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Ex-officio Members W . P. G. HARDING. fcOVERNQR P AU L M. W A R B U R G .^ Q d ^ E R N O R FREDERIC A. DELANO ADOLPH C. M ILLER CHARLES S. HAM LIN W ILLIAM G. MCADOO SECRETARY OF THE TREASURY C h a ir m a n JOHN SKELTON W ILLIAM S COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD WASHINGTON H. PARKER W IL L IS . SECRETARY SHERMAN P. ALLE N . ASST. SECRETARY a n d f is c a l A g en t ADD R E SS R E P L Y TO FEDERAL RESERVE BOARD February lH, 1917. Dear Sir: A Committee of the federal Reserve Board has recently been engaged in reviewing the discount rates now in effect at Federal reserve banks, and finds that there is a considerable lack of uniformity among them, while in some cases the policy followed by one bank is slightly opposed to that of others. A summary of the. situation shows that there are in effect at the present time thirteen different discount rates, as follows: 1. Collateral notes, 1 to 15 days, 2. Paper maturing within ten days, tl tl n 15 days, 3* U n U. between 1 1 and 30 da] n tT n " 30 16 511 ft tt 6. 31 » 60 " IT tt Tt » 30 " 6l 78. Agricultural paper within 9 0 days, 9 . Trade acceptances between 1 and 3 0 days, 10. " “ » 31 ” 60 " 11. •' " » 61 " 90 " 12. Commodity paper within 90 days, 1 3 . Bankers' acceptances. The Committee has recommended that an attempt be made to simplify these rates by suggesting to the various banks the adoption in lieu thereof of the following seven standard quota tions* 1. Paper maturing within 15 days, (including collateral notes), 2. Paper maturing from l6 to J,0 days, 3. " " " 3 1 to 90 days, 4. Trade acceptances 3 0 to 90 days, 5 . Commodity paper within 3 0 tc 9 0 days, b. Agricultural paper 90 to 180 days, 7- Bankers' acceptances 30 to 90 days. Will you give this matter your careful consideration and report as soon as possible your views with respect to this proposal? Very truly yours, Grovernor
@FedFRASER