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FEDERAL RESERVE :SOARD X-4640 July 23, 1926. For immediate release cmmiS.J9.1LQ! ACC:T.P_~};:~}!: l:~!£~Y..ET June 17, 1923 to July H,, 1926. Acceptances. The acceptance market was gerJ.erally quiet from the middle of June to the middle of July and Few York dealers reported a considerable decline in the vol1une of their purchases and sales as compared with the preceding four weeks. The demand for bills, which had been unusually active in May and early June, slackened after the middle of the month, partly on account of firmer money conditions, and on June 23 dealers advanced their rates on 90 day bills. Bills of this maturity which had been quoted at 3 1/2 per cent bid and 3 3/8 per cent offered late in May and had declined to 3 3/8 - 3 1/4 per cent early in June were now again offered at 3 3/8 per cent. after this increase ~1d A somewhat better deiDaJ.~d develo~ed with supplies declining, dealers' portfolios were re- duced to lower levels • Offerings to the reserve bc.n?.: in liTew York were moderate but in Boston fa"irly heavy. The dem.9.nd for 90 day bills improved still further towc:trd the middle of July with no increase in supply and some dealers advanced their rates on 120 day bills on July 14. These bills wb.ich had borne the Saine rates as 90 day roaturi ties wore no·\:· quoted by some dealers at 1/8 per cent more. Rates on other maturities remained ,~~changed throughout the reporting period. The following table shows the rates on bills of various maturities on July 14: 30 60 90 120 150 180 Acceptance Rates in the New York Market Maturity July 14, 1926 Offered Bid days 3 1/8 .:> 1/4 II 3 1/4 3 3/8 II 3 1/2 3 3/8 II 3 5/8 - 3 1/2 3 1/2 - 3 3/8 II 3 5/8 3 1/2 II 3 3/4 3 5/8 '7
@FedFRASER