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185 FEDERAL RESERVE BOARD X-4546 STATEMENT FOR THE PRESS For immediate release February 27, 1926. CONDITION OF ACCEPTANCE MARKET January 21, 1926 to February 17,1926, Acceptances. The acceptance market was unusually quiet during the period from January 21 to February 17, reports from dealers in New York, Boston, and Chicago showing the smallest volume of transactions since last summer. The supply of b i l l s was generally larger than the demand for them and dealers' portf o l i o s increased to the highest point in over a year. Coffee, silk, and cotton b i l l s were most in evidence and foreign funds provided the chief investment demand. Rates, which were unsettled during the last half of January, became stabilized around the end of the month with 90 day and longer b i l l s offered at 1/8 per cent less than immediately after the rise in , rates on January 8th, but s t i l l 1/8 per cent more than at the f i r s t of the year. On February 17 rates in the New York market were as follows: 3 3/4 per cent bid and 3 5/8 offered for 60 and 90 day b i l l s ; 3 7/8 per cent bid and 3 3/4 offered for 120 day b i l l s ; 4 per cent bid and 3 7/8 offered for 150 day b i l l s ; and 4 1/8 per cent bid and 4 per cent offered for the longest maturities.
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