The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
~'t"'3 ~'vt FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS. For release in afternoon papers, Friday, February 2, 1923. CONDITION OF THE ACCEPTANCE I~ET DECEMl3ER 15 to JANOARY 15, 1923. According to the reports received by the Federal Reserve Board from the Federal Res3rve Banks in the acceptance market durin6 the period un~ar activity over the period from November held by banks to the demand. sli~t stren~;then v~rious Districts, the review showed an increased ' 15 to December 15. their first of the Year-end teat positidn helped Rates remained fairly steady, with some indications of declines toward the end of the present period. In District No. 2 (New York) a lively demand was in ~vidence throughout the period and a tradin6 market was developed to a large extent. As the year drew to a close dealers' purchases increased substantially beyond their sales with the result that the aggregate portfolios advanced from about $37,000,000 on December 16 to approximately $47.000,000 at th3 close of the year. However, an easing of money and a stronr; investment demand resulted in a decline in dealers portfolios to around $Jl,OOO,OOO on January 13· D~strict No. l (Eoston) reports a limited su:t.:j_Jly of bills throughout the period. Thd demand was libht a.t thd bet;;innine;; of the period, but • 104 X-3623 - 2 - by the end of the year had increased to an aAcellent volume from outside the District. This was followed in January by a good demand. from both local investors and country banks. dealers wc.re depleted to some extent and. The portfolios of the the holdings of the Federal Reserve Bank of Boston were reduced from $27,000,000 to $19,000,000. 3 (Philadelphia), No. 7 (Chicago), and In Districts No. No. 10 (ICansas City) the supply of bill3 was only fair but was accom~anied by a good dewand. market has continued District No. 4 (Cleveland) reports the ' ~ractically station~y with some slight increase in the demand and a lirrJ. ted suHlY of bills, while the aggregate of domestic acce~tances executed in District No. 6 (Atlanta) for the month of December was $4,175,550 as compared with $4,200,120 in November. District No. 11 (Dallas) reports an increase in the volume of bills executed and in District No. 12 (San Francisco) a generally stronG tone has characterized the warket. The bulk of accertancas in District No. 2 (New York) w.:;re based u~on the following cowmoditi~s, ,;rain, cotton, silk, dollar exchan~e, in order of their importance and coffae. In addition, bills were drawn in other Districts a.r_,ainst su;;ar, wool, hides and leather, raisins, rr~ats, iron, rubber, tobacco, co~per, furs, auto tires, a 6 ricultural implements, canned ;;oods, tire fabric, paints, and varnishes. In District No. 2 (New York) there was a continued good demand for short maturities throu)l.out the pdriod, but bills gen- • • - 3 ;;rally did not move very fr8ely U":J.tiJ. after tha turn of th..; y:;ar wnan a brisk demand devdoped. Dist:dct No. 1 (Joston) reports tha best demand for short hills. I11 the distribution of Di~ tr5.cT; No 12 (San Francisco) of tha bills marketed [or the last two rr:.aturi.tL~s periods has baen as fo1loNs: De r.em1-1-e r 15 to J 8,!1U.C:.l' ,if 15 10 iJer It 29 30-days 60-ciays 90-days 120-days 150-days 57 3·5 ·5 f) to 12 per cant II 36 n II 44 II 2 II II II 6 II Gent II II 11 n II II November 15 Dc~ember 15 Rates on prime bills in tha various districts were as follows: Ratss on Prime Bills Maturity District No.1 _jBoston) District No. 2 (New York) District No. 3 (Philadalphia) 30-day 60-day 90-day 120-day 150-day 180-day Range durinc; period Bid offared Close Offer ad Bid 4 4 4-l/8 II II II II " II If 1t II II II 11 II fl II II It II II 4-1/8 II 4 4-1/8 30-ciay 4-l/8 II II II 60-day II ll fl 90-day 120-day 4-l/3 -4-l/4 4-4-1/3 4-l/2 - 4-l/4 II 11 II 150-day 130-day 4-l/2-4-3/S 4-1/8 - 4-1/4 4-3/8 - 4-1/2 30-day 4-1/s-4-1/4 n 60-day n 90-day 120-day 4-l/s-4-3/3 150-d.ay 4-l/4-4-3/8 130-day 4-1/4-4-5/8 4 If II II 4-4-1/8 4-4-l/4 II 11 4 - 4-l/8 II 4 - 4-1/4 " II 4-l/3 - 4-l/4 4~1/8 - 4-3/3 4-1/8 II 4 4-l/8 It 4 4-1/2 4 - 4-l/G 4 - 4-l/4 II . ... 1C6 X-3623 - 4 Maturity District No. 4 ( Clev aland) District No.7 ( C'nicago) Rang2 during period :Bid Offered Clos0 Bid Offered. 30-day 60-day 90-day 120-day 150-day 180-da;)' 4-l/3 4 4-1/3 4 II II II II It It " 11 II II II II " " II II II 11 30-day 60-day 90-day 120-day 150-day 130-day 4-1/S 4 4-1/3 4 II II II II II II " II , 4-1/3 - 4-1/4 4 - 4-1/3 4-1/4 - 4-1/2 4 - 4-1/4 II 4-l/3 - 4-1/4 II II 4-1/3 - 4-1/4 4 - 4-1/S 4-1/4 - 4-1/2 4 - 4-"J./4 4-1/8 - 4-l/4 "
@FedFRASER