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31 FEDERAL. RESERVE BOARD X-3604. STATEMENT FOR THE PRESS. For ralease in afternoon papars, Friday, January 5, 1923. CONDITION OF THE ACCEPTANCE 1UffiKET NOVEMBER 15 to DECEMBER 15, 1922. According to the reports received by the Federal Reserve Board from the Federal Reserve Banks in the various Districts, the acceptance market during the period under review, for the most part, remained steady, with the demand ~•ntinuing fairly good. Rates continued rela- tively constant at the levels reached during the preceding period. In District No. 2 (New York) the supply of bills was well maintained throughout the period and the denand. was sufficient to absorb the offerings. Dealers' avaraga weekly purchases amounted to 36 million as compared with 37 million during the preceding period. (Boston) reports a decline in offerings. Dis~rict No. l Sales were particularly slow until about December l, with country banks selling rather than buying. In the last half of the period scattered buying Wa$ again in evidence. In District No. 3 (Philadelphia) there continued to be a fair supply ef bills eoming into the market and the demand from both local and out-of-town banks was fairly active. (Cleveland) report that the market has during the period under review. Districts No. 7 (Chicago) and No. 4 remain~ practically stationary District No. 8 (St. Louis) reports the supply of bills as scarce with a small demand, whereas District No. lO ·a _, .:j 32 ~ S-J604 (Kansas City) also reports a limited supply which, however, was accompanied by a good demand. In District No. 12 (San Franciscc:) the de- mand continued btisk from all sources until about the first of Deeember when city banks generally ceased ,Purchasing, and a:f'ter which date the market became dull. At the close of the period the demand and supply were about equal. In District No. 2 (New York) the bulk of acceptances were basad upon th~ folloWing commodities, in order of their importance, coffee, cotton, grain, dollar exChange, and sugar. In addition bills were executed in uthar Districts against meats, hides and skins, wool, raisins, corn, silk, oils, tobacco, agricultural implements, and flour. District No. 2 (New York) reports the best demand for short bills which moved exceedingly easy throughout the period. waG for 30 to 90 day maturities in all Districts. PrQference District No. 12 (San Francisco) reports an increased. interest in maturities and gives the distribution of 30 - day 60 - day 90 - day 120-day 150-d.a.y rnaturiti~s as follows: November 15 to December 15. Octobar 15 to November 15. 12 per cent 11.3 per cent 36 44 II II " 2 fl II " II 6 II 14.2 63 .g 6.; 4.2 II lr II II If H Rates on prime bills in the various districts were as follows: II It j • 33 -3- X-3604 iates on Prime Dills tAaturity District No .. ·l (Bo, t~n) 2· (New York) No~ Bid Close Offered 30-day 4-1/8 Go-day 4 4-l/8 fl ll II II 90-day 120-day 150-o.a.y II II II 180-day District Range during period Bid Offered ~0-<ia;y 4 II II II " II II II It n It II It " 4 4-1/5 4 4-1/8 -4i n bO-d.ay II If 11 tl II ~ 4-4-l/8 90-J.a;y !l 120-day 1)0-d.ay 180-d.a.y II II II II 4-3/8 -4i 4! 4'*3/8 -42 4-l/8-- 30-day 4-l/15-4-~ 4 4-l/8-4~ 4 District 60-d.ay ·No. 3 90-day (Philad@lphia) 120--d.ay 1:)0-d.a¥ 180-d.a.y n ,, 4-1/S43/8 4-3/8 4-3/8-4-5/ s 4-1/8-! II II l+t II II li fi II II ·' Q...~l/8 . 4-4-l u 4-1/8-4-3/8 4-3/S 4-3/S-4-5/S 4-4-l/8 4-l+iII --:---- District No. 4 (Cleveland) 4 4-1/8 II II 90-day It " n II II II 120-ciay 150-d.a;y II 11 II II il II II II n " II " 30-d.ay 60-d.ay 180-da,y District No. 7 (Chicago) 30-day 60-day 90-day 120-day lSO-day 1:30-day 4-1/8 4-1/S-4~ 4 It ll II II 4-i-4-3/8 4-4-1/8 4--3/8-4-i.;/8 It 4-i--4-~ 4-4! 4-1/8 " (II 4f-~3/S 4~-41 4-)/8-4-5/8 4 4 . It 11 4-4-..l/8 4-4! tt
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