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FEDERAL RESERVE BANK OF HEW YORK CIRCULARS FOB THE YEAR 1967 ON CERTAIN OPERATIONS AND ACTIVITIES INCLUDING THOSE AS FISCAL AGENT OF TEE UNITED STATES Circulars Nos. 5927 - 0O85 (No Operating Circulars Included) VOLUME 41 ^ FEDEUkL ‘ ~ OF HEW YOR& Index starts on next pa6e (A cumulative index of circulars Issued during the years 1914-19^5 (Nos. 1-30^4) is contained in Volume 22; indexes of circulars issued during the years 19^6-66 (Nos. 30^5-592i) are contained in volumes 22-40, respectively.) Circulars Division INDEX OF CIRCULARS OF THE FEDERAL RESERVE BANK Of NEW YORK For the Year 1967 Circulars Nos. 5927 - 6085 Volume 4l Circular No. ANNUAL STATEMENT Of this Bank for the year 1966 (fifty-second), January 6, 1 9 6 7 ................................. . , APPOINTMENTS Directors, December 28, 1 9 6 7 .......................... Federal Advisory Council, member of for 1968-George S. Moore, December 7, 1 9 6 7 .................... 5929 6085 6073 BALANCE OF PAYMENTS (See VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Accounting and Financing Reporting Practices, May 1 6 , 1967 Federal Reserve Act, as amended through November 5, i960, revised edition, January 5, 19 6 7 ; August 2, 1967 . . . . Federal Open Market Committee--Rules of Organization, Rules Regarding Availability of Information, Rules of Procedure, effective July k, 1 9 6 7 .................... Foreign activities of member banks and Edge and Agreement corporations--Revision of Regulation M-»Amendment to Regulation K, March 15, 1 9 6 7 ........................ Margin regulations, proposed changes in, October 20, 1967 Margin regulations, text of proposed changes in October 30, 1 9 6 7 ........................ ' ......... Regulation D--Effective January 1, 1 9 6 7 ........................ D--Supplement, effective March 2 and March 16, 1967 . . . D--Supplement, effective January 1 1 and January 18, 1968 F--Amendment, effective April 20, 1967 ............... F--Notice of proposed rule making, October 10, 1967 . . . F--Amendment, effective December 31^ 1967 ............. G--Revocation of, April 18, 1 9 6 7 .................... J--Revision of, April 18, 1 9 6 7 ........... .......... J--Revision of, effective September 1, 1967 ........... J--Effective September 1, 19 6 7, and Operating Circulars Nos. k, 6 and 8, effective September 1, 1967 . . . . K--Amendment, effective March 1 5 , 1967 ............... at 5983 at 5927; at 6 0 11 at 60lk 5958 60^9 6054 59^9 5951 6084 at 5985 at 6ok5 at 6079 5970 5970 6005 6016 at 5968 Index of Federal Reserve Bank Circulars Nos. 5927 6085 2 Circular Ho. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Continued) Regulation (Continued) M- Effective March 15, 1 9 & 7 .................. . • * at 0--Amendment, effective July 1, 1 9 & 7 ............... 0--Notice of proposed rule making, September 11, 1967 * Q--Effective January 1, 1967 . . . . . . . . . . . . . R--Notice of proposed rule making, April 14, 1967 « • * U- -Interpretation, June 15, 1 9 6 7 .................. Rules of Organization and Rules of Procedure, effective August 9, 19 6 7 ..................................... Rules of Practice for Formal Hearings, effective August 1, 19 6 7 .............................................. Rules Regarding Availability of Information, effective July 4, 1 9 6 7 ..................................... Rules Regarding Delegation of Authority, new regulation, effective July 1, 19 6 7 ; Amendment, effective November 22, 19 6 7 .............................................. 5968 5990 6032 59^-9 59^9 5992 6038 6023 6015 60011608I BONDS (See FEDERAL FARM LOAN BONDS; TREASURY ISSUES; UNITED STATES SAVINGS BONDS) BOOK-ENTRY TREASURY SECURITIES Book entry procedure for Treasury securities, transmitting Operating Circular No. 21, effective January 1, 1968, and Subpart 0 of Treasury Department Circular No. 300, effective January 1, 1968; December 12, 19 6 7 ......... Effective date postponed, October 2, 1967 • ............ Treasury Department Circular No. 300, proposed amendment providing for, August 21, 19 6 7 * * .................. 6075 6o4l 6022 CHECXS (including noncash items) Collection of cash items and noncash items, new Regulation J, and Operating Circulars Nos. k, 6, and 8, effective September 1, 19 6 7; August l4, 1967 . . . . 6016 Collection of checks and other items, Revisision of Regulation J, effective September 1, 19&7J July 2k, 1967 6005 Collection of items requiring special handling as noncash items; February 21, 1967J May IX, 19 6 7 ; July 27, 19^7 59^7;5982j60O9 Notice of proposed rule making, revocation of Regulation G, and Revision of Regulation J, April 18, 1 9 6 7 ....... 5970 Saturday closing, revision of Operating Circular No. 7, January 6, 19^7 • • **.............................. 5928 Time Schedules,, New York Head Office and Buffalo Branch, revision of, February 1, 1 9 6 7 ............... 5937 Treasury Department Circulars Nos. 21 and 92, effective December 1 , 1967, revisions of, November 28, 1967 • • • 6067 CIRCULARS Currently effective lists of our operating circulars and Board's regulations, and revised table of contents of operating circulars and regulations, June 6, 19^7 . . . at 5988A Index of Federal Reserve Bank Circulars Nos. 5927 - 6085 3 Circular No, COIN Coin and currency practices, December 1 3 , 1967 . . . . . . at 6076 COLLECTIONS (See also CHECKS) New regulation and operating circulars, effective September 1, 19&7# collection of cash items and noncash items, August 14, 1 9 6 7 ....... ............. 6016 COUNTERFEIT CURRENCY Federal Reserve Notes (d5), February 7, 1967 ........... at 59^1 CURRENCY Coin and currency practices, December 1 3 , 1 9 6 7 ......... at 6076 DEPOSITS Regulations D and Q revised effective January 1» 1967, February 23, 1 9 6 7 ....... ................... . DEPOSITS OF PUBLIC MONEYS Corporation income taxes with depositary banks, March 9, 1967 Federal Taxes with depositary banks, revised procedures effective January 1 , 1968, December 1 9 , 1967 ......... March 1967 tax collections in Treasury Tax and Loan Accounts, February 1 6 , 1 9 & 7 ........................ No special deposits during April of income tax checks of $10,000 or more, March 16, 1 9 6 7 .................... Procedure for special deposits of income tax checks discontinued, May 9, 1 9 6 7 .......................... Treasury Department Circulars Nos. 21 and 92, effective December 1 , 19 6 7* revisions of, November 28, 19^7 * * • DIRECTORS Appointment of, December 28, 1 9 6 7 .................... Election of October 6, 1967--Nomination and election to choose successors to the two directors selected by Group 1, whose terms expire December 31* 19&7 • * . . November 15, I967--R.E. McNeill, Jr., Arthur K . Watson nominated by banks in Group 1 ................ December 1, I967--R.E. McNeill, Jr., elected, Arthur K. Watson, reelected, for three-year term beginning January 1 , 1968 ......................... 59^9 5956 6079 59^5 5959 5980 6067 6085 6044 6058 6070 DIRECTORY Of this Bank dated February 27, 1967, March 10, 19&7 • • • at 5956 DISCOUNTS Operating Circular No. 1 3 , revised April 1, 19^7 ....... Operating Circular No. 1 3 , revised November 20, 1967, November 19, 1 9 6 7 .................. ............. 5967 6063 Index of Federal Reserve Bank Circulars Hos. 5927 - 6085 Circular No. 4 FEDEfiAL FARM LOAN BONDS Redemption of February 20 maturity--offering of new bonds, February 3> 1 9 ^ 7 .......................... . • * May 22 maturity--offering of new bonds, May 19°7 • July 20 maturity--offering of new bonds, July 6, 19^7 August 21 maturity--offering of new bonds, August 9> ..................................................................................................................................................... October 23 maturity--offering of new bonds, October 10, 1 9 & 7 ............. . • ............. December 20 maturity--offering of new bonds, December 6, 1 9 & 7 ......... ............. * • * • 5940 5978 5999 6014 6045 6072 FEDERAL OPEN MARKET COMMITTEE Rules of Organization; Rules Regarding Availability of Information; and Rules of Procedure, effective July 4, 1 9 6 7 ..................................... at 6014 FEDERAL RESERVE ACT 5927 As amended through November 1966* January 5* 19&7 • • Public Law 90-44 amending Section 22(g), August 2, 19^7 at 6 0 11 FEDERAL RESERVE BOARD (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) FOREIGN EXCHANGE Reports of transactions, transfers of credit, and export of coin and currency--Revision of Operating Circular No. 19, November 30, 19^7 ........................ 6069 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF TEE UNITED STATES (See FEDERAL FARM LOAN BONDS; TENNESSEE VALLEY AUTHORITY) GOVERNMENT CHECKS (See CHECKS) GOVERNMENT DEPOSITS (See DEPOSITS OF PUBLIC MONEYS) Loans to executive officers of member banks--amendment to Regulation 0, June 13, 1 9 6 7 ........... * * * * Notice of proposed rule m a k i n g - -Regulation 0, September 11, 1 9 & 7 ........... ........................ margin regulations Proposed changes in, October 20, 19°7 • • • Text of proposed changes in, October 0 19&7 $, 5990 6032 6049 6054 Index of Federal Reserve Bank Circulars Hos. 5927 - 6035 5 Circular Ho. MEMBER BANKS Bank accounting and financial reporting practices* Board’s disapproval of certain proposed, May 16, 1 9 6 7 ......... at Operating ratios--income and dividends of Second District member banks for the year 1966, March 31, 1967 ....... at Regulation F, Amendment--Form F-10, Registration statement for additional classes of securities. May 22, 19 6 7 .................. ...................... at Regulation F--Amendments effective December 3 1 , 1967, December 1 9 , 1 9 ° 7 ................................... at Regulation F--notice of proposed rule making, October 10^ 1967................................................ at 5983 5965 5985 6079 6Qk$ NONCASH ITEMS (See CHECKS) NOTES (See COUNTERFEIT CURRENCY; CURRENCY; TENNESSEE VALLEY AUTHORITY; TREASURY ISSUES) RATES OF DISCOUNT Discount rates, and Revision of Operating Circular No. 13, revised November 20, 19&7, November 1 9 , 1967 ......... 6063 REGULATIONS (See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM) RESERVES RegulationsD and Q revised effective January 1, 19 6 7 , February 23 , 1 9 6 7 .................. ................ Reserve requirements reduced from bfy to 3$ on certain time deposits--Supplement to Regulation D, effective March 2 and 16, 19^7, February 28, 1 9 6 7 ............... Reserve requirements increased on demand deposits in excess of $5 million--Supplement to Regulation D, effective January 11 and 18, 1968, December 27, 1967 . . 59^9 5951 6oQh SECURITIES Amendment to Regulation F, Form F-10--Registration statement for additional classes of securities, May 22, 1 9 6 7 .............................................. at 598* Regulation F--Notiee of proposed rule making, October 10, 1 9 6 7 .............................................. at 60^5 Securities of member state banks--Amendments to Regulation F, effective December 3 1 , 19&7, December 19, 1 9 » 7 .................. .......................... at 6079 STATEMENT (See ANNUAL STATEMENT) Index of Federal Reserve Bank Circulars Nos.5927 - 0O85 6 TENNESSEE VALLEY AUTHORITY Invitation for bids on $50,000,000 of 119-day TVA power notes, dated January 26, 19 6 7* due May 25/ 1967* January 17, 19 6 7 ................................... Invitation for bids on $50,000,000 of 126-day TVA power notes, dated February 23, 19&7* due June 29* 1967* February 14, 1 9 6 7 ................................. Invitation for bids on $50*000,000 of 119-day TVA power notes, dated March 30, 19^7* due July 27, 19 6 7* March 20, 1 9 6 7 ................................... Invitatiou for bids on $50,000,000 of 126-day TVA power notes, dated April 27, 19 6 7* due August 31* 1967* April 17, 1 9 6 7 ................................... Invitation for bids on $50*000*000 of 126-day TVA power notes, dated May 25, 1967* due September 28, 1967, May 15, 1967 ............................... Invitation for bids on $50,000,000 of 119-day TVA power notes, dated June 29* 1967* due October 26, 19 6 7 * June 19* 1967 .................... ............... Invitation for bids on $50,000,000 of 126-day TVA power notes, dated July 27, 19 6 7* due November 30* 19 6 7, July 17* 1967 ............................... Invitation for bids on $50,000,000 of 119-day TVA power notes, dated August 31* 1967* due December 28, 1967* August 21, 1 9 6 7 ............................. Invitation for bids on $50,000,000 of 119-day TVA power notes, dated September 28, 19 6 7 * due January 25* 1968, September 18, 1 9 6 7 .......................... Invitation for bids on $50,000,000 of 126-day TVA power notes, dated October 26, 19 6 7 * due February 29, 1968, October 1 6 , 1 9 6 7 ......... ................. Invitation for bids on $50,000,000 of 119-day TVA power notes, dated November 30, 19 6 7* due March 26, 1968, November 20, 1 9 6 7 ............................ Invitation for bids on $50,000,000 of 119-day TVA power notes, dated December 28, 19 6 7* due April 25* 1968, December 18, 1 9 6 7 ............................ TRANSFERS Of funds, Revision of Operating Circular No. 10, September 5* 1967 ............. .................... Circular No. 5930 at 59^2 at 5959 at 5969 at 5982 at 5992 at 6002 at 6021 at 6033 at 6o46 at 6063 at 6078 6030 TREASURY BILL OFFERINGS Weekly -issue date of bills (not date of circular) January 12, 1 9 6 7 ................................. ..... 5927 January 19, 1 9 6 7 ................................. ..... 593° January 26, 1 9 6 7 ................................. ..... 5931 February 2, 1 9 6 7 ............................. • • 5933 February 9* 1967 .................................. ..... 5938 February 16, 1967 .................................. ..... 59^-1*59^2 February 23* 1967 ................................. ..... 59^3 Index of Federal Reserve Bank circulars Nos. 5927 - 6085 7 TREASURY BILL OFFERINGS (Continued) Weekly--issue date of bills (not date of circular)-(Continued) March 2, 1 9 6 7 ...................... . ............. March 9, 1 9 6 7 ....................................... March 16, 19&7 ................................. . . March 23, 19&7 ................................... . March 30, 1 9 6 7 ..................................... April 6, 1 9 6 7 ....................................... April 13, ........................................... April 20, 1 9 6 7 ..................................... April 27, 1967 ........................ . ........... May 4, 1 9 6 7 ....... ................................ May 11, 19 6 7 ......................................... May 18, 19 6 7 . . ....................... ............. May 25, 1967......................................... June 1, 19 6 7 .................. ..................... June 8, 1 9 6 7 ....................................... June 15, 1967 .................. . .................. June 22, 19^7 • June 29, 1 9 6 7 ....................................... July 6, 1 9 6 7 ....................................... July 13, 1 9 6 7 ....................................... July 20, 1 9 6 7 ....................................... July 27, 1 9 6 7 ....................................... August 3, 1967 ..................................... August 10, 1 9 6 7 ..................................... August 17, .......................................... August 24, 1 9 6 7 ..................................... August 31, 1 9 6 7 .................... ............... September 7 . 1 9 6 7 .............................. . . September l4, 1967 .................................. September 21, 1 9 & 7 ................................ September 28, 1967 ................................. October 5, 1 9 & 7 ..................................... October 13, 19^7 October 19> 19&7 October 26, 19&7 November 2, 19^7 November 9, 19&7 November 16, 19&7 November 24, 1967 November 30/ 19^7 December 7, 19^7 December l4, 19^7 December 21, 19&7 December 28, 19^7 January 4, 1968 ....... Circular Not 5945 5952 5954 5957 59^ 5964 59 66 5053 5971 5973 5977 593^ 5984 5935 5983 5989 5991 5993 5995 5998 6002 6003 6006 6011 6013 6017 6024 6027;o025 6031 6033 6034 6039 6042 6046 6047 6051 6055 6057 6059 6065 6068 6071 6074;6076 6077 6080;6032 Index of Federal Reserve Bank circulars Nos, 5927 - 6085 Circular No. 8 TREASURY BILL OFFERINGS Other than weekly (issue date of bills--not date of circular) January 31* 1967 (273-day an(i 365-day) . . . . . . . 5932;5934 February 28, 1967 (275-day and 366-day)........... ...... 5944; 5950 March 13, 1967, additional amount (101-day, Tax Anticipation Series) .......................... ...... 5953;5955 March 3 1 , 1967 (275-day and 366- d ay ) ............. ...... 5963;5965 May 1, 1967 (275-day and 366-d ay)...................... 5972; 5974 May 31, 1967 (274-day and 366-d a y ) ..................... 59^5 55987 June 30, 1967 (275-day and 36b-day)..................... 5994;5996 July 11, 1967 (255-day and 286-day, Tax Anticipation Series) ............... • ....... ...... 5997#6000 July 31# 19o7 (274-day and 366-day) . . . . . . . . 0004;6007 August 31# 1967 (274-day and 366-day)............. ...... 6019;602 i October 2, 1967 (272-day and 366-day)............. ...... 6035;6040 October 9, 1967 (19 6 -day and 259-day), Tax Anticipation Series) ................. . . . . . 0O36; 6037;6043 October 3 1 , 1967 (274-day and 366-day) ........... ...... o048;6050 November 30, 1967 (275-day and 366-day)........... ...... 60b2;60o6 January 2, 1968 (272-day and 366-day) ........... ...... 6078;6083 TREASURY ISSUES (not bills) Miscellaneous Book-Entry Treasury Securities, proposed amendment of Treasury Department Circular No. 300 providing for, August 21, 1967; October 2, 19 6 7, December 12, 1967 6022;604l;6075 Ho1#6S 4 3/4# of B-1968 (cash offering) ................. 5935;5936;5939; 5946 4 3/4# of A-1972 (cash offering) ................. 5935;5936;5939; 5946 4 1/4# of C-1968 (exchange offering) ............. 5975;5976;5979; 5983 4 3/4# of B-19 7 2 (exchange offering) ............. 5975;5976;5979; 5983 5 l/4i of D-I968 (cash offering) ................ 6008;6010;6012; 6018 5 3/8% of C-1971 (cash offering) ................. 6020;6 0 2 1;6025; 6029 5 5/8^ of A- 1969 (cash offering) ................. 6052;6053;6056; 6060 5 3 A £ of A-1974 (cash offering)................. 6052;6053;6056; 6060 Index of Federal Reserve Bank circulars Nos. 5927 - 6085 9 UNITED STATES SAVINGS BONDS Third Amendment to T r e a s u r y Department Circular No. 653, March 22, 1 9 6 7 ............. .............. United States Savings Notes, March 21, 19^7 . . . . . . . VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM 19^8 Guidelines for Banks and Nonbank Financial Institutions under the President's balance of payments program, November 16, 19&7 ................. 1968 Program of U. S. Department of Commerce for business concerns under the Presidents balance of payments program, November 21, 19&7 ................. Circular No. 5962 5960 6061 6064
@FedFRASER