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CIRCULAR NO. 20. FEDERAL RESERVE BANK OF N E W YORK 6 2 CEDAR STREET N E W YORK, April 6, 1915. To THE CASHIER: SIR: In accordance with a request from the Federal Reserve Board, and in order to obviate the necessity for daily adjustment of the stock ledger accounts and the subsequent confusion which results from the continuous changes in the stock holdings of member banks occasioned by the increase or decrease of their capital or surplus, member banks are requested hereafter to file their applications for additional stock or the surrender of a part of the stock held by them, quarterly, on the first days of January, April, July and October. In making applications for additional stock or for surrender of stock, banks should exercise care to see that the blanks are properly filled in, using as a basis the total capital and surplus at the time of their last previous stock allotment, and stating the total of all increases and decreases in capital or surplus, separately, so that the total at the date of the prior allotment plus the increases and less the decreases, will equal the total capital and surplus as of the date of application. A member bank which has increased its surplus since the last report of condition to the Comptroller of the Currency should send a certificate to that effect to the Comptroller contemporaneously with filing its application with the Federal Reserve Bank, so that the records of the Comptroller's office may be in accord with those of the Federal Reserve Board. In the case of changes in capital, this additional certificate will be unnecessary, in view of the fact that the Comptroller's approval must be obtained prior to any such change, and the records of his office must necessarily conform in such case. Any member bank making an increase or a reduction in its capital or surplus is requested to notify the Federal Reserve Bank so that the proper application blanks may be forwarded. In order to accommodate member banks as far as possible, the time for filing applications for the quarter ending April 1st, 1915, will be extended to April 15, 1915. Respectfully, Benj. Strong, Jr., Governor. [ 3 4 1 2 S — :-']