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^ FEDERAL RESERVE BANK OF N E W YORK Loan Department * [Circular N o . 387, July 20, 19211 ^Superseding Circular No. 381, dated June 15,1921. J I I Superseding Circular No. 381. dated June 15,1921. Rates of Discount To all Member Banks in the Second Federal Reserve District: You are advised that, effective from the opening of business on Thursday, July 21, 1921, until further notice and superseding all existing rates, this bank has established a rate of 5 ^ per cent, for all rediscounts and advances. Very truly yours, B E N J . STRONG N /~\ Governor