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F E D E R A L R E S E R V E BANK OF ST. LOUI S KATES OF DISCOUNT February 21, 1928. TO T H E M EM B ER BANK A D D R E S S E D : Effective to-day, and subject to change w ithout notice, the Federal Reserve Board has approved for this Bank a rate of 4% on all classes and maturities of rediscounts and member bank notes. Rebates of unearned discount will be made in accordance with the provisions outlined on Page 9 of our Letters of Instruction. Respectfully, D. C. BIGGS, Governor.