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Circular No. 3
Series of 1931.

FEDERAL. R E SE R V E B A N K
OF DALLAS

Dallas, Texas, October 20,1931.

DISCOUNT RATES

To the Member Bank Addressed:

The Board of Directors of this bank has established, and the Federal
Reserve Board at Washington has approved, a rate of 4% on all classes and
maturities of rediscounts and member bank notes. This rate will become
effective at the opening of business October 21, 1931, and is subject to
change without notice.
Rebates of unearned discount on member bank notes or rediscounts
anticipated before maturity will, as heretofore, until further notice, be made
at the rediscount rate in effect at the time such paper is rebated, but in no
case at a rate greater than that at which the paper was originally discounted.

Yours very truly,

Chairman of the Board.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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