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118 BOARD OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM WASHINGTON X-9666 A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E B O A R D September 5, 1956 Dear Sir; In the Board's letter of January 25, 1936, X-9464, you were advised that it had extended for a further period of six months, ending July 31, 1956, the authority granted by the Federal. Reserve Board to all Federal Reserve banks in its circular of July 26, 1352, X-7215-a, as amended by its letter of July 8, 1955, X-9257, to discount eligible notes, drafts and bills of exchange for individuals, partnerships and corporations, subject to the provisions of the law, the Board's regulations and the circular inclosed with the Board's letter. Since advances under this authority during the six months ending July 51, 1956, were made to only one company and in the amount of $15,060.75, the Board does not contemplate renewing the authority which expired on July 31, 1956. It will be appreciated, however, if you will advise the Board whether you see any necessity at this time for extending for a further period the authority of the Federal Reserve banks to discount eligible paper under the provisions of the third paragraph of Section 13 of the Federal Reserve Actt Very truly yours, Assistant Secretary TO ALL PRESIDENTS
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