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276 F E DE R A 1 RESERVE BOARD X-4325 STATEMENT FOR THE PRESS For Immediate r e l e a s e , - A p r i l 25, 1925. CONDITION OF ACCEPTANCE HA5SET March 19, 1925 to A p r i l 15, 1925. Daring t h e f i r s t week of t h e p e r i o d from I,larch 19 to A p r i l 15 r e l a t i v e l y q u i e t c o n d i t i o n s p r e v a i l e d i n the a c c e p t a n c e market w i t h t h e supply of h i l l s sornewnat i n e x c e s s of the demand. L a t e r b o t h t h e supply and demand f o r b i l l s s l a c k e n e d i n ITew York a l t h o u g h Boston r e p o r t e d an i n c r e a s i n g demand from out of town b a n k s . On A p r i l 1 some ITew York d e a l e r s r e d u c e d t h e i r r a t e s on 30 and 60-day b i l l s and on A p r i l 2 on 90 day b i l l s by l / 8 p e r c e n t . Their p o r t - f o l i o s i n c r e a s e d t o t h e h i g h e s t p o i n t f o r t h e y e a r on A p r i l 8, however, and s i m i l a r i n c r e a s e s were r e p o r t e d from Boston, P h i l a d e l p h i a , and Chicago i n s p i t e of a s e a s o n a l f a l l i n g o f f i n t h e volume of new b i l l s i n t h e m a r k e t . This r e d u c t i o n i n t h e s u p p l y of b i l l s w i t h some u n c e r t a i n t y a s t o r a t e s made a v e r y q u i e t market i n t h e l a t t e r p a r t of the p e r i o d . Over t h e whole r e p o r t i n g p e r i o d ITew York d e a l e r s 1 p u r c h a s e s and s a l e s were s m a l l e r t h a n f o r any s i m i l a r " p e r i o d s i n c e September. T h e i r p o r t f o l i o s on A p r i l 15 were 70 p e r c e n t l a r g e r t h a n a month p r e v i o u s . Boston d e a l e r s , on t h e o t h e r hand, r e p o r t e d o n l y s l i g h t l y s m a l l e r p u r c h a s e s t h a n d u r i n g t h e f o u r weeks e n d i n g March 18 and l a r g e r s a l e s , w i t h p o r t f o l i o s somewhat s m a l l e r t h a n on t h a t d a t e . In Doth c i t i e s d e a l e r s ! s a l e s to F e d e r a l r e s e r v e banks were o n l y h a l f a s l a r g e as during the p r e c e d i n g p e r i o d . B a t e s i n t h e Hew York market on A p r i l 15 were 3 1 / 8 p e r cent b i d and 3 p e r c e n t o f f e r e d on 30 day b i l l s , 3 1/8—3 l / 4 p e r cent b i d and 3—3 l / 8 p e r c e n t o f f e r e d on 60 and 90 day b i l l s , and 3 l / 2 — 3 5 / 8 p e r c e n t b i d and 3 Zj8—3 l / 2 p e r c e n t o f f e r e d on t h e l o n g e s t m a t u r i t i e s .
@FedFRASER