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CIRCULAR N O . 124 FEDERAL RESERVE BANK OF NEW YORK November 1, 1918. CHECK COLLECTION To DEPARTMENT M E M B E R B A N K S AND C L E A R I N G M E M B E R S ; T h e average daily n u m b e r of checks going through our Transit D e p a r t m e n t in t h e month of J a n u a r y , 1918, was 61,369; in J u n e , 90,603, and in October, 165,539, or an increase in the m o n t h of October over J a n u a r y of this year of 169%. In order, therefore, t h a t we m a y give proper service in this department of the bank, we find it necessary t o ask you t o make some changes in the method of sorting your two-day period items before t h e y are sent t o us, as this large increase in t h e number of items handled makes it impossible t o operate satisfactorily this d e p a r t m e n t as one unit. Formerly we merely asked you t o give us a letter covering each available period of time, in accordance with our time schedule of J u n e 1st, b u t it is now necessary to carry this sorting t o a still further degree, and, therefore, we now request t h a t on, and after Monday, November 4th, you kindly divide your letters containing items subject to thA two-day period as follows: (1) A letter containing items drawn upon banks situated in t h e State of New Y o r k ; (2) A second letter containing items drawn upon banks situated in t h a t portion of New Jersey in this district and Fairfield County, Conn., and (3) A third letter covering all t h e other items on the two-day period outside of this district. We would very much appreciate y o u r assistance in this matter. Very truly yours, L. H . HENDRICKS, Cashier-
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