Full text of District Notices (Federal Reserve Bank of Dallas) : [Classification of Reserve Cities]

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F ederal

reserve

Bank

OF DALLAS

Dallas, Texas, February 24, 1954

To the Member Banks in the
Eleventh Federal Reserve District:
The rule of 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 for a triennial desig­
nation of reserve cities. Acting pursuant to that rule, the Board has
taken action, to become effective March 1, 1954, for the continuance of
the reserve city classification of certain existing reserve cities and the
termination of the reserve city classification of certain other existing
reserve cities.
The effect of this action is to continue the reserve city designations
of all presently existing reserve cities except Dubuque, Iowa; Lincoln,
Nebraska; and St. Joseph, Missouri, which will cease to be reserve cities
on March 1, 1954.
A copy of the Board’s statement, which will shortly be published in
the Federal Register, is printed on the reverse side o f this circular.
Yours very truly,
WATROUS H. IRONS
President

(OVER)

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

C l a s s if ic a t io n o f R e s e r v e C ities
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
Board’s rule), and pursuant to authority conferred upon it by section 11(e)
of the Federal Reserve Act and other provisions of that Act, the Board
of Governors has taken the following actions for the continuance of the
classification of certain cities as reserve cities and the termination of the
reserve city designations of certain other cities, all such actions to become
effective March 1, 1954:
(1) The City of Washington, D. C., and every city except New York
and Chicago in which there is situated a Federal Reserve Bank or a branch
of a Federal Reserve Bank are hereby continued as reserve cities.
(2) The following cities fall within the scope of paragraph (2) of
subsection (b) of the Board’s rule based upon official call reports of condi­
tion in the two-year period ending on June 30, 1953, 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, Iowa; Indianapolis, Indiana; Milwau­
kee, Wisconsin; National City (National Stock Yards), Illinois;
St. Paul, Minnesota; Tulsa, Oklahoma; Wichita, Kansas; and Fort
Worth, Texas.
(3) The following cities do not fall within the scope of paragraph
(2) of subsection (b) of the Board’s rule based upon official call reports of
condition in the two-year period ending June 30, 1953, but a written
request for the continuance of each such city as a reserve city was received
by the Federal Reserve Bank of the District in which the city is located
on or before February 15, 1954, from every member bank having its head
office or a branch in such city (exclusive of any member bank in an out­
lying district in such city permitted by the Board 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; and, accord­
ingly, in accordance with paragraph (3) of subsection (b) of the Board’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, Iowa; Sioux City, Iowa; Kansas City,
Kansas; Pueblo, Colorado; and Topeka, Kansas.
(4)
The following cities do not fall within the scope of paragraph
(2) of subsection (b) of the Board’s rule based upon official call reports
of condition in the two-year period ending June 30, 1953, and written
requests for their continuance as reserve cities were not received from
all member banks in such cities; and, accordingly, the designation of such
cities as reserve cities is hereby terminated:
Dubuque, Iowa; Lincoln, Nebraska; and St. Joseph, Missouri.