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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.