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X-6103

FEDERAL RESERVE BOARD
STATEMENT FOR THE PRESS

For r e l e a s e a t 3 : 0 0 p . m.

J u l y 3 1 , 1928.

The F e d e r a l R e s e r v e Board announces t h a t t h e
F e d e r a l R e s e r v e Bank of C l e v e l a n d h a s e s t a b l i s h e d a
r e d i s c o u n t r a t e of 5 p e r c e n t on a l l c l a s s e s of p a p e r
of a l l m a t u r i t i e s e f f e c t i v e August 1 , 1928.