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FED ERAL R E SE R V E BANK OF NEW YORK Fiscal A gent of the United States r Circular L N o. 4 1 8 3 T January 7, 1955 J CASH OFFERING 2 l/2 Percent Federal National Mortgage Association Notes of Series ML-1958-A Dated January 20, 1955 Due January 20, 1958 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public today: The Treasury Department announced today that on Tuesday, January 11, the Secretary of the Treasury on behalf of the Federal National Mortgage Association will offer for cash subscription $500 million o f 2 % percent notes of the Association to be dated January 20, 1955, and to mature January 20, 1958. As announced by the Association on December 30, 1954, the Treasury Department has agreed to handle this offering for the Association and it will utilize the facilities of the Federal Reserve Banks, as fiscal agents o f the United States, in receiving subscriptions, making allotments, and delivering securities allotted in much the same manner as public debt offerings are handled. Subscriptions from commercial banks, which for this purpose are defined as banks accepting demand deposits, for their own account, will be received without deposit, but will be restricted in each case to an amount not exceeding one-half of the combined capital, surplus and undivided profits of the subscribing bank as o f December 31, 1954. On all other subscriptions a payment of 10 per cent o f the amount of notes subscribed for must be made, not subject to withdrawal until after allotment. Although payment by Treasury Tax and Loan account credit will not be permitted, arrange ments have been made between the Association and the Treasury whereby the Treasury will deposit with qualified banks, upon request, amounts equal to notes allotted to such banks for themselves and their customers. This is the same procedure followed last November in connection with the sale of Commodity Credit Corporation certificates of interest. Commercial banks and other lenders are requested to refrain from making unsecured loans or loans collateralized in whole or in part by the notes subscribed for, to cover the 10 percent deposits required to be paid when subscriptions are entered. A certification by the subscribing bank that no such loan has been made will be required on each subscription entered by it for account of its customers. A certification that the bank has no beneficial interest in its customers’ subscriptions, and that no customers have any beneficial interest in the bank’s own subscription, will also be required. The terms of this offering are set forth in Treasury Department Circular No. 953, dated January 11, 1955, a copy o f which is printed on the following pages. Please note that the Treasury’s circular provides that cash subscriptions from commercial banks for their own account will be restricted in each case to an amount not exceeding one-half o f the combined capital, surplus and undivided profits of the subscribing bank as of December 31, 1954. Payment for the notes must be made in immediately available funds on January 20, 1955, and may not be made by credit to Treasury Tax and Loan accounts. However, after having made payment for the notes, a qualified depositary may, if it desires, credit to Treasury Tax and Loan account any amount o f such payment for which it shall be qualified in excess of existing deposits; upon receipt o f advice of credit to Tax and Loan account, we will pay to the depositary the amount o f the credit. Subscriptions will be received by this Bank as fiscal agent of the United States. Subscrip tions should be made on official subscription form s and mailed immediately or, if filed by tele gram or letter, should be confirmed immediately by mail on the forms provided. Subscription books open Tuesday, January 11, 1955, and may be closed at any time with out notice. To assure the timeliness of your subscription, therefore, we suggest you file it without delay. A llan S proul, P resid en t. FEDERAL NATIONAL MORTGAGE ASSOCIATION 2 1/2 PERCENT NOTES OF SERIES ML-1958-A Dated and bearing interest from January 20, 1955 Due January 20, 1958 Interest payable January 20 and July 20 1955 D epartm ent C ircular N o . 953 TREA SU RY DEPARTM ENT, O F U ca l S erv ice B ureau o f th e P u b lic D eb t I. OFFERING OF NOTES 1. The Secretary o f the Treasury, on behalf of the Federal National Mortgage Association, invites subscriptions, at par and accrued interest, from the people of the United States for notes o f the Federal National Mortgage Association, designated 21/** percent notes of Series ML-1958-A. The amount of the offering is $500,000,000, or thereabouts. II. DESCRIPTION OF NOTES 1. The notes will be dated January 20, 1955, and will bear interest from that date at the rate of percent per annum, payable semiannually on July 20, 1955, and thereafter on January 20 and July 20 in each year until the principal amount becomes payable. They will mature January 20, 1958, and will not be subject to call for redemption prior to maturity. Maturing principal, and interest coupons, will be payable when due at any Federal Reserve Bank or Branch, or at the Office of the Treasurer o f the United States, Washington. 2^/2 2. The notes will be issued under authority con tained in Section 306(b) o f the Federal National Mortgage Association Charter Act (Title III of the National Housing Act, as amended by Public Law 560, 83rd Congress, approved August 2, 1954), which provides that obligations, together with the interest thereon, issued thereunder are not guaran teed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than the Association. 3. The income derived from the notes does not have any exemption, as such, under the Internal Revenue Code o f 1954. The notes are subject to Federal estate, gift or other excise taxes. The Federal National Mortgage Association Charter Act does not contain any specific exemption with respect to taxes now or hereafter imposed on the principal o f or interest on the notes by any State, or any of the possessions o f the United States, or by any local taxing authority. 4. The notes shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority and control of the United States or any officer or officers thereof. f f ic e o f th e S ecretary , Washington, January 11, 1955. The notes also shall be eligible as investment securi ties for national banking associations. 5. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000. $10,000, $100,000 and $1,000,000. The notes will not be issued in registered form. 6. Transactions in the notes will be subject, so far as applicable, to the regulations and procedures now or hereafter prescribed by the Treasury for the conduct of similar transactions involving market able United States securities. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of the Treasurer of the United States, Washington. Commercial banks, which for this purpose are de fined as banks accepting demand deposits, may sub mit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. Others than commercial banks will not be permitted to enter subscriptions except for their own account. Subscriptions from commercial banks for their own account will be received without deposit, but will be restricted in each case to an amount not exceed ing one-half of the combined capital, surplus and undivided profits of the subscribing bank as of December 31, 1954. Subscriptions from all others must be accompanied by payment of 10 percent of the amount of notes applied for, not subject to with drawal until after allotment. Following allotment, any portion of the 10 percent payment in excess of 10 percent of the amount of notes allotted may be released upon the request of the subscribers. 2. The Secretary of the Treasury reserves the right to reject or reduce any subscription, to close the books at any time without notice, and to allot less than the amount of notes applied f o r ; and any action he may take in these respects shall be final. Allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made or com pleted on or before January 20, 1955, or on later allotment. In every case where payment is not so completed, the payment with application up to 10 percent of the amount of notes allotted shall, upon declaration made by the Secretary o f the Treasury in his discretion, be forfeited. 2. Under arrangements made between the Federal National Mortgage Association and the Treasury Department, the Treasury will deposit 0 1 1 January 20, 1955, with subscribing banks which have qualified to maintain Treasury tax and loan accounts, amounts equal to the notes allotted to such banks for themselves and their customers, but not in excess of any amounts for which they may be qualified in excess o f existing deposits. Banks desiring to avail themselves of such deposits should remit payment for the full amount o f notes allotted to them by charges to reserve accounts or by drafts payable in funds immediately available on or before January 20, 1955. They should also credit on January 20, 1955, to the Treasury tax and loan accounts on their books any amount for which they desire such credit up to the amounts of their payments for notes allotted. The Treasury has authorized Federal Reserve Banks, as fiscal agents of the United States, to pay from other funds in the account o f the Treasurer o f the United States amounts equivalent to such credits to the respective subscribing banks for deposit in their Treasury tax and loan accounts. Such payments will be credited to accounts on the books of the Federal Reserve Banks or remitted to or for the accounts of the subscribing banks, as the latter may direct. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to re ceive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive payment for notes allotted, to make de livery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending deliv ery of the definitive notes. 2. Further information with respect to the organization of the Federal National Mortgage Association, its financial position, and the notes to be issued hereunder, may be obtained upon appli cation to any Federal Reserve Bank, or to the prin cipal office of the Association in Washington, D. C. 3. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. G. M. HUMPHREY, Secretary of the Treasury. FEDERAL RESERVE BANK S E C -A T S -1 .N -S OF NEW YORK S E C U R IT IE S D E P A R T M E N T To A D V IC E TO S U B S C R I B E R Subscription No. r Date L Your cash subscription for $ Federal National Mortgage Association 2Vfc Percent Notes of Series ML— 1958-A, Dated January 20, 1955, Due January 20, 1958 has been received by this Bank, as fiscal agent of the United States. Pursuant to Treasury Department Circular Xo. 953. which specifies the terms of the above-mentioned obligations of the Federal National Mortgage Association, allotment notices will be sent out promptly upon allotment, and allotments will be made on the basis and up to the amounts indicated by the Secretary of the Treasury to this Bank. F e d e r a l R e se r v e B a n k of New Y ork. Fiscal Agent of the United States. Cheeked by 4 I U FID K R A L R ESER V E BANK o r NEW YORK 1 -7 -B B To 8 E C —A T S - 2 . N - S S E C U R IT IE S D E P A R T M E N T CARD RECO RD Subscription No. Date if Cash subscription received from above subscriber for $ Federal National Mortgage Association V/i Percent Notes of Series ML— 1958-A, Dated Ja— ary 20, 1955, Doe Jannary 20,1958 FEDERAL RESERVE BANK S E C —A T S —2 . N - f S E C U R IT Y F IL E S C O P Y To — Subscription No. Date Cash subscription received from above subscriber for $ Federal National Mortgage Association V/z Percent Notes of Series ML— 1958-A, Dated January 20, 1955, Due January 20,1958 n— F N M A -1 ~ ■ v^ ' ’ Subscription Number J? CASH SUBSCRIPTION For Federal National Mortgage Association 2% Percent Notes of Series ML-1958-A Dated January 20, 1955 Due January 20, 1958 Subscription books may be closed at any time without notice. Important 1. Subscriptions from commercial banks for tlieir own account will be received without deposit; subscriptions from all others must be accompanied by payment of 10 percent of the amount of notes applied for. 2. Commercial banks subscribing for account o f customers should hold the 10 percent deposits paid to them by their customers (see certification below). 3. Amount o f notes applied for must be in multiples of $1,000. op N e w Y o r k , Dated at Fiscal Agent o f the United States, Federal Reserve P. O. Station, New York 45, N. Y. D ear S irs Attention: Securities Department— 9th Floor F e d eral R e serve B a n k .1955 Pursuant to the provisions o f Treasury Department Circular No. 953, dated January 11, 1955, the undersigned hereby subscribes for Federal National Mortgage Association 2% percent Notes of Series ML-1958-A, as follows: For own a c c o u n t................................................................................................................................... $................................. For our customers, shown on reverse side (fo r use of commercial banks) .......................... $................................. Total subscription............................................................. $................................. Payment for these securities will be made on or before January 20, 1955, as follows: By cash............................ □ By check.............................. □ By charge to our reserve account........................................ □ and on January 20, 1955, the undersigned (for qualified depositary banks only) j=!j ^ credit the Treasury Tax and Loan Account on its books a sum not in excess o f the total amount o f notes allotted to it, and not in excess of any amount for which it shall be qualified in excess of existing deposits (see Treasury Department Circular No. 953, paragraph 2 under “ IV Payment” ). ( I f a commercial bank is subscribing for its own account or for account o f customers, the following certification is made a part o f this subscription) W e H e r e b y C e r t i f y that we have received applications from our customers in the amounts set opposite the customers’ names on the list (on the reverse side hereof) which is made a part of this subscription; that there has been paid to us by each such customer, not subject to withdrawal until after allotment, 10 percent of the amount applied fo r ; that we have not made unsecured loans, or loans collateralized in whole or in part by the securities applied for, to supply the amounts of such payments to any o f such customers; that we have no beneficial interest in the applications of such customers, and that none of our customers has any beneficial interest in the amount subscribed for our own account. W e F u r t h e r C e r t i f y that the subscription for our own account does not exceed one-half of our combined capital, surplus and undivided profits as shown in our call report of December 31, 1954. TO SUBSCRIBER : (F ill in all required spaces before signing) Mark ( X ) in proper space to indicate if this is : (N am e o f subscriber— Please print o r typewrite) Original subscription..................... □ Confirmation of a telegram.......... □ Confirmation of a letter................ □ By. (O fficial signature) (T itle ) Address (Spaces below are for the use of the Federal Reserve Bank) Blotter............. ALLOTMENT DEPOSIT Examined....... Acknowledged. Carded............. Figured Checked Advised (F or use of commercial bank subscribers only; List of customers included in this subscription ( Please print or typew rit*) Leave blank Name o f Customer Address Amount Subscribed Leave blank Subscription Number FE D E R A L R E SE R V E BANK OF NEW YORK NOTICE OF ALLOTMENT 1 For Federal National Mortgage Association 2*/2 Percent Notes of Series ML-1958-A To Subscriber: On your subscription, numbered as above, for $ (par amount) of— FEDERAL N A T IO N A L M O RTG AG E ASSO CIATIO N 2*/* PERCENT NOTES O F SERIES M L -1 9 5 8 -A D ATED JAN U AR Y 2 0 , 1 9 5 5 , DUE JAN UAR Y 2 0 , 19 58 which you filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, the Secretary of the Treasury has allotted notes to you in the amount of— $ Important 1. To expedite delivery of the securities allotted to you and to facilitate prompt completion of this transaction, please fill in, sign and return immediately the attached Letter of Instructions to the Federal Reserve Bank of New York, Fiscal Agent of the United States, New York 45, N. Y . Paym ent 2. I f payment for securities allotted is made on or before January 20, 1955, payment must be made at par; if made or not available until after January 20, 1955, payment must be made at par plus accrued interest. Payment may be made by check, cash, or charge as follows: (Original payment on this issue cannot be made by Treasury Tax and Loan account credit) B y Check — The check should be made payable to the order of the FEDERAL RESERVE BANK OF NEW YORK, FISCAL AGENT OF THE UNITED STATES. The securities will not be delivered by this Bank until the proceeds of a check have been collected. The proceeds of a check drawn on the Federal Reserve Bank of New York are immediately available. B y Cash —Payment may be made in cash. B y Charge— A member bank may make payment by requesting us to charge its reserve account, or a nonmember clearing bank may make payment by requesting us to charge its clearing account. Treasury Tax and Loan account credit 3. (a) If, as a qualified depositary, you signified in your subscription an election to receive a deposit in Treasury Tax and Loan account, this Bank, as Fiscal Agent of the United States, hereby authorizes you to credit, as o f January 20, 1955, the Treasury Tax and Loan account on your books with a sum up to the amount of notes allotted to you, but not in excess of any amount for which you shall be qualified in excess of existing deposits. On January 20, 1955, this Bank will pay you an amount equivalent to the Tax and Loan credit by crediting your reserve or clearing account on our books or remitting it as you may direct. (b) Securities o f this issue allotted to a qualified depositary for its own account may be pledged with the Federa Reserve Bank o f New York as collateral security for deposits in Treasury Tax and Loan account. D elivery 4. (a) Delivery o f the securities allotted will be made by the Federal Reserve Bank of New York at its Head Office in New York City, and will not be made before January 20, 1955. (b) The securities will be delivered over the counter to a representative of the subscriber, provided the representa tive presents a letter of authority identifying him and signed officially by the subscriber. S afek eepin g 5. Securities allotted to member banks for their own account may be left with this Bank for safekeeping pursuant to the terms of our Operating Circular No. 14. F ederal R eserve B a n k op N e w Y o r k , Fiscal Agent of the United States. Checked by.................................................................. NA-NS (This letter of instructions, accompanied by attached duplicate copy, should be filled in and returned to Federal Reserve Bank of New York) Subscription Number LETTER OF INSTRUCTIONS To F ederal R eserve B a n k of N ew Y ork , Fiscal Agent of the United States, Federal Reserve P. 0. Station, New York 45, N. Y. Attention: Government Bond Department— 2nd Floor From (Name and address of Subscriber) Dated a t ............... .1955 On our subscription, numbered as above, for $ (par amount) of— FEDERAL NATIONAL MORTGAGE ASSOCIATION 2 Vi PERCENT NOTES OF SERIES ML-1958-A DATED JANUARY 20, 1955, DUE JANUARY 20, 1958 which we filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, we have received your notice of allotment stating that the Secretary of the Treasury has allotted notes to us in the amount of— As requested, we send you the following instructions: Payment for the securities allotted will be made— □ By charge to our reserve account, which you are authorized to make □ By check and on January 20, 1955, the undersigned (for qualified depositary banks only) ^ □ By cash nQj. credit the Treasury Tax and Loan Account on its books a sum not in excess of the total amount of notes allotted to it, and not in excess of any amount for which it shall be qualified in excess of existing deposits (see Treasury Department Circular No. 953, paragraph 2 under “ IV Payment” ). Denominations of notes desired Denomi nation * Face amount □ □ □ □ □ (Leave this space blank) 1,000 5,000 Dispose of securities issued, as follows: 1. Deliver over the counter to the undersigned 2. Hold in safekeeping (for member bank only) 3. Hold as collateral for Treasury Tax and Loan Account 4. Ship to the undersigned 5. Special instructions: 10,000 100,000 The undersigned ( i f a bank or trust company) hereby certifies that the securities to be disposed of as indicated in item 2 or 3 above are the sole property of the undersigned. 1,000,000 (IM P O R T A N T : be accepted.) TOTAL This letter of instructions must be signed officially in the space provided and re turned immediately to Submitted by Federal Reserve Bank of New York, Address ........ No changes in delivery instructions will (Please print) By.................. (Title) (Official signature required) Fiscal Agent of the United States. (Spaces below are for the use o f Federal Reserve Bank of New York) Safekeeping Department Security Custody Department Government Bond Department Payment received signed: Counted .................................................................. Deliver against payment Checked .................................................................. o f $ .................................. signed: DELIVERY RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. Date. By. Subscriber. (Qualified depositary banks desiring to avail themselves of the special Treasury Tax and Loan account privilege should execute the following Advice of Credit.) Advice of Credit to Treasury Tax and Loan Account To Federal Reserve Bank of New York, Fiscal Agent of the United States. ae The undersigned hereby certifies that it will deposit on January 20, 1955, to the credit of the Federal Reserve Bank of New York, Fiscal Agent of the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on demand, the sum of $ , pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, and in accordance with authorization received from you, as Fiscal Agent of the United States. We request payment on January 20, 1955, of an amount equivalent to the amount credited to the Tax and Loan Account, as follows: □ By check □ By credit to our reserve account □ By credit to reserve account o f ..................................................................................................................................................... Name o f depositary.................................................................................................................................. Address........................................................................................................................................................ By (Official signature required) (Title) Subscription Number (D U PLIC A TE FO R USE OF FE D E R A L RE SE R V E BANK OF N EW YO RK ) LETTER OF INSTRUCTIONS To F ederal R eserve B a n k of N e w Y ork Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . k , Attention: Government Bond Department— 2nd Floor From (Name and address o f Subscriber) Dated a t ....................................................... ............................................................... 1955 On onr subscription, numbered as above, for $ (par amount) of— FEDERAL NATIONAL MORTGAGE ASSOCIATION 2 */2 PERCENT NOTES OF SERIES M L-1958-A DATED JANUARY 20, 1955, DUE JANUARY 20, 1958 I which we filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, we have received your notice of allotment stating that the Secretary of the Treasury has allotted notes to us in the amount of— $ As requested, we send you the following instructions: Payment for the securities allotted will be made— □ By charge to our reserve account, which you are authorized to make and on January 20, 1955, the undersigned (for qualified depositary banks only) □ By check □ By cash no^. credit the Treasury Tax and Loan Account on its books a sum not in Qxcess of the total amount of notes allotted to it, and not in excess of any amount for which it shall be qualified in excess of existing deposits (see Treasury Department Circular No. 953, paragraph 2 under “ IV Payment” ). Denominations of notes desired Pieces Denomi nation $ Face amount Dispose of securities issued, as follows: (Leave this space blank) 1,000 5,000 □ □ □ □ □ 1. 2. 3. 4. 5. Deliver over the counter to the undersigned Hold in safekeeping (for member bank only) Hold as collateral for Treasury Tax and Loan Account Ship to the undersigned Special instructions: 10,000 100,000 The undersigned ( i f a bank or trust company) hereby certifies that the securities to be disposed o f as indicated in item 2 or 3 above are the sole property o f the undersigned. 1,000,000 TOTAL (I M P O R T A N T : be accepted.) No changes in delivery instructions will This letter of instructions must be signed officially in the space provided and returned immediately to Submitted by ................................................................................................................. Federal Reserve Bank of New York, Address ........................................................................................................................... (Please print) B7........................................................................... . (Official signature required) .......................... (T itle) Fiscal Agent of the United States. (Spaces below are for the use o f Federal Reserve Bank o f New Y ork ) Government Bond Department Security Custody Department Safekeeping Department Payment received signed: Counted ................................................................... Deliver against payment Checked ..................................................................... signed: D E LIV E R Y RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. Date................................. Subscriber........................................ .......................................... By.......................................................................................... ALLOTMENT NOTICE FOR GOVERNMENT BOND DEPARTMENT fc. To Subscriber: t - f _ On your subscription, numbered as above, for $ (par amount) of— J FEDERAL N A T IO N A L M O RTG AG E ASSO CIATIO N 2 »/2 PERCENT NOTES O F SERIES M L -1 9 5 8 -A D ATED JAN U AR Y 2 0 , 1 9 5 5 , DUE JAN U AR Y 2 0 , 1958 I which you filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, the Secretary of the Treasury has allotted notes to you in the amount of— $ Date Treas. Tax & Loan Acc. Charge Cash Delivery teller Gov. Deposit Ship Allotment Premium and/or interest Disposition Purchase price Over counter Deposit Safekeeping Principal due Refund Special delivery instructions Balance Accrued interest Amount due T ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT f.■ 5 T o S u b scrib er: % On your subscription, numbered as above, for $ (par amount) of— FEDERAL N A T IO N A L M O RTG AG E ASSO CIATIO N 2 *4 PERCENT NOTES OF SERIES M L -1 9 5 8 -A D A T E D JAN UAR Y 2 0 , 1 9 5 5 , DUE JAN U AR Y 2 0 , 19 58 which you filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, the Secretary o f the Treasury has allotted notes to you in the amount of— F e d e r a l R eserve B a n k o f N e w Y o r k FILLED ALLOTMENT DELIVERY TICKET ^ To Subscriber: » — _ On your subscription, numbered as above, for $ f (par amount) of— FEDERAL N A T IO N A L M O RTG AG E ASSO C IATIO N 2 Vi PERCENT NOTES OF SERIES M L -1 9 5 8 -A D A T E D JA N U A R Y 2 0 , 1 9 5 5 , DUE JA N U A R Y 2 0 , 19 58 which you filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11, 1955, the Secretary of the Treasury has allotted notes to you in the amount of— E & $ ALLOTMENT NOTICE FOR SECURITY FILES To Subscriber: I ► On your subscription, numbered as above, for $ ' (par amount) of— FEDERAL N A T IO N A L M O RTG AG E ASSO C IATIO N 2 Y» PERCENT NOTES O F SERIES M L -1 9 5 8 -A D A T E D JAN U AR Y 2 0 , 1 9 5 5 , DUE JA N U A R Y 2 0 , 19 58 H which you filed pursuant to the provisions of Treasury Department Circular No. 953, dated January 11,1955, the Secretary of the Treasury has allotted notes to you in the amount of— $ § * FED ER A L R E SE R V E BANK O F NEW YO R K January 11, 1955. To all Member and Nonmember Clearing Banks in the Second Federal Reserve District, and Others Concerned : On the reverse side o f this letter there are set forth lists showing (1) the currently effective operating circulars o f this Bank, and the supplements thereto, and (2) the currently effective Regulations o f the Board of Governors of the Federal Reserve System, and the amend ments and supplements thereto. The lists will enable you to determine whether your sets o f those documents are complete. W e shall be pleased to furnish upon request copies o f any which you do not have. A llan S proul, P resid en t. ( ovek) CURRENTLY E F F E C T IV E OPERATING CIRCULARS OF FE D E R A L RESERVE BANK OF N EW YORK an d REGULATIONS OF THE BOARD OF GOVERNORS OF THE FE D E R A L RESE RVE SYSTEM January 11, 1955 Operating Circulars Regulations January Operating Circular No. 1 7,1955 Operating Circular No. 2 . . October 18,1949 Operating Circular No. 3 . . August Operating Circular No. 4 . . . 1,1954 July 15,1954 Regulation A . Amendment Amendment Amendment . . . . . . . . . . . . . . . . 1 1937 . March 20 1942 February 17 1949 21 1951 Regulation B . . . . . . . . Regulation C . . . . August 31 1946 . . . . . . . Operating Circular No. 5 . . . A pril 1,1954 Regulation D . . Supplement . Operating Circular No. 6 . . . April 1,1954 Regulation E . . . . Regulation F . . . . Regulation G . . Amendments . . . . Operating Circular No. 7 . Operating Circular No. 8 First Supplement . . . Operating Circular No. 10 First Supplement . . . . A pril 28,1954 . . November 1,1949 . . July 15,1954 . . . December . Januarv Operating Circular No. 11 . . September 27,1954 Operating Circular No. 12 First Supplement . . . . . . . June 17,1949 . April 10,1951 Operating Circular No. 13 . . . . A pril 16,1954 Operating Circular No. 14 . . November 13, 1950 Operating Circular No. 15 . . . October 30, 1953 Operating Circular No. 16 . . . Operating Circular No. 17 . First Supplement . . . A p p e n d ix ......................... . . . . January 9,1951 . . June 18,1953 . . June 18,1953 Operating Circular No. 18 First Supplement . . . . . . . . July 28,1953 . October 7,1954 Operating Circular No. 19 . . . Operating Circular No. 20 First Supplement . . Second Supplement . . . . . . . . . April 10,1953 November 2,1953 November 4,1954 8. 1947 8,1951 . June 25, 1951 March 31,1954 Regulation 11 . . . Regulation I . . . . May 15 1930 . . September 16 1948 .................... June 21 1954 . . . March 1 1940 5 1951 .................... July 1 1940 15 1954 1 1952 . 1 1936 Regulation J . . . . Amendments . . Regulation It . . . . Amendment . . . Amendment . . . Amendment . . . Amendment . Regulation L . . . . Amendment . . . Regulation M . . . . Regulation N . . . . Regulation O . . . . Regulation P . . . . Regulation Q . . . . Supplement . . . Amendment . . . Regulation R . . . . Regulation S . . . . Regulation T . . . . Supplement . . . Amendment No. 11 Regulation U . . . . Supplement . . . Amendment No. 12 Regulation V . . . . . . . January 1 1949 .................... July 15 1954 29 1930 .................... May . . September 1 1937 . . November 1 1943 . . February 2 1945 29 1954 1 1940 .................... July 1 1948 . . . . August 14 1937 . . . . January 1 1944 1 1939 .................... July . . . January 1 1936 . . . February 11 1937 . . . . January 1 1936 1 1952 .................... J uly . . . . January 4 1936 .................... April 30 1942 20 1949 .................... July 4 1955 . September 3 and 17 1951 .................... July 20 1949 . . . . January 4 1955 . . . . August 1 1953 27 1950
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