The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
("'> ,'f'~ , '~_,~-,
F E DE RA L RE S
~
R
E D0 A RD
V
X-3677
For release in Morning Papers,
Friday, March 30, 1923-
COYDITION OF .ACCEPTN\TCE !ll!AR!;ET
FEBRUJ\ RY
15
TO !/lARCH
15 ,
192 3 .
Reports received by the Federal Reserve Board from the Federal
Reserve Banks indicate conflicting tandencies in the accepta,nce r.r.arket
during the period from February
15
to March
15.
The first week of the
period was characterized by reduced offerings and lower rates, 'v\T::"ereas
the supply of bills offered increased considerably durin§, the t::ree following weeks.
Marcl1
3
Purcl:ases of accept.omces in New York durj_ng the week ending
reached the largest vveekly total since November, 1921.
This in-
crease in the supply of bills may be partly ascribed to month-end
financing.
Rates have
re~.ained
fairly steady in spite of the increased
supply of bills, and are at about the same level in all Federal Reserve
Districts.
The quotations for prime bills of 30 to 90 day rnaturity <iuring
the month ending March 15 were 4 l/S - 4 1/4 bid and 3 7/.S - 4 offered,
while rates on bills of 120 day maturity rar1sed from 4 1/S - 4 3/S bid to
4 - 4 1/8
offered, and bills of 150 to 1~0 day rraturities ranged from 4
l/2 bid to 4 1/S - l/4 offered.
Bills of
1/4 -
60 to 90 day maturity were in the
best demand.
The principal commodities against which bills were drawn were cotton,
grain, sugar, silk,
v~ol,
tobacco, meats, and provisions.
In
ad~ition,
some bills were drawn a;,;;ainst dollar exchange, coffee, oils, hides, Md
leather
r
@FedFRASER