Full text of Federal Reserve Bank of New York Circulars : 4465. Transactions in United States Securities Other Than Savings Bonds, Revision of Operating Circular No. 17 and its Appendix

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F E D E R A L R E S E R V E BANK
O F NEW YORK
Fiscal Agent of the United States

r Circular No. 4 4 6 5 1
May 17, 1957
J

L

TR A N SAC TIO N S IN U N ITED STATES SECURITIES
O T H E R T H A N SAVINGS BONDS

Revision o f Operating Circular No. 17 and its A ppen dix

To all Banking In stitution s, and Others Concerned,
in the Second F ederal R eserve D istrict:

E nclosed with this circular is a copy o f our Operating Circular No. 17 and o f
an A p p en d ix to it, both revised M ay 17, 1957. The circular and appendix have been
revised substantially by elim inating those paragraphs that duplicate m aterial set
fo rth in T reasury Departm ent Circular No. 300, R evised (effective A p ril 30, 1955),
a cop y o f which accom panied our Circular No. 4232, dated M ay 20,1955. The remain­
ing m aterial in the revised operating circular, in addition to incorporating the one
outstanding supplement, reflects the follow in g changes relating to telegraphic trans­
fe rs o f securities:
Paragraph 10 (form erly 37) now provides that the face amount o f marketable securi­
ties presented to Federal Reserve Banks and Branches fo r telegraphic transfer must be
$5,000 or m ore; the superseded circular did not provide fo r a minimum amount. This
change is also reflected in paragraph 17 (form erly 4 1 ), relating to fees.
Paragraph 12 (form erly 4 3 ), prescribes the use o f a new Form GB 573 for certain
telegraphic transfers o f securities from New York.
Paragraph 13, which is new in the circular, contains a schedule showing the latest
hours at which our H ead Office and Buffalo Branch will receive securities fo r telegraphic
transfer.
Paragraph 19 (form erly 4 5 ), relating to telegraphic transfers o f deliveries o f securi­
ties on original issue, now provides that such transfers will not be made against payment
when the securities have maturities in excess o f 14 months.

A dditional copies o f the revised O perating Circular No. 17 and its A ppen d ix
will be furnished upon request.




A

lfred

H

ayes,

President.