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• 186 x-4955 FEDERAL RESERVE :BOARD STA.T'EHE1TT FOR TRF PRESS Se-ptember For immediate release. 20, 1927. COli!DITI01T OF THE ACCEPT.AlTC~ HAF.KET August 18, 1927 to September 14, 1927 ·The New York acce~tance market was somew:lt'l.t more active during the last half of August and the first he.lf of September than during the preceding re-porting period, as indicated by of dealers. ~n increase in both the purchases and 1Sales Bills bought were based chiefly on imports of silk, coffee, and sugar, exports of cotton, e.nd storage of cotton, sugar, and tobacco. Market sales of longer biils were ma.dc chiefly to banks for the account of foreign purch~sers, but there was a good local demand for tho shorter maturities. Sales to the rese.-ve bank, though larger thP.n in July, mere in moderate volume and dealers' portfolios remained near the high levels reached in tho middle of August. A reduction in the buying rate on reserve bank on August 22 WA..s followed by a ket ra.tes. 30 day bills a.t t!te correspondin~ reduction in mar- The following table shows the IllPrkct rates on bills of various maturities at the beginning and end of the reporting period. ·Acceptance Rates in the New York Ma.turtty 30 60 90 days days days 120 days 180 dE'!yS August Bid 3l. 31 3!3-3/8 3-5/8 18 Asked 3-1/8 3-1/8 3-:JS 3l. . 3t r:: M~rket September 14 Asked :Bid 3-1/8 ~ 3-3/8 3-5/8 3 3-1/8 3-1/8 3J.. 3;
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