Full text of Federal Reserve Bank of New York Circulars : Operating Circular 13a. Discount Rates

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r Operating Circular No. 13 “I
L Revised November 7, 1958 J

DISCOUNT RATES

To all M em ber Banks, and Others Concerned,
in the Second Federal R eserve D istrict:

1. This Bank has established the following new rates, effective
November 7, 1958:
A rate o f 2*4 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 3 per cent per annum on advances to member banks
under section 10(b) of the Federal Reserve Act.
A rate o f 4 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 of the United States.
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
September 12, 1958.




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RATE SCHEDULE OF FEDERAL RESERVE BANK OF NEW YORK
Effective November 7, 1958
Advances to and discounts for member banks:

P er Cent
P e r Annum

(a) Advances and discounts under sections 13 and 13a of the
Federal Reserve A c t ...................................................
(b) Advances under section 10(b) of the Federal Reserve Act
Advances to individuals, partnerships and corporations
other than member banks:
Advances under last paragraph of section 13 of the Federal
Reserve Act secured by direct obligations of the
United States..............................................................
Industrial advances and commitments under section 13b
o f the Federal Reserve A ct:
(a) Advances direct to industrial or commercial businesses,
including advances made in participation with financ­
ing institutions............................................................
(b) Commitments to make advances direct to industrial or
commercial businesses.................................................

( c ) A d v a n ce s tak en o v e r fr o m fin a n cin g in stitu tion s u n der
c o m m it m e n ts ....................................................................................

(d) Commitments to financing institutions




4 to' 6
10 to 25 per cent of rate
to be charged borrower
with a minimum rate of
y2 per cent per annum.
Rate charged borrower
on portion for which
Federal Reserve Bank
assumes the risk, and
rate charged borrower
less the commitment
charge on portion on
which financing institu­
tion assumes the risk.
10 to 25 per cent of rate
charged borrower with
a minimum rate of y2
per cent per annum,
provided that no com­
mitment shall be given
on loan on which bor­
rower is charged more
than 6 per cent per
annum.