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Feder al of R N eserve ew Y B ank ork [ R evised S eptem ber 12, 1958 J O p eratin g C ircular N o. 13 "1 DISCOUNT RATES T o all M em ber Batiks, and Others Concerned, in the Second Federal R eserve D istrict: 1. This Bank has established the following new rates, effective September 12, 1958: A rate o f 2 per cent per annum on advances to, and discounts for, member banks under sections 13 and 13a of the Federal Reserve Act. A rate of 2^ per cent per annum on advances to member banks under section 10(b) o f the Federal Reserve Act. A rate of 3% per cent per annum on advances to individuals, partnerships, and corporations other than member banks, under the last paragraph of section 13 of the Federal Reserve Act, secured by direct obligations o f the United States. Rates of from 4 per cent to 6 per cent per annum on advances under section 13b of the Federal Reserve A ct direct to indus trial or commercial businesses, including advances made in participation with financing institutions. Also effective September 12, 1958, no commitment to a financing insti tution under section 13b of the Federal Reserve A ct shall be given on a loan on which the borrower is charged more than 6 per cent per annum (instead o f 5% per cent, as heretofore). 2. On the reverse side of this circular is a schedule of the rates now in effect at this Bank with respect to advances, discounts and commitments made under the Federal Reserve Act. 3. This circular supersedes our Operating Circular No. 13, Revised April 18, 1958. A lfred H ayes, President. (O V E R ) RATE SCHEDULE OF FEDERAL RESERVE BANK OF NEW YORK Effective September 12, 1958 A d v a n c e s to a n d d i s c o u n t s f o r m e m b e r banks: P e r Cent P e r Annum ( a ) A d v a n ce s a n d d iscou n ts u n d er section s 13 a n d 1 3a o f the F e d e ra l R e se rve A c t ................................................................... 2 ( b ) A d v a n ce s u n der section 1 0 ( b ) o f the F e d e ra l R eserve A c t 2*/2 A d v a n c e s to i n d i v i d u a l s , p a r t n e r s h i p s a n d c o r p o r a t i o n s other than m e m b e r banks: A d v a n ce s u n d er la st p a r a g r a p h o f section 13 o f the F e d e ra l R e serv e A c t secu red b y d ir e ct o b lig a tio n s o f the U n ited S t a t e s .................................................................................. 3y2 Industrial a d v a n c e s a n d c o m m i t m e n t s u n d e r section 1 3 b of the F e d e r a l R e s e r v e Act: ( a ) A d v a n ce s d ir e ct to in du stria l o r com m ercia l businesses, in clu d in g a dvan ces m ade in p a r tic ip a tio n w ith financ in g in s t it u t i o n s ............................................................................... ( b ) C om m itm en ts to m ak e a dvan ces d ir e ct to in du stria l o r com m ercia l b u s in e s s e s ................................................................. ( c ) A d v a n ce s taken o v e r fr o m fin a n cin g in stitu tion s u nder c o m m it m e n ts ............................................................ ....................... (d ) C om m itm en ts to fin a n cin g in s t it u t i o n s .................................... 4 to 6 10 to 25 p e r cen t o f rate to b e ch a rg ed b o rro w e r w ith a m inim um ra te o f y 2 p e r cen t p e r annum . R a te ch a rg ed b o rro w e r on p o r tio n f o r w hich F e d e ra l R es e rv e B a n k assum es th e risk , and ra te ch a rged b o rro w e r less th e com m itm en t ch a rg e on p o r tio n on w h ich fin a n cin g in stitu tion assum es the risk. 10 to 25 p e r cen t o f rate ch a rged b o rro w e r w ith a m in im u m ra te o f y 2 p e r cen t p e r annum , p r o v id e d th at n o com m itm ent shall be giv en o n loa n on w h ich b o r ro w e r is ch a rged m ore th a n 6 p e r cen t p e r annum .
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