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CIRCULAR NO. 247 < ^M>kjiruiJlcljL<k OU FEDERAL RESERVE BANK OF N E W YORK LOAN DEPARTMENT January 22, 1920 RATES OF DISCOUNT To ALL MEMBER BANKS IN THE SECOND FEDERAL RESERVE DISTRICT, DEAR SIRS : You are advised that the following rates of discount at this bank have been established, effective after the close of business to-day and until further notice and superseding all previous rates: Commercial Paper For advances not exceeding 15 days secured by all classes of eligible commercial paper, excepting bankers acceptances, and for rediscounts of such paper 6% Liberty Loan Bonds and Victory Notes For advances not exceeding 15 days on Liberty Loan bonds, Victory Notes and customers notes secured by either of the foregoing, and for rediscounts of customers notes, so secured, for periods not exceeding 90 days : 5^% Bankers Acceptances For advances not exceeding 15 days secured by bankers acceptances, and for rediscounts of same not exceeding 90 days _._._ 5% U. S. Treasury Certificates of Indebtedness For advances not exceeding 15 days secured by U. S. Treasury certificates of indebtedness, and for rediscounts of customers notes so secured not exceeding 90 days ._ 4%% Yours very truly, J. H. CASE, Deputy Governor