View PDF

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

M IS C L . 1 4 - 8 - 2 8 - 1 8

FEDERAL RESERVE BANK
OF DALLAS
HUM
BER SIX

Dec*

30th, 1914 ,

TO THE M
EMBER BANK ADDRESSED}

Ad p re v io u s ly advised, the volume o f re ­
discounts which we have been able to take, having
a m aturity beyond n in ety days and not exceeding
s ix months, has been lim ite d by the Federal Reserve
Board, actin g under s e c tio n 13 o f the Federal Re­
serve Act, to ?.$% o f our p a id -in c a p it a l. This
meant that we were able to take only about $2 2 5 , 000#
in the aggregate from our member banks.
We are now in a p o s itio n to accept notes,
d ra fts and b i l l s drawn or issed fo r a g r ic u ltu r a l
purposes, or based on l i v e stock, having a maturity
o f more than 90 days and not exceeding s ix months,
up to 90ff0 o f our p e id -in c a p ita l, which means an in ­
crease o f the amount o f $85G#OCOftGO, and a f t e r we
have c o lle c te d the next in stallm en t o f c a p ita l th is
amount w i l l be doubled# We are th e re fo re able to
deal more l i b e r a l l y w ith our member banks by taking
a la r g e r propoi tio n o f t h e ir o f f e r i n g s in longer
m atu rities
U n til fu rth er n o tice th is bank w i l l employ
the fo llo w in g ra tes o f discount;
5^ fo r m a tu rities up to 60 days,
5
-gy£ fo r m a tu rities between 60 and 90 days,
6 $ fo r m a tu rities beyond 90 days#
/
R e s p e c tfu lly ,
OSCAR

W E L L Sy

Governor

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102