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CIRCULAR NO. II. FEDERAL RESERVE BANK OF NEW YORK 6 2 CEDAR STREET NEW YORK, December 18th, 1914. To THE CASHIER: SIR: You are advised that until further notice this bank has established the following rates of discount: For notes, drafts and bills of exchange having a maturity at time of discount of not more than thirty days, 5%. For notes, drafts and bills of exchange having a maturity at time of discount of more than thirty days but not more than sixty days, 5^4%. For notes, drafts and bills of exchange having a maturity at time of discount of more than sixty days but not more than ninety days, 6%. Respectfully, BENJ. STRONG, JR., Governor.