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.

FEDERAL RESERVE BANK OF DALLAS
D ALLAS 13. TEXAS

August 12,1948

DISCOUNT RATES

To the Member Banks of the
Eleventh Federal Reserve District:
Effective August 13, 1948, this bank will increase its discount rates
as follows:
The rate on discounts for, and 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)4% Per annum.
The rate on advances to member banks under the provisions of
Section 10(b) of the Federal Reserve Act will be increased to 2% per
annum from 1%% Per annum.
There is printed on the reverse side hereof a copy of revised Bulle­
tin No. 1, dated August 13, 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 February 14, 1948.
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
AUGUST 1 3 ,1 9 4 8
(Superseding Bulletin No. 1
dated February 14, 1948)

RATES FOR DISCOUNTS AND ADVANCES
Under Sections 13, 13a, 13b and 1 0 (b ) of the Federal Reserve Act

T o the Member Banks o f the
Eleventh Federal Reserve District:
The following rates with respect to discounts, advances, and commitments under the Federal
Reserve A ct are now in effect at this bank:
P er Annum

Discounts fo r and advances to m em ber banks:

(a ) Discounts and advances under sections 13 and 13a.............................

1)4%

(b ) Advances under section 1 0 (b )...............................................................

2%

Advances ( up to 9 0 days) to individuals, partnerships and corporations,
including nonm em ber banks, but excluding m em ber banks:

Advances under the last paragraph of section 13 secured by direct obli­
gations of the United States..................................... ...............................

2)4%

Industrial advances and commitments under section 1 3 b :

(a ) Advances direct to established industrial or commercial businesses,
including advances made in participation with other financing insti­
tutions..........................................................................................................
(b ) Commitments to make advances direct to established industrial or
commercial businesses..............................................................................

(c )

Advances taken over from financing institutions under commit­
ments :
On portion for which a financing institution is obligated..........

On portion for which Federal Reserve Bank assumes the risk ..
(d ) Commitments to financing institutions to discount, purchase, or
make advances:
On undisbursed portion of loan.......................................................
On disbursed portion of loan...........................................................

2)4 to 5%
10% to 2 5 % o f
loan rate, with a
minimum o f )4 %

The rate charged
b o r r o w e r less
commitment rate.
The rate charged
borrower.

lA %
10% to 2 5 % o f
lo a n ra te, w i t h
minimum o f )4 % .

Rebates of unearned discount on member bank notes and rediscounts anticipated before matu­
rity 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 dis­
counted.
Respectfully,
R. R. G ILB E R T

President