The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
X-U125 FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For Immediate Release July 26, 1924. CONDITION OF ACCEPTANCE MARKET. June 12 to J u l y 9• Continued easy money r a t e s during the four-week period ending July 9 were the most s i g n i f i c a n t f a c t o r a f f e c t i n g the acceptance markst. During the closing weeks in June the c a l l money r a t e continued a t 2 per cent and a s acceptances were o f f e r e d to y i e l d a s l i g h t l y higher r a t e the demand was in excess of the supply of new b i l l s coming i n t o the market, which continued in only moderate volume. The r e s u l t of the se conditions was a s u b s t a n t i a l r e d u c t i o n in d e a l e r s ' p o r t f o l i o s in the l a t t e r p a r t of June and a gradual r e d u c t i o n i n d e a l e r s ' r a t e s from 2 - 5 / 8 per cent b i d and 2^ per cent o f f e r e d to 2-'l/S per cent bid and 2 per cent o f f e r e d . Late in June, however, c a l l money advanced to 2§ per cent and t h i s was immediately r e f l e c t e d i n a very s u b s t a n t i a l f a l l i n g off in t h e demand f o r b i l l s , while the supply continued in about the same moderate volume. The period closed with a s l i g h t increase i n d e a l e r s ' p o r t f o l i o s from the p r e ceding f o u r weeks, but r a t e s were lower. The closing quotations by d e a l e r s in Few York f o r b i l l s with 30 to $0 day m a t u r i t i e s were 2 - l / S to 2-1/U per cent b i d and 2 per cent o f f e r e d as compared with 2 - 5 / 3 per cent b i d and 2§ o f f e r e d f o r t h e period ending June 11. The demand f o r b i l l s came p r i n c i p a l l y from banks in t h e l a r g e r centers and t h e volume o f f e r e d to the r e s e r v e banks was considerably smaller than i n the preceding four weeks. B i l l s coming into the market were drawn p r i n c i p a l l y a g a i n s t g r a i n , s i l k , sugar, cotton, wool, and p r o v i s i o n s .
@FedFRASER