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FEDERAL RESERVE BANK OF NEW YORK CIRCULARS FOR THE YEAR 1961 ON CERTAIN OPERATIONS AND ACTIVITIES INCLUDING THOSE AS FISCAL AGENT OF THE UNITED STATES Circulars Nos, 4982 - 5129 (No Operating Circulars Included) VOLUME 35 Index starts on next page S A cumulative index of circulars issued during the years 19l4-*1945 Nos, 1-3044) is contained in Volume 22; indexes of circulars issued during the years 1946-60 (Nos, 3045-4981) are contained in volumes 22-34, respectively.) ii'A - \- f Circulars Division I N D E X OF C I R C U L A R S OF T H E F E D E R A L R E S E R V E B A N K OF N E W Y OR K For t he Yea r 1961 C i r c u l a r s N o s . 4982 - 5129 V o l u m e 35 Circular Ho, ANNUAL STATEMENT Of this Bank for the year i 960 (forty-sixth), January 6 , 1961 .............. ........................... .. APPOINTMENTS , Director (Buffalo Branch), February 6 1961 . . . . . . . Directors, December 28, 1 9 6 1 .............................. Federal Advisory Council, member of for 1962 George A. Murphy, December 12, 1961 . .................. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Federal Reserve Act (The) * As amended through October X, 1961 , November 22, 1 9 6 1 .............. ’ ’ Published Interpretations of the Board of Governors of the Federal Reserve System , ’1 Mr. Hayes* s letter entitled, April 12, 1 9 6 1 ......... ...................... Regulation D--Proposed amendments, March 3, 1961 .............. .. . D--Proposed amendments, September 18, I 96I ........... F--Effective May 18, 1961 .............................. . G--Reprint November 1960 (effective August 21, 1959) • H~~Reprint November 1960 (effective August 21 , 1959) . J--Reprint November 1960 (effective August 10, i 960 ) . P--Reprint November 1960 (effective January 9, 1959) • Proposed amendments, September 18, 1961 . . . . . . Q--Supplement, effective January 1, 1962 .............. Q--Supplement - Printed notice transmitting corrected copies of Supplement effective January 1, 1962 . . Q--Interpretations of Supplement, effective January 1, 1962 . . . . . . . . .................. T--Amendment, effective August 7* 1961 . . . ......... U--Interpretation, June 5, I 96I. . . . . . . . . . . . U--Revision as amended to August 7* 1961 . . . . . . . U--Proposed amendments, October 18, 1961 . . . . . . . Y--Reprint December i 960 (effective July 1, i 960 ). • • Taxes withheld by banks to be treated in condition reports and for reserve purposes, August 28, 1961 . • . 4984 4997 5129 5121 at 5112 at 5021 at 5004b at 5085A 5055 4-990 *990 4990 4990 at 5085A 5117 at 5117 5120 5068 5044 5068 at 509S 4-990 5076 BONDS (See TREASURY ISSUES; UNITED STATES SAVINGS BONDS) CHECKS (including NONCASH ITEMS) Counterfeit coupons from U. S. Treasury Notes, April 14, 1 9 6 1 ............................................ Delays in the presentment of cash items because of the blizzard, February 6, 1961 .......................... .. . 5023 at 4997 Index of Federal Reserve Bank circulars Nos. 4982 - 5129 2 CHECKS (including NONCASH ITEMS) (Continued) Helena airport closing for three or four weeks, July 27, 1961. . .......................................... Hurricane affecting Houston and San Antonio Branches of the Federal Reserve Bank of Dallas, September 11, 1961 • • ................................... Progress report on MICE program, March 1, 1 9 6 1 ......... Progress report on MICE program, Second, August 18, 1961* .......................................... The Sheldon National Bank, Sheldon, Iowa, insolvency of, January 19, I 96I ................ .................... Stolen United States Government checks, March 10, 1961 • Strike by airlines flight engineers, February 20, 1961 . CIRCULARS Currently effective lists of our operating circulars and Board*s Regulations, February 1 6 , 1961 . . . . . . Circular No. at 5064 at 5083 at 5004A at 5071 at 4989 5006 at 5002A at 5002 COIN Limitations on coin distributions, January 12, 19 6 1 . . . 4987 COLLECTIONS Handling of Food Stamp coupons by commercial banks, May 25, 19<5l ............................................... 5040 COUNTERFEIT CURRENCY Counterfeit coupons from U. S. Treasury Notes, April 14, 1 9 6 1 ............................................ Deceptive counterfeit Federal Reserve notes, $10 denomination, (B5), September 25, 19& 1 • ......... DEPOSITS Interest on time and savings deposits~-Supplement to Regulation Q, effective January 1, 19&2. 5023 at 5087 5117 DEPOSITS OF PUBLIC MONEYS Deposits of tax collections in Treasury Tax and Loan Accounts March 1961, February 1 6 , 19 6 1 . . . . . . . . . . . . June 1961, May 16, 19 6 1 . ....................... .. . . September 1961, August 16, 19 6 1 * . . . . . . . . . . December 1961 , November 1 6 , 1961 ..................... Taxes withheld by banks to be treated as deposits in condition reports and for reserve purposes, August 28 , I 96I. .......................................... 5002 5036 5071 5109 DIRECTORS Appointment of, Buffalo Branch, February 6 , 1961 . . . . Appointment of, December 28, 19 6 1 ......... ............... 4997 5129 5076 Index of Federal Reserve Bank circulars Nos, 4982 - 5129 3 DIRECTORS (Continued) Election of June 27, 1961 --Nomination and election of a class B director for unexpired portion of term ending December 31, 1 9 & 3 .................. . . . . . . . . . August 2, 196l--Albert L# Nickerson nominated by banks in Group 3 for unexpired portion of term ending December Jl# 1963 • • • ......... . . . . . . August 18, i96l~~Albert L. Nickerson elected class B director for unexpired portion of term ending December 31 , 19 6 3 ....................................... October 2, 19ol--Nomination and election to choose successors to the two directors selected by Group 1 whose terms expire December 31, 19&1 . . . . November 8 , 1961 --George Champion and B. Earl Puckett nominated by banks in Group 1 ................ November 24, 1961 --George Champion elected, B. Earl Puckett re-elected for three year terms beginning January 1, 1962 ......................................... Resignation of Augustus C • Long, class B director, April 17, 1961 ............................................ DIRECTORY Directory of Hew Jersey Banks, Cumulative Supplement Ho. 8, dated September 1, 1 9 6 1 ......................... Directory of the Banks of the State of New York, Cumulative Supplement Ho. 7# dated September 1, 1961 . Of this Bank, February 15, 19 6 1 . .......................... Circular No. 5051 5066 5072 5091 5104 511^ 5024 at 5116 at 5116A at 5004 FEDERAL FARM LOAN BONDS Redemption of April 3 maturity--offering of new bonds, March 13, 1 9 6 1 ......................................... June 20 maturity--offering of new bonds, June 2, 19 6 1 . September 20 maturity--offering of new bonds, August 31, 1 9 6 1 ......................................... 5007 5042 FEDERAL RESERVE ACT As amended through October 1, 1961 , November 22, 19 6 1 . . at 5112 5079 FEDERAL RESERVE BOARD (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) GOLD Regulations--Prohibition on holding Gold abroad by U. S. Nationals, January 19, 19 6 1 ....................... GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES (See FEDERAL FARM LOAN BONDS; FEDERAL NATIONAL MORTGAGE ASSOCIATION) 4989 Index of Federal Reserve Bank circulars Nos. 4962 - 5129 4 Circular So. GOVERNMENT CHECKS (See CHECKS) GOVERNMENT DEPOSITS (See DEPOSITS OF PUBLIC MONEYS) MARGIN REQUIREMENTS (See BOARD OF GOVERNORS OF THE F E D E R A L R E S E R V E S Y S T E M -~Regulations T and U) MEMBER BANKS Classification system for savings and other time deposits and Mr. Hayes*s letter, June 21, 19 6 1 . . . . . New member banks Bank of Mineola, Mineola, New York, September 27, 1961. State Bank of Plainfield, Plainfield, New Jersey, May 22, 19 6 1 ..................................... .. Operating ratios— earnings and expenses of Second District member banks for the year i 960 , March 30, 19 6 1 .................. ........................... at 5049 at 5088 at 5038 at 5017 NONCASH ITEMS (See CHECKS) NOTES (Bee CURRENCY; COUNTERFEIT CURRENCY; TREASURY I S S U ES ) REGULATIONS (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) RESERVES Regulation D, proposed amendments to, March 3, 19&1 • • • Taxes withheld by banks to be treated as deposits on condition reports and for reserve purposes, August 28, 1961 ............................................ SECURITIES Questionnaire regarding issuance of municipal bonds in units of $ 5,000 instead of the conventional $ 1,000 denomination, August 3, 1 9 & 1 • • • • • * • • * ......... Summary of the responses to the questionnaires that were mailed regarding the proposal that municipal bonds in bearer form be issued in the $ 5,000 denomination as well as in the conventional $1 ,000 denomination, September 14, 1961 . . . . . . . . at 5004 b 5076 at 5068 at 50 85 STATEMENT (See ANNUAL STATEMENT) TRANSFERS Of funds--Revision of Operating Circular No. 10, September 6 , 1 9 6 1 .............................. .. 5081 I n d e x of F e d e r a l Reserve Bank circulars Nos, k ^ Q 2 - 5129 5 Circular Ho. TREASURY BILL OFFERINGS Weekly January 12, 1961 ............................................ 4982 January 19* 19»1* • ............................ . . . . . 4985 January 26, 19 61 . ......................... . . . . . . . 4988 4991 February 2, 1961 . . . . . .............. . . . . . . . . February 9 , 1 9 ^ 1 .................................... . . . . 4993;^998 February 16, 1 9 6 1 ................ .................... .. . 4996 February 23, 1 9 6 1 ......... ............................... 5000 March 2, 1961 . ..................... ...................... 5003 March 9* 19&1 ....................... * .................. .. 5004 March 1 6, 19 61 .............. ............................... 5005 March 23, 1 9 6 1 .............................................. 5008 5011 March 30, 1 9 6 1 .............................. .. April 6, 1961 ..................................... 5016 April 13, 1 9 6 1 .............. ............................ 5019 April 20, 1 9 6 1 .............................. ............... 5021 April 27, 1 9 6 1 ......... .................................... 5026 May 4, I 96I ................................................. 5027 May 11, 1 9 6 1 ................................................ 5032 May 18, 1961 ............................................ 503k May 25, 1 9 6 1 ................................................ 5037;5039 5038 June 1, 1961. . ..................... ............. .. June 8 , 1 9 6 1 ................ ................................ 5041 June 15* 1961 * .............. .. 5046 June 23 , 1961 . ............................ ............... 5048 5049i5052 June 29, 19&1 ........................................ .. July 6, 1 9 6 1 ................................................ 5050 July 13, 1961 ............................................... 5053 July 20, 1961 .......................... .................... 5056;at5057 July 27, 1961 .............................................. 5061 August 3, 1961 . . . . . . . . . . . . . ............ . . 5064 August 10, 1 9 6 1 ..................... ...................... 5067 August 17, 1961 ............................................ 5069 August 24, 1 9 6 1 .............................. • • • • • • 5070 August 31, 1961 ............................................ 5073; 5077 September 7 . 1961 ......... . . . . . . . . . . . . . . 5075 September i4, 1961 .................. ...................... 5080 September 21, 1961 . . . . .............. . . . . . . . . 5085 September 28, 1961 . « • • • • • ............ • • • • • • 5086 October 5, 1 9 6 l ............................................ 5088 October 13, 1 9 6 1 ............................................ 5093 October 19, 1 9 & L ............................................ 5095 October 2b, I 96I. 509o November 2, 1961 .............................. .. 5099 November 9, 1 9 & 1 . .......................................... 5100 November 16, 1 9 6 1 ..................................... .. 5105 November 24, 1961 . . . . . . . . . . . . . . . . . . . 5108 November 30, 1961 .................. .. ................... 53.12 Index of Federal Reserve Bank circulars Hos. 4982 - 5X29 6 Circular Ho. TREASURY BILL OFFERINGS (Continued) Weekly (Continued) 5116 D e c e m b e r 7 * 1961. • • .......... D e c e m b e r it, 1 9 6 1 ............... 5118 December 21, 1961 • ............ D e c e m b e r 28, 1961 • • ......... January 4, 1962 . . . . . . . . TREASURY BILL OFFERINGS Other than weekly January 15, 1961 ( 365 - day, Special) .............. April 3* 19^1 (172-day, Tax Anticipation Series)* April 15, 19ol (3£>5-day, Special) . . . * • • ♦ « Beginning February 2, 1961 (Strip--l3 series) t i t July 15, 1961 (365 - day, Special). . . .............. July 26, 1961 (240~day, Tax Anticipation Series). • September 27, 1961 (268- day, Tax Anticipation Series October 1 6 , 1961 (364-day, Special) • • • • * . • • Beginning June 8, 1961 (Strip - - 8 series)............ TREASURY ISSUES (NOT BILLS) Bonds 3 3 / 8 $ of 1966 (advance refunding) 3 5 / 8 $ of 1967 (advance refunding). • 3 7 / 8 ^ of 1968 , Additional Issue (exchange offering) 3~i$ of 1980, Additional Issue (advance refunding) . 3~J$ of 1990* Additional Issue (advance refunding) . 3i$ of 1998, Additional Issue (advance refunding) • 3 3/4$ of 1966 , Additional Issue (exchange offering) 3 7 / 8 ^ of 1974, Additional Issue (exchange offering) 3 7 / 8 $ of 1968, Additional Issue (exchange offering) Certificates of Indebtedness 4 7/8$ of A*19 6l (refunding without preemptive rights) « « • • • • • * ......... . . . . . . . . 4 3 / 8 $ of B-I 96I (refunding without preemptive r i g h t s ) ................ . . * .................. 3$ of A- 1962 (cash offering)......... .. 5122;5125 51235 5127 5126 498354986 50125 50135 5017 502015022 504355045;5047 505455057 505855059S5062 50825508455087 50925 50 96 5I O I 5510255106 50095 50105 5014; 5018 500915010|50l4; 5018 50591506055063; 5065 508255083150875 5089 50825508355087 ; 5089 50825508355087 ; 5089 51015 5103151075 5111 5101;5103551075 5111 5110;5113;51191 5124 4992 5025 50285503 I 55033; 5035 Index of Federal Reserve Bank circulars Hos. ^982 - 5X29 C ir cu la r Ho. 7 TREASURY ISSUES (not bills) (Continued) N otes of G-I 962 ( e x c h a n g e o f f e r i n g ) ....................... 3 5/8^ of B-I 96I (refunding without preemptive rights).................. ........... .................. 3 i i of a-1963 (cas h o f f e r i n g ) ......................... ^ 99^>^ 995;^999 5001 5025 5028 ;5031;5033 3 ^ of H-I 962 (exchange offering)..................... 5035 5059;5060 ;5063 3 3 A $ of E-1964 (exchange offering) 5059; 5060;5063 3ii» of B-19o3, Additional Issue at 99*875 (cash offering), ................................ . . 3i$> of 1-1963 (exchange offering)..................... Miscellaneous Advance Refunding cleared of technical obstacles by Attorney General Robert F. Kennedy, April 28, 1961 . . * .................... ........... 50 65 50 65 5090 ;5094 ;5097 5101 ;5103 ;510 ? 5111 5030 UNITED STATES SAVINGS BONDS F ir st Amendment to T r e a s u r y D e p a r t m e n t C i r c u l a r No. 653, April 28, 1961 . . . . . ..................... 5029 First Amendment to Treasury Department Circular No. 905# and Third Amendment to Treasury Department Circular No. 530, August 31, 1 9 o l ..................... 5078 Fourth Amendment to Treasury Department Circular No. 750, and Fourth Amendment to Memorandum of Instructions issued in conjunction with Department Circular No. 750, June 7, 1 9 ^ 1 ....................... at 5046 Second Amendment to Treasury Department Circular No. 905, euad Fourth Amendment to Treasury Department Circular Ho. 530, December 27, 1961 5128 Series E--Higher interest rate for long-term holders, March 27 , 1 9 o l ................................ 5015 Series H--10-year extension of maturing bonds, August 25, 1961. ........................................ 507^ Series F and G--3 7/8$ Bonds of 1968 , Additional Issue offered at 99*50 in e x c h a n g e for S eries F or G issued in 1950, maturing in 1962 , November 17, 1 9&1....................................... 5110; 5113; 5119 Series H--Annual limit of $20,000 restored, November 27, 19^1. . ................... ............... 5124 5115
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