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x-4936 FEDERAL RES'mRVE :BO.AID STATEMENT FOR THll: PRESS .August 25, 1927. For _Umaediate release. CONDITION OF THE .ACCEPT.A1JC-w, MARKET July 14, 1927 to Aug. 17, 1927 New bills were scarce in the New York acceptance m~rket during the early part of the reporting period, from July 14 to August 17, and market rates were generally reduced toward the end of July. The supply increased from that time, accompanying a series of reductions in rates in August both in the market and at the reser'Ve banks. and dealers' purch~ses whole were considerably h.rger on the average weeks. th~.n during the period as a during the preceding fom· The demand was active, chiefly on account of foreign orders for the purchase of 90 day bills, but dealers' portfolios nevertheless increased to the l~rgest total of the year. Sales to the Federal Reserve System from all markets were smaller tM.n r:'.t ~ny time since 1924. The :Boston market was redull ported/throughout the period, ·but with a tempor.~.ry increase of activity around the first of August. ChicP~o. The following t~ble There w~.s little movement in Phih.delphia or shows the New York m~rket rates on bills of various maturities at the beginning and end of the reporting period. Acceptance Rates in the New York Market Maturity 30 days 60 " 90 " 120 II 180 " :Bid July 14 Asked 3-1/2 3-5/8 3-5/8 3-3/4 3-7/8 :Bid August 17 Asked 3-1/4 3-1/4 3-1/8 3-1/8 3-1/4 3-3/8 3-5/8 3-1/8 3-1/4 3-1/2
@FedFRASER