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FEDERAL RESERVE BANK OF NEW YORK /"Circular No. 4 0 7 6 1 L February 23, 1954 J CLASSIFICATION OF RESERVE CITIES T o all M em ber B anks in the Second F ederal R eserve D istrict: The rule of the Board of Governors of the Federal Reserve System regarding the classification of central reserve and reserve cities, which was adopted on December 19, 1947, provides for a triennial designation of reserve cities. Acting pursuant to the rule, the Board has taken action, effective March 1, 1954, for the continuance of the reserve city classification of certain existing reserve cities and the termination o f the reserve city classification of certain other existing reserve cities. A copy o f the B oard’s action, which will shortly be published in the Federal Register, is printed on the reverse side of this circular. The effect of this action is to continue the reserve city designations of all currently existing reserve cities except Dubuque, Iowa, Lincoln, Nebraska, and St. Joseph, Missouri, which will cease to be reserve cities on March 1, 1954. Additional copies of this circular will be furnished upon request. A llan S proul, President. (over) CLASSIFICATION OF RESERVE CITIES Acting in accordance with the rule regarding classification of central reserve and reserve cities which was adopted by the Board on December 19, 1947, and became effective March 1, 1948 (hereafter referred to as the Board’s rule), and pursuant to authority conferred upon it by section 11(e) o f the Federal Reserve A ct and other provisions of that Act, the Board of Governors has taken the following actions for the continuance of the classification of certain cities as reserve cities and the termination o f the reserve city designations of certain other cities, all such actions to become effective March 1, 1954: (1 ) The City o f Washington, D. C., and every city except New York and Chicago in which there is situated a Federal Reserve Bank or a branch of a Federal Reserve Bank are hereby continued as reserve cities. (2 ) The following cities fall within the scope of paragraph (2) of subsection (b ) of the Board’s rule based upon official call reports of condition in the two-year period ending on June 30, 1953, and, therefore, such cities, in addition to the reserve cities classified as such under paragraph (1) above, are hereby continued as reserve cities: Columbus, O hio; Des Moines, Iow a; Indianapolis, Indiana; Milwaukee, W isconsin; National City (National Stock Yards), Illinois; St. Paul, Minnesota; Tulsa, Oklahoma; Wichita, Kansas; and Fort Worth, Texas. (3 ) The following cities do not fall within the scope of paragraph (2 ) of subsection (b) of the Board’s rule based upon official call reports of condition in the two-year period ending June 30,1953, but a written request for the continuance of each such city as a reserve city was received by the Federal Reserve Bank o f the District in which the city is located on or before February 15, 1954, from every member bank having its head office or a branch in such city (exclusive of any member bank in an outlying district in such city permitted by the Board to maintain reduced reserves), together with a certified copy of a resolution of the board of directors of such member bank duly authorizing such request; and, accordingly, in accordance with paragraph (3) of subsection (b) o f the Board’s rule, the following cities, in addition to the reserve cities classified as such under paragraphs (1) and (2) above, are hereby continued as reserve cities: Toledo, Ohio; Cedar Rapids, Iowa; Sioux City, Iowa; Kansas City, Kansas; Pueblo, Colorado; and Topeka, Kansas. (4) The following cities do not fall within the scope of paragraph (2) of subsection (b ) of the Board’s rule based upon official call reports of condition in the two-year period ending June 30, 1953, and written requests for their continuance as reserve cities were not received from all member banks in such cities; and, accordingly, the designation of such cities as reserve cities is hereby terminated: Dubuque, Iowa; Lincoln, Nebraska; and St. Joseph, Missouri.
@FedFRASER