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CIRCULAR N O . 234 FEDERAL RESERVE BANK OF NEW YORK LOAN D E P A R T M E N T December 11, 1919 RATES OF DISCOUNT To ALL MEMBER BANKS IN THE SECOND FEDERAL RESERVE DISTRICT, DEAR SIRS: You are advised that this bank has established the following rates of discount effective immediately and until further notice and superseding all existing rates: ADVANCES For advances not exceeding 15 days to member banks on their promissory notes secured by (a) (b) (c) United States certificates of indebtedness 4)^% Liberty bonds, Victory notes and customers' notes secured by either of the foregoing 4%% Eligible commercial paper... 4%% REDISCOUNTS For notes, drafts and bills of exchange having a maturity at time of rediscount of not more than 90 days. 4%% (including rediscounts, for periods not exceeding 15 days, of eligible paper having a maturity at time of rediscount of more than 15 days) For notes, drafts and bills of exchange having a maturity of not in excess of 90 days secured by Liberty bonds or Victory notes 4%% For trade acceptances and bankers acceptances having a maturity at time of rediscount of not more than 90 days... 4^% For agricultural paper having a maturity at time of rediscount of more than 90 days but not more than 6 months. 5% Yours very truly, BENJ. STRONG, Governor. V
@FedFRASER