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FEDERAL RESERVE BANK
OF NEW YORK
Loan Department

\ Circular No. 284
L May 29, 1920

A.

QjvOoJlouu bty]

Rates of Discount
To all Member Banks im the Second Federal Reserve District.

You are advised t h a t this bank has established the following rates of discount
effective at the opening of business on Tuesday, June 1, 1920, and until further notice,
and superseding all existing 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
7%
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
6%
Bankers Acceptances
For advances not exceeding 15 days secured by bankers acceptances, and
for rediscounts of same not exceeding 90 days
6%
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
5y2 %
The foregoing action has been taken in order t h a t bankers, their customers and the
public generally may find in the discount rates of this bank a reflection of existing credit
conditions.




Very truly yours,
J.

H.

CASE,

Acting Governor

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