Total investment operations of each Federal Reserve Bank during the month of September and 9 months ending September, 1916 and 1915. Amounts of United States bonds and 1-year Treasury notes sold by all Federal Reserve Banks during the month of September, 1916. CONVERSION OF 2 PER CENT UNITED STATES BONDS DURING 1916. Under authority of section 18 of the Federal Reserve Act there was converted during the present year a total of $30,000,000 of 2 per cent United States bonds into 3 per cent 30-year bonds and 1-year Treasury notes. The first conversion operation was effected on April 1, 1916, when $10,290,600 of 2 per cent consols and Panamas were converted into $5,900,600 of 30-year conversion bonds and $4,390,000 of 1-year Treasury notes, the new bonds and notes bearing 3 per cent interest. On July 1 a total of $9,574,200 of 2 per cent bonds was converted into $4,789,200 3 per cent 30-year conversion bonds and $4,785,000 1-year Treasury notes, while on October 1 the remaining $10,135,200 of 2 per cent bonds were converted into $5,071,200 of 3 per cent longterm bonds and $5,064,000 of 1-year Treasury notes. The result of the year's operations is the conversion of 30,000,000 of 2 per cent bonds into $15,761,000 of 3 per cent 30-year conversion bonds and $14,239,000 of 3 per cent 1-year Treasury notes. The following exhibit gives the original amounts allotted by the Federal Reserve Board (on the basis of capital) and the actual conversion privileges and deposited for conamounts converted for each Federal Reserve version their full quota of bonds. The differBank: ence between the full quota of the above three banks and the amounts applied for by them, $1,918,900, was distributed among seven banks which had expressed a desire to convert bonds in excess of their original allotment. Federal Reserve Bank. Boston.. New York. Chicago. St. Louis. Minneapolis.. Kansas City. Dallas.. San Francisco.. Total.. Amounts allotted by Amounts Board. $2,763,900 3,249,600 1,827,600 3,635, 400 1,523,400 1,398,600 1,644,000 1,412,400 2,154, 900 30,000,000 4,035,400 1,398,600 1,412,400 1,786,100 $6,703,000. The net amount of conversion 1,927,600 bonds sold by the Federal Reserve Banks to 1,000,000 the end of September was $4,965,100, while 30,000,000 the net amount of 1-year Treasury notes sold by them to that date was $2,472,000. It is seen that with the exception of Boston, Particulars of the conversion operations are Philadelphia, and San Francisco all the Federal presented in the following table prepared by Reserve Banks availed themselves of their the office of the Secretary of the Treasury: Public debt refunding operations conducted by the Secretary of the Treasury under authority of section 18 of the Federal Reserve Act during the calendar year 1916. [Prepared by the Office of the Secretary of the Treasury, Division of Loans and Currency.] 2 PER CENT BONDS OF THE UNITED STATES SUBMITTED BY FEDERAL RESERVE BANKS AND CANCELED. Public debt refunding operations conducted by the Secretary of the Treasury under authority of section 18 of the Federal Reserve Act during the calendar year 1916-Continued. THIRTY-YEAR 3 PER CENT CONVERSION BONDS AND ONE-YEAR 3 PER CENT TREASURY NOTES ISSUED TO FEDERAL RESERVE BANKS. FEDERAL RESERVE BANK STATEMENTS. Resources and liabilities of the Federal Reserve Banks and of the Federal Reserve system at close of business on Fridays, Sept. 29 to Oct. 20, 1916. RESOURCES. [In thousands of dollars.] Items in transit, i. e., total amounts due from, less total amounts due to, other Federal Reserve Banks." |