Full text of Federal Reserve Bank of New York Circulars : 3306. Telegraphic Transfers of Treasury Bonds in Coupon Form

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FE D E R A L R E S E R V E BAN K
OF NEW YORK
Fiscal Agent of the United States

J" Circular No. 3 3 0 6 1
U February 5, 1948 J

TELEGRAPHIC TRANSFERS OF TREASURY BONDS
IN COUPON FORM

To all Banking Institutions and Others Concerned
in the Second Federal Reserve District:

,

For your information there is reproduced below a press statement regarding telegraphic
transfers of Treasury bonds in coupon form, which was released by the Treasury Department
for publication on February 4, 1948.
Secretary of the Treasury Snyder today announced that arrangements have been made with the
Federal Reserve Banks, effective March 1, 1948, for the telegraphic transfer of Treasury bonds in
coupon form, in addition to existing facilities for the telegraphic transfer of Treasury notes, certifi­
cates of indebtedness, and Treasury bills. These arrangements have been made for the purpose of
facilitating a broader market for Government securities. Transfers will be made as at present only
against bona fide sales.
In order to cover the expense of handling such telegraphic transfers, fees will be charged for the
transfer of securities which will not mature within one year of the date of transfer, or, in the case of
callable Treasury bonds, which will not mature within one year of the date of transfer and on which the
call privilege has not been exercised. A fee of $5 will be charged for each such transaction involving
securities in a face amount of $50,000 or less, and a fee of $10 will be charged for each such transaction
involving securities in a face amount in excess of $50,000. No fee will be charged for transfers of such
securities which will mature within one year of the date of transfer, or which have been called for
redemption within the year.

The Treasury Department has advised us that, for the purpose of computing fees payable,
a single transaction will consist of securities of only one issue or series to be delivered to a
single recipient ; and, accordingly, securities of two or more different issues may not be com­
bined in a single transfer, nor may securities to be delivered to two or more recipients be
combined in a single transfer.
Additional copies of this circular will be furnished upon request.




A k l a n S proul ,

President.