FEDERAL RESERVE BANK DISCOUNT RATES

[Per cent per annum]
Federal Reserve bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Jan.
3
In
effect
beginning-
All other
Rate
Jan.
3
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Jan.
3
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Jan.
3
In
effect
beginning—
To others
Rate
Jan.
3
In
effect
beginning-
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta _.
Chicago
St. Louis
Minneapolis..
Kansas City. .
Dallas
San Francisco
1
1
U ?
1
l
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
Sept.
A u g .
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
1
%H per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, IK per cent.
Back figures.—See Annual Report for 1937 (table 40).
F E D E R A L R E S E R V E B A N K B U Y I N G R A T E S O N A C C E P T A N C E S
[Per cent per annum]
Maturity
1-15 days i._
16-30 days...
31-45 days
46-60 days
61-90 days...
91-120 days..
121-180 days.
Rate in
effect on
Jan. 3
In effect be-
ginning—
Oct. 20, 1933
___do
. . . do
. . . do
. . . do
. . . do
—do
Previous
rate
1
1
1
1
1
1
IK
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1937 (table 41)
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal Savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days _
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
* NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect, Jan. 3, 1940, on advances and commitments under
Sec. 13b, of the Federal Reserve Act as amended June 19, 1934.
[Per cent per annum except as otherwise specified]
Federal Reserve bank
Boston
New York. . . .
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City. .
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
5-6
5-6
4-6
5-6
5-6
Advances to financ-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0)
4-6
4
3-4
On re-
maining
portion
4-6
5
5-6
4
5-6
4-5
Commit-
ments
to make
advances
1
1-2
1-2
1
1
1
Authorized rate 1 per cent above prevailing discount rate.
* Same as to borrower but not less than 4 per cent.
8
Flat charge.
Back figures.—See Annual Report for 1937 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:»
Central reserve city_.
Reserve city
Country
On time deposits:
All member banks.._
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19K
15
10M
4M
Mar. 1,
1937-
Apr. 30,
1937
22^
17H
12M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22K
12
5
i See footnote to table on p. 28 for explanation of method of com-
puting net demand deposits.
22 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1940
F E D E R A L R E S E R V E B A N K D I S C O U N T R A T E S
[Per cent per annum]
Federal Reserve bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Jan.
31
In
effect
beginning-
All other
Rate
Jan.
31
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Jan.
31
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Jan.
31
In
effect
beginning-
To others
Rate
Jan.
31
In
effect
beginning-
Boston
New York....
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1
i s
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1 9 3 9
2 7 , 1 9 3 7
4 , 1 9 3 7
1 1 , 1 9 3 5
2 7 , 1 9 3 7
1 6 , 1 9 3 9
1, 1 9 3 9
2 1 , 1 9 3 9
2 4 , 1 9 3 7
1 6 , 1 9 3 9
1 6 , 1 9 3 9
3, 1937
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10,1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2 , 1 9 3 7
2 4 , 1 9 3 7
3 , 1 9 3 7
3 1 , 1 9 3 7
1 7 , 1 9 3 7
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1,1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept.
M a y
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
2 9 , 1 9 3 8
8, 1 9 3 4
1, 1 9 3 9
1 1 , 1 9 3 5
1 9 , 1 9 3 4
2 3 , 1 9 3 8
1 6 , 1 9 3 3
2 3 , 1 9 3 5
8, 1 9 3 8
1 6 , 1 9 3 8
1 6 , 1 9 3 8
1 9 , 1 9 3 3
1
2 ^ per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, 1^ per cent.
Back figure*.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days »..
16-30 days...
31-45 days...
46-60 days...
61-90 days.. .
91-120 days..
121-180 days
Rate in
effect on
Jan. 31
In effect be-
ginning—
Oct. 20, 1933
—do
. . . do
—do
. . . do
. . . do
. . . do.
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1937 (table 41).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits __
Postal Savings deposits
Other time deposits pay-
able in:
6 months or more __
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1,1935
to
Dec. 31, 1935
2H
2K
In effect
beginning
Jan. 1,1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect, Jan. 31, 1940, on advances and commitments under
Sec. 13b, of the Federal Reserve Act as amended June 19,1934.
[Per cent per annum except as otherwise specified]
Federal Reserve bank
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
6
5-6
5-6
4-6
5-6
5-6
Advances to financ-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0) :
4-6
5
4
3-4
On re-
maining
portion
4-5
4-6
5
5-6
4
5-6
4-5
Commit-
ments
to make
advances
1-2
(») H
1
Authorized rate 1 per cent above prevailing discount rate.
«Same as to borrower but not less than 4 per cent.
»Flat charge.
Back figures—See Annual Report for 1937 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:»
Central reserve city..
Reserve city
Country
On time deposits:
All member banks-
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19H
15
Mar. 1,
1937-
Apr. 30,
1937
17H
12X
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22K
12
5
1
See footnote to table on p. 128 for explanation of method of com-
puting net demand deposits.
122 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Feb.
27
In
effect
beginning—
All other
Rate
Feb.
27
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Feb.
27
In
effect
begi nni ng-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Feb.
27
In
effect
beginning-
To others
Rate
Feb.
27
In
effect
beginning-
Boston
New York. . . .
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-
Kansas Ci t y-
Dallas
San Francisco
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11,1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept. 1,1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3,1937
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
A p r .
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
1
2H per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, 1H per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days K.
16-30 days
31-45 days._.
46-60 days...
61-90 days...
91-120 days..
121-180 days
Rate in
effect on
Feb. 27
In effect be-
ginning—
Oct. 20, 1933
. . . do
_._do
. . . do
. . . do
. . . do
—do
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1937 (table 41).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal Savings deposits
Other time deposits pay-
able in:
!
6 months or more.
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31,1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect, Feb. 27, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act.
[Per cent per annum except as indicated by footnote
3
]
Federal Reserve bank
Boston
New York. . . .
Philadelphia-
Cleveland
Richmond
Atlanta _.
Chicago _
St. Louis
Minneapolis-
Kansas City—
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
3H-6
4-6
4-6
6
5-6
5-6
4-6
5-6
5-6
Advances to financ-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0) 2
3
4-6
4
4
3-4
On re-
maining
portion
/2
4-5
4-6
5
5-6
4
5-6
4-5
Commit-
ments
to make
advances
1-2
YT-2
1 2
1-1
1 Authorized rate 1 per cent above prevailing discount rate.
2 Same as to borrower but not less than 4 per cent,
a Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits: *
Central reserve city-
Reserve city
Country
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
15
ioy
2
Mar. 1,
1937-
Apr. 30,
1937
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
22K
VIM
12
i See footnote to table on p. 220 for explanation of method of com-
puting net demand deposits.
214 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
March
In
effect
begi nni ng-
All other
Rate
March
29
In
effect
begi nni ng-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
March
29
In
effect
begi nni ng-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
March
29
In
effect
beginning-
To others
Rate
March
29
In
effect
beginning-
Boston _.
New York. . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
8t. Louis
Minneapolis..
Kansas Ci t y. .
Dal l as. . .
San Francisco
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2,1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
4
3
2M
2H
Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
M a y 11, 1935
Feb. 19,1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
* 2J4 per cent to lenders other than banks.
NOTE. —Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, \% per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days 1.-
16-30 days. . .
31-45 days. . .
46-60 days. . .
61-90 days. . .
91-120 days..
121-180 days
Rate in
effect on
March 29
In effect be-
ginning—
Oct. 20, 1933
. . . do
. . . do
—do
. . . do
. . . do
. . . do
Previous
rate
i This rate also applies to acceptances bought under repurchase, agree-
ments, which agreements are always for a period of 15 days or less.
NOTE. —Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1937 (table 41).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal Savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1,1935
to
Dec. 31,1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect March 29, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act.
[Per cent per annum except as indicated by footnotefl
Federal Reserve bank
Boston
New York. . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas Ci t y. .
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
6
5-6
5-6
6
4-6
5-6
5-6
Advances to financ-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0)
4-6
5
4
3-4
On re-
maining
portion
4-5
4
4-6
5
5-6
4
5-6
4r-5
Commit-
ments
to make
advances
1-2
x - 1
K
3
)
1 Authorized rate 1 per cent above prevailing discount rate.
2
Same as to borrower but not less than 4 per cent.
3 Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits: i
Central reserve city. .
Reserve city
Country
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
15
Mar. 1,
1937-
Apr. 30,
1937
17V s*
12K
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
6
1
See footnote to table on p. 322 for explanation of method of com-
puting net demand deposits.
316 FEDERAL RESERV E BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per oent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
April
27
In
effect
beginning-
All other
Rate
April
27
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
April
27
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
April
27
In
effect
beginning—
To others
Rate
April
27
In
effect
beginning-
Boston
New York
Phi l adel phi a-
Cleveland
Richmond
Atlanta
Chicago _.
St. Louis
Minneapolis—.
Kansas City....
Dallas..
San Francisco.
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11,1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1037
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
8ept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept.
M a y
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland,
Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i . .
16-30 days—
81-45 days. . .
46-60 days—
81-90 days—
81-120 days. .
121-180 days.
Rate in
effect on
April 27
In effect be-
ginning—
Oct. 20, 1933
—do
. . . do
. . . do.
. . . do.
. . . do
. . . do
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal Savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31,1935
In effect
beginning
Jan. .1,1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BANK RATES ON I NDUSTRI AL ADVANCES
Rates in effect April 27, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act.
[Per cent per annum except as i
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland. _.
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City. . .
Dallas
San Francisco .
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
6
5-6
5-6
6
4-6
5-6
5-6
ndicated by footnote
Advances to financ-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
3
3
0) 2 ^
91/
4-6
0 )
3K
4V4-5
4
4
3-4
On re-
maining
portion
4-5
4
4-6
5
5-6
4
4
6-6
4-5
3
]
Commit-
ments
to make
advances
1-2
1
1-2
1-2
(
3
) 1
1
(
3
) 2
1
1
Authorized rate one per cent above prevailing discount rate.
1
Same as to borrower but not less than 4 per cent.
* Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits: *
Central reserve city.
Reserve city
Country
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
15
Mar. 1,
1937-
Apr. 30,
1937
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
12
» See footnote to table on p. 428 for explanation of method of com-
puting net demand deposits.
422 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
May
In
effect
beginning-
All other
Rate
May
29
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
May
29
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
May
29
In
effect
beginning-
To others
Rate
May
29
In
effect
jginning—
Boston__
New York....
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City_.
Dallas
San Francisco
Sept.
A u g .
Sept.
May
Aug.
Sept.
Sept.
Sept.
A u g .
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
Sept.
Aug.
Sept.
Ma y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
A u g .
A u g .
Sept.
A u g .
Sept.
A u g .
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
A p r.
Feb .
Sept
Ma y
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i._
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days_.
121-180 days.
Rate in
effect on
May 29
Vi
In effect be-
ginning—
Oct. 20, 1933
. . . do
. . . do I . . .
. . . do
. . . do
. . . do
. . . do
Previous
rate
1
1
1
1
1
1
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:^
Central reserve city__
Reserve city _
Country.
On time deposits:
All member banks._.
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
15
2
4M
Mar. 1,
1937-
Apr. 30,
1937
22^
12M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22%
12
2
5
i See footnote to table on p. 556 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T ___
For loans by banks on stocks, under Regulation U___
Apr. 1,
1936-
Oct. 31,
1937
55
(*)
3 55
Nov. ]
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
* Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
for "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect May 29, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
3
]
Federal Reserve Bank
Boston
New York....
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
6
5-6
5-6
4-5 ^
6
4-6
5-6
5-6
Advances to finan-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
(9
3
3
4-6
5
4^-5
4
3-4
On re-
maining
portion
4
4-6
5
5-6
4^-5
5-6
4-5
Commit-
ments
to make
advances
H-2
1-2
(
3
)
(
3
)
i Authorized rate one per cent above prevailing discount rate.
* Same as to borrower but not less than four per cent.
3
Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan.. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
2K
2K
K
2K
2K
In effect
beginning
Jan. 1, 1936
F
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
550 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
June
28
In
effect
beginning-
All other
Rate
June
28
In
effect
beginning—
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
June
28
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
June
28
In
effect
sginning-
To others
Rate
June
28
In
effect
sginning—
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis-
Kansas City__
Dallas
San Francisco
1
1
IK
IK
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
1
1
IK
IK
IK
IK
1)1
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
K
l
IK
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
2K
3K
2K
3K
k
4
3
2K
2K
4
Apr . 29, 1938
Feb. 8, 1934
Sept 1, 1939
M a y 11, 1935
Feb. 19, 1934
Apr . 23, 1938
Oct. 16, 1933
F eb . 23, 1935
Oct. 8, 1938
Apr . 16, 1938
Apr . 16, 1938
Oct. 19, 1933
i Two and one-half per cent to lenders other than banks. NOT,E.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days L_.
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days
Rate in
effect on
June 29
In effect be-
ginning—
Oct. 20, 1933
. . . do
_..do
___do
. . . do
—do
. . . do
Previous
rate
1
1
1
1
1
1
1H
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve city__
Reserve city
Country
On time deposits:
All member banks.__
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19K
15
10K
4K
Mar. 1,
1937-
Apr. 30,
1937
22%
17K
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22%
17K
12
5
i See footnote to table on p. 690 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U___
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. 1,
1937
and
after
40
50
40
1 Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
2 Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
for "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect June 28, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
3
]
Federal Reserve Bank
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago „
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Advances
direct to
industrial
or com-
mercial or-
ganizations
3K-6
4-6
4-6
6
5-6
5-6
4-5K
6
4-6
5-6
5-6
Advances to finan-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0)
0)
On re-
maining
portion
4-5
3K
4-6
5
2K
3K
4K-5
4
3-4
4
4-6
5
5-6
4
4^-5
5-6
4-5
Commit-
ments
to make
advances
1-2
K-2
1-2
K
1-2
1
(3) 2
K-2
(
3
)
1
Authorized rate one per cent above prevailing discount rate.
* Same as to borrower but not less than four per cent.
3
Minimum charge one-half of one per cent.
Back figures—See Annual Report for 1937 (table 40).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan.. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
2K
2K
2K
In effect
beginning
Jan. 1, 1936
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
684
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
July
31
In
effect
beginning-
All other
Rate
July
31
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
July
31
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
July
31
In
effect
beginning—
To others
Rate
July
31
In
effect
beginning-
Boston
New York....
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-
Kansas Ci t y-
Dallas
San Francisco.
Sept.
Aug.
Sept.
May
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1 939
2 7 , 1 937
4 , 1 937
1 1 , 1 935
2 7 , 1 937
1 6 , 1 939
1, 1 939
2 1 , 1 939
2 4 , 1 937
1 6 , 1 939
1 6 , 1 939
3, 1 937
1
1
VA
Sept.
Aug.
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1 939
2 7 , 1 937
4 , 1 937
1 1 , 1 935
2 7 , 1 937
2 1 , 1 937
2 1 , 1 937
2 , 1 937
2 4 , 1 937
3, 1 937
31 , 1 937
3, 1 937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2 , 1 937
1 0 , 1 935
4 , 1 937
1 9, 1 935
1 0 , 1 937
2 1 , 1 937
2 1 , 1 937
2 , 1 937
2 4 , 1 937
3, 1 937
31 , 1 937
1 7 , 1 937
1
1
1
1
W
\
I
I
I
i
I
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
2 9, 1 938
8, 1 934
1, 1 939
1 1 , 1 935
1 9, 1 934
2 3, 1 938
1 6 , 1 933
2 3, 1 935
8, 1 938
1 6 , 1 938
1 6 , 1 938
1 9, 1 933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i...
16-30 days. . .
31-45 days. . .
46-60 days. . .
61-90 days. . .
91-120 days. .
121-180 days.
Rate in
effect on
July 31
l
In effect be-
ginning—
Oct. 20, 1933
—do
. . . do
....do
—.do..
. . . do
. . . do
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits :*
Central reserve city__
Reserve city. _
Country
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
15
ioy
2
&A
Mar. 1,
1937-
Apr. 30,
1937
22M
17H
12M
5M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
2 2 ^
i7y
2
12
5
i See footnote to table on p. 790 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve. System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T_
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U.__
Apr. 1,
1936-
Oct. 31,
1937
55
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
»Requirement under Regulation T was the margin "customarily
required" by the broker.
* Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
for "omnibus" accounts and loans to brokers and dealers.
F E D E R A L R E S E R V E B A N K R A T E S O N I N D U S T R I A L A D V A N C E S
Rates in effect July 31, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
3
]
Federal Reserve Bank
Boston. _
New York—
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-
Kansas City..
Dallas
San Francisco.
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
5-6
5-6
6
4-6
5-6
5-6
Advances to finan-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
(0
0)
4
4
3-4
On re-
maining
portion
4-6
5
5-6
4
5-6
4-5
Commit-
ments
to make
advances
1-2
y
2
1-2
1
2
i Authorized rate one per cent above prevailing discount rate.
1
Same as to borrower but not less than four per cent.
3 Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31,1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
784 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Aug.
31
In
effect
beginning-
All other
Rate
Aug.
31
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
Aug.
31
In
effect
begi nni ng-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Aug.
31
In
effect
beginning—
To others
Rate
Aug.
31
In
effect
beginning—
Boston___
New York.—
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas Ci t y-
Dallas
San Francisco.
H
l
l
V A
l
l
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE. —Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—Bee Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Mat uri t y
1-15 days i.__.
16-30 days
31-45 days
46-60 days
61-90 days - . .
91-120 days. . .
121-180 days-
Rate in
effect on
July 31
1
In effect be-
ginning—
Oct. 20, 1933
. . . _do-
_do_.
_do_.
..do..
. . do-
Previous
rate
1
1
1
1
1
1
IK
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE. —Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits :*
Central reserve ci t y. .
Reserve city
Country-
On time deposits:
All member banks. __
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
193^
15
ioy
2
Mar. 1,
1937-
Apr. 30,
1937
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
12
5
i See footnote to table on p. 962 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U__.
Apr. 1,
1936-
Oct. 31,
1937
55
»55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
1
Regulation U became effective May 1, 1936.
NOTB.-—Regulations T and U also provide special margin requirements
or "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect Aug. 31, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
3
]
Federal Reserve Bank
Boston _
New York
Phi l adel phi a-
Cleveland.
Richmond
Atlanta. _
Chicago. __
St. Louis
Minneapolis.—
Kansas City_._
Dallas
San Francisco..
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
6
4-6
5-6
5-6
Advances to finan-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0)
4-6
4-5
4
4
3-4
On re-
maining
portion
11
4-6
4-5
5-6
5-6
4-5
Commit-
ments
to make
advances
1-2
1-2
1-2
1
2
* Authorized rate one per cent above prevailing discount rate.
> Same as to borrower but not less than four per cent.
3
Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits.._
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days. _
Nov
Jan.
• 1,
to
31,
1933
1935
3
3
3
3
3
Feb. 1, 1935
to
Dec. 31, 1935
2A
2A
23^2
21 / 2
1
In effect
beginning
Jan. 1, 1936
VA
2H
2
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
956 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1940
F E D E R A L R E S E R V E B A N K D I S C O U N T R A T E S
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U.S.
Rate
Sept.
30
In
effect
beginning—
All other
Rate
Sept.
30
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
Sept.
In
effect
beginning—
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Sept.
30
In
effect
sginning—
To others
Rate
Sept.
30
In
effect
beginning-
Boston
New York.....
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
Apr. 29, 1938
Feb. 8, 1934
Sept 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i._.
16-30 days—
31-45 days. . .
46-60 days. . .
61-90 days. . .
91-120 days..
121-180 days.
Rate in
effect on
Sept. 30
Vi
1
In effect be-
ginning—
Oct. 20, 1933
. . . do
. . . do
. . . do
. . . do
. . . do
. . . do
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve city..
Reserve city
Country
On time deposits:
All member banks
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
193^
15
ioy
2
VA
Mar. 1,
1937-
Apr. 30,
1937
22^
WA
12M
5M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22%
V
l
A
12
5
i See footnote to table on p. 1108 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T_
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U__.
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
» Requirement under Regulation T was the margin "customarily
required" by the broker.
* Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
or "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect Sept. 30, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
3
]
Federal Reserve Bank
Boston
New York
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4^ -6
6
4^ -6
5-6
6
4-6
5-6
5-6
Advances to finan-
ing institutions—
On por-
tion for
which
institu-
tion is
obligated
0)
0)
A
4-6
4-5
4
3-4
On re-
maining
portion
)
4-6
4-5
5-6
4
4
5-6
4-5
Commit-
ments
to make
advances
1-2
Vz-2
1-2
1-2
1-2
1
1
2
1
i Authorized rate one per cent above prevailing discount rate.
» Same as to borrower but not less than four per cent.
3
Minimum charge one-half of one per cent.
Back figures—See Annual Report for 1937 (table 40).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
V
2
2V
2
In effect
beginning
Jan. 1, 1936
l
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
1102 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Oct.
30
In
effect
beginning-
All other
Rate
Oct.
30
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Oct.
30
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Oct.
30
In
effect
beginning—
To others
Rate
Oct.
30
In
effect
beginning—
Boston
New York
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-
Kansas City__
Dallas-
San Francisco.
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11,1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
1
1
0)iK
l
l
l
IH
l
l
IK
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Stpt. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
F E D E R A L R E S E R V E B A N K B U Y I N G R A T E S O N A C C E P T A N C E S
[Per cent per annum]
Maturity
1-15 days i___.
16-30 days
31-45 days
46-60 days
61-90 days
91-120 days....
121-180 days..
Rate in
effect on
Oct. 30
In effect be-
ginning—
Oct. 20, 1933
IllldoIIIIIIII!
lllldoIIIIIIII!
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
Central reserve city__
Reserve city
Country
On time deposits:
All member banks
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
K
15
10K
Mar. 1,
1937-
Apr. 30,
1937
22%
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
22H
12
2
5
i See footnote to table on p. 1194 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U__.
Apr. 1,
1936-
Oct. 31,
1937
55
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
• Requirement under Regulation T was the margin "customarily
required" by the broker.
» Regulation U became effective May 1,1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect October 30 on advances and commitments under Section
13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
B
]
Federal Reserve
Bank
Boston
New York...,
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
3^-6
M5
4-6
4-6
3-6
3-6
4-6
4-6
4-6
Advances~to or jn par-
ticipation withf financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
3
3
(3)3
4
3-6
3M
3-6
4
4
3-4
On re-
maining
portion i
A
(
4
)4
4-6
3-6
4
3-6
4
4-6
4-5
Commit-
ments
to make
advances
K
1-2
K-2
1-2
1-2
()
1-2
(*)2
1 The Federal Reserve Banks of Philadelphia, Richmond, Atlanta,
Chicago, Minneapolis, Kansas City, and Dallas may charge same rate
as charged borrower by financing institution, if lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note 0-
* One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note 0-
6
Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits |
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31,1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
2K
2K
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
1188 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1940
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Nov.
28
In
effect
beginning—
All other
Rate
Nov.
23
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
Nov.
28
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Nov.
28
In
effect
beginning—
To others
Rate
Nov.
28
In
effect
beginning-
Boston
New York__._
Philadelphia-
Cleveland
Richmond
Atlanta _
Chicago
St. Louis
Minneapolis-
Kansas City..
Dallas
San Francisco.
1
1
1
1
1
IX
1
IX
Sept.
A u g .
Sept.
May
Aug.
Sept.
Sept.
Sept.
A u g .
Sept.
Sept.
Sept.
1, 1939
2 7 , 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
IX
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr. 29, 1938
F e b . 8, 1934
Se pt 1, 1939
May 11, 1935
F e b . 19, 1934
Apr. 23, 1938
Oct. 16, 1933
F e b . 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days L_.
16-30 days. . .
31-45 days__.
46-60 days—.
61-90 days. . .
91-120 days..
121-180 days.
Rate in
effect on
Nov. 28
X
In effect be-
ginning—
Oct. 20, 1933
—do
. . . do
. . . do
. . . do
. . . do. . .
. . . do
Previous
rate
1
1
1
1
1
1
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits :*
Central reserve city..
Reserve city
Country
On time deposits:
All member banks.._
J une 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19H
15
ioy
2
Mar. 1,
1937-
Apr. 30,
1937
22^
17H
MX
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22»4
12
5
1
See footnote to table on p. 1290 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U___
Apr. 1,
1936-
Oct. 31,
1937
55
»55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
» Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect November 28 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote *]
Federal Reserve
Bank
Boston
New York....
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
3H-6
H 5
4-6
4-6
3-6
- 5 ^
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated
J
3
2-3
2H
3
(3)3
3-6
3H
3-6
4
4
3-4
On re-
maining
portion *
2-5
(
2
)
3H
(<)4
4-6
3-6
4
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
V2-2
1
1-2
1-2
X-2
(•)1
1-2
(*)2
* The Federal Reserve Banks of New York, Philadelphia, Richmond
Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge
same rate as charged borrower by financing institution, if lower^than
rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note 0-
4 One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note
!
).
5 Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Savings deposits _
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
2H
2%,
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
1284 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1940
F E D E R A L R E S E R V E B A N K D I S C O U N T R A T E S
[Per cent per annum]
Federal Reserve Bank
Boston - -
New York
Philadelphia
Cleveland __
Richmond
Atlanta
Chicago -
St Louis
Minneapolis. _
Kansas City
Dallas _ _- -
San Francisco. _
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Dec.
31
1
1
1M
1H
\y
2
l
l
l
1H
l
l
IH
In
effect
beginning—
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
All other
Rate
Dec.
31
1
1
1M
m
i / ^
i ^
1H
1M
1H
1H
In
effect
beginning-
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Advances under Sec-
tion lO(b) of the
Federal Reserve Act
Rate
Dec.
31
2
2
2
2
2
2
2
2
2
2
2
2
In
effect
beginning—
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937,
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Dec.
31
1
1
0) IK
l
l
l
1H
l
l
In
effect
beginning-
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
To others
Rate
Dec.
31
2y
2
$ i
4
2 ^
4
4
3
2 ^
2K
4
In
effect
beginning—
Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i__.
16-30 days...
31-45 days...
46-60 days...
61-90 days—
91-120 days..
121-180 days.
Rate in
effect on
Dec. 31
In effect be-
ginning—
Oct. 20, 1933
. . . do
. . . do
. . . do
. . . do
. . . do
. . . do
Previous
rate
1
1
1
1
1
1
IX
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:^
Central reserve city..
Reserve city
Country
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
15
Mar. 1,
1937-
Apr. 30,
1937
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
2 2 ^
17)
12
i See footnote to table on p. 38 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. 1,
1937
and
after
40
50
40
1 Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
2 Requirement under Regulation T was the margin "customarily
required" by the broker.
3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
32
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect December 31 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
5
and «]
Federal Reserve
Bank
Boston
New York. . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis. _
Kansas City..
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
3)4-6
4-6
4-6
3-6
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
2-3
2 ^
3
(
3
)3
3-6
3-6
4
4
3-4
On re-
maining
portion i
y
2
2-5
(H
4-6
3-6
(
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
V2-2
1-2
1-2
()
1-2
(6)2-
1
1 The Federal Reserve Banks of New York, Philadelphia, Richmond,
Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge
same rate as charged borrower by financing institution, if lower than
rate shown.
2
Same as rate charged borrower by financing institution.
3 One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note 0.
* One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note i).
5 Minimum charge one-fourth of one per cent.
• Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal' Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1941
F E D E R A L R E S E R V E B A N K D I S C O U N T R A T E S
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Feb. 1
In
effect
beginning-
All other
Rate
Feb. 1
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
Feb. 1
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Feb. 1
In
effect
beginning—
To others
Rate
Feb. 1
In
effect
beginning-
Boston.
New York___.
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
2 7 , 1937
4 , 1937
11, 1935
2 7 , 1937
16 , 1939
1, 1939
2 1, 1939
2 4 , 1937
16, 1939
16, 1939
3, 1937
Sept.
Aug.
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
2 1, 1937
2, 1937
2 4 , 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10 , 1935
4, 1937
19, 1935
10, 1937
2 1, 1937
2 1, 1937
2 , 1937
2 4 , 1937
3, 1937
31, 1937
17, 1937'
0)
Sept. 1,1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr. 2 9, 1938
Feb . 8, 1934
Sept. 1, 1939
M a y 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
* Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i._
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
Rate in
effect on
Feb. 1
In effect be-
ginning—
Oct. 20, 1933
...do
...do
...do
...do
...do...
...do..
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve city. _
Reserve city
Country
On time deposits:
All member banks...
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19H
15
10M
Mar. 1,
1937-
Apr. 30,
1937
22%
12M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
2 2 ^
1 2
7
5
i See footnote to table on p. 136 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS'
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T__
For loans by banks on stocks, under Regulation U._.
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the ''margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
» Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
130
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect February 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
6
and
7
]
Federal Reserve
Bank
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta ._
Chicago.
St. Louis
Minneapolis-
Kansas City..
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
3^-6
3^5
4-6
4-6
3-6
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated
1
3
2-3
()
(
4
)3
4
3-6
4
4
3-4
On re-
maining
portion i
2-5
(H
4-6
3-6
(
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
1-2
()
1-2
(7)2
VT-2
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note *)•
5
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note 0-
6
Minimum charge one-fourth of one per cent.
7
Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Feb. 27
In
effect
beginning-
All other
Rate
Feb. 27
In
effect
sginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Feb. 27
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Feb. 27
In
effect
beginning-
Rate
Feb. 27
To others
In
effect
beginning-
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas Ci t y. .
Dallas
San Francisco
1
1
IK
IK
m
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
1
1
IK
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
A u g . 21,
A u g . 21,
Sept. 2,
A u g . 24,
Sept. 3,
A u g . 31,
Sept. 17,
1937
1935
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
1
1
IK
"0) IK
IK
l
l
IK
l
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
2K
3K
2K
3K
4
2K
4
4
3
2K
2K
4
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE . —Rat es applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days L.
16-30 days. . .
31-45 days. . .
46-60 days. . .
61-90 days. . .
91-120 days..
121-180 days.
Rate in
effect on
Feb. 27
In effect be-
ginning—
Oct. 20, 1933
. . . do
. . . do
. . . do
. . . do
. . . do
. . . do
Previous
rate
1
This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE . —Mi ni mum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits :*
Central reserve city__
Reserve city
Country
On time deposits:
All member banks
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19K
15
10K
4K
Mar. 1,
1937-
Apr. 30,
1937
2 2 ^
12>J
5M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22M
17K
12
5
i See footnote to table on p. 226 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T _.
For loans by banks on stocks, under Regulation U.__
Apr. 1,
1936-
Oct. 31,
1937
55
(2)
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
3 Regulation U became effective May 1, 1936.
NOTE .—Regulations T and U also provide special margin requirements
on "omni bus" accounts and loans to brokers and dealers.
2 2 0
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect February 27 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
6
and
7
]
Federal Reserve
Bank
Boston __
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M inneapolis
Kansas City
Dallas
San Francisco _
Advances
direct to
industrial
or com-
mercial or-
ganizations
3K-6
4-6
3K-6
3K-5
4-6
4-6
3-6
3K-5K
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated *
3
2-3
2K
(
3
)
(
4
)3
3-6
1K-2
3-6
4
4
3-4
On re-
maining
portion i
3K
2-5
(
2
)
(
2
)
(
5
)4
4-6
3-6
(
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
K-l
1-2
K-2
M-l
1-2
1-2
K-2
(6)1
1-2
(7)2
1
K-2
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note *)•
5
One-half of one per cent less t han rate charged borrower by financing
institution with minimum of four per cent (see note 0-
6
Mi ni mum charge one-fourth of one per cent.
7 Mi ni mum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates t hat may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
2K
2K
2K
2K
2K
In effect
beginning
Jan. 1, 1936
2K
2K
NOTE . —Maxi mum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
March 1941
FEDERAL RESERVE BANK DI SCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of t he Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Apr. 3
In
effect
beginning-
All other
Rate
Apr. 3
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
Apr. 3
In
effect
begi nni ng-
Advances secured by direct obligations
of t he Uni t ed States (last paragraph of
Section 13 of t he Federal Reserve Act)
To banks
Rate
Apr. 3
In
effect
beginning-
To others
Rate
Apr. 3
In
effect
beginning-
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1
1
IK
1
2
1
1
IK
1
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27 , 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
1
1
IK
IK
8*
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
1
1
0) IK
IK
l
IK
l
IK
Sept.
A u g .
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
2K
3K
2K
3K
4
4
3
2K
2K
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
* Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i._
16-30 days . . .
31-45 days . . .
46-60 days . . .
61-90 days. . .
91-120 days. .
121-180 days.
Rat e in
effect on
Apr. 3
I n effect be-
ginning—
Oct. 20, 1933
. . . d o
. . . d o
. . . d o
. . . d o .
. . . d o
. . . d o
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve city..
Reserve city
Country, _
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
19K
15
10K
4K
Mar . 1,
1937-
Apr. 30,
1937
17K
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22%
17K
12
5
i See footnote to t abl e on p. 326 for explanation of met hod of com-
put i ng net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U. . .
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. 1,
1937
and
after
40
50
40
1 Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect April 3 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
6
and
7
]
Federal Reserve
Bank
Boston
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City
Dallas _
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
3K-6
4-6
3K-6
3K-5
4-6
4-6
3-6
3K-5K
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated
l
3
2-3
2K
(
3
)
(
4
)3
3-6
1K-2
3-6
4
4
3-4
On re-
maining
portion *
3K
2-5
(
2
)
(")
(5)4
4-6
3-6
(
a
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
1-2
K-2
(
6
)1
1-2
(
7
)2
K-2
1 The Federal Reserve Banks of New York, Phi l adel phi a, Cleveland,
Ri chmond, At l ant a, Chicago, Minneapolis, Kansas Ci t y, and Dallas
may charge same rat e as charged borrower by financing i nst i t ut i on, if
lower t han rat e shown.
2 Same as rat e charged borrower by financing i nst i t ut i on.
3
One per cent less t han rate charged borrower by financing i nst i t ut i on.
4
One per cent less t han rat e charged borrower by financing institu-
tion wi t h mi ni mum of three per cent (see note i).
5
One-half of one per cent less t han rat e charged borrower by financing
i nst i t ut i on wi t h mi ni mum of four per cent (see note *).
6
Mi ni mum charge one-fourth of one per cent.
7
Mi ni mum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days..
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
2K
2K
2K
2K
2K
I n effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
320 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
April 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
May 1
In
effect
beginning-
All other
Rate
May 1
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
May 1
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
May 1
In
effect
beginning-
To others
Rate
May 1
In
effect
beginning-
Boston
New York
Philadelphia,.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1
ii
1
Sept.
Aug.
Sept.
May
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
Sept.
Aug.
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
1
o> k
W2
1
1
1
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days 1...
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
Rate in
effect on
May 1
1
In effect be-
ginning—
Oct. 20, 1933
...do
...do
...do
...do
. . . do.
...do
Previous
rate
1
1
1
1
1
1
1 This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve city..
Reserve city
Country
On time deposits:
All member banks...
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
Mar. 1,
1937-
Apr. 30,
1937
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
173^
12
1 See footnote to table on p. 424 for explanation of method of com-
put i ng net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
Apr. 1,
1936-
Oct. 31,
1937
55
(2)
3
55
Nov. 1,
1937
and
after
40
50
40
1 Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect May 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland.. _.
Richmond _
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City.. _
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
33^5
4-6
4-6
3-6
2
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
2-3
3-6
3^6
4
4
3-4
On re-
maining
portion *
2-5
4-6
3-6
3-6
4
4-6
4-5
» and
7
]
Commit-
ments
to make
advances
1-2
1-2
1-2
1-2
(
7
)2
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note 0-
5
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note *)•
6
Minimum charge one-fourth of one per cent.
7
Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more _.
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
418 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
May 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
May 31
In
effect
sginning—
All other
Rate
May 31
In
effect
beginning-
Advances under Sec-
tion lO(b) of the
Federal Reserve Act
Rate
May 31
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
May 31
In
effect
beginning-
Rate
May 31
To others
In
effect
sginning—
Boston
New York
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
S a n Francisco
Sept.
A u g .
Sept.
Ma y
Aug.
Sept.
Sept.
Sept.
A u g .
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
1
1
W2
Sept.
Aug.
Sept.
Ma y
Aug.
Aug.
Aug.
Sept.
A u g .
Sept.
A u g .
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
A u g .
A u g .
Sept.
A u g .
Sept.
A u g .
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
0)
1
1
1
W2
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
V/2
V/2
4
2K
4
4
3
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i___.
16-30 days
31-45 days....
46-60 days
61-90 days....
91-120 days...
121-180 days..
Rate in
effect on
May 31
In effect be-
ginning—
Oct. 20, 1933
.do.
.do.,
.do.,
.do.,
.do..
_do_.
Previous
rate
1
1
1
1
1
1
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits :i
Central reserve city..
Reserve city
Country _
On time deposits:
All member banks. . .
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
15
10M
&A
Mar. 1,
1937-
Apr. 30,
1937
22M
17H
12M
5M
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22%
1 7 ^
12
5
* See footnote to table on p. 548 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect May 31 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
6
and
7
]
Federal Reserve
Bank
Boston.
New York...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
3^ -6
3^ -5
4-6
4-6
3-6
2
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
2-3
&
3-6
3^6
4
4
3-4
On re-
maining
portion i
2-5
4-6
3-6
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
1-2
1-2
(
7
)2
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note
l
).
5
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note i)«
6
Minimum charge one-fourth of one per cent.
* Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. ]
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the ''margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
3
Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
542
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
June 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
June 31
In
effect
beginning-
All other
Rate
June 30
In
effect
beginning-
Advances under Sec-
tion lO(b) of the
Federal Reserve Act
Rate
June 30
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
June 30
In
effect
beginning-
Rate
June 30
To others
In
effect
begi nni ng-
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas Ci t y..
Dallas
San Francisco
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
1
1
m
VA
Sept.
Aug.
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
0)
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
1 Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Mat uri t y
1-15 days L__
16-30 days
31-45 days....
46-60 days
61-90 days....
91-120 days__.
121-180 days..
Rate in
effect on
June 30
In effect be-
ginning—
Oct. 20, 1933
. —do.
.do.
.do..
.do..
.do..
.do..
Previous
rate
1
1
1
1
1
1
134
1 Thi s rat e also applies to acceptances bought under repurchase agree-
ment s, which agreements are always for a period of 15 days or less.
NOTE . —Mi ni mum, buyi ng rates at t he Federal Reserve Bank of
New York on pri me bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same mi ni mum
rates appl y to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:*
Central reserve ci t y..
Reserve city
Country
On time deposits:
All member banks. _.
June 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
193^
15
Mar. 1,
1937-
Apr. 30,
1937
22
* d
12>!
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
2 2 ^
12
5
1
See footnote to table on p. 650 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect June 30 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes
6
and
7
]
Federal Reserve
Bank
Boston
New York. . . . .
Philadelphia
Cleveland
Richmond ._
Atlanta......
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
3^-6
4-6
33^-6
3H-5
4-6
4-6
3-6
33^-5^
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated 1
3
2-3
2y
2
(
4
)3
4
3-6
1*4-2
3-6
4
4
3-4
On re-
maining
portion
l
VA
2-5
(
2
)
(
2
)
(
6
)4
4-6
3-6
(
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
M-2
H-i
1-2
1-2
H-2
(
6
)1
1-2
(
7
)2
H-2
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note 1).
6
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note
l
).
• Minimum charge one-fourth of one per cent.
7
Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Apr. 1,
1936-
Oct. 31,
1937
Nov. 1,
1937
and
after
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U. . .
)
3 55
40
50
40
1 Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omni bus" accounts and loans to brokers and dealers.
644
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more.
90 days to 6 months
Less than 90 days
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
July 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
July 31
In
effect
beginning-
All other
Rate
July 31
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
July 31
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
July 31
In
effect
beginning-
Rate
July 31
To others
In
effect
beginning-
Boston..
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
S a n Francisco
Sept.
A u g .
Sept.
Ma y
Aug.
Sept.
Sept.
Sept.
A u g .
Sept.
Sept.
Sept.
1, 1 939
2 7 , 1 937
4 , 1 937
1 1 , 1 935
2 7 , 1 937
1 6 , 1 939
1, 1 939
2 1 , 1 939
2 4 , 1 937
1 6 , 1 939
1 6 , 1 939
3, 1 937
Sept.
A u g .
Sept.
Ma y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1 939
2 7 , 1 937
4 , 1 937
1 1 , 1 935
2 7 , 1 937
2 1 , 1 937
2 1 , 1 937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4 , 1 937
1 9, 1 935
1 0 , 1 937
2 1 , 1 937
2 1 , 1 937
2 , 1 937
2 4 , 1 937
3, 1 937
31 , 1 937
1 7 , 1 937
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept, 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
A p r.
Feb.
Sept.
Ma y
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
2 9, 1 938
8, 1 934
1, 1 939
1 1 , 1 935
1 9, 1 934
2 3, 1 938
1 6 , 1 933
2 3, 1 935
8, 1 938
1 6 , 1 938
1 6 , 1 938
1 9, 1 933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i___.
16-30 days....
31-45 days
4 6 -6 0 days....
6 1 -90 days....
91 -1 2 0 days...
1 2 1 -1 80 days..
Rate in
effect on
July 31
In effect be-
ginning—
Oct. 20, 1933
. . . do. .
....do.
....do
...do
....do.
....do...
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve city..
Reserve city
Country i
On time deposits:
All member banks. _.
June 21,
1917-
Aug. 15,
1936
Aug. 16,
1936-
Feb. 28,
1937
15
10H
Mar. 1,
1937-
Apr. 30,
1937
May 1,
1937-
Apr. 15,
1938
Apr. 16,
1938-
and
after
12
5
i See footnote to table on p. 758 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T.
For short sales, under Regulation T__
For loans by banks on stocks, under Regulation U__.
Apr. 1,
1936-
Oct. 31,
1937
55
(
2
)
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
F E D E R A L R E S E R V E B A N K R A T E S O N I N D U S T R I A L A D V A N C E S
Rates in effect July 31 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
6
]
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond. _
Atlanta
Chicago
St. Louis._
M inneapolis _
Kansas City.
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
3-6
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
2-3
I
4
3-6
1H-2
3-6
4
4
3-4
On re-
maining
portion i
2-5
($4
4-6
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
1-2
1-2
1
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note »)•
6
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note
l
).
« Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
not in any event exceed the maximum rate payable by State banks or
trust companies on like deposits under the laws of the State in which
the member bank is located.
752 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
August 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Sept. 3
In
effect
beginning-
All other
Rate
Sept. 3
In
effect
jginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
Rate
Sept. 3
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Sept. 3
In
effect
beginning-
To others
Rate
Sept. 3
In
effect
beginning-
Boston.
New York
Philadelphia-
Cleveland
Richmond
Atlanta _.
Chicago
St. Louis
Minneapolis..
Kansas City. .
Dallas
S a n Francisco
Sept.
A u g .
Sept.
Ma y
Aug.
Sept.
Sept.
Sept.
A u g .
Sept.
Sept.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
Sept.
A u g .
Sept.
Ma y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
(0
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
4
3
2H
2 *
A p r .
Feb.
Sept.
Ma y
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days L__.
16-30 days. . . .
31-45 days
46-60 days....
61-90 days....
91-120 days...
121-180 days..
Rate in
effect on
Sept. 3
In effect be-
ginning—
Oct. 20, 1933
d
.do.,
.do.,
.do..
..do..
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:*
Central reserve city. .
Reserve city
Country
On time deposits:
All member banks
June 2 1,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
15
Mar. 1,
1937-
Apr. 30,
1937
!
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22M
12
2
5
i See footnote to table on p. 898 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U__.
Apr. 1,
1936-
Oct. 31,
1937
55
(2)
3 55
Nov. 1,
1937
and
after
40
50
4 0
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
J
Requirement under Regulation T was the margin "customarily
required" by the broker.
* Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect Sept. 3 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
6
]
Federal Reserve
Bank
Boston
New York.
Phi l adel phi a. . . .
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
3H-6
4^6
4-6
3-6
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated *
3
2-3
4
3-6
1M-2
3-6
4
4
3-4
On re-
maining
portion
l
2-5
(|)
4-6
3-6
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1 2
1-2
H-a
1-2
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
* Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note »).
5
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note
l
).
• Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
not in any event exceed the maximum rate payable by State banks or
trust companies on like deposits under the laws of the State in which
the member bank is located.
892 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
September 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rate
Sept. 3<
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
In
effect
beginning-
Rate
Sept. 30
All other
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Sept. 30
In
effect
beginning-
Rate
Sept. 30
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
In
effect
beginning-
Rate
Sept.30
To others
In
effect
beginning-
Boston..
New York....
Philadelphia..
Cleveland
Richmond
Atlanta __
Chicago.
8t. Louis
Minneapolis..
Kansas City..
Dallas
Ban Francisco
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
2 7 , 1937
4, 1937
11, 1935
2 7 , 1937
16, 1939
1, 1939
2 1, 1939
2 4 , 1937
16, 1939
16, 1939
3, 1937
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
1, 1939
2 7 , 1937
4, 1937
11, 1935
2 7 , 1937
2 1, 1937
2 1, 1937
2, 1937
2 4 , 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10 , 1935
4, 1937
19, 1935
10, 1937
2 1, 1937
21, 1937
2, 1937
2 4 , 1937
3, 1937
31, 1937
17, 1937
1
1
134
0) J34
1
2
1
1
1
134
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept, 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
F E D E R A L R E S E R V E B A N K B U Y I N G R A T E S O N A C C E P T A N C E S
[Per cent per annum]
Maturity
1-15 days i...
16-30 days
31-45 days....
46-60 days....
61-90 days
91-120 days...
121-180 days..
Rate in
effect on
Sept. 30
In effect be-
ginning—
Oct. 20, 1933
.do.
_do_.
.do..
_do_.
..do..
..do..
Previous
rate
1
1
1
1
1
1
1M
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:^
Central reserve city__
Reserve city
Country
On time deposits:
All member banks. __
J une 21,
1917-
Aug. 15,
1936
13
10
7
3
Aug. 16,
1936-
Feb. 28,
1937
1934
15
1034
Mar. 1,
1937-
Apr. 30,
1937
22^
17H
May 1,
1937-
Apr. 15,
1938
26
20
14
6
Apr. 16,
1938-
and
after
22^
1734
12
5
1
See footnote to table on p. 1012 for explanation of method of com-
puting net demand deposits.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U.._
Apr. 1,
1936-
Oct. 31,
1937
55
(
3
)
»55
Nov. 1,
1937
and
after
40
50
40
» Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
ipecified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
»Requirement under Regulation T was the margin "customarily
required" by the broker.
1
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
F E D E R A L R E S E R V E B A N K R A T E S O N I N D U S T R I A L A D V A N C E S
Rates in effect Sept. 30 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
6
]
Federal Reserve
Bank
Boston
New York.... _
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis __
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
334-6
4-6
334-6
334~5
4-6
4-6
3-6
334-534
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
2-3
234
( S i
3-6
134-2
3-6
4
4
3-4
On re-
maining
portion
l
3H
2-5
0)
(
2
)
004
4-6
3-6
(
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
M~l
1-2
34-2
M-l
1-2
1-2
1-2
« i
i The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
and Dallas may charge same rate as charged borrower by financing
institution, if lower than rate shown.
1
Same as rate charged borrower by financing institution.
8
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note *)•
6
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note 0-
• Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days.
Nov. 1, 1933
to
J an. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
J an. 1, 1936
234
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
not in any event exceed the maximum rate payable by State banks or
trust companies on like deposits under the laws of the State in which
the member bank is located.
1006 F E D E R A L R E S E R V E B U L L E T I N
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
October 1941
F E D E R A L R E S E R V E B A N K D I S C O U N T R A T E S
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Nov. 1
In
effect
beginning-
Advances under Sec-
tion 10 (b) of the
Federal Reserve Act
All other
Rate
Nov. 1
In
effect
beginning-
Rate
Nov. 1
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Nov. 1
In
effect
beginning—
Rate
Nov. 1
To others
In
effect
beginning—
Boston
New York
Philadelphia.....
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
M inneapol is
Kansas City
Dallas
San Francisco __.
Sept.
Aug.
Sept.
May
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1,1939
2 7 , 1937
4 , 1937
11, 1935
2 7 , 1937
16 , 1939
1, 1939
2 1, 1939
2 4 , 1937
16 , 1939
16 , 1939
3, 1937
Sept.
A u g .
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
2 7 , 1937
4 , 1937
11, 1935
2 7 , 1937
2 1, 1937
2 1, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4 , 1937
19, 1935
10 , 1937
2 1, 1937
2 1, 1937
2 , 1937
2 4 , 1937
3, 1937
31, 1937
17 , 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1,1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days i___.
16-30 days
31-45 days
46-60 days
61-90 days. . . .
91-120 days. . .
121-180 days. .
Rate in
effect on
Nov. 1
In effect be-
ginning—
Oct. 20, 1933
._..do
.do.
_do_.
_do_.
.do..
_do_.
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for ftther classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:i
Central reserve city,.
Reserve city . _
Count ry
On time deposits:
All member ba nks . . .
Aug. 16,
1936-
Feb. 28,
1937
15
WH
4H
Mar. 1,
1937-
Apr. 30,
1937
22«4
12H
May 1,
1937-
Apr. 15,
1938 2
26
20
14
6
Apr. 16,
1938-
Oct. 31,
1941
22M
17^
12
5
Effec-
tive
Nov. 1.
1941 2
26
20
14
6
1
See footnote to table on p. 1151 for explanation of method of com-
puting net, demand deposits.
2
Percentages in this column are double the statutory requirements,
which were in effect June 21, 1917-Aug. 15, 1936.
MARGIN REQUIREMENTS
l
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T _.-
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U_.
Apr. 1,
1936-
Oct. 31,
1937
55
(
J
)
»55
Nov. 1,
1937
and
after
40
60
40
* Regulations T and U limit the amount of credit that may be ex
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
1
Requirement under Regulation T was the margin "customarily
required" by the broker.
» Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
NOVEMBER 1941
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect Nov. 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
8
]
Federal Reserve
Bank
Boston _.
New York
Philadelphia
Cleveland
Richmond
Atlanta....
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
4-6
4-6
3-6
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated i
3
2-3
4
3-6
3-6
4
4
3-4
On re-
maining
portion i
2-5
4-6
3-6
<")
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-3
1-2
1-2
34-2
i The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
and Dallas may charge same rate as charged borrower by financing
institution, if lower than rate shown.
* Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note
l
).
5
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note
l
).
• Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more.
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
not in any event exceed the maximum rate payable by State banks or
trust companies on like deposits under the laws of the State in which
the member bank is located.
1145
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
November 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Dec. 1
In
effect
beginning-
All other
Rate
Dec. 1
In
effect
beginning-
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Dec. 1
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Dec. 1
In
effect
beginning-
To others
Rate
Dec. 1
In
effect
beginning-
Boston
New York._._
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City. .
Dallas
San Francisco
Sept.
Aug.
Sept.
M a y
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
1, 1939
2 7 , 1937
4, 1937
11, 1935
2 7 , 1937
16, 1939
1, 1939
2 1, 1939
2 4 , 1937
16, 1939
16, 1939
3, 1937
Sept.
Aug.
Sept.
M a y
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
2 7 , 1937
4, 1937
11, 1935
2 7 , 1937
2 1, 1937
2 1, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10 , 1937
2 1, 1937
2 1, 1937
2, 1937
2 4 , 1937
3, 1937
31, 1937
17, 1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
2H
4
3
2H
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
* Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree-
ments are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days L...
16-30 days. . . .
31-45 days. . . .
46-60 days. . . .
61-90 days. . . .
91-120 days...
121-180 days..
Rate in
effect on
Dec. 1
In effect be-
ginning—
Oct. 20, 1933
.._.do
.do
.do
.do
Previous
rate
i This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
M E M B E R
Classes of deposits
and banks
On net demand
deposits,*
1
Central reserve city. .
Reserve city
Country
On time deposits:
All member banks._.
B AN K R E S E R V E R E Q U I R E M E N T S
[Per cent of deposits]
Aug. 16,
1936-
Feb. 28,
1937
19^
15
10^
4 ^
M ar. 1,
1937-
Apr. 30,
1937
22M
Yiy
2
1234
May 1,
1937-
Apr. 15,
1938 2
26
20
14
6
Apr. 16,
1938-
Oct. 31,
1941
22M
17M
12
5
Effec-
tive
Nov. 1,
19412
26
20
14
6
* See footnote to table on p. 1244 for explanation of method of com-
puting net demand deposits.
2
Percentages in this column are double the statutory requirements,
which were in effect June 21, 1917-Aug. 15, 1936.
MARGIN REQUIREMENTS
1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
Apr. 1,
1936-
Oct. 31,
1937
55
(
J
)
3 55
Nov. 1,
1937
and
after
40
50
40
i Regulations T and U limit the amount of credit that may be ex-
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference be-
tween the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
F E D E R A L R E S E R V E B A N K R A T E S ON I N D U S T R I A L A D V A N C E S
Rates in effect Dec. 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
8
]
Federal Reserve
Bank
Boston __
New York. .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M inneapolis
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
3^-6
4-6
3^-6
4-6
4-6
3-6
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated *
3
2-3
%
(
4
)3
3-6
3-6
4
4
3-4
On re-
maining
portion i
3H
2-5
1
4-6
3-6
3-6
4
4-6
4-5
Commit-
ments
to make
advances
1-2
1-2
1-2
1
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
and Dallas may charge same rate as charged borrower by financing
institution, if lower than rate shown.
2
Same as rate charged borrower by financing institution.
3
One per cent less than rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institu-
tion with minimum of three per cent (see note
l
).
5
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note i).
8
Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits
Other time deposits pay-
able in:
6 months or more
90 days to 6 months
Less than 90 days
Nov. 1, 1933
to
Jan. 31, 1935
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
not in any event exceed the maximum rate payable by State banks or
trust companies on like deposits under the laws of the State in which
the member bank is located.
1238 FE DE R AL R E S E R V E B U LLE T I N
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections 13 and
13a of the Federal Reserve Act except last
paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
Jan.l
In
effect
beginning—
Allot her
Rat e
Jan.l
In
effect
beginning—
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
Rate
Jan.l
In
effect
beginning—
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of t he Federal Reserve Act)
To banks
Rate
Jan. l
In
effect
beginning—
To others
Rate
Jan.l
In
effect
beginning—
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21,1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. I, 1939
Sept. 16,1939
Sept. 16, 1939
Sept. 1, 1939
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
1
Two and one-half per cent t o lenders other t han banks. NOTE. —Rat es applicable to United States Government securities' repurchase agreements
are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Mat ur it y
1-15 days
1
16-30 days
31-45 days
46-60 days
61-90 days
91-120 days
121-180 days
Rate in
effect on
Jan. l
1
I n effect be-
ginning—
Oct . 20, 1933
do
do
do
do
do
do
Previous
rate
1
This r at e also applies t o acceptances bought under repurchase agree-
ment s, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at t he Federal Reserve Bank of New York
on prime bankers' acceptances payable in dollars; higher rat es may be
charged for other classes of bills. The same minimum rates apply to
purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits:
1
Central reserve ci t y. . .
Reserve city
Country
On time deposits:
All member banks
Aug. 16,
1936-
Feb. 28,
1937
15
Ma r . l ,
1937-
Apr. 30,
1937
22%
17}|
12M
5K
Ma yl ,
1937-
Apr. 15,
1938
2
26
20
14
6
Apr. 16,
1938-
Oct. 31,
1941
22M
17>!
12
5
Effec-
tive
Nov. 1,
1941
2
26
20
14
6
1
See footnote to table on p. 34 for explanation of method of computing
net demand deposits.
2
Percentages in this column are double t he st at ut ory requirements, which
were in effect June 21, 1917-Aug. 15,1936.
MARGIN REQUIREMENTS*
Prescribed by Board of Governors of t he Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U. . . .
Apr. 1,
1936-
Oct. 31,
1937
55
,(
2
)
3
55
Nov. 1,
1937
and
after
40
5
40
1
Regulations T and U limit t he amount of credit t hat may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at t he time of the extension; t he "margin
requirement s" shown in t his table are the difference between the market
value (100%) and t he maximum loan value.
2
Requirement under Regulation T was t he margin "customarily re-
quir ed" by the broker.
3
Regulation U became effective May 1,1936.
NOTE.—Regulat ions T and U also provide special margin requirements on
"omni bus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL
ADVANCES
Rates in effect Jan. 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
6
]
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
4-6
3^-6
3^-5
4-6
4-6
3-6
3^-53^
3-6
4-6
4-6
4-6
Advances to or in par -
ticipation with financ-
ing inst it ut ions
On por-
tion for
which
inst it u-
tion is
obligated
1
3
2-3
2H
(
3
)
(
4
)3
4
3-6
1K-2
3-6
4
4
3-4
On re-
maining
port ion
1
3H
$
(
5
)4
4-6
3-6
C
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
H-i
1-2
83
1-2
1-2
% ?
1-2
(
6
)1
H-2
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, At lant a, Chicago, St. Louis, Minneapolis, Kansas City, and
Dallas may charge same rat e as charged borrower by financing institution,
if lower t han rat e shown.
2
Same as r at e charged borrower by financing institution.
* One per cent less t han rat e charged borrower by financing institution.
* One per cent less t han r at e charged borrower bv financing institution * One per cent less t han r at e charged borrower by
with minimum of three per cent (see note
x
).
5
One-half of one per cent less t han rat e charged borrower by
institution with minimum of four per cent (see note
x
).
6
Minimum charge one-fourth of one per cent.
financing
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates t hat may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Post al savings deposit s...
Other time deposits pay-
able in:
6 months or more
90 days to 6 mont hs..
Less t han 90 days
Nov. 1,1933
to
J an. 31,1935
Feb. 1,1935
to
Dec. 31,1935
In effect
beginning
Jan.1,1936
NOTE.—Maximum rates t hat may be paid by insured nonmember banks
as established by t he Federal Deposit Insurance Corporation, effective
February 1,1936, are the same as those in effect for member banks. Under
Regulation Q t he rat e payable by a member bank may not in any event
exceed t he maximum rat e payable by St at e banks or t rust companies on
like deposits under the laws of the State in which the member bank is
located.
z8
FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
January 1942
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Federal Reserve Bank
Rediscounts and advances under sections 13 and
13a of the Federal Reserve Act except last
paragraph of Section 13
Secured by direct and
eligible guaranteed ob-
ligations of the U. S.
Rate
an. 30
In
effect
beginning-
Rate
Jan. 30
All other
In
effect
beginning-
Rate
Jan. 30
Advances under Sec-
tion 10(b) of the
Federal Reserve Act
In
effect
beginning-
Rate
Jan. 30
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
In
effect
beginning—
To others
Rate
Jan. 30
In
effect
beginning-
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Ci t y...
Dallas
San Francisco.
Sept. 1,1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Sept.
Aug.
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
17, 1937
Sept.
A u g .
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1, 193?
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements
are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Maturity
1-15 days
1
....
16-30 days. . . .
31-45 days....
46-60 days....
61-90 days....
91-120 days...
121-180 days.
Rate in
effect on
Jan.30
In effect be-
ginning—
Oct. 20, 1933
do.
do
do
do
do
do
Previous
rate
1
This rate also applies to acceptances bought under repurchase agree-
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of New York
on prime bankers' acceptances payable in dollars; higher rates may be
charged for other classes of bills. The same minimum rates apply to
purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Cl asses of deposi t s
and banks
On net demand
deposi t s:
1
Cent r al r eser ve c i t y. . .
Reserve ci t y
Count r y
On t i me deposi t s:
All member banks
Aug. 16,
1936-
Feb. 28,
1937
15
4H
Mar . 1,
1937-
Apr . 30,
1937
2 2 ^
\iy
2
12M
SH
Ma y l ,
1937-
Apr. 15,
1938
2
26
20 ,
14
6
Apr. 16,
1938-
Oct . 31,
1941
2 2 ^
17H
12
5
Effec-
tive
Nov. 1,
1941
2
26
20
14
1
See foot not e t o t abl e on p. 136 for expl anat i on of met hod of comput i ng
net demand deposi t s.
2
Percent ages in t hi s column are double t he st at ut or y requi rement s, which
were in effect J une 21,1917-Aug. 15,1936.
MARGIN REQUIREMENTS^
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers
listed securities, under Regulation
For short sales, under Regulation T.
For loans by banks on stocks, under
and dealers on
T
Regul at i on U. . . .
Apr. 1,
1936-
Oct . 31,
1937
5
«
5
(
2
)
3
55
Nov. 1,
1937
and
after
40
5
40
percentage 01 its market value at the time ot the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily re-
quired" by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL
ADVANCES
Rates in effect Jan. 30 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote
6
]
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances
direct to
industrial
or com-
mercial or-
ganizations
3K-6
4-6
3^-6
3^-5
4-6
4-6
3-6
3K-5H
3-6
4-6
4-6
4-6
Advances to or in par-
ticipation with financ-
ing institutions
On por-
tion for
which
institu-
tion is
obligated
1
3
2-3
2
®
(
4
)3
4
3-6
1K-2
3-6
4
4
3-4
On re-
maining
portion
1
3H
©
( ? )
(
5
)4
4-6
3-6
(
2
)
3-6
4
4-6
4-5
Commit-
ments
to make
advances
m
1-2
1-2
K-2
(6)1
(
6
)1
1
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and
Dallas may charge same rate as charged borrower by financing institution,
if lower than rate shown.
2
Same as rate charged borrower by financing institution.
* One per cent less than rate charged borrower by financing institution.
One per cent less than rate charged borrower by financing institution
with minimum of three per cent (see note
x
).
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note
x
).
6
Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Savings deposits
Postal savings deposits...
Other time deposits pay-
able in:
6 months or more
90 days to 6 months..
Less than 90 days
Nov. 1,1933
to
Jan. 31,1935
Feb. 1,1935
to
Dec. 31,1935
2Y2
In effect
beginning
Jan.1,1936
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the Federal Deposit Insurance Corporation, effective
February 1, 1936, are the same as those in effect for member banks. Under
Regulation Q the rate payable by a member bank may not in any event
exceed the maximum rate payable by State banks or trust companies on
like deposits under the laws of the State in which the member bank is
located.
130 FEDERAL RESERVE BULLETIN
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
February 1942

Sign up to vote on this title
UsefulNot useful