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Federal reserve bank OF DALLAS Dallas, Texas, May 9,1946 To the Member Banks of the Eleventh Federal Reserve District: The Federal Reserve Bank of Dallas has discontinued, as of May 10, 1946, the preferential rate of V2 % per annum on advances to member banks under paragraphs 8 and 13 of Section 13 of the Federal Reserve Act secured by direct or fully guaranteed obligations of the United States maturing or callable in one year or less. The rate of 1% now in effect at this bank as indicated in the attached bulletin will hereafter be applicable to all advances to member banks secured by direct or fully guaranteed obligations of the United States, irrespective of the maturity or call date of such obligations. There is enclosed a copy of Bulletin No. 1, dated May 10, 1946, which sets forth all of the rates now in effect at this bank with respect to dis counts, advances, and commitments. This bulletin should be inserted in the ring binder previously furnished your bank, in place of Bulletin No. 1, dated March 16, 1946. 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 MAY 10, 1946 (Superseding Bulletin No. 1, dated March 16, 1946) RATES FOR DISCOUNTS AND ADVANCES Under Sections 13, 13a, 13b and 10b of the Federal Reserve Act To the Member Banks o f the Eleventh Federal Reserve D istrict: The following rates with respect to discounts and advances under the Federal Reserve A ct are now in effect at this bank: Advances to member banks secured by direct and such fully guaranteed obligations of the United States as are eligible for collateral purposes, under the provi sions o f paragraphs 8 and 13 o f Section 13_____________ 1% perannum Discounts and other advances to member banks under the provisions of Sections 13 and 13a____________________ 1% per annum l /^ % per annum Advances to member banks under the provisions o f Section 10b ____________________________________________ Advances (up to 90 days) to individuals, partnerships, and corporations, including nonmember banks but excluding member banks, secured by direct obliga tions o f the United States under the provisions o f Section 1 3 -------------------------------------------------------------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% 2*^-5% per annum per annum Advances to financing institutions with respect to loans to established industrial or commercial businesses under the provisions o f Section 13b On the portion for which a financing institution is obligated -------------------------------------------------------- The rate charged borrower, less commitment rate On the remaining portion. The rate charged borrower 2— BULLETIN No. 1 Commitments to established industrial or commercial businesses under the provisions o f Section 13b_____ 10% to 25% o f loan rate, with minimum of ^2 % pel annum Commitments to financing institutions to discount, pur chase, or make advances under the provisions o f Sec tion 13b On undisbursed portion o f loan. 24% per annum On disbursed portion o f loan...... 10% to 25% of loan rate, with minimum o f 24% 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
@FedFRASER