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FEDERAL RESERVE BANK OF N EW YORK r Circular No. 5 9 6 7"1 L April 6, 1967 J DISCOUNT RATES To All Member Banks, and Others Concerned, in the Second Federal Reserve D istrict: Following is the text of a statement issued today by this Bank: W ith the approval o f the B oard o f Governors o f the Federal Reserve System, the directors o f the Federal Reserve Bank of New Y ork today reduced the B an k ’s discount rate from 41/2 to 4 per cent, effective Friday, A p ril 7, 1967. The last change in the rate was made December 6, 1965. The discount rate is the interest rate charged member banks fo r borrow ing from their D istrict Banks. The reduction approved today is in line with recent declines in market rates and in keep ing with the Federal Reserve’s policy objectives o f assuring that the availability o f credit is adequate to provide fo r orderly economic growth. The Federal Reserve Banks o f Boston, Philadelphia, Cleveland, Richm ond, Chicago, Minneapolis, Kansas City, Dallas and San Francisco have also reduced their rates from 4 y 2 to 4 per cent effective tomorrow. Enclosed is a copy of this Bank’s Operating Circular No. 13, regarding discount rates. Additional copies of the enclosure will be furnished upon request. A lfred H ayes, President. F ederal R N of eserve ew Y B ank ork Circular No. 13 "1 [Operating Revised April 7, 1967 J DISCOUN T RATES To All Member Banks, and Others Coricerned, in the Second Federal Reserve D istrict: 1. This Bank has established the follow ing new rates, effective A p ril 7, 1967: A rate of 4 per cent per annum on advances to, and discounts for, member banks under sections 13 and 13a o f the Federal Reserve A ct. A rate of 4 % per cent per annum on advances to member banks under section 1 0 (b ) o f the Federal Reserve A ct. A rate of 5 % per cent per annum on advances to individuals, partnerships, and corporations other than member banks under the last paragraph o f section 13 o f the Federal Reserve A ct. Shown below is the schedule o f rates now in effect at this Bank on advances and discounts made under the Federal Reserve A ct. 2. This circular supersedes our Operating Circular No. 13, Revised December 6 , 1965. A lfred H ayes, President. Rate Schedule, Effective A p ril 7, 1967 Per Cent Per Annum Advances to and discounts for member banks: (a) Advances and discounts under sections 13 and 13a of the Federal Reserve A c t .................................................... 4 (b) Advances under section 10(b) of the Federal Reserve Act 4V2 Advances to individuals, partnerships, and corporations other than member banks: Advances under last paragraph of section 13 of the Federal Reserve Act secured by direct obligations of the United States 5V 2
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