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June 27, 1984

To the Addressee:

Earlier this year, a new operating circular regarding
On-Line Transactions in Book-Entry Securities (No. 21A) was issued.
Enclosed, for those who maintain binders containing the operating
circulars of this Bank, is a divider tab for that Operating Circular.
Also enclosed are divider tabs for Operating Circular Nos. 2A, 7A,
and 7B of that service.




Circulars Division
FEDERAL RESERVE BANK OF NEW YORK