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FEDERAL RESERVE BANK
OF N E W YORK

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Circular No. 342, February 4, 19211

Superseding Circular No. 284, dated May 29,1920. J

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Rates of Discount
To all Member Banks in the Second Federal Reserve District:
You are advised that, effective at the opening of business on Saturday, February
5, 1921, this bank has discontinued the preferential rate of 0Y2 per cent, for advances
on, and rediscounts of, paper secured by United States Treasury certificates of indebtedness.

With this modification the rates of discount remain unchanged,

effective

until further notice, as follows:
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
7%
United States Government Securities
For advances not exceeding 15 days on Liberty Loan bonds, Victory Notes
or United States Treasury certificates of indebtedness and customers notes secured by any of the foregoing, and for rediscounts of customers notes, so
secured. for periods not exceeding 90 days
6%
Bankers Acceptances
For advances not exceeding 15 days secured by bankers acceptances, and
for rediscounts of same not exceeding 90 days
6%




Very truly yours,
BENJ.

STRONG,

Governor


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102