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F E D E R AL R E S E R V E BANK OF N E W YORK r Circular No. 3 7 2 3 ~I L June 20, 1951 J NEW FO R M UNITED STATES PO STAL M ON EY ORDERS T O BE ISSUED JU LY 1, 1951 A m en dm en ts o f O perating Circulars N os. 4, 5 and 6 To all Member and Nonmember Clearing Banks in the Second Federal Reserve D istrict: Com m encing J u ly 1, 1951, U nited States P ost Offices w ill issue postal m oney orders in a new form . The postal m oney orders issued on and after that date w ill be in “ punch c a r d ” form and m ay be cashed at their fa ce amounts at any post office; m oney orders in the present (p a p er) form m ay be cashed at their face am ounts on ly at the offices on which they are drawn o r at which they are issued. A ll F ederal R eserve Banks have agreed to receive the new card form postal m oney orders as cash items and to give immediate credit th erefor as provided in their time schedules. A c cordingly, member and nonmember clearing banks in the Second F ederal R eserve D istrict may include in their cash letters to the F ederal R eserve Bank o f New Y ork new card fo rm postal m oney orders, which they receive from their dep ositors o r others. P ostal m oney orders in the present (p a p er) form , the issuance o f which w ill be discontinued a fter June 30, 1951, w ill be accepted by us fo r collection only to the extent perm itted b y our O perating Circular No. 9, dated Decem ber 8, 1947. W e transm it herewith a cop y o f each o f the follow ing, all effective July 1, 1951: (1 ) Revised Operating Circular No. 4 entitled “ Collection o f Cash Item s,” (2 ) Revised Operating Circular No. 5 entitled “ New Y ork H ead Office Time Schedule,” and (3 ) Revised Operating Circular No. 6 entitled “ Buffalo Branch Time Schedule.” These enclosures effect certain amendments to the operating circulars indicated, in order to con form to the new procedure effective J u ly 1, 1951, fo r handling U nited States postal m oney orders. The enclosed R evised O perating C ircular No. 4 also includes, in the second sentence o f paragraph 24 (form erly 23) o f that circular, a change to con form to the F ourth Amendment, dated January 23, 1950, to T reasury D epartm ent Circular No. 176. Sending banks which have h eretofore been requested by us to make separate sorts o f postal m oney orders w ill please continue this procedure. W e m ay from time to time request other sending banks to make separate sorts o f postal m oney orders if the volum e o f m oney orders included in their cash letters seems to us to w arrant sorts. A llan S proul, President.
@FedFRASER