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BANK CIRCULARS ON CERTAIN OPERATIONS AND ACTIVITIES OF THE FEBEEAL RESERVE BANK OF NEW YORK INCLUDING CERTAIN OPERATIONS AS FISCAL AGENT OF THE UNITED STATES GOVERNMENT For the Year 1948 Circulars Nos* 3296 to and Including 3406 No Operating Circulars Included (Index for 1948 follows on next page) VOLUME 2L (An index for all circulars from Ho* 1 to No. 3044 issued during the years from 1914 to the end of 1945 and an index of circu lars for 1946 (No. 3045 to No. 3167) are given in Volume 22.) Press and Circulars Division INDEX OF CIRCULARS OF THE FEUDAL RESERVE BAM OF NEW YORK For the Year 1948 Circulars Nos. 3296 to and Including 3406 VOLUME 24 Circular No. ANNUAL STATEMENT Thirty-third, for the year 1947, January 9, 1948 # * • • • • • * • • APPOINTMENTS (See Directors) W. Randolph Burgess, somber of Federal Advisory Council for 1948 * • Robert T* Stevens as a Class C director for unexpired portion of term ending December 31, 1950, and designation as Chairman and Federal Reserve Agent for remainder of 1948, May 18, 1948 • * * * 3299 3298 3337 ARMED FORCES LEAVE BONDS (See Treasury Issues; Veterans* Certificates) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Regulation D - Supplement effective February 27, 1948 • • • • • • • 3303 Regulation T - Amendment No* 7 and Regulation U - Amendment No. 8, effective April 1, 1948 1 ••••• • 3316 Regulation 0 • Amendment No* 8 effective April 1, 1948 * • • • • « , * at 3316 Proposed procedure for conditional payment of checks and delayed return of unpaid items - proposed amendments to Regulation J, April 15, 1948 ...................................... .......... .... 3327 Regulation U - as amended to April 1, 1948 and Supplement effective February 1, 1947 • • • * • » • • • • • • • • • • • * • * « * • • * 3332 Regulation D - Supplement effective June 11, 1948 • • • • • • • * • 3340 Regulation L - Amendment effective July 1, 1948 • • • • • • • • • • 3351 Regulation T - as amended to April 1, 1948 and Supplement effective February 1, 1947 • • • • • • • • • • * • • • • • • • • • • • • • • 3363 Regulation W - effective September 20, 1948 • * • • • • • • • • • • 3365 Regulation W - regarding the $70 figure in Fart 2 of the Supplement, September 3f 1948 • • • • • • • • • • • • * • * • • * • • • • • • 3371 Regulation D * Supplement and Amendment effective September 16 and 24, 1948 * ................................ ..................... .... 3372 Regulation W - automobile appraisal guides, September 13# 1948 • • • 3374 Change in classification of member banks for voting purposes, September 15» 1948 • • • • * • • • • • * • • • • • • • • • • • • • 3375 Regulation H - Membership of State Banking Institutions in the Federal Reserve System, effective September 1, 1948 (no circular)* at 3375 Regulation W - filing of registration statements, September 22, 1948 3380 Regulation D * effective September 16, 1948 • • • • • • * • » « • • 3383 Regulation W - Amendment No. 1 effective November 1, 1948 • • • • • 3390 Regulation J - Amendments effective January 1, 1949 • • • • • • • • 3397 Regulation J - as amended effective January 1, 1949 • • • • • • • • 3400 Regulation V - Amendment No* 2 effective January 1, 1949 * • • • • * 3404 BONDS (See Treasury Issues) Index of Federal Reserve Bazik Circulars Nos. 3296 - 3406 - 2 - Circular No. CASH ITEMS (See Checks) CERTIFICATES OF INDEBTEDNESS (See Treasury Issues) CHECKS Cash Letters - changes in instructions regarding protest and advice 3312 of nonpayment of cash items, February 27, 1948 . « • • • • • • . . Counterfeit and forged State of New lork Uar Bonus Checks, March 11, 3318 1 9 4 8 ............ ............................................... Proposed procedure for conditional payment of checks and delayed return of unpaid items - proposed amendments to Regulation J, April 15, 1948 . . . . . .................................... .. * 3327 Saturday closing - Revision of Operating Circular No. 7, May 5, 1948 3333 Revision of Time Schedules, June 3f 1948 3342 Map of Federal Reserve districts end branch territories, and check routing symbols, July 22, 1948 • • . • • • • • • • • • • • • • • • 3354 Mimeographed letter regarding hurricane conditions in Florida, September 22, 1948 at 3380 Collection of cash items - amendments to Regulation J of the Board of Governors effective January 1, 1949 • 3397 Collection of cash items - Revision of Operating Circular No. 4, 3400 January 1, 1949 COIN (See Currency) New Half Dollar - bearing portrait of Benjamin Franklin, April 20, 1948 ........ . ...................................... . Paper currency and coin - Revision of Operating Circular No. 3» July 22, 1948 .............................. ......................... 3329 3353 COLLECTIONS (See Checks) CONSUMER CREJJET - REGULATION W Consumer Instalment Credit Control - Regulation W - effective September 20, 1948 . . . . . . . . . . . . . . . . . . . . . . . . Regarding the |70 figure in Part 2 of the Supplement to Regulation W September 3, 1948 . . . . . . . . . . . . . . . . . . . . . . . . Designation of automobile appraisal guides, September 13, 1948 . . . Filing of registration statements, September 22, 1948 • • • • • • • Amendment No. 1, effective November 1, 1948 • • • • • • • • • • • • Amendment No. 2, effective January 1, 1949 • • • • • • • • • * • • • 3365 3371 3374 3380 3390 3404 COUNTERFEIT CHECKS (See Checks) COUNTERFEIT CURRENCY (Mimeographed letters) (04) $10 and £20 Federal Reserve Notes, November 30, 1948 . . . . . at 3397 CURRENT Paper currency and coin - Revision of Operating Circular No. 3# July 22 1948 , ........ ............... 3353 Index of Federal Reserve Bank Circulars Nos. 3296 - 3406 - 3 - Circular No. CURRENCY (Continued) Charitable, personal, and family remittances to United States, British, and French occupied zones of Germany, August 31# 1948 • • 3367 DAYLIGHT SAVING Beginning April 25, 1948 * • • • • • • » • * • • • • • • • • • • • • Return to Standard time, September 21, 1948 3328 3378 -DEPOSITS OF PUBLIC MONEYS (re Treasury Circular 92 Revised) Change in grouping of war loan depositaries, March 19, 1948 • • . • Change in grouping of war loan depositaries, September 24, 1948 • • 3322 3382 DIRECTORS Robert T* Stevens appointed Class C director for unexpired portion of term ending December 31, 1950, and designated Chairman and Federal Reserve Agent for remainder of 1948, May 18, 1948 • • • • Change in classification of member banks for voting purposes, September 15, 1948 Howard A. Wilson, Carle C. Conway, terms expire December 31, 1948, September 24, 1948 Roger B. Prescott, Jay E. Crane nominated by banks in Group 3, October 29, 1948 • Roger B. Prescott, Jay E. Crane elected for term beginning January 1, 1949, November 16, 1948 ........................................ nmasxD January 1, 1948 to June 30, 1948 • July 1« 1948 to December 31, 1948 3337 3375 3379 3389 3393 at 3346 at 3403 ELECTION OF DIRECTORS (See Directors) EXCHANGES (See Treasury Issues) FEDERAL RESERVE BASK Directory, May 25, 1948 • • ........ at 3339 FEDERAL RESERVE BOARD (See Board of Governors of the Federal Reserve System) FCREIGK (See Currency; Foreign Exchange) FCREIGN EXCHANGE Charitable, personal, and family remittances to United States, British, and French occupied zones of Germany, August 31, 1948 • • 33# GOVERNMENT CHECKS (See Checks) HOLIDAYS Saturday closing - Revision of Operating Circular Ho. 7, Hay 5, 1948 3333 Index of Federal Reserve Bank Circulars Nos. 3296 - 3406 - 4 • INSTALMENT CREGLT (See Consumer Credit) Circular No* INTERLOCKING BANK DIRECTORATES (See Board of Governors . • . (Regulation L)) LOANS (See Board of Governors . • • (Regulations T and U)) MARGIN REQUIREMENTS (See Board of Governors • • • (Regulations T and U)) MEMBER BANKS Operating ratios of member banks in the Second Federal Reserve District for the year 1947, March 9, 1948 . . . . . ............ NEW MEMBER BANKS The Haddington Bank, Haddington, New lork, August 16, 1948 . . . . MISCELLANEOUS President’ s Report to Directors for 1947, April 20, 1948 . . . • • • 3315 at 3361 at 3330 SEW MEMBER BANKS (See Member Banks) NOMINATIONS (See Directors) NOTES (See Counterfeit Currency; Treasury Issues) OFFICERS Robert T. Stevens appointed Class C director for unexpired portion of term ending December 31, 1950, and designated Chairman and Federal Reserve Agent for remainder of 1948, May 18, 1948 . . . . 3337 REGULATIONS (See Board of Governors of the Federal Reserve System) RESERVES Supplement to Regulation D effective February 27, 1948 • • . * • • • Classification of Reserve Cities, March 1, 1948 • . . • • • . • • • Supplement to Regulation D effective June 11, 1948 ........ .. Supplement to Regulation D effective September 16 and 24, 1948 . . . Regulation D as amended effective September 16, 1948 • • • • • • • • 3303 3313 3340 3372 3383 SECURITIES Telegraphic transfers of Treasury bonds in coupon form, transmitting Operating Circular No. 17, Revised March 1, 1948, February 20, 1948 333.0 STANDARD TIME (See Daylight Saving Time) Index of Federal Reserve Bank Circulars Nos. 3296 - 3406 - 5 - Circular No. STATE BARKS AND TRUST COMPANIES (See Board of Governors; Member Banks) STATEMENT (See Annual Statement) TIME SCHEDULES (See Checks) TRANSFERS Telegraphic transfers of Treasury bonds in coupon fora, February 5? 1948 ............ ........................ .. .................. ..... 3306 Telegraphic transfers of Treasury bonds in coupon form, transmitting Operating Circular No. 17, Revised March 1, 1948, February 20, 1948 3310 TREASURY BILLS 11.300.000.000 91-day, January 8, 1948, maturing April 8 1948 . . . £1,000,000,000 91-day, January 15, 1948, maturing April 15, 1948 . . $1,000,000,000 91-day, January 22, 1948, maturing April 22, 1948 . . $1,000,000,000 91-day, January 29, 1948, maturing April 29, 1948 • . 1900.000.000 91-day, February 5, 1948, maturing May 6, 1948 . . . . $1,000,000,000 90-day, February 13, 1948, maturing May 13, 1948 . . $1,000,000,000 91-day, February 19, 1948, maturing May 20, 1948 * • 11.100.000.000 91-day, February 26, 1948, maturing May 27, 1948 . • $1,100,000,000 91-day, March 4, 1948, maturing June 3, 1948 . . . . 11.100.000.000 91-day, March 11, 1948, maturing June 10, 1948 . . . 11.100.000.000 91-day, March 18, 1948, maturing June 17, 1948 . . . 11.000.000.000 91-day, March 25, 1948, maturing June 24, 1948 . . . fl,200,000,000 91-day, April 1, 1948, maturing July 1, 1948. . . • . $1,200,000,000 91-day, April 8, 1948, maturing July 8, 1949. . . . . 11.000.000.000 91-day, April 15, 1948, maturing July 15, 1948 . . . . $1,000,000,000 91-day, April 22, 1948, maturing July 22, 1948 . . . $1,000,000,000 91-day, April 29, 1948, maturing July 29, 1948 . . . $900,000,000 91-day, May 6, 1948, maturing August 5, 1948 . . . . . $1,000,000,000 91-day, Bay 13, 1948, maturing August 12, 1948 . . . $1,000,000,000 91-day, May 20, 1948, maturing August 19, 1948 . . . $1,100,000,000 91-day, May 27, 1948, maturing August 26, 1948 . . . $1,100,000,000 91-day, June 3, 1948, maturing September 2, 1948 . . $1,100,000,000 91-day, June 10, 1948, maturing September 9, 1948 . . $1,100,000,000 91-day, June 17, 1948, maturing September 16, 1948 • $1,000,000,000 91-day, June 24, 1948, maturing September 23, 1948 . $1,100,000,000 91-day, July 1, 1948, maturing September 30, 1948 . . $1,100,000,000 91-day, July 8, 1948, maturing October 7, 1948 . . . £900,000,000 91-day, July 15, 1948, maturing October 14, 1948 . . . $900,000,000 91-day, July 22, 1948, maturing October 21, 1948 . . . $900,000,000 91-day, July 29, 1948, maturing October 28, 1948 . . . $800,000,000 91-day, August 5, 1948, maturing November 4, 1948 . . . $900,000,000 92-day, August 12, 1948, maturing November 12, 1948 . . , $900,000,000 91-day, August 19, 1948, maturing November 18, 1948 . • $1,000,000,000 92-day, August 26, 1948, maturing November 26, 1948 . $1,000,000,000 91-day, September 2, 1948, maturing December 2, I948 $1,000,000,000 91-day, September 9, 1948, maturing December 9, 1948 $1,100,000,000 91-day, September 16, 1948, maturing December 16, 1948 , 3296 3297 3300 3302 3304 3305 3307 3308 3311 3314 3317 3319 3323 3324 3325 3326 3330 3331 3334 3335 3338 3339 3341 3343 3345 3347 3349 3350 3352 3356 3357 3358 3361 3364 3366 3370 3373 Index of Federal Reserve Bank Circulars Nos. 3296 - 3406 - 6- TREASURY BILLS (Continued) $1,000,OCX),000 91-day, September 23, 1948, maturing December 23, 1948 11.100.000.000 91-day, September 30, 1948, maturing December 30, 1948 $1,100,000,000 91-day, October 7, 1948, maturing January 6, 1949 . . . 1900.000.000 91-day, October 14, 1948, maturing January 13, 1949 . . . $900,000,000 91-day, October 21, 1948, maturing January 20, 1949 * * * 1900.000.000 91-day, October 28, 1948, maturing January 27, 1949 . * • $800,000,000 91-day, November 4, 1948, maturing February 3, 1949 . . • 1900.000.000 90-day, November 12, 1948, maturing February 10, 1949 • • $800,000,000 91-day, November 18, 1948, maturing February 17, 1949 . . $900,000,000 90-day, November 26, 1949, maturing February 24, 1949 • . $900,000,000 91-day, December 2, 1948, maturing March 3, 1949 . * • * $900,000,000 91-day, December 9, 1948, maturing March 10, 1949 . • . . $1,100,000,000 91-day, December 16, 1948, maturing March 17, 1949 * * $1,000,000,000 91-day, December 23, 1948, maturing March 24, 1949 . • $1,100,000,000 91-day, December 30, 1948, maturing March 31, 1949 . • $1,000,000,000 91-day, January 6, 1949, maturing April 7, 1949 . * . • Circular No. 3376 3381 3384 3385 3386 3387 3388 3391 3392 3395 3396 3398 3401 3403 3405 3406 TREASURY ISSUES (F UNITED STATES SECURITIES 1 l/8£ Certificates of Indebtedness of Series B-1949, dated February 1, 1948, due February 1, 1949, in exchange for 7/8% Certificates of Indebtedness of Series B-1948, maturing February 1, 1948 3301 Telegraphic transfers of Treasury bonds in coupon farm, February 5, 1948 3306 1 1/8/6 Certificates of Indebtedness of Series C-1949, dated ifcrch 1, 1948, due March 1, 1949, in exchange for 7/8% Certificates of Indebtedness of Series C-1948, maturing March 1, 1948, 2% Bonds of 1948-50, dated March 15, 1941, called for redemption on March 15# 1948, or 2 3/4$ Bonds of 1948-51, called far redemption on March 15, 1948 3309 Telegraphic transfers of Treasury bonds in coupon form, transmitting Operating Circular No* 17, Revised March 1, 1948, February 20, 1948 3310 1 1/8% Certificates of Indebtedness of Series D-1949, dated April 1, 1948, due April 1, 1949, in exchange for 7/8* Certificates of Indebtedness of Series D-1948, maturing April 3, 1948 . . . • • • • • 3321 1 1/8% Certificates of Indebtedness of Series E-1949, dated June 1, 1948, due June 1, 1949, in exchange for 7/8$ Certificates of Indebtedness of Series E-1948, maturing June 1, 1948, or 1 3/iS Bonds of 1948, maturing June 15, 1948 ........ ........................ 3336 1 l/8$ Certificates of Indebtedness of Series F-1949, dated July 1, 1948, due July 1, 1949, in exchange for 7/8% Certificates of Indebtedness of Series F-1948, 7/8% Certificates of Indebtedness of Series G-1948, or 7/$% Certificates of Indebtedness of Series B-1948, all maturing July 1, 1948 ............................ .. 3346 A n n r a i regarding Treasury financing — raising rate on short-term Government securities; anti-inflationary move, August 10, 1948 . . . 3359 Redemption on December 15, 1948 of 2% Bonds of 1948-50 (Stated December 8, 1939), August 12, 1948 ........................................ 3360 Treasury Savings Notes, Series D, August 18, 1948 . . . . . « • • • « 3362 Regulations governing Armed Forces Leave Bonds (First Amendment, dated August 6, 1948, to Treasury Circular Ho. 793 Revised August 1, 1947), August 20, 1948 at 3364 Offering of Savings Notes, Series D (Transmitting Treasury Circular Ho* 833, August 17, 1948, and Form GB 499), August 27, 1948 .......... 3368 Index of Federal Reserve Bank Circulars Ho s. 3296 - 3406 - 7 - TREASURY ISSUES OF UNITED STATES SECURITIES (Continued) 1 3/8% Notes of Series A-1950, dated September 15, 1948, due April 1, 1950, in exchange for 1 l/2$ Notes of Series A-1948, maturing September 15, 1948 • 1 1/$> Certificates of Indebtedness of Series G-1949, dated October 1, 1948, due October 1, 1949* in exchange for 1$ Certificates of Indebtedness of Series J-194&* 1$ Certificates of Indebtedness of Series K-194&, or 1% Notes of Series B-1948, all maturing October 1, 1 9 4 8 .............. ......... .................................... Announcement regarding Treasury financing, November 16, 1948 . « . * • 1 l/l$ Certificates of Indebtedness of Series H-1949, dated December 15, 1948, due December 15, 1949, in exchange for 2% Bonds of 1948-50, dated December 8, 1939, called for redemption December 15, 1948 • • 1 l/4$ Certificates of Indebtedness of Series A-1950, dated January 1, 1949, due January 1, 1950, in exchange for 1 l/8% Certificates of Indebtedness of Series A-1949, or 1 l/8% Notes of Series A-1949, both maturing January 1, 1949 • Circular Ho. 3369 3377 3394 3399 3402 TREASURY NOTES (See Treasury Issues) UNITED STATES SAVINGS BONDS Payment at maturity of Bonds of Series C-1938 in exchange for Series E, January 2, 1948 • • • • * • * • • • • • » • • • • • • • • • • • • • Series E - Limitation raised from £5,000 to $10,000, maturity value, March 18, 1948 .................... .............................. Regulations Governing Savings Bonds - Third Amendment to Treasury Department Circular No, 530, Sixth Revision, March 18, 1948 • • . • Special offering of Series F and G to Institutional Investors from July 1 throu^i July 15, 1948, inclusive, June 10, 1948 . . . . . . . Series F and 0 - information regarding subscriptions to special offering from July 1 through July 15, 1948, inclusive, June 28, 1948 Report of sales under payroll savings plan and bond-a-sonth plan during August 1948, July 28, 1948 • * • • • • • • • • • • • • « • • Payment at maturity of Savings Bonds of Series D-1939, in exchange for Savings Bonds of Series E, December 21, 1948 • • • • • • « • » • • • Revised fora of transmittal letter for use by paying agents (Form Sav. B. 178), December 29, 1948 ...................... .. at 3297 3320 at 3326 3344 3348 3355 at 3404 at 3405 VETERANS* CERTIFICATES Regulations governing Armed Forces Leave Bonds (First Amendment, dated August 6, 1948, to Treasury Circular No. 793 Revised August 1, 1947), August 20, 1948 at 3364 Revised for of transmittal letter for use fcy paying agents (Farm Sav. B. 178), December 29, 1948 • • • • • • • • • • « • • • • • • • at 3405 WAR LOAN DEPOSIT ACCOUNT- (Treasury Department Circular No. 92) (See Deposits of Public Moneys)
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