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FE D E R A L R E S E R V E BANK
OF NEW YORK
Fiscal Agent of the United States

r Circular No. 3 3 1 0 1
February 20, 1948 J

L

TELEGRAPHIC TRANSFERS OF TREASURY BONDS
IN COUPON FORM
Revision of Operating Circular No. 17

To all Banking Institutions, and Others Concerned,
in the Second Federal Beserve District:

In our Circular No. 3306, dated February 5, 1948, we set forth the
text of an announcement by the Treasury Department regarding
arrangements, effective March 1, 1948, for the telegraphic transfer of
Treasury bonds in coupon form, in addition to existing facilities for
the telegraphic transfer of Treasury notes, certificates of indebtedness
and Treasury bills.
To give effect to these arrangements, and to furnish information
and instructions relative to such transfers, we have revised our Opera­
ting Circular No. 17, dated December 8, 1947, entitled “ Transactions in
Marketable Securities of the United States Government” ; and, at the
. same time, we have made certain necessary amendments to paragraphs
2 and 9 thereof. We are transmitting to you herewith a copy of the
revised operating circular, which will become effective March 1, 1948.
The provisions of the current operating circular, dated December 8,
1947, will, of course, remain in effect until March 1,1948.
The Treasury Department has instructed us to inform you that
telegraphic transfers of Treasury bonds in connection with sales thereof
will be effected, under the new arrangements, only in connection with
sales made on or after February 27, 1948.




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President.

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