Full text of Federal Reserve Bank of New York Circulars : 26. Rates of Discount

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CIRCULAR N O . 26.

FEDERAL RESERVE BANK OF NEW YORK
6 2 CEDAR STREET

N E W YORK, June 26,

To

1915.

T H E CASHIER,

SIR:

In order to facilitate the rediscounting of paper of short maturities to meet unexpected
demands, the Federal Reserve Bank of New York, in common with other Federal reserve banks,
has established a special rate for the rediscount of paper having a maturity, at the time of rediscount, of not more than ten (10) days.
The usual practice of returning paper

for collection a few days before its maturity to

the member bank which rediscounted it, and of charging it to the account of such member
bank at maturity will be followed in all cases.
You are therefore advised that until further notice the rates of discount established by this
bank are as follows:
F o r notes, drafts and bills of exchange having a maturity at time of
discount of not more than ten days

3%

F o r notes, drafts and bills of exchange having a maturity at time of
discount of more than ten days and not more than ninety days

4%

For agricultural paper having a maturity at time of discount of more
than ninety days and not more than six months
5%




Respectfully,
B E N T . STRONG, J R . ,

Governor.

FEDERAL RESERVE BANK
OF N E W YORK

July 1, 1915,

To the Cashier,
S i r :
List No. 3 of the members of the Collection System
of this bank on July 1, 1915, i s enclosed herewith.
We enclose also a list of the banks in the portion
of New Jersey which is now in District No. 2.

This list has

been gummed at the upper edge in order that it may be attached
to and made a part of the original list of member banks of
this district formerly sent to you.
Respectfully,
BENJ. STRONG, JR.,
Governor.

Enclosures.