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~ .• it .i j,_t,ljo,J X-4814 FEDERAL RESERV"E :BOARD Statement for the Press. Fot imrnediate release March 23, 1927. Condition of Acceptance :.:arket February 17, 1927 to March 16, 1927. Acceptances. T.~ere was a temporary scarcity of new bills offered in the New York acceptance market during the first week of the reporting period, February 17 - March 16, ,but later the supply regained its former volume, consisting chiefly of bills based on cotton, silk, coffee, and sugar. The supply was small in :Boston throughout the period, with cotton, sugar, wool, and rubber bills in largest number. The demand was active in both centers through February and then fell off somewhat, but in New York dealers' sales reached an unusually large total during the week ending March 16, largely on account of foreign purchases. Dealers' offerings to the reserve banks v.ere light early in the period but later increased and their portfolios on March 16 were reduced to the smallest proportions reported since last October. Rates on 30 and 90 day bills were lowered by most dealers on February 25 in the face of the limited supply and these lower razes prevailed during the remainder of the period. The following table shows the market rates on bills of various maturities at the beginning and end of the period: ~raturity 30 60 90 120 150 180 days days da;)-·s days days days Bid 3 3 3 3 3 4 3/4 3/4 7/8 7/8 7f8 Feb.l7 Offered 3 3 3 3 3 3 5/8 5/8 3/4 3/4 3/4 7/8 March 16 Offered Bid 3 5/8 3 3/4 3 3/4 3 7/8 3 7/8 4 3 3 3 3 l/2 5/8 5/8 3/4 3 3/4 3 7/8
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