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F E D E R A L RESERVE B A N K
O F N E W YORK

Loan Department

["Circular No. 429, December 31,1921"
L

Superseding Circular No. 420

Rates of Interest or Discount Received by Banks
On Paper Offered for Rediscount
To all Member Banks
in the Second Federal Reserve District:
On November 22, 1921, by our circular No. 420, we requested member banks to report the rate of interest or discount received by them upon each note or bill offered
to us for rediscount, as a means of keeping the officers of this bank more fully informed
of prevailing rates of interest and discount in this market.

All of our member banks

applying for rediscount since then have complied with our request but, as experience has
demonstrated, with greater inconvenience to them than is justified by the value of the
information obtained in this way. Therefore, for the present a t least, our request for
this information on applications for rediscount is withdrawn, and the relative column on
our forms of application for rediscount may be left blank.




Very truly yours,
B E N J . STRONG,

Governor

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