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Fe d e r a l R e s e r v e bank of Da l l a s DALLAS. TEXAS March 5, 1959 DISCOUNT RATES T o the Member Banks o f the Eleventh Federal Reserve District: Effective March 6, 1959, this bank will increase its rates on dis counts and advances, as follow s: The rate on discounts for, and advances to, member banks under the provisions o f Sections 13 and 13a o f the Federal Reserve A ct will be increased from 2y2(fo Per annum to 3 % per annum. The rate on advances to member banks under the provisions o f Section 1 0 (b ) o f the Federal Reserve A ct will be increased from 3% per annum to Zy2 % per annum. T h ere is printed on the reverse side h e re o f a cop y o f revised Bulletin No. 1, dated March 6, 1959, which sets forth all o f the rates in effect at this bank with respect to discounts, advances, and commit ments. This bulletin should be inserted in the ring binder previously furnished your bank, in place o f Bulletin No. 1, dated October 24,1958. 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 OF DALLAS BULLETIN NO. 1 March 6, 1959 Superseding Bulletin N o. 1, dated October 24, 1958 RATES FOR 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: D iscounts f o r and advances to m em b er ba n k s: P er Annum (a ) Discounts and advances under sections 13 and 13a............................. 3% (b ) Advances under section 1 0 (b )................................................................. 3^£% Advances (u p to 9 0 d ays) to individuals,partnerships, and corporations: Advances under the last paragraph o f 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 ) 4 to 6% 10 % t o 2 5 % o f loan rate, with a minimum o f %%■ Advances taken over from financing institutions under commit ments: On portion for which a financing institution is obligated.......... The rate charged b o r r o w e r less commitment rate. On portion for which Federal Reserve Bank assumes the risk .. (d ) Commitments to financing institutions to discount, purchase, or make advances: On undisbursed portion o f loan.............................................................. On disbursed portion o f loan.................................................................... The rate charged borrower. %% 10 % to 2 5 % o f loan rate, w ith a minimum o f y i% . 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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