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FEDERAL RESERVE BANK OF NEW YORK r , n . rCircular No. 864, July 12, 1928"] Loan and Discount Department L Superseding Circular No. 847 Dated May 17, 1928 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, July 13, 1928, until further notice and superseding the existing rate, this bank has established a rate of 5 per cent for all rediscounts and advances. \ Very truly yours, BENJ. STRONG, Governor. J