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M IS C L . 1 4 - 8 - 2 8 - 1 8 FEDERAL RESERVE BANK OF DALLAS HUMBER SIX Dec* 30th, 1914 , TO THE MEMBER BANK ADDRESSED} Ad p re v io u s ly advised, the volume o f re discounts which we have been able to take, having a m aturity beyond n in ety days and not exceeding s ix months, has been lim ite d by the Federal Reserve Board, actin g under s e c tio n 13 o f the Federal Re serve Act, to ?.$% o f our p a id -in c a p it a l. This meant that we were able to take only about $225 , 000 # in the aggregate from our member banks. We are now in a p o s itio n to accept notes, d ra fts and b i l l s drawn or issed fo r a g r ic u ltu r a l purposes, or based on l i v e stock, having a maturity o f more than 90 days and not exceeding s ix months, up to 90ff0 o f our p e id -in c a p ita l, which means an in crease o f the amount o f $85G#OCOftGO, and a f t e r we have c o lle c te d the next in stallm en t o f c a p ita l th is amount w i l l be doubled# We are th e re fo re able to deal more l i b e r a l l y w ith our member banks by taking a la r g e r propoi tio n o f t h e ir o f f e r i n g s in longer m atu rities U n til fu rth er n o tice th is bank w i l l employ the fo llo w in g ra tes o f discount; 5^ fo r m a tu rities up to 60 days, 5-gy£ fo r m a tu rities between 60 and 90 days, 6/$ fo r m a tu rities beyond 90 days# R e s p e c tfu lly , OSCAR W E L L Sy Governor This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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