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FEDERAL RESERVE BANK OF NEW YORK L Circular No. 1061, October 8. 1931 I Superseding; Circular No. 1035 Dated May 7, 1931 Rate of Discount To all Member Banks in the Second Federal Reserve District: You are advised that, effective from the opening of business Friday, October 9, 1931, until further notice and superseding the existing rate, this bank has established a rate of 2M> per cent for all rediscounts and advances. GEORGE L. HARRISON, Governor,