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FEDERAL RESERVE BANK OF N EW YORK r Circular No. 3 2 9 1 T L December S, 1947 J OPERATIN G C IR C U LAR S To all Member and Nonmember Clearing Banks in the Second Federal Reserve District, and Others Concerned: We are transmitting to you, under separate cover, a binder contain ing our new operating circulars, numbered 1 through 19, setting forth, in consolidated and revised form, previously published material of general and continuing interest and effect, relating botli to the operations of this bank and to certain of the operations which this bank performs as fiscal agent of the United States. The binder also contains copies of the Eules of Organization and Rules of Procedure issued by the Board of Governors of the Federal Reserve System and copies of the Board’s Regulations A through V. As pointed out in the letter transmitting the binder, these “ Operating Circulars” initiate a new series of circulars, to which we shall from time to time make additions (through the issuance of new operating circulars), and supplements or revisions as necessary. Each new operating circular will be numbered in sequence in the series; each supplement to, or revision of, an existing operating circular will indi cate the number of the circular which it supplements or supersedes. The binder, because of its bulk, is being sent to you by fourth-class mail, and should be received by you early next week. A ll a n S proul , President.