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