
107

$

O ver 9 0 - days
5 -5 3 /4 ^

6 1 -9 0 days
4 3 /4 - 5 l/ Z t

T ota l

665
28
388
498
0
104
0
84
7

$ 0
486
0
0
0
36
0
22
0

$

S i , 774

$544

$ 20 ,56 9

$

56
2 ,3 7 2
149
Q
275
100
75
775
239

$ 4 ,0 4 1

929
1 5 , 657
1 ,4 1 0
498
275
340
95
1 ,0 1 2
353

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING WEEK ENDING APRIL 3. 1929
(000 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
P urch ased
S o ld
M atured

Totals

Bankers
A c c e p ta n c e s

$14, 060
1 4 ,1 9 7
0

T o ta l

$ 2 0 ,5 6 9
1 ,8 0 8
4 9 ,9 3 0
$ 3 1 ,2 1 9 372+(N et Change
_ l-d a y h o ld o v e r
& o th e r b i l l s )
$ 3 0 ,8 4 7 -

137-

$ 3 4 ,6 2 9
1 6 ,0 0 5
49 t 980
$ 3 1 ,3 5 6 372+(N et Chang©
1 -d a y h o ld o v e r
& o th e r b i l l s )
$30, 9 84 -

HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES APRIL 3- 1929
(000 O m itted )
(I n c lu d in g S a le s C o n t r a c t s )
W ithin
15 davs
G ov*t S e c u r i t i e s
B i l l s P u rch ased
T o t a ls




1 6 -3 0
davs

$ 3 ,3 3 0
7 9 .2 8 8

$

0
4 1 .9 3 7

$ 8 2 ,5 1 8

$ 4 1 ,9 3 7

6 1 -9 0
davs

9 1 -d a y s
6 months

O ver 6
months

T o ta l

4
2 3 .4 8 9

$ 9 ,1 6 5
2t 134

$ 15 6 ,6 5 9
0

$ 16 9 ,0 5 8
1 7 4 r 703

$ 23 ,49 3

$ 1 1 ,2 9 9

$ 1 5 6 ,6 5 9

$ 343,761

3 1 -6 0
days
$

o
2 7 .8 5 5

$ 2 7 ,8 5 5

$

Rp d ce fr m eUclas dI Dcla dHld g ofth Ntio a A iv s
e ro u d o th n s ifie e ssifie o in s e a nl rch e
DECLASSIFIED
'4




- '

Authority £ « 0 » VZRSlf

April 3, 1929

Dear !£r* */atte*oni
X acknowledge receipt of and shall bring to
the attention of the rae»bers o f the Board your
letter of April 1 s t, enclosing report o f transac­
tion*.In ^varraaant securities and bankers accept­
ances as reported to your coHraltte© for the period
from ’/arch 21, 1929 to liareh 27, 1929 inclusive.
Very truly yours.

S* M. McClelland ,
Assistant Secretary

M W 8# Mattesen, Secretary,
r# *
Open Market Xnvestaent Coaolttee,
o/o Federal Reserve Bank,
K York, 5 , Y*
ew

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

A
J
n
P

**
**
*
'v e c .

Fed

er a l
o f

Re

s er v e

Ne w Y o

K

rk

fc $ Q f

CONFIDENTIAL

A p r il 1 , 1929

Mr. E. A. G olden w eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ed era l R eserve Board,
W ashington, D. C.
Dear Mr* G olden w eiser:
E n closed 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 bankers a ccep ta n ces as r e p o rte d t o th e Open
Market Investm ent Committee f o r the F ed eral Reserve System
f o r th e p e r io d from March 21, 1929 t o March 27, 1929 in c lu ­
s iv e , to g e t h e r w ith d ata r e c e iv e d by th e Committee from the
F ed eral r e s e r v e banks.




Secretary, Open Market
Investment Committee

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »0 «

i

Fed

er a l
o f

Re

s er v e

Ne w Y o

"

r

Ban

k

rk

Ta Ty T I

APR 3

1929 I

PEES 0 N A L

, 1929

Dear Governor Young:
We are e n c lo s in g , f o r you r f i l e 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 bankers a ccep ta n ces as
re p o rte d t o th e Open Market Investm ent Committee f o r the
F ed eral Reserve System f o r the p e r io d from March 21, 1929 t o
March 27, 1929 i n c l u s i v e , to g e th e r w ith d ata r e c e iv e d by the
Committee from the F ed era l r e se r v e banks.

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
?fashington, D. C.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

FOR SPECIAL CIRCULATION
^
-rlLY, INITIAL AND RETURN TO 3^.^EIARV S

rr

L - Hawlin V "
u.
Mr. James t /
Pr. ^il^erdJk^^A Mr, Cunningham
Fed er a l R e s e r v e Ba n k

V

V.

E«Q* fflSST

$ r. P la tt

o f

Ne w Y o

CONFIDENTIAL

" ^
.
.^r*

rk

A p r il 1 , 1929

Dear Governor Young:
E n closed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r the F ed era l R eserve System
f o r th e p eriod from March 21, 1929 t o March 27, 1929 in c lu ­




s iv e , to g e t h e r w ith data r e c e iv e d by the Committee from th e
F ed eral r e s e r v e banks.

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.

_

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

DECLASSIFIED
Authority £«0»

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE WEEK ENDED M
ARCH 2 7 , 1 9 2 9 .
H oldings of Earning A s s e ts

-1 9 2 8 “
25
Jan.
Feb.
29
Mar.
28
Apr.
25
May
29
June 27
July 25
Aug.
29
S ep t. 26
O ct.
31
Nov.
28
26
Dec.
-1 9 2 9 30
Jan.
27
Feb.
Mar# 20
it
27

of FedcrcJ. Reserve Banks from January 2 5 .
(000 Omitted)
BANKERS ACCEPTANCES
SECURITIES
S a le s
O utright
S a le s
O utright
Cont ra cts
Purchases
CLont ract s
Purchases
028,44-2
0 3 1 8 ,8 6 3
0 4 3 4 ,8 1 7
0 6 ,0 8 0
4 0 ,8 2 7
3 0 2 ,9 3 2
8 ,4 7 0
3 9 9 ,1 3 2
5 7 ,4 5 1
2 6 8 ,6 5 2
6 ,3 8 4
3 7 9 ,4 4 8
3 4 ,4 1 6
3 3 1 ,4 2 5
1 1 ,3 9 0
2 9 3 ,3 6 5
2 0 ,5 1 6
2 8 3 ,4 7 2
1 5 ,5 3 5
2 0 3 ,8 9 1
2 4 ,3 5 8
1 9 9 ,0 7 4
1 1 ,9 6 0
1 9 9 ,9 7 7
8 ,1 4 4
1 6 0 ,9 3 9
1 0 ,5 0 6
1 9 7 ,1 3 5
2 7 ,5 3 4
1 5 6 ,7 6 5
1 1 ,9 1 6
1 9 7 ,0 4 8
5 8 ,6 1 4
2 0 4 ,8 0 5
1 5 ,6 5 8
2 1 3 ,3 7 4
8 3 ,8 9 7
3 5 5 ,4 7 9
2 6 ,6 2 9
2 0 0 ,4 7 0
5 1 ,1 1 3
4 3 1 ,2 3 0
2 4 ,6 4 4
2 0 4 ,6 3 8
6 6 ,5 9 2
4 2 2 ,6 7 8
3 5 ,3 0 0
1 9 7 ,0 2 8
8

TOTAL
EARNING
ASSETS
0 1 ,1 7 3 ,9 2 6
1 ,2 4 4 ,9 2 9
1 ,2 5 7 ,0 2 1
1 ,3 8 0 ,6 5 9
1 ,4 6 8 ,2 9 5
1 ,4 6 7 ,7 3 3
1 ,4 0 2 ,3 2 3
1 ,4 3 3 ,0 2 6
1 ,5 0 7 ,7 9 7
1 ,6 0 3 ,4 7 6
1 ,'7 0 6 ,2 5 5
1 ,8 9 9 ,3 1 2
1 ,4 6 7 ,0 3 9
1 ,4 6 3 ,0 3 2
1 ,3 7 1 ,7 7 1 *
1 ,4 0 9 ,7 1 2

1 9 9 ,0 2 6
1 6 4 ,9 8 5
1 8 4 ,8 2 6 *
1 6 5 ,9 6 5

2 ,7 4 5
1 ,4 1 5
525
4 ,3 4 5

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

1928 t o date
BILLS
DISCOUNTED
0
3 8 5 ,2 2 4
4 9 2 ,5 6 8
5 2 4 ,0 9 6
7 0 9 ,0 7 3
9 4 3 ,7 9 1
1 ,0 3 1 ,8 7 4
1 ,0 2 5 ,1 0 9 '
1 ,0 3 8 ,7 7 3
1 ,0 1 0 ,7 6 6
9 3 2 ,2 7 1
990#240
1 ,1 6 7 ,5 7 9

8 2 0 ,6 3 4
5 3 ,5 8 0
9 5 2 ,4 8 2
2 5 ,7 6 7
9 4 2 ,7 3 7
2 1 ,7 1 2
1 ,0 2 4 ,1 3 0
1 6 ,8 0 0
of indebtedness issu ed

t o F# R. B . N. Y . t o cover T reasury o v e r d r a f t .
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_________________ DURING WEEK ENDED M
ARCH 2 7 . 1929,
(000 Omitted)
RTT.TR DISCOUNTED
GOVERNM
ENT SECURITIES
BANKERS ACCEPTANCES
Net
Balanco
Net
Balance
Net
Balance
Change
Mar. 27
Chiange
Mar. 27
Change
Mar. 27
2 0 ,9 9 2 +
<. o ,4 5 4 " c
•
0 69 ,3 8 2
340
0 24,
v
5 ,3 3 7
Boston
$
0 0
9 1 ,0 3 7 +
299 ,173
7 ,1 2 0 2 3 , 528
0
New York
1 6 ,7 6 8
8 ,6 1 6 +
105 ,8 0 5
2 ,9 3 6 1 8 , 680
0
P h ila d e lp h ia
1 8 ,1 1 1
6 ,8 4 8 +
83 ,7 5 0
1 ,5 0 4 2 3 , 272
0
2 9 ,3 1 5
C leveland
2 ,1 8 8 +
44 ,9 1 4
836+
11 , 701
0
2 ,3 5 6
Richmond
1 ,3 0 6 +
49 ,9 4 0
1 ,1 6 3 450
9,
115+
2 ,7 7 6
A tla n ta
5 2 ,4 9 3 184 ,6 8 0
4 ,8 5 7 13 , 172
0
2 6 ,5 0 9
Chicago
3 ,5 8 9 +
54 ,1 5 4
40+
368
0
1 9 ,0 6 3
S t . Louis
8*
3 ,2 1 2 14 ,323
207+
0
9 ,2 5 7
M inneapolis
8 , 301
3 ,4 4 7 30 ,2 8 3
434+
1 0 , 292
0
9 ,7 9 3
Kansas C ity
1 ,8 6 0 +
11 ,3 2 5
1 ,3 1 0 298
24+
1 2 ,2 9 1
D a lla s
4 ,1 0 9 +
76 ,4 0 1
2 ,0 0 1 2 3 , 215
0
1 3 ,3 8 9
San F ran cisco
N .Y . holdovers
1 .6 7 1 3 . 010
and oth er b i l l s
0 8 1 ,3 9 3 +
0 1 ,0 2 4 ,1 3 0
023 ,4 9 9 0 1 9 1 , ,627
0 1 6 5 ,9 6 5
^139+
T o t a ls
COM ENT O CHANGES WEEK ENDED M
M
N
ARCH 27,1929...
T o t a l earning a s s e t s of tho System , e x c lu s iv e of s p e c ia l one—
day Treasury
c e r t i f i c a t e of ind ebted ness issu ed l a s t week to cover th e o v e r d r a ft , showed an in ­
c rease of $ 5 6 ,9 4 1 ,0 0 0 f o r tho current statem ent week.
The approximate changes by
c l a s s i f i c a t i o n c o n s is te d of in c r e a s e s of ^ 8 1 ,4 0 0 ,0 0 0 in b i l l s discounted and
0 1 0 0 ,0 0 0 in o u trig h t purchases of Government s e c u r i t i e s and decreases of 0 ^ 3 ,5 0 0 ,0 0 0
in o u trig h t purchases of bankers acceptances and 0 1 ,1 0 0 ,0 0 0 net in investm ents h e ld
under s a le s c o n t r a c t s .
The l a t t e r item c o n siste d of a decrease of v 4 , 9 0 0 ,0 0 0 in
bankers acceptances and an in c r e a s e of 0 3 ,8 0 0 ,0 0 0 in Government s e c u r i t i e s *




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »0 * VffiSfr

Money
Market

C a ll money r a te s during th e p a st calendar weok advanced
sh a rp ly to new high le v e ls sin c e February 1920#
F ollow in g a co n sid er­
ab le in c re a s e in th e demand f o r s e c u r it y loan s in th e p reviou s week,
th e p re p a ra tio n s f o r th e month-end tr a n s a c t io n s and statem en ts had a
marked c-ff.ect on th e supply of c a l l funds a v a ila b le *
On Monday, the
renewal r a te was se t at 9 p er c e n t, and th re e su c c e s s iv e advances in
th e ra te f o r new loans during the day r a ise d th e c lo s in g rate to 14 p er
cent*
On Tuesday, which was th e day of g r e a te s t s t r a i n , th e ncv; loan
ra te reached 20 p er c e n t, fo llo w in g a renewal at 12 per c e n t, b e fo re
s u f f i c i e n t funds wore forthcom ing t o s a t i s f y the demand*
On Wednesday,
o ffe r in g s of c a l l funds were somewhat f r e e r , with th e r e s u lt th a t the.
ra te held a l l day at the renewal l e v e l of 15 per cent*
Thursday, which
was the l a s t b u sin ess day of th e week f o r th e money m arket, w itn essed
some r e c e s s io n from th ese l e v e l s , ap p aren tly r e f le c t i n g th e consummation
of arrangements p ro v id in g f o r th e month-end op eration s*
On th a t day,
renewals were again at 15 per c e n t, but b e fo re the end of th e tra d in g
s e s s io n , th e nev; loan ra te on th e Exchange had worked as low as 8 per
c e n t, and in th e o u tsid e market some money was even p laced at 6 per cent*
There was a fu r th e r s u b s t a n tia l d e c lin e in the S ystem 's h o ld in g s of
b i l l s during th e week due to not m a tu r itie s and repayment of s a le s
c o n tra c t h o ld in g s of b i l l s in t h i s marketj and week-end currency with­
drawals about o f f s e t an in flo w of commercial funds from other centers
toward th e end of th e week*
As a r e s u l t , the borrowings of tho New
York C ity banks showed a net in c r e a se of $ 3 3 ,0 0 0 ,0 0 0 during th e p eriod
and on s e v e r a l days wore in excess of ^ 2 0 0 ,0 0 0 ,0 0 0 *
For th e week as a
w hole, th e in d ebtedness of th e C ity banks averaged s 1 9 2 ,0 0 0 ,0 0 0 , which
}
i s (> 8 4 ,0 0 0 ,0 0 0 more than in the previou s ¥/eek.
The tim e money market was ex ce ed in g ly firm and ra te q u otation s
were la r g e ly nominal*
At th e end of tho week, 30 day money was quoted
at 8 3 /4 p er cent b i d , 60 and 90 days at 8 l / 2 p er cent b i d , and 4 to 6
months* money at 8 per cent b id , but no funds were o ffe r e d fo r any
m aturity*
During th e week, a few 30 day loans passed at 8 l / 2 and
8 3 / 4 per c e n t, a l i t t l e 60 day money at 8 l / 2 per c e n t, and an occa­
s io n a l 6 months' loan at 8 p er cent*
paper
^ a
^ 3 /4 — 6 per cent f o r prime paper, th e commer­
c ia l^ market continued extrem ely q u iet*
Bank investm ent buying remained
of very lim ite d p r o p o r tio n s , and consequ ently th e d ea le rs were not
anxious to secure a d d itio n a l amounts of now paper from i n d u s t r i a l and
commercial firm s*

government
S e c u r ity
Market




The market f o r United S ta te s Government s e c u r i t i e s was mod­
e r a t e ly a c t iv e and firm *
The demand showed co n sid era b le improvement
over tho p rev io u s wcek^ e s p e c i a l ly f o r th e lon g-term Treasury bonds
which r e g is t e r e d gain s in p r ic e s of from 5 /3 2 to 14 /32n d s over the
p rev io u s w eek's c lo s e *

4
4
4
4
4
3
3
3

1 /2 %
3/4^o

1/4 i
1 / 4/0
3Mo
l/2 %
1 /2 fo
\/2f

D e a le r s ' O ffe r in g P r ic e s at th e End of th e Calendar ^eek
and NQ Changes from P revious W eek's C lose
t
Approx*
Net
Y ie ld
Change
Issu e
P rice
4*89
-2 /3 2
99 2 9 /3 2
C e r t. of Ind* due June 1 5 , 1929
11
11
11 Sept*
—
4 .8 1
99 3 1 /3 2
"
1 5 , 1929
ll
it
< Sept* 15 , 1929
i
4*9 4
99 2 2 /3 2
"
it Dec* 15 , 1929
M it
—
4 .8 6
99 1 8 /3 2
"
It
H
1 Dec* 15 , 1929
1
-2 /3 2
4*7 8
99 3 1 /3 2
"
4*63
+ 2 /3 2
96 2 8 /3 2
Mar. 1 5 , 1932
T reasury Notes "
11
11 Sept* 15, 1932
4 .4 8
+ 2 /3 2
96 2 8 /3 2
"
11
it Dec.
4 *4 1
+ 2 /3 2
96 2 8 /3 2
1932
"
15,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q* VffiSfr
r

C losin g P r ic e s On New York Stock Exchange on Thursday^
March 28.1929 (th e Exchange b ein g c lo s e d on F rid ay and
S atu rday), and Net Changes from P reviou s Week*s C lose

Issu e
1st 3 l/2 s
1st 4 l/4 s
4th 4 l / 4 s

P r ic e
97 1 2 /3 2
98 1 9 /3 2
98 28/32

Net
Change
--------3 /3 2
+2/32

Issu e
T reas. 4s
H
4 l/4 s
3 3 /4 s
3 3 /8 s
3 3 /8s

1944-54
1947-52
1946-56
1943-47
1940-43

P r ic e
102 10 /3 2
106 4/32
99 22/32
96 10 /3 2
96 l / 3 2

Net
Change
♦10/32
+ 6/32
♦14/32
+ 6/32
+ 5/32

Bankers
A cceptances

D ealers* o f fe r in g s of unindorsed bankers a ccep ta n ces were
a t the fo llo w in g r a te s a t the c lo s e o f the cu rren t statem ent week.
5 3 /8 per cen t f o r 30s, 5 3 /8 to 5 l / 2 per ce n t f o r 60s, 5 1 /2 per
cen t f o r 90s and 120s, and 5 5 /8 per cen t f o r 180-day b i l l s .

Reports
Week
Ending
March 27

'
Boston r e p o r ts th a t l o c a l banks were good buyers during the
p a st p e r io d and s a le s were a t the la r g e s t s in c e the f i r s t o f the year*
The supply, however, s t i l l con tin u ed inadequate to meet the l o c a l de­
mand, and d ea lers were o b lig e d to r e c e iv e b i l l s from t h e ir o f f i c e s in
o th e r c i t i e s .
The b e s t demand con tin u ed to be f o r n in e ty day m aturi­
tie s .
In New York a t the begin n in g of the week the supply o f b i l l s
w h ile n ot in as heavy volume as the p reviou s week, was s u b s ta n t ia lly
in ex cess o f the demand.
Orders from abroad and f o r dom estic account
were l i g h t .
On March 25th d ea lers b ein g somewhat apprehensive o f
the s it u a t io n , advanced t h e ir b id and asked ra te s l / 8 per cen t on a l l
m a t u r it ie s .
F ollow in g the open market ra te changes the^Reserve bank
in c r e a s e d i t s c u r re n tly e f f e c t i v e minimum buying ra tes l / 8 per cen t
on a l l na t » n t^ 0« T
mmnnMMtowinTOhrri^
.
A f t e r th ese
changes and f o r the b ala n ce o f the p e r io d the demand from abroad and
dom estic c o r p o r a tio n account in c r e a s e d s u b s t a n t ia lly and was c o n s id ­
e ra b ly in e x ce ss o f the su p p ly .
As a r e s u lt o f t h is demand and
heavy shipments by d ea lers here to t h e ir o u t-o f-to w n branches and
corresp on d en ts, d ealers* p o r t f o l i o s decreased to the l i g h t e s t h o ld ­
in g s s in c e August 1928.
I n q u ir ie s f o r b i l l s con tin u ed good and on
March 27th d ea lers reduced t h e ir ra te l / 8 per cent on a l l m a tu r itie s
in ord er to r e p le n is h t h e ir d ep leted p o r t f o l i o s *
Philadelph.ia
r e p o r ts th a t i t s accep ta n ce market con tin u ed q u ie t .
The in c r e a s e in
r a te s d id n ot a f f e c t the demand which con tin u ed l i g h t .
D ealers
r e p o rte d th a t due to a c t i v i t y in o th e r d i s t r i c t s , p o r t f o l i o s were con­
s id e r a b ly lo w e r ; o f fe r in g s were a c c o r d in g ly somewhat l i g h t e r .
Chicago r e p o rts th a t th ere was a good demand f o r b i l l s in i t s d i s t r i c t
during the l a s t p art o f the statem ent week and d ea lers rep orted a^
s c a r c it y o f a l l m a t u r it ie s .
D lla s r e p o rts th a t the supply o f b i l l s
a
o r ig in a t in g in i t s d i s t r i c t was about normal f o r t h is sea son .
Not­
w ith stan d in g h ig h er r a te s , the demand was s l i g h t l y l e s s than the p re ­
v io u s week due p r in c ip a lly to season al needs o f i n t e r i o r banks.
There was a marked p r e fe r e n c e f o r l*n g b i l l s .
Due to unsettled^
r a te s , d e a le rs reduced p o r t f o l i o s s u b s ta n t ia lly , fa k in g on new b i l l s
o n ly as needed.
One a c c e p tin g bank r e p o rts th at few co tto n merchants
and e x p o r te r s are ta lk in g about g iv in g p r e fe r e n c e to lo a n fin a n c in g
in s te a d o f a ccep ta n ce fin a n c in g on accou n t o f unu sually high b i l l
ra tes.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £»Q«

4
OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ran saction s consummated f o r the Treasury during the cu rren t statem ent
week were as f o l l o w s :
Purchases o f 010,000,000 par amount 4 l/$/o C /l due 1 2 /1 5 /2 9 f o r account
Surplus Money
3 ,5 0 0 ,0 0 0
_______
$13, 500, 000

'*

"

4 l/4 /£ cA due 9 /1 5 /2 9 f o r accou n t
Surplus Money

T ota l Purchases

and s a le o f $1,000,000 par amount 4 l/4>t F i r s t L ib e r ty Loan bonds from accou n t
Government L if e Insurance Fund.
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
There was no tr a n s a c tio n in the System A ccount during the cu rren t
statem ent week, the t o t a l amount of h o ld in g s a t the c lo s e o f busines-s Wednesday,
March 27, 1929,

remaining unchanged a t $ 4 0 ,0 0 0 ,0 0 0 .

The p a r t ic ip a t io n b y F ederal

r e se r v e banks and the c l a s s i f i c a t i o n o f is s u e s were as f o llo w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
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 . L ouis
M in neapolis
Kansas C ity
D allas
San F ra n cisco
T o ta ls

$ 3,279, 500
1 1 ,3 2 3 ,5 0 0

RECAPITULATION OF HOLDINGS BY MATURITIES,

Dec, 15, 1929 - 4 l/4 /o C /l
Dec. 15, 1932 - 3 l/Z% T/N
3 ,0 9 9 ,0 0 0
3, 604, 500
1 ,2 0 4 , 000
1 ,1 0 2 ,0 0 0
6 ,5 7 1 ,5 0 0
2 ,2 0 0 ,0 0 0
1 ,6 5 4 ,0 0 0
0
2 ,2 7 9 ,0 0 0
3 .6 8 3 .0 0 0

$ 4 0 ,00 0,000

$1 0 ,0 0 0 ,0 0 0
30,000 ,0 00

....- ...........
$40,000, OOP

On March 29, 1929 the F ed eral Reserve Bank of S t . L ou is, due to t h e ir
low re se rv e p o s it io n , requ ested th a t they be r e lie v e d of t h e ir p a r t ic ip a t io n in
Government s e c u r it ie s in the System A ccount, amounting to $2,200 ,0 00*
These
s e c u r it ie s were a c c o r d in g ly d is t r ib u t e d among the oth er p a r t ic ip a t in g banks, ex­
ce p t Richmond.
This was an o u t r ig h t s a le a t cu rren t market p r i c e s .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE EANKS FROM M
ARCH 21 TO MARCH 27. 1939. INCLUSIVE,----------GOVERNMENT SECURITIES

$169,300
2 4 .OOP

A tla n ta
D allas

S ales

M isc. Govt t Sec*
TJ-1929 C tfs*

M isc. G o v 't Sec,

$54, 700

$193,300

T ota ls

Issu e

$54, 700
0

Issue

Purchases

BANKERS ACCEPTANCES
(000 O m itted)

H oldings
Mar.20
Boston
New York
P h ila ,
C levelan d
Richmond
A tla n ta
Chicago
* St* Louis
Minn.
Kan. C ity
D allas
San. Fran*
T ota ls

H oldings
Mar „ 27

$ 7,155
13,703

$ 24,340
23,528

$ 1 ,6 8 0
10, 925

75
870

0
3,084
1 ,1 6 0
1 ,110
0
1,536
1,155
1,975
1,142
0

3,452
6,012
1,629
2 ,930
5,478
1,496
948
1,541
3,054
5. 401

18,680
23,272
11,701
9,450
13,172
8,368
8, 301
10,292
14,298
23.215

0
0
0
0
1,419
o •
0 '
0
9
2. 767

96
106
52
960
141
44
27
33
36
72

$11,162

$52,799

$188,617

$16,800

$2, 512

Ey A l l o t Purchased . ment from
Own Mkt- New York

21,616
24,776
10,865
10, 613
18,029
8,328
8,094
9,858
15,608
25.216

$ 4, 701
6, 583
11,162
516
1 ,4 2 4
1,305
657
621
0
0
0
602
3.400

$210, 445

$30,971

$ 26, 794
30, 648

R.
"
A.
R.
"
"
"
"

H
"

Other H o ld in g s '
27/29
C lose Mar
Other
Sales
B ills
C on tracts

Matur­
itie s &
Sale s

$

o
0

498

B i l l s h e ld overn ig h t by New York f o r d is t r ib u t io n to o th e r F , R, Banks - » T ota l

*

$3, 010

On March 29 S t. L ou ie d isco n tin u e d p a r t ic ip a t io n in System p urchases o f b i l l s

NOTE:

R. in d ic a t e s R etain ed and A . in d ic a t e s A l l o t t e d in the above statem ent*




/

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority fc»0*

MATURITIES AND RATES ON DILLS PURCHASED W
EEK ENDING M
ARCH 27t 1,92.9
(000 Omitted)
31-60 days
5 - 5 1 /2 j

1 -3 0 days
4 7 / 8 * 5 3 /8 #

Over 90-days
5 3/8 - S i M

61-90 days
5 1 / 8 * 5 3A #

T ota l

T o ta ls

$
539
10, 650
170
1,198
166
622
356
347
181

0

121
2,783
252
226
465
0
2*22
171
l r 462

0 3,925
4,189
94
0
674
24
43
38
1 .675

0116
123
0
0
0
11
0
46
82

0 4,701
17,745
516
1 ,4 2 4
1,305
657
621
602
3*400

$14, 229

Boston
New York
P h ila d e lp h ia
C levelan d
Richmond
A tla n ta
Chicago
D allas
San F ra n cisco

§5,702

010,662

0378

030,971

RECAPITULATION OF PURCHASES AND SALES OF GOVERNM
ENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING M
ARCH 27. 1929—
(000 O m itted)
(E xclu d in g S ales C on tra cts and 1-day C ert* o f I n d .)
Government
S e c u r it ie s
Purchased
S o ld
Matured

Bankers
A cceptances

$193
54
0

T ota ls

T ota l
031, 164
54
52,,799
021, 6891. 671-

030, 971
0
52r 799
$ 2 1 ,8 2 8 1 ,6 7 1 - (Net Change
___________ 1-d ay h o ld o v e r
& o th e r b i l l s )

1-d ay h old ov er
& o th e r b i l l s )

023,1360-

iS * L i2 2 r

HOLDINGS OF GOVERNM
ENT SECURITIES AND BANKERS ACCEPTANCES M
ARCH 27t. 1,929.
(000 O m itted)
(In clu d in g S a les C o n tr a c ts )
61-90
davs

G o v 't S e c u r it ie s
B i l l s Purchased

5 0,
33t 147

128
26.164

0 7,672

9 3j_964

0
52. 370

2J762

0158,165
0

O l7 0 ,310
208. 427

T o ta ls

098,329

Q52,370

;3 3 <147

Q26, 292

$10,434

|158j 165

^37^73^




0 4,345

1 6 -3 0
days
v

91 days6 months

Over 6
months

31—
60
davs

W ithin
15*days

T o ta ls

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £»Q«

March 2 7 , 1929

Bear

Hr#

NfcttMons

I acknowledge receipt o f and s h a l l b r in g to
th e a t t e n t i o n o f th e members o f th e Boerd yo u r

letter of the.EBth^inetant» enolos Ing report of
tr»n«5otlIJni""in Government securities and bankers
acceptances at reported t© your coaaaittee for the
period from March 14, 1920 to March 20, 192? in­
clusive*
Very t r u l y y o u r s ,

E* M» McClelland,
Assistant Secretary

Mr#
B. Matteson, Secretary,
Open Market Investment Coamittee,
e/o Federal Reserve Bank,
lew York, ». Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q*

*<\
M

x iVv

Fe d e r a l R e s e r v e B a n k
o f

Ne w Y o

rk
sC .

\rc c \

(^CONFIDENTIAL

March 2 5 , 1929

Mr. E. A. G olden w eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ederal Reserve Board,
Washington, D. C.
Dear Mr. G olden w eiser:
Enclosed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r it ie s ana bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Gommittee f o r the F ederal Reserve System
f o r the p e r io d from March 1 4 , 192S t o March 20, 1929 in c lu ­
s iv e , to g e th e r w ith d ata r e c e iv e d by the Committee from the
Federal re se rv e banks.




Secretary, Open Market
Investment Committee

\P

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

Fed

er a l
o f

Re

s er v e

Ne w Y o

Ban

k

rk

March 2 5 , 1929

P E R S O N A L

Dear Governor Young:
We are e n c lo s in g , f o r jo u r f i l e s ,

a re p o rt o f tr a n sa c ­

tio n s in Government s e c u r i t i e s and bankers acceptances as re p o r t­
ed t o th e Open Market Investm ent Committee f o r the F ederal Reserve
System f o r the p erio d from March 1 4 , 1929 t o March 2 0 , 1929 in c lu ­
s i v e , to g e th e r w ith d ata re c e iv e d by th e Committee from the Federal
re serv e banks.
Very t r u l y y o u r s ,

B. Matteson
Secretary, Open Market
Inve stment Committ ee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority fc«Q*

FOR SPECIAL CIRCULATION
IPLKASY F T A , - OMPTLY, INITIAL AUD RETURN 1
.1L
JGcv, Y w u r s r
Mr. Piatt'\ /

Mr. E.ouiLin
Mr. M i l l e r l / ^

Fed

er a l
o f

Re

Mr. Jameo V
S
Mr. Cunn i n t e r n \/

Ba n

s e r v e

Ne w Y o

CONFIDENTIAL

.->CPJ£TARY’ 0
S
*
Ur&

k

rk

Mareh 25, 1829

Dear Governor Young:
Enclosed is 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 March 14, 1929 to March 20, 1929 inclu­
sive, together with data received by the Committee from the
Federal reserve banks.
VerV truly yours,

>. B. Matteson
«
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, B. C.




/

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £*Q«

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE ’jffiEK ENDED M
ARCH 2 0 ,

1929

H oldings of Earning A ssets

*
-1 9 2 8 a
Jan# 25
Feb# 29
28
Mar#
25
Apr#
29
May
J une 27
July 25
Aug.
29
Sept# 26
31
Oct*
Nov*
28
26
Dec*
-1 9 2 9 30
£an#
27
Feb#
13
Mar#
20
Mar*

TOTAL
EARNING
ASSETS
0 1 ,1 7 3 ,9 2 6
1 ,2 4 4 ,9 2 9
1 ,2 5 7 ,0 2 1
1 ,3 8 0 ,6 5 9
1 ,4 6 8 ,2 9 5
1 ,4 6 7 ,7 3 3
1 ,4 0 2 ,3 2 3
1 ,4 3 3 ,0 2 6
1 '5 0 7 ,7 9 7
1 ,6 0 3 ,4 7 6
1 ,7 0 6 ,2 5 5
1 ,8 9 9 ,3 1 2

of Federal Reserve Banks from January 25^ 1 9 2 8 t o d a te
(000 Omitted)
SPTANCES
BILLS
BANKERS ;
GOVERNIMT SECURITIES
S a le s
O utright
S ales
O utright
DISCOUNTED
C on tracts
Purchases
C ontracts
Purchases
o 3 8 6 ,2 2 4
$ 2 8 ,4 4 2
0 3 1 8 ,8 6 3
0 6 ,0 8 0
0 4 3 4 ,8 1 7
4 9 2 ,5 6 8
4 0 ,8 2 7
302 ,,932
8 ,4 7 0
3 9 9 ,1 3 2
524*096
5 7 ,4 5 1
2 8 8 ,6 5 2
6 ,3 8 4
3 7 9 ,4 4 8
7 0 9 ,0 7 3
3 4 ,4 1 6
3 3 1 ,4 2 5
1 1 ,3 9 0
2 9 3 ,3 6 5
9 4 3 ,7 9 1
2 0 ,5 1 6
2 8 3 ,4 7 2
1 5 ,5 3 5
2 0 3 ,8 9 1
1 ,0 3 1 ,8 7 4
24*358
1 9 9 ,0 7 4
1 1 ,9 6 0
1 9 9 ,9 7 7
1 ,0 2 5 ,1 0 9
8 ,1 4 4
1 6 0 ,9 3 9
1 0 ,5 0 6
1 9 7 ,1 3 5
1 ,0 3 8 ,7 7 3
2 7 ,5 3 4
1 5 6 ,7 6 5
1 1 ,9 1 6
1 9 7 ,0 4 8
1 ,0 1 0 *7 6 6
5 3 ,6 1 4
2 0 4 ,8 0 5
1 5 ,6 5 8
2 1 3 ,3 7 4
9 3 2 1271
8 3 ,8 9 7
3 5 5 ,4 7 9
2 6 ,6 2 9
2 0 0 ,4 7 0
9 9 0 ,2 4 0
5 1 ,1 1 3
4 3 1 ,2 3 0
2 4 ,6 4 4
2 0 4 ,6 3 8
1 ,1 6 7 ,5 7 9
66 , 592
4 2 2 ,6 7 8
3 5 ,3 0 0
1 9 7 ,0 2 8

1 ,4 6 7 ,0 3 9
1 ,4 6 3 ,0 3 2
1 ,4 2 1 ,8 3 3
1 ,3 7 1 ,7 7 1 *1

1 9 9 ,0 2 6
1 6 4 ,9 8 5
1 6 1 .4 5 2
1 8 4 ,8 2 6 *

2 ,7 4 5
1 ,4 1 5
3 ,8 4 5
525

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

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

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

to F* R, B* N* Y* t o cover T reasury o v e r d r a ft.
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING wEEK ENDED M
ARCH 2 0 , 1929
............................
(0 0 0 Omitted)
GOVERNMENT SECURITIES
Net
Balance
Change
Mar, 20
0
245+
5 ,3 3 7
0
3 ,2 9 0 +
1 6 ,7 6 8
4051 8 ,1 1 1
24629 >315
0
2 ,3 5 6
613 ,6 6 1
4722 6 ,5 0 9
100+
1 9 ,0 6 3
859 ,2 5 7
30+
9 ,7 9 3
2 ,2 5 9 +
1 2 ,2 6 7
1 3 ,3 8 9
281-

Boston
New York
P h ila d e lp h ia
C levelan d
Richmond
A tla n ta
Chicago
S t . Lo ui s
M inneapolis
Kansas C ity
D a lla s
San F ra n cisco
N ,Y . h o ld o v ers
and other b i l l s
T o ta ls

BANKERS ACCEPTANCES
Net
Balance
Change
Mar, 20
) 4 ,7 5 6 0 2 6 ,7 9 4
3 ,9 7 4 3 0 ,6 4 8
1812 1 ,6 1 6
2 ,7 9 0 2 4 ,7 7 6
1 ,5 6 6 1 0 ,8 6 5
4401 0 ,6 1 3
7 ,8 8 1 1 8 ,0 2 9
4818 ,3 2 8
1 ,5 8 1 8 ,0 9 4
370+
9 ,8 5 8
7611 5 ,6 0 8
7 ,4 8 5 2 5 ,2 1 6
4 1681

0 1 6 5 ,8 2 6 *

$ 4 ,3 7 4 +

1 0 f 50 2-

£ 2 1 5 ,1 2 6

0 4 2 ,0 2 8 -

BILLS DISCOUNTED
Net
Balance
Change
20
Mar*
0 49 ,3 9 0
0 1 ,7 3 4 16 f 58 4,136
208
1 ,1 2 7 ,189
97
3 ,2 7 7 +
,902
76
801+
41 ,7 2 6
2 ,9 3 4 ,63 4
48
23 ,0 2 6 +
237 ,17 3
9 ,18 0+
50 ,5 6 5
1 ,49 8+
17 ,5 3 5
2 ,5 3 1 +
33 ,7 3 0
6 ,4 5 0 9 ,4 6 5
24 ,3 7 0 72 ,2 9 2

*E x clu d in g $ 1 9 , 0 0 0 ,0 0 0 " ’s p e c ia l~ o n o -d a y T reasury c e r t i f i c a t e

0942 ,73 7

012 ,8 8 6 -

of indebtedness

COMM
ENT O CHANGES liilB K ENDED M
N
E
ARCH 2 0 y 1929*.
T o t a l earning a s s e t s of th e System , e x c lu s iv e of s p e c ia l one-day Treasury
c e r t i f i c a t e of in d eb ted n ess is s u e d to cover th e o v e r d r a ft , showed a decrease of
069 062 000 f o r th e current statem ent week*
The approximate changes by c l a s s i f i e s
t io n c o n s is te d of an in c re a s e of 0 4 ,3 5 0 ,0 0 0 in o u trig h t purchases of Government
s e c u r i t i e s and decreases of 0 4 2 ,0 0 0 ,0 0 0 in o u trig h t purchases of bankers acceptance
012 9 0 0 ,0 0 0 in b i l l s d isc o u n te d , 0 4 ,2 5 0 ,0 0 0 in bankers acceptances h e ld under s a le s
c o n tr a c ts and 0 3 ,3 0 0 ,0 0 0 in Government s e c u r i t i e s hold under s a le s c o n tr a c ts *




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority fc»0* VffiSfr

Money
Market

C a ll money in New York began t o firm e a r ly in the calendar
week ju st c lo s e d , r e f l e c t i n g th e e f f e c t o f la r g e income ta x c o l l e c ­
t io n s in t h is d i s t r i c t and heavy ou tgoin g com mercial t r a n s fe r s t o
oth er d i s t r i c t s t o f i l l the gap caused b y T reasury c o l l e c t i o n s there*
These lo s s e s t o the market were accompanied by the repurchase from
C ity banks of the 0 8 5 ,0 0 0 ,0 0 0 of p a r t ic ip a t io n s in th e s p e c ia l c e r t i ­
f i c a t e t o co v e r th e T reasury o v e rd ra ft which were s o ld by the Reserve
Bank on March 15*
As th e red u ction of the Treasury o v e rd ra ft pro*g ressed fu r th e r t o i t s f i n a l retirem ent on March 22, the borrow ings
o f the New York C ity banks at the Reserve Bank mounted, r is in g from a
low of 044*000,000 on the 15th t o $136,0 00,000 on March 22* C a ll
loa n renewals began the week at 7 p er c e n t, and fo llo w in g a r i s e t o
10 per cent in th e ra te f o r new loans on Tuesday, advanced t o 9 p er
cen t on Wednesday, and remained at t h is le v e l f o r the bala n ce of the
week*
The market f o r tim e money was very firm during th e week and
a c t i v i t y was reduced t o a minimum,.
A ll m a tu ritie s of tim e funds were
b id f o r b y the b rok ers at 8 p er cen,t* The market was v i r t u a l l y bare
of o f f e r i n g s , and whenever a, l i t t l e money was o b ta in a b le , i t was
p la ce d at th e 8 p er cent r a t e , r e g a rd le s s of m a tu rity «- whether f o r
30 days or as long as 6 months*
The com mercial paper market continued q u ie t during the past
w eek, due t o th e la ck of bank investm ent demand* The goin g ra te f o r
paper has reached 5 3 /4 - 6 p er c e n t, a new high l e v e l s in c e O ctober
1921*

Government
S e c u r it y
Market




The market f o r United S ta tes Government s e c u r it ie s was m ostly
in a c t iv e and fe a t u r e le s s during th e ca len d a r week*
The demand, which
had shov^ed some improvement in the l a t t e r p a rt of th e p reviou s week,
again f e l l o f f and on ly two is s u e s of T reasury bonds (th e 3 3 /4 s of
1956 and th e 3 3/8 s of 1943) showed f r a c t i o n a l gains in p r ic e s over
the p rev iou s week’ s c l o s e , w h ile a l l th e oth er outstanding is s u e s
showed e it h e r no change or r e c e s s io n s in p r ic e of l/3 2 n d and 2/32nds
f o r th e sh ort-term Treasury is s u e s and r e c e s s io n s of from 4/32nds t o
l* 8 /3 2 n d s f o r the lon g er-term bonds#

4
4
4
4
4
3
3
3

l/ 2%
3 /4 $
l/4 /o
l/4fo
3 /4 f0
l/2 /o
1/2%
1/2%

Dealers* O ffe r in g P r ic e s at th e -^nd of th e Calendar Week,
and Net Changes from P reviou s Week’ s C lose
Net
Approx.
Issu e
P r ic e
Ch ange
Y ield
4*57
-l/3 2
99 3l/32
C e rt, of Ind. due June 15, 1929
ti
4 .8 1
-1 /3 2
99 31/32
Sept* 15 , 1929
"
" "
4 .9 1
11
-1 /3 2
99 22/32
S ep t. 15, 1929
"
1 '*
1
ii
4 .8 5
- 2 /3 2
99 18/32
Dec* 15, 1929
"
” *
*
-------4 .8 8
11
99 29/32
Dec* 15, 1929
"
" u
4 .6 5
M
-------96 26/32
Mar* 15, 1932
Treasury Notes
—— —
4 .5 0
II
96 26/32
Sept* 15, 1932
"
"
4.43
II
- - 96 26/32
Dec* 15, 1932
”
"
;s on New York S tock Exchange on Saturday,
March 23T

ue
Issu e
1 s t 3 l7 2 s
1 st 4 l / 4 s
4th 4 l / 4 s

P r ic e
97’ 12/32
98 22/32
98 26/32

Net
Change
-1 * 8 /3 2 T reas.
8 /3 2
”
-1 8 /3 2
"
M
M

Net
Issu e
4s
4 l/4 s
3 3 /4 s
3 3 /8 s
3 3 /8 s

1944-54
1947-52
1946-56
1943-47
1940-43

P r ic e
10^
105 30/32
99 8 /3 2
96 4 /3 2
95 28/32

V ?
- 2 2 /3 2
+ 7/32
- 4 /32
+24/32

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

- %ankers
Accoptancos

D ealers*

of unindorsed bankers acceptances were
the
at th e fo llo w in g r a te s d u rin g /cu rren t statem ent week:
5 l / 8 per cent

y

fo r 30 *8,
5 l/4

to

b ills *

5 l/8

o ffe r in g s

to 5 l / 4

per cent fo r 6 0 ’ s ,

5 3 /8 p er cent f o r 12 0 *s ,

5 l/4

per cent f o r 9 0 'S ?

and 5 3 /3 per cent f o r 180-d av

On ^arch 21 d ea lers in creased t h e i r ra te s l / 4

th e fo llo w in g r a te s e f f e c t i v e :

per c e n t, making

5 3 /8 per cent fo r 3 0 * 3 ,

5 l/2

per cern

f o r 6 0 * s a 9 0 * s and 1 2 0 * s , and 5 5 /3 per cent f o r 5 and 6 months* b i l l s .
F ollow ing t h i s in c re a se in r a te s by d e a le r s th e New York Reserve Bank
in cre a sed i t s buying r a t e s , making th e fol3.owing r a te s e f f e c t i v e :
5 "l/4

per cent f o r b i l l s

f o r 46 to 90 d ays, 5 l /2

with m atu rity up t o 45 d ays,
per cent f o r 91 t o 1 2 0 * s ,

5 3 /8 per cent

and 5 5 /8 per cent

f o r 1 2 0-d a y b i l l s *
Reports

Bpston re p o rts th a t th e sm all supply of b i l l s

in i t s

d is -

Week
Ending

t r i c t during th e statem ent p erio d made i t n ecessary fo r d e a le rs to

March 20
import b i l l s

from t h e i r o f f i c e s in other c i t i e s to meet th e demand,

which was good*
b ills ,




The demand was good f o r a l l m a t u r it ie s , but long

90 days and o v er, were shown p r e fe r e n c e .

S a le s t o l o c a l banks

were h ig h e r than th e previou s week, w hile s a le s t o
reached th e h ig h e s t t o t a l in over a year*
market was a c tiv e *

o u t-o f-to w n banks

J-n New York th e b i l l

The demand fo r b i l l s

in cre a se d co n sid e r a b ly as

compared with th a t of th e previo u s week.

The supply was a ls o very

heavy and about equal t o th e demand*
fo r e ig n account*

P h ila d e lp h ia re p o rts th a t i t s b i l l market was

There was a good volume of new b i l l s

in g s were s u b s t a n tia l*

The demand was li g h t *

been buyers were s e l l i n g t h e i r b i l l s .
c r e a s in g .
b ills

s a le s wore m ainly fo r

W hile l o c a l buying was l i g h t d e a le rs* p o r t f o l i o s

d ecreased s l i g h t l y .
q u iet*

D ealers*

in th e market ana o ffe r ­
Some banks th a t had

D ealers report p o r t f o l i o s in ­

Chicago rep orts th a t d e sp ite e f f o r t s by d e a le r s t o s e l l

during the p a st week, th e y reported very l i t t l e

There were very few new b i l l s made.
se a so n a l in f lu e n c e s ,

accomplished*

D a lla s re p o rts th a t due t o

demand i n t h e i r d i s t r i c t was b egin n in g t o

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
'

Authority £ » 0 «

4
s la c k e n , i n t e r i o r banks p erm ittin g b i l l s
demand was f o r 60*s and 90*8*
f e l l o ff *

to mature w ithout replacem ent.

The b e s t

o r ig in a tin g in t h e i r d i s t r i c t

The supply of b i l l s

I n t e r io r banks continued to be p r in c ip a l buyers#
OPERATIONS FOR ACCOUNT UNITED STATES. TREASURY
Transactions

week

(exclusive

S a le s

of

consummated

March

15th

for

the Treasury

financing

operations)

during
were

as

the

current

statement

follows:

of 0 2 ,0 0 0 ,0 0 0 aggregate par amount 4 1 /4 $ 1 s t l i b e r t y Loan bonds from Govern­
ment L i f e Insurance Fund
ii
q 4 QQ
«
«
*
”
4 l / 2 $ C /l due 6 /1 5 /2 9 from A lie n P roperty
*
Custodian Account

H

02,008,400

Purchases

of

024.000

'

Sales

aggregate

par sraount

47

.i

«

«

}
1 0 ,0 0 0 ,0 0 0
_________ t io n

M

M

M

i.
"

Total

4

3/4$

C/l

due

12/15/29

for

account

Alien

P roperty Custodian
4 3 /4 $ C /I due 1 2 /1 5 /2 9 f o r A u stria n Speci a l D eposit Account
3 3 / 8 $ c /l due 3 / 1 5 / 2 9 f o r account Redemp-

0 1 0 ,0 7 1 ,5 0 0

T o ta l Purchases

SYSTEM SPECIAL INVESTMENT ACCOUNT -

GOVERN EN SECURITIES
M T

The on ly tr a n s a c tio n in the System Account during the c u r r e n t statem ent
week was th e repurchase by the F ed eral Reserve Bank of D allas of i t s
in Government s e c u r it ie s which were te m p o ra rily taken over by oth er p a r t ic ip a t in g
banks on December 2 4 ,
This

1928*

transaction

did not

affect

the

t o t a l h o l d i n g s i n t h e System

which remained unchanged at tho c lo s e of b u sin ess Wednesday
0 4 0 ,0 0 0 ,0 0 0 *
The p a r t ic ip a t io n by Federal reserve banks and the

c

n ation of

is s u e s were as fo llo w s :

PARTICIPATION BY FEDERAL RESERVE BANKS
----- -------------------------------------* , 279 =00
New York
P h ila d e lp h ia

3 ,0 9 9 ,0 0 0

C leveland
Richmond
A tla n ta
Chicago
3 t , Louis
M inneapolis

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

Knnsas C ity




C

RECAPITULATION OF HOLDINGS BJ MATURITIES
Dec. 15, 1929 - 4 i f f l , C /l
5 1 0 ,00 0,000
15*. 1932 - 3 1 /2 f T/N
3 0 ,0 0 0 ,0 0 0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ ALL FEDERAL ~
RESERVE LI'"— " “'I '*FROM .M‘ '■ I .. .......................... ......... H 2 0,Jt . , 1929| ..............
A
.
..H' I* BANKS "»"■ ...... I' ARCH 14 TO M RC
*
1
I ,„|
,
.
GOVERNM
ENT SECURITIES ~ SYSTEM INVESTMENT ACCOUNT
Purchases
0
0
0
0
0
0
0
0
0
0
0
2,2 7 9 ,0 0 0
0

Boston
New York
P h ila d e lp h ia
Cleveland
Richmond
A tla n ta
Chicago
St* Louis
M inneapolis
Kansas C ity
D allas'
San F ra n cisco
T o ta ls

Boston
New York
P h ila d e lp h ia
Cleveland
A tlan ta
Chicago
S t . Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco
T o ta ls

0

0 2 ,2 7 9 r000

Purchases
I ’ 450,000
* 4 ,0 0 0 ,0 0 0
0
0
193,150
0
237,500
18,700
1 ,1 0 5 ,0 0 0
0
150
0 6 ,0 0 4 ,5 0 0

I s s ue
Dec. 15, 1929 C /l
Dec. 15, 1929 »
M isc. Gov*t Sec*
Sept* 15, 19£2 T/N
Misc* Gov’ t Sec*
Misc* Govf t Sec*
Fourth L/L bonds

S ales
205,500
710,000
194,500
218,000
0
66,500
412,000
138,000
103,500
0
0
2 3 1 f 000

0 2 ,2 7 9 ,0 0 0

M atu rities
and S ales
0
0
211,000
28,000
188,250
60,000
0
0
1,0 7 4 ,9 0 0
20,000
50,000

Issu e
*
•
March
March
Misc*
March

15, 1929 C /l
15, 1929 "
Gov#t Sec*
15, 1929 C /l
m

Misc# Gov’ t Sec*
Fourth L/L bonds
March 15, 1929 C /l

f 1 ,6 3 2 ,1 5 0

*Held tem p ora rily ,
BANKERS ACCEPTANCES
(OOO Omitted)
Other H o ld in g s '
Regular
Mat ur«
C lose Mar* 20/29
H oldings
Purchased
from
itie s <
H oldings
Sales
Other
Mar* 13
Own Mkt*
N. Y.
Mar» 20 Con tr a c ts
Saiga
B il l s
£ 31,550
B oston
1,506 R.
0
6,262
0 26,794
3,823
75
Now York
34,622
8,434 "
0
12f 408
30,648
10,244
949
8,8 2 6 A,
Phila*
21,797
1,227 R*
0
1,408
21,616
0
96
27,566
Cleveland
863
,266
5,919
24,776
0
106
Richmond
12,431
469
932
2,967
10,865
52
0
A tla n ta
11,053
1,302
907
2,649
10,613
0
1,072
Chicago
25,910
25
0
7,906
18,029
141
2,978
St* Louis
8,309
0
>488
1,869
8,328
0
44
Minn.
0
9f 675
896
2,477
8,094
0
27
Kan* C ity
9,488
0
,423
1,153
9,858
0
33
D allas
16,369
808
914
2,483
15,608
34
36
32 r701
San Fran*
3 t294
0
10 T779
25,216
4^633
72
T o ta ls
0241,971
026,754
§8 .8 2 6
058,280
0210,445
021,712
02*703
,
■ *
v
”
9 ---— t ■—
B i l l s h e ld overnight by New York f o r d is t r ib u t io n t o oth er F.R.Banks *
■
1,210
M
w
"
m
*
#
*
*
«
ii
« f orei g n correspondents.
768
T o ta l - - - ^QTE;. R. in d ic a t e s Retained and A, in d ic a t e s A llo t t e d in the above
statem ent*
1



04 681

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »0 »

MATURITIES AND RATES O BILLS PURCHASED W
N
EEK ENDING M
ARCH 20r 1929
(000 O m itted)
1 -3 0 days
4 1 /2 - 5 1 /8 t

31-60 days
5 - 5 3 /8 i

61-90 days
4 3 /4 - 5 3/8$

Over 9 0 -days
5%

T otal

Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
D allas
San Francisct>

£
275
14, 283
49
863
45
1 ,2 7 4
25
109
545

0

623
2, 044
283
0
274
0
0
416
l r 446

608
607
895
O’
150
13
0
172
,2.*303

0
326
0
0
0
15
0
111
0

0 1,506
17, 260
1,227
863
469
1,302
25
808
.... 3J2M

T ota ls

.Jl.7^68

15x086

£3.748

£.452,

£26.754

£

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES CURING V E ENDING M
JE K
ARCH 20. 1929, .
(000 O m itted)
(E xclu d in g Sales C on tracts and l^day C e rt, of In d*)
Bankers
A cceptances

Government
S e c u r it ie s
Purchased
S old
Matured

£8,284
3,121
789

T o ta ls

T ota l

$26, 754
0
58.280
£ 3 1 ,5 2 6 1 0 ,502~(Net Change
l« d a y h o ld o v e r
& o th e r b i l l s )
M JQ 28-

jM 7 4 ± .

£35,038
3,121
59,069
£27 ,1 5 2 1 0 ,5 0 2 -(N e t Change
1-day h o i do v
& o th e r b i l l
£37 .65 4-

(In clu d in g Sales C on tracts and 1-day C e rt, o f In d «)
H oldings
March 20, 1929

W ithin
1 5 - days

G ovH S e c u r it ie s
B i l l s Purchased

$ 19, 525
124,186

T ota ls




91 days6 months

Over 6
months

16-30
days

31-60
days

61-90
davs

0
54.169

0
36.423

0
4
19.123

£ 7,666
2^937

0158,156 0185, 351
o
236,838

£143.711 £54,169

£36,423

£19,127

£10.603

£158.156 £422,189

T otal

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
Authority E»Q«

March 19, 192©

Dear Ur• Mmttssons
1 acknowledge receipt of dnd sh all bring
to th© attention o f the members of the Board your
le tte r o f the 18th in stan t, addressed to Governor
T jmggT^nclosinig report of transactions in Govern*
ment secu rities and bankers acceptances as reported
to your commit ee fo r the period from March 7 , 1029
to March IS, 1929 Inclusive*
Very tru ly yours,

H. M. McClelland,
Assistant Secretary

Mr* W B, Matteson, Secretary#
*
Open M-rfcet Investment Cowaittee,
c /o Federal Reserve Bank,
N
ow York, N. Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority E»Q«

'/ I ,
/ , *S
, -. ;n
‘‘ty'& L or* l,Jc 9

CONFIDENTIAL

March 18, 1929.

Mr. E. k. G olden w eiser,
D ir e c t o r , D iv is io n o f Research & S t a t i s t i c s ,
F ederal Reserve Board,
la s h in g to n , D. C.
Dear Mr. G olden w eiser:
E nclosed i s a r e p o r t o f tr a n s a c tio n s in Government
s e c u r i t i e s and bankers a cce p ta n ce s a s re p o rte d t o th e Open
Market Investm ent Committee f o r th e Federal Reserve System
f o r the p e r io d from March 7 , 1929 to March 15, 1929 in c lu ­
s iv e , to g e th e r w ith data r e c e iv e d by the Committee from the
Federal re se rv e banks*
/
\

\

Secretary, Open Market
Investment Committee

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority E*Q»

t

Fed

er a l
o f

Re

s er v e

Ne w Y o

Ban

k

rk

March 1 8 , 1929

P E R S 0 N A L

Dear Governor Young:
V e are e n c lo s in g , f o r your f i l e s ,
J

a r e p o rt o f

t r a n s a c tio n s in Government s e c u r i t i e s and bankers a ccep t­
ances as re p o rted to th e Open Market Investm ent Committee
f o r the F ederal Reserve System f o r the p eriod from March 7
\

1329 t o March 1 3 , 1929 i n c l u s i v e , to g e th e r w ith d ata re ­
ceiv ed by the Committee from th e F ederal re se r v e banks,

JM rk t r u ly y o u r s ,

)h B. M atteson
S e c r e ta r y , Open Market
Investm ent Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

; i

r*/>

FOR SPECIAL CIRCULATION
J v- ?PTLYt IN ITIA L AI9D RETURN TO S^RKTAirC’ SJJfF
Mr. H am lin v / "

I J V ■, ,

Jtr» M ille rV jC
Fed er a l R e

Mr,




o f

Mr. Jam es v

Mr. Cunningham
B ank

s e r v e

Ne w Y o

rk

V

CONFIDENTIAL

March 18, 1929

Dear Governor Young;
E n closed i s a r e p o r t o f tr a n s a c tio n s in Government
s e c u r it ie s and bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r th e F ed eral Reserve System
f o r the p e r io d from March 7 , 1929 t o March 1 3 , 1929 in c lu ­
s iv e , to g e th e r w ith data r e c e iv e d by the Committee from the
F ederal r e s e r v e banks.

S e c r e ta ry , Open Market
Investm ent Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Wa shington, D. C.
E-ncl.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0*

CONFIDENTIAL

■

REPORT OF OPEN M
ARKET INVESTMENT COMMITTEE YffiEK ENDED M
ARCH 13, 1929
H oldings of Earning A ssets of Federal Reserve Banks from January 25, 1928 t o Date
(000 Omitted)
TOTAL
EARNING
ASSETS
01,173 ,9 26
1,244,929
1 ,257,02 1
1,380,659
1,468,29 5
1,467,733
1,402,323
1,433,026
1,507,797
1,603 >476
1 ,706,25 5
1,899,312

-1 9 2 8 Jan* 25
Feb#- 29
Mar#- 28
Apr* 25
May
29
June 27
July 25
Aug. 29
Sept 26
Oct* 31
Nov#. 28
Dec# 26
-1 9 2 9 Jan# 30
Feb# 27
Marl
6
13

GOVERNM
ENT SECURITIES
O utright
Sa le s
C ontracts
Purchases
434, ,817
0 6 ,080
39 9 j,132
8 ,470
379,,448
6 ,384
293j,365
11 ,390
203,,891
15 ,535
199.,977
11 ,960
1971135
,
10 ,506
197 , 048
11 ,916
213,,374
15 ,658
200,,470
26 ,629
204.,638
24 ,644
197- ,028
35 ,300
199,,026
164 j,985
161..539
i 6 i ;,452

1,467,039
1,463,032
1 ,4 6 7 ,0 3 0
1,421,833

2 ,745
1 ,415
1 ,425
3 ,845

BILLS

BANKERS ACCEPTANCES
S a le s
O utright
C on tracts
Purchases
028 ,442
0318,f863
302,,932
40 ,827
57 ,451
288,,652
34 ,416
331,,425
20 ,516
283,,472
24 ,358
199,,074
8 ,144
160,,939
27 ,534
156,,765
58 ,614
204 [ 805
,
83 ,897
355,,479
51 ,113
431,,230
66 .592
422,,678
? /
382,,029
308,,308
270,,662
257!,154

53 ,580
25 ,767
33 ,982
25 ,947

DISCOUNTED
0 385, 224
492, 568
524, 096
709, 073
943, 791
1 ,0 3 1 , 874
1 ,0 2 5 , 109
1 ,0 3 8 , 773
1,0 1 0 , 766
932, 271
990, 240
1 ,1 6 7 , 579

•

820, 634
952, 482
989, 172
955, 623

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING W
EEK ENDED M
ARCH 13 . 1929
______
__ ____
(000 Omitted)

Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
S t , Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco
N#Y* h old ov ers
and oth er b i l l s
T 6 ta ls

GOVERNM
ENT SECURITIES
Net
Balance
Mar, 13
Change
0 5,092
0 o
13,478
16018#516
0
0
2 9 ,5 6 1
2,356
0
3,722
860+
26,981
0
18,963
9,342
0
9,763
0
20+
10,008
13,670
0

BANKERS ACCEPTANCES
Net
Balance
Change
Mar* 13
0 31,550 0 5274 ,1 5 6 34,622
23521,797
27,566
1 ,5 0 6 12,431
1,2 1 2 11,053
1 ,7 7 4 5 ,69125,910
8,809
1921 ,7 4 9 9,675
4979,488
16,369
34032,701
5 ,8 5 2 15.183

0161,452

0 88-

10.223+

0257,154

0 1 3 ,5 0 8 -

BILLS DISCOUNTED
Net
Balance
Change
Mar, 13
0 51,124 0 7 ,3 6 0 4 5 ,8 9 0 224,720
6,899+
98,316
11,491+
73,625
32340,925
3 ,8 0 2 51,568
4,498+
214,147
599+
4 1,385
1,441+
16,037
1 ,2 3 8 31,199
3 ,7 9 1 15,915
3,927+
96,662

0955,623

0 3 3 ,5 4 9 -

COM EN O CHANGES 'W E ENDED M
M T N
EK
ARCH 13, 1929.
T o ta l earning a s se ts of th e System showed a d ecrea se of $45,197*000 f o r
th e curren t statem ent week.
The approximate changes by c l a s s i f i c a t i o n c o n s is te d
of d ecrea ses of 0 3 3 ,5 5 0 ,0 0 0 in b i l l s d isco u n te d , O l00,000 and 01 3 ,5 0 0 ,0 0 0 resp ec­
t i v e l y in o u trig h t purchases of Government s e c u r it ie s and bankers a cce p ta n ce s, and
,';5 600 000 net in investm ents h eld under s a le s co n tra cts # The l a t t e r item c o n s is t e d
o f 7an in c r e a s e of 0 2 ,4 0 0 ,0 0 0 in Government s e c u r it ie s and a d ecrea se of 0 8 ,0 0 0 ,0 0 0
in bankers acceptan ces*




/

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
*

Money
Market

Authority £»Q«

The New York c a l l money market was c o n s id e r a b ly e a s ie r dur­
ing the p ast week than in th e p reced in g week*
The renewal rate
became 7 p er cen t on Tuesday, f ollow in g a d e c lin e in the new loan
rate from 9 t o 7 p er cent on Monday, and f o r the bala n ce of th e week
renewals were at the 7 p er cent fig u r e *
On two days, th e ra te f o r
new loans dipped as low as 6 per c e n t } but on Thursday and F rid a y ,
March 14 and 15, th ere was no red u ction in th e new loan rate on the
Exchange from the renewal le v e l# F orces c o n tr ib u tin g t o the e a s ie r
money th a t developed in the f i r s t p art of th e week were an in flo w
of funds t o t h is market from other c e n t e r s , p r io r redemptions by the
Treasury of M r ch 15 c e r t i f i c a t e s , retu rn of cu rren cy from week-end
a
c ir c u la t io n , and reinvestm ent purchases of b i l l s and s e c u r it ie s f o r
fo r e ig n a cco u n t, a l l of which perm itted a retirem ent of Reserve Bank
c r e d it in c lu d in g a m a te ria l red u ction in New York C ity bank borrow ing*
On March 15, Treasury redem ptions of maturing c e r t i f i c a t e s
and in t e r e s t payments in t h is d i s t r i c t exceeded income ta x and oth er
c o l l e c t i o n s by about $ 2 2 4 ,0 0 0 ,0 0 0 .
T h is gain t o th e market was added
t o by la r g e fo r e ig n account payments and reinvestm ent p u rch ases, and
by an in f lo w o f com m ercial funds from oth er cen ters* Accompanying
th ese la r g e a d d itio n s of fu n d s, th e member banks and the market re­
t ir e d a fu r th e r s u b s ta n tia l amount of Reserve Bank c r e d i t , and i t
was a ls o found expedient t o s e l l t o C it y banks v 8 5 ,000,000 of p a r t i­
c ip a t io n s in the s p e c ia l one—
day c e r t i f i c a t e to cov er the Treasury
o v e rd ra ft at t h is bank* Although th e re was a la rg e net gain of funds
t o the market on th e 15th as the net r e s u lt of a l l tr a n s a c tio n s on
that day, a s u b s ta n tia l part of i t served t o balance the accumulated
d e f i c i t in bank reserv es th a t e x is te d at the opening of b u s in e s s , and
the ex cess a c tu a l bank reserv es th a t remained t o the c r e d it of New
York C ity banks at th e c lo s e of b u sin ess v/as not in excess of the
lo s s e s through income ta x c o l l e c t i o n s th a t the New York C ity banks
had t o meet on the fo llo w in g day* On March 15, the a ctu a l T reasury
o v e rd ra ft at the New York Bank was 0 2 9 0 ,0 0 0 ,OOO^and f o r the System
t o t a le d 0 3 9 9 ,0 0 0 ,0 0 0 .
T h ere, continued t o be a dearth of funds a v a ila b le f o r the
arrangement of tim e loans* The market f o r 30 and 60-day money ad­
vanced t o 8 p er cent f l a t , and 3 t o 6-months* loans were quoted
n om in ally toward th e end of the week at 7 3 /4 p er cent b id , o ffe r e d
at 8 p e r cent*
A l i t t l e 30 and 60 day money v/as loaned at the 8 p er
cent f i g u r e , and a few 3 t o 6 months* loans were p la ce d at 7 3 /4 and
8 p e r cent* These are new high le v e ls f o r tim e money s in ce la t e in
1920*
The bank investm ent demand f o r com mercial paper was only
s l i g h t l y b e t t e r during th e p ast week* Prime names s o ld p r in c ip a lly
at 5 3 /4 p er c e n t, with some names goin g at 6 p er cent on b id s from
banks*

Government
S e c u r ity
Market




During the f o r e p art of the calen d ar week the market f o r
United S tates Government s e c u r it ie s was weak, e s p e c ia lly f o r the long**
term bonds and p r ic e s continued t o d e c lin e ; th e Treasury 3 3/4- and
3 3 /8 p er cent bonds s e l l i n g at th e low est le v e ls s in c e date of is su e *
In the l a t t e r part of the week, how ever, th ere was some improvement
in the demand and s e v e r a l is s u e s r e g is t e r e d good s iz e gains from the
low le v e l s of t h e ’ week*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

/'

2A
D ealers" O ffe r in g P rice s at tho End of th e Calendar Week
and Net Changes from P revious Weekt s Close

4
4
4
4
4
3
3
3

l/^ o C e r t * of Ind< due
3 /4 c
/o "
"
"
l/4 /o
”
"
"
'*
l/^% "
"
"
3/4/o "
"
"
'*
l/2% T reasury Notes "

±/2%
1/2%

"
"

"
“

Net
Change

P rice

Issu e
J une
S e p t.
Sept •
Dec*
Dec.
Mar,
Sept *
Dec *

1929
1929
1929
1929
1929
1932
15* 1932
1 5 , 1932

15 .
15,
15 ,
15,
15,
15,

100
100
99
99
99
96
96
96

2 3 /3 2
2 0 /3 2
2 9 /3 2
2 6 /3 2
2 6 /3 2
2 6 /3 2

Approx*

..
- 1 /3 2
-1 /3 2
+ 1 /3 2
+ 1 /3 2

Y ieli
4*44
4*74
4 .8 4
4*75
4 *.88
4 *6 5
4 ,5 0
4%43

C lo sin g P ric e s on Now York Stock Exchange on Saturday,
March 1 6 , 1929 and Net Changes from Previous W eek's Close

Is s u e
1st 3 1 / 2 s
1st 4 1 /4 s
4th 4 1 / 4 s




P rice
98 2 0 /3 2
98 3 0 /3 2
99 1 2 /3 2

Net
Change
+ 2 3 /3 2
- 5 /3 2
- 4 /3 2

Issu e
Treas* 4s
"
4 l/4 s
M
3 3 /4 s
"
3 3/ 8 s
'•
3 3 /8 s

P rice
1944-5 4
1947-52
1 9 4 6 -5 6
1943*47
19 40-4 3

Net
Change

102 2 8 /3 2 -<"24/32
106 2 0 /3 2 - 1 2 /3 2
99
l / 3 2 - 1 9 /3 2
96 1 0 /3 2 + 2 /3 2
95 4 /3 2 - 1 * 2 /3 2

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

3
,• D ealers* o f f e r in g s o f unindorsed bankers accep ta n ces

Bankers
A ccep tan ces

were a t the fo llo w in g ra tes during the cu rren t statem ent week:
5 l/& per cen t f o r 30*s, 5 l / 8 to 5 1 /4 per cen t

f o r 60*s,

5 l/4

per cen t f o r 9 0 ’ s, 5 l / 4 to 5 3 /8 per ce n t f o r 120*8, and 5 3 /8
p er cen t f o r 180-day b i l l s ,
Reports
Week
Ending
March 13




Boston r e p o rts th a t th ere was l i t t l e
market c o n d itio n s during the p ast p eriod *

change in the b i l l

There was a s l i g h t im­

provement in the supply o f new b i l l s , w ith the demand s t i l l
lim it e d although somewhat im proved.

N in ety-d ay b i l l s and lo n g e r

m a tu r itie s were in b e s t demand and se v e ra l d e a le rs found i t
n e ce s sa ry to c a l l on t h e ir o f f i c e s in o t h e r * c i t i e s f o r the d e sir e d
m a tu ritie s*

In New York the supply o f b i l l s

con tin u ed in very

good volume although n o t q u ite as heavy as in the p reviou s week,
and was s u b s t a n t ia lly in ex cess o f the demand which decreased
s lig h tly *
accou n t*

D is t r ib u t io n c o n s is t e d m ainly o f n in e t ie s f o r fo r e ig n
L o ca l buying was lig h t *

s u b s ta n t ia lly *

D e a le r s ’ p o r t f o l i o s in cre a s e d

P h ila d e lp h ia r e p o r ts th a t i t s b i l l market was

f a i r l y a c t iv e during the p a st p e r io d .

B5.11s were o f f e r e d f r e e l y

w ith 90 day m a tu r itie s p redom in atin g.

The demand d ecreased and

was m ostly f o r the lo n g e r m a tu r itie s *

Chicago r e p o rts th a t th ere

was a f a i r demand f o r 90-day b i l l s in i t s d i s t r i c t and v ery l i t t l e
a c t i v i t y in the sh ort m a t u r it ie s .

D allas r e p o rts th a t the demand

f o r b i l l s in i t s d i s t r i c t was in ex cess o f the a v a ila b le supply,
the b e s t demand b ein g f o r 90t s*

O r d in a r ily a t t h is season the

demand b eg in s to sla ck en but due to a t t r a c t iv e r a t e s , replacem ent
o f maturing b i l l s ,

and the f a c t th a t re c e n t l e g i s l a t i o n author­

iz e s s ta te and county o f f i c i a l s to a c c e p t prime b i l l s as c o l ­
l a t e r a l to secu re d e p o s its o f p u b lic fu nds, the demand has
con tin u ed good to date*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
->
»

-

'

Authority £ »0 «

4
/

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ra n sa ction s consummated f o r the Treasury during the cu rren t statem ent
week (e x c lu s iv e o f March 15 fin a n c in g o p e r a tio n s ) were as f o llo w s !
S a les of §

0 5, 405,000 aggregate par amount 3 7/Q% C /l due 3 /1 5 /2 9 f rom German
S p e c ia l D eposit Account to Treasury
accou n t Rsdemption
1 .0 9 7 .0 0 0
M
n
”
3 7/8% S / l due’ 3 /1 5 /2 9 from A u strian
S p e c ia l D eposit A ccount to Trep.su.’f y
accou n t Redemption
1 .0 9 7 .0 0 0
“
"
"
3 1 /2 ^ 'T /N due 3 /1 5 /3 0 -3 2 from A lie n
P rop erty Custodian Account to
A u strian S p e cia l D eposit Account in
replacem ent o f .fetbove s a le to Treasury
accou n t Redemption

Purchases o f $2 9 ,7 8 9 ,5 0 0 *

"

"

»

13, 259,000

«

"

’»

5 ,0 0 0 ,0 0 0

"

M

"

3 7/Q% C /l due
Redemption
3 3 /8 /. C /l due
Redemption
4 3 /4 /0 C /l due
German S p e c ia l

3 /1 5 /2 9 f o r account
3 /1 5 /2 9 f o r account
9 /1 5 /2 9 f o r account
D eposit Account

* Of t h is amount $5, 405,000 and $ 1 ,0 9 7 ,0 0 0 were s o ld to the Treasury account
Redemption from h o ld in g s o f the German S p e c ia l D eposit A ccount and A u strian
S p e c ia l D eposit Account r e s p e c t iv e ly ,
SYSTEM SPEQIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
There was no tr a n s a c tio n in the System Account during the cu rren t s t a t e ­
ment week, the t o t a l amount o f h old in g s a t the c lo s e of bu sin ess Wednesday,
March 13, 1929, remaining unchanged a t $ 4 0 ,0 0 0 ,0 0 0 . The p a r t ic ip a t io n by F ederal
re se rv e banks and the c l a s s i f i c a t i o n o f is s u e s were as f o l l o w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS
Bostoh
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
S t , Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco
T ota ls




$ 3, 485j 000
12, 033,500

RECAPITULATION OF HOLDINGS BY MATURITIES

Dec, 15, .1929 - 4 1/4% C /l
Dec* 15,. 1932 - 3 l/z% t /n
3, 293*500
822, 500
1 ,2 0 4 ,0 0 0
1 ,1 6 8 ,5 0 0
6 ,9 8 3 ,5 0 0
2, 338, 000
1 ,7 5 7 , 500
0
0
3 . 914> 000

$40, 000, 000

^10^ 000,000
30.000 ,0 00

____ __
$40, 000, 000

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority fc*Q«

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM M
ARCH 7 TO M
ARCH 13, 1929 INCLU^VE ........

GOVERNMENT SECURITIES-

* 0

0
V
1, 223,550
*
60,000
20,000

New York
A tla n ta
Chicago
D allas
T ota ls

Issu e

Sales

Issu e

Purchases

M isc. G o v 't 'S e c *
March 15, 1929 C /l
Fourth L/L Bonds

160,000
1 ,2 3 0 ,7 0 0
0
0

March 15, 1929 C /l
M isc. Gov’ t S ec,

01,390, 700

N >303, 550
?I

* Held tem p ora rily *

BANKERS ACCEPTANCES
(000 Om itted)

H oldings
Mar, 6

Purchased
Own Mkt*

0

0

P h ila .
C leveland
Richm nd
A tla n ta
Chicago
S t < Louis
Minn *
Kan. C ity
D allas
San Fran.

22,032
29,072
13, 643
12,827
31* 601
9,001
11, 424
9, 985
16,709
38.553

6, 389
3,073
4, 512
2 ,124
* 1,5 1 0
150
200
623
0
0
0
1, 093
2,539

T ota ls

0265,702

022,213

B oston
New York

32,077
38,778

R.
”
A,
R.
"
"
M
"

*
"

By A l l o t ­ Matur­
ment f rom i t i e s &
Sales
New York

0

o
0

0

6,916
7,229

H oldings
Mar. 13

0

31,550
34,622

Other H oldings
C los£ March 13/29
Other
Sales
B ills
C on tracts

0

2, 584
17,321

0

75
973

0
1, 259
468
460
0
786
445
679
415
0

2,359
4, 275
1 ,830
2, 434
6, 314
978
2,194
1,176
1,848
8.391

21,797
27, 566
12, 431
11,053
25, 910
8,809
9,675
9, 488
16,369
32.701

0
0
0
0
1,821
0
0
0
124
4t 097

96
106
52
1,168
141
44
27
33
36
72

04, 512

045, 944

0241, 971

025,947

02,823

B i l l s h e ld ov er n ig h t by New York f o r d is t r ib u t io n
n
M
M ii
«
r
i
«

to o th e r F,,R,Banks - - 1,923
° F oreig n C orres* - - 10t 437
T o ta l -

-0 1 5 ,1 8 3

* Of t h is amount 0250,000 was purchased in C h icago.

NOIE:

R. in d ic a t e s R etain ed and A . in d ic a t e s A llo t t e d in the above statem ent.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

MATURITIES AND RATES O BILLS PURCHASED W
N
EEK ENDING M
ARCH 13.. 1929,
(0G0 O m itted)
31-60 days
61-90 days Over 90-days
1 -3 0 days,
0 / 8 - 5J! M 5 _ l A - 5 ..3/8%
4 7 / 8 - 5 1 /8 % 5 - 5.1M

T ota l

02,083
4,751
893
*
475
0
135
623
156
665

01,096
1,901
269
671
150
20
0
608
357

03,153
318
962
364
0
45
0
246
l t 428

57
615
0
0
0
0
0
83
89

0 6, 389
7,585
2,124
1,510
150
200
623
1 ,093
2. 539

09,781

Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
fe lla s
San F ra n cisco

05,072

06,516

'S
N 844
?

022,213

T ota ls

* Of t h i s amount 0250,000 was purchased in the Chicago market*►

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING M
ARCH 13. 1929
(000 Om itted)
(E xclu d in g S ales C o n tra cts )
Bankers
A cceptan ces

Government
S e c u r it ie s
Purchased
S old
Matured

T ota ls

022,213
0
45,944
0 2 3 ,7 3 1 10,223+ (Net Change
1-day h old ov er
& oth er b i l l s )
013 ,5 0 8 -

01.303
1,391
0

0

T otal

98r

^23,516
1, 391
45. 944
023 ,81 910, 223+
1-day h old ov er
o o th e r b i l l s )
c
013 ,5 9 6 -

(in c lu d in g Sales C on tra cts)
H oldings
March 13. 192S

W ithin
1 5- days

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

)

T ota ls




4,634
148,860

0153,494

31*60
days

61-90
days

0
51,249

0 0
'*.1-4. 613

$

64,002

639
4,377

^160,024
0....„

0165,297
283.1,01

064,002

051,249

014,613

05*016

0160,024

0448,398

16-30
days

5

o

91 days- Over 6
6 months months

T otal

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
•
,*




~ *

Authority £»Q»

March \15§ 192®

Dear Mr. Mattesons
I
acknowledge receipt o f and sh all bring
to the attention o f the member* o f the Board your
le tt e r o f the 11th instant* addressed to Governor
Young, enclosing report o f transactions in Govern­
ment secu rities and bankers acceptances as reported
to your committee fo r the period from February 28,
1929 to March 5 , 1929 inclusive*
Very tru y yours,

E* M FcOXelland,
*
Assistant Secretary

Mr* v.* :3* Matteson, Secretary,
Open Market Investment Committee,
e /o Federal Reserve Bank,
New York, I* Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £«Q«

*

1

i

Fed

er a l
o f

Re

s er v e

Ne w Y o

Ban

k

rk

P E R S O N A L

March 11, 1929

r

..

•

Dear Governor Young:

W are e n c lo s in g , f o r j o u r f i l e s , a r e p o r t o f
e
t r a n s a c tio n s in Government s e c u r i t i e s and bankers a c c e p t­
ances as r e p o rte d t o the Open Market Investm ent Committee
f o r the F ed eral Reserve System f o r the p e r io d from Febru­
ary 28, 1929 t o March 6 , 1929 i n c lu s iv e , to g e th e r w ith
data r e c e iv e d by the Committee from the F ederal re se rv e
banks.
Very t r u ly y o u rs ,

Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q« X&VS&

v-> ' '

CONFIDENTIAL

March 1 1 , 1929

Mr* E. A. G oldenw eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ederal Reserve Board,
W ashington, D. C.
Dear Mr, G oldenw eiser:
Enclosed i s a re p o rt o f tr a n s a c t io n s in Government
s e c u r i t i e s and bankers acceptances as rep orted t o th e Open
Market Investm ent Committee f o r the F ederal Reserve System
f o r the p erio d from February 2 8 , 1929 to March 6 , 1929 in ­
c l u s i v e , to g e th e r w ith data r e c e iv e d by the Committee from
th e Federal re se r v e banks.




Secretary, Open Market
Investment Committee

*-

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

E»Q«

FOR SPECIAL CIRCULATION
n r AD P&siSPTLY, IN ITIA L AND RETURN TO S^I^ETARY’ S OF
■"•Gov. Y oung

Mr. Hamlin

M James
„r.

Mr. P l a t t * /

jf
Mr. P ol

o f

N

e w

CONFIDENTIAL

Y

o r k

March 1 1 , 1929

Dear Governor Young:
E n closed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r it ie s and bankers a ccep ta n ces as re p o rte d t o the Open
Market Investm ent Committee f o r th e F ederal R eserve System
f o r the p e r io d from February 2 8 , 1929 t o March 6 , 1929 in ­
c l u s iv e , to g e th e r ?/ith data r e c e iv e d by the Committee from
the F ederal r e s e r v e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0« VffiSfr

CONFIDENTIAL
REPORT OF OPEN M
ARKET INVESTMENT COMMITTEE W
EEK ENDED M
ARCH 6 , 1929
of Earrun*z A ssets oi * eaeraj. nssu
(GOO Omitte*

noi

-1928—
Jan* 25
Fob* 29
Mar# 28
Apr* 25
29
May
Juno 27
Ju ly 25
A
29
Sept* 26
O ct, 31
NtfV* 28
Dec* 26
-1929—
Jan* 30
Feb* 27
6
Mar*

TOTAL
|
EARNING
ASSETS
0 1,173,92 6
1,244,929
1,257,02 1
1,380,659
1,468,295
1,467,733
1,402,323
1,433,026
1,507,797
1,603,47 6
1,706*255
1,899,312
1,467,039
1,463,032
1 ,4 6 7 ,0 3 0

GOVERNM
ENT SECURITIES
Sales
O utright
C on tracts
Purchases
i 6,080
0434,817
8 ,470
399,132
6,384
379,448
11,390
293,365
15,535
203,891
199,977
11,960
10,506
197,135
11,916
197,048
15,658
213,374
26,629
200,470
24,644
204,638
35,300
197,028
199,026
164,985
161,539

BANKERS ACCEPTANCES
Sales
O utright
C on tracts
Purchases
028,442
0318,863
40,827
302,932
57,451
288,652
34,416
331,425
20,516
283,472
24,358
199,074
8,144
160,939
27,534
156,765
58,614
204,805
83,897
355,479
51,113
431,230
66,592
422,678
382,029
308,308
270,662

2,7 4 5
1,415
1,425

53,580
25,767
33,982

BILLS
DISCOUNTED
0 385,224
492,568
524,096
709 f 073
943,791
1,031,87 4
1,025,109
1,038,773
1,010,76 6
932,271
990,240
1,167,579
820,634
952,482
989,172

T o ta ls

0161,539

OS ,4 4 6 -

‘‘tT
0
+
>

1

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING W
EEK ENDED M
ARCH 6 f 1929
(000
BILLS DISCOUNTED
BANKERS ACCEPTANCES
GOVERNM
ENT SECURITIES
Net
Balance
Net
Balance
Net
Balance
Change
Mar* 6
Chanpe
Mar* 6
Chanp^
Mar, 6
$ 6,008—
0 58,484
0 7 ,0 7 7 0 306—
0 32,077
r o st on
0 5,091
48,221+
270,610
1 1 ,9 1 5 38,778
1 ,0 5 3 13,638
New York
3 110491,417
41522,032
28818,516
P h ila d e lp h ia
1 5 ,691 62,134
3 ,2 4 0 29,072
29,561
335C leveland
1 ,9 1 2 41,248
52313,643
106—
2,356
Richmond
2,881+
55,370
4 ,8 7 3 12,827
953 ,7 3 0
M l ant a
3,519+
209,649
2 ,7 5 3 31,601
61126,921
Chicago
2,899+
40,786
626—
9,001
20518,963
S t . Louis
1 ,8 5 4 14,596
1 ,3 5 4 11,424
1549,342
M inneapolis
3,132+
32,437
133+
9,985
0
9,763
Kansas C ity
1,730+
19,706
1,688—
16,709
0
9,988
D a lla s
2,877+
92,735
3,898—
38,553
29313,670
San F ra n cis co
N,,v * h o ld o v e rs
583+
.. 4*960
and oth er b i l l s
0270,662

0 3 7 ,6 4 6 -

0989,172

036,690+

CO M T O CHANGES W
M EN
N
EEK ENDED M
ARCH 6, 1929
T o t a l earn in g a sse ts of th e Syston shov/ed an in c r e a s e of § 3 ,9 9 8 ,0 0 0 f o r
th e cu rren t statem ent week# The approxim ate changes b y c l a s s i f i c a t i o n c o n s is te d
of d ecrea ses of 0 3 ,4 5 0 ,0 0 0 and 0 3 7 ,6 5 0 ,0 0 0 r e s p e c t iv e ly in o u tr ig h t purchases of
Governnent s e c u r it ie s and bankers a ccep ta n ces and in c r e a s e s of O36#700,000 in
b i l l s d iscou n ted and O8t 200,000 in bankers a ccep ta n ces held under s a le s c o n tr a c ts *




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0»

Money
Market

C on d ition s in th e New York c a l l money market continued t o firm
up during th o week ended March 3 , in stea d of growing e a s ie r as u su a lly
occu rs a f t e r th e p assin g of th e f i r s t of th e month requirem ents. The
New York C ity banks entered th e week indebteded t o th e Reserve Bank t o
th e exten t of s)200,000,000, and, although the banks* reserv e requirem ents
showed co n s id e r a b le red u ction a f t e r the f i r s t of th e month, th e re were
lo s s e s t o the market through outgoin g t r a n s fe r s and net b i l l m a tu ritie s
from th e System*s p o r t f o l i o which caused th e member banks* borrow ings t o
be m aintained at a high l e v e l throughout most of th e p e r io d . R e fle c t in g
t h is c o n d it io n , heavy c a llin g of loans developed and the ra te f o r new
c a l l loan s rose as high as 12 p er cent during th e week* On Thursday, the
renewal ra te was advanced t o 10 p e r c e n t , fo llo w in g seven b u sin ess days
on which renewals were at 8 p er c e n t.
Late F rid ay a fte rn o o n , the new
loan r a te dropped t o 9 p er cent from the 10 p er cent renewal r a t e , re­
f l e c t i n g th e com p letion of arrangements f o r evening up the banks* average
r e se rv e s on F rid a y . Since July 1920, a 10 p er cent renewal ra te f o r c a l l
loa n s has been eq u a lled or exceeded on on ly s i x d ays, f i v e of which were
at th e p ast turn of th e year p e rio d and th e o th e r , December 7 , 1928#
In th e tim e money m arket, o ffe r in g s of funds f o r placem ent in
fix e d date loans were p r a c t i c a l l y n o n -e x is t e n t . Demand f o r accommodation
was f a i r l y la r g e , but due t o th e la ck of su p ply, the tu rn over of tim e
loa n s f o r th e week was very sm a ll. A ll m a tu ritie s were quoted nom in ally
at 7 3 /4 p e r cent f l a t *
As in oth er recen t weeks, the com m ercial paper market was very
qu iet* Prime paper was s o ld f o r th e most part at 5 3 /4 p er cent but some
d e a le r s were a ls o w illin g t o o f f e r sm all amounts of good names at 6 p er
cen t, in ord er t o a t t r a c t bank bu yin g.

Go /eminent
Security
Market




Accompanying firm e r money c o n d itio n s the market f o r United
S ta tes Government s e c u r it ie s was weak, e s p e c ia lly f o r th e long-term
bonds. P r ic e s of a l l is s u e s were low er than at the p rev iou s week’ s
c l o s e , th e sh ort-term is s u e s showing sm all f r a c t io n a l l o s s e s , w h ile the
lon g -term bonds showed lo s s e s of from 7/32 t o 1.16/32nds»'
Dealers* O ffe r in g P r ic e s at th e End of the Calendar Week
and Net Changes from P reviou s Week’ s C lose
Approx,
Net
Y ield
Change
P r ic e
Issue
4 .4 5
4 1/2% C ert, of In d. due June 15, 1929
- - 100
n
11
11
11 S ep t. 15, 1929
4 ,74
-2 /3 2
4 3 /4 $
100
ti
ti
it
11 S ep t. 15, 1929
4 .7 4
-2 /3 2
99 24/32
4 1/4$
11
11
i«
< Dec. 15, 1929
1
4.7 4
-5 /3 2
99 20/32
4 1/4/=
4 .6 4
-5 /3 2
96 27/32
3 1/2% T reasu ry Notes rt Mar, 15, 1932
i*
II
u S ep t. 15, 1932
4 .5 0
-3 /3 2
96 25/32
3 1/2%
11
II
I Dec. 15, 1932
I
4 .4 4
- 3 /3 2
3 1/2%
96 25/32
C lo s in g P r ic e s on th e New York S tock Exchange on Saturday
March 9 . 1929 and Net Changes from P revious Vicek*s C lose
Net
Net
Issu e
P r ^ge.
Change
Issu e
P r ic e
Change
1st 3 l / 2 e 97 29/32 7/32 T r e a s . 4s
1944-54 102^ 4 /3 2 - 1 .1 6 /3 2
1st 4 l / 4 s 99 3 /3 2 - 25/32
“
4 l/4 s
1947-52 107
- 1 .1 0 /3 2
4th 4 l / 4 s 99 16/32 - 12/32
*
*
3 3 /4 s 1946-56
99 20/32 - 1 .
“
3 3 /8 s 1943-47
96 8 /3 2 - 1 . 2 /32
w
3 3/ 8 s 1940-43
96 6/32 - 1 . 4 /3 2

Reproduced from the Unclassified I Declassified Holdings of the National Archives

’
-.4

- 4

DECLASSIFIED
Authority £»Q«

/
/
3
Bankers
A cceptances

D e a le r s ’ o f f e r i n g s o f unindorsed bankers a ccep ta n ces con tin u e d a t the fo llo w in g r a te s during the p a st statem ent week;
per cen t f o r 30s, 5 l / 8

5 l/8

to 5 l / 4 per cen t f o r 60s, 5 l / 4 per cent

f o r 90s and 120s, and 5 3 /8 per cen t f o r 180-day b i l l s *
R eports
Week
jjnding '
March 6




Boston r e p o r ts th a t the f l o a t i n g supply o f b i l l s was
m a t e r ia lly reduced in i t s

d i s t r i c t during the past p eriod#

“
Hie

demand which was sm all in com parison w ith p reviou s weeks exceeded
the supply, the amount of new b i l l s coning in to the market being
the sm a lle st f o r over a y e a r .

There was a b e t t e r demand from

savin gs banks and o u t-o f-to w n banks than f o r some time past*
f e r in g s to the re se rv e bank were very l i g h t .

O f­

In New York the

supply o f b i l l s in c r e a s e d about 75 per cen t over l a s t week*s aggre­
g a te ,

The volume was the b e s t so f a r th is year and was substan­

t i a l l y in excess o f the demand, which a ls o in c r e a s e d m od era tely .
D e a le r s 1 s a le s c o n s is t e d m ainly of o rd e rs f o r n in e t ie s f o r fo r e ig n
account*

L ocal buying was moderate and c h i e f l y f o r c o r p o r a tio n

a c c o u n t.

D ealers* p o r t f o l i o s in c r e a s e d s u b s t a n t ia lly .

P h ila d e lp h ia r e p o rts th a t i t s accep ta n ce market was m oderately
a c t iv e *

The supply o f b i l l s improved somewhat w ith the demand

f a i r , but n ot g e n e r a l.

Chicago r e p o r ts th at the demand con tin u ed

f a i r during the p a st p e r io d f o r 90-day b i l l s , but l o c a l d ea lers
appeared to be buying more 30-day b i l l s than they were a b le to s e l l *

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY

There were no t r a n s a c tio n s consummated f o r the Treasury during the
cu rre n t statem ent week,
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
The o n ly tr a n s a c tio n e f f e c t e d in the System A ccount during the cu rren t
statem ent week was the s a le m entioned in l a s t week*s r e p o r t o f
03,500, OOO - 4 l/4 /o c e r t i f i c a t e s o f ind ebted n ess
due December 15, 1929.
This s a le reduced the t o t a l h o ld in g s in the System A ccount to 0 4 0 ,0 0 0 ,0 0 0 .

The

p a r t ic ip a t io n by F ed era l re se rv e banks and the c l a s s i f i c a t i o n o f is s u e s h e ld in
the accou n t a t the c lo s e o f b u sin e ss March 6, 192 9,were as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS
Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
St r Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco
T o ta ls




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

0 4 0 ,0 0 0 ,0 0 0

RECAPITULATION OF HOLDINGS BY MATURITIES
Dec. 15, 1929 - 4 1 /4 $ C /l
D ec. 15, 1932 - 3 l/Z?* T/N
3 ,2 9 3 ,5 0 0
3 ,8 2 2 ,5 0 0
1 ,2 0 4 ,0 0 0
1 ,1 6 8 ,5 0 0
6 ,9 8 3 ,5 0 0
2,3 3 8 , 000
1 ,7 5 7 ,5 0 0
0
0
3 ,914. OOP

010 ,00 0,000
30 ,0 0 0 ,0 0 0

040 ,0 0 0 ,0 0 0

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
-<
>

~

'

Authority fc»0«

5
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM FEBRUARY 28 TO M
ARCH 6 . 1929 INCLUSIVE.......
GOVERNM
ENT SECURITIES - SYSTEM INVESTMENT ACCOUNT

0

Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
St* Louis
M inneapolis
Kansas City^
D allas
San F ra n cis co

Sales
305t 000
1,053,00 0
288,000
334.500
105.500

102,000
611*000
204.500
154,000
0
0
342.500

T ota l

s?3,500,000
OTHER TRANSACTIONS IN GOVERNM
ENT SECURITIES

A tla n ta
San F ra n cisco
T o ta ls

Purchases
$189,600
50^000

Issu e
M isc. GdvH S ec.
TM2-1929 C tfs*

0239,600

Sal6s
0182,950
0 .... .

Issu e
Misc* Gov*t Sec,
•
*

0182,950
BANKERS ACCEPTANCES
(000 Omitted)

New York
P h ila*
C lov e.
-ichmond
At la n ta

Chicago
St* Louis
Minn*

Kan. C ity
D allas
**3311 Fran*
T o ta ls

22,447
32,312
14,166
17,700
34,354
9,627
12,778
9,852
18,397
42^451
0303,931

024,984

09,466

Matur~
i t i e s & H oldings
Mar* 6
Sales
0 8,656 0 32,077
38,778
16,445
1,504*
22,032
3,726
29,072
6,368
13,643
2,273
12,827
5,910
31,601
3,345
9,001
1,893
11,424
2,402
9,985
1,141
16,709
2,788
38.553
6.762
063,213

Other H oldings
C lose March 6/29,
Other
S ales
B ills
C on tracts
0 3,920 0 76
820
23,742
96
106
52
1,105
141
44
27
40
36
72

0
0
0
0
1,897
0
0
0
205
.,..1*218
533,982

0265,702

1
1

Bost on

H oldings
Feb. 27
0 39,154
50,693

By A llot*.
Purchased ment from
New York
Own Mkt.
0
0 1,579 R.
0
6,034 M
9,466 A.
0
3 ,3 1 1 R.
2,7 1 0
418 ”
1,235
515 "
632
405 ”
592 M
0
1,267
0
1,048
0
1.274
0
371
729 H
929
1.935 "

02,615
1

CO

P

3

B i l l s h eld overnight by N.Y* f o r d is t r ib u t io n t o oth er F. R. B
it
ii
n
it
n
if
it
’* f o r e ig n co rre sp o n d e n tsT o t a l - ...................-

855
l f 490
04,960

*S o ld t o a fo r e ig n correspondent*
**0n March 5 , the F, R . B. of San F ra n cis co d isco n tin u e d p a r t ic ip a t io n in System
purchases of bankers accep ta n ces u n t il fu r th e r n o tic e *
NOTE; R. in d ic a t e s Retained and A in d ic a t e s A llo t t e d in th e above statement*



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
- *

Authority £»Q«

MATURITIES AND RATES QU BILLS PURCHASED W
EEK ENDING M
ARCH 6, 1929
(OOO O m itted)
1 -3 0 days
4 1 /2 -5 1 /8 #
Boston
New York
P h ila d e lp h ia
C levelan d
Richmond
A tla n ta
Chicago
D allas
San F ra n cisco

0

31-60 days
4 3 /4 -5 l/ B i

315
9,775
1,183
161
6
370
592
169
372

0

T ota l
1,579
15,500
3,311
418
515
405
592
729
1.9 3 5

0 0
1,178
0
0
0
14
0
24
106

0

01,322

024, 984

0

C>
T

CO

rH

832
558
1, 569
257
334
16
0
128
827

$4,521

432
3,989
559
0
175
5
0
408
630

|12,943

T o ta ls

Over 9 0 - days
61-90 days
5-5 l / 4 c
X
4 3 /4 -5 1 /4 %

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING M
ARCH 6. 1929____
(OOO O m itted)
(E xclu d in g S a les C o n tra cts)
Government
S e c u r it ie s
Purchased
Sold
Matured

T ota ls

0

Bankers
A ccep tan ces

To t a l

$24,984
1 ,5 0 4
61.709
038 ,2 2 9 583+(Net Change
_________ 1-day h old ov er
& o th e r b i l l s )

025,223
5,187
61.709
0 4 1 ,6 7 3 583+(Net Change
1-day h o ld o v e r
& o th e r b i l l s )

$ 3 7 ,6 4 6 -

239
3,683
0

0 4 1 ,0 9 0 -

0 3 ,4 4 4 -

(In c lu d in g S ales C on tra cts)
H oldings
March 6» 1929
GovH S e c u r it ie s
BiXlP purchased
T o ta ls




Within
15-davs
0

2,314
145.352

0X47,666

91 days6 months

Over 6
months

16-30
days

31-60
davs

61-90
days

0 o

0

81.997

0
61,864

) O
11.504

639
3.927

0160,011
0

$162,964
304.644

$81,997

061,864

$11,504

04,566

0160, 011

0467,608

T ota l

Reproduced from the Unclassified I Declassified Holdings of the National Archives




D E C L A S S IF IE D

Authority E»0*

M a rch

5 , 1939.

Dear Mr. Mattiton:
I
acknowledge receipt o f and shall bring to the
attention of the laembeis of the Federal Heserve Board
your le t t e r ^
report o f trans~
actions in government secu rities and bankers*
acceptance* as reported to your Committee fo r the
period February 21,1929 to February 27, 1939, in clu sive.
Very truly yours,

f'Worrsed) X O.
1 . M. McClelland,
Assistant 3ecretary.

Mr« W. 3 . Matteson, Secretary,
Open Market Investment Cocsalttee,
o /o Federal Heserfe Bank,
lie* York, Hew York*

Reproduced from the Unclassified I Declassified Holdings of the National Archives




D E C L A S S IF IE D

Authority £»Q« VffiSfr

r

Fed

er a l
o f

Re

s er v e

Ne w Y o

Ba n

k

rk

P E R S O N A L

March 4 , 1929

Dear Governor Young:
We are e n c lo s in g , f o r your f i l e s ,

a re p o rt o f

tr a n s a c tio n s in Government s e c u r i t i e s and bankers a cce p t­
ances as rep orted t o the Open Market Investm ent Committee
fo r the F ed eral Reserve System fo r th e p e rio d from Febru­
ary 2 1 , 1929 t o February 2 7 , 1929 i n c l u s i v e , to g e th e r with
data re ce iv e d by the Committee from th e F ed eral re se rv e
oanK;
tr u ly y o u r s ,

i. B. Matte son
V
Secretary, Open Market
Inve stment Commi ttee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.

Reproduced from the Unclassified I Declassified Holdings of the National Archives




D E C L A S S IF IE D

Authority E»0*

ed er a l

o f

Re

s er v e

Ba n

k

N ew Y o rk

CONFIDENTIAL

March 4 , 1929

Mr. E. A. G oldenw eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ed era l Reserve Board,
W ashington, D. C.
Dear Mr. G oldenw eiser:
E nclosed i s a r e p o rt o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers acceptances as rep orted t o th e Open
Market Investm ent Committee f o r the Federal Reserve System
fo r the p erio d from February .2 1 , 1929 t o February 2 7 , 1929
in c lu s iv e ,

to g e th e r w ith data re ce iv e d by the Committee from

the F ederal r e se r v e banks.

W. B. Matteson
Secretary, Open Market
Inve strnent Cominittee

Reproduced from the Unclassified I Declassified Holdings of the National Archives




D E C L A S S IF IE D

Authority £ »0 «

r

-

'

-

•’- .

FDR SF2C0IAL C I R C U L A T E
I N I T I A L ABD E S T U i
iy - ' '
.Kamlin
Jeme"

/.
%

y

F e d e r a l I ^ I T e r v e [JlSWiR01*'
’x
o f

N

e w

Y

v>

o r k

CONFIDENTIAL

March 4 , 1929

Dear Governor Young:
Enclosed i s a re p o rt o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers acceptances as rep orted t o the Open
Market Investm ent Committee fo r the F ed e ra l Reserve System
f o r th e p eriod from February 2 1 , 1929 t o February 2 7 , 1929
i n c l u s i v e , to g e th e r w ith d ata re c e iv e d by the Committee from
the F ederal re se r v e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C. .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £>»0«

Jan.
Feb.
Mar.
A p r.
May
June
J u ly
Aug.
S e p t.
O c t.
Nov.
Dec *
-1929
Jan*
F eb .
F eb.

25
29
28
25
29
27
25
29
26
31
28
26

TOTAL
EARNING
ASSETS
$1,173 , 926
1 ,2 4 4 , 929
1,2 5 7 ,0 2 1
1 ,3 8 0 ,6 5 9
1 ,4 6 8 ,2 9 5
1 ,4 6 7 ,7 3 3
1 ,4 0 2 ,3 2 3
1 ,4 3 3 ,0 3 6
1^507, 797
1, 603, 476
1 ,7 0 6 ,2 5 5
1 ,8 9 9 ,3 1 2

30
20
27

GOVERNMENT SECURITIES
S ales
O u trig h t
C on tracts
Purchases
$ 6,080
$434,817
8,470
399,132
6, 384
379, 448
11,390
293,365
15,535
203,891
11,960
199,977
10,506
197,135
11,916
197, 048
15, 658
213,374
26,629
200,470
24,644
204, 638
35,300
197,028

1 ,4 6 7 , 039
1 ,4 0 3 , 280
1,4 6 3 , 032

199, 026
170,754
164, 965

BANKERS ACCEPTANCES
Sales
O u trig h t
C on tracts
Purchases
$28, 442
$318, 863
40,827
302, 932
57,451
288,652
34,416
331,425
20,516
283,472
24, 358
199, 074
8 ,144
160,939
27,534
156, 765
58, 614
204,805
83,897
355,479
51,113
431,230
66,592
422, 678

DISCOUNTED
$ 385,224
492,568
524,096
709,073
943, 791
1 ,0 3 1 ,8 7 4
1,025,10 9
1,038,77 3
1 ,010,76 6
932,271
990,240
1 ,1 6 7 ,5 7 9

53,580
21,596
25, 767

820,634
864,980
952, 482

2,746
1,835
1,415

382,029
334, 040
308, 308

BILLS

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_____ __________________________________

Bo ston
New York
P h ila d elp h ia
C leveland
Richmond
A tla n ta
Chicago
S t . Louis
M inneapolis
Kansas C ity
D allas
San F ran cisco
N .Y. h old ov ers
and o th er b i l l s
T o ta ls

m w '

GOVERNM
ENT - SECURITIES
Net
Balance
Change
F eb. 27
§ 516) 5,397
1 ,6 2 3 14,691
4881 8,804
56629,896
1782,462
1773,825
1 ,0 3 5 27,532
34619,168
2619, 496
0
9,763
0
9,988
58013,963

2 7 '> —

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

BANKERS ACCEPTANCE_S
Net
Balance
Change
F eb. 27
0 2 ,2 0 3 39,154
8 ,3 4 6 50, 693
2 ,2 5 0 22, 447
2 ,0 6 6 32,312
1, 39514,166
81417,700
1 ,9 3 1 34, 354
7269, 627
55212, 778
1 ,6 4 7 9,852
41318,397
3 ,3 6 1 42,451

BILLS m SCOU TED
.PI
N
Net
Balance
Change
F eb . 27
$10, 461+
$ 64,492
40, 662+
222,389
3, 947+
94, 521
2, 98477,825
1,953+
43,160
2 ,6 6 3 52,489
16,928+
206,130
3 ,9 2 1 37, 887
6,985+
16 ,4 5 0
2, 69429,305
258+
17,976
18,570+
89,858

972+
$164 985

$ 5 ,7 7 0 -

$308,308

$ 25 ,73 2-

$952,482

$87,502+

cnm m iy m CHANGES W
EEK ENDED FEBRUARY 27, 2929,
T ota l earning a s s e ts o f the System showed an in cre a s e of $59,752,000 f o r
the cu rren t statem ent week*
The approxim ate changes by c l a s s i f i c a t i o n c o n s is te d
o f d ecrea ses of $ 5 ,7 5 0 ,0 0 0 and $25,75 0,000 r e s p e c t iv e ly , in o u tr ig h t purchases o f
Government s e c u r it ie s and bankers a ccep ta n ces, and in c r e a s e s of $87,500,000 in
b i l l s d iscou n ted and $ 3 ,7 5 0 ,0 0 0 n e t in investm ents h e ld under s a le s c o n t r a c t s .
The l a t t e r item c o n s is t e d of a decrease o f $400,000 in Government s e c u r it ie s and an
in c r e a s e o f $ 4 ,1 5 0 ,0 0 0 in bankers a c c e p ta n c e s .



/

nrriTTn i
i
m—
n it
r n n n in n —
i—
—
—
Reproduced from the Unclassified I Declassified Holdings of the National Archives

i

i—

— — —

— —

D E C L A S S IF IE D

-

Money
Market

Authority £ »0 »

C on d ition s in the Hew York c a l l money market were much i i r n e r
du rin g th o week ended March 1,' in response t o month-ond in f lu e n c e s . The
c a l l loan renewal r a te advanced from 5 l / 2 per cent on Monday, tne 25 n,
t o 8 p er cent on th e fo llo w in g day and remained at th a t l e v e l f o r tn e
b a la n ce of th e week. On two days of th e p e r io d , th e S tock Exchange
r a te f o r new loans went as high as 9 p e r c e n t, and on one day, th e 28th,
ro se t o 10 p er cent* On th a t day th e v ery la rg o p art of the t o t a l new
loa n volume was p la ced at the 10 p er cent ra te and the average ra te on
a l l new loan s proved t o be 9.8 5 p er c e n t , the h ig h est sin ce January 2 .
As u s u a lly occurs at th e m onth-end, th e re was a sharp advance in the
loan s and d e p o s it s .o f th e New York C ity banks, w ith th o r e s u lt thao
t h e i r re se rv e requirem ents showed a net in c r e a s e of o4 1 ,000,00 0 rom
February 23 t o the end of th e month. Commercial funds continued to^
flo w in t o th e New York market from oth er c e n t e r s , th o r e s u ltin g "a m
more than o f f s e t t i n g lo s s e s t o the market through currency^w ithdraw als
from th o Reserve Bank. The ind ebted n ess of th e New York C ity banks a
th e F ed eral Reserve averaged s) 140 ,00 0,000 duritig th e week, as compare
v/ith $136,0 00,000 in th e p reviou s week.
The tim e money market was d u ll and fir m . A sm all amount of
loan s f o r a l l m a tu rities' from 30 days t o 6 months was p laced at the
s in g le r a te of 7 3 /4 p er c e n t . This i s in c o n tr a st t o th e p reviou s
week when m a tu r itie s over 4 months.wore len d in g at 7 1/2 per c c n t ,
n
th o s h o r te r m a tu r itie s at 7 3 /4 p er c e n t.
Due t o the la ck of bank investm ent demand
p a p er, s e v e r a l d e a le rs advanced t h e i r o f f erin g . rate
on some of the paper which th e y had been h o ld in g at
The quoting of h ig h er r a t e s , how ever, did l i t t l e t o

Government
Sec u r it y
M arket.




f o r commercial
t o 5 3 /4 p er cent
5 l / 2 p er c e n t.
stim u la te bu yin g.

The undertone in th e market f o r United S ta tes Government sec­
u r i t i e s showed some improvement over the. past s e v e r a l weeks. The
demand was f a i r v/ith th e p r e fe r e n c e f o r tho sh ort-term Treasury c e r t i ­
f i c a t e s . P r ic e s of a l l is s u e s were fir m , many showing sm all f r a c t i o n a l
ga in s f o r th o week.
D ealers* Of fe r in e P r ic e s at the End of t h e Calendar ^'eek
and Net Changes from P reviou s Wookrs C lose
Approx,
Net
Y ie ld
Change
P r ic e
Issu e
3
4
4
4
4
3
3
3

7 /0 c
/.
1 /2 /,
"
3/4/o
"
1/4-/,
"
1 /4 /,
"
l / 2 % reasury Notes
T
l/2 /o
"
1 /2 %
"

1st 3 .1/2 s
1 st 4 l / 4 s
4 th 4 l / 4 s

15,
1.5,
15,
15,
15,
15,
15,
15»
!5 ,

1929
1929
1929
1929
1929
1929
1932
1932
1932

on the Now York
and Net Chanr. es
Net
Change
P rice
98 4 /3 2 +21/32 T rea s.
99 26/32 - 2/32
99 28/32 - 2/32

March 2 1 1929
Is s u e

duo March
11
March
it June
11
S e p t.
it S ep t.
11
Doc.
i« March
11
S ep t.
ft Dec.

100
100
100
100
99
99
97
96
96

2/32
26/32
25/32
28/32
28/32

+
+
+
+

1/32
«. - - 2/32
2/32
4 /3 2

-

-

-

-

-

-

3.32
3 .3 1
4 .4 5
4.6 2
4 .6 1
4 .5 2
4 .5 6
4 .4 5
4.39

S tock Exchange on Saturday
from P revious Week1s C lose
Issu e
4s
4 1 /4 s
3 3/4 s
3 3 /8 s
3 3 /8 s

1944-54
1947-52
1946-56
1943-47
1940-43

103
100
100
97
97

P r ic e Change
20/32 + 0/32
10/32 + 5/32
20/32 + 5/32
10/32 + 10/32
10/32 + 10 /S 2

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0»

3

D ealers* o f f e r in g s of unindorscd bankers accep tan ces were

Bankers
A cceptances

at th e fo llo w in g ra tes during the past statem ent week -

5 l / 8 p er

cen t f o r 3 0 s # 5 l/G t o 5 l / 4 p er cent f o r 6 0 st 5 l / 4 p er cent f o r 90s
and 120s and 5 3 /8 p e r cent f o r 180-day b i l l s *
Reports
week
ending
February 27




B oston r e p o rts th a t th e demand f o r b i l l s in i t s d i s t r i c t v/as
v e r y sm all during the past p e r io d duo in part t o the month-end demand
f o r money*

D ealers* s a le s aggregated about 03,700 ,0 00*

L ocal banks

~ were p oor b u y e rs, a c c o r d in g ly d e a le rs made g r e a te r e f f o r t t o s e l l ’t o
savin gs banks and c o r p o r a t io n s , w ith f a i r su ccess due t o th e high
y ie ld .

The supply of b i l l k was v e ry lim ite d *

The demand which was

very p o o r was b e st f o r 90-pday b i l l s and as a r e s u lt th e supply o f
t h is m a tu rity was p r a c t i c a l l y exhausted.
bank were small*

O ffe rin g s t o th e re se rv e

In New York the b i l l market was lo s s a ctiv e *

The

demand f o r b i l l s was f a i r l y good and s u b s t a n t ia lly in excess of th e
su p p ly , which d ecreased t o th e lig h t e s t volume s in c e th e f i r s t week
in August 1928.

D is t r ib u t io n c o n s is te d mainl^r of n in e t ie s f o r f o r ­

eign a cco u n t.

Local buying was moderate and p r in c ip a lly f o r corp ora ­

t i o n account*

D ealers* p o r t f o l i o s d ecrea sed s u b s t a n t ia lly t o an

aggregate which was comparable t o t h e i r h old in g s during th e l a t t e r
p art o f August 1928*

P h ila d e lp h ia r o p o r ts th a t i t s b i l l market showed

l i t t l e change from th e p rev iou s week*
small*

The supply of b i l l s was ra th er

Although the volume of s a le s was moderate the demand continued

t o improve*

P referen ce was shown f o r lo n g e r b i l l s *

Chicago r e p o rts

th a t th e demand f o r 9Q**day b i l l s appeared t o bo in excess of th e
supply at th e p r e v a ilin g ra tes*
c oming ovrt- *

D ealers rep ort

very few new b i l l s

mrnrnmmmmmmim mmmmmmmmmmmmmmmmmmmmmmim mm
Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £«0»

4
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
T ra n sa ction s consummated f o r th e T reasury during th e cu rrcn t statem ent
week c o n s is to d o f
S a le s o f

0 2 .6 5 0 ,0 0 0 - p a r amount 3 l/2% T/N due 3 / i 5/3 0 -3 2 f ron A lie n
P rop erty C ustodian Account
1 .0 0 0 .0 0 0 "
u
4 1 /4 ^ F ir s t l i b e r t y Loan bonds fr o n
Government L ife Insurance Fund
6 .0 0 0 .0 0 0 *
M
3 3 / f $ C/X due 3 /1 5 /2 9 from German
S p e c ia l D eposit Account
3 ,0 0 0 ”
M
3 7 /8 % C /I due 3 /1 5 /2 9 from A u strian
.
S p e c ia l D eposit Account

T o t a l S a les

^53^000,

and purchases o f

0 1 ,6 5 0 ,0 0 0 - par amount 3 l/2% T/N due 3 /1 5 /3 0 -3 2 f o r German
S p e c ia l D eposit Account
5 .0 0 0 .0 0 0 "
"
4 3 /4 ^ C / l due 9 /1 5 /2 9 f o r German
S p e c ia l D eposit Account
* 1 2 ,0 0 0 ,0 0 0 ~ "
M
3 3/Q% C /l due 3 /1 5 /2 9 f o r Account
.
Redemption

T o t a l Purchases*- | ^ i4§2j® £2£
*
Of t h i s amount 0 5 ,0 0 0 ,0 0 0 was s o ld t o th o T reasu ry f o r Redemption from h o ld in g s
o f th o German S p e c ia l D eposit Account and 0 7 ,0 0 0 ,0 0 0 b y th e F ed ora l Resorvo Bank of
P h ila d e lp h ia .
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNM
ENT SECURITIES.
Ascm entioned in l a s t w eek's r e p o r t , fu r th e r s a le s were made t o th o market
d u rin g th e cu rrcn t statem ent week of
01*000.000 - 4 l/4 /t c e r t i f i c a t e s o f in d ebted n ess due Sept* 15, 1929
625,000 - 4 1 /4$
„
«w
« Doc* 1 5 t 1929
1 .5 0 0 .0 0 0 - 3 l/2/£ T reasury n otes ” March 15f 193/.
2 .5 0 0 .0 0 0 - 3 1 /2 %
"
"
" Sept* 1 5 , 1932
300.G00 - 3 1/2%
"
"
”
D c * 151 1932
(>
0 5 ,9 2 5 ,8 0 0 T o t a l s a le s
These t r a n s a c tio n s reduced th o t o t a l h old in g s in th o Systen Account at the
c lo s e o f bu sin ess Wednesday, February 27, 1929, t o ^43,500,000* The p a r t ic ip a t io n
b y F ed ora l re se rv e banks and th o c l a s s i f i c a t i o n o f is s u e s were as fo llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS
B oston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
C hicago
St* Louis
M inneapolis
Kansas C ity
D a lla s
San F ra n cis co
T o ta ls

0 3 ,7 9 0 ,0 0 0
1 3 ,0 0 6 ,5 0 0
3,5 8 1 ,5 0 0
4 157,000
1 ,3 0 9 ,5 0 0
1 ,2 7 0 ,5 0 0
7 ,5 9 4 ,5 0 0
2 ,5 4 2 ,5 0 0
1,0 1 1 ,5 0 0
0
0
4 T256r50G
043 ,5 0 0 ,0 0 0

RECAPITULATION OF HOLDINGS BY M
ATURJTJEgS
Dec* 15, 1929 - 4 l/A% C /l
Doc. 15, 1932 - 3 1/7$ T/N

$ 1 3 ,5 0 0 ,0 0 0
30t 000,000

0 4 3 ,5 0 0 ,0 0 0

S in ce th e c lo s e o f th o statem ent week, v 3 ,500,000 - 4 l / 4 /£ c e r t i f i c a t e s of
in d ebted n ess due Docombcr 15, 1929f havo boon s o ld f o r d e liv e r y Monday, March 4 , 1929
le a v in g th o t o t a l amount in th o account 040,000,000*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0*

ITEMIZED STATEMENT
JRANSACTIONS AFFECTING THE IN''
JiE T ACCOUNT OF All.
N
FEDERAL RESERVE BANKS FROM FEBRUARY 21 TO FEBRUARY 27. 1929 INCLUSIVE—
GOVERNMENT SECURITIES - STSTEM .I NVESTMENT ACCOUNT
S a les
-> +
Hew York

J

516,000
1 ,7 8 3 ,3 0 0

P h ila d e lp h ia

^

5 ’ 000

1^500
173 000
1 ,0 3 4 ,5 0 0
346,000
260,500
J

Richmond
A tla n ta
Chicago^
S o. Louis
M inneapolis
Kansas C ity
? a l l SS
.
San F ra n cisco

580.000
...... ^ '*.. . ■-

Tot&l .........................................- ................................................................. §5 ,9 2 5 ,8 0 0

nTTOR TRANSACTIONS IN GOVERNMENT SECURITIES

New York
P h ila d e lp h ia
A tla n ta
T o ta ls

Purchases
Issu e
*$ 1 ,0 0 0 ,0 0 0 March 15, 1930-32 T/N
*
160, 000 TM2-1929 C/l
7, 000, 000 TS-1929 C /I
353.300 Mi s c , Gov’ t S ec.

Issu e
S ales
* § 1 ,0 0 0 ,0 0 0 March 15, 1930*32 T/N
* * 7 ,0 0 0 ,0 0 0 TM-1929 C/X
256.800 H js c , Gov’ t S ec.
08, 256, 800

08, 413, 300

* Was h e ld te m p o ra rily .
■**Sold to Treasury f o r redem ption.
BANKERS ACCEPTANCES
(000 O m itted)
Bv A l l o t - Maturement from i t i c s & H oldings
Purchased
F eb . 27
New York S ales
Own Mkt.
0 39,154
0 4,767
0 1,5 6 4 R
0 o
Boston
3,911 A
t
New York
13, 597*
50,693
0
5,251 R
22, 447
3, 219
0
969 "
24, 697
P h ila ,
32,312
3,263
944
253 "
34, 378
C leveland
14,166
1 ,7 3 4
339
0
15,561
Richmond
17, 700
2,374
359
1,201 "
18, 514
A tla n ta
34, 354
3,859
579
1, 349 H
36, 285
Chicago
9, 627
1, 423
697
0
10, 353
S t,L o u is
12,778
836
284
0
13,330
Minn ,
9,852
2,013
366
0
11, 499
Kan, C ity
18,397
1,5 2 6
130
983 "
18, 810
D allas
3.837
,. .48*&5i
213
.45,^812
263 "
San fFran,
0303, 931
042,448
03,911
T ota ls
§330, 635
015,744 "
B i l l s h e ld ov er n ig h t by £Iew York f o r d is t r ib u t io n to o th er F
T otal
H oldings
F eb, 20
0 42,357
59,039

Other H oldings
C lose Feb. 27.1929
Other
Sales
B ills
C on tracts
0
76
0 4,477
942
13, 610
96
0
106
0
52
0
1, 358
0
141
2,927
44
0
27
0
40
0
36
422
72
... ML31
02, 990
025,767
R. Banks - 1.387
1,377

*In clu d es 0 1 ,5 5 9 ,0 0 0 s o ld to a fo r e ig n corresp on d en t.
NOTE; R, in d ic a t e s R etained and A , in d ic a t e s A l l o t t e d in the above statem ent.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

’
'

DECLASSIFIED
Authority £»0«

6

MATURITIES AND RATES O BXLIS PURCHASED T E K ENDING FEBRUARY 2 7 ^ 1 9 2 9
N
BE
(000 Omitted)

1-30 days
4 1/2 - 5 1 /8 #

31-60 days
4 3 /4 - 5 1/8%.

791
1,349
137
84
08,813

Tot a l

Over 90-days
— 5, 3 / 8^-------

0

717
1,088
360
189
180
0
360
____ 41

03,752

0
143
0
0
0
0

02,935

301
2*525
109
64
230
0.
385
138

i 546
5,406
500

Boston
Now York
P h ila d e lp h ia
Cleveland
A tla n ta
Chicago
D allas
San F ra n cisco

61-90 days
4 3 /4 - 5 3 / sj

ii244

101
0

0

1,564
9,162
969
253

1,201
1,349
983
263
015,744

RECAPITULATION OF PURCHASES AND SALES OF GOVERNM
ENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING. FEBRUARY. 27,,. 1929_
(000 Omitted)
(E xcluding S ales Contre.cts)
Government
S o o u r it io s
Purchased
So Id
Mat urod

T o t a ls

0

Ban kers
A cceptances
015,744
1,559
40,889
0 2 6 ,7 0 4 972+ (Net Change
1-day hqld over
0 2 5 ,7 3 2 - and oth er b i l l s )

8,413
14,183
0

0

T ota l

5 ,7 7 0 -

024,157
15,742
40.889
0 32 ,47 4972* (Net Change
1-day h old ov er
0 3 1 ,5 0 2 - and oth er b i l l s )

(In clu d in g S ales C on tracts)
H oldings
February 27 f 1929
GovH S e c u r it ie s
B i l l s Purchased
T o ta ls




16-30
days

31-60
days

61-90
days

91 days6 months

839
104T774

0
771558

0
13.419

0

0105,613

077,558

013,419

W ithin
15f days

0

1 415
661

$136,076

0

Over 6
Months

T o ta l

639
3 ,663

$163,507
____ 0-----

0166,400
,,,334,075

04,302

0163,507

$500,4?b

Reproduced from the Unclassified I Declassified Holdings of the National Archives




D E C L A S S IF IE D

Authority £ »0 «

February 2 6 , 1929

Dear Mr# la tte s o n *
I
» ©knowledge r e c e ip t o f and s h a ll b rin g
t o th e a t t e n t io n o f the members o f th e Board you r
l e t t e r ,o f th e 2.6th. -in *& m t#.~enoiosl*ig r e p o r t o f
t r a n s a c tio n s in Government s e c u r it ie s and bankers
a ccep ta n ces as rep orted t o you r com m ittee f o r the
p e r io d from February 14, 1029 t o February 2 0 , 1929
in c lu s iv e *
Very t r u ly y o u r s ,

W alter L# Bddy,
S ecreta ry

Mr.
B* Matt •son, S e c r e ta r y ,
Open Market Investm ent Committee,
c / o F ed eral Reserve Bank,
lew Y ork, H. Y*

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £»0«

Fe d

er a l
o f

Re

s er v e

Ne w Y o

P E R S O N A L

Ba n

k

rk

>

February 2 5 , 1929

Dear Governor Young:
We are e n c lo s in g , f o r your f i l e s ,

a re p o rt o f

tr a n s a c t io n s in Government s e c u r i t i e s and bankers a cce p t­
ances as rep o rted t o the Open Market Investm ent Committee
f o r th e F ederal Reserve System f o r the p eriod from Febru­
ary 1 4 , 1929 to February 2 0 , 1929 i n c l u s i v e , to g e th e r w ith
data re c e iv e d by th e Committee from the F ederal reserv e
banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £»Q«

A lu jr r .Jh .

.. J

-V , r / I
.
q

^

i

^ a

Fed

er a l
o f

R
N

es er v e
e w

CONFIDENTIAL

Y

Ba n

k

o r k

February 25, 1929

Mr. E. A. G olden w eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ed eral Reserve B oard,
W ashington, D. C.
Dear Mr. G olden w eiser:
E n closed i s a r e p o r t o f tr a n s a c tio n s in Government
s e c u r it ie s and bankers a ccep ta n ces as re p o rte d t o the Open
Market Investm ent Committee f o r the F ederal Reserve System
f o r the p e r io d from February 1 4 , 1929 t o February 20, 1929
i n c l u s i v e , to g e th e r w ith data r e c e iv e d by the Committee from
th e fe d e r a l r e s e r v e banks.

Secretary, Open Market
Investment Committee

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

E»0« V^R^T

FOR SPECIAL CIRCULAT"
^

;

IN ITIA L AKDPSTUH^'i

^
^ M r . J a m es,
«? .. P i S V \ / F E D E ^ A ^ t ^ S E R V E U ^ ^ i B g l K

o f

Ne w Y o

CONFIDENTIAL

rk

February 25, 1929

♦




Dear Governor Young:
E nclosed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r the F ed era l Reserve System
f o r th e p e r io d from February 1 4 , 1929 t o February 20, 1929
i n c lu s iv e , to g e th e r w ith data r e c e iv e d by the Committee from
the F ed eral re s e r v e banks.
t r u l y y o u rs ,

W. B. Matteson,
S e c r e ta r y , Open Market
Investm ent Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. G.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q*

CONFIDENTIAL
REPORT OF OPEN M
ARKET INVESTMENT COMMITTEE W
EEK ENDED FEBRUARY 20, 1929
H oldings o f Earning A ssets of F ed eral R eserve Banks from January 2 5 . 1928 t o Date
(000 Omitted)

—
1928Jan* 25
Feb, 29
Mar* 28
Apr* 25
May 29
June 27
J u ly 25
Aug* 29
S s p t #26
C c t 0 31
Nov, 28
Dec. 26
-J.929Jan* 30
Feb. 13
Feb. 20

TOTAL
EARNING
ASSETS
0 1 ,1 7 3 ,9 2 6
1,244,929
1 ,2 5 7 ,0 2 1
1 ,380,65 9
1 ,4 6 8 ,2 9 5
1,467,733
1,402,323
1 433,026
1,5 0 7 ,7 9 7
1 ,603,47 6
1,706,25 5
1,899,31 2
1,467,03 9
1,481,25 2
1,4 0 3 ,2 8 0

GOVERNM
ENT SECURITIES
O utright
S ales
C on tra cts
Purchases
0434,817
0 6,080
399,132
8,4 7 0
6,384
379,448
293,365
11,390
203,891
15,535
199,977
11,960
197,135
10,506
11,916
197,048
213,374
15,658
26,629
200,470
24,644
204,638
197,028
35,300
199,026
176,370
170,754

2,7 4 5
800
1,835

BANKERS ACCEPTANCES
S ales
O utright
C on tracts
Purchases
^28,442
0318,863
40,827
302,932
57,451
288,552
34,416
331,425
20,516
283,472
24,358
199,074
8,144
160,939
27,534
156,765
58,614
204,805
83,897
356,479
.51,113
431,230
66|592
422,678
382,029
351,873
334,040

53,580
39,185
21,596

BILIS
DISCOUNTED
0 385,224
492,568
524,096
709,073
943,791
1 ,0 31,87 4
1,025,10 9
1,038,773
1,010,76 6
932,271
990,240
1,167,579
820,634
903,949
864,980

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
DURING W
EEK ENDED FEBRUARY 20, 1929
(000 Omitted)
BILLS :DISCOUNTED
GOVERNM
ENT SECURITIES
BANKERS ACCEPTANCES
Met
Balance
Balance
Net
Net
Balance
Change
Feb. 20
Feb. 20
Feb, 20
Change
Change
0 15Q«*
0 54,031
Boston
0 5,912 0 3920 42,357 0 3,619—
70,966r
181,727
New York
7 ,7 6 6 16,314
59,039
2 ,3 5 5 10,382+
90,574
P h ila d e lp h ia
19,293
1,9 6 9 24,697
3708,696^
80,809
C leveland
30,462
1,0 2 1 43034,378
6,172+
41,207
Richmond
342*2,640
13515,561
1 ,8 ? 8 55,152
A tla n ta
4,002
16424718,514
26,790+
189,202
Chicago
1,657+
28,566
78636,285
9V
497+
41,808
S t . Louis
19,514
1,304+
26310,353
2 ,0 1 8 9,465
M inneapolis
9 ,757
48113,330
19 8r
1,209+
31,999
Kansas C ity
9,763
0
1,918+
11,499
321+
D allas
17,718
0
716+
9,988
18,810
9 ,6 8 2 San F ra n cisco
71,288
14,543
45,812
4 ,1 3 5 440N.Y* h old overs
and oth er b i l l s
3 r933*.
3.405
T ut cils

0170,754

0 5 ,6 1 6 -

0334,040

0 1 7 ,8 3 3 -

0864,980

0 3 8 ,9 6 9 -

CO M T O CHANGES W
M EN
N
EEK ENDED FEBRUARY 20 f 1929,
T o t a l earning a s s e ts of th e System showed a d ecrea se of 0 ^ 7 ,97 2,0 00 f o r
th e curren t statem ent week. The approxim ate changes by c l a s s i f i c a t i o n c o n s is te d of
d ecrea ses of 0 3 8 ,9 5 0 ,0 0 0 in b i l l s d isco u n te d , 0 5 ,6 0 0 ,0 0 0 and 017*850,000 r e s p e c t iv e ly
in ou trig h t purchases of Government s e c u r it ie s and bankers a cce p ta n ce s, 017*600,000
net in bankers accep tan ces h eld under s a le s c o n t r a c t s , and an in c r e a s e of 01*050,000
in Government s e c u r it ie s held under s a le s co n tra cts # The net d ecrea se in bankers
accep tan ces held under s a le s c o n tr a c t c o n s is te d of an in c r e a s e of 01*300*000 at San
F ra n cisco and d ecrea ses of 0 4 ,5 5 0 ,0 0 0 at B oston , 0 1 2 ,45 0,000 at New York^Ol*600*000
at Chicago and O300,000 at D allas* The in c r e a s e in Government s e c u r it ie s h eld under
s a le s c o n tr a c ts c o n s is te d o f 0900,000 at C hicago and 0150,000 at D allas*



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £*0«

Money
Market

Government
S e c u r ity
Market

F ollow in g a r is e t o 10 p er cen t on th e p reced in g F r id a y ,c a ll
money moved low er during th e calen d ar week ju st c lo s e d * The renewal ra te
was reduced from a high of 8 p er cent on Monday t o 6 l/2 p er cent on Wed­
nesday, and the ra te f o r new loans on two days of th e p e r io d was 6 p er
cen t# On Thursday, th e S tock Exchange c a ll- loan r a te was steady at th e
renewal l e v e l of 6 1 /2 p e r c e n t , due t o th e in flu e n c e of withdrawals of'
cu rren cy from th e R eserve Bank f o r th e week-end h o lid a y , and t o th e b a l­
ancing of th e banks* re se rv e p o s it io n f o r the p e rio d which ended oh th e
h o lid a y . The p r in c ip a l f a c t o r in th e e a s ie r money o f th e week was a
m od era tely la r g e in flo w of funds t o th e New York market from oth er cen­
te r s * The e f f e c t of' t h i s g a in was on ly p a r t ly o f f s e t b y lo s s e s t o th e
market through F ed era l Reserve b i l l and s e c u r it y o p e r a tio n s , and con­
seq u en tly th e in d eb ted n ess of th e New York C ity banks averaged co n s id e r­
a b ly sm a ller thah in th e p reced in g week*
C on d ition s in the tim e money market were l i t t l e changed* The
voltane of tra d in g was sm all at 7 3 /4 p er cent f o r m a tu r itie s up t o 4
months and 7 l / 2 p er cent f o r lo n g e r m a tu ritie s up t o 6 months*
The com mercial paper market became firm e r during th e week, and
th e g oin g range f o r prime names advanced t o 5 l / 2
5 3 /4 p er cent* Bank
investm ent demand again was rep orted as being l i g h t , and, although new
drawings of paper were in ra th er lim ite d volume, d ealers* s to c k s of un­
s o ld paper con tin u ed t o in c r e a s e somewhat*
Although th e market f o r United S ta tes Government s e c u r it ie s dus*
in g th e ca len d a r week was firm as a Y/hole, th e demand, however* was o n ly
f a i r and r e s t r i c t e d m ostly t o a few o f th e sh ort-term issu es*. S everal
m od era tely la r g e s iz e d b lo c k s o f th e l a t t e r changed hands in th e market,
w h ile th e volume of tra d in g re p o rte d in th e lon g -term bonds was n e g l i g i ­
b le * D ealers* o f f e r in g p r ic e s at the end of th e week f o r s e v e r a l of the
sh ort-term is s u e s of c e r t i f i c a t e s were unchanged from th e p rev iou s week*s
c l o s e , w h ile t h e ir o f f e r in g p r ic e s f o r th e oth er short*.term is s u e s of
c e r t i f i c a t e s and notes showed on ly sm all mixed f r a c t i o n a l changes* The
c lo s in g p r ic e s on th e New York Stock Exchange f o r th e lon g -term bonds
a ls o showed p r ic e s of some is s u e s unchanged and th e otheos mixed
f r a c t i o n a l changes.
Dealers* O ffe r in g P r ic e s at th e ^nd of th e Calendar
N.et
Change

Appro>
Y ie lc
3 .9 6
3.79
4 *46
4*62
4*71
4*60
4*60
4 •4 0
4.39

P r ic e
Issu e
99 3 l/3 2
Cert* of In d. due March 1 5 , 1929
tt
tt
n
11
7/8fo
100
March 15. 1929
i«
tt
it
ft
- 2 /3 2
1929
100
1/ 2%
June
11
11
it
It
- 1 /3 2
S ep t. 15, 1929
100 2/32
3 /4 %
»
it
•1
II
**
«*
99 24/32
Sept* 15, 1929
M
W
i»
II
,*1/32
99 23/32
Dec* 15, 1929
X/4JS
tt
+2/32
96 28/32
March 15, 1932
1/ 2$ Treas* Notes
it
tf
M
+2/32
96 28/32
Sept* 15, 1932
1/ 2%
II
it
tl
+2/32
96 28/32
Dec* 15, 1932
l/ Z f
Stock Exchange on Saturday
C lo s in g P r ic es on th e New.York ^
February 23, 1929 and Net Changes from P revious Week's C lose
Net
Net
Change
P rice
Change
Issu e
P r ic e
Issu e
97 15/32 - 3 /3 2
T re a s. 4s
1st 3 l / 2 s
+ 6/*>2
1944-54 103 12/32
»i
-1 3 /3 2
5/32
4 1 /4 s 1947.52 108 ‘
99 28/32 +6/32
1st 4 l / 4 s
3 3 /4 s 1946-56 100 15/32
99 30/32
4th 4 l / 4 s
3 3/ 8 s 1943-47
97
97
3 3 /8 s 1940*43




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0« VffiSfr

3
Bankers
A cceptan ces

On F rid a y , February 15, a l l d e a le rs advanced t h e ir b id
and o f f e r e d r a te s l / 8 per cen t on prime bankers a ccep ta n ces th ereby
e s ta b lis h in g the fo llo w in g ra tes' a t which, they o f f e r e d unindorsed
b ills ;
5 1 /8 per cen t f o r 30s, 5 l / 8 to 5 1 /4 per ce n t f o r 60s,
5 l / 4 per cen t f o r 90s and 12Qs, and 5 3 /8 per cen t f o r 180-day *
*
b ills *

Reports
Week
Bn ding
February 20

Boston r e p o r ts th a t the supply of b i l l s was small in i t s
d i s t r i c t during the p a st p e r io d and although the re se rv e bank was
p r a c t i c a l l y ou t o f the b i l l market, d ea lers found a good demand f o r
t h e ir b i l l s and ex p erien ced d i f f i c u l t y in f i l l i n g o r d e r s .
N inety
day b i l l s were in b e s t demand.
L oca l banks were good b u y e r s .
O utof-tow n banks were a t t r a c t e d by the h ig h er r a te s and were b e t t e r
buyers than f o r any time in alm ost a y e a r.
The supply o f new b i l l s
although con tin u in g small showed a s l i g h t improvement ov er the p re­
v iou s p e rio d *
D e a le rs ’ p o r t f o l i o s were the sm a lle st s in c e l a s t
J u ly .
In New York the demand f o r b i l l s t h is week in c r e a s e d to a
v ery good volume and was s u b s t a n t ia lly in e x ce ss o f su p p ly .
In v est­
ment o f fo r e ig n owned monies was very g o o d .
L ocal buying improved
m oderately and on a broad er s c a l e .
D e a le rs' p o r t f o l i o s decreased
s u b s t a n t ia lly ,
The one d e a le r who on February S r a is e d h is o f f e r ­
ing r a te s on 90s by l / 4 per ce n t, low ered h is ra te dn February 19 by
l / 8 per c e n t .
P h ila d e lp h ia r e p o r ts th a t i t s accep ta n ce market T
-;as
m oderately a c t i v e .
O ffe r in g s were n ot p a r t ic u la r ly heavy and showed
some d ecrease from p rev iou s week.
The demand was im proved w ith a
f a i r volume o f s a le s to out-of-rtow n banks.
Chicago r e p o r ts th a t the
market f o r b i l l s in i t s d i s t r i c t con tin u ed very q u ie t ,
Banks were
n ot a c c e p tin g many b i l l s a t the p r e v a ilin g ra te s but the supply, how*.
e v er, appeared to be ample to take ca re o f the demand.
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
T ra n sa ction s consummated f o r the Treasury during the
cu rren t statem ent week c o n s is t e d o f
S a les o f $1,000,000 par amount 3 l/Z% Treasury n o te s due 3 /1 5 /3 0 *3 2
from A lie n P rop erty Custodian A ccount
50.000 1
1
”
3 l/Q% C/J due 3 /1 5 /2 9 from German
S p e c ia l D ep osit A ccount
30.000 ”
"
3 7/Bfc C /I due 3 /1 5 /2 9 from A u strian
S p e c ia l D eposit A ccount
$ 1 ,0 8 0 ,0 0 0

T ota l Sales

and purchases o f ^25, 000 par amount 4 1 /%% F ed eral Land £ank bonds,
due 1938^58 f o r accou n t D i s t r i c t
of Columbia T ea ch ers1 Retirem ent
Fund.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £«0*

4
SYSTEM SPECIAL INVESTMENT ACCOUNT -

GOVERNM
ENT SECURITIES '

During i £ e curren t statem ent week f u rth er s a le s were made t o th e market
from h o ld in g s in th e System Account of
0 2 .5 0 0 .0 0 0 ~ 4 l/4 ^ c e r t i f i c a t e s of in d ebted n ess due Sept* 15, 1929
1 ,0 0 0 ,0 0 0 - 4 1 /4 j*
"
"
M
" Dec. 15, 1929
1T000^000 ~ 3 l / 2 ^ T reasury n otes
" March 15, 1930-32
0 4 .5 0 0 .0 0 0

T o t a l S ales

In o rd e r t o f a c i l i t a t e th e s a le t o th e market by a fo r e ig n correspondent of
0 ^ 0 0 0 ,0 0 0 - 3 l/2 /£ T reasury n o te s Sue September 15, 1930^32f

an exchange was

e f fe c t e d of 0 2 ,5 0 0 ,0 0 0 - 3 l/2/£ T reasu ry n otes due March 15, 193CV32 f o r a lik e
amount of 3 l/2 ^ T reasury n otes due September 15, 193CW32, booh at th e same price*.
These t r a n s a c tio n s reduced the t o t a l h o ld in g s in th e System Account at the
c lo s e o f b u sin ess Wednesday, February 2 0 , 1929, t o 049 ,42 5,300*

The p a r t ic ip a t io n

by F ederal re se rv e banks and th e c l a s s i f i c a t i o n of is s u e s were as f o llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS
0 4 ,3 0 6 ,0 0 0
1 4 ,869 ,8 00
4 ,0 6 9 ,5 0 0
4 ,7 2 3 ,0 0 0
1 ,4 8 8 ,0 0 0
1,4 4 3 ,5 0 0
8 ,6 2 9 ,0 0 0
2 ,8 8 8 ,5 0 0
2 ,1 7 2 ,0 0 0
0
0
4 .8 3 6 T500

Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tlan ta
C hicago
S t . Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco

04 9 ,4 2 5 ,3 0 0 * '

T o ta ls

RECAPITULATION OF HOLDINGS BY MATURITIES
Sept*
Dec#
March
Sept*
Dec#

15,
15,
15,
15,
15,

1929
1929
1932
1932
1932

~
*.
-

4
4
3
3
3

1 /4 % C /l
l/4 /o H
1/2% T/N
1/2% II
l/2 /o If

0 1 ,0 0 0 ,0 0 0
14,125 ,0 00
1 ,5 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
3 0 ,3 0 0 ,3 0 0

049 ,4 2 5 ,8 0 0

\

* F u rther

salaa aggregatin g 0 5 ,9 2 5 ,8 0 0 have been made m ostly f o r d e liv e r y Monday,

February 25, le a v in g th e t o t a l remaining in th e Account ij43,500 ,0 00*




Reproduced from the Unclassified / Declassified Holdings of the National Archives

m

DECLASSIFIED
Authority £»0«

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT' ACCOUNT OF AH.
FEDERAL RESERVE BANKS FROM FEBRUARY 14 TO FEBRUARY 3QT 1929__________
GOVERNMENT SECURITIES - SYSTO! INVESTMENT ACCOUNT

T o ta ls

Purchases
| 218,000
752.000
206.000
239.000
75.000
73.000
436,500
146.000
110.000
0
0
244, 500

Sales
$ '6 0 9 ,5 0 0
2,106, $00
576.500
669.000

$2,500,000

Boston
New York
P h ila d elp h ia
C leveland
Richmond
A tla n ta
Chicago
S t , Louis
M inneapolis
Kansas C ity
D allas
Sen F ra n cisco

$7 ,0 0 0 ,0 0 0

Net Decrease
$ 391,500
1 ,3 5 4 , 500
370.500
430, 000
135.000
131 .50 0
785.500
263.000
198.000
0
0
440.500

210.000
304.500
1 ,2 2 2 ,0 0 0
409, 000
308, 000
0
0
685,000

$ 4 ,5 0 0 ,0 0 0

OTHER TRANSACTIONS IN GOVERNMENT SECURITIES
Purchases
Issu e
S ales
Issu e
§
0
*
*$ 1 ,0 0 0 ,0 0 0 March 3-5, 1932 T/N
I 0 2 r 60Q M isc* GovH Sec
218.150 M isc. G ovH S e c .
if in|i!i ii I ii jiii fn..ii "n i»
1

New York
A tla n ta

--------

T o ta ls

$ 1 ,2 1 8 ,1 5 0

$102,600

*Was hfcld tem p ora rily ♦

BANKERS ACCEPTANCES
lo o o Q u itted )

Boston
New York

H oldings
F eb . 13
$ 45, 976
66,805

* * P h ila <
Cleve*
Richmond
A tla n ta
Chicago
St Jbouis
Minn,
K an.City
D allas
San Fran*

26, 666
35,399
1 5,903
1 8,6 7 8
34, 628
9* 049
13, 811
9, 581
18, 094
49* 947

Purchased
Own Mkt.
§
816 R
10,812 "
1% 580 A
553 R
476 w
250 ”

201

”

1,088 "
0
0
0
1 ,5 1 7 "
2:704 M

Rec*d Bv Allotment.
MaturRegular From
S$«a Jrsaw itie s & H oldin gs
from
F eb . 20
N. Y.
$ 42,357
$ 0 T $ 4,435
$ 0
59,039
18,578
0
0
0
3,178
1,649
2,271
5,419
1 ,755
1,189
1,7 8 2
1,343
994

0
0
0
0
0
1,0 0 0
500
1,0 0 0
0
0

2,522
4, 675
2,241
2,636
4,850
1,451
2,170
864
2,1 4 4
7 .833*

24, 697
34, 378
15,561
1 8 ,5 1 4
36,285
10,353
13,330
11,499
18,810
45.812

O ther H oldings
C lose F e b .20/29
S a les
Other
$ 5,190
9,803

76
$
115
X,

0
0
0
0
3,062
0
0
0
354
3.187

96
106
52
202
1,
141
44
27
40
36
72

$2,500|54,399 $330, 635 $21,596 $3,007
T o ta ls
$344,537 $37,997
$19,580
398
B i l l s h e ld over n ig h t by New Jerk f o r d is t r ib u t io n to o th e r F , R, Banks - •
T o ta l $3, 405
^ In clu d es $ 2 ,5 0 0 ,0 0 0 s o ld to o th e r F ederal Reserve Banks.
**D iscon tin u ed p a r t ic ip a t io n in System purchases o f b i l l s on February 1 3 .
NOTE: R» in d ic a t e s R etained and A . in d ic a t e s A l l o t t e d in the above statem ent.



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
l4

~4

Authority fc»0*

6

MATURITIES AND RATES O BILLS PURCHASED 1EEK ENDING FEBRUARY 2QM 1929
N
(000 Omitted)

1*.30 days
4 1/2 ~ 5 l/8 f0
Boston
New York
P h ila d e lp h ia
Cleveland
Richmond
A tlan ta
Chicago
D allas
San Francisco

31-60 days
4 3 /4 — 5 lM %

019,298

T o ta ls

08,992

355
16,715
0
130
50
125
945
223

Over 90»days
5 - 5 1 /4 1
T o ta l

130
5,224
488
200
150
58
0
386
616

0
1,127
0
0
0

07,252

J !S k

331
7 ,326
65
146
50
0
143
576
35&

0

0

61-90 days
4 7 /8 ~ 5 3 /8 i

02,455

0

18
0
332
978

0

816
30,>392
553
476
250
201
1,>088
1,,517
»,7<»

037,,9*7

RECAPITULATION OF PURCHASES AND SALES OF GOVERNM
ENT SECURITIES
_AND BANKERS ACCEPTANCES DURING Y E ENDING FEBRUARY 20 r 1929
iflS K
(000 Omitted)
(E xclu d in g S a les C on tra cts)
Government
S e c u r it ie s
Purchased
Sold
Mat ured

T o ta ls

Bankers
Acceptances

02,602
8,218

T o ta l

037,997
0
51r899
V13 , 902—
>
3 ,9 3 1 - (Net Change
l-^day h o ld o v e r
and oth er b i l l s )
0 1 7 ,8 3 3 -

0 5 , 616-

§40,599
8,218
51.899
019,518—
3 ,9 3 1 - (Net Change
1-day h o ld o v e r
and oth er b i l l s )
023,449.

(in c lu d in g S ales C on tracts)
H oldings
February 20T 1929
Gov*t S e c u r it ie s
B il
Purchased
T o ta ls




W ithin
15~dava

0

1,835
122r069

0123,904

16-30
days
7,679
104^340

O
106.076

0112,019

$106,076

61-90
days

31-60
days

0

91 days Ovet 6
6 months gonths

T ota l

) 643 01^2,432
0
19 r326 3 r825
0

0172,589
355,636

§19,326 $4,468 §162,432

$ 528,2 2 5

0

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £»Q«

February 19# 192®

Dear Hr* Matteson:
I
Acknowledge reeeipt o f end sh all bring
to the attention o f the menbere of the Federal Reaemra Board your
Inatap t .
closing report o f transactions In Government aecu r i t ie * and bankers aooeptanoes as reported to your
committee for the period from February 7 $ 1929 to
February 15, 1929 Inoluslve*
Very tru ly yours*

waiter 1*« Bddy,
Secretary

Mr* W 8* Matteson, Seoratary,
*
Open Market Investment Committee,
o /o Federal Reserve Bank,
M York, !f. Y*
ew

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

Fe d e r a l R e s e r v e B a n k
o f

Ne w Y o

P E R S O N A L

rk

February 18, 1929

Dear Governor Young:
W are enclosing, for your files, a report of trans­
e

actions in Government securities and bankers acceptances as
reported to the Open Market Investment Committee for the Federal
Reserve System for the period from February 7, 1929 to February
15, 1929 inclusive, together with data received by the Committee
from the Federal reserve banks.

Secretary, Open Markei
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, P. C.

£jnel •




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

I

L/°

Fe d e r a l R e s e r v e B a n k
} w .y

o f N ew Y o rk

^

j

/ S"

CONFIDENTIAL

February 18, 1929

Mr. E. A. Goldenweiser,
Director, Division of Research and Statistics,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Goldenweiser:
Enclosed is a report of transaction;? in Government
securities and bankers acceptances as reported to the Open
Market Investment Committee for the Federal Reserve System
for the period from February 7,' 1929 to February 15, 1929 in­
clusive, together with data received by the Committee from
the Federal reserve banks.

Secretary, Open Tarket
Investment Committee

Encl.




e,

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»Q«

j MUMS!-; I

V

i Qov. Yqwi^i




M\ P la t t
i

J’ SPECIAL CIRCULATIc
OR
'T TLY, INITIAL AHD RETURi
f?
Mr. H am lin

_

V/

Mr. Miller

Fe d e r a l
of

reserve

~".C

Mr. James
Mr. Cunningham
B

ank

Ne w Yo r k

CONFIDENTIAL

February 13, 1929

Dear Governor Young:
Enclosed is 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 February 7, 1929 to February 15, 1929 in­
clusive, together with data received by the Committee from
the Federal reserve banks.
V^e^y truly yours,

V . 3. Matte son
i
Secretary, Open i/arket
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q»

/

CONFIDENTIAL
~_
' '
REPCRT CF CPEN M
ARKET INVESTMENT COM ITTEE W
M
EEK EN ED FEBRUARY 1 3 ,1 9 2 9
D

Holdings of Earning Assets of Federal Reserve Danks from January 25f.1938 to, Date_
c
(000 Omitted)

-1928
Jan,
Feb,
Mar.
Apr.
May
June
July
Aug,
Sept,
O ct.
Nov.
Dec.
-1939Jan**F«b.
Feb.

25
29
28
25
29
27
25
29
26
31
28
26

TOTAL
EARNING
ASSETS
§1 ,1 7 3 ,9 2 6
1 ,2 4 4 ,92 9
1,257,021
1,380,659
1 ,4 68,295
1 ,4 6 7 , 733
1,4 0 2 ,32 3
1,4 3 3 ,02 6
1^507,797
1, 603,476
1, 706, 255
1,8 9 9 ,3 1 2

30
6
13

G VER M T SECURITIES
O
N EN
Sales
Outright
Contracts
Purchases
§ 6 , G$0
§434,817
8, 470
399,132
6,384
379, 448
293,365
11,390
15,535
203,891
199,977
11,960
10, 506
197,135
197, 048
X I, 916
15,658
313,374
26,629
200,470
24, 644
204, 638
197,038
35,300

1 ,4 6 7 ,0 3 9
1, 471,527
1 ,4 8 1 ,2 5 2

199,026
199,059
176,370

BANKERS ACCEPTANCES
Sales
Outright
Contracts
Purchases
§28,442
§318,863
40,827
302,932
388,652
57,451
34,416
331,425
20,516
283,472
24, 358
199,074
8,144
160, 939
27,534
156, 765
58,614
204, 805
83,897
356,479
431,230
51,113
66,592
422, 678

2,745
1 ,030
800

382,029
366,915
351,873

BILLS
DISCOUNTED
§ 385;224
492,568
534,096
709,073
943,791
1 ,0 3 1 ,8 7 4
1 ,0 ?5 ,1 09
1,038,773
1 ,0 1 0 , 766
932,271
990,240
1,167,579
''

53,580
43,827
39,185

830,634
851,621
903, 949

CH
ANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
___________ __________ D RING W
U
EEK ENDED FEBRUARY: 13. 1929_________ ____
(000 Omitted)

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t , Louis
Minneapolis
JCansas City
Dallas
San Francisco
J * Y. holdovers
S
and,other b i l l s
Totals

GO
VERN EN SECURITIES
M T
Balance
Net
Feb. 13
Change
§ 1 ,8 8 7 § 6,304
18,669
7 ,5 1 9 19,663
1 ,7 8 4 30,892
2 ,0 7 0 2,775
6524,249
65629, 352
3 ,7 8 3 19,777
1 ,2 6 6 9,955
9539,763
0
9, 988
0
3 ,1 2 0 14, 983

BANKERS ACCEPTANCES
Balance
Net
Feb, 13
Change
§ 3 ,4 6 6 § 45,976
1 0 ,2 2 1 66,805
26,666
1,595+
1 ,5 5 6 35,399
1 ,5 3 3 15,903
2 ,2 7 0 18,678
1 ,8 5 6 34,628
799,049
1 ,9 3 9 13,811
9,581
492+
95918, 094
49,947
3,213+
7.336

§176,370

§ 2 2 ,690-

3. 537+

§351,873

§ 1 5 ,042-

BILLS DISCOUNTED
Balance
Net
Chans6
Feb ,13
§ 54,181
§ 8 ,0 9 4 57,566+
252,693
10,860+
80,192
8,782+
89,505
4 ,4 0 3 35,035
56,980
2 ,4 8 5 11,700+
162,412
6 ,7 4 1 32,311
11,483
1, 4936,955^
30,790
17,397
5 ,57880,970
831-

§903, 949

§52,328+

C M E T O CH G W
O MN N
AN ES EEK M EED FEBRUARY 13. 1929
Total earning assets of the System showed an increase of §9 ,7 3 5 ,0 0 0 for
the current statement week.
The approximate changes by c la ssific a tio n consisted
of an increase of $52,300,000 in b i l l s discounted and decreases of $22,700,000 in
outright purchases o>f Government se cu ritie s, $15,050, 000 in outright purchases of
bankers acceptances, and $200,000 and §4 ,6 5 0 ,00 0 respectively in Government securi­
tie s and bankers acceptances held under sales contracts.
The net decrease in
Government securities held under sales contracts consisted of an increase of
§200,000 at Dallas and a decrease of §400,000 at Chicago, while the net decrease
in bankers acceptances held under sales contracts was made up of an increase of
§500,000 at Boston and decreases of §2 ,6 0 0 ,00 0 a t New York, §900,000 at Chicago,
§250,000 at Dallas and §1 ,4 0 0 ,0 0 0 at San Francisco *



Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0»

2
Money
Market

G a ll money rates continued t o show extreme flu c t u a t io n s during
th e calendar week ju st c lo se d *
The Stock Exchange renewal rate on Mon­
day was 8 per c e n t, with a subsequent d e c lin e in the new loan ra te to 7
per c e n t, and fo llo w in g th e h o lid a y th ere was a fu r th e r d e c lin e t o 6 per
cent in th e ra te f o r new loan s*
On Thursday, a l l loans were p laced at
the renewal l e v e l of 6 l /2 . p er c e n t ,.b u t on F rid ay a sharp advance oc­
curred which was th e r e s u lt of heavy c a ll i n g of lo a n s .
During th e a ft e r ­
noon .of th a t day th e new loan ra te rose s u c c e s s iv e ly from 6 l / 2 per cent
t o 10 per cent in th e course of le s s than an hour and a h a l f ; a very
la r g e p ro p o rtio n of the t o t a l new loan volume was placed, at th e 10 per
cent r a t e , a f a c t th a t i s evidenced by an average ra te of 8*98 per cent
f o r new lo a n s , th e h ig h e st sin ce January 2*
The e f f e c t of fu r th e r gold
im ports during th e week was p r a c t i c a l l y o f f s e t by. a d d itio n a l s e c u r ity
s a le s from th e System’ s h o ld in g s , and th e r e was a continued excess of
F ed eral Reserve b i l l m a tu r itie s over p u rch a se s.
These o p e r a tio n s , to ­
geth er w ith other sm all lo s s e s to the market in commercial and agency
t r a n s a c t io n s , re s u lte d in a h igh er l e v e l of borrowing by New York C ity
banks. T h e ir average in deb tedn ess during th e p a st week was : /174.#0 0 0 ,0 0 0 ,
~
as, compared w ith 0 1 4 0 ,0 0 0 ,0 0 0 in th e previou s period»
The t i n e money market was d u ll and firm during th e week*
Nominal q u o tatio n s f o r m a tu r itie s up to 4 months were 7 3 /4 per cent fla "1
',
and lo n g er m a tu r itie s up t o 6 months.were quoted 7 l / 2 per cent b id ,
o ffe r e d at 7 3 /4 per c e n t.
The only a c t i v i t y reported was a sm all amount
of 90 -d a y loans at 7 3 /4 per c e n t. ■
Prime' commercial paper continued t o be quoted p r i n c i p a l ly at
5 1-/2 p er. c e n t, but th ere W ere in d ic a tio n s of in creased firm n ess in. the
market in th a t s a le s at 5 3 /4 p er cent were reported as being more f r e ­
quent,
Bank investm ent demand at current ra te s f o r paper was not a c tiv e
and th e re appears t o have been some accum ulation of paper on d e a le r s 1
hands.

Government
S e c u r ity '.
Ma r k e t .

The market f o r U nited S ta to s Government s e c u r i t i e s was g e n e ra lly
in a c tiv e ,
’^hcre was a good demand f o r th e .T r e a su r y c e r t i f i c a t e s maturing
March 15 and Juno 15 of t h i s y ear, w hile th e other outstan din g i s s u e s of
s h o r t-te r m Governments were quiet- and' ste a d y . ' The lo n g -te rm l i b e r t y
Loan and T reasu ry bonds, however, we.re weak and although not under pres­
s u r e , th e y showed r e c e s s io n s in p r ic e s of from 1 0 /3 2 t o 1 . 1 4 /3 2 over tho
■previous weekf s c l o s e , with the excep tion of 4 th 4 l/4 s w h ic h remained
unchanged.
C lo sin g P ric e s on th e New York Stock Exchange 011 Saturday
February 1.6. 1929 and Net Changes from Previous \ife-ek*s C lose
Not
Net
Is s u e
P r ic e '
Change
Issu e
P rice
Change
1st 3 1 /2 s
97 1 8 /3 2
-3 0 /3 2
T r e a s . 4s
1 9 4 4 -5 4
103
6 /3 2 - 1 . 1 4 / 3 :
1st 4 l /4 s
99 2 2 /3 2
- 1 0 /3 2
n
4 l / 4 s 19 4 7 -5 2
108 1 8 /3 2 - 1 . 8/3?.
--------"
3 3 /4 s 1 9 4 6 -5 6
100 2 6 /3 2 - 1 . 2/3«;
4 th 4 l / 4 s
99 3 0 /3 2
3 3/ 8 s 1 9 4 3 -4 7
96 2 8 /3 2 2 8 /? "
"
3 3 / 8 s 1 9 40-4 3
97
1 6 /5 ,.
D e a le rs1 O ffe r in g P r ic e s at the End of th e Calendar Week

3
3
4
4
4
4
3
3
3



Issu e
3 /3 i C e r t. of In d . due
n
tt
<t
t»
7 /8 $
ti
t»
it
•
<
1 /%
}=
11
1
1
u
it
3 /4 >

iM
i/4 %

it

11

ti

tt

1*

it

II

it

l/Z% Treas • Notes
r
»

1/2%

it

«
n

tt
it
it

March 1 5 ,
15,
15,
15,
.15,
15,
15,

March
June
S e p t.
S e p t.
Dec.
March
S e p t.
Doc.

1929

1929
1929
1929
1929
1929
19 3Z
1 5 , 1932
1 5 , 193.2

P rice
9 9 "3"i732
100
100
100
99
99
96
96
96

2 /3 2
3 /3 2
2 £ /3 2
2 4 /3 2
2 6 /3 2
2 6 /3 2
2 6 /3 2

Change
+ 4 /3 T
+ 3 /3 2
+ 2 /3 2
- *
-

. -2 /3 2
-2 /3 2
-2 /3 2

Ap p r 0x 1
Y ie ld
3 .8 0
3 .8 0
4 .2 6
4 -5 7
4 .6 9
4 ,5 5
4 ,6 1
4 .4 7
4 .4 1

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ « 0 «

Bankers
A cceptances

On Wednesday, February 1 3 , most of the d ea lers advanced'
t h e ir b id and o ff e r e d r a te s l / 8 per cent on prime bankers acceptances
thereby e s t a b lis h in g the fo llo w in g r a te s a t'w h ich they o ffe r e d un­
in d orsed b i l l s :
5 per cent f o r 30s and 6 0 s, 5 to 5 l / 8 per cent f o r
9 0 s , 5 l / 8 to 5 l / 4 per cent fo r 12 0 s and 5 l / 4 to 5 3 /8 per cent f o r
1 8 0 -d a y b i l l s .
E f f e c t i v e February 1 4 , the F ederal Reserve Bank
in c re a s e d i t s buying r a t e s f o r b i l l s l / 8 and l / 4 per cent
c u r r e n tly e f f e c t i v e minimum buying r a te s 5 per cen t f o r ' l
5 l / 8 per cent f o r 46 - 90 days and 5 l / 4 per cent fo r 91

Reports
Week
Ending
February 13




o f New York
making the
- 45 days,
- 180 days^

Boston re p o rts th a t d ea lers had d i f f i c u l t y in moving b i l l s
in i t s d i s t r i c t during the p a st p e r io d .
O u t-o f-to w n banks* pur­
chases were ap proxim ately the same amount as the previou s week,
w h ile s a le s to l o c a l banks decreased -abou t 0 1 * 0 0 0 ,0 0 0 ,
S a le s to the
re serv e bank, which were the s m a lle s t fo r many months, amounted to
a pproxim ately v^OO,0 0 0 * D e a le r s ’ aggregate p o r t f o li o s showed an i n ­
crea se of v l , 2 8 5 ,0 0 0 fo r the p a st p erio d 'd u e in p a rt to the f a c t thr.t
t h e ir t o t a l b i l l s s o ld were about ^ 2 ,0 0 0 ,0 0 0 l e s s than the previou s
week and t h e ’ amount of b i l l s forwarded to oth er c i t i e s was n e g li g i b le .
New York the b i l l market was l e s s a c t i v e .
The demand f o r b i l l s
was good and m oderately in excess o f the su p p ly .
D e a le r s ’ s a le s
c o n s is te d c h i e f l y of ord ers fo r 90s f o r fo r e ig n a cco u n t.
Local buy­
ing was l i g h t and m ainly of sh o rte r b i l l s .
D e a le rs1 p o r t f o li o s
decreased s u b s t a n t i a l l y .
P h ila d e lp h ia re p o rts th a t the b i l l market
in i t s d i s t r i c t was u n s e t t le d ;
o f f e r in g s were f a i r l y s u b s t a n t i a l.
The advance by most d ea lers of t h e ir b id and o ffe r in g r a te s f o r a l l
m a t u r it ie s of l / 8 per cent did not improve the demand which was very
lig h t *
Chicago re p o rts th a t there was some demand in t h e i r d i s t r i c t
f o r b i l l s in sm all amounts, but d e a le rs were s t i l l ca rryin g f a i r l y
la r g e amounts which they seemed unable to s e l l ,
OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ra n sa c tio n s consummated f o r the Treasury during the
cu rren t statem ent week c o n s is te d of
S a le s to the market o f §

"

”

"

"

”

"

"

”

"

"

”

”

"

”

"

"

"

”

n

"

Purchase by Treasury
account Redemption

5 0 0 ,0 0 0 par amount 3 l/Z% T/N due 3 /1 5 /3 0 *
32 from A lie n P roperty Custodian
Account
3 ,0 0 0 par amount 3 l/Q% C /l d u e '3 1 5 /2 9
frora A u stria n S p e c ia l D eposit
Account
1 5 9 ,0 0 0 par amount 3 7 /8 $ C /l due 3 /1 5 /2 £
from German S p e c ia l D ep osit Acco ':
1 ,0 0 0 ,0 0 0 par amount 4 l / 4 $ F i r s t L ib e rty
Loan bonds from Government L i f e
Insurance Fund
5 6 6 ,6 0 0 par amount 3 l / 2 $ T/N due 3 /l5 /3 0 « • 32 from Government L i f e Insurance
Fund
4 3 3 ,4 0 0 par amount 3 l/2% T/N due 3 /1 5 /3 0 32 from Government L i f e Insurance
Fund

The above mentioned purchase by the Treasury f o r account
o f Redemption was made w ith the proceeds o f fr a n c h is e ta x payments
r e c e iv e d from F ederal Reserve and F ed eral In term ed iate C re d it b an k s,

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

4
SYSTEM SPECIAL INVESTMENT ACCOUNT ..... .
.
..

GOVERNMENT.....
. ..... SECURITIES
,..

T ra n sa c tio n s in th o S yston Account during th e currant statem ent week con-*
s i s t e d of s a le s to th e market .of sh o rt-term c e r t i f i c a t e s

of indebtedness as fo llo w s ;

0 8 ,0 9 1 ,0 0 0 c e r t i f i c a t e s of in debtedness due March 1 5 , 1929
6 ,9 9 3 ,0 0 0 .
"
"
»
" M a r c h 1 5 , 1929
6 .5 8 2 ,0 0 0
"
M
"
"June
1 5 , 1929
0 2 1 ,6 6 6 ,0 0 0 T o t a l S a le s a g a in st gold im ports*
As mentioned in l a s t week’ s r e p o r t, th e se s a le s were made i n accordance w ith the
d e c is io n of th e Open Market Investm ent Q o n n itte ej to s e l l sh o rt-te rm Governments
from th e System Account as and when such s a le s could be made without denoraliza**
t io n

of th e Government s e c u r it y market*

.V

An exchange was a ls o e f f e c t e d in the System Account at par of ^ 1 ,0 0 0 ,0 0 0

4 l/4^o c e r t i f i c a t e s

of in d ebted ness due December 1 5 , 1 9 2 9 , f o r a li k e amount of

4 1 / 4 c e r tific a te s

of in debted ness due September 1 5 , 1929*

These t r a n s a c t io n s r e s u lte d in th e t o t a l amount of h o ld in g s in the
Account at th e c lo s e of b u sin ess Wednesday, February 1 3 , 1 9 2 9 , b eing reduced to
—| 0 5 3 ,9 2 5 ,8 0 0 .*

The p a r t ic ip a t io n by F ederal re se r v e banks and th e c l a s s i f i c a t i o n

of is s u e s were as f o llo w s :
PARTICIPATION BY FEDERAL RESERIE BANKS
Boston
New York
P h ila d e lp h ia
Cleveland
Richmond.
A tla n ta
Chicago
S t . Louis
M inneapolis
Kansas C ity
D alla s
San F ran cisco
T o t a ls




$4,697,500
' 1 6 ,2 2 4 ,3 0 0
. 4 ,4 4 0 ,0 0 0
5 .1 5 3 .0 0 0
1 .6 2 3 .0 0 0
1 .5 7 5 .0 0 0
9 .4 1 4 .5 0 0
3 .1 5 1 .5 0 0
2 .3 7 0 .0 0 0
0
0
5 .2 7 7 .0 0 0
0 5 3 ,9 2 5 ,8 0 0

'RECAPITULATION O HOLDINGS 3Y MATURITIES
F.
S e p t.
Dec*

15,
15,
March 15 ,
Dec.
15,

'

1929
1929
1932
1932

- 4 1 / 4 / C /l § 3 , 5 0 0 , 0 0 0
- 4 l/4 f 0 n
1 5 ,1 2 5 ,0 0 0
- 3 l/2% T/N ■
5 ,0 0 0 ,0 0 0 .
- 3 l/2% "
3 0 ,3 0 0 ,8 0 0

.

__________ _—
0 5 3 ,9 2 5 ,8 0 0

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL
________ FEDERAL RESERVE BANKS FROM FEBRUARY 7 TO FEBRUARY 1 3 . 1929
GOVERNM
ENT SECURITIES - SYSTEM INVESTMENT ACCOUNT

6 ,8 2 0 ,0 0 0
1,8 6 6 ,5 0 0
2 ,1 6 5 ,5 0 0
682,000
661,500
3 ,9 5 7 ,5 0 0
1 ,3 2 4 ,5 0 0
996,500
0
0
2 f 218 r 000

022 , 666,000

021,666 ,000

0 1 ,974,00 0

0

0 1 ,0 0 0 ,0 0 0

T o ta ls

Net D ecrease
0 1,887 ,000
6,519 ,0Q0
1,784 ,000
2 ,0 7 0 ,0 0 0
652 ,000
632 ,500
3,7 8 3 ,0 0 0
1,266 ,0 0 0
952 ,500
0
0
2.120 ,000

Sales

Purchases
8 7 ,0 0 0
301,000
8 2 ,5 0 0
95,500
30,000
29,000
174,500
58,500
4 4 ,0 0 0
0
0
.
.9 8 .0 0 0

B oston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
S t . Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco

ENT SECURITIES
OTHER TRANSACTIONS IN GOVERNM
S ales
Issu e
Purchases
Is s u e
*§1 ,0 0 0 ,0 0 0 March 15, 1932 T/N
0
Mi s c - Gov#t Sec%
68,450 Misc^ Gov’ t Sec*
44 ,500

New York
A tla n ta
T o ta ls

044,500

0 1 ,0 6 8 t450

*«fa* h eld tem p ora rily*
BANKERS ACCEPTANCES
(GOO Omitted)
r

H oldin gs
Feb* 6
Boston
Yprk

N

q x i

P h ila*
C le v e ,
Richmond
A tla n ta
Chicago
S t , Louis
Minn#
Kan, C ity
D allas
San Fraiu
T o t a ls

Purchased
Own Mkt,

0

0

49,442
77,026
25,071
36,955
17,436
20,948
36,484
9,128
15,750
9,089
19,053
46T
734

550
4 ,6 2 0
IQ ,108
1,129
1,303
568
125
577
0
0
0
1,069
5 T582

0363,116

025,631

By A l l o t nont from
New York

$ 45,976
66,805

..- 1 0 3 2

0 4,0 1 6
13,654
1,187*
880
4 ,2 9 4
3,019
3,255
4,263
799
2,457
306
2,579
3 .5 0 1

010,108

044,210

0344,537

R.
"
A*
R.
*
"

o
0
1,346
1,435
918
860
1,830
720
518
790
551

"

"

rt
"

Other H oldings
C lose Feb* 13/29
MaturOther
S ales
i t i e s & H oldings
F e b .13 C on tracts B i l l s
S a les

26,666
35,399
15,903
18,678
34,628
9,049
13,811
9,581
18,094
4 9 f 947

0

9,757
22,229
0
0
0
0
4 ,6 7 1
0
0
0
661

....! * § £ !
039,185.

0

75
1,042
96
106
52
1,082
141
44
27
40
36
72

02,814

B i l l s held overn igh t by New York f o r d is t r ib u t io n t o o th e r F*R*Banks 3^082
«
«
n
it
*
r
i«
ti
ii
n
«»
F oreign
corresp on d en ts •- 1«44Q
T o t a l — — — — — 07,336
*S old t o a fo r e ig n corresp on d en ts

ss=s=s=ss

NOTE: R. in d ic a t e s R etained and A* in d ic a t e s A llo t t e d in the abo"c statem ent*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q*

MATURITIES AND RATES ON BILLS PURCHASED W
EEK ENDING FEBRUARY 13. X929
(000 O m itted)
1-3 0 days
4 i» 5%
Bo ston
*'.ew York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
D allas
San F ra n cisco
T o ta ls

31-60 da^s
4 3 / 4 - 5 1 /8 i

V 114
3,953
348
0
163
0
128
196
337

0

$5,239

61-90 days
4 3 /4 - 5 1/8%

Over 90-days
5 - 5 1 /8 $

0

0

09,277

$10,322

238
7, 374
393
0
300
0
409
321
1 .2 8 7

0793

173
2,977
388
1, 303
105
114
40
237
3.935

T otal

0

20
424
0
0
0
11
0
315
23

550
14,728
1,129
1,303
568
125
577
1,069
5t 582

025,631

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING FEBRUARY 13. 1929
(000 O m itted)
(E xcluding S ales C o n tra cts )
Government
S e c u r it ie s
Purchased
S old
Matured

T ota ls

0

Bankers
A cceptances

To t a l

025,631
1,1 8 7
43.023
01 8 ,5 7 9 3 , 537+(Net Change
1 -day h o ld o v e r
& o th e r b i l l s )

^22, 690-

026, 675
24, 921
43r 023
0 4 1 ,2 6 9 3,537+ (N et Change
1-d av holdovei
& oth er b i l l s

0 1 5 ,0 4 2 -

1 ,0 4 4
23,734
0

037, 732-

(In clu d in g S ales C on tra cts)
H oldings
February 13. 1929
Govf t S e c u r it ie s
B i l l s Purchased
T ota ls




W ithin
15-davs
0

800
140.202

0141,002

16-30
days

0

7,779
89.121

096,900

31- 60
.'dav s

0

0
135. 951

0135,951

61-90
days

0 o

91 days6 months
0

Over 6
months

T otal

23.381

643
2.403

0167,948
0

$177,170
391.058

023,381

03,046

0167,948

0568,228

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £»Q«

February 12, 1929

Dear M Matteson:
r*
1
acknowledge reoeipt o f and shall
bring to the attention o f the members o f the
Board jrour l e t t a r o f the llt h in s t a n t t enclos­
ing report o f transactions in Qorernment securitle a and banker* acceptances as reported to
your Centalttee fo r the period from January $1,
1929 to February 5, 1929 inclusive.
Very truly yours,

Walter L* “
Jddy,
Secretary

Mr* 1* 3* Matteaon, Secretary,
Open Mafcket Investment Committee,
c /o Federal fiesenre Bank,
New York, 5# Y.

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £«0*

/

'J

i- r

S-

<*

j

\

/

Fe d

er a l

Re

s e r v e

o r Ne w Y o

Ban

k

a

rk

'
■/' o <''
*;Y* 'J T ' .
.o. >s-.. x <
,*
/
r~
■/fV
X
O V.
H

cm FimM TiAL

February 1 1 , 1929

Mr. E. A. G oldenw eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ed eral Reserve Board,
W ashington, D. C.
Dear Mr. Golden v /e is e r :
Enclosed i s a re p o rt o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers acceptances as rep orted t o the Open
Market Investm ent Committee f o r the F ed era l Reserve System
f o r the period from January 3 1 , 1929 to February 6 , 1929 in ­
c lu s iv e ,

to g eth er w ith data r e c e iv e d by th e Committee from

the F ederal re s e r v e banks.

W. 3. Matteson
Secretary, Open Market
Investment Committee

Reproduced from the Unclassified I Declassified Holdings of the National Archives

,
7*




*

DECLASSIFIED

..

Authority E»0«

n .'

Fe d

er a l
o f

Re

s er v e

Ne w Y o

Ban

k

H v ^ ' , <"
Sx
>
A

rk

V —\

February 11, 1929

Dear Governor Young:
W are e n c lo s in g , f o r y ou r f i l e s , a r e p o r t o f
e
tr a n s a c tio n s in Government s e c u r it ie s and bankers a ccep ta n ces
as r e p o rte d t o the Open Market Investm ent Committee f o r the
F ederal Reserve System f o r the p e r io d from January 31, 1929
to February 6 , 19E9 i n c lu s iv e , to g e th e r w ith data r e c e iv e d
by the Committee from the F ederal r e s e r v e banks.
^ ^ ? e ? | y t r u ly y o u rs ,

W. B. Matteson
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »0 «

FOR SPECIAL CIRCULATION
, INITIAL AND PETURIM .
b Q K lin t /
Mr. James

i a ox
Gov.




o f

Ne w Y o

CONFIDENTIAL

^ORET A RY ’ OJTFIQJE
S
/
/ x

} V

rk

February 11, 1929

Dear Governor Young:
E nclosed i s a r e p o r t o f tr a n s a c t io n s in Government
s e c u r i t i e s and bankers acceptances as rep orted t o the Open
Market Investm ent Committee f o r the F ed era l Reserve System
f o r the p erio d from January 5 1 , 1929 t o February 3 , 1929 in ­
c l u s i v e , to g e th e r w ith d ata re ce iv e d by the Committee from
the F ed eral re se rv e banks.

V. 3. Matte son
i
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0«

CONFIDENTIAL
REPORT OF OPEN M
ARKET INVESTMENT COMMITTEE YffiEK ENDED FEBRUARY 6 , 1929
H oldings of Earning A ssets of F od cra l Reserve Bunks from January 25. 1928 t o Date
(000 Omitted)
TOTAL
GOVERNM
ENT SECURITIES
BANKERS ACCEPTANCES
BILLS
EARNING
O utright
S ales
S ales
O utright
**1926 m
ASSETS
Purchases
C on tracts
Purchasos
C on tracts
DISCOUNTED
Jan# 25 $ 1 ,173 ,9 26
$434,817
’$318,863
$ 6,080
$28,442
0 385,224
^
’cbt 29
1,244,929
399,132
40,827
8 ,4 7 0
302,932
492,568
:'ar# 28
1,257,021
379,448
6,384
288,652
524,096
57,451
Apr, 25
1,380,659
709,073
293,365
34,416
11,390
331,425
'-ay
29
1 ,468,29 5
203,891
943,791
20,516
15,535
283,472
■
Tuno 27
1,467,733
199,977
1,031,87 4
11,960
24,358
199,074
July 25
1,402,323
197,135
8,144
1,025,109
10,506
160,939
*;ug. 29
1,433,026
1,038,77 3
27,534
197,048
11,916
156,765
^ept# 26 JL,507,797
1 ,010,76 6
213,374
58,614
15,658
204,805
c t . 31
1,603,476
932,271
200,470
356,479
83,897
26,629
ov, 28
1,706,255
990,240
51,113
204,638
24,644
431,230
- cc * 26
1,899,312
1,167,57 9
197,028
66,592
35,300
422,678
-192?W
•'•an# 30
1,467,039
820,634
199,026
382,029
53 580
2,745
6
1,471,527
851,621
199,059
43,827
366,915
1,030
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
._________________ DURING W
EEK ENDED FEBRUARY 6 . 1929
___________
(000 Omitted)

>oston
-lew York
P h ila d e lp h ia
Cleveland
lichmond
- t la n t a
in c ago
S t, Louis
in n o a p o iis
ansas C it y
■Ulas
'-"a F ra n cisco
•Y. h old overs
rad oth er b i l l s
T o ta ls

GOVERNM
ENT SECURITIES
Balance
Not
Feb* 6
Change
v 8,1 9 1
0 o
26,187
0
21,447
0
32,962
0
3,427
0
30+
4 ,9 0 5
0
33,135
21,043
0
1+
10,908
9,763
0
0
9,988
17,103
1+

BANKERS
Balance
Feb* 6
$ 49,442
77,026
25,071
36,955
17,436
20,948
36,484
9,128
15,750
9,089
19,053
46,734

Net
Change
$ 1 ,4 0 9 5 ,8 3 7 2,252+
2 f9 34f*
2 ,0 9 1 1,803**
285717+
1,196—
757+
1,1 6 6 1 ,1 4 2 -

3.799
$199,059

$32+

977-

$366,915

$ 1 5 ,1 1 4 -

BILLS DISCOUNTED
Not
Balanco
Chang©
Feb. 6
$ 1 0 ,3 2 3 $ 62,275
1 7 ,7 8 1 195,127
14970,332
80,723
10,132+
45»
39,438
1 ,0 9 9 59*465
13,023+
150,712
3,256+
39,052
12,976
2,521+
5,619+
36,745
403+
22,975
81,801
25,430+

$851,621

$30,987+

CO M T O CHANGES W
M EN
N
EEK ENDED FEBRUARY 6. 1929
T o ta l earning a ssets of th e System showed an in c r e a s e of 0 4 ,4 8 8 ,0 0 0 f o r
the cu rren t statem ent week. The approximate changes c o n s is te d of an in c r e a s e of
v31,0Q 0,000 in b i l l s d iscou n ted and d ecrea ses of $ 1 5 ,1 0 0 ,0 0 0 in o u trig h t purchases
of bankers a ccep ta n ces, and $ 1 ,7 0 0 ,0 0 0 and $ 9 ,7 5 0 ,0 0 0 in Government s e c u r it ie s and
bankers acceptances h e ld under s&les c o n t r a c t s , r e s p e c t iv e ly *
The d ecrease in
Government s e c u r it ie s h e ld under s a le s c o n tr a c ts was tnadO up of a decrea se tit
Chicago of $ 2 ,2 5 0 ,0 0 0 and *n in c r e a s e at D allas of $ 55 0,0 00, w h ile the d ecrea se in
bankers accep tan ces was made up of decreases of $ 3 ,0 0 0 ,0 0 0 at B oston , $ 5 ,1 5 0 ,0 0 0 at
New York, $750,000 at C h icago, $ 1 ,3 5 0 ,0 0 0 at San F ra n cisco and an in c r e a s e o f
$500,000 at D allas*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

2
Money
Market

C a ll money in New York renained fir m on Monday, February 4^
w ith renewals at. 7 per cent and new loan s at 8 p er cent* F ollow in g the
com pletion of month-end t r a n s a c t io n s , the trend of c a l l money was low er
and the ra te dropped to a low of 6 p e r cent in th e p e rio d in te r v e n in g
between Tuesday and Friday* On F rid a y , how ever, a sharp advance t o 9
p er cent from a renewal ra te of 6 p e r cent o c c u rr e d , accompanying out—
goin g com mercial t r a n s fe r s and week-end cu rren cy withdrawals which
caused tho borrow ings of th e New York C ity banks t o r is e t o
0 1 6 3 ,0 0 0 ,0 0 0 . The e f f e c t of g o ld im ports during th e week was f u l l y o f f ­
set by s a le s of s e c u r it ie s from th e System*s h old in g s,a n d b i l l matur#*
i t i e s from the System*s p o r t f o l i o continued t o exceed purchases in t h is
market* The average l e v e l of borrow ing by
York C ity banks ro se t o
'">140,000,000, an in c r e a s e of § 2 4 ,0 0 0 ,0 0 0 over th e p reviou s week*

Government
S e c u r ity
Market




Time money f o r a l l d ates continued t o be quoted at 7 l / 2 p e r
cent f l a t u n t il la t e in th e lYeek, when th e q u ota tion become 7 1/2 p e r
cent b id , o ffe r e d at 7 3 /4 p er c e n t . Loans in th e f i r s t p art of thq
week wore c h i e f l y f o r 90 days at 7 l / 2 p e r c e n t , w hile la t e in th e week
th e on ly t r a n s a c tio n s rep orted were a few 30 and 6CUday loan s at 7 l / 2
and 7 3 /4 p er cent r e s p e c tiv e ly #
The p r e v a ilin g ra te f o r prime com m ercial paper renained 5 1/2
p er c e n t, but a s l i g h t l y firm e r tendency was evident in th e market
e s p e c ia lly toward th e end of th e week, when s e v e r a l d e a le rs allow ed son©
of t h e i r prime names t o move at 5 3 /4 p e r c e n t . Bank investm ent demand
was ra th er d u l l , w h ile new c r e a t io n s of paper in crea sed somewhat, w ith
th e r e s u lt th a t d ealers* p o r t f o l i o s at th e end o f the week were s l i g h t l y
la r g e r than a week ago*'
Accompanying firm e r money c o n d itio n s toward th e end of th o
calen d ar week, th ere were s lig h t f r a c t i o n a l r e c e s s io n s in the p r ic e s of
Government s e c u r it ie s and pronounced weakness in th o lo n g -t e r o bonds#
There was, however, a f a i r demand f o r the c e r t i f i c a t e s maturing March
and June 1929 and s e v e r a l s iz e a b le b lo c k s of th ese is s u e s were r e a d ily
absorbed by th e market at cu rren t p r ic e s *
C losin g P r ic e s on tho New York S tock Exchange on Saturday
February 9 T 1929 and Not Changes from P reviou s Week*s C lose
Net
P rice
Change
Issu e
Issu e
P r ic e
1st 3 1/2 s
1944-54 104 20/32
93’ 16/32 -1 2 /3 2 T rea s. 48
M
1st 4 l / 4 s 100
- 4/32
4 l / 4 s 1947^52 109 26/32
n
4th 4 1/4 s
99 30/32 - 6/32
3 3/4 s 1946-56 101 23/32
w
97 24/32
3 3 /8 s 1943-47
ti
97 16/32
3 3 /8 s 1940-43

3
3
4
4
4
4
3
3
3

3/3/o
7/of*
1/2
3/4f*
l/i%
1 /4 J
1/2 %
1/2%
1/2%

Dealers* O ffe r in g P r ic e s at th e End of th e Calendar week
and Not Changes from P reviou s W ee^s C lose
Net
Change
Issu e
P rice
C a rt. of In d, due March 15, 1929
99 27/32
-1 /3 2
•1
»
ti
n March 15, 1929
99 29/32
T* l/3 2
11 June 15, 1929 100
k
»»
M
-1 /3 2
II
H
t»
it S ept, 15, 1929 100 3/32
________
I
I
11 S ept,
t»
H
- 2 /3 2
99 24/32
15, 1929
11 Deo*
(1
if
1929
99 24/32
- 2 /3 2
H March
- 4 /3 2
96 28/32
Treas . Notes
15, 1932
ft
II S e p t, 15, 1932
»
- 4 /3 2
96 23/32
ii
1
1
II Dec, 15, 1932
- 4 /3 2
96 20/32

Net
Change
-1 9 /3 2
-1 4 /3 2
- 2 0 /3 2
- 4 /3 2

Approx^
Y ie ld
5.20
4*93
4*47
4 .5 7
4 .6 8
4 .5 4
4*50
4 ,4 5
4*39

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
l4

. '

Authority fc»0»

3
Ba.nkers
Acc eptances

D ealers* o ffe r in g s o f unin do rsed bankers a ccep ta n ces
during t h e «statem ent week were at the fo llo w in g r a te s t

4 7 /8 . to

5 per cen t f o r 30s, 5 per c e n t f o r 60s, 90s and 120s and 5 l / 8 per
cen t f o r 180-day b i l l s .
R eports
7/e ek
_
Ending
Februarv 6




Boston r e p o r ts th a t d e a le rs found i t d i f f i c u l t to move
'
b i l l s in i t s d i s t r i c t during the p a s t p e r io d and con seq u en tly f o r warded many of t h e i r b i l l s to t h e i r o f f i c e s in oth er c i t i e s .
S ales t o l o c a l banks amounted t o o n ly $2,0 0 0 ,0 0 0 , w h ile s a le s to
the r e s e r v e bank were $ 1 ,5 0 0 ,0 0 0 .
e x ce s s o f the demand#

The supply was somewhat in

Jn New York the b i l l market was more a c t iv e *

The demand f o r b i l l s was very good b u t narrow ly con cen tra ted and
m oderately in e x c e s s of the su p p ly .
of n in e t ie s f o r fo r e ig n a cc o u n t.
lig h t.

D is t r ib u t io n c o n s is t e d m ainly
Buying f o r l o c a l a ccou n t was

Dealers* p o r t f o l i o s d ecrea sed m od era tely ,

P h ila d e lp h ia

r e p o rts th a t i t s b i l l market was again m od era tely a c t i v e .

There

was a d ecrea se in the su p ply of b i l l s w ith the demand f a i r with
some buying

qf

f i v e an<jl s ix months* b i l l s .

d e a le rs r e p o r te d very l i ^ l e

a c t i v i t y in th e b i.ll market in i t s

d i s t r i c t during the pasij p e r io d .
w ith the demand n e g l i g i b l e .

Chicago r e p o r ts that

The supply of new b i l l s was sm all

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
'*

Authority £»Q« VffiSfr

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ra n sa ction s con su m a ted f o r the Treasury during th e c u r r e n t statem ent
week c o n s is t e d of
S ales to the
market of 4
”

n

"

"

"

"

1 0 ,0 0 0 par amount 3 7/ 8/0 C /l due 3 /1 5 /2 9 from a ccou n t A u strian
S p e c ia l D ep osit Account
25,000
3 7/8/1 "
11 3 /1 5 /2 9 from a cco u n t German
S p e cia l D ep osit Account
3 3 /8 ^ "
" 3 /1 5 /2 9 from a cco u n t A lie n
1 ,5 0 0 ,0 0 0
P rop erty Custodian
3 l/2% T/N "
3 /1 5 /3 0 -3 2 from a cco u n t Government
500,000
L ife Insurance Fund

Purchases by Treasury
a /c Redemption
1, 500,000

”

3 l/z/o T/N

1 , 000,000

"

3 l / 2 jo

"

"

”

”

3 /1 5 /3 0 -3 2 from a cco u n t Government
L if e Insurance Fund
M 3 /1 5 /3 0 -3 2 from a ccou n t A lie n
P rop erty Custodian

The above m entioned purchases b y ’fh e Treasury f o r a ccou n t of Redemption w ere made
v/ith the proceeds of fr a n c h is e tax payments r e c e iv e d from F ederal Reserve and
fe d e r a l In term ediate C red it Banks,
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
There was no tr a n s a c tio n in the System A ccount during the c u r re n t state**
ment week, the t o t a l amount o f h o ld in g s a t the c lo s e o f b u sin e ss Wednesday, Feb’*
*
ruary 6 , 1929, rem aining unchanged a t y 7 5 ,591, 8 00 . The p a r t ic ip a t io n by F e d e ra l
r e se r v e banks and the c l a s s i f i c a t i o n o f is s u e s were as f o l l o w s :
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
P h ila d e lp h ia
Cl eveland
Richmond
A tlan ta
Chicago
L ou is
M inneapolis
Kansas C ity
Call as
San F r a n cis c o

March
March
June
Sept*
D ec,
‘March
Dec,

T otals

$ 6 ,5 8 4 ,5 0 0
22,743 ,3 00
6 .2 2 4 .0 0 0
7 .2 2 3 .0 0 0
2, 275, 000
2, 207, 500
1 3 ,1 9 7 ,5 0 0
4 .4 1 7 .5 0 0
3.3 2 2 .5 0 0
0
0
7 .3 9 7 .0 0 0
^ 7 5 ,5 9 1 ,8 0 0

1929
1929
1929
1929
1929
1932
15, 1932

15,
15,
15,
15,
15,

«
~
-

3
3 7/efo
4
4
4
0 I / 2/0 T/N
3 1 /2 $ "
V

8 .0 9 1 .0 0 0
6.993.00 0
6, 582, 000
2, 500. 000
1 6 ,1 2 5 . COO
5, Q O 000
Q"
30, $00 ,8 C
O

375. 591,800

A ft e r the c lo s e of th e statem ent week s a le s were made t o the market f o r
d e liv e r y February 8 , 1 1 and 13 of ^ 16 ,58 4,0 00 aggregate amount o f Treasury c e r t ify
ic a t e s maturing n e x t March and June. These s a le s were made in a ccord a n ce w ith
the d e c is io n of the Open Market Investm ent Committee, in view of g o ld im ports, t o
s e l l sh ort-term Governments from the System A ccount as and when such s a le s can be
made w ith ou t d em ora lization of the Government s e c u r it y market^




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0*

5
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT'ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM JANUARY 31 TO FEBRUARY 6. 1929 INCLUSIVE
GOVERNMENT SECURITIES
Purchases
A tla n ta

§113,800

Issu e

Sales

M isc. Gov’ t S ec.

Issu e

$83,750, M isc. G o v 't S ec.

BANKERS ACCEPTANCES
(000 O m itted)

H oldin gs
J a n .30
Boston
New York
P h ila .
C leveland
-Richmond
A tla n ta
Chicago
S t . Louis
Minn.
Kan. C ity
D allas
San Fran,

Purchased
Own Mkt.

$ 50,851
82,863

$ 1,7 2 6
7,299
11, 265
3,155
717
75
112
883
0
0
0
505
l r 298

By A l l o t ­
ment from
N. Y.

22, 819
39,8 89
19,527
22, 751
36,769
8, 411
16,946
8, 332
20,219
47,876

R
"
A
R
"
"
"
"

’»
"

3

0
0

1,5 0 6
1,961
268
391
2, 576
1, 087
633
1,005
544
__! jJL?4

Matur­
itie s &
Sales
0 3,135
11, 718
1, 418*
2, 409
5, 612
2, 434
2, 306
3, 744
370
1,829
248
2, 215
3r 734

H oldings
F eb. 6

Other H oldings
C lose F eb. 6/29
Sales
Other
C on tracts B i l l s

0 49,442
77, 026

$ 9,244
24,813

$
76
1 ,1 6 4

25, 071
36, 955
17, 436
20, 948
36, 484
9,128
15, 750
9,089
19, 053
46,734

0
0
0
0
5, 605
0
0
0
914
3,251

96
106
52
1, 214
141
44
27
40
36
72

T ota ls
$3, 068
<1)377, 253
$43,827
$27 035
041,172
$363,116
$11, 265
B i l l s h e ld over n ig h t by New York f o r d is t r ib u t io n to oth er F . R. Banks - . 731

* S old to a f o r e ig n corresp on d en t.

NOTE:

R. in d ic a t e s R etained and A . in d ic a t e s A llo t t e d in the above statem ent.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

E»Q« VffiSfr

MATURITIES AND RATES ON BILLS PURCHASED W
EEK ENDING FEBRUARY 6 f 1929
(OOO Om itted)

1 -3 0 days
4 1 /2 - 5 t
Boston
New York
P h ila d elp h ia
C leveland
Richmond
A tlan ta
Chicago
Jixllas
San F ra n cisco

§

T ota ls

31-60 days
4 5 /8 - 5 l/ 8%

61-90 days
4 3 /4 -5 l/B%

Over 90-days
5-5 l / s i

T ota l

83
3, 390
796
509
0
0
120
127
384

676
2, 140
1, 190
208
75
62
53
100
260

§ 18
480
0
0
0
0
0
147
37

A n 726
^ i,
18, 564
3, 155
717
75
112
883
505
-J U 298

§5, 409

949
12,5 5 4
1 ,1 6 9
0
0
50
710
131
617

§4, 764

§682

§27, 035

§

§16,180

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING FEBRUARY 6, 1929
(000 O m itted)
(E xcluding Sales C on tra cts)
Bankers
A cceptan ces

Government
S e c u r it ie s
Purchased
Sold
Matured

Totals.

T otal

$114
84
0

§27,035
l ' 418
39. 754
§ 1 4 ,1 3 7 9 7 7 - (Net Change
__________ 1-day h old over
& oth er b i l l s )

§27,149
1,502
39f 754
§14, 1079 7 7 -(Net Change
1-day h o ld o v e r
& other b i l l s )

0 30+

§ 1 5 ,1 1 4 -

§15, 084-

( In clu d in g Sales C o n tra cts)
H oldings
February 6.1929
GovH S e c u r it ie s
P i l l s Purchased
T o ta ls




Within
1 5 - davs
§

16-30
days

1,0 3 0
138. 009

§

§139, 039

31-60
davs

61-90
cte-vs

91 days6 months

Over 6
months

T otal

0
91T155

§ 22,859
150.152

§ 0
. 28.468

§ 7 ,2 1 0
2. 958

§168,990 §200,089
0
410T742

§91,155

§173, O il

§28, 468

§10,168

§168,990 §610,831

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
'

'

Authority £ »0* \2BSy

Febru&ry 6 * 1929

Dear Mr* M atteson:
I acknowledge receipt § f and sh a ll bring
to tho attention o f tho members o f the Board your
enclosing report o f
transactions I n Government se cu ritie s and bankers
acceptances at reported to your Committee for the
period from January 24th to January 30th, 1929,
Inclusive*
Very tru ly yours,

£• M McClelland,
*
A ssistant Secretary

Mr* l* B* Matteson, Secretary*
Open Market Investment Committee,
o/o Federal Reserve Bank,
New York, If. T*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0« VffiSfr

/

"fyi \ ? « - f<( \
___




Fed

er a l

Re

s er v e

Ban

k

O ■"
/t >
o f

Ne w Y o

V'C‘*

s. •,

rk

V< 3 %

CONFIDENTIAL

February 4 , 1929

iMr. E. A. G oldenv/eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ed era l Reserve Board,
W ashington, B. C.
Dear Mr. G oldenw eiser:
E nclosed i s a r e p o rt 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 bankers acceptan ces as rep o rted t o th e Open
Market Investm ent Committee f o r the F ederal Reserve System
f o r the p erio d from January 2 4 , 1929 to January 3 0 , 1929 in ­
c l u s i v e , to g e th e r w ith data re c e iv e d by the Committee from
the F ed eral r e s e r v e banks.

Investm ent Committee

Encl.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »Q «

/

v

■

/

Fed

er a l
o f

Re

s er v e

Ne w Y o

Ba n

k

/
■
:

rk

P E R S O N A L

February 4 , 1929

r

.

a

.

FEB 6

y

]

I

1929 I

Dear Governor Young:
We are e n c lo s in g , f o r your f i l e s , a r e p o r t o f
tr a n s a c tio n s in Government s e c u r i t i e s and bankers accep t­
ances as rep orted t o th e Open Market Investm ent Committee
f o r the Federal Reserve System f o r th e p eriod from January
2 4 , 1929 t o January 3 0 , 1929 i n c l u s i v e , to g e th e r w ith data
re c e iv e d by the Committee from the F ed eral re se r v e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
'.Vashington, D. G.

E n e l.




*

■!
»
Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority fc»0«

FOR SPECIAL CIRCULATION
j

r.




**

.’TLY, IN ITIA L AND RETURN TO .......

* Gov. Y oung
1
✓ Mr. p i a t t

^

Mr. H am lin ^

. Mr. James y/

F l b i ? ^ e rR e ^ E R 1
4»fe:

^
/

V*Y\
Mr\ % ®
\ Y

o f

Ne w Y o

CONFIDENTIAL

3

^

rk

February 4 , 1929

Dear Governor Young:
E n closed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r the F ed eral Reserve System
f o r the p e rio d from January 24, 1929 t o January 30, 1929 in ­
c l u s iv e , to g e th e r w ith data r e c e iv e d by the Committee from
the F ed eral re s e r v e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor Federal Reserve Board,
Washington, D. C.

^

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE V E ENDED JANUARY 30, 1929;'
JE K
H oldings of Earning A ssets of F ed eral Reserve Banks fr o n January 25. 1928-.. t o 'f e t e
(000 Om itted)
BILLS
BANKERS ACCEPTANCES
TOTAL
GOVERNMENT SECURITIES
Sal es
O utright
Sales
EARNING
O utright
DISCOUNTED
C on tracts
-1928ASSETS
Purchases
C on tracts Purchases
§ 385, 224
Jan, 25
028, 442
0318,863
$1 ,1 7 3 ,9 2 6
$ 6,080
$434, 817
492,568
F eb, 29
40,827 302, 932
1, 244,929
8, 470
399,132
.. 524, 096
Mar * 28
57, 451
1, 257, 021
288,652
379, 448
6 ,384
.709,073
A p r, 25
34, 416
1, 380, 659
331, 425
11,3 9 0
293, 365
943, 791
May
20, 516
29
1, 468,295
283, 472
15, 535
203, 891
1 ,0 3 1 ,8 7 4
June 27
24, 358
1, 467, 733
199, 074
11,960
199, 977
1, 025,109
Ju ly 25
8 ,1 4 4
1, 402, 323
160, 939
10, 506
197,135
1,038, 773
Aug, 2 9 ,
27, 534
1, 433,026
15$,765
197, 048
11,916
1, 0X0, 766
S e p t. 26
58, 614
1, 507, 797
204, 805
-213, 374
I S , 658
932,271
83,897
Oct „ 31
356, 479
1, 603, 476
26, 629
200,470
•990,240
Nov. 28
51,113
1, 706, 255
431, 230
204, 638
24, 644
1,167, 579
D ec. 26
66, 592
422, 678
1, 899, 312
197, 028
35, 300
-1929782,114
Jan* 23
41, 572
1, 447, 391
412, 646
3, 030
199, 004
>
1
820,634
53, 580
30
I, 467,039
382, 029
199,026
2, 745
CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE O SALES CONTRACTS)
F
________
DURING W
EEK ENDED JANUARY 30. 1929________ _ _ _ _ _
(000 O m itted)
BILLS DISCOUNTED
GOVERNMENT SECURITIES BANKERS ACCEPTANCES
Net
Balance
Net
Balance
Net
Balance
Change
Jan. 30.
Jan. 30
Change
Change J a n *30
Boston
0 8, 704+
0 73, 598
1 8,191
0 7, 748$13+
0 50, 851
New York
59, 751 +
26,187
1 1 ,0 9 2 212,908
0
82, 863
P h ila d e lp h ia
1,309+
21, 447
70, 481
2, 332+
0
22, 819
C leveland
2, 66832, 962
70, 591
39,889
5 ,2 5 1 0
Richmond
. 1933, 42 7
19,527
39, 483
4040
A tlan ta
14960, 564
4,875
1 ,2 1 6 5+
22, 751
Chicago
18, 010137, 689
33,135
3, 74836, 769
0
St* Louis
6 ,14335, 796
21, 042
72+
0
8, 411
2, 917f
M inneapolis
10, 445
16,946
10, 907
1, 4430
31,126
1, 71 5 t
Kansas C ity
9,763
915+
8, 332
0
- 5n+
D allas
22, 572
9,988
1, 23320, 219
0
40+
55, 371
1 ,1 7 8 San F r a n cis c o
17,102
47, 876
0
N» Y. h old overs
623and oth er b i l l s
4.776
T ota ls

•|199,026

$23+

$382, 029

$30, 617-

$820,634

$38, 520+

COM ENT O CHANGES W
M
N
EEK ENDED JANUARY 30. 1929
T otal earning a s s e ts of tho System showed an in c r e a s e of $ 1 9 ,64 8,000 f o r
the cu rren t statem ent week*
The approxim ate changes c o n s is t e d o f a d ecrease of
030, 600, QOQ in o u tr ig h t purchases of bankers a ccep ta n ces, and an in c r e a s e of
$38,500,000 in b i l l s d isco u n te d .
The changes in s a le s c o n tr a c t c o n s is t e d of a
d ecrease of $300,000 in Government s e c u r it ie s and an in c r e a s e of $12,000,000 in
bankers a ccep ta n ces, as f o l l o w s :
Boston 02, 200,000, New York $ 6 ,8 0 0 ,0 0 0 , Chicago
700, QOO, D allas $300,000 and San F r a n cis c o 01,000 , 000.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0«

Money"
Market

C on d ition s in the c a l l money market during the past ca len d ar
week were fir m e r in response to month-end in flu e n c e s .
The c a l l rate
on Monday was steady at 6 per cen t but on Tuesday the rate f o r new
lo a n s r o s e t o ' 7 per cen t and f o r the b a la n c e 'o f the week renewals wewe
a t "th a t l e v e l , w ith advances in the new'"loan ra te to 8 per cen t on two
days - January 30 and February IV
Incom ing commercial and fin a n c ia l
t r a n s fe r s , g o ld im ports and oth er c r e d it s more than o f f s e t in cre a s e d
cu rren cy requirem ents and a payment of $ 1 0 ,00 0,000 to the Treasury by
the market f o r a ccou n t of the French Government*
The System*s
m a tu r itie s of b i l l s con tin u ed to exceed purchases in t h is market, but
member banks in c r e a s e d t h e ir borrow ings a t the Reserve Bank, the in ­
debtedness of v ie New Y&rk C ity banks during the p a st week averaging
$116,000, 000 as compared with088, 000, 000 in the preced in g week*
Time money ra tes turned e a s ie r during the week, and the
market f o r f i x e d date m a tu r itie s was somewhat more a c t iv e than in r e ­
cen t w eeks.
There were r e p o rts of an im portant in c r e a s e in time money
o f f e r in g s from fo r e ig n s o u r c e s T By the end of the week a l l m a tu ritie s
from 60 days to 6 months were quoted nom inally a t 7 l/Z per cen t f l a t ,
and 30-day money a t 7 l / 4 per c e n t b id , o f fe r e d a t 7 l / 2 per c e n t.
I n t e r e s t was c h i e f l y in 90 day lo a n s , the a ctu a l tra d in g r a te f o r which
reached 7 l / 2 per cen t by the end o f the week, the lo w e st s in c e e a rly
in December.
Both the amount of new commercial paper b ein g cre a te d and the
bank investm ent demand con tin u ed in ra th er lim it e d volume during the
week.
For prime names, the p r e v a ilin g ra te remained 5 l / 2 per c e n t.
Some few s a le s of e x c e p t io n a lly f in e paper con tin u ed to be r e p o rte d a t
5 l / 4 per cen t, and th ere were a ls o tr a n s a c tio n s in the l e s s w e ll
known names a t 5 3 /4 per c e n t .

Government
S e cu rity
Market




The market f o r U nited S ta tes Government s e c u r it ie s con tin u ed
in a c t iv e w ith p r ic e s s l i g h t l y ir r e g u la r .
Puring the l a t t e r p a rt of
the ca len d ar week the sh ort-term is s u e s of c e r t i f i c a t e s o f ind ebted n ess
e s p e c ia lly th ose due next June, September and December, were in f a i r l y
good demand which r e s u lte d in d e a le r s 1 o f fe r in g p r ic e s f o r these
is s u e s advancing from l / 3 2 to 5/3 2 n d s.
The demand f o r the 3 l / 2 per
c e n t Treasury n otes and the lon g -term bonds con tin u ed n e g l i g i b l e .
C losin g P r ic e s on the New York Stock Exchange on Saturday
February 2. 1929 and Net Chances from P reviou s Week*s C lose
Net
Net
Issue
P rice
Change
Issu e
P r ic e
Change
1st 3 l/2 s
98 28/32
-3 /3 2
T rea sT 4s
1944-54 105 7/32 -3 /3 2
1 s t 4 l / 4 s 100 4/3 2
+1/32
"
4 l / 4 s 1947-52 110 8/32
4th 4 l / 4 s 100 4/32
-1 /3 2
"
3 3 /4 s 1946-56 102 16 /3 2 +2/&
"
3 3 /8 s 1943-47
97 24/32 -7/^2
"
3 3 /8 s 1940-43
97 20/32 -4/§2

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

3

3
3
4
4
4
4
3
3
3

D e a le rs ’ O ffe rin g P r ic e s a t the End of the Calendar -feck
and Net Changes from P revious Week’ s Close
Net
Approx,
Y ie ld
P r ic e
Chanee
Issue
4/46
+1/32
99 28/32
3 /8 # C ert. of In d . due March 15, 1929
II
tt
4.38
+1/32
99 30/32
7 /8# ii
March 15, 1929
it
1
1
+5/32
4,4 0
June 1 5 » 1929 100 1 /3 2
l/2 f* II
II
ii
+2/32
4.59
S ep t. 1$» 1929 100 3/32
3 /4 % it
»
?
it
II
4.56
+4/32
99 26/32
l / 4$ n
S ep t, 15, 1929
II
it
tt
4.46
+5/32
99 26/32
Dec. 15, 1929
l/4 /£
4.53
-------97
Treasury Notes
March i s , 1932
n
ii
it
4*39
- - 97
l/2 /o
S e p t . 15, 1932
it
it
it
4 f 35
- - 97
Doc. 15, 1932
1 /2 $
ii

ii

ii

ii

ii

D e a le rs’ o f f e r in g s of unindorsed bankers a ccep ta n ces dur­

Bankers
A cceptances

ing the statem ent week were a t the fo llo w in g r a t e s :
f o r 30‘ s,
and 5 l / 8
Reports
Week
Ending
January 3Q




4 7 /8 to 5 per cen t f o r 60’ s,

4 7 /8 per cent

5 per cen t f o r 9 0 's and 120's,

per cen t f o r 180-day b i l l s .
Boston re p o rts th a t th ere was a s lig h t improvement in the

amount of new b i l l s made in i t s

d i s t r i c t during the p ast p e r io d and

w h ile the t o t a l s a le s by d ea lers were le s s than the p reviou s week
t h e ir s a le s to l o c a l banks were s l i g h t l y h ig h er,

the d iffe r e n c e

b ein g accounted f o r in the small s a le s to the reserv e bank which
were the sm a llest f o r sev era l months.

There was a s l i g h t im prove­

ment in the buying by 6 u t-o f-to w n banks.

B i l l s up to 30 days and

over 90 were in b e s t demand, but as a whole b i l l s

did n ot move fr e e ly *

I*1 New York d e a le r s ' purchases were s u b s t a n t ia lly l e s s t h is week than
any week s in ce the m iddle of November,

1928.

Sales to the ou tsid e

market in cre a se d s l i g h t l y over l a s t week and th ere seemed to be a
w ider d is t r ib u t io n .
n e g lig ib le .

Purchases from d ea lers f o r System accou n t were

D ealers trad ed about even u n t il the l a s t day of the

p e r io d when money became firm e r and more b i l l s were o f fe r e d to the
d e a le rs than they s o ld as a r e s u lt of which d e a le r s ’ p o r t f o l i o s in ­
crea sed m od era tely .
a l i t t l e more a c t i v e .

P h ila d elp h ia r e p o rts th a t i t s b i l l market was
O ffe r in g s w h ile s u b s ta n tia l showed some de­

crea se from p reviou s week.
fa ir .

The demand improved but was s t i l l

only

Chicago r e p o r ts th a t the demand f o r b i l l s in t h e ir d i s t r i c t

was n e g lig ib le and d ea lers had f a i r l y la r g e amounts on hand*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
>
*

Authority £*0« VZRSff

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ran saction s consummated f o r the Treasury during the cu rren t statem ent
week c o n s is te d of a purchase o f 0875,000 * 3 7 /8 p er cent c e r t i f i c a t e s of
•
in d ebted n ess due March 15, 1929, f o r account German S p e c ia l D eposit Account*
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNM
ENT SECURITIES
There was no t r a n s a c tio n in th e System Account during th e cu rren t state*
nent week, the t o t a l amount of h o ld in g s at th e c lo s e of bu sin ess Wednesday,
January 30, 1929, rem aining unchanged at 0 7 5 ,5 9 1 ,8 0 0 .

The p a r t ic ip a t io n by

'F ed era l reserv e banks and the c l a s s i f i c a t i o n of is s u e s were as fo llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
P h ila d e lp h ia
Cleveland
Richmond
A tlan ta
Chicago
S t, Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco

0 6,5 8 4 ,5 0 0
2 2 ,7 4 3 ,3 0 0
6 .2 2 4 .0 0 0
■7 ,2 2 3 ,0 0 0
2 .2 7 5 .0 0 0
2 .2 0 7 .5 0 0
13 j 197,500
4 .4 1 7 .5 0 0
3 .3 2 2 .5 0 0
0
0
7.397 T000

March
March
June
S e p t.
Dec*
March
Dec*

T o ta ls

075 ,59 1,800




15,
15,
15,
15,
15,
15,
15,

1929
1929 1929
1929 1929
1932 1932 -

3
3
4
4
4
3
3

3M c / i
a
iM
l/2 g
n
»

it

i/ *4
i M T/N
l/Z% 11

0 8 ,0 9 1 ,0 0 0
6 ,993,00 0
6 ,582,00 0
2 ,5 0 0 ,0 0 0
16,125,000
5,000,000
30,300 ,8 00

075,591*800

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
'•*

^

Authority fc»0«

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF ALL FEDERAJ
_ ________ RESERVE BANKS FROM JANUARY 24 TO JANUARY 3Qt 1929 INCLUSIVE________________
GOVERNM
ENT. SECURITIES
Purchases
Boston
A tlan ta

0 18,200
159.550
T o ta ls

Sales

March 15, 1932 T/N
M isc. Gov*t S e c .

0177, 750

Issue

0
154. 550

Issue

M isc. Gov’ t Sec

0154, 550

BANKERS ACCEPTANCES
(000 Omitted)

H oldings
J a n .23
Boston
New York

A
S 58, 599
?
93, 955

R e c'd By Allotment
Regular
From
Purchased
from
Boston
Own Mfct. N. Y,
P ort. X

Matur­
itie s &
S ales

Other H oldings
C lose Jan.3 0 /2 9
H oldings
Sales
Other
Jan.30
Contracts B i l l s

0

0

0

to ta ls

20, 487
45,140
19,931
23, 967
40, 517
8, 339
18, 389
7, 417
21, 452
49, 054
0407, 247

P h ila .
C le v e .
Richmond
A tla n ta
Chicago
S t . Louis
Minn,
Kan, C ity
D allas
San Fran.

1,148
5,036
10, 964
2, 524
0
1 ,1 3 4
1,4 3 0
290
0
0
0
672
972

0 2 4 ,1 7 0

R
"
A
R

0

0
0

8 ,8 9 6 *
16,128

0 o
0

1, 647
1,556
939
1, 003
2, 023
932
512
848
647
857

0
l r 000

1,839
6,807
2, 477
3, 649
6,061
860
2, 455
433
2,552
4. 007

010,964

0 2 ,0 0 0

0 5 6 ,1 6 4

"
M
"

"
M

0
0
0
0
0
0

'
500
500

50,851
82, 863

012, 253 $
76
29, 957 1 ,166

22, 819
39,889
19,527
22, 751
36, 769
8,411
16, 946
8, 332
20,219
47. 876

0
0
0
0
6,354
0
0
0
419
...*J>97

0377, 253 0 5 3 ,5 8 0

95
106
52
1| 466
141
4 ix
27
40
36
72
0 3 ,3 2 2

B i l l s h e ld over n ig h t by New York f o r d is t r ib u t io n to oth er F . R. Banks • - ~ 1, 454
T o t a l ------------------------------------------------ ----- -0 4 ,7 7 6
A ll the reserv e banks are now p a r t ic ip a t in g in System purchases of b i l l s ,
*In clu d ec v 2 ,000, 000 s o ld to oth er F ederal re se rv e banks.
X R ep resen tin g purchases of b i l l s
ending January 23, 1929.
NOTE:

i n o x c o s t of th e ir pro rata share during week

R. in d ic a t e s R etained and A» in d ic a t e s A llo t t e d in the above statem ent.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

6

MATURITIES AND RATES O BILLS PURCHASED W
EEK ENDING JANUARY 30, 1929
N
(OOO Omitted)

1-30 days
4 . 1/2 - 5;i
Boston
New York
P h ila d e lp h ia
Richmond
A tla n ta
Chicago
D allas'
San F ra n cisco
T o ta ls

0

23
13,018
1,248
200
1,430
240
38
188

016,385

31-60 days
4 5/8 - h i
s?

61-90 days
4 5 / 8 - 5 1/Si

Over 90-days
4 7 / 8 - 5 l/ d i

64
1,596
558
182
O
0
83
514

01,056
1,250
718
752
O
50
331
257

S

02,997

04,414

0374

5
136
O
O
0
0
220
13

T o ta l
0

1,148
16,000
2,524
1,134
1,430
290
672
972

024,170

RECAPITULATION . OF PURCHASES AND SALES OF GOVERNM
ENT SECURITIES
AND BANKERS ACCEPTANCES DURING M
EEK ENDING JANUARY 30, 1929
(000 Omitted)
(E xcluding S ales C on tracts)
Government
S e c u r it ie s
Purchaser
Sold
Matured

0178
155
0

T o ta ls

Bankers
A cceptances

T o ta l

026,170
0
56^164'
0 2 9 ,9 9 4 623- (Not Change
______ __ 1-day h o ld o v e r
and oth er h i l l s )
030,61 7-

026,348
155
56.164
0 2 9 ,9 7 1 623- (Net Change
1-day h o ld o v e r
and oth er b i l l s )
030,594*-

(In c lu d in g Sales C on tracts)
‘ H oldings
Januarv 30. 1929

Within
1 5 -davs

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

0

T o ta ls




16-30
days

31-60
days

61-90
days

91- days6 months

Over 6
months

T o ta l

2,745
133.502

•0
95.602

0 22,859
156.122

0
46.947

o 7,205
3.436

0168,962
O

0201,771
435.609

$136,247

095,602

0178,981

046,947

010,641

0168,962

0637,380

Reproduced from the Unclassified / Declassified Holdings of the National Archives




DECLASSIFIED
Authority £ »0 «

January 30f 1929

Dear Mr. Matteaon:
I acknowledge receipt o f and shall bring
to th« attention of the m bers of the Board your
em
totter.ofthe 23th.inst*ntf enclosing report o f
transactIona in Government securities and bankers
aoeeptanoes as reported to your Committee for the
period from January 17th to January 23rd, 1929,
inclusive*
Very tru ly yours#

•-

.

y. v

;

v

.

-

Walter i . Bddy,
Secretary

Mr# W. 8* Matteson, Seoretary,
Open Market Investment Committee,
o /o Federal Reserve Bank,
Hew York, H Y*
#

Reproduced from the Unclassified I Declassified Holdings of the National Archives

,
7
*




DECLASSIFIED

* .

Authority £ »0 «

Fed

er a l
o f

Re

s e r v e

Ne w Y o

P E R S O N A L

Ba n

k

rk

January S3, 1929

Dear Governor Young:
W are e n c lo s in g , f o r you r f i l e s , a r e p o r t o f
e
t r a n s a c tio n s in Government s e c u r it ie s and bankers a c c e p t­
ances as r e p o rte d t o th e Open Market Investm ent Committee
f o r the F ed eral Reserve System f o r the p e r io d from January
1 7 , 1929 t o January 23, 1929 i n c lu s iv e , to g e th e r w ith data
r e c e iv e d by the Coiarfiittee from the F ed eral r e se r v e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E»0«

\ hJ< A

v /

ju _ F e d e r a l R e s e r v e
la

Bank

o f N ew Y o rk

CONFIDENTIAL

January 28, 1929

Mr. E. A. G olden w eiser,
D ir e c t o r , D iv is io n o f Research & S t a t i s t i c s ,
F ederal Reserve Board,
Washington, D. C.
Dear Mr, G olden w eiser:
E nclosed i s a r e p o r t o f tr a n s a c tio n s in Government
s e c u r i t i e s and bankers a ccep ta n ces as re p o rte d t o the Open
Market Investm ent Committee f o r th e F ed eral Reserve System
f o r the p e r io d from January 1 7 , 1929 to January 25, 1929 in ­
c l u s i v e , to g e th e r w ith d ata r e c e iv e d by the Committee from
the F ed eral r e se r v e banks.




W. B. Matteson
S e c r e ta r y , Open Market
Investm ent Committee

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0*

FOR SPECIAL CIRCULATION
M L Y , INITIAL AND RETURN TO

I Gov. Young
Mr. P l a t t

V

.

Mr. Hamlin ^
Mr. James y/^
_ Mr.
Fed
^ i eif | g s E R ^ ® m & h a
o f

Ne w Y o

CONFIDENTIAL

rk

January 28, 1929

Dear Governor Young:
E n closed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r the F ed eral Reserve System
f o r the p e r io d from January 17, 1929 t o January 25, 1929 in ­
c l u s iv e , to g e th e r w ith data r e c e iv e d by the Committee from
the F ederal re s e r v e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A . Young,
Governor, Federal Reserve Board,
Washington, D. C.

Encl.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

CONFIDENTIAL
REPORT OF OPEN MARKET INVESTMENT COMMITTEE 'J'fflE ENDED JANUARY 23, 1929
K
H oldings of Earning A ssets of F ed eral Reserve Banks from January 25. 1928 t o Date
(000 Om itted)

-1928
Jan.
Feb.
Mar,
Apr.
May
June
July
Aug.
S ep t.
O ct.
Nov.
Dec .
■1929 Jan,
ta n .

25
29
28
25
29
27
25
29
26
31
28
26

TOTAL
EARNING
ASSETS
01, 173, 926
1, 244, 929
1 ,257,02 1
1,380,65 9
1,468, 295
1, 467. 733
1, 402' 323
1, 433, 026
1, 507, 797
1,6 0 3 ,4 7 6
1, 706, 255
1, 899,312

16
23

GOVERNMENT SECURITIES
Sales
O utright
C on tracts
Purchases
0434, 817
0 6,080
8,470
399, 132
6, 384
379, 448
11,390
293, 365
15,555
203,891
11,960
199, 977
10,506
197,135
11,916
197, 048
213,374
15,658
200,470
26,629
204, 638
24,644
197,028
35, 300

1, 551, 231
1, 447,391

208, 008
199,004

BANKERS ACCEPTANCES
S ales
O u trigh t
C on tracts
Purchases
028, 442
0313,863
40,827
302, 932
238,652
57, 451
34, 416
331, 425
20, 516
283, 472
24, 358
199, 074
8,144
160, 939
27,534
156, 765
58,615
204, 805
83,897
356,479
51,113
431,230
66, 592
422, 678

30, 335
3, 030

420, 651
412, 646-

BILLS
DISCOUNTED
0 385,224
492,568
524,096
709, 073
943,791
1,031,8741,0 2 5 ,1 0 9
1, 038, 773
1 ,0 1 0 ,7 6 6
932,271
990,240
1,167, 579

60, 588
41,572

821,824
782,114

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS \
J
DURING mEK ENDED JANUARY 23. 1929
(000 O m itted)

Boston
New York
P h ila d elp h ia
Cleveland
Richmond
A tlan ta
Chicago
S t . Louis
M inneapolis
Kansas C ity
T
Tailas
3an F ra n cisco
N*Y. h old ov ers
and other b i l l s
T otals

GOVERNMENT SECURITIES
Balance
Net
Jan. 23
Change
0
8,173
0 0
26,187
9, 00021, 447
0
32, 962
0
3,427
0
4,870
5-*
33,135
0
21, 043
0
0
10, 907
9,763
0
9,988
0
0
17,102

BANKERS ACCEPTANCES
Balance
Net
Jan. 23
Change
0 1 ,5 3 0 0 58, 599
1 ,2 2 6 93, 955
878+
20, 487
45,140
2 ,5 0 2 1, 49019, 931
1 ,6 8 3 23, 967
1,727+
40, 517
261 +
8,339
1 ,5 6 3 18, 389
2,182+
7,417
21, 452
9182 ,5 3 9 49, 054
5r 399

^199,004

0 9 ,0 0 5 -

398+

0412, 646

0 8 , 005-

BILLS DISCOUNTED
Balance
Net
Change
J a n . 23
015,192-;0 64,894
64 ,5 0 9 153,157
4 ,6 2 5 69,172
3, 90273, 269
1,357+
39,676
2, 963+
60,713
8, 334+
155, 699
6, 943:41,939
20+
13,362
3 ,2 7 0 32,841
2 ,7 0 8 *
22,061
92155, 331

0782, 114

039, 710-

CjMMLNI O CHANGES V/EEK ENDING JANUARY 23, 1929
N
T otal earning a s s e ts of the System showed a decrease o? 010 3,8 40,000 f o i
tho cu rren t statem ent week.
The approxim ate changes by c l a s s i f i c a t i o n c o n s is te d
of d ecreases of 0 9 ,000 ,0 00 in o u tr ig h t purchases of Government s e c u r it ie s (r e p r e ­
sen tin g s a le to the market of s e c u r it ie s s o ld by the Treasury and h e ld tem p ora rily
by the F ederal Reserve Bank of Nev/ York), 08, 000, 000 in o u trig h t purchases of
bankers a ccep ta n ces, 039, 700, 000 in b i l l s discou n ted , 027,300,000 in Government
s e c u r it ie s h e ld under s a le s c o n t r a c t (th e e n t ir e n et re d u ctio n being a t the Federal
Reserve Bank of Nev; York) and <^19,000,000 in bankers a ccep ta n ces h e ld under s a le s
c o n tr a c t ($16, 000, 0 0 0 .being a t the F ederal Reserve Bank of New Y ork ),



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0»

iey
Market

The c a l l money market in New York continued r e l a t i v e l y easy
throughout the p a st calende.r week. The Stock Exchange ra te was steady
at 6 p er c e n t, but a s l i g h t l y firm e r tendency was evid en t as the monthend approached; in the f i r s t part of the week co n c e ss io n s in the ou tsid e
market t o 5 l / 2 and 5 p er cent Vifere rep orted but by the end of ’fciie p e rio d
the o u ts id e market r a te held at the Exchange l e v e l . The money market
gained an a d d it io n a l amount of funds through t r a n s fe r s from oth er d i s - .
triffts, though the in flo w was much le s s than in the p reced in g week, and
th ere was a moderate return of cu rren cy from c i r c u l a t i o n . These ga in s to
the market were more than o f f s e t by s u b s ta n tia l red u ction s in the Reserve
Bank’ s h o ld in g s of b i l l s and s e c u r it ie s under s a le s c o n tr a c t and by an
excess of System b i l l m a tu ritie s over purchases in t h is market* As a re­
s u lt , the in d ebted n ess of the New York C ity banks on F riday was about
y 2 3 ,000,000 la r g e r than a week ago, but f o r the e n t ir e week averaged on ly
0*88,000,000, as compared xvith. 0 14 5,0 00,000 in the p reced in g f u l l week.

In the time money market, tra d in g was p r i n c i p a l l y in loans up
to 90-day m a tu rity , but in the aggregate the volume of bu sin ess was sm all.
The a c tu a l tra d in g r a te was 7 3 /4 p er cen t u n t il F rid a y , when as a r e s u lt
o f somewhat f r e e r o f f e r i n g s , loans up t o 90 days were p la ce d p a r t ly at
7 l / 2 p er cent and p a r t ly at 7 3 /4 p er c e n t. Four to s ix months’ money
was n om inally 7 l / 2 p er cent b id , 7 3 /4 p e r cent o ffe r e d throughout the
week*
The p r e v a ilin g ra te f o r prime com mercial paper advanced t o 5 1 /2 .
p er cent e a r ly in the week, as again st a range of 5 1 /4 - 5 l / 2 p er cent
p r e v io u s ly quoted. There was a ls o a number of o ffe r in g s of th e sm a ller
names being made at 5 3 /4 p e r c e n t. Both the supply of new paper and the
bank investm ent demand remained in v ery moderate volume#
Government
The market f o r United S tates Government s e c u r it ie s continued
S ecu r ity
in a c t iv e with the demand v ery l i g h t , e s p e c ia lly f o r the sh ort-term issu es*
Market
Although many of the outstanding is s u e s showed f r a c t i o n a l gains in p r ic e s
over the p rev iou s week’ s c l o s e , t h is was due p r in c ip a lly t o d e a le rs mark­
in g up p r ic e s ra th er than the r e s u lt of any in cre a se d demand#
C losin g P r ic e s on the New York S tock Exchange on Saturday
January 2 6 r 1929 and Net Changes from P revious Week’ s C lose
Net
Net
Issu e
P r ic e
Change
Issu e
P r ic e
Change
1944-54 105 10/32
- - 1 s t 3 1 /2 s
99 4/32 -------- T reas, 4s
1st 4 l/4 s
100 3/32 +2/32
"
4 1 /4 s 1947-52 110 12/32 + 4 /3 2
4 th 4 l / 4 s
100 5/32 +4/32
"
3 3 /4 s 1946-56 102 14/32 +10/32
M
3 3/8 s 1943-47
97 31/32 +17/32
"
3 3/ 8 s 1940u43
97 24/32 +12/32

3
3
4
4
4
4
3
3
3




3/8y£
7/Q%
l/2 /o
3 /4 %
l /4 f 0
1/4 $
l/2 ^
l/2 '/j
1 /2.%

D e a le rs1 O ffe rin g P r ic e s at the End of the Calendar Week
and Net Changes from P reviou s Week’ s C lose
Approx,
Net
Y ield
Issu e
Change
P rice
+2/32
:
99 27732
4*58
C ert, off Ind, due March 15, 1929
(i
11 March 15, 1929
"
”
«
99 29/32
4 .5 6
+2/32
ti June
"
«
”
.
.
.
99 28/32
4 .8 1
15, 1929
It
1
1
«
«
— .
S ep t. 15, 1929 100 1/32
4.6 8
< Sept*
1
M
"
"
99 22/32
+1/32
4 .7 5
15, 1929
ft Dec.
"
"
'*
4 ,6 4
99 21/32
+1/32
15, i m
If
T rea s. Notes
March 15, 1932
97
4,5 2
It
,f
"
S ept. 15, 1932
97
4 .3 9
M
M
"
-----------Dec, 15, 1932
97
4 ,3 5
mm

mm

m*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q« \3fl5fr

Bankers
A ccep tan ces

Subsequent to the in c r e a s e in d ea lers* o f f e r i n g r a te s on
January 18 f o r unindorsed bankers a cce p ta n ce s, as m entioned in l a s t
w eek's r e p o r t , d e a le r s again in cre a s e d t h e ir r a te s on 30-day b i l l s
1 /8 p e r cen t making the fo llo w in g r a te s e f f e c t i v e during th e s t a t e ­
ment week:

4 7 /8 p e r cent f o r 3 0 s, 4 7 /8 t o 5 per cen t f o r 6 0s, 5

p er cen t f o r 90s and 120 s, and 5 1 /8 p er cen t f o r 180-day b i l l s *
R eports
Week Ending
January 25




B oston r e p o r t s that the su p ply was g e n e r a lly p oor in i t s
d i s t r i c t during the statem ent week*

The demand f o r b i l l s showed a

f u r t h e r f a l l i n g o f f and d ea lers* s a le s t o l o c a l banks were the sm a ll­
e s t s in c e l a s t summer.

Short b i l l s moved b e s t , although b i l l s as a

w hole d id n o t move f r e e l y .
n e g lig ib le .

S a les to cou n try banks were p r a c t i c a l l y

O ffe r in g s to the Reserve

were m oderate.

In New

York the b i l l market was o n ly f a i r l y a c t iv e w ith the supply and
demand about e q u a l.

JPhe demand was p r i n c i p a l l y f o r 90-day m aturi­

t i e s f o r accou n t o f f o r e ig n c o rre s p o n d e n ts.

P h ila d e lp h ia r e p o r ts

th a t b i l l s con tin u ed t o be o f f e r e d f r e e l y , alth ou gh the amount o f
new b i l l s

in the market was somewhat c u r t a ile d .

a s l i g h t improvement.

C hicago

The demand showed

r e p o r t s th at d e a le r s r e p o rte d some

investm ent demand f o r b i l l s f o r the f i r s t time in s e v e r a l weeks but
n ot as
ra tesi

much, how ever, as m ight be exp ected at the p resen t a t t r a c t iv e

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

Authority fc»Q*

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ra n sa ction s consummated f o r the Treasury during the cu rre n t statem ent
wefck c o n s is t e d o f
S ales o f $ 2 ,’000,000 aggrega te par amount 3 1/2% Treasury n otes due March 15,
1930-32 a ccou n t Government L ife In surance Fund
381, 500
"
. "
3 7 / 8 % c e r t i f i c a t e s o f in d eb ted n ess,
due March 15, 1929, a ccou n t A lie n
P rop erty Custodian
54,500
"
"
3 7 /8 % c e r t i f i c a t e s o f in d e b te d n e ss,
due March 15, 1929, a ccou n t A u strian
S p e c ia l D ep osit Account
1^436,000

T o ta l S a les

SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
There was no tr a n s a c tio n in the System A ccount during the cu rre n t s t a t e ­
ment week, the t o t a l amount o f h o ld in g s a t the c l o s e o f b u sin ess Wednesday,
January 23, 1929, rem aining unchanged a t $ 7 5 ,5 9 1 ,8 0 0 .

The p a r t ic ip a t io n by F ederal

re s e r v e banks and the c l a s s i f i c a t i o n o f issu es, were as f a llo w s :
PARTICIPATION BY FEDERAL RESERVE BANES

RECAPITULATION OF HOLDINGS BY MATURITIES

Boston
New York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
S t. Louis
M inneapolis
Kansas C it y
P a lla s
San F ra n cis co

March
March
June
S ep t.
D ec.
March
Dec.

T o ta ls




# 6,584*500
2 2 ,743 ,3 00
6 ,2 2 4 ,0 0 0
7 ,2 2 3 ,0 0 0
2 ,2 7 5 ,0 0 0
2 ,2 0 7 ,5 0 0
1 3 ,1 9 7 ,5 0 0

15,
15,
15,
15,
15,
15,
15,

1929
1929
1929
1929
1929
1932
1932

-

3
3
4
4
4
3
3

Z/8 $, C /I $ 8 ,0 9 1 ,0 0 0
6 ,9 9 3 ,0 0 0
1 /8 % ft
6 ,5 8 2 ,0 0 0
1/Z% It
2 ,5 0 0 ,0 0 0
XM o t*
t
1 6 ,1 2 5 ,0 0 0
l /4 f » t
5,QC0,Q00
T/N
1 /2 #
3 0 ,3 0 0 ,8 0 0
1 /2 $

3 ,3 2 2 ,5 0 0
0
0
7 ,3 9 7 ,0 0 0
$ 7 5 ;5 9 1 ,8 0 0

175,591,800-

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

Authority fc»Q«

ITEMIZED STATEMENT OF TRANSACTIONS AF5SCTING THE INVESTMENT ACCOUNT OF ALL
FEDERAL RESERVE BANKS FROM JANUARY 17 TO JANUARY 23. 1929_____________
GOVERNM
ENT SECURITIES
Purchases
New York
A tlan ta

* 0 2 ,0 0 0 ,OOO
422 .90 0

T o ta ls

Issu e

Sales

March 15, 1932 T/N
M isc. GovH S ec.

0 2 ,4 2 2 ,9 0 0

Issu e

*0 1 1 ,0 0 0 ,0 0 0
428.100

March 15, 1932 T/N
M isc. Gov»t Sec*

0 1 1 ,42 8,100

*Hold tem p ora rily f o r resa le*
BANKERS ACCEPTANCES
(OOO Omitted)

H oldings
J a n .16
Boston
New York
Phila*
Cleve*
Ri chmond
A tlan ta
Chicago
S t. Louis
Minn.
Kan. C ity
D allas
San Fran.
T o ta ls

0

60,129
95,181
19,609
47,642
21,421
25,650
38,790
8,078
19,952
5,235
22,370
51,593

0415,650

RecM By A llotm ent
From
Regular
from
Boston
Purchased
Own MktP o r t .X
N„Y*
0

4 ,6 0 5
10,710
14,457
2,144
539
357

R*
n
A.
R.
"
f*

0
1,554 11

0
0
0
509 "
l r684 w
036,559

Mat ur~
itie s &
Sales

Other H o ld in g s '
C lose Jan. 23/29
H oldings
S ales
Other
Jan .23 C on tracts D ills

0
0

0
2,000

0 6 ,135*
13,936**

93,955

010,074
23,134

0

0
0
0
0
0
0
1,9 0 0
0
0

1,266
5,800
3,082
3,132
3,800
1,313
2,9 8 0
240
2,555
4T
223

20,487
45,140
19,931
23,967
40,517
8,339
18,389
7,417
21,452
4 9 T054

0
0
0
0
4,616
0
0
0
161
3 r587

96
106
52
1,362
141
44
27
40
36
72

v>3,500

048,462

0407,247

041,572

03,224

2,759
1,235
1,449
3,973
1,574
917
1,422
1,128

0
014,457

500

B i l l s h old overn igh t f o r d is t r ib u t io n to oth er F. R* banks
T o ta l - -

;

76
1,172

£2^175
;5,399

* In clu d c s 0 3 ,5 0 0 ,0 0 0 s o ld t o oth er F ederal Reserve Banks*
* * In clu d e s 0 1 ,7 9 5 ,0 0 0 s o ld to a fo r e ig n corresp on d en t.
^ R epresenting purchases of b i l l s in excess of t h e i r pro ra ta share during week
ending January 16, 1929#
NOTE: K in d ic a t e s Retained and A. in d ic a t e s A llo t t e d in the above statement#
m




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority E »0 «

/
/

6
MATURITIES AND RATES O BILLS PURCHASED 7JEEK ENDING JANUARY 23. 1929
N
(000 Omitted)
1—
30 days
4 3 /8 -5 1/8?.
Boston
New York
P h ila d elp h ia
C leveland
Richmond'-;
Chicago
Dallas
San F ra n cisco

31-60 days

61-90 days
4 1 /2 -5 l / 4 <

Over 9 0 -days
4 3 /4 -5 1/8%

T otal

$ 1 ,110
12, 458
83
0
0
298
62
79 .

76
4, 451
285
0
0
248
0
996

$ 3,401
7, 044
1 ,7 7 6
539
357
1, 008
173
576

0
18
1, 214
0
0
0
0
274
33

$ 4,605
25,167
2,1 4 4
539
357
1 ,5 5 4
509
1. 684

$14, 090

T otals

$

$6,056

$14,874

$1,539

$36, 559

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING W
EEK ENDING JANUARY 23. 1929
(000 Om itted)

(E xcluding S ales C o n tr a c ts )
Government
S e c u r it ie s
Purchased
S old
Matured

Bankers
A cceptances

T otal

If 2,423
I I , 428
0

$36,559
1,7 9 5
43.167
$ 8, 403398+(Net Change
1-day h old ov er
< oth er b i l l s )
b

$38, 982
13,223
43t 167
$17 ,40 8398+(Net Change
1-d ay h old ov er
& oth er b i l l s )

$ 9 ,0 0 5 -

$ 8,005-

$17, 010*

(In clu d in g Sales C on tra cts)
H oldings
January 23t 1929

W ithin
15-days

G o v 't S e c u r it ie s
B i l l s Purchased

$ 3,030
132. 608

T otals

$135, 638




16-30

9 1 -d a y s6 months

Over 6
months

31-60
davs

61-90
davs

81,392

160,1 0 9

76. 359

7,205
3f 750

$168,940 $202,034
0
454t 218

$81, 392

$18% 968

$76, 359

$10,955

$168,940 $656, 252

T otal

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority E«0«

January 2 3 , 1929

Dear Mr# M&tteson t
I
acknowledge r e c e ip t o f and s h a ll
b rin g t o th e a t t e n t io n o f th e menbere o f the
Board your l e t t e r o f tlie Z ln t in s t a n t , e n c lo s ­
in g r e p o rt o f tr a n s a c tio n s in Government
s e c u r it ie s and bankers a ccep ta n ces as re p o rte d
to your com mittee f o r the p eriod from January
10, 1929 t o January 16, 192®, i n c l u s i v e .
7ery t r u ly y o u r s ,

V;alter L* Eddy,
S e cre ta ry

Mr«
8# M atteson, S e c r e ta ry ,
Open Market Investm ent Coismittee,
o / o F ederal Reserve Bank,
New Y ork, N. Y#

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
t*

- "

Authority £ »Q * VffiSfr

Fed

er a l

o f

Re

s er v e

Ba n

k

N ew Y o rk

PERS ONA

January 2 1 , 1929

Dear Governor Young:
We are e n c lo s in g , fo r your f i l e s ,

a r e p o rt o f tr a n s ­

a c t io n s in Government s e c u r i t i e s and bankers accep tan ces as r e ­
ported t o the Open Market Investm ent Committee f o r the Federal
Reserve System f o r the p erio d from January 1 0 , 1929 to January
1 6 , 1929 i n c lu s i v e , to g e th e r w ith d ata re c e iv e d by the Committee
from the F ederal re serv e banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C,




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority &»Q«

v K

*. ' ,

(i S
.

v""

Fed

%
er a l
o f

Re

s er v e

Ne w Y o

CONFIDENTIAL

Ban

k

rk

January 21, 1929

Mr. E. A. G olden w eiser,
D ir e c t o r , D iv is io n o f Research and S t a t i s t i c s ,
F ederal Reserve Board,
Washington, D. C.
Dear Mr. G olden w eiser:
E nclosed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers accep ta n ces a 3 r e p o rte d t o th e Open
Market Investm ent Committee f o r the F ed eral Reserve System
f o r th e p e r io d from January 10, 1929 t o January 16, 1929 in ­
c l u s iv e , to g e th e r w ith data r e c e iv e d by the Committee from
the F ed eral r e se r v e banks.




1t 8. Matteson
f.
Secretary, Open Market
Investment Committee

V fr,

'

^v,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

/ ^

E
>»0«

_

#0R SPECIAL' CIRCULATION

..P
I
V quhs y

?TLY, INITIAL AND RETURN TO
l« r, Hamlin
ilte. Jam es

l.

RETARY’ S OTO
s

k^sEf&tcm m ^ ^

n p^tt
r,
o f

Ne w Y o

CONFIDENTIAL

M
r
-

rk

January 21, 1929

Dear Governor Young:
E n closed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r i t i e s and bankers a ccep ta n ces 3 0 r e p o rte d t o th e Open
Market Investm ent Committee f o r the F ederal Reserve System
f o r the p e rio d from Januaiy 1 0 , 1929 t o January 1 6 , 1929 in ­
c l u s iv e , to g e th e r w ith data r e c e iv e d by the Committee from
the F ed eral r e se r v e banks.
V elry /tru ly y o u rs ,

1 . 3 . Matteson
Secretary, Open Market
Investment Committee

Honorable Boy A, Young,
Governor, Federal Reserve Board,
Washington, D. C.




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

DECLASSIFIED
Authority £»0* VffiSfr

CONFIDENTIAL
REPORT O 1 OPEN MARKET INVESTMENT COMMITTEE ”®EK ENDED JANUARY 16, 1929
B
Earning A ssets
/

-1928 Jan.
F eb ,
Mar*
A pr.
May
June
July
Aug,
S e p t.
O c t.
Nov*
Dec *
-1929Jan,
Jan,

25
29
28
25
29
27
25
29
26
31
28
26

TOTAL
EARNING
ASSETS
$1, 173, 926
1, 244, 929
1, 257, 021
1, 380, 659
1, 468, 295
1,467, 733
1, 402, 323
1, 433, 026
1,507, 797
1, 603, 476
1, 706, 255
1,899, 312

9
16

1, 602, 714
1, 551,231

of F ed eral Reserve Banks from Januarv 25. 1928 to Bate
(000 Omitted)

GOVERNMENT SECURITIES
• Sale s
•O utright
C on tracts
Purchases
$ 6,080
$434, 817
399,132
8, 470
6, 384
379,448
11,390
293, 365
15,535
203,891
199, 977
11,9 6 0
10,506
197,135
11,916
19 7, 048
15, 658
213, 374
26, 629
200, 470
24, 644
204, 638
197, 028
35, 300
19 6, 992
208,008

BANKERS ACCEPTANCES
Sales
O utright
C on tracts
Purcha scs
£28, 442
$318, 863
40, 827
302, 932
57, 451
288,652
34,416
331, 425
20,516
283,472
24, 358
199,074
8,144
160, 939
27, 534
156, 765
58, 614
204,805
83 ,897
356, 479
51,113
431,230
66, 592
' 422, 678

42, 250
30, 335

425, 802
420,651

BILLS
DISCOUNTED
$ 385, 224
492,568
524,096
709, 073
943,791
1 ,0 3 1 ,8 7 4
1 ,0 2 5 ,1 0 9
1 ,0 3 8 , 773
1 ,0 1 0 ,7 6 6
932,271
990,240
1 ,1 67,57 9
876,547
821,824

51,298
60,588

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
___________________ DURING W
EEK ENDED JANUARY 16. 1929________________
(000 Omitted)

Boston
New York
P h ila d elph ia
C leveland
Richmond
A tlan ta
Chicago
S t. Louis
M inneapolis
Kansas C ity
Dallas
San F ra n cisco
N« Y h old overs
-*
and other b i l l s
T otals

GOVERNM
ENT SECURITIES BANKERS ACCEPTANCES
Balance
Balance
Net
Net
Jan„16
J a n .16
Change
Change
$1, 237$ 60,129
# 8,173
$ 0
35,187
3, 638+
95,181
11, 000+
21,447
19, 609
2, 441 +
0
32, 9 62
1, 52047, 642
0
3, 427
0
1, 23021, 421
4,874
16+
25, 650
2, 711, 0
33,135
753+
• 38, 790
21, 043
8,078
2, 2190
10,907
0
150+
19,952
9, 763
2# 978+
0
5, 235
453+
9, 988
22, 370
0
17,102
0
51, 593
6, 890*
5. 001
$208, 008

$H--016+

243 +

$420,>651

$ 5 ,151-

BILLS DISCOUNTED
Balance
Net
Change
Jan .16
$ 2, 755+
$ 49,702
63, 894217, 666
2, 21573,797
77,171
7, 5301 ,9 6 5 38, 319
2, 58857, 750
18,961+
147,365
34,996
3231, 209+
13,342
36,111
1,854+
19,353
448+
56,252
1, 435-

$821,824

.$54,723-

Comment qn changes 7/eek ended January i 6 t 1929
Total earning assets, of the System showed a decrease of $51,4-83,000 f o r
tne cu rren t statem ent week.
The approxim ate changes by c l a s s i f i c a t i o n c o n s is te d
of an in cre a se of $11,000, 000 in o u tr ig h t purchases of Government s e c u r it ie s
(re p re se n tin g s e c u r it ie s s o ld by the Treasury and h eld tem p ora rily by the Federal
Reserve Bank of New York), and decrea ses of $5,150, 000 in o u trig h t purchases of
bankers accep ta n ces, $54, 700,000 in b i l l s d iscou n ted and 02, 600,000 net in in v e s t ments h eld under s a le s c o n t r a c t s .
The l a t t e r item c o n s is te d of a decrease of
*>11,900,000 in Government s e c u r it ie s and an in c r e a s e of $9, 300, 000 in bankers
a c c e p ta n c e s .



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
~

Authority S«0«

2
/ ’

/Honoy
Markct

The c a l l money narket turned tem p ora rily firm e r in th e f i r s t
p a rt of the ca len d a r week, ap p aren tly r e f l e c t i n g tho e f f o r t s of Now
York C ity banks t o reduce as much as p o s s ib le t h e i r in d ebted n ess at the
Reserve Bank* The q u ota tion was 7 p e r cent a l l day Monday, and on Tues­
day the ra te f o r new loan s ..rose as high as 9 p er cent* Renewals on tho
next two days were at 8 p er c e n t, b u t by Thursday a ftern oon the ra te had
dropped t o 6 p er cent^ at which l e v e l i t was m aintained f o r th e balance
of the p eriod * On F rid a y , some loans were rep orted o u ts id e the Ex­
change as low as 5 l / 2 p e r cent* There was a c o n s id e r a b le in flo w of
funds to t h is market from oth er cen ters thro-ughout the week, e s p e c ia lly
during tho l a s t few days o f the p eriod * This in f lu x of o u t-o f-to w n
fu n d s, to g e th e r w ith fu r th e r g o ld im p orts, allow ed tho New York C ity
banks to e f f e c t a re d u ctio n \n t h e ir F ed eral Reserve borrow ings t o
^ 66,000,000 on F rid a y , and t o decrec.se t h e ir average borroy/ings f o r the
weeic t o y 1 4 5 ,0 0 0 ,0 0 0 , as conpared w ith 0234,0 00,000 in the p re v io u s
p eriod *

. „

Governmcnt
Secu r it y
Market

The tim e money market remained very q u iet* S ix ty and n in e ty
day money continued t o lch d at 7 3 /4 p e r .c e n t , and 6 months* money at
7 1/2 p e r cent*
In the com m ercial paper m arket, th e re was a continued tendency
f o r a la r g e r p r o p o r tio n of the se.les t o bo made at 5 l / 2 p e r c e n t, and
f o r th e p r o p o r tio n at ,5 l / 4 p er cen t t o d e c lin e * Due t o m iddle western
bank demand, .however, s a le s at the 5 l / 4 p er cent ra te a re s t i l l of
s u f f i c i e n t volume to warrant quoting tho p r e v a ilin g range f o r prime nemos
" as 5 1 /4 - 5 l / 2 p e r cent#
There was very' l i t t l e demand in tho market during the calen d ar
week f o r United S ta tes Government s e c u r i t i e s , w ith what l i t t l e p referen ce
th ere was boin^ shown f o r . t h e c e r t i f i c a t e s of indebtedness maturing
March 15, 1929* Although the volume of tra d in g was l i g h t t p r ic e s of
p r a c t i c a l l y a l l is s u e s were low er than at the p rev iou s week’ s c lo s o
(th e lo s s e s ranging from l/3 2 n d to l*6 /3 2 n d s) which r e f le c t e d a la ck
o-f demand ra th er than a la rg e volumo of o ffe r in g s *
' C losin g P r ic e s on the New York S tock Exchange on Saturday
January 19T 1929 and Net Changes from P revious V/eck*s C lose
N ot■
Net
Issu e
P r ic e
Chang0
Issu e
P rice
Change
1 s t 3 1 /2 e
99 4/3 2 -1 4 /3 2 Treas* 4s
1944-54 105 10/32 -3 0 /3 2
. 1st 4 l / 4 s
100 1/32 - 5/32
w
4 l / 4 s 1947-52 110 8 /3 2 -2 6 /3 2
4th 4 l / 4 s
100 1/32 - 4 /3 2
M
3 3 /4 s 1946-56 102 4 /3 2 - 1 .4 /3 2
3 3 /8 s 1943-47
97 14/32 -2 4 /3 2
"
3 3/3^ 1940-43
97 12/32 -1 * 6 /3 2




3 3 /2 Z
3 i/a.%
4 1/255
4 3M
4
3
3
3

l/ Z j,

\/z%
1/2%

D ealers* O ffe rin g P r ic e s at th o End of the Calendar Weok
and Net Changes from P reviou s \7eek, s Close
Net
Approx#
Issu e
P r ic e
Change
Y ield
99 25/32 + 1/32
4 .8 5
C e rt. of Ind * due March 15, 1929
11
n
1*
11
99 27/32
- 4*90
March 15, 1929
11
11
it
n Juno 15, 1929
99 28/32 ~ 4 /3 2
4*80
»t
11
it
*
4*69
1929 100 1/32 - 2/32
Sept* 15,
ti
u
11
11
99 21/32 -* 2/32
4*79
15, 1929
Sept*
11
11
n
«
99 20/32 * 1/32
4*67
Dec* 15, 1929
11
97
«*13/32
4*51
Treas • Motes
March 15, 1932
it
n
97
-1 3 /3 2
4*38
1932
S ept. 15,
11
11
•I
97
-1 3 /3 2
4*34
Doc • 15, 1932
ii

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ » 0 »

3
d ealers* o ffe r in g 's of unindorsed bankers a ccep ta n ces

Bankers

during the statem ent week were a t the fo llo w in g r a t e s :

4 l/Z to

4 5/8 per cent f o r 30s, 4 3 /4 per cen t f o r 60s and 90s,
-

4 7 /8 per

cen t f o r 120s and 5 per cent f o r 180-day b i l l s .

On F riday,

January 18 d ea lers advanced t h e ir b id ra tes by l / 8
and t h e ir o ffe r in g ra te s as f o llo w s ;

l/4

on a l l m atu rities

on 30s and 60s, and l / 8

on a l l other m a t u r it ie s ,

Reports f o r
Week Ending
January .16




Boston r e p o rts th a t the recen t in cre a s e in b i l l ra tes cu r­
t a i l e d co n s id e r a b ly the supply of new b i l l s in i t s d i s t r i c t during
the p ast statem ent week.

The demand a ls o slowed up and dealers

ex p erien ced d i f f i c u l t y in moving t h e ir b i l l s .
b ills

over 90 days were in the b e s t demand.

market was le s s a c t i v e .

T h irty day b i l l s am.
In New York the b i l l

The supply o f b i l l s was in f a i r l y good

volume and s u b s ta n t ia lly in excess of the deoand which decreased
c o n s id e r a b ly .

D ealers* s a le s c o n s is t e d c h i e f l y of moderate orders

f o r n in e t ie s f o r fo r e ig n a cc o u n t.

L ocal buying m s l i g h t .

D e a le rs 1 p o r t f o l i o s in cre a s e d s u b s t a n t ia lly .
th a t i t s b i l l market remained unchanged.
s t a n t ia l w ith the demand l i g h t ,

P h ila d e lp h ia re p o rts

O ffe r in g s con tin u ed sub­

Chicago r e p o rts th a t d ea le rs were

o f f erin g b i l l s a t 4 7 /8 per cent and were n o t anxious to accumulate
any la r g e amounts of new b i l l s a t p r e v a ilin g p r i c e s .
p r a c t i c a l l y no demand f o r b i l l s .

There was

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
-

Authority £»Q«

OPERATIONS FOR ACCOUNT UNITED STATES TREASURY
T ra n sa ction s consummated f o r tho Troasury during th e cu rron t statem ent
week c o n s is te d of
Sales

o f s 1 ,5 0 0 ,0 0 0 par amount 3 7/8/t c e r t i f i c a t e s of in d ebted n ess due
;
March 15, 1929, account A lien P rop erty
Custodian
9 .0 0 0 .0 0 0 par amount 3 l / 2 c T reasury n otes due March 15, 1930-32,
/a
account A lie n P rop erty Custodian
25,000 par amount 3 7 /8 ^ c e r t i f i c a t e s of in d ebted n ess duo
March 15, 1929, account A u strian S p e c ia l
D eposit Account
2 .0 0 0 .0 0 0 par amount 3 1/2^ Treasury n otes duo March 15, 1930-32,
t
account Government l i f e Insurance Fund
01 2 ,5 2 5 ,0 0 0

T o ta l Sales

and purchase of s;5 0 0 f 000 par amount 3 3/8/= c e r t i f i c a t e s of in d ebted n ess due
liarch 15, 1929, account A lie n P rop erty Custodian#
SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNM
ENT SECURITIES
There were no t r a n s a c tio n s consummated in the System Account during
tho cu rron t statem ent week, the t o t a l amount o f h old in g s at th o c lo s e of bu sin ess
Wednesday, January 16, 1929, rem aining unchanged at 0 7 5 ,5 9 1 ,8 0 0 ,

The p a r t ic ip a ­

t io n by F ederal r e se r v e banks and th e c l a s s i f i c a t i o n of is s u e s were as fo llo w s ;
PARTICIPATION BY FEDERAL RESERVE BANKS

RECAPITULATION OF HOLDINGS BY MATURITIES

-jos'oon
New York
P h ila d e lp h ia
Cleveland
Richmond
c1 ant a
Chicago
St. Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco

March
March
June
Sept..
Dec*
March
Dec*

T o ta ls




v 6 ,5 8 4 ,5 0 0
2 2 ,7 4 3 ,3 0 0
6.2 2 4 .0 0 0
7 .2 2 3 .0 0 0
2 .2 7 5 .0 0 0
2 .2 0 7 .5 0 0
13,197 ,5 00
4 .4 1 7 .5 0 0
3 .3 2 2 .5 0 0
0
0
7 ,3 9 7 T00Q
075 ,5 9 1 ,8 0 0

1929 —
1 5 ,
15, 1929 15, 1929 1929 life
1 5 ,
15, 1929
1 5 , 1932 15, 1932 -

3 3/8% C /I
II
3 iM
II
4
It
4 1 /4 %
II
1/4#
3 l/2 /o t/ n
3 x/z% M
A

0 8 ,0 9 1 ,0 0 0
6 ,9 9 3 ,0 0 0
6 ,5 8 2 ,0 0 0
2 ,5 0 0 ,0 0 0
1 6 ,125 ,0 00
5 ,0 0 0 ’ 000
30.,300,800

075 ,5 9 1 ,8 0 0

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D

w?

Authority £ «0 «

J R SW*
fKSM! 1
i HSB i#
i

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
....
ALL FEDERAL RESERVE BANKS FROM JANUARY 10 TO JANUARY 16. 1929
GOVERNM
ENT SECURITIES
Purchases
New York
A tla n ta

*0 1 1 ,0 0 0 ,0 0 0
4 9 1 r100

T o ta ls

Sales

Issu e
March 15, 1930*32 T/N
M isc. G ov 't Sec*

0 1 1 ,49 1,100

Issu e

474,900

Mi sc* &ov*t Scc<

0474,900

Held te m p o ra rily f o r re sa le *

BANKERS ACCEPTANCES
(000 Omitted)

H oldings
Jan* 9
Boston
New York

Rec*d By Allotm ent
From
Regular
Boston &
Purchased
from
San Fran#
Own Mkt»
N»Y»
Port* X

0

0

61,366
91,543

8,792
9,797
15,339
3,058
1,251
547
127
1,727
0
0
0
749
3 r297

R*
n
A.
R*

0
0

Other H o ld in g s '
MaturC lose Jan*16/29
i t i e s & H oldings
Sales
Other
S ales
Jan* 16 C on tracts B i l l s

0
0 10,029*
7 , 500B* 13,659**

0

60,129 013,995
95,181 39,603

0

76
1,068

T ota ls

0421,044

044,684

it
n

n
ii

i»

n

0
3,063
1,266
1,536
4,344
1,250
1,122
1,478
1,280
0
015,339

617
0
0
5,834
3,043
0
4 ,3 7 4
0
5,318
0
3,469
0
1,000 SF 1,972
1,500 ,,M 0
2,576
1.000
10..187***
0

0 n ,o o o 0 61,078

B i l l s h eld crcrernigbt by New York f o r d is t r ib u t io n t o

other

0
0
0
0
4,497
0
0
0
309
2.184

96
106
52
1,282
141
44
27
40
36
72

0415,650 060,588

0 3 ,0 4 0

F„R* Banks - - -

1*9.61

T o t a l -----------------

Phila*
17,168
Cleve*
49,162
Richmond
22,651
A tlan ta
28,361
38,037
Chicago
S t. Louis
10,297
Minn*
19,802
Kan* C ity
2,257
D allas
21,917
San Fran, ... 58.483

05,001

19,609
47,642
21,421
25,650
38,790
8,078
19,952
5,235
22,370
51T593

^ In clu d es 0 7 ,5 0 0 ,0 0 0 s o ld t o F ederal Reserve Sank o f New York****In clu d es 0 1 ,8 0 1 ,0 0 0 s o ld t o a fo r e ig n corresp on d en t.
***In clu d es $ 3 ,5 0 0 ,0 0 0 s o ld t o oth er F ed eral reserv e banks*
X - R epresenting purchases of b i l l s in excess of t h e ir pro ra ta share during week
ending January 9 , 1929*
NOTE:

R, in d ic a t e s Retained and A* in d ic a t e s A llo t t e d in the above statement*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »Q «

6
MATURITIES AND RATES Q
N BILLS PURCHASED W
EEK ENDING JANUARY 16. 1929
(000 Om itted)
1-3 0 days
4 1 /4 - 4 7/8%
Boston
New York
P h ila d elp h ia
Cleveland
Richmond
A tla n ta
Chicago
D allas
San F ra n cisco

$

T otals

982
4,909
300
0
136
125
400
65
368
285

31-60 days
4 1 /2 - 4 7 /8 i

61-90 days
4 .1 /2 .-5 J

Over 9 0 -days
4 3 / 4 - 5 / , .....

T otal

714
3,368
75
0
230
0
25
105
593

$ 7,096
15, 685
2, 683
1,251
181
2
1, 302
243
2r 336

$ 0
1 ,174
0
0
0
0
0
336
0

$ 8, 792
25,136
3,058
1,251
547
127
1, 727
749
3.297

$5,110

$30, 779

Si, 510

$44, 684

$

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING TOK ENDING JANUARY 16.1929
(000 Om itted)
(E xcluding S ales C on tra cts)
Government
S e c u r it ie s
Purchased

§11,491

S old
Matured

475
0
________

T ota ls

011,016+

Bankers
A cceptan ces

T otal

$44, 684

056,175

1,801
48T277
I 5* 394243+ (Net Change
1-d ay h o ld o v e r
& oth er b i l l s )
,

2, 276
48.277
5, 622+
243+ (Net Change
1 -d a y h old over
& oth er b i l l s )

0 5 ,1 5 1 -

5,865+

(In clu d in g Sales C on tra cts)
H oldings
January 16. 1*929

Within
15-days

16-30
days

G o v 't S e c u r it ie s
B i l l s Purchased

0 30, 335
156.899

0
77f 198

T ota ls




$187,234

31-60
days

61-90
days

91 days6 months

Over 6
months

T otal

$22,863
141,846

> 0
100,252

$ 7,205
5.044

§177,940 $238,343
0
481.239

$77,198 $164, 709

$100,252

$12, 249

$177,940 $719,582

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

Deal- Mr. £*tt#fcoat

1 iiikoiowletige xeeeipt of aatt shall talig
to the attention o f fc i* m ber* o f ih* Board, yo\ir .
h
em
letter-of January l>th* add? ^ 4 3 2, to (fc?eraox louug,
enclosing ii r sport of irfccisaeUcas i* Qc7* « m u t »ecar H i t s & bankers asetptaaega, aa rsv>orted to yovr
nd
Contcittaa for the period from Januar/ Zt 192S to

Janoafy 5* 192S, iu cl^lfe.
Very truly yours,

tfs**¥Sj*rrv

€

T M fi*

f a lt e r I», Eddy,
S a eM tw y .

Mr. W B. Matteson, Secretary,
.
Open laarket Investa*ent Committee,
c /o Federal Safer*® Bank,
lew Tork, I . T.




Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £ » 0 «

Fed

er a l
o f

Re

s er v e

Ne w Y o

P E R S O N A L

Ban

k

rk

January 14, 1929

Dear Governor Young:
We are e n c lo s in g , f o r you r f i l e s , a r e p o r t o f
t r a n s a c tio n s in Government s e c u r it ie s and bankers a c c e p t­
ances as re p o rte d t o the Open Market Investm ent Committee
f o r the F ederal Reserve System f o r the p e r io d from
January 3 , 1929 t o January 9 , 1929 i n c l u s i v e , to g e th e r
with d ata r e c e iv e d by the Committee from the F ederal r e ­
serve banks.

Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.
Encl.

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED
Authority

E»0«

■C’ D-BK- OP Jj^jl 1 5 1929

Fed

er a l
o f

Re

s e r v e

Ne w Y o

CONFIDENTIAL

Ba n

k

*<? *V /' V ' y i

rk

<<?

January 1 4 , 1929

Mr. B. A. G olden w eiser,
D ir e c t o r , D iv is io n o f Research & S t a t i s t i c s ,
F ed eral Reserve B oard,
W ashington, D. C.
Dear Mr, G olden w eiser:
E n closed i s a r e p o r t o f t r a n s a c tio n s in Government
s e c u r it ie s and bankers a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r th e F ed eral Reserve System
f o r the p e r io d from January 3 , 1929 t o January 9 , 1929 in ­
c l u s iv e , to g e t h e r w ith d a ta r e c e iv e d by th e Committee from
the F ed eral r e s e r v e banks.

Secretary, Open Market
Investment Committee

<S
?

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ »Q «

v /

Fed

er a l
o f

Re
N

s er v e

e w

Y

Ba n

k

o r k

/
./
January 1 4 , 1929

CONFIDENTIAL
/
/'

/

Dear Governor Young:
E n closed I f o/ r e p o r t o f t r a n s a c tio n s in Government
;f /

s e c u r it ie s and b a n k a s a ccep ta n ces as r e p o rte d t o the Open
Market Investm ent Committee f o r the F ed eral Reserve System
f o r the p e r io d from January 3 , 1929 t o January 9 , 1929 in ­
c lu s iv e , to g e th e r w ith d ata r e c e iv e d by the Committee from
the F ederal r e se r v e banks.
Very t r u ly y o u r s ,

v. B. Matte son
f
Secretary, Open Market
Investment Committee

Honorable Roy A. Young,
Governor, Federal Reserve Board,
Washington, D. C.




" 1
) ............... I'.............
Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
>
*

Authority fc»0*

CONFIDENTIAL
REPORT OF OPEN M
ARKET INVESTMENT COMMITTEE W
EEK ENDED JANUARY 9 , 1929
H oldings of Earning A ssets o f F ed eral Reserve Banks from January 25, 1928 t o Date
(000 Omitted)
TOTAL
EARNING
ASSETS

-1928Jan*
Feb*
Mar*
Apr#
May
June
Ju ly
Aug#
Sept#
Oct*

25
29
28
25
29
27
25
29
26
31
N q,v * 28
-Dec. 26
-1 9 2 9 Jan*
2
it
9

GOVERNM
ENT SECURITIES
O utright
S ales
Purchases
C on tracts

BANKERS ACCEPTANCES
Sales
O utright
C on tracts
Furchapes

BILLS

01 ,1 7 3 ,9 2 6
1,244,929
1 ,2 5 7 ,0 2 1
1.380.659
1,4 6 8 ,2 9 5
1 467,733
1,402,323
1,433,026
1,507,797
1,603,476
1,706,255
1,899,312

0434,817
399,132
379,448
293,365
203,891
199,977
197,135
197,048
213,374
200,470
204,638
197,028

0 6,080
8 ,4 7 0
6,384
11,390
15,535
11,960
10,506
11,916
15,658
26,629
24,644
35,300

0318,863
302,932
288,652
331,425
283,472
199,074
160,939
156,765
204,805
^ 3 5 6 ,4 7 9
431,230
422,678

028,442
40,827
57,451
34,416
20,516
24,358
8,144
27,534
58,614
83,897
51,113
66,592

DISCOUNTED
0 385,224
492,568
524,096
709,073
943,791
1 ,031,87 4
1,025,109
1,038,77 3
1,010,76 6
932,271
990,240
1,167,57 9

1.8 8 9 .6 6 0
1,602,714

197,103
196,992

46 ,8 5 0
42 ,2 5 0

429,511
425,802

54,847
51,298

1,151,46 4
876,547

CHANGES IN EARNING ASSET HOLDINGS (EXCLUSIVE OF SALES CONTRACTS)
_ _________________DURING W
EEK ENDED JANUARY 9 . 1929
_ ___________
(000 Omitt cd)
GOVERNM
ENT SECURITIES
Net
Balance
J an, 9
Change
0 8,173
0 0
24,187
0
21,447
0
32,962
0
3,427
0
4 ,858
9133,135
0
21,043
0
10,907
0
9,763
0
9,988
2017,102
0

Boston
New York
P h ila d e lp h ia
Cleveland
Richmond
A tlan ta
Chicago
S t , Louis
M inneapolis
Kansas C ity
D allas
San F ra n cisco
N-Y. h old ov ers
and oth er b i l l s
T o ta ls

0196,992

BANKERS ACCEPTANCES
Net
Balance
Change
Jan » 9
013,342+
> 61,366
11 ,9 5 5 91,543
911+
17,168
49,162
3 ,7 2 8 2 002
22,651
2 ,1 1 4 28,361
38,037
1,948+
83110,297
19,802
1,8 4 2 2,257
1,030+
2 ,5 7 2 21,917
5,169+
58,483

, -

4T
758
O lll-

l r065-

0425,802

0 3 ,7 0 9 -

BILIS DISCOUNTED
Net
Balanco
3hange
0
8 ,9 1 2 46,947
213,898**
281,560
7 ,7 1 1 76,012
7 ,0 7 4 84,701
6 ,0 0 0 40,284
5,060+
60,338
45,446-*
128,404
3,221^
35,319
2,676+
12,133
5 ,9 4 2 34,257
1,948+
18,905
13,603+
57,687

0876,547

0274,917-

CO M T O CHANGES ' «
M EN
N
ENDED JANUARY 9. 1929
T o ta l earning* a s s e ts of tho System showed a d ecrea se o f 0 28 6,9 46,000 f o r
the curren t statem ent week#
The approximate changes by c l a s s i f i c a t i o n c o n s is te d
of d ecrea ses of O l00,000 and 0 3 ,7 0 0 ,0 0 0 r e s p e c t iv e ly in o u trig h t purchases of Govern­
ment s e c u r i t ie s and. bankers a cce p ta n ce s, 0 27 4,9 00,000 in b i l l s d iscou n ted and
0 8 ,1 5 0 ,0 0 0 in investm ents h eld under s a le s co n tra cts # The l a t t e r decrease c o n s is te d
of s?4,6 0 0 ,0 0 0 in Government s e c u r it ie s and 0 3 ,5 5 0 ,0 0 0 in barikors acceptances*



/

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0«

/

IF

Money
Market

•jovcrnment
s o c u r it y
Market

2
During the p a st ca len d a r week th ere was a co n tin u a tio n of the
easing tendency th at u s u a lly occu rs in the c a l l money market in the
f i r s t p a rt of January, Currency continued to return t o th e Reserve
Bank from h o lid a y c i r c u l a t i o n , the i n t e r - d i s t r i c t flo w of commercial
funds was again in fa v o r of t h is m arket, and 0 2 4 ,0 0 0 ,0 0 0 of g old was
im ported from Canada. These ga in s more than o f f s e t th e e f f e c t o f new
earmarkings of g o ld f o r f o r e ig n account w ith the p roceed s of funds paid
in t o the Reserve Bank by the New York C ity banks* As a r e s u lt , c a l l
money eased to 7 p e r cent e a r ly in the week, and t o 6 p er cent on Wednes­
day and Thursday* The renewal ra te of 6 p e r cent on Thursday was the
low est renewal r a te sin ce November 15, On F rid a y , how ever, th e week-end
requirem ents f o r cu rren cy , fu r th e r g o ld earm arkings, and a Government
withdrawal from d e p o s it a r ie s caused a r i s e in the ra te f o r new c a l l
loan s to 7 p er c e n t, a f t e r renewals had been arranged at 6 per cent*
The borrow ings of th e New York C ity banks at the Reserve Bank werG re­
duced s t e a d ily t o 0167,0 00,000 on Thursday, and notw ithstanding a r is e
t o v 183 ,00 0,000 on F rid a y , averaged 0 9 7 ,0 0 0 ,0 0 0 sm a ller than in the
p rev iou s week*
Nominal q u ota tion s f o r a l l m a tu r itie s of tim e loan s remained
at 7 1/2 p er cen t b id , 7 3 /4 p er cen t o ffe r o d * The market on most days
of the week was q u ie t .
The only d is c e r n a b le easing in r a to s occu rrcd
on F rid a y , when 90-day money was p lacod at 7 1/2 and 7 3 /4 p er c e n t, as
compared w ith th e s in g le ra te of 7 3 /4 $ in r o c cn t weeks* S ix months*
loan s continued to be arranged at 7 1/2 p er ccnt*
New drawings of com m ercial paper have in cre a se d somewhat s in co
the f i r s t of the year* Bank investm ent demand ou tsid e of Now York C ity
has been in f a i r volume, and prime names have s o ld at 5 1 /4 and 5 1/2
p er c c n t .
Sales at the h igh er ra te c o n s tit u t e d somewhat the la r g e r
p r o p o r tio n of the t o t a l s a le s volume*
There was very l i t t l e a c t i v i t y in the Government s e c u r it y
market during the ca len d a r week* The demand continued high and p r ic e s
in most ca ses showed sm all f r a c t io n a l lo s s e s over the p reviou s wcck#s
clo se *
C losin g P r ic e s on the New York Stock Exchange on Saturday
January 12, 1929 and Not Changes from P reviou s Week*s C loso
Net
Net
Issu e
P rico
Change
Issu e
'
P r ic e
Change
1st 3 l / 2 s
99 18/32 - 7 /3 2 T reas. 4s
1944-54 106 8/32 - 3 /3 2
1st 4 l / 4 s
100 6/32 - 1 /3 2
«
4 l / 4 s 1947-52 111 2/32 -6 /3 2
4th 4 1 /4 s 100 5/32 - 2 /3 2
M
3 3 /4 s 1946-56 103 8 /3 2 -7 /3 2
"
3 3 /8 s 1943-47
98 10/32 - 6 /3 2
•
’
3 3 /0 s 1940-43
98 18/32 +8/32
Dealors* O ffp r in t P r ic e s at the End of the Calendar Week

3
3
4
4
4
4
$
$
°3



Issu e
3/8/* Cert* of Ind* duo
i«
tt
ti
11
7/0%
it
ti
H
11
1/2$
11
11
11
it
3/4/c
11
II
11
11
1/4 $
II
If
it
11
1/4$
t
t
Xft% Troas ♦'‘Notos
It
a
*
W
M
1 /2 $

Mar*
Mar.
June
Sept*
Sept*
^oc*
Mar,*
Sept*
Doc*

15, 1929
15, 1929
1929
15, 1929
15, 1929
1929
15. 1932
15, 1932
1 5 , 1932

P r ic o
99 24/32
99 27/32
100
100 3/32
99 23/32
99 21/32
97 13/32
97 13/32
97 13/32

Net
Change
-1 /3 2
- - »
+1/32
-2 /3 2
- 1 /3 2
-3 /3 2
-3 /3 2
- 3 /3 2

Approx,
Y ield
4*86
4*78
4.4 8
4,5 9
4 .6 8
4*63
4*38
4*27
4.23

. ... .. ... . jh
.
. i.l
.\ Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»0« MASS’

3
Bankers
A cceptances




‘ D ea lers1 o f fe r in g s o f unindorsed bankers accep ta n ces
during the statem ent week were a t the fo llo w in g r a t e s :
p er cen t f o r 30s,

4 3 /4 per cen t f o r 60s and 90s,

4 1 /2 to 4 5/&

4 7 /8 per cen t f o r

120s and 5 per cen t f o r 180-day b i l l s .
Boston r e p o rts th a t the supply o f b i l l s was f a i r in i t s
d i s t r i c t during the p a st week w ith a good l o c a l demand f o r sh ort
60 and 90-day b i l l s .

D ealers* purchases aggregated about

$11 ,00 0,000 which was an in c r e a s e of Ol, 000, 000 over the p reviou s
p e r io d ,

L ocal banks were good buyers of sh ort 60 and 90-day b i l l s

which n e c e s s it a t e d d e a le rs im porting th ese m a tu r itie s from t h e ir
o f f i c e s in other c i t i e s .
buying r a te s l / 8
supply of b i l l s

o f 1 per cent on a l l m a t u r it ie s .

s u p p ly .

In New York the

d ecrea sed about 30 per cen t as compared w ith the pre«*

v io u s r e c o rd week.
s p it e of t h is ,

On January 4 the Reserve Bank advanced i t s

The demand a ls o f e l l o f f su b sta n tia lly ^

but in

the a g grega te was very good and about e^ual to the

D ealers* s a le s c o n s is t e d m ainly o f n in e t ie s f o r fo r e ig n

a c c o u n t.

L ocal bank buying f o r t h e i r own accou n t was lig h t*

Heavy

shipments were made by d e a le rs to t h e ir o u t-o f-to w n branches
r e sp o n d e n ts.

As a n et r e s u lt of th ese o p e ra tio n s,

f o l i o s h ere d ecrea sed s u b s t a n t ia lly .

cor­

d ealers* port­

F ollow in g an in c r e a s e on

January 3 of l / 4 per cent in the e f f e c t i v e minimum buying r a te s of
the

aReserve

" b ills ,

Bank f o r a l l m a tu ritie s ex cep t 30-day and 5

6 nonthe*

the d e a le rs dn January 4 advanced t h e ir bid and offered ra ted

l / 4 per cen t on a l l m a tu r itie s ex cep t 30s which r e m in e d p r a c t i c a l l y
unchanged, although one d e a le r advanced h is b id and offered r a te l / 8
on t h is m a tu rity .
mained q u ie t .
h ea v y.

P h ila d e lp h ia r e p o r ts that i t s b i l l market re**

There were very few new b i l l s ,

but offerings continued

D ealers r e p o rte d la r g e p o r t f o l i o s in fa c e of increased ?ate«*

The demand g e n e r a lly was sm all w ith some buying o f 6 months’ b i l l s .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

“
->
»

„ {

DECLASSIFIED

Authority £»0«

Chicago r e p o rts th a t d e a le rs re p o rte d some demand f o r 90-day b i l l s
lo -c a lly a t the new ra te s although the investm ent demand seemed to be
lim it e d to a few c o r p o r a tio n s oth er than banks.
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
T ran saction s consummated f o r the Treasury during the cu rren t statem ent
week c o n s is t e d of
Purchases of $1, 500,000 - 3 l/Z% Treasury n o te s , due'March 15, 1930-32, accou n t
Government L ife Insurance Fund
and Sales of

2 ,0 0 0 ,0 0 0 - 3 7/Q% c e r t i f i c a t e s of in d ebted n ess, due March 15,1929,
a ccou n t A lie n P rop erty Custodian
17,000_____- 3 7/8% c e r t i f i c a t e s of in d ebted n ess, due March 15, 1929,
____________
accou n t A u strian S p e cia l D eposit Account
&2, 017, 000 - T otal Sales

SYSTEM SPECIAL INVESTMENT ACCOUNT - GOVERNMENT SECURITIES
There were no t r a n s a c tio n s consummated in the System Account during the
cu rren t statem ent week,

the t o t a l amount of h o ld in g s a t the c lo s e of bu sin ess

Wednesday, January 9, 1929, remained unchanged a t 0 7 5 ,5 9 1 ,8 0 0 .
by F ederal re se rv e banks and the c l a s s i f i c a t i o n

The p a r t ic ip a t io n

of is s u e s were as f o llo w s i

PARTICIPATION DY FEDERAL FESERVE BANKS

RECAPITULATION O HOLDINGS BY MATURITIES
F

Boston
New York
Ph ila d e lp h ia
C leveland
Richmond
A tlan ta
Chicago
S t. Louis
M inneapolis
Kansas C ity
D allas
San F ra n cis co

M ir.
Mar.
June
S ept.
Dec.
M ir.
Dec.

T ota ls




$ 6, 584, 500
22, 743, 300
6, 224, 000
7,223,000
2,275, 000
2, 207, 500
13,197 , 500
4, 417,500
3 ,3 2 2 ,5 0 0
0
0
7f 397,000
$75, 591, 800

15,
15,
15,
15,
15,
15,
15,

1929
1929
1929
1929
1929
1932
1932

-

3
3
4
4
4
3
3

s /s /. C /l
7/8 % If
I
i/2 % I
l /4 /i If
1 /4 /. ff
1 /2 % T/N
1/2%

6, 993, 000
6 ,5 8 2 ,0 0 0
2, 500, 000

075, 591, 800

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q« VffiSfr
JMte

ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL FEDERAL RESERVE BANKS FROM JANUARY 3 TO JANUARY 9 , 1929
GOVERNM
ENT SECURITIES

A tla n ta
D allas
T o ta ls

Purchases
0154,200

Issu e
M isc. Gov’ t Sec.

0
0154,200

S ales
0245.250
2 0 r000

Issu e
M isc, Gov’ t SecJune 15, 1929 C /I

0265.250

BANKERS ACCEPTANCES
(000 Oraittod)

H oldings
Jan. 2
Boston
New York
Phila#
Cleveland
Richmond
A tla n ta
Chicago
S t. Louis
T
S.nn#
Kan* C ity
D allas
San Fran*
T o ta ls

< 4 8 , 024
3
103,498

Received
by A l l o t Purchased mont from
Own Mkt. New York

16,257
52,890
24,653
30,475
36,089
11,128
21,644
1,227
24,489
5 3 f 314

015,601
5,539
10,769
2,925
0
150
O
2,782
0
O
0
504
10t 059

0423,688

048,329

R.
”
A.
R*
M
i*

"
"

0
O

Other H oldings
C lose Jan» 9/29

Maturitie s &
Sa.les

H oldings
Jan. 9

0

0

2,259
17,494*

61,366
91,543

S ales
C on tracts

0

7,124
37,411

Other
B ills

0

76
1,221

0
2,081
955
1,073
2,935
1,247
711
1,030
737
0

2,014
5,809
3,107
3,187
3,769
2,078
2,553
0
3,813
4 T890

17,168
49,162
22,651
28,361
38,037
10,297
19,802
2,257
21,917
58.483

0
0
0
0
3,5 0 1
0
0
0
109
3.153

96
106
52
1,410
141
44
27
34
36
72

010,769

050,973

0421,044

051 ,.298

03,315

i i l l s held overn igh t by New York f o r d is t r ib u t io n t o oth er F, R* Banks - T o ta l

I >443
04,758

NOTE: R. in d ic a t e s Retained and A- in d ic a t e s A llo t t e d in th e above statem ent*
In clu d es 0 2 ,3 9 3 ,0 0 0 sold to a fo r e ig n correspondent.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £»Q«

MATURITIES AND BATES ON BILLS PURCHASED WEEK ENDING JANUARY 9,
(000 Om itted)

1 -3 0 days
4 3 / 8 - 4 3/4fo

3 1 -6 0 days
4 1 / 4 - 4 7/8%

6 1 -9 0 days
4 1 / 4 - 4 7/3%

1929

Over 90-days
4 3/8-5%

015, 601

0 3, 992
6 ,1 6 5
525
0■
923
151
113

T o ta ls

0 2, 070
5 ,3 4 3
235
0
458
42
329

0 8, 994
4 ,3 1 1
2 ,1 6 5
150
1 ,4 0 1
182
9f 252

0

129
365

16, 308
2, 925
150
2, 782
504
10. 059

111, 869

Boston
New York
F h ila d e lp h ia
Richmond
Chicago
D allas'
San F ra n cisco

545
489

T otal

0 8 ,4 7 7

026, 455

0 1 ,5 2 8

048, 329

0
0
0

RECAPITULATION OF PURCHASES AND SALES OF GOVERNMENT SECURITIES
AND BANKERS ACCEPTANCES DURING V E ENDING JANUARY 9. 1929
JE K
(00 0 Om itted)
(Excluding S a le s C o n tra cts)
Government
S e c u r it ie s
Purchased
Sold
Matured

T o ta ls

Bankers
A cceptances

T o ta l

048, 329

0154
265

2 ,3 9 3
48. 580
$ 2, 6441 , 0 6 5 - (Net Change
__________ 1-d a y h old over
& other b i l l s )

0

3, 7 0 9 -

$ 111-

048, 483
2, 658
48 t 580
0 2, 7 5 5 1, 0 6 5 - (Net Change
________ 1 -d a y h old over
& other b i l l s )
0 3 ,8 2 0 -

(In clu d in g Sales C o n tra cts)
H oldings
January 9. 1929

W ithin
I 5 - days

G o v 't S e c u r it ie s
B i l l s Purchased

0 42, 250
146. 784

0

8 9 .5 4 3

0
139. 511

0 2 2 ,8 6 3
97. 221

0 7 ,2 0 5 $166, 924 $ 2 3 9 ,2 4 2
4f 041
0
4 7 7 .1 0 0

0 1 8 9 ,0 3 4

089, 543

$139 511

$12Q ,084

O il, 246 $166, 924 $716, 342

T o ta ls




1 6 -3 0
days

0

3 1 -6 0
days
0

6 1 -9 0
days

91 days- Over 6
6 months months

T otal