Full text of District Notices (Federal Reserve Bank of Dallas) : Discount Rates

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F e d e r a l R e s e r v e Ba n k
OF DALLAS

To the Member Banks of the
Eleventh Federal Reserve District:
Effective January 12, 1948, this bank will increase its discount rates
as follows:
The rate on advances to member banks secured by direct obligations
of the United States under the provisions of Section 13 of the Federal
Reserve Act will be increased to 1*4% per annum from 1% per annum.
The rate on discounts and other advances to member banks under the
provisions of Sections 13 and 13a of the Federal Reserve Act will be
increased to 1*4% per annum from 1% per annum.
The rate on advances to member banks under the provisions of Section
10b of the Federal Reserve Act will be increased to 1%% per annum
from 1y2% per annum.
There is enclosed a copy of revised Bulletin No. 1, dated January 12,
1948, which sets forth all of the rates in effect at this bank with respect
to discounts, advances and commitments. This bulletin should be inserted
in the ring- binder previously furnished your bank, in place of Bulletin
No. 1, dated May 10, 1946.
Please acknowledge receipt of the bulletin on the enclosed postal card.

Yours very truly,
R. R. GILBERT
President

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

FEDERAL RESERVE BANK
OF DALLAS

BULLETIN No. 1
JANUARY 12, 1948

(Superseding Bulletin No. 1,
dated May 10, 1946)

RATES FOR DISCOUNTS AND ADVANCES
Under Sections 13, 13a, 13b and 10b
of the Federal Reserve Act

To the Member Banks of the
Eleventh Federal Reserve District:
The following rates with respect to discounts and advances under the Federal
Reserve Act are now in effect at this bank:
Advances to member banks secured by direct obliga­
tions of the United States, under the provisions of
paragraphs 8 and 13 of Section 13_______________

1/4%

per annum

Discounts and other advances to member banks under
the provisions of Sections 13 and 13a___________

1J4%

per annum

Advances to member banks under the provisions of
Section 10b ________________________

m fc

per annum

Advances (up to 90 days) to individuals, partnerships,
and corporations, including nonmember banks but
excluding member banks, secured by direct obliga­
tions of the United States under the provisions of
Section 13 ____ __ _______ ___________________

2%

per annum

Advances direct to established industrial or commer­
cial businesses, including advances made in participa­
tion with other financing institutions, under the pro­
visions of Section 13b___ _____________________

2)4-5%

per annum

Advances to financing institutions with respect to loans
to established industrial or commercial businesses
under the provisions of Section 13b
On the portion for which a financing institution is The rate charged borrower,
obligated ____ __________________________ less commitment rate
On the remaining portion.

The rate charged borrower

BULLETIN No. 1

— 2—

Commitments to established industrial or commercial
businesses under the provisions of Section 13b--------

10% to 25% of loan rate,
with minimum of 34% per
annum

Commitments to financing institutions to discount, pur­
chase, or make advances under the provisions of Sec­
tion 13b
On undisbursed portion of loan_____________ 34 % Per annum
On disbursed portion of loan_________________

10% to 25% of loan rate,
with minimum of 34% per
annum

Rebates of unearned discount on member bank notes and rediscounts anticipated
before maturity will, as heretofore, until further notice, be made at the discount 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.

Respectfully,
R. R. GILBERT
President