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CIRCULAR NO. 247
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FEDERAL RESERVE BANK
OF N E W YORK
LOAN DEPARTMENT

January 22, 1920

RATES OF DISCOUNT

To ALL MEMBER BANKS IN THE SECOND FEDERAL RESERVE DISTRICT,
DEAR SIRS :

You are advised that the following rates of discount at this bank have been established,
effective after the close of business to-day and until further notice and superseding all previous
rates:
Commercial Paper
For advances not exceeding 15 days secured by all classes of eligible commercial paper, excepting bankers acceptances, and for rediscounts of
such paper
6%
Liberty Loan Bonds and Victory Notes
For advances not exceeding 15 days on Liberty Loan bonds, Victory Notes
and customers notes secured by either of the foregoing, and for rediscounts of customers notes, so secured, for periods not exceeding
90 days
:
5^%
Bankers Acceptances
For advances not exceeding 15 days secured by bankers acceptances, and
for rediscounts of same not exceeding 90 days
_._._
5%
U. S. Treasury Certificates of Indebtedness
For advances not exceeding 15 days secured by U. S. Treasury certificates
of indebtedness, and for rediscounts of customers notes so secured
not exceeding 90 days
.
_
4%%




Yours very truly,
J. H. CASE,

Deputy Governor

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