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X-4908 FEDERAL RESERVE BOARD ST~~l.ENT FOR THE PRESS For immediate release. July 21, 1927. The supply of bills in the acceptance market during the period ftom June 16 to July 13 showed a slight seasonal decline and dealers' purchases were smaller than in recent months. Cotton exports and silk, coffee, and sugar imports formed the basis of the majority of the bills bought. The demand was affected by firmer money conditions toward the end of the half year, and ratAs on 90 day bills were advanced by most dealers on the 20th of June. Early in July, however, large purchases of acceptances were again made in New York for foreign account and this increase in demand resulted in a reduction of 90 day bill rates to their former level. New York dealere reported smaller portfolios on July 13 than at any time since last September. Dealers in other cities, however, reported a slack demand throughout the period for any but short bills. The following table shows the nk~ket rates on bills of various maturities as they stood both at the beginning ani at the end of the period: Acceptance rates in the New York market Maturity 30 days 6o II 90 120 180 II II II Bid Asked 3 5/8 3 3/4 3 3/4 7/8 3 1/2 3 5/8 3 5/8 3 3/4 3 7/8 a
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