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CIRCULAR .NO. 65. FEDERAL RESERVE BANK OF N E W YORK N E W Y O R K , N . Y., M a y 25, 1917. T O ALL B A N K S A N D T R U S T C O M P A N I E S O F F E D E R A L R E S E R V E D I S T R I C T NO. 2 : This bank has been advised by the Secretary of the Treasury t h a t pursuant to the provisions of Section 5153, Revised Statutes, as amended, the following securities will be accepted as collateral security for Government deposits m a d e under authority of the Act approved April 24, 1917: (A) Bonds and Certificates of Indebtedness of the United States Government of any issue, including bonds of the Liberty Loan and interim certificates for payments therefor: all a t par. (B) Bonds issued under the United States Farm Loan Act and bonds of the Philippine Islands, Porto Rico and the District of Columbia: all at par. (C) Bonds of any State of the United S t a t e s : a t market value not exceeding par. (D) Territory of Hawaii, 3 ^ % bonds a t 9 0 % of par. Other bonds of said territory a t market value not exceeding par. Bonds of the Manila Railroad Company: a t 9 0 % of market value not exceeding 9 0 % of par. (E) Dollar bonds and obligations of foreign Governments (and of the dependencies thereof) engaged in war against Germany and issued since July 30, 1914: at 9 0 % of the market value thereof not exceeding 9 0 % of par. (F) County or City bonds of any County or City in the United States which are direct obligations of the County or City as a whole: a*t 7 5 % of the market value thereof not exceeding 7 5 % of par. (G) Railroad mortgage bonds secured by direct mortgage upon lines of railroad within the United States, but not including any such bonds which on M a y 23, 1917 were at a market price to yield more than 5 3 ^ % ^ n e ' ^ t o maturity according to standard tables of bond values: a t 7 5 % of the market value thereof not exceeding par. (H) Commercial paper which is eligible for rediscount or purchase by Federal Reserve Banks, and which has been approved by the Federal Reserve Bank of the district in which the depositary bank is located. All such paper must bear the endorsement of the depositary bank. A t least 2 5 % in value as above d e t e r m i n e d of securities deposited by any bank or trust company to secure deposits must consist of those mentioned in paragraph (A). The Secretary of the Treasury reserves the right to call for additional collateral security a t any time. This circular is sent for your information only, another circular will follow shortly* giving details and directing t h e manner in which lists of securities and applications for deposits should b e m a d e . Respectfully, R. H. T R E M A N , Deputy Governor.
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