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FEDERAL RESERVE BANK
OF NEW YORK

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rCircular No. 864, July 12, 1928"]

Loan and Discount
Department

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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.


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Very truly yours,
BENJ. STRONG,

Governor.

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