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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.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102