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tM X-4731 i FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For immediate r e l e a s e November 24, 1926 CONDITION OF ACCEPTANCE MARKET October 21, 1926 to November 17, 1926. Acceptances: The acceptance market continued to show seasonal a c t i - v i t y during the p e r i o d from October 21 to November 17 and d e a l e r s ' t r a n s a c t i o n s on a weekly average b a s i s were l a r g e r than during the preceding f i v e weeks. The m a j o r i t y of b i l l s i n the market were drawn a g a i n s t c o t - ton, s i l k , sugar, and c o f f e e . Toward the end of the p e r i o d o f f e r i n g s of b i l l s to the market d e c l i n e d and d e a l e r s lowered t h e i r r a t e s on the longest m a t u r i t i e s a t the end of the f i r s t week in November and on a l l other m a t u r i t i e s longer than 30 days during the following week. In New York the longer b i l l s were purchased l a r g e l y f o r f o r e i g n account, the domestic demand being confined p r i n c i p a l l y to s h o r t b i l l s . New York d e a l e r s ' s a l e s to the r e s e r v e bank were about the same as during the p r e ceding r e p o r t i n g p e r i o d , but those of Boston d e a l e r s were considerably smaller. The following t a b l e shows the r a t e s which p r e v a i l e d b e f o r e and a f t e r they were lowered: Acceptance Rates i n the New York Market Maturi ty October 20, 1926 Bid. Offered. November 17. 1926 Bid. Offered. 30 days 60 " 90 " 120 " 150 " 180 " 3-3/4 3-7/8 4 4-1/8 4-1/4 4-1/4 3-3/4 3-3/4' 3-7/8 4 4-1/8 4-1/8 3-5/8 3-3/4 3-7/8 4 4-1/8 4-1/8 3-5/8 3-5/8 3-3/4 3-7/8 4 4
@FedFRASER