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F E D E .R A. Z ' B,_E 5 E B V E BOARD X-4596 OU() sikT^z:z'-i r o z t h e p r e s s For immediate r e l e a s e A p r i l 28, 1926. CONDITION OF ACCEPTANCE MARKET March IB, 1526 to A p r i l 14, 1926. Acceptances. During t h e l a s t two weeks of March t h e supply of a c c e p t a n c e s i n t h e New York market i n c r e a s e d s l i g h t l y and t h e demand remained good with t h e c o n t i n u a n c e of f o r e i g n , b u y i n g and r e l a t i v e l y easy money c o n d i t i o n s . E a r l y i n A p r i l t h e demand i n c r e a s e d s u b s t a n t i a l l y and d e a l e r s , f i n d i n g some d i f f i c u l t y i n r e p l e n i s h i n g t h e i r p o r t f o l i o s reduced t h e i r r a t e s on A p r i l 7 by 1 / 8 p e r c e n t on a l l except 30-day b i l l s . Firmer money c o n d i t i o n s soon a f t e r w a r d s , due i n p a r t to e x p o r t s of c u r r e n c y to Cuba, r e s u l t e d i n heavy o f f e r i n g s of b i l l s i n b o t h t h e Hew York and Boston m a r k e t s w i t h a p r a c t i c a l c e s s a t i o n of demand, and l a r g e s a l e s to t h e r e s e r v e banks, c h i e f l y of b i l l s w i t h m a t u r i t i e s of 30 days or l e s s . The t o t a l volume of p u r c h a s e s r e p o r t e d by Hew York d e a l e r s d u r i n g t h e p e r i o d from March 18 t o A p r i l 14 was t h e l a r g e s t s i n c e December and t h e i r s a l e s , e x c e p t i n g s a l e s to F e d e r a l r e s e r v e b a n k s , were t h e s m a l l e s t . T h e i r p o r t f o l i o s on A p r i l 14 were l a r g - er than on any o t h e r r e p o r t i n g d a t e f o r t h e l a s t t h r e e y e a r s . Similar conditions c h a r a c t e r i z e d t h e Chicago market where d e a l e r s r e p o r t e d a s l i g h t d e c l i n e i n p u r c h a s e s , a l a r g e d e c l i n e i n s a l e s , and i n c r e a s e d p o r t f o l i o s a t t h e end of t h e period. Cotton and c o f f e e were t h e commodities c h i e f l y r e p r e s e n t e d by t h e b i l l s i n t h e market, w i t h a c o n s i d e r a b l e r e c e n t i n c r e a s e i n t h e number of sugar b i l l s . B i l l r a t e s i n Hew York a t t h e b e g i n n i n g and end of t h e r e p o r t i n g p e r i o d a r e given in t h e f o l l o w i n g t a b l e : Maturity 30 days 60 " 90 " 120 " 150 " 180 " Acceptance R a t e s i n t h e Hew York Market. March 18, 1926 A p r i l . 14, 1926 Bid Offered Bid Offered 3 5J8 3 1/2 3 5/8 3 1/2 3 3/4 3 5/8 3 5/8 3 1/2 3 3/4 3 5/8 3 5/8 3 1/2 3 7/8 3 3/4 . 3 3/4 3 5/8 4 1/8 4 3 7/8 3 3/4 4 1/8 4 4 3 7/8
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