View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FED ERAL R E SE R V E BANK
OF NEW YORK
r Circular N o. 3 8 4 1 1
L
A pril 10. 1952
J

Collection of Maturing Bonds and Coupons
Payable Either in United States Dollars or in Canadian Dollars
To Member and Nonmember Clearing Banks and Others Concerned
in the Second Federal Reserve D istrict:

Under the terms o f our Operating Circular No. 8, Revised November 1, 1949, any mem­
ber or nonmember clearing bank may send to us fo r collection maturing bonds and coupons
payable within the continental United States (other than obligations o f the United States or
its agencies or instrumentalities, or o f the International Bank fo r Reconstruction and Devel­
opment, which are paid or redeemed by us as fiscal agent).
A number o f Canadian issues provide for payment o f bonds and coupons at maturity either
in United States dollars or in Canadian dollars, at the holder’s option. I f the holder elects to
receive United States dollars, the securities must be presented to paying agents in the United
States, whereas if the holder wishes to receive Canadian dollars, the securities must be pre­
sented at the office o f the Canadian issuer or to its paying agents in Canada. W ith the Canadian
dollar currently quoted at a premium on the foreign exchange market, we have received
inquiries as to whether we would be prepared to collect such maturing bonds and coupons in
Canadian dollars, sell the resulting Canadian exchange on the market at current rates, and
remit the proceeds in United States dollars.
W e cannot undertake the collection in Canadian dollars of maturing bonds and coupons
o f such Canadian issues because they are not payable in that form within the continental
United States. W e understand, however, that commercial banks when requested by a cor­
respondent are generally prepared to arrange either (1) to present such securities to the
paying agents in Canada and to sell the proceeds for United States dollars, or (2) to sell such
securities fo r United States dollars to a buyer who wishes to obtain Canadian exchange by
presenting the securities fo r payment in Canada.
Member and nonmember clearing banks wishing to exercise the option o f obtaining pay­
ment o f Canadian issues in Canadian dollars, therefore, should not send the bonds or coupons
to us fo r collection, but should make appropriate arrangements with their correspondent banks.
On and after A pril 15, 1952, any member or nonmember clearing bank that sends to us
for collection maturing bonds or coupons payable in more than one currency, including United
States dollars, will be regarded as having authorized and instructed us to present such bonds
or coupons to the paying agents in the United States fo r payment in United States dollars.
Member banks having maturing bonds or coupons o f such Canadian issues in safekeeping
with us should make similar arrangements with their correspondent banks if they wish to
exercise the option, and should give us instructions regarding disposition of the maturing
securities. In the event that appropriate instructions are not received within a reasonable
time prior to the date o f maturity, bonds or coupons payable in more than one currency,
including United States dollars, will be presented by us fo r payment in United States dollars,
as provided in our Operating Circular No. 14, Revised November 13, 1950.




A

llan

S proul,

President.

AMENDMENTS

to the

BY-LAW S OF THE BUFFALO BRANCH

of the

FEDERAL RESERVE BANK
OF NEW YO R K

Effective March 1, 1952

Issu ed A pril 19 5 2




The following amendments to the
by-laws of the Buffalo Branch, which
became effective March 1, 1952, are
printed for use in connection with the
booklet issued October 1951 contain­
ing the by-laws of the Federal Reserve
Bank of New York, as amended effec­
tive October 5, 1951, and the by-laws
of its Buffalo Branch, as amended
effective March 1, 1947.




AMENDMENTS TO BY-LAWS, BUFFALO BRANCH

1

Section 3 of Article II was amended, effec­
tive March 1, 1952, to read as follows:
S e c t i o n 3. Meetings.— There shall be a
regular meeting of the board on such
day of each month and at such time as
the board shall designate. The chairman
may call a special meeting at any time,
and shall do so upon the request of the
Federal Reserve Bank of New York or
the written request of the officer in
charge of the Branch or any two direc­
tors of the Branch. Notice of any meet­
ing, if given by mail, shall be mailed at
least two days prior to the date of such
meeting, and, if given by telegraph or
telephone, shall be dispatched at least
twenty-four hours before the time of
such meeting.

Section 1 of Article IV was amended, effec­
tive March 1, 1952, to read as follows:
S e c t i o n 1. How constituted.— The board
may appoint a discount committee con­
sisting of the officer in charge of the
Branch, such other officers of the Branch
as the board may designate, and the




AMENDMENTS TO BY-LAWS, BUFFALO

BRANCH 2

chief of the credit and discount division.
Not less than two members of the com­
mittee shall constitute a quorum for the
transaction of business.
Section 1 of Article VI was amended, effec­
tive March 1, 1952, to read as follows:
S e c t i o n 1. Appointed by the Federal Re­
serve Bank of New York.— The officers
of the Branch, who shall be appointed by
the board of directors of the Federal
Reserve Bank of New York, shall be the
officer in charge of the Branch and such
other officers as the board of directors of
the Federal Reserve Bank of New York
may from time to time determine to be
necessary and appropriate for the con­
duct of the business of the Branch. They
shall hold office during the pleasure of
the board of directors of the Federal
Reserve Bank of New York.

Section 2 of Article VI was amended, effec­
tive March 1, 1952, to read as follows:
2.
Officer in charge of the
Branch.— The officer in charge of the

S e c tio n




AMENDMENTS TO BY-LAWS, BUFFALO BRANCH

3

Branch (who shall have such title, not
including the word “director,” as may be
determined by the board of directors of
the Federal Reserve Bank of New York)
shall be the active manager of the
Branch and shall have general charge
thereof. In all cases where duties of
subordinate officers of the Branch are
not specifically prescribed by the by­
laws or the board of directors of the
Branch or by the Federal Reserve Bank
of New York, they shall be the duties
prescribed by the officer in charge of the
Branch.
Section 3 of Article V I was deleted, effec­
tive March 1, 1952.
Section 4 of Article V I was renumbered as
Section 3 and amended, effective March 1,
1952, to read as follows:
S e c tio n
3.
Cashier.— The cashier, or
such other person as may be designated
by the board, shall keep the minutes
of the meetings of the board and of all
committees appointed by the board. In




AMENDMENTS TO BY-LAWS, BUFFALO BRANCH

4

the absence or disability of the officer in
charge o f the Branch and of any other
officer of the Branch designated to exer­
cise the powers and discharge the duties
of the officer in charge of the Branch in
the event of his absence or disability,
the cashier shall exercise the powers and
discharge the duties of the officer in
charge of the Branch. The cashier shall
also perform such other duties as may
be prescribed by the officer in charge of
the Branch, subject to the approval of
the board.

Section 5 of Article V I was renumbered as
Section 4 and amended, effective March 1,
1952, to read as follows:
4. Assistant Cashiers.— Each
assistant cashier shall perform such
duties as may be prescribed by the officer
in charge of the Branch, subject to the
approval of the board. In the absence
or disability of the cashier, the assistant
cashier designated by the board or by
the officer in charge of the Branch shall
exercise the powers and discharge the
duties of the cashier.
S e c t io n




AMENDMENTS TO BY-LAWS, BUFFALO BRANCH

5

Sections 6 through 9 of Article V I were
renumbered, effective March 1, 1952, as fol­
lows:
(a) Section 6 was renumbered Section 5,
(b) Section 7 was renumbered Section 6,
(c) Section 8 was renumbered Section 7,
and
(d) Section 9 was renumbered Section 8.




FEDERAL RESERVE

BANK

OF NEW YORK
New

Y ork 4 5 , N. Y.

A p r il 1 1 , 1952.

To Member and Nonmember C le a r in g Banks
in th e Second F e d e r a l R eserve D i s t r i c t :
We have been a d v ise d th a t flo o d s

in some a re a s o f the

N inth F e d e r a l R eserve D i s t r i c t and a lo n g th e M is s o u ri R iv e r in
th e Seventh and Tenth F e d e r a l R eserve D i s t r i c t s have i n t e r ­
rupted t r a n s p o r t a t io n and communication f a c i l i t i e s .
r e s u lt,

As a

some n o t ic e s o f nonpayment o f cash item s and th e r e ­

tu rn o f some unpaid item s w i l l be dela y ed u n t i l normal
c o n d it io n s a re r e s t o r e d .
We w i l l c o n tin u e t o g iv e c r e d i t in accordance w ith
our tim e sc h e d u le s f o r cash item s payable in the a f f e c t e d a r e a s ,
b u t a d v ic e o f nonpayment and re tu rn o f unpaid item s may be de­
la y e d .

We r e s e r v e th e r i g h t , o f c o u r s e , t o charge back any

unpaid item s a t any tim e .




ALLAN SPROUL,
P r e s id e n t.

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