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FEDERAL RESERVE BANK OF NEW YORK CIRCULARS FOR THE YEAR 1960 ON CERTAIN OPERATIONS AND ACTIVITIES INCLUDING THOSE AS FISCAL AGENT OF THE UNITED STATES Circulars Nos, 4837 - 4981 (No Operating Circulars Included) VOLUME 34 Index starts on next page (A cumulative index of circulars issued during the years 1914-1945 (Nos. 1-3044) is contained in Volume 22; indexes of circulars issued during the years 1946-59 (Nos. 3045-4836) are contained in volumes 22-33, respectively.) Circulars Division 1 INDEX OF CIRCULARS OF THE FEDERAL RESERVE BANK OF NEW YORK For the Year 1960 Circulars Nos. 4837 - 4981 Volume 34 Circular No. ANNUAL STATEMENT Of this Bank for the year 1959 (forty-fifth), January 8 , i 960 .............................................. APPOINTMENTS Directors, December 29, i 9 6 0 ................................ Federal Advisory Council, member of for 1961 George A. M u r p h y ............................................ 4842 4981 4973 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Change in classification of member banks for purpose of 4905 electing directors, June 28, i 960 ......................... New law on bank mergers, consolidations, acquisitions of assets, and assumptions of deposit liabilities, May 26, i 9 6 0 ................................................ 4894 Payment of interest on deposits - absorption of exchange charges, November 10, i 9 6 0 ................................ 4960 Restriction on payment of dividends, December 28, i 960 . . at 4980 Regulation D - Amendment, August 9> i 960 .............................. 4923 D - Supplement, effective August 25 and September 1, i 960 . ................................... 4923 D - Supplement, effective November 24 and December 1, i 9 6 0 ..................................... 4952 E - Effective August 21, 1 9 5 9 .............................. 4911 F - Proposed amendments, December 13, i 9 6 0 .............. at 4973 J - Amendment effective August 10, i 960 .................. 4928 K - Reprint October i 9 6 0 ................................... 4962 L - Reprint October i 9 6 0 .................................. 4962 Q - Effective October 1, 1959 (Reprinting) .............. 4911 Q - Amendment effective January 1957 (Reprinting). . . . 4911 Q - Absorption of exchange charges as payment of interest on deposits, August 8 , i 9 6 0 .............. 4922 T - Proposed amendment, April 12, i 9 6 0 .............. .. . at 4872A T - Proposed amendment, April 27 , i 960 . . . . ......... at 4879 T - Supplement effective July 28, i 960 (reduction) . . . 4917 U - Reporting Securities Credit extended by lenders other than banks or brokers, January 6 , i 960 . . . 4840 U - Amendment effective March 8 , i 960 ................ .. . 4860 U - Proposed amendment April 12, i 960 .....................at 4872A U - Proposed amendment April 27> i 960 .....................at 4879 U - Supplement - effective July 28, i 960 (reduction) . . 4917 Y - Amendment effective July 1, i 9 6 0 ................ .. . 4911 BONDS (See TREASURY ISSUES; UNITED STATES SAVINGS BONDS) Index of Federal Reserve Bank circulars Nos. 4837 - 4981 Circular No. -2- CHECKS (including NONCASH ITEMS) Collection of, amendment to Regulation J - revision of Operating Circular No. 4, August 18, i 960 ................ Collection of, revision of Operating Circular No. 8 , August 18, i 960 . ....................... ............... .. . Collection of, revision of Operating Circular No. 5, effective October 31, i 960 ................................ Forest Fire affecting banks in areas of western Nevada, August 23, i 960 ..................................... Hurricane affecting Gulf Coast States, September 19 , i 960 . Payment of interest on deposits, absorpition of exchange charges, August 8 , i 960, November 10, i 960 .............. 4928 4929 4955 at 4929 at 4935 4922;496o CIRCULARS Currently effective lists of our Operating Circulars and Board*s Regulations and revised table of contents of our Operating Circulars, April 18, i 960 .................. at h d j 6 COI N Wrapped coin - discontinuance of, January 20, i 960 . . . . at 4846 COLLECTIONS (See CHECKS) COUNTERFEIT CURRENCY Deceptive Counterfeit Federal Reserve Notes (24) March 25 , i 9 6 0 ....................................... at 4865 (A5) October 25, i 9 6 0 ..................................... at 4950 CURRENCY Letter of Julian B. Baird, Acting Secretary of the Treasury together with 3" x 5 " card containing Currency Transaction Reports Instructions, January 25, i 960 . . . at 4854 DEPOSITS OF PUBLIC MONEYS Deposits of tax collections in Treasury Tax and Loan Accounts M a r c h i 960 , F e b r u a r y 18 , i 960 ....................... M a r c h i 960 , M a r c h 10, i 9 6 0 ................................ June i 960 , M a y 17, i 960 ................................ .. . S e p t e m b e r i 960 , A u g u s t 12, i 960 ............................ D e c e m b e r i 960, N o v e m b e r 16, i 960 .......................... Chang e in G r o u p i n g s of T r e a s u r y Tax and Lo a n D e p o s i t a r i e s Groups A a n d B r e c l a s s i f i e d a c c o r d i n g to A p r i l 21, i 960 c l o s i n g b a l a n c e s , A p r i l 21, i 960 ....................... N e w m a x i m u m am o u n t s of t a x a n d l o a n depo s i t s for w h i c h s p e c i a l d e p o s i t a r i e s of p u b l i c m o n e y s m a y qualify, D e c e m b e r 16 , i 960 ............................................ DIRECTORS A p p o i n t m e n t of, D e c e m b e r 29, i 960 . ..................... .. . C hange in c l a s s i f i c a t i o n of m e m b e r b a n k s for p u r p o s e of e l e c t i n g d irectors, June 28, i 960 ......................... 4857 4862 4890 4925 4965 4878 4976 4981 4905 I n d e x of F e d e r a l Reserve Bank Circulars Nos. 4 8 3 7 - ^ 9 8 1 -3- Circular No. DIRECTORS (Continued) Election of March 11, i 960 - nomination and election of a class B director term ending December 31> 1 9 ^ 1 .................. April 18, i 960 - B. Earl Puckett nominated by banks in Group 1 for unexpired portion of term ending December 31> 1 9 ^ 1 ......................................... May 4, i 960 - B. Earl Puckett elected class B director for unexpired term ending December 31> 19^1 ........... October 10, i 960 - nomination and election to choose successors to the two directors selected by Group 3> whose terms expire December 31> i 960 . ................... November 16, i 960 - A. Leonard Mott, Augustus C. Long nominated by banks in Group 3 ............................ December 2, i 960 - A. Leonard Mott, Augustus C. Long elected for three year terms beginning January 1, i 960 .......................................................... 4863 4876 4883 4944 ^963 4969 DIRECTORY Of this Bank July 1, i 960 ...................................................at 4913 FEDERAL FARM LOAN BONDS Redemption of February 1 maturities - offering of new bonds, January 8 , i 960 ..................... ............... .. April 20 maturity - offering of new bonds, April 1, i 960 .......................................................... June 1 maturity - offering of new bonds, May 6 , i 960 . . . October 20 maturity - offering of new bonds, September 30, i 960 . ........................................ December 20 maturity - offering of new bonds, December 2, i 960 . ......................................... FEDERAL NATIONAL MORTGAGE ASSOCIATION Treasury Financing Refunding of 4 3/4$ Treasury notes and 3 5/8$ F N M A notes (July 25, i 960 ); announcement of terms of two new issues (July 28, i 960 ); offering of 3 l/ 8 $ Treasury Certificates of Indebtedness of Series C-I 96I, 3 7/8$ Treasury bonds of 1968 , Additional Issue (August 1, i 960 ); results of offering (August 5> i 960 ) ........... 484l 4869 4886 ^939 4970 4 9 1 5 ;49l8;4919 4921 FEDERAL RESERVE ACT Restriction on payment of dividends, December 28, i 960 . . . at 4980 FEDERAL RESERVE BOARD (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM); FOREIGN EXCHANGE Reports of transactions in Foreign Exchange, Transfers of Credit, and export of coin and currency - Revision of Operating Circular No. 19> April 13> 1 9 ^ 0 ................ 4873 Index of Federal Reserve Bank Circulars Nos. 4837 - ^981 -4- Circular No. GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES (See FEDERAL FARM LOAN BONDS; FEDERAL NATIONAL MORTGAGE ASSOCIATION) GOVERNMENT CHECKS (See CHECKS) GOVERNMENT DEPOSITS (See DEPOSITS OF PUBLIC MONEYS) MARGIN REQUIREMENTS (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM - Regulations T and U) MEMBER BANKS Coding system for punch-cards, May 18, i 960 ................ at 4-890 Earnings and Expenses of Second District Member Banks in the first half of i 960 , August 31, i 960 .................. at 4932 New Law on Bank Mergers, Consolidations of Assets, and Assumptions of Deposit Liabilities, May 2 6 , i 960 . . . . 4894 New Member Banks Clark State Bank, Clark, New Jersey, June 6, i 960 . • • • at 4895 Millburn-Short Hills Bank, Millburn, New Jersey, February 29, i 960 ......................................... at 4858 Operating ratios - Earnings and Expenses of Second District Member Banks for the year 1959, March 30, i 9 6 0 ......... at 4866 NONCASH ITEMS (See CHECKS) NOTES (See CURRENCY; COUNTERFEIT CURRENCY; TREASURY ISSUES) REGULATIONS (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) RESERVES Regulation D - Amendment, August 9> 1 9 6 0 .................. 4923 Regulation D - Supplement, effective August 25 and September 1, 1 9 6 0 . .......................................... 4923 Regulation D - Supplement, effective November 24 and 4952 December 1, 1 9 6 0 ................ ........................... Reserves of member banks - Revision of Operating C i r c u l a r No. 2, F e b r u a r y 10, 1 9 6 0 ......................... 4853 Reserves of member banks - Revision of Operating Circular No. 2, May 4, 1 9 6 0 ................................ 4885 Tabulation showing estimates of the amounts of reserves to be released in this District, based on figures for the reserve computation reduction in reserve requirements, November 10, 1 9 6 0 ............................at 4961 STATEMENT (See ANNUAL STATEMENT) TREASURY BILL OFFERINGS Weekly January l4, 1 9 6 0 ................ ........................... ..... 4839 January 21, 1 9 6 0 ......... ............. .................... ..... 4844 January 28, 1 9 6 0 ............................................ ..... 4846 February 4, 1 9 6 0 ............................................ ..... 4847 February 11, 1 9 6 0 ............................................ ..... 4850 February 18 , 1 9 6 0 ....................................... ......... 4852;4856 February 25, 1 9 6 0 ............................................ .....4854 Index of Federal Reserve Bank Circulars Nos. 4837 - 4981 -5- TREASURY BILL OFFERINGS (Continued) Weekly (Continued) March 3 , 1 9 6 0 ................................................ March 10, 1 9 6 0 .............................................. March 17, 1 9 6 0 .............................................. March 24, 1960 ............................................... March 31, 1 9 6 0 .............................................. April 7 , I 9 6 0 ................................................ April 14, 1 9 6 0 .............................................. April 21, 1 9 6 0 .............................................. April 28, 1 9 6 0 ............................................, . May 5, 1 9 6 0 ................................................... May 12, 1 9 6 0 ................................................ May 19, 1 9 6 0 ................................................ May 26, 1 9 6 0 ................................................ June 2, 1 9 6 0 ................................ ............... June 9, 1 9 6 0 ................ ............... ............... June 16, 1 9 6 0 ................................................ June 23, I 9 6 0 ................................................ June 30, 1 9 6 0 ......................... ‘..................... July 7, I960 ................................................ July l4, 1960 ................................................. July 21, 1 9 6 0 ................................................ July 28, 1 9 6 0 ................................................ August 4, 1960 ............................................... August 11, 1 960............................................ .. August 18, 1 9 6 0 ..................... .................... August 25, I 9 6 0 .............................................. September 1, 1 9 6 0 .............................. .. September 8 , 1 9 6 0 ................ ......................... September 15, 1960 . . . . . . .............. September 22, 1960 .......................................... September 29, 1 9 6 0 ......................................... October 6 , 1 9 6 0 .............................................. October 13, 1 9 6 0 ............................................ October 20, 1 9 6 0 .................. ......................... October 27 , 1 9 6 0 ............................................ November 3, I960 ............................................ November 10, 1 9 6 0 ............................................ November 17, 1 9 6 0 ............................................ November 25, 1 9 6 0 ............................................ December 1, 1 9 6 0 ..................................... .. December 8 , 1960 ............................................ December 15, 1 9 6 0 ............................................ December 22, 1 9 6 0 ............................................ December 29, 1 9 6 0 ........... ............................... January 5, 1 9 6 1 ......... .................................... TREASURY BILL OFFERINGS Other than weekly January 8 , 1960 (Additional Amount series dated October 21, 1959, 166-day, Tax Anticipation Series). . January 15, 1960 ( 366-day, Special).............. .. April 15, I960 ( 365 -day, Special)......................... Circular No. 4 858 4859 486l 4864 4865 4866 4870 4875 4877 4880 4884 4888 4891;4893 4892 4895 4898 4899 4901;4904 4903 4909 4912 4914 4916 4920 4924 4927 4930;4932 4931 4933 4935 493^ 4938 494l 4945 4949 4951 4956;4959 4958 4964 4967 4968 4972 4974;4978 4977^4980 4979 4838 4837;4843 4867;4871 4874 Index of Federal Reserve Bank Circulars Nos. 4837 - ^981 -6- TREASURY BILL OFFERINGS (Continued) Other than weekly (Continued) July 13, 1960 ( 252 -day, Tax Anticipation Series). . . July 15, I960 ( 365 -day, Special)....................... October 17* 1960 (364-day, Special) .................. October 21, 1960 (244-day, Tax Anticipation Series) . Circular No. 4906;4907;4910 4908;4913 4943;4947 4942;4946;4950 TREASURY ISSUES (not bills) Bonds 4£$ of 1975-65 (Cash Offering)......................... 3 7/8$ of 1968 ( A d v a n c e R e f u n d i n g ) ..................... 3 7/8$ of 1968 (Additional Issue) ..................... 4867;4868;4872 4896;4897;4900; 4902 49l8;4919;4921; 3i$ 3i$ 33$ 3-|$ 4934;4937;49^-0 4934;4937;494o 4934;4937;494o 4948;4953;4954; of 1980 of 1990> of 1998 of 1966 (Advance R e f u n d i n g ) ....................... Additional Issue (Advance Refunding) . . ( Adv a n c e R e f u n d i n g ) ......................... (Exchange Offering) ....................... 4$ of 1969 (Exchange Offering). . ..................... Certificates of Indebtedness 4 7 / 8 $ of A-I 961 at par (Exchange Offering) ......... 4 3 / 8$ of B-I 961 (Exchange Offering).................. 3i$ of C -1961 (Refunding without preemptive rights) . Notes 4 7/8$ of C-1964 at 99*75 (Exchange Offering) . . . . 4$ of E -1962 (Cash Offering)........................... 4 5 /8 $ of A -1965 ( E x c h a n g e O f f e r i n g ) .................. 3 3/^$ of D-1964 (Advance Refunding).................. 4 3/^$ maturing August 15, i 960 and 3 5/8$ FNMA maturing August 23, i 960 .............................. 3i$ of F-1962 (Exchange O f f e r i n g ) ...................... UNITED STATES SAVINGS BONDS Series F and G 4$ Bonds of 1969 , Additional Issue offered at 100-g- in Exchange for Series F and G issued in 1949 , maturing in 1961 ................................ Series E, F or J - Nontaxable exchange for Series H, effective January 1, i 960 .............................. 4926 49 57^ 9 6 1 4966 ;4971;4975 4848;4849;4851; 4855 4879;488l;4882; 4887;4889 4918;4919;^921; 4926 4848;4849;4851; 4855 4867;4868;4872 4879;488l;4882; 4887;4889 4896;4897;4900; 4902 4915 2*948;4953;4954; 4957^961 4966;4971;4975 at 4845;4845
@FedFRASER