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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal A gen t o f the U nited States r Circular No. 3 6 4 1 "1 L January 9, 1951 J TRANSACTIONS IN MARKETABLE SECURITIES OF THE UNITED STATES Revision of Operating Circular No. 17 To all Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: W e transmit herewith a copy of Operating Circular No. 17, Revised January 9,1951, entitled ‘ ‘ Transactions in Marketable Securities o f the United States,” which takes account o f the Treasury Department’ s current procedures and requirements involving the issue, exchange, transfer and redemption of Treasury bonds, notes, certificates of indebtedness and bills. W e suggest that you refer to the revised operat ing circular in connection with your transactions with this Bank involv ing such securities. Additional copies of the revised operating circular will be furnished upon request. A llan S proul, President.