Full text of Federal Reserve Bank of New York Circulars : 3506. Collection of Noncash Items

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FED ER AL R ES E R V E BANK
OF N E W YORK

J" Circular No. 3 5 0 6 T
U October 26, 1949 J

COLLECTION OF NONCASH ITEMS

Revision of Operating Circular No. 8

To the Member and Nonmember Clearing Banks
o f the Second Federal Reserve D istrict:

We transmit herewith a copy of our Operating Circular No. 8,
Revised November 1, 1949, which supersedes our Operating Circular
No. 8, dated December 8, 1947, and the First Supplement thereto dated
February 16, 1948. The changes contained in the revision appear in
paragraphs 12 and 14 (formerly 12, 13 and 15). Paragraph 14 gives
effect to a change in the procedure for handling for payment coupons
from obligations of the United States. This change is being made by all
the Federal Reserve Banks at the request of the Treasury Department,
and becomes effective November 1, 1949. As a consequence, such cou­
pons, when received by us on and after that date, should be enclosed in
separate envelopes according to current or uncurrent interest due dates
and denomination, instead of by issue and denomination.
Additional copies of the revised operating circular will be fur­
nished upon request.




A

llan

S proul,

President.