The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NEW YORK CIRCULARS FOR THE YEAR 19 65 ON CERTAIN OPERATIONS AND ACTIVITIES INCLUDING THOSE AS FISCAL AGENT OF THE UNITED STATES Circulars Nos. At 5597 - 5752 (No Operating Circulars Included) VOLUME 39 . 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 1946-64 (Nos. 3045-5597) are contained in volumes 22-38, respectively.) Circulars Division \HS - - x-c. INDEX OF CIRCULARS OF THE FEDERAL RESERVE BANK OF NEW YORK For the Year 1965 Circulars Nos, At 5597 - 5752 Volume 39 Circular No. ANNUAL STATEMENT Of this Bank for the year 1964 (fiftieth), January 8 , 1965 ................................... .. ♦ • • APPOINTMENTS Directors, December 29 , 1 9 6 5 .............................. Federal Advisory Council, member of for 1966 -William H. Moore, November 29 , 1965 ......................................... ..... Fred W. Piderit, Jr., Vice President, to succeed Howard D. Crosse, effective July 1, 1965 , June 11, 1965 . 5600 5750 5730 5664 BALANCE OF PAYMENTS (See VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Increases in discount rates of this Bank and Federal Reserve Bank of Chicago--Increase in maximum interest rates on time deposits under Regulation Q, December 5, 1 9 6 5 ......................................... Interpretation of definition of "Officer” for Regulation F purposes, May 14, 1965 . . .................. Payment of interest on time and savings deposits, Revision of Operating Circular No. 15, December 8 , 1965 . Public inspection of bank holding company and bank merger applications--Notice of proposed rule making, May 7, 1965................................................ Regulation F--Effective January 1, 1965 ........................ .. . F--Interpretation, December 6 , 1965 ...................... M--Amendment, effective March 1, 1965 . . . . ........... Q--Interpretation, April 27, 1965 ...................... .. Q--Amendment, effective August 5 , 1965 ................. Q--Supplement and Operating Circular No. 13> effective December 6 , 1965 .......................... T--Amendment, effective May 15 , 1 9 6 5 .................... U--Interpretation, March 19> 1965 ........................ Rules of Organization and Procedure--Amendments, effective October 30, 1965 .............................. 5735 at 5653 574-2 5651 at 5627 at 5735 at 5628 5645 5690 5736 5644 5634 5706 BONDS (See FEDERAL FARM LOAN BONDS; TREASURY ISSUES; UNITED STATES SAVINGS BONDS) CHECKS (including noncash items) Bank holiday in New Jersey--December 24, 1965 # ......... December 8 , 1965 . . . . . . . . . . . . . . . Progress report on MICR program, Eighth, February 26, 1965 ................. ....................... 5739 at 5^24 Index of Federal Reserve Bank circulars Nos. At 5597 - 5752 2 Circular Ho. CHECKS (including noncash items) (Continued) Receipt of certain deferred credit cash items, later closing time for, July 1 6 , 1965 .......................... Social Security "benefit checks--Payment to survivor(s) of joint payees, October 19, 1965 ........................ 5711 CIRCULARS Currently effective lists of our operating circulars and Board*s regulations, and revised table of contents of Board’s regulations, April 29, 1 9 6 5 ................. at 5648 5676 COLLECTIONS (See CHECKS) COMPTROLLER OF THE CURRENCY REGULATIONS Regulation regarding national bank loans secured by direct obligations of the United States, Mr. Hayes’s letter transmitting, December 14, 1965 . . . . . . . . . DEPOSITS Increases in discount rates of this Bank and Federal Reserve Bank of Chicago--Increase in maximum interest rates on time deposits under Regulation Q, December 5> 1965 ......................................... Interpretation of Regulation Q, April 27, 1965 ........... Maximum rates of interest payable on time and savings deposits by member banks--Supplement to Regulation Q, effective December 6 , 1 9 6 5 ............. ............ • . Payment of interest on deposits--Amendment to Regulation Q, effective August 5/ 1965 ................. Payment of interest on time and savings deposits-Revision of Operating Circular No. 15> December 8, 1965 . DEPOSITS OF PUBLIC MONEYS Deposits of tax collections in Treasury Tax and Loan Accounts March and April, 1965--February l 6 , 1 9 6 5 ............... June 1965 — May 17 , 19^5................................... September 1965--August 17# 19&5........... .. December 1965--November 16, 1965 . . . . . ............. Treasury Tax and Loan Depositaries--Groups A, B, and C, reclassified as of February 16, 1965 # February 5# 1965 . DIRECTORS Appointment of, December 29, 1965 .......................... Election of October 15, 1965--Nomination and election to choose successors to the tvo directors selected by Group 2, vhose terms expire December 31, 1965 . . . . . November 22, 1965--Robert G. Cowan, Milton C. Mumford nominated by banks in Group 2. . . .................. .. December 8 , 1965--Robert G. Covan, Milton C. Mumford elected for three years beginning January 1, 1966 . . . at 5744 5735 5645 5736 5690 5742 5620 5654 5691 5723 56l4 5750 5710 5727 5741 Index of Federal Reserve Bank circulars Nos. At 5597 - 5752 Circular No. 3 DIRECTORY Of this Bank, April 9> 19^5................................. DISCOUNTS Increases in discount rates of this Bank and Federal Reserve Bank of Chicago--Increases in maximum interest rates on time deposits under Regulation Q, December 5> 1 9 & 5 ..................................... .. • FEDERAL FARM LOAN BONDS Redemption of April 20 maturity--offering of nev bonds, April 2, 1965 ............................................ August 23 maturity--offering of new bonds, August 6 , 1 9 6 5 ...................... ................... October 20 maturity--offering of nev bonds, October 1, 1965 ......................................... December 20 maturity--offering of new bonds, December 3> 19^5; December 6 , 1965 .................... at 5640 5735 5638 5687 5705 5733;5737 FEDERAL RESERVE BOARD (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) FOREIGN Reserve Bank of Rhodesia, notice regarding, December 3 » 19^5 ................................. .. 573^ GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES (See FEDERAL FARM LOAN BONDS; TENNESSEE VALLEY AUTHORITY) GOVERNMENT CHECKS (See CHECKS; COLLECTIONS) GOVERNMENT DEPOSITS (See DEPOSITS OF PUBLIC MONEYS) INTEREST EQUALIZATION TAX (See VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM) MARGIN REQUIREMENTS (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM - Regulations T and U) MEMBER BANKS Interpretation of definition of "Officer" for Regulation F purposes, May 14, 1 9 6 5 ...................... Interpretations of Regulation F, December 6, 19&5......... New member banks Community National Bank and Trust Company of Richmond, Staten Island, N. Y . , November 22, 19^5............... Englewood National Bank and Trust Company, Englewood, N. J*, April 9* 1 9 6 5 . ...................... First National Bank of East Hampton, East Hampton, N. Y . , January 4, 1 9 6 5 ................. First National Bank of Rochester, Rochester, N. Y . , November 8 , 1 9 & 5 ............... .. • Security National Bank, Newark, N. J., April 30, 19^5• • at 5653 at 5735 at 5727 at 5^39 at 5597 5719 at 5 ^ 9 A Index of Federal Reserve Bank circulars Nos. At 5597 - 5752 4 MEMBER BANKS (Continued) Operating ratios--income and dividends of Second District member banks for the year 19&5> March 3 1 , 1 9 6 5 ......................................... Public inspection of bank holding company and bank merger a-?plications~~Notice of proposed rule making. May 7 , 1 9 6 $ ............................................ Regulation F-«Securities of Member State Banks, March 5, 1 9 6 5 ......................................... Rules of Organization and Procedure--Amendments, effective October 30, 19^5• • • • • • • • • • • • • • Circular No. at 5 6 3 7 5651 at 5 6 2 7 5706 NONCASH ITEMS (See CHECKS) NOTES (See TENNESSEE VALLEY AUTHORITY; TREASURY ISSUES) OFFICERS Appointment of Fred W. Piderit, Jr., as Vice President, effective July 1, 19^5* to succeed Howard D. Crosse in the Bank Supervision and Relations function, June 11, 1965 ......................................... 5664 RATES OF DISCOUNT Increases in discount rates of this Bank and Federal Reserve Bank of Chicago--Increase in maximum interest rates on time deposits under Regulation Q, December 5> 1 9 ^ 5 * ................. ............ .. 5735 REGULATIONS (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) RESERVES Waiver of penalties on reserve deficiencies for current period, due to power blackout, Mr. Hayes’s printed letter announcing, November 10, 1965 ......... SECURITIES Board of Governor's interpretation contained in Board's letter S-1954, Mr. Hayes’s letter transmitting, May l4, 19&5........................ .. « Regulation F--Securities of Member State Banks, March 5, 1965 ......................................... Transactions in U. S. securities other than savings bonds--Revision of Operating Circular No. 17, July 2 3 , 1965 ......................................... at 5720 at 5 6 5 3 at 5627 5679 STATEMENT (See ANNUAL STATEMENT) TENNESSEE VALLEY AUTHORITY Invitation for bids on $45,000,000 of 126-day TVA power notes, dated March 25, 1965 # due July 20, 1965; March 15, 1965 ................................... Invitation for binds on $35*000,000 of 126-day TVA power notes, dated May 27 , 19§5 » &ue September 30, 1965 ; May 17, 1965..................................... at 5 6 3 0 at 5 6 5 ^ Index of Federal Reserve Bank circulars Nos. At 5597 * 5752 Circular 5 TENNESSEE VALLEY AUTHORITY (Continued) Invitation for bids on $45,000,000 of 120-day TVA power notes, dated July 29, I 965 , due November 26, 19^5; July 19, 1965 ........................ Invitation for bids on $50,000,000 of 119-day TVA power notes, dated September 30, 1965 , due January 27 , 1966 ; September 20, 1965 . . . . . . . . . . Invitation for bids on $45,000,000 of 125-day TVA power notes, dated November 26, 1965 , due March 31, i 960 ; November 15, 1 9 6 5 ...................... Ho. at 5676 at 57 OO at 5721 TREASURY BILL OFFERINGS Weekly--issue date of bills (not date of circular) January 14, 1965 ......................................... ....... 559& January 21, 1965 ......................................... ....... 5602 January 28, 1965 ......................................... ....... 5606 February 4, 1965 .......................... ...................... 5608 February 11, 1 9 6 5 ....................................... ....... 5612 February 18, 1 9 6 5 ....................................... ....... 5615 February 25, 1 9 ^ 5 ................................... .. . 5617;5619 March 4, 1965 • • • • • • • • • • ........... . . . . . 5623 March 11, 1965 ....................* ..................... ....... 5626 March 18, 1965 ..................................... ............. 5629 March 25, 1965 ................................................... 5^31 April 1, 1965 ................................................... 5635 April 8 , 1 9 6 5 ................................................... 5637 April 15, 1965................................................... 5639 April 22, I 965 ................................................... 5^40 April 29, 1965................................................... 5642 May 6 , 1965 . . . . . . . . . . . . . ......... . . . . 5646 May 13, 1965............................ ................. ....... 56 50 May 20, 1965 .............................................. ....... 5653 May 27, 1965. • • * ..................................... ....... 5657 June 3, 1965 .......................... ................. • 5659i5660 June 10, I 965 • * • • • • • * . ............. .................. 5662 June 17, I 9 6 5 ................. ................................. 5663 June 24, 1 9 6 5 ................................................... 5667 July 1, 1965 .............................................. ....... 5670 July 8 , 1965 ..................................... ................5672;5673 July 15, 1965 ............................................ 5674 July 22, 1 9 6 5 ................................................... 5675 July 29, 1965 ................................................... 5677 August 5, 1965............... ....................... .. . 5681 August 12, 1 9 6 5 ......................................... ....... 5685 August 19, I 965 * * * * * * ............................ ....... 5688 August 26, 1 9 6 5 ......................................... ....... 5692 September 2, 1 9 6 5 ....................................... ....... 5694 September 9, 1965 ....................................... ....... 5 6 9 6 ^ 6 9 7 September lo, 1965 ....................................... ....... 5698 September 23 , 1965 ....................................... ....... 5699 September 30, 1965 ....................* ................. ....... 5701 Index of Federal Reserve Bank circulars Nos. At 5597 - 5752 Circular 6 N o. TREASURY BILL OFFERINGS (Continued) Weekly--issue date of bills (not date of circular)-(Continued) October 7, 19^5 • • • • ........... ............ ................5704 October l4, 1965 ................. ................... ......... 5707 October 21, 1965 ......................................... ..... 5709 October 28, 19^5 ................................. ............. 5712 November 4, 1965 ................................. ............. 5714 November 12, 19^5* ............................. .. . . . • 5718 November 18, 1965 ........... ................................... 5720 November 26, I 9 6 5 ....................................... ....... 5724 December 2, I 9 6 5 ............. ............ .................... 5729 December 9, 1 9 6 5 ......................................... ..... 5731 December 1 6 , 1965 . ............................. ................5740 December 23, 1965 ....................................... ....... 5743*5744 December 30 , 1965 ......................................... ..... 5746 January 6 , 1966 . . . . . . ...................... . . . . 5751 * TREASURY BILL OFFERINGS Other than weekly--issue date of bills (not date of circular) November 24, 1965 , additional amount (155-day, Tax Anticipation Series) ............. . 5599*5603 January 31, 19^5 (365-day, Special). . . . . . . . . . . 5605*5609 February 28, 1965 (365 -day, Special) . . . . . . . . . . 5621*5624 March 31, 1965 (365 -day, Special)................. ........... 5632*5636 April 30, 1965 (365-day, Special)........................ ..... 5641; 5643 May 31, 1965 (365-day, Special).......................... ..... 5656*5661 June 30, 1965 (365-day, Special) ........................ ..... 5668*5671 July 31, 1965 (365-day, Special) ........................ ..... 5678*5682 August 31, 1965 (365 -day, Special) ...................... ..... 5693>5695 September 30, 1965 (365-day, Special)......................... 5700*5703 October 11, 1965 (l62-day and 254-day, Tax Anticipation Series) 5702*5708 October 31, 1965 ( 365 -day, Special)...................... ..... 5713;5715 October 11, 1965 , additional amount (210-day, Tax Anticipation Series) ................................... ..... 5721*5726 November 30, 1965 ( 365-day, Special) ......................... 5725*5728 December 31, 1965 (365-day, Special) .................... ..... 5745;5749 October 11, 1965 , additional amount (l 68 -day, Tax Anticipation Series) ................................... ..... 5747;5748* 5752 TREASURY ISSUES (not bills) Bonds 4$ of 1970 (advance refunding) « . 4 l/ 8 # of 1974 (advance refunding) 4 1/4# of 1987 - 92 , at par (advance 4 l/4# of 1974 (exchange offering) . . ............. .. . 5601*5607 . ......................... 5601*5607 refunding)........... ..... 5601*5607 . . . . . . . . . . . 5648*5649* 5652 * 5655 4# of 1969 (exchange o f f e r i n g ) .......................... 5683 *5684* 5686 * 5689 Index of Federal Reserve Bank circulars Nos. At 5597 - 5752 Circular No. 7 TREASURY ISSUES (not bills) (Continued) Miscellaneous Payment of final interest on registered securities, January 15, 1965 ..................................... Treasury announces financing plans, December 22, 1965........................................................................................ Notes 4$ of E-I 966 (cash offering). . . . . ............... 4$ of A- 1966 (exchange offering)...................... _ . 4$ of C-I 967 (exchange offering)...................... 4 1/4 $ of D-1967 (cash offering)...................... UNITED STATES SAVINGS BONDS Operating Circular No. 20, revision of, May 24, 1 96 5 . . Treasury Department Circulars Nos. 530, Ninth Revision, 653> Sixth Revision; 905* Third Revision, March 3 9 1965.................................................... VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM* Announcement of President’s balance of payments program, February 10, 1965 * .................. .. Business concerns Commerce Department program for, under the Presidents balance of payments program, March 18, 1965 ; December 7, 19o5............................... Implementation of program for, letter from Alfred Hayes to members of New York Stock Exchange and advisory services concerning, March 23 , 1965 . . . . Commercial banks (1965 ) Guidelines for foreign lending activities of March 5, 1 9 6 5 ....................................... Amendment of guideline No. 1, March 11, 1965 . . . . "Developed Countries/’ list of, June 14, 1965 . . . Interpretations of guidelines nos. 1, 3 , and 4, June 11, 1 9 6 5 ........................ ............ Revision of guideline no. 5, July 23 , 1965 ......... Revision of guideline no. 13 (and transmittal letter by Alfred Hayes), April 28, 1 9 6 5 ......... (1966 ) Guidelines for, December 3 > 1 9 ^ 5 ........... • Implementation of program for, letter from Alfred Hayes to members of New York Stock Exchange and investment advisory services concerning, March 23 , 1965 ..................................... 5604 57^7 5610;5611 ;5613 5610 564b;5649 ;5652 5655 5683 ;5684; 5666 5689 5716;5717;5719 5722 5658 5625 5616 5633;5738 at 5634 5628 5630 5666 5665 5680 5647 5732 at 5o34 *Three letters from Alfred Hayes, two dated March 23* 19o5 and one dated May 5 , 1965 , relating to the Voluntary Foreign Credit Restraint program were incorporated in the subject file although they were not handled by the Circulars Division. Index of Federal Reserve Bank circulars Nos. At 5597 - 5752 8 VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM (Continued) Commercial banks (Continued) Nonbank financial institutions, transmission to commercial banks of documents relating to program for, March 15, 1965 ...................... Reporting under program for, letter from Alfred Hayes to commercial banks, March 23, 1965 . . . . Role of Federal Reserve System, banks, and other financial institutions in P r esidents balance of payments program (transmitting copies of remarks and chart presentation), February 19, 1965 ..................................... .. Trust departments of, letter (with enclosures) from Alfred Hayes on implementation of program for nonbank financial institutions (see below) in order to bring program to attention of customers of, and enclosing questionnaire on foreign assets held by, March 30, 1 9 6 5 ......... Nonbank financial institutions Amplification of program for, letter from William F. Treiber to certain financial institutions (enclosing questionnaire), March 12, I 965 ; March 15, 1 9 6 5 ..................................... (1965 ) Guidelines for foreign lending activities of tentative, March 4, 1965; revised guidelines, June 21, 1965 ....................................... (1966) Guidelines for, December 3, 19,65............. Implementation of program for, letter from Alfred Hayes to members of New York Stock Exchange and investment advisory services concerning, March 23, 1 9 6 5 ................................................ Reminder of questionnaire on foreign lending and investing activities of, letter from Alfred Hayes to, April 7, 1965 ............................ Reporting of holdings of foreign assets by members of New York Stock Exchange, July 30, 1965 ......... Reporting of holdings of foreign financial assets by, June 30, 1965....................................... Role of Federal Reserve System, banks, and other financial institutions in President’s balance of payments program (transmitting copies of remarks and chart presentation), February 19, 1965 . . . . U. S. branches of foreign insurance companies, inclusion in program of, December, 1965 ........... Circular No. at 5627 c at 5634 A 5622 at 5636 at5627A;at5627B 5627; 5669 5732 at 5634 at 5638 at 5684 at 56 73 5622 at 5744a
@FedFRASER