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federal reserve bank of Da l l a s D ALLAS. TEXAS May 8,1958 DISCOUNT RATES T o the Member Banks o f the Eleventh Federal Reserve District: Effective May 9, 1958, this bank will decrease its rates on discounts and advances, as follow s: The rate on discounts for, and advances to, member banks under the provisions of Section 13 and 13a o f the Federal Reserve A ct will be reduced from 2)4 % per annum to 1 % % per annum. The rate on advances to member banks under the provisions of Section 1 0(b ) o f the Federal Reserve A ct will be reduced from 2 )4 % per annum to 2 )4 % per annum. There is printed on the reverse side hereof a copy o f revised Bulle tin No. 1, dated May 9, 1958, which sets forth all o f 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 o f Bulletin No. 1, dated March 14, 1958. Please acknowledge receipt o f the bulletin on the enclosed postal card. Yours very truly, Watrous H . Irons, President (over) This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) FEDERAL RESERVE BANK O F DALLAS BULLETIN NO. 1 May 9 , 1958 Superseding Bulletin No. 1, dated March 14, 19S8 RATES F O R DISCOUNTS AND ADVANCES Under Sections 13, 13a, 13b, and 1 0 ( b ) o f 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: Discounts f o r and advances to m em b er banks: P er Annum (a ) Discounts and advances under sections 13 and 13a............................. 1J4% (b ) Advances under section 1 0 (b )................................................................ 2 Advances (u p to 90 days) to individuals, partnerships, and corporation s: Advances under the last paragraph of section 13 secured by direct obli gations o f the United States.................................................................... 4% Industrial advances and com m itm ents 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 fo r which a financing institution is obligated.......... On portion for which Federal Reserve Bank assumes the r isk .. (d ) Commitments to financing institutions to discount, purchase, or make advances: On undisbursed portion o f loan............................................................... On disbursed portion o f loan.................................................................... 4 to 6% 10% t o 2 5 % o f loan rate, with a minimum o f % % . The rate charged b o r r o w e r less commitment rate. The rate charged borrower. Va % 10% t o 2 5 % o f loan rate, with a minimum o f )4 % . Rebates o f 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. Yours very truly, Watrous H . Irons President (over)
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