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F E D E R A L R E S E R V E B A NK O F N EW YORK r Circular N o. 4 7 1 2 1 L M arch 9, 1959 J SAFEKEEPING, HANDLING AND SHIPMENT OF SECURITIES Revision of Operating Circular No. 14 T o A ll M em ber and N onm em ber Banks in the Second Federal R eserve D istrict: E nclosed is a cop y o f our Operating Circular No. 14, R evised M arch 9, 1959. In addition to editorial changes, the circu lar contains the follow in g changes: Paragraph 1 has been revised (1 ) by adding the provision that under certain condi tions we will accept and hold in safekeeping at our H ead Office fo r account o f any central reserve city member bank marketable securities o f the United States owned solely by such bank when such securities are being used from time to time as collateral fo r borrowings from this Bank or fo r balances in Treasury Tax and Loan Accounts, and (2 ) by amending the provisions relating to safekeeping o f securities at our Buffalo Branch. Paragraph 5 is new. It restates, and broadens the effect of, the provisions o f the last two sentences o f form er paragraph 7, relating to the extent o f this B an k’s liability fo r failure to perform certain services with respect to securities held in safekeeping. Paragraph 6 (form erly 5 ), relating to services perform ed by this Bank with respect to maturing securities held in safekeeping, has been revised to include among such securities certain securities payable in any Federal Reserve district (instead o f “ within the continen tal United States, excluding A laska” ). Paragraph 9 (form erly 8 ) now sets forth the current practice o f this Bank in passing credit to the account o f a member bank fo r payment obtained by us in the form o f a check drawn on a commercial bank, when instructed by the member bank to sell securities or to deliver them against payment. Paragraph 17 (form erly 16) sets forth the text o f the currently effective provisions o f our registered mail insurance policies with respect to war and related risks. Paragraph 19 (form erly 18) now provides in subparagraph ( b ) , as a conditiou o f eligibility fo r coverage under certain registered mail insurance policies, that the contents o f a shipment o f securities to us must be verified by at least one person. A dditional copies o f the revised O perating Circular No. 14 w ill be furnished upon request. A lfred H ayes, P resident.
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