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FEDERAL RESERVE BANK
OF N E W YORK
Credit and Discount
Department

T Circular No. 710, January 7, 1926~|
Superseding Circular No. 656,
L
Dated February 26, 1925
J

Rate of Discount
To All Member Banks in the Second Federal Reserve District:

You are advised that, effective from the opening of business on Friday, January
8, 1926, until further notice and superseding all existing rates, this bank has established a rate of 4 per cent, for all rediscounts and advances.




Very truly yours,
BENJ. STRONG,

Governor.