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121 .FEDERAL R E S E R V E B O A R D Statement for the Press X-3979 For I immediate Release CONDITION OF ACCEPTANCE miRKST January 10 to February 13• The acceptance market during the four weeks ending February 13 was more active than for any period since early in the autumn. As a result cf large takiags oy New York and Boston banks as well as those in the interior, the demand for acceptances increased rapidly in the early part of the period and the volume of bills distributed was larger than for any month in 1923 except April, The supply of new bills which came into the market increased during the first two weeks but declined sorrewha.t in the remaining weeks. The total supply of new bills exceeded any month in 1923 with the exception of April and Nov ember. In fact, the supply increased more than the demand, and dealers' aggregate portfolios at the end of the period showed considerable increases and were at the highest point in over two years. Commodities against which bills were drawn were cotton, silk, grain, sugar, coffee, copper, wool, and pack-' ing house products. Cotton bills were in particularly large plume and the supply of bills drawn to finance the importation of sugar and coffee and the exportation of copper was also large. Easier money conditions early in January resulted in lowering of dealers' offering rates to 4 per cent on all maturities up to a n including four-month bills. jd The consequence, however, was to 2 - X-3979 cause the demand for bills to slacken and by the end of the period offering rates had been raised to 4 l/s per cent on all maturities except 30-day bills which continued at 4 per cent. Rates on mat- urities of more than four months remained unchanged at 4 3/3 to 4 1/2 bid and 4 l/g to 4 3/s offered.
@FedFRASER