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F E D E R A L R E SE R V E BANK O F NEW YORK f Circular No. 3 0 6 3 I March 1. 1951 J I CLASSIFICATION OF RESERVE CITIES To all M em ber Banks in the Second Federal R eserve D istrict: The rule o f the Board of Governors of the Federal Reserve System with respect to the classification of central reserve and reserve cities, which was adopted on December 19, 1947, provides fo r a triennial designation o f reserve cities. The first designations under the rule became effective March 1, 1948, o f which we informed you in our Circular No. 3313 o f the same date. Acting pursuant to the rule, the Board has taken action, effective March 1, 1951, fo r the continuance of the reserve city classification o f certain existing reserve cities and the termination o f the reserve city classification of certain other existing reserve cities. A statement o f the Board’s action, which is printed on the reverse side o f this circular, was published in the Federal Register on February 28, 1951. The effect o f this action is to continue the reserve city designations o f all reserve cities except Peoria, Illinois, and Galveston and W aco, Texas, which cease to be reserve cities on March 1, 1951. Additional copies o f this circular will be furnished upon request. A llan S proul, President. CLASSIFICATION OF RESERVE CITIES Acting in accordance with the rule regarding classification of central reserve and reserve cities which was adopted by the Board on December 19, 1947, and became effective March 1, 1948 (hereafter referred to as the B oard ’s rule), and pursuant to authority conferred upon it by section 11(e) o f the Federal Reserve A ct and other provisions o f that Act, the Board o f Governors has taken the following actions for the continuance o f the classification o f certain cities as reserve cities and the termina tion o f the reserve city designations of certain other cities, all such actions to become effective March 1, 1951: (1) The City o f Washington, D. C., and every city except New York and Chicago in which there is situated a Federal Reserve Bank or a branch o f a Federal Reserve Bank are hereby continued as reserve cities. (2) On the basis of official call reports o f condition in the two-year period ending on June 30, 1950, the following cities met the standard prescribed in paragraph (2) o f subsection (b) of the B oard ’s rule, and, therefore, such cities, in addition to the reserve cities classified as such under paragraph (1) above, are hereby continued as reserve cities: Columbus, Ohio; Des Moines, Iow a; Indianapolis, Indiana; Milwaukee, W iscon sin; National City (National Stock Y ards), Illinois; St. Paul, Minnesota; Tulsa, Oklahoma; Wichita, Kansas; and Fort W orth, Texas. (3) On the basis o f official call reports o f condition in the two-year period ending June 30, 1950, the following cities did not meet the standard prescribed in paragraph (2) o f subsection (b) o f the B oard’ s rule, but a written request fo r the continuance o f each such city as a reserve city was received by the Federal Reserve Bank o f the District in which the city is located on or before February 15, 1951, from every member bank having its head office or a branch in such city (exclusive o f any member bank in an outlying district in such city permitted by the Board to maintain reduced reserves), together with a certified copy o f a resolution o f the board o f directors o f such member bank duly authorizing such request; and, accordingly, in accordance with paragraph (3) o f subsection (b) o f the B oard ’s rule, the following cities, in addition to the reserve cities classified as such under paragraphs (1) and (2) above, are hereby continued as reserve cities: Toledo, Ohio; Cedar Rapids, Iow a; Dubuque, Iow a; Sioux City, Iow a; Kansas City, K ansas; Lincoln, Nebraska; Pueblo, Colorado; St. Joseph, M issouri; and Topeka, Kansas. (4) On the basis of official call reports o f condition in the two-year period ending June 30, 1950, the following cities did not meet the standard prescribed in paragraph (2) o f subsection (b) of the B oard ’s rule, and, consequently, the designation o f such cities as reserve cities is hereby terminated: Peoria, Illinois; Galveston, Texas; and W aco, Texas.
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