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F E D E R A L RESERVE B A N K O F N E W YORK Loan Department [Circular No. 414, November 2, 19211 ^vi* • LSnpereedlng Circular No. 402, dated Sept. 21,1921. J c^«. "'""" Rates of Discount To all Member Banks in the Second Federal Reserve District: You are advised that, effective from the opening of business on Thursday, November 3, 1921, until further notice and superseding all existing rates, this bank has established a rate of 4/4 per cent, for all rediscounts and advances. Very truly yours, B E N J . STRONG, Governor