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CIRCULAR N O . 219

FEDERAL RESERVE BANK
OF N E W YORK
LOAN D E P A R T M E N T

November 3, 1919

RATES OF DISCOUNT

To ALL MEMBER BANKS IN THE SECOND FEDERAL RESERVE DISTRICT,

DEAR SIRS:

You are advised that this bank has established the following rates of discount effective
immediately and until further notice and superseding all existing rates:
ADVANCES
For advances not exceeding 15 days to member banks on their
promissory notes secured by
(a)

United States certificates of indebtedness, Liberty bonds,
Victory notes and customers' notes secured by any of
the foregoing
—
±XA%
(b) United States certificates of indebtedness bearing 4J£%
interest
*%%
(c) Eligible commercial paper...
~-4%%
REDISCOUNTS
For notes, drafts and bills of exchange having a maturity at time of
rediscount of not more than 90 days.....
1%%
(including rediscounts, for periods not exceeding 15 days, of eligible
paper having a maturity at time of rediscount of more than 15 days)

For notes, drafts and bills of exchange having a maturity of not in
excess of 90 days secured by Liberty bonds or Victory notes
4*^%
For trade acceptances and bankers acceptances having a maturity
at time of rediscount of not more than 90 days
tyfflo
For agricultural paper having a maturity at time of rediscount of more
than 90 days but not more than 6 months.
5%




Yours very truly,
BENJ. STRONG,

Governor.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102