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X-4836 F E D E R A L R E S E R V E B O A R D Statement for the Press. 2 8 2 For immediate release: April 31, 1937. Condition of Acceptance '..larket March 17, 1937 to April 13, 1937. Acceptances: The acceptance market was comparatively quiet daring the four weeks ending April 13, and rates for all maturities remained relatively unchanged from the lower levels established toward the end of February. The supply of "bills, though so&ewhat below the corresponding period of last year, Was considerably larger than in the preceding four weeks with bills drawn chiefly against the export and storage of cotton, and imports of sugar and coffee. Demand for domestic account was smaller than in the preceding period, but purchases for foreign account especially of 90 day bills was large. Dealers' offerings to the reserve banks, consisting chiefly of the shorter maturities, were in about the same volume as in the preceding period, but considerably greater than last year and their portfolios on April 13 showed some increase from the low levels reached four weeks earlier. As in preceding months the greatest activity occurred in the Few York market, especially during the last three weeks of the reporting period. Airing the first three weeks of the period dealers in Boston and Phila- i delphia reported very little activity in their markets, while in Chicago bills of shorter maturities remained in fair demand. In the final week of the period some improvement was reported in Philadelphia in contrast to the Chicago market which turned dull. The following table shows the market rates on bills of various maturities at the beginning and end of the period. Maturity 30 60 90 130 180 days days days days days Acceptance Rates in the New York Market March 17 April 13 ^ Bid : Offered : Bid t Offered 3-5/8 3-3/4 3-3/4 3-7/8 4 3| 3-5/8 3^5/8 3-3/4 3-7/8 3-5/8 3-3/4 3-3/4 3-7/8 4 3& 3-5/8 3-5/8 3-3/4 3-7/8
@FedFRASER