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BASK CIRCULARS ON CERTAIN OPIivATIONS AND ACTIVITIES OF THB FEDERAL kssshye bask o? m i IOPjI inclodisg ckktaik op mtioss AS FISCAL AGIST OF THE U8ITED STATES GOTERMERT For the Xear 1947 Circulars Hoe* 3168 to ana Including 3295 So Operating Circulars Included (Index for 1947 follows on next page) m m . jz (An index of all circulars from So* 1 to So* 3044 issued during the years fro® 1914 to the end of 1945 and an index of circu lars for 1946 (Ho* 3045 to Bo* 3167) are given in Volume 22*) Frees and Circulars Division OF IQRK For the Year 19-47 Circulars Ho b . 3168 to and Including 3295 VOLUME 23 Circular Ko. ANNUAL STATEMiifT Tnirty-eecond, for the year 19-46* Jami/ry 14, 1947 • . * * ........ 3173 APPOINTMENTS I. Randolph Burgess, aember of Federal Advisory Council for 1947 . . . 3170 ARMED FORCES LLAY5 BOSDS (See Treasury Issues; Veterans* Certificates) BASK CREDIT POLICI (See Board of Governors of the Federal Reserve System) BOARD OF GOVFHHQRS OF THE FEDiilAL BSSSBfg STCT2S 3177 Regulation 0 - Suppleaent effective February 1, 1947........ . , . Regulation T - Suppleaent effective February 1, 19-47............. at 3177 Regulation W - Continuation until Kovcmber 1, 1947............... ....3*44 Regulation W - Instalment credit controls will cease to be operative after November 1, 1947 .................................... ....3278 Bank credit polio/ during the inflation, Noveaber 26, 1947 ............3289 CERTIFICATES, OWSHBXF (See Collections} Interest) CHECKS Year-round Saturday closing of the Federal Reserve Bank of Boston, February 11, 1947 . . ............ . . . ................. ... 3183 Tear-round Saturday closing, Febru&iy 27, 1947 ................... ... 3190 Year-round Saturday closing of Connecticut banks, March 18, 1947 . . . 3195 Year-round Saturday closings of certain banks, May 5, 1947 3212 Saturday closing of Pennsylvajiia banks, May 22, 1947 • ............ ... 3218 Saturday closing of banks in the State of Washington, June 19, 1947 . 3228 Payments of certain Govern*ant checks, July 16, 1*^47 ............. ... 3234 Direct sending of cash iteas to other Federal Reserve Bt*nks reimbursement of transportation costs, July 16, 1947 ............... 3235 Saturday closing of banks in the State of Florida, August 4, 1947 • • 3241 Saturday closing of banks in the States of Ohio and Maine, August 29, 1947 ..................................... ........ 3253 Saturday closing of banks in the States of Missouri ana Washington, September 19, 1947 .......... ............................. ... 3260 Mimeographed letter regarding iairricane conditions in the Florida and lower Gulf Coast areas, Septeaber 22, 1947 ................. at 3262 Saturday closing of Pennsylvania banka, October 14, 1947 .......... ... 3273 CIRCULARS Operating circulars, new series, December 5, 1947 ............. . 3291 Index of Federal Reserve Bank Circulars Ko*« 31^8 - 3295 - 2- Circular So* com (See Currency* Gold) Requests for currency and coin shipments, March 28, 1947 . . ....... Bookar T. WasrJjo^tcm «es»orial half dollar, September 16, 1947 . . . , Shipments of paper currency in the |1 denomination and of coin to this bank during the present railway express embargo, October 1 • . Lifting of railway express embargo on shipments of paper currency in the fl denomination and of coin to this bank* effective .... October 17, 1947........ ........... . .......... 3274 COLLECTIONS Ownership certificate requirements relative to interest payments on Treasury certificates of indebtedness, August 19, 1947 . . . . . 3248 COKSUMHB CREDIT - REGULATION f Continuation of Regulation % antil November 1, 1947 ............. Instalment credit controls will cease to be operative after November 1, 1947 . ................. ........... . . . . . . . COrOiEBCX Requests for currency and coin shipments, March 28, 1947 .......... Interest charge on Federal Heserve notes, April 24, 1947 .......... Letter fro® the Secretary of the Treasury regarding the reporting of large and unusual currency transactions, September 9, 1947 . • * Shipments of paper currency in the $1 denomination and of coin to this bank during the present railway express embargo, October 1 . . Lifting of railway express embargo on shipments of paper currency in the $1 denomination and of coin to this bank, effective October 17, 1947 ...................... ................. . DATLIGHT SAVING Beginning April 27, 1947 Return to Standard time, .September 28, 1947 • ............... DEPOSITS Payment of interest on time and sarin,.s deposits, May 16, 1947 (superseding Circular Ho. 3105) . . ......... .............. . 3199 3253 32^8 3244 3278 3199 3208 3256 3268 3274 3205 3263 3215 DEPOSITS OF PUBLIC SiOSEXS (re Treasury Circular 92 Revised) Change in a'roupin^ of war loan depositaries, March 22, 1947 . . . . . 3197 Balances in Car Loan Deposit Accounts subject to reserves, June 13, 1947 ............................................ at 3224 oxfigemm Resignation of Beardsley Rami, Class C Director, and Chairman of the Board and federal Rasarvm Agent, effective December 31, 1946 . . Harry H. Pond, Charles E. Adams, terms expire December 31, 1947 . . . Frederic £* Worden, Charles £• Adams nominated by banks in Group 2, October 29, 1947 ................................. Frederic £« Iordan elected, Charles E. Adams reelected to December 31, 1950 .................. .. ......... . 3169 3264 3279 3285 Index of Federal Reserve Bank Circulars Nos, 3168 - 3295 - 3- Circular Ho, DIVIDSHD January 1* 1947 to June 30, 1947 .............. . . . . . . . . . . at 3225 July 1, 1947 to December 31, 1947 ........... ............. . . at 3295 FEDERAL RESERVE BARK Change in postal delivery zone number, February 6, 1947 (superseding Circulars Bos, 2689 and 2721) . . . ......... . ............ * ................. Directory, Mey 1, 1947 • ...... 3131 at 3210 GOLD International traffic in gold, July 21, 1947 .................... Amendments to the Gold Regulations, Eoveraber 13, 1947 . . . . . . . . 3238 3233 G0V2KKME8T CHECKS (Sea Checks; Collections} HOLIDAYS Xear-round Saturday closing of the Federal Reserve Bank of Boston, February 11, 1947 ............... ........................ ... 3133 Year-round Saturday closing, February 27, 1947 . . ........ ..........3190 Year-round Saturday closing of Connecticut banks, March IB, 1947 . . . 3195 Year-round Saturday closings of certain beaks, £ay 5, 1947 ........ ....3212 Saturday closing of Pennsylvania banks, May 22, 1947 ............ .....3218 Saturday closing of banks in the State of Washington, June 19, 1947 . 3228 Saturday clo&in^ of banks in the State of Florida, August 4, 1947 . * 3241 Saturday closing of banks in the states of Ohio and Maine, August 29 . 3253 Saturday closing of banks in the states of Missouri and Washington, September 19, 1947 .......... ............ ....................3260 Saturday closing of Pennsylvania banks, October 14, 1947 .......... ....3273 IKSOKAHGE ftecuest* for currency end coin shipoents, March 28, 1947 ........ . 3199 IMTKREST (See Deposits) Interest charge on Federal Reserve notes, April 24, 1947 . . . . . . . Ownership certificate requirements relative to interest payments on Treasury certificates of indebtedness, August 19, 1947 . . . . . 3248 MSStfBiJi BANKS Operating ratios of camber banks in the Second Federal Reserve District for the year 1946, February 25, 1947 .......... 3188 K2W MEMBER BANKS Dobfcs ferry Bank, Dobbs Ferry, K. X. Bank of Ccasserce, Hewark, I* J. Bronxville Trust Company, Bronxviil«,$*X. The Nassau Union Bank, Glen Cove, N. Y* Security Trust Company of Rochester, Bochester, H* X. Citisens Bank of Gape Vincent, Cape Vincent, H* 1, 3208 January 25, 1947 . . . at 3178 Hay 7, 1947 ......... at 3212 May 23, 1947 . . . . . at 3220 July 16, 1947 . . . . at 3234 December 3, 1947 ... at 3289 December 23, 1947 . . . at 3295 Index of Federal Reserve Bank Circulars Eos* 3168 - 3295 - -4 - Circular Ho. Exsotturaes Presidents Report to Directors for 1946, March 31* 1947 . ......... at 3203 Newspaper Review, December 29* 1947 .......... ......... . , . . at 3295 OFFICERS (See Signatures (Authorized)) Beardsley Rual, Chairman of the Board and Federal Reserve Agent, resigned effective December 31, 1946 .......................... 3169 Dudley H. Barrows, Manager, Cash Department, died December26, 1947 . - at 3295 OFFICIAL SIGNATURES (See Signatures (Authorised)) 0«E8S8IF CE8TIFICATES (See Collections$ Interest) iiEGOLATIOHS (See Board of Governors of "toe Federal Reserve System) r a m s Reserves of member banks, July 1, 1947 (superseding Circular No, 3099) 3224 Termination of war-time exemption fro®: reserve recuirements, June 13, 1947 ......................... . . . . ........ . at 3224 S1XJUKITIES Report of loss of securities in the kingdom of the Netherlands, Januaiy 14, 1947 .......................................... Transactions in marketable securities of the United States Government, February 1, 1947 (amending Circular Ko* 3162) . ............... Transactions in marketable securities of the United States Govern* ment, April 8, 1947 (superseding Circular So* 3 1 8 0 ) ............ SIGSATOKES (Authorized) As of January 3, 1947 (superseding Circulars Nos. 3086, 3117, 3125, 3138 and 3151)..................................... . Per pros, February 21, 1947 ........................ ......... Dudley H. Barrows, Michael J* ScLaughlin, Roy £* Wendell, George J* Doll and per proa, April 3, 1947 ............................ Per pros, Kay 29, 1947 .............................. . George J. Doll, Howard D* Crosse, July 8, 1947 « . . . . . . . . . . . Loren B. Allen, Spencer S* Harsh, Jr., Harold M* Vessel, George J* Doll, Josephine St. Murphy, August 11, 1947 • • . . . . .......... As of October 6, 1947 (superseding Circulars Kos* 3171, 3187, 3200, 3220, 3232 and 3243).......... . * . . . ................... 3174 318Q 3202 3171 3187 3200 3220 3232 3243 3269 STANDARD TIME (See Daylight Saving Time) TRAHSFERS Schedule of time limits in effect, April 28 1947 (Daylight Saving time) (superseding Circular Ro. 3137) ........................ Schedule of time limits in effect, September 29* 1947 (Eastern Standard time) (superseding Circular No. 3209;................. 3209 3266 Index of Federal Reserve Bank Circulars Koa. 3168 - 3295 - 5- THSASORI BILLS 11.300.000.000 91-day, J a m m y 9, 1947, amturing April 10, 1947 . . . £1,300,000,000 91-<iay, January 16, 1947, maturing April 17, 1947 * . . $1,300,000,000 91-day, January 23, 1947, maturing April 24, 1947 . . . $1,300,000,000 91-day, January 30, 1947, maturing lay 1, 1947 . . . « 11.300.000.000 91-day, February 6, 1947, maturing May 8, 1947 . . . , $1,300,000,000 91-dcy, February 13, 1947, Maturing May 15, 1947 . . . 11.300.000.000 91-day, February 20, 1947, maturing May 22, 1947 . . . £1,300,000,000 91-day, February 27, 1947, maturing May 29, 1947 . . . 11.300.000.000 91-day, March 6, 1947, maturing June 5, 1947 ....... $1,300,000,000 91-day, March 13, 1947, maturing June 12, 1947 . . . . $1,300,000,000 91-day, March 20, 1947, maturing June 19, 1947 . . . . 11.300.000.000 91-day, March 27, 1947, maturing June 26, 1947 . . . . $1,300,000,OCX) 91-day, April 3, 1947, maturing July 3, 1947 ....... £1,300,000,000 91-day, April 10, 1947, s&aturing July 10, 1947 . . . . $1,100,000,000 91-day, April 17, 1947, maturing July 17, 1947 . . . . $1,100,000,000 91-day, April 24, 1947, maturing July 24, 1947 . . . . $1,100,000,000 91-day, May 1, 1947, maturing July 31, 1947 ........ Treasury Bills, April 25, 1947 .............. ................. $1,100,000,000 91-day, May 8, 1947, maturing August 7, 1947 ....... $1,200,000,000 91-day, May 15, 1947, maturing August 14, 1947 . . . . $1,200,000,000 91-day, May 22, 1947, maturing August 21, 1947 . . . . 11.300.000.000 91-day, May 29, 1947, maturing August 28, 1947 . . . . £1,300,000,000 91-day, June 5, 1947, maturing September 4, 1947 . . . $1,300,000,000 91-day, June 1*, 1947, maturing September 11, 1947 . . £1,300,000,000 91-day, June 19, 1947, maturing September 18, 1947 . • 31.100.000.000 91-day, June 26, 1947, maturing September 25, 1947 . . fl,300,000,000 91-day, July 3, 1947, maturing October 2, 1947 . . . . Treasury Bills (termination of fixad-price bidding and repurchase option privilege), July 3, 1947 * ........................... $1,300,000,000 91-day, July 10, 1947, maturing October 9, 1947 . . . . £l,100,000,000 91-day, July 17, 1947, maturing October 16, 1947 , . . vl,100,000,GOO 91-day, July 24, 1947, maturing October 23, 1947 . . . fl,100,000,000 91-day, July 31, 1947, maturing October 30, 1947 . , . *1,100,000,000 91-day, August 7, 1947, maturing November 6, 1947 . . . fl,200,000,000 91-day, August 14, 1947, maturing November 13, 1947 . . $1,200,000,000 91-day, August 21, 1947, maturing November 20, 1947 . . $1,300,000,000 92-day, August 28, 1947, maturing November 28, 1947 . . $1,300,000,000 91-day, September 4, 1947, maturing December 4, 1947 . fl,300,000,000 91-day, September 11, 1947, maturing December 11, 1947 $1,300,000,000 91-day, September 18, 1947, maturing December 13, 1947 -1,100,000,000 92-day, September 25, 1947, maturing December 26, 1947 $1,300,000,000 92-day, October 2, 1947, maturing January 2, 1943 . . . 11.300.000.000 91-day, October 9, 1947, maturing January 8, 1943 . . . $1,100,000,000 91-day, October 16, 1947, maturing Janu&iy 15, 1948 . . 11.100.000.000 91-day, October 23, 1947, maturing January 22, 1948 . . $1,100,000,000 91-day, October 30, 1947, maturing January 29, 1948 . . $1,000,000,000 91-day, November 6, 1947, maturing February 5, 1948 . . £1,100,000,000 92-day, Kovember 13, 1947, maturing February 13, 1948 . $1,100,000,000 91-day, November 20, 1947, maturing February 19, 1948 . fl,200,000,000 90-day, Koveaber 28, 1947, maturing February 26, 1948 . $1,200,000,000 91-day, December 4, 1947, maturing March 4, 1948 . . . #1,200,000,000 91-day, December 11, 1947, maturing It&rch 11, 1948 . . Circular Ho. 3168 3172 3175 3173 3179 3182 3184 '3136 3189 . 3192 3193 3196 3198 3201 3203 3204 3206 3207 3211 3213 32U 3217 3219 3222 3225 3226 3229 . 3230 3231 3233 3236 3239 3240 3242 3245 3249 3250 3£54 3257 3261 3265 3270 3271 3275 3277 3280 3281 3284 3287 3288 3290 Index of Federal Reserve Bask Circulars Nos. 3168 - 3295 - 6- 7REAS0HI BILLS (Continued) $1,300,000,000 91-day, December IB, 1947, maturing March 18, 1948 • . £1,100,000,000 90-dey, Decamber 26, 1947, maturing March 25, 1948 . . ?1,300,000,000 90-day, Janu ary 2, 1945, Maturing April 1, 1948 . . . . Circular Bo. 3292 3294 3295 TREA&J2X ISSUES OF U8ITED STATES oiCURlTlES (See Treasury Blllsf United States Savings Bonus) 7/8$ Certificates of Indebtedness of Series B-1948, dated February 1, 1947, due Februaiy 1, 1943, in exchange for 7/8$ Certificates of Indebtedness of Series B-1947 maturing February 1, 1947 ....... 3176 Transactions in marketable securities of the United States Government, February 1, 1947 (amending Circular Ho. 3 1 6 2 ) ....... 3130 7/836 Certificates of Indebtedness of Series C-1948, dated March 1, 1947, due March 1, 1948# in exchange far 7/8J6 Certificates of Indebtedness of Series C-1947, maturing March 1, 1947 . . . . . . . 3185 7/856 Certificates of Indebtedness of Series B-1948, dated April 1, 1947, due April 1, 1948, in exchange for 7/8% Certificates of Indebtedness of Series D-1947, maturing April 1, 1947 . . . . . . 3194 Transactions in marketable securities of the United States ’ Government, April 8, 1947, (superseding Circular Ko. 31&0) . . . . . 3202 7/33C Certificates of Indebtedness of Series £-1948, dated June 1, 1947, due June 1, 1948, in exchange for 7/8$ Certificates of 3216 Indebtedness of Series 2-1947, maturing June 1, 1947 . .......... Redemption on October 15, 1947 of 4 1/4$ Bonds of 1947-52, June 12 . . 3223 7/8J5 Certificates of Indebtedness of Series F-1948, dated July 1, 1947, due July 1, 1948, in exchange for 7/3$ Certificates of Indebtedness of Series F-1947, maturing July 1, 1947 . . . • • . • • 3227 7/8$ Certificates of Indebtedness of Series G-1948, dated August 1, 1947, due July 1, 1948, in exchange for 7/8$ Certificates of Indebtedness of Series G-1947, maturing august 1, 1947 . . . . . . . 3237 Payment of Armed Forces L«ave Bonds, July 29, 1947 ............... at 3239 Payments by banks and other financial institutions in connection with the redemption of Armed Forces Leave Bonds (transmits Treasury Circulars Ho. 751, Second itevision, and So. 793* Bevised), August 8, 1947 .............. ................... . at 3241 Announcement regarding new Treasury offerings, August 18, 1947 . . . . 3246 7/8$ Certificates of Indebtedness of Series H-1948, dated September 1, 1947, due July 1, 1948# in exchange for 7/8$ Certificates of Indebtedness of Series H-1947, maturing September 1, 1947 ....... 3247 Oisnorsaip certificatesrecuirements relative to interest payments on Treasury Certificates of Indebtedness, August 19, 1947 ....... 3248 1$ Motes of Series B-1948, dated September 15, 1947, duo October 1, 1948, in exchange for 1 1/2$ Notes of Series A-1947, or 1 1/1& Notes of Series C-1947, both maturing September 15, 1947 . . . . . . 3252 Statement regarding 2 1/2$ Bonds, Investment Series A-1965, September 5, 1947 ........................................ 3255 2 1/2$ Bonds, Investment Series A-1965, nontransferable, dated October 1, 1947, due October 1, 1965 ......................... 3259 Regulations governing Treasury Bonds, Investment Series - Treasury Circular Mo. 815, September 22, 1947 .................... . at 3259 I&d«s of Federal fimmzrsm Basik GircuXs-rs Hos. 3166 - 3295 -7* m m m m m m s o r m m m m aas» m s m m m Circular Ho#• (Ooatiaaod} IS Cortlfie&tee af Indebtedness ef Series J-194&, dated, October 1, 1947# ^ae O ctober 1 , 1948* in ^rnhm m U * 7/SJt C e rtific a te s o f Xtdabtsdnsas o f S e rie s J-1947* a a iu ria g October 1 , 1947 B ^ te p tio a or* Cetobar 15, 1947 o f 4 1/4$ %m&® o f 1947-52, Septsaber 29, 1947 ....... Sabscrlptlao books to close Octobor 3, 1947, oa Z 1 /2$ Bonds, laveetaeat Series 4-1965, aoatraasferabla, October 7, 1947 . . . . . X% Certificate© of Indebtedness of Sarto 1*1948, dated M&wmtimw 1, 1947, iae October 1, 194% i» m ^m gm for 7/ftl Certificates of Indebiedaese of Series I-I947, ®&>turing Mm&mo&r 1, 1947 • . . * Redemption oa i&rob 15, 1943 of 2|6 teds of 2948-50 aad 2 3/4$ Beads of 194S-51, So*e*ber 13, 1947 X \/B% Sotss q £ Mrnwim i-1949, dated Beeoeber 1, 1947, t o JTajwas? 1, 1949, .In s^sbsnga for 7/S3& Certificates of I&Mb&f&MftM of Series Ir-1947, a&tnriag fisea&ber 1, 1947, or 2$ Boa$s of 1947, a&ta-rlaji* i^tsoeaber jl5j> ,l947 » » * ♦ 1 1/8% Certificates, of Xa$sbtedas&S of Series A-1949, 4eted ternary 1, 194S, $m im a s x j 1, 1949, is mmfamm for 7/8^ Certificates of Ia tebtada*** of Sertei 4*4848* aafairing Jima&iy 1, 1943 usara) sTifss sifnas m m Official Mentlfication sryiaboX for issuing agents (deesleoaaaie of Minale Sag with. plow -1b forgronaa), M&r&h 3, 1947 D&stribatioa of supplies aad material for use in eoaaeatts® w|th the B s M l l i i Fisa, Say X, 1947 .«•.«**., Boasl~&«io»tfe Pisa for sale- of Beads, Hag? 29, 1947 Itegui&tions - first A m m m m i to Treasaagr Beperiai&t Circular »o# 530, 3tJcth HSfifdoa, Aa^st 27, 1947 . . . . . . . . . . . . . . Payments bgr teaks and ot&er fia&aoial institutions ia soasectiaa s&tfe redaaptlos of Bonds, SsoMfbar 26, 1947 . . . * ............ 3262 3267 3272 3276 3282 32llte 3293 3191 3210 3221 3251 si 3295 rrfiSMS* s i s r a s i Psjrmt of Araod F o rm s %mm Bonds, Joly 29, 1947 . . . . . . . . . . at 3239 PMBFIMRts tr ®ad otter flzutael&l institutioas la ooaaeetioa «ith the redemption of 4ns#d Forces 3*©s#a Bonds (trsasaits Treasasy Oire?ilars So* 751, Seoo&d EeTisiou, and Mo, 793# iie-trise,4, August S , 1947 . . .......................... , . , at 3241 WAR m m m m m m a m t (treaty D®part«©at Ciroolar Jo* 92) (Soe Deposits of Public lo&tiye) Matss Ttds index is follow#^ ^ a list of active opemtiaf oiroalstrs in ©ffoot at ths sscl of 1947 «w& ^1^5 fcgr a list of cartaia othsr elroaXsrs (not o;p©r#.tiBg ei.r@alars} w'aioii «^ssr to bo la offset at tbs ssd of 1947*
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