ANNUAL REPORT OF BOARD OF GOVERNORS

NO. 10—FEDERAL RESERVE BANK DISCOUNT, INTEREST, AND COMMITMENT RATES,AND BUYING RATES ON BILLS

[Per cent per annum]

In effect December 31, 1945

Type of transaction Bos-ton

NewYork

Phil-adel-phia

Cleve-land

Rich-mond

At-lanta

Chi- St.Louis

Min-neap-olis

Kan-sas

CityDal-las

SanFran-cisco

Discounts for and advances tomember banks under Sees.13 and 13a of the FederalReserve Act:

Advances secured by Gov-ernment obligations ma-turing or callable in oneyear or less

All otherAdvances to member banks

under Sec. 10(b) of the Fed-eral Reserve Act

Advances to individuals, part-nerships, or corporationsother than member bankssecured by direct obligationsof the United States (lastparagraph of Sec. 13 of theFederal Reserve Act):

To nonmember banksToothers

Advances to industrial orcommercial businesses un-der Sec. 13b of the Fed-eral Reserve Act, director in participation withfinancing institutions

Discounts for and purchasesfrom financing institutionsunder Sec. 13b of the Fed-eral Reserve Act:

On portion for which in-stitution is obligated

On remaining portionCommitments to make ad-

vances under Sec. 13b ofthe Federal Reserve Act:

To industrial or commer-cial businesses

To financing institutions..

Minimum buying rates onprime bankers' acceptancespayable in dollars.

1-90 days91-120 days

121-180 daysBuying rate on Treasury

bills*

X

VA V/2

(2)23)

IX

(*)

2M-5

12Vi

C1)(«)

IX

'-IXrlX •fc

X X

1 Rate charged borrower by financing institution less commitment rate.2 May charge same rate as charged borrower by financing institution, if less.a Rate charged borrower.4 Financing institution is charged H per cent on undisbursed portion of loan.6 The same minimum rates in effect at the Federal Reserve Bank of New York apply to any purchases made by other

Federal Reserve Banks.6 Established rate at which Federal Reserve Banks stand ready to buy all Treasury bills offered. Effective Aug. 3, 1942,

purchases of such bills, if desired by the seller, were made on condition that the Reserve Bank, upon request before maturity,would sell back bills of like amount and maturity at the same rate of discount. Since May 15, 1943, all purchases havebeen made subject to repurchase option.

NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obliga-tions of the Federal Farm Mortgage Corporation or the Home Owners Loan Corporation guaranteed as to principal andinterest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 daysfor other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of cer-tain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, orcorporations made under the last paragraph of Section 13 is 90 days. Industrial advances and commitments made underSection 13b of the Federal Reserve Act may have maturities not exceeding 5 years.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1945

84 ANNUAL REPORT OF BOARD OF GOVERNORS

NO. 10—FEDERAL RESERVE BANK DISCOUNT, INTEREST, AND COMMITMENTRATES, AND BUYING RATES ON BILLS

[Per cent per annum]

In effect December 31, 1946

Type of transaction

Discounts for and advances tomember banks under Sees.13 and 13a of the FederalReserve Act

Advances to member banksunder Sec. 10(b) of the Fed-eral Reserve Act

Advances to individuals, part-nerships, or corporationsother than member bankssecured by direct obligationsof the United States (lastparagraph of Sec. 13 of theFederal Reserve Act)

Loans to industrial or com-mercial businesses under Sec.13b of the Federal ReserveAct, direct or in participationwith financing institutions

Discounts for and purchasesfrom financing institutionsunder Sec. 13b of the FederalReserve Act:

On portion for which in-stitution is obligated

On remaining portionCommitments to make loans

under Sec. 13b of the FederalReserve Act:

To industrial or commer-cial businesses

To financing institutions...

Minimum buying rates onprime bankers' acceptancespayable in dollars

1-90 days91-120 days

121-180 daysBuying rate on Treasury bills6..

Bos-ton

1

IK

2

0)(3)

K-lK-i

(5)

H

NewYork

1

IK

2K

2i^-5

0)(3)

K-l 34K-1M

lli

Vs

Phil-adel-phia

1

IK

2

2i^-5

(2) 2(3)

K-ik

(5)

H

Cleve-land

1

IK

2

2^-5

0)(3)

K-134

H

Rich-mond

1

IK

2K

2i^_5

0)(3)

K~134

(5)

H

At-lanta

1

IK

2

21^-5

0)(3)

K-iM

Chi-cago

1

IK

2

2K~5

2K~52K"~5

x-ix

(5)

H

St.Louis

1

IK

2

2K-5

1-lK(3)

K - l 3434-134

(51

Min-neap-olis

1

IK

2

2K-5

0)(3)

K-i/4K-l 34

(6)

Kan-sasCity

1

IK

2

2K-5

C1)(3)

K~1MK-iM

(5)

Dal-las

1

IK

2

2K-5

(J)(3)

K~134(4) -K-

(5)

SanFran-cisco

1

IK

2K

2K-5

(J)

K-iM(4) K ;

H

1 Rate charged borrower by financing institution less commitment rate.2 May charge same rate as charged borrower by financing institution, if lower.3 Rate charged borrower.4 Financing institution is charged }4 per cent on undisbursed portion of loan.6 The same minimum rates in effect at the Federal Reserve Bank of New York apply to any purchases made by other

Federal Reserve Banks.6 Established rate at which Federal Reserve Banks stand ready to buy all Treasury bills offered. Purchases of such bills,

if desired by the seller, are made on condition that the Reserve Bank, upon request before maturity, will sell back bills of likeamount and maturity at the same rate of discount.

NOTE: Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obliga-tions of the Federal Farm Mortgage Corporation or the Home Owners Loan Corporation guaranteed as to principal andinterest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 daysfor other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of cer-tain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, orcorporations made under the last paragraph of Section 13 is 90 days. Industrial loans and commitments made under Section13b of the Federal Reserve Act may have maturities not exceeding 5 years.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1946

76 ANNUAL REPORT OF BOARD OF GOVERNORS

NO. 10—FEDERAL RESERVE BANK DISCOUNT, INTEREST, AND COMMITMENTRATES, AND BUYING RATES ON BILLS

[Per cent per annum]

In effect December 31, 1947

Type of transaction

Discounts for and advances tomember banks under Sees.13 and 13a of the FederalReserve Act

Advances to member banksunder Sec. 10(b) of the Fed-eral Reserve Act

Advances to individuals, part-nerships, or corporationsother" than member bankssecured by direct obligationsof the United States (lastparagraph of Sec. 13 of theFederal Reserve Act)

Loans to industrial or com-mercial businesses under Sec.13b of the Federal ReserveAct, direct or in participationwith financing institutions...

Discounts for and purchasesfrom financing institutionsunder Sec. 13b of the FederalReserve Act:

On portion for which in-stitution is obligated....

On remaining portionCommitments to make loans

under Sec. 13b of the FederalReserve Act:

To industrial or commer-cial businesses

To financing institutions..

Minimum buying rates onprime bankers' acceptancespayable in dollars

1-90 days91-120 days

121-180 days

Bos-ton

1

2

8

K-l

NewYork

1

IK

2K-5

8

H-iH

Phil-adel-phia

1

2

00 2

H-iH

Cleve-land

1

IK

2

(4) K -

Rich-mond

1

H-iH

At-lanta

1

IK

2

1-51-5

(4) K -

Chi-cago

1

2

23^-5

St.Louis

1

2

2K-5

1-1K

(5)

Min-neap-olis

1

IK

2

H-iH

1

Kan-sas

City

1

IK

2

Dal-las

1

IK

2

w<*)

H-iH

SanFran-cisco

1

2K-5

(?

1 Rate charged borrower by financing institution less commitment rate.2 May charge same rate as charged borrower by financing institution, if lower.8 Rate charged borrower.4 Financing institution is charged 34 per cent on undisbursed portion of loan.5 The same minimum rates in effect at the Federal Reserve Bank of New York generally apply to any purchases made

by other Federal Reserve Banks.NOTE: Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by

obligations of the Federal Farm Mortgage Corporation or the Home Owners Loan Corporation guaranteed as to principaland interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts ofcertain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respec-tively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships,or corporations made under the last paragraph of Section 13 is 90 days. Industrial loans and commitments made underSection 13b of the Federal Reserve Act may have maturities not exceeding 5 years.

SPECIAL NOTE: Federal Reserve Bank discount rates on eligible paper were increased during January 1948.See text, p. 6. Discount rates currently in effect are published in the Federal Reserve Bulletin.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1947

j6 ANNUAL REPORT OF BOARD OF GOVERNORS

NO. 10—FEDERAL RESERVE BANK DISCOUNT, INTEREST, AND COMMITMENTRATES, AND BUYING RATES ON BILLS

[Per cent per annum]

In effect December 31, 1948

Type of transaction

Discounts for and advances tomember banks under Sees.13 and 13a of the FederalReserve Act

Advances to member banksunder Sec. 10(b) of the Fed-eral Reserve Act

Advances to individuals, part-nerships, or corporationsother than member bankssecured by direct obligationsof the United States (lastparagraph of Sec. 13 of theFederal Reserve Act)

Loans to industrial or com-mercial businesses under Sec.13b of the Federal ReserveAct, direct or in participationwith financing institutions.. .

Discounts for and purchasesfrom financing institutionsunder Sec. 13b of the FederalReserve Act:

On portion for which in-stitution is obligated... .

On remaining portionCommitments to make loans

under Sec. 13b of the FederalReserve Act:

To industrial or commer-cial businesses

To financing institutions. .

Effective minimum buyingrates on prime bankers' ac-ceptances payable in dollars..

1-90 days91-120 days

121-180 days

Bos-ton

IX

2

lYi

2 }^-5

(:)

X-1X

(5)

NewYork

IX

2

2Yi

2J^-5

C1)

X-V/A

"\YI

Phil-adel-phia

IX

2

2Yi

2^-5

(2)

J^-lkiXrlX

(5)

Cleve-land

\Yi

2

2Yi

2Y2-5

0)

X~l \iX-V/A

(5)

Rich-mond

IX

2

2Y2

2)^-5

C1)

X-iXX-V4

(5)

At-lanta

IX

2

2Yi

2M-5

0)

X-iH

(5)

Chi-cago

IX

2

2H

2%-h

2Y2S23^-5

YA-V/A

(5)

St.Louis

^X

2

2X

3-5

IY2-2

X-iX

(5)

Min-neap-olis

IX

2

2%

2H-5

I1)

X-WiXrlX

(5)

Kan-sasCity

IX

2

2Y2

2Y2-5

0)

Y2-1XX-iX

(5)

Dal-las

IX

2

2Y2

2Y2-5

0)

X-iX4) ix

(5)

SanFran-cisco

IX

2

2Y2

2Y2-5

C1)

X-iX

A

(5)

1 Rate charged borrower by financing institution less commitment rate.2 Rate charged borrower, but not to exceed 1 per cent above the discount rate.3 Rate charged borrower.4 Financing institution is charged X per cent on undisbursed portion of loan.5 The same minimum rates in effect at the Federal Reserve Bank of New York generally apply to any purchases made

by other Federal Reserve Banks.NOTE: Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obli-

gations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal andinterest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days forother advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certainbankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, orcorporations made under the last paragraph of Section 13 is 90 days. Industrial loans and commitments made under Sec-tion 13b of the Federal Reserve Act may have maturities not exceeding 5 years.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948

NO. 11—FEDERAL RESERVE BANK DISCOUNT, INTEREST, AND COMMITMENT RATES, AND BUYING RATES ON ACCEPTANCES

[Per cent per annum]

In effect December 31, 1949

Type of transaction Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Discounts for and advances to member banks under Sees.13 and 13a of the Federal Reserve Act

Advances to member banks under Sec. 10(b) of the Fed-eral Reserve Act

IK

2

IK

2

IK

2Advances to individuals, partnerships, or corporations

other than member banks secured by direct obligationsof the United States (last paragraph of Sec. 13 of theFederal Reserve Act)

Loans to industrial or commercial businesses under Sec.13b of the Federal Reserve Act, direct or in participationwith financing institutions

Discounts for and purchases from financing institutionsunder Sec. 13b of the Federal Reserve Act:

On portion for which institution is obligatedOn remaining portion

Commitments to make loans under Sec. 13b of the FederalReserve Act:

To industrial or commercial businessesTo financing institutions

Effective minimum buying rates on prime bankers' ac-ceptances payable in dollars

1-90 days91-120 days

121-180 days

2H 2H

0)(3)

i-iXi-iX

K-iXXiX

-iX*X x-\x

X-iXxX

2H

3-5

mi

IK

2

2V2

IK

2

2H

C1)(•)

1 Rate charged borrower by financing institution less commitment rate.2 Rate charged borrower, but not to exceed 1 per cent above the discount rate.* Rate charged borrower.* Financing institution is charged X per cent on undisbursed portion of loan.6 The same minimum rates in effect at the Federal Reserve Bank of New York generally apply to any purchases made by other Federal Reserve Banks.NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or

the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credic banks maturing within 6months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and ofagricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advancesto individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Industrial loans and commitments made under Section 13b of the FederalReserve Act may have maturities not exceeding 5 years.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949