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FEDERAL RESERVE BANK
OF N E W YORK
Circular No. 256
L February 25, 1920 J

Loan Department

>*4

Rates of Discount
To all Member Banks in the Second Federal Reserve District
D E A R SIRS:—You are advised that the rate on advances and rediscounts at this
bank, secured by United States Treasury certificates of indebtedness, has been increased
from 424% (as announced in our Circular No. 247 of January 22, 1920) to 5 % . All other
rates therein announced remain unchanged.

The following therefore are the rates of discount effective after the close of business
to-day and until further notice:
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
^Y'f/o
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
5%




Yours very truly,
J. H.

CASE,

Acting Governor.

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