Full text of Federal Reserve Bank of New York Circulars : 123. Changes in Reserve Requirements

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C i r c u l a r No. 123.

FEDERAL RESERVE BANK
OF NEW

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YORK

October 30, 1918.

TO MEMBER BANKS IN RESERVE AND CENTRAL RESERVE CITIES IN DISTRICT 2:
Dear S i r s :
CERTAIN CHANGES IN RESERVE REQUIREMENTS.
The Federal Reserve Board pursuant t o the provisions
of Section 19 of the Federal Reserve Act as amended by the Act of
September 26, 1918, has approved a recommendation w i t h respect t o
o u t l y i n g d i s t r i c t s of c e n t r a l reserve and reserve c i t i e s in t h i s
d i s t r i c t and the r e s e r v e s t o be c a r r i e d by banks l o c a t e d t h e r e i n ,
as follows:
RESERVE CITIES.
ALBANY, N>Y. and BUFFALO, N.Y.: No change i s t o be made in the
s t a t u s of Albany and Buffalo as r e s e r v e c i t i e s , and a l l member
banks l o c a t e d t h e r e i n w i l l be subject t o the reserve requirement
of paragraph "b" of Section 19 of t h e Federal Reserve Act, namely,
ten per centum of aggregate demand d e p o s i t s and t h r e e per centum
of time d e p o s i t s .
CENTRAL RESERVE CITY.
iff 7 YORK CITY: Member banks l o c a t e d i n the Borough of Manhattan
or located in other Boroughs and having branch o f f i c e s in Manhattan
w i l l be subject t o the reserve requirement of paragraph "c" of Section
19 of the Federal Reserve Act, namely, t h i r t e e n per centum of a g g r e gate demand deposits and t h r e e per centum of time d e p o s i t s .
Member banks located i n the Boroughs of Brooklyn
and Bronx w i l l be subject t o the r e s e r v e requirement of paragraph
"b" of Section 19 of the Federal Reserve Act, namely, ten per centum
of aggregate demand d e p o s i t s and t h r e e per centum of time d e p o s i t s .
Member banks l o c a t e d i n the Boroughs of Richmond
and Queens w i l l be subject t o the reserve requirement of paragraph
"a n of Section 19 of the Federal Reserve Act, namely, seven per centum of aggregate demand d e p o s i t s and t h r e e per centum of time
deposits.




Very t r u l y yours,
PIERRE JAY,
Chai rman.