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FED ERAL RESER VE BANK O F NEW YORK rCircular No. 4 4 3 0 T L February 26, 1957 J CLASSIFICATION OF RESERVE CITIES To all M em ber Banks in the Second F ederal R eserve D istrict: The rule o f the B oard o f G overnors o f the Federal R eserve System regarding the classification o f central reserve and reserve cities, which was adopted on December 19,1947, provides fo r a triennial designation o f reserve cities. A cting pursuant to the rule, the B oa rd has taken action, effective M arch 1, 1957, fo r the continuance o f the reserve city classification o f certain existing reserve cities and the term ination o f the reserve city classification o f two existing reserve cities. The B oard has deferred, pending further consideration and fo r a period not exceeding three months, the ques tion whether Miami, F lorida, w ill be designated as a reserve city. A cop y o f the B o a r d ’ s action, which will be published in the Federal R eserve Bulletin and an early issue o f the Federal R egister, is printed on the reverse side o f this circular. The effect o f this action is to continue the reserve city designations o f all currently existing reserve cities except Cedar R apids and Sioux City, Iow a, which w ill cease to be reserve cities on M arch 1, 1957, and to defer tem porarily the classification o f Miami, F lorida. A dditional copies o f this circular will be furnished upon request. A lfred H ayes, President. ( over ) CLASSIFICATION OF RESERVE CITIES A ctin g in accordance with the rule regarding classification o f 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 B oard ’s ru le ), and pursuant to authority conferred upon it by section 1 1(e) o f the Federal Reserve A ct and other provisions o f that A ct, the Board o f Governors has taken the follow in g actions to become effective March 1, 1957 : (1 ) The C ity o f W ashington, D. C., and every city except New Y ork and Chicago in which there is situated a Federal Reserve Bank or a branch o f a Federal Reserve Bank are hereby continued as reserve cities. (2 ) The follow ing cities fall within the scope o f paragraph (2 ) o f subsection (b ) o f the B oa rd ’s rule based upon official call reports o f condition in the two-year period ending on June 30, 1956, and, therefore, such cities, in addition to the reserve cities classified as such under paragraph (1 ) above, are hereby continued as reserve cities: Milwaukee, W isconsin; F ort W orth, Texas; Indianapolis, In dian a; St. Paul, M innesota; National C ity (National Stock Y a rd s), Illin ois; Tulsa, Oklahom a; Des Moines, Iowra ; and Columbus, Ohio. (3 ) The follow ing cities do not fall within the scope o f paragraph (2 ) o f subsection (b ) o f the B oard ’s rule based upon official call reports o f condition in the two-year period ending June 30, 1956, but a written request for the continuance o f 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, 1957, from every member bank having its head office or a branch in such city (exclusive o f any member bank in an outlying district in such city permitted by the Board to maintain reduced reserves), together with a certified cop y o f a resolution o f the board o f directors o f such member bank duly authorizing such request; and, accordingly, in accordance with paragraph (3 ) of subsection (b ) o f the B oard’s rule, the follow in g cities, in addition to the reserve cities classified as such under paragraphs (1 ) and (2 ) above, are hereby continued as reserve cities: W ichita, K an sas; Kansas City, K an sas; Toledo, O h io ; Topeka, K ansas; and Pueblo, Colorado. (4 ) The follow ing cities do not fall within the scope o f paragraph (2 ) o f subsection (b ) o f the B oa rd ’s rule based upon official call reports o f condition in the two-year period ending June 30, 1956, and written requests for their continuance as reserve cities were not received from all member banks in such cities; and, accordingly, the designation o f such cities as reserve cities is hereby term inated: Cedar Rapids, Io w a ; and Sioux City, Iowa. (5 ) The B oard has deferred, pending further consideration and for a period not exceeding three months from March 1, 1957, the question whether the city o f Miami, Florida, will be desig nated as a reserve city in accordance with the B oard ’s rule.
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