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Circular N o. 21 Series of 1920 FEDERAL RESERVE BANK OF DALLAS DALLA S. TEXA S June 10, 1920. DISCOUNT RATES Superseding All Previous Rates TO THE MEMBER BANKS OF DISTRICT NO. 11: Effective immediately, and subject to change without notice, the Board of Directors of the Federal Reserve Bank of Dallas has adopted, and the Federal Reserve Board has approved, rates of discount as follows: 15 D a y s an d L e ss Member Bank Collateral Notes— Secured by Treasury Certificates of Indebtedness, Certificate rate with minimum rate of....................................................... Secured by Liberty Bonds or Victory Notes............................... Secured by Eligible Paper.............................................................. . Secured by War Finance Corporation Bonds............................. Rediscounts— Secured by Treasury Certificates of Indebtedness, Certificate rate with minimum rate of....................................................... Secured by Liberty Bonds or Victory Notes................................. Rediscounts— Secured by War Finance Corporation Bonds..... . Rediscounts— Commercial Paper ................................................ . Rediscounts— Agricultural or Live Stock Paper............................ Rediscounts— Trade Acceptances ........... ............... -..... - - 5 16 to 90 D ays 90 d ays to S ix M o n th s %- 5i/2 % - % 6 7 % 5 % 5 % 5i/2 % 51/2% 7 7 6 6 6 % % % 6__ % 6 6 % % % % % MATURITIES NOT ELIGIBLE WHERE RATES NOT QUOTED Notes secured by mixed Government securities issued after April 24, 1917, including Liberty Loan Bonds, Victory Notes, and Treasury Certificates, will take the highest rate carried by either of those securities. Notes secured by Treasury Certificates will be discounted at the rate borne by the certifi cates attached with a minimum rate of 5%, and when certificates of various issues are attached to the same note, the highest rate borne by any certificate attached will apply to that note. Bankers’ Acceptances purchased at market rates subject to agreement. The interest rate on eligible outstanding Bill of Lading drafts for which immediate credit is given will, until further notice, be 6%. Attention is called to stamp tax requirements as explained in our Circular No. 4, Series of 1919. Respectfully, This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) k a ie s rK H viuus all DurriUBisiJiivii E F F E C T IV E JUNE JO. 1920 Federal R eserve Hank o f Dallas D ISC O U N T IS C A L C U L A T E D ON B A S IS OF 365 D A Y S TO Y E A R ' SUBJECT TO D IS C O U N T R A T E S Member Banks’ Collateral N otes— Secured by U. S. Certificates of Indebtedness.................................. CHAN GE Wl' OUT NOTICE 15 Days and under 16 to 90 Days 91 Days to Six Months See Note Member Banks’ Collateral Notes— Secured by Liberty Bonds or Victory N otes......................................... 5 y2 % Member Banks’ Collateral N otes— Secured by Eligible Paper ............................................................................ 6 % Member Banks’ Collateral N otes— Secured by W ar Finance Corporation Bonds....................................... 7 % Rediscounts— Customers’ N otes— Secured by U. S. Certificates of Indebtedness....................................... See Note Rediscounts— Customers’ Notes— Secured by Liberty Bonds or Victory N otes.............................................. 51/ 2 % sy2 % Rediscounts— Customers’ Notes— Secured by W ar Finance Corporation Bonds......................................... 7 % 7 % Rediscounts— Trade Acceptances .......................................................................................................................................... 6 % 6 % Rediscounts— Commercial Paper ................................... ........................................................ ............................................. 6 % 6 % Rediscounts— Agricultural or Live Stock Paper.............................................................................................. 6 % 6 % See Note 6 NOTE— Rate borne by Certificates attached with minimum of 5%. (Revenue Stamps ARE NOT Required on Notes Secured by United States Government Obligations issued after April 24, 1917.) BANKERS’ ACCEPTANCES— Purchased at market rates subject to agreement and discount calculated on basis of 360 days to the year. BD 60— 1500— 520G Maturities Not Eligible Where Rates Not Quoted %
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