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7 8 0 FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For Immediate Release. X-4l98 November 29, 1924. CONDITION OF ACCEPTANCE MARKET October 16 to November 12, 1924. Money r a t e s , though s t i l l low, showed a. firmer tendency in the four weeks' period ending November 12. The supply of new b i l l s which came into the market was well sustained though i t was somewhat smaller than in the preceding period. Demand for b i l l s at banks in some of the f i n a n c i a l centers was smaller than during the preceding four weeks, but purchases by int e r i o r banks were considerably l a r g e r . During the l a s t week of the period a money r a t e s were s l i g h t l y firmer and there was/suostantial increase in the volume of b i l l s o f f e r e d to the market due in p a r t to b i l l s which banks had bean carrying in t h e i r p o r t f o l i o s . There was not a corresponding increase in the demand and dealers* aggregate p o r t f o l i o s were larger a t the end of the period than a month e a r l i e r . Sales to the Federal reserve banks in- creased almost continuously and reached the highest point in the middle of November. The p r i n c i p a l commodities against which b i l l s were drawn were c o t t o n , grains, sugar, tobacco, s i l k , and p r o v i s i o n s . Rates in the New York market at the close of the period were 2 1/4 per cent bid and 2 to 2 1/8 per cent offered f o r 30 day b i l l s , 2 3/8 per cent bid and 2 1/8 to 2 1/2 per cent o f f e r e d f o r 60 day b i l l s , and 2 1/2 per cent bid and 2 1/4 to 2 3/8 per cent offered f o r 90 and 120 day b i l l s . All r a t e s were approximately 1/8 of one per cent higher than a t the end of the preceding period.
@FedFRASER