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FEDERAL RESERVE BANK
OF NEW YORK
r Circular N o. 3 4 5 8 1
L
June 10, 1949
J

FEDERAL RESERVE BANK STOCK

Revision of Operating Circular No. 16

To all M em ber Banks in the
Second Federal Reserve District:

We transmit herewith a copy of our Operating Circular No. 16, Revised June 10,
1949, which supersedes Operating Circular No. 16, dated December 8, 1947. The
revised circular contains the following changes:
(1) A new paragraph 1 has been added to give effect to a newly-established procedure
for the closing of the capital stock books of this bank prior to dividend payment dates.
(2) Paragraphs 6 and 7 have been added to set forth information relative to the cost
basis of newly acquired Federal Reserve Bank stock and the treatment of the first dividend
on such stock for Federal income tax purposes.
(3) Paragraphs 1, 2, 3 and 4 of the superseded circular have been renumbered as
paragraphs 2, 3, 4 and 5 of the revised circular, and minor changes have been made in the
renumbered paragraph 5.

Additional copies of the revised operating circular will be furnished upon
request.




A

llan

S

proul,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102