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163 F E D E E A L R E S E R V E B O A R D STATEMEM1 FOR THE PRESS For Immediate Release X-4282 February 27, 1925CONDITION OF ACCEPTANCE MARKET January 22, 1925 to February 18, 19^5• During the first half of the period from January 22 to February IS there wa.s little change in the condition of the New York acceptance market, although some increase in the supply of bills was reported from Boston with a consequent increase in the portfolios of dealers. serve banks. There were moderate offerings to re- On February 6 the New York Federal Reserve Bank's buying rates on 30 and 60-day maturities were raised to 3 P e r cent and dealers subsequently advanced their rates l/B per cait on all maturities up to $0 days. There was an increase in the foreign demand for prime member bank bills of J>0 and 60 da.y maturity, and with easier money conditions a. more active demand on the part of both local and out-of-town banks, including savings banks, developed; so that toward the end of the period New York dealers found the supply hardly sufficient to fill orders. Rates in New York on February 18 ranged from 3 l/8 per cent bid and 3 per cent offered on 30-day bills to 3 5/8 bid and 3 1/2 offered on 5 and 6-months maturities.
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