Full text of Federal Reserve Bank of New York Circulars : 3313. Classification of Reserve Cities

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FE D E R A L R E SE R V E BANK
OF NEW YORK

f Circular No. 3 3 1 3 ~1
L
March 1, 1948
J

CLASSIFICATION OF RESERVE CITIES

To all Member Banks in the
Second Federal Reserve District:

For your information, there is reprinted on the reverse side of
this circular a statement of the action taken by the Board of Governors
of the Federal Reserve System regarding the classification of reserve
cities. This statement was published in the Federal Register of
February 27, 1948.
The effect of the action taken by the Board on December 19, 1947,
as supplemented by the present action, is that, effective March 1, 1948,
the city of National City (National Stock Yards), Illinois, is classified
as a reserve city, and the designation of Grand Rapids, Michigan,
Ogden, Utah, and Spokane, Washington, as reserve cities is terminated,
the classification of the central reserve cities and of all other reserve
cities being continued.




A

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S proul,

President.

( ovee)

CLASSIFICATION OF RESERVE CITIES
On December 19, 1947, the Board of Governors of the Federal Reserve System
adopted a rule (published in the Federal Register for December 24, 1947), effec­
tive March 1, 1948, classifying (and continuing) certain cities as central reserve
cities and reserve cities, classifying one additional city as a reserve city, and terminat­
ing the designation of certain other cities as reserve cities. It was provided in para­
graph (3) of subsection (b) of such rule, however, that the Board of Governors, prior
to March 1, 1948, would also designate (and continue) as a reserve city any city now
classified as such which would otherwise have its designation as a reserve city ter­
minated under the rule, if a written request for the continuance of such city as a reserve
city were received by the Federal Reserve Bank of the district in which the city is
located on or before February 16, 1948, from every member bank which has its
head office or a branch in such city (exclusive of any member bank in an outlying
district of such city permitted by the Board of Governors to maintain reduced
reserves) together with a certified copy of a resolution of the board of directors of
such member bank duly authorizing such request. In accordance with this provision,
requests were duly received from every such member bank in each of the cities here­
inafter named for the continuance of such city as a reserve city.
Accordingly, acting in accordance with paragraph (3) of subsection (b) of its
rule of December 19, 1947, and pursuant to authority conferred upon it by section
11(e) of the Federal Reserve Act and other provisions of that Act, the Board hereby
classifies (and continues) the following cities as reserve cities: Toledo, Ohio; Dubuque,
Iowa; Peoria, Illinois; Kansas City, Kansas; Pueblo, Colorado; St. Joseph, Missouri;
Topeka, Kansas; Galveston, Texas; and Waco, Texas.