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CIRCULAR NO. 28. FEDERAL RESERVE BANK OF NEW YORK 62 CEDAR STREET N E W YORK, July 2, To the 1915. Cashier, SIR: In accordance with the plan outlined shortly after the establishment of the Federal Reserve System, I am writing you to keep you advised of matters of interest to all the member banks of this district. On June 9th our Board of Directors appointed Mr. Louis F. Sailer, formerly Assistant Cashier of the National Park Bank, of this city, as Cashier of this bank, and upon the same day accepted the resignation of Mr. G. E. Gregory, Cashier of The National City Bank of New York, who has been Acting Cashier of this bank ever since its organization. Mr. Sailer took up active duties as Cashier on June 28th. Mr. Laurence H. Hendricks, formerly Transit Manager of the bank, has been appointed Assistant Cashier. We have recently been advised by the Federal Reserve Board that in the future when a member bank desires to reduce its capital stock, it should first make application to the Federal Reserve Bank of its district, and after obtaining the approval of such bank, present the application to the Comptroller of the Currency, the matter finally going with the Comptroller's favorable or adverse recommendation to the Federal Reserve Board. The Board has requested us to notify each of our member banks of this change in practice, which we do accordingly. W e have also received from the Federal Reserve Board copies of Circular No. 15 and Regulation N, Series of 1915, together with accompanying blank forms. This circular and regulation is intended to supersede Circular No. 9 and Regulation G, Series of 1915, in so far as they relate to the procedure to be taken by receivers appointed to take charge of the affairs of an insolvent member bank and by liquidating agents in charge of the affairs of member banks which have gone into voluntary liquidation. This circular and regulation will not effect any action except in the cases above stated, and consequently we are not sending them to you, but will be pleased to forward them to any member bank upon request. As of July 1st, the re-arrangement of Districts Nos. 2 and 3 became effective and beginning with July 1st, 131 member banks of Northern New Jersey are transferred from District No. 3 to District No. 2. The effect of this transfer will be to increase the paid-in capital of this bank to $10,920,300 and add about $3,150,000 to its deposits. The total membership is now 610 banks. Respectfully, B E N J . STRONG, J R . , Governor. I/EMBER BANKS OF THE FEDERAL RESERVE BANK OF NEW YORK WHOSE CHECKS ARE CLEARED THROUGH THE NEW YORK CLEARING HOUSE- Bank of N. Y. N a t ' l B ' k ' g Ass'n Merchants' National Bank Mechanics & Metals National Bank National City Bank Chemical National Bank Merchants' Exchange National Bank National Butchers' & Drovers' Bank American Exchange National Bank National Bank of Commerce Chatham & Phenix National Bank Hanover National Bank Citizens* Central National Bank Market and Fulton National Bank Importers' & Traders' National Bank National Park Bank East River National Bank Second National Bank First National Bank Irving National Bank New York County National Bank Chase National Bank Lincoln National Bank Garfield National Bank Fifth National Bank Seaboard National Bank Liberty National Bank Coal and Iron National Bank Union Exchange National Bank Nassau National Bank, Brooklyn First National Bank, Hoboken Second National Bank, Hoboken National City Bank, Brooklyn, First National Bank, Brooklyn Battery Park National Bank, Nov/ York FEDERAL RESERVE BANK OF N E W YORK . July 3, 1915. Dear Sir; The collection system of this bank which was inaugurated June 1st has been in operation one mon&h, and for ycur information we beg to hand you herein a statement of your reserve account showing the debits, credits* daily balance and average balance according to our books for this period. Please advise us v/hat your average reserve balance on deposit with us should be for the month of June. In order that their reserves may be maintained with us, several of our member banks have arranged with their other New York City reserve agents to transfer sufficient funds to us, at our request, as needed to offset amounts charged; on the other hand, we deposit with such other reserve agents any excess balance that may be built up through the operation of the collection system. The result of this arrangement is to pre- vent any loss of interest on excess reserves. We would welcome any suggestions from your experience of the past month as a member of the collection system* Yours very truly, Assistant Cashier. FEDERAL RESERVE BANK OF N E W YORK July 9, 1915. Dear Sir: Zn order to facilitate the work of our Transit Department we are enclosing herewith for your guidance a list of banks v/hosc checks are cleared through the Nov York Clearing House, and beg to call your attention to paragraph 4 of our Circular No. 22 issued April 20th v/hich reads as f ollov/s : M 4 , Items sent for credit should be divided in two classes: (a) Items on member banks v/hich are members of the New York Clearing House Association. (b) Items on other member banks in this District. The items under each of these divisions should be li-stcd on a separate sheet stating the name or transit number of the bank on v/hich each item is drawn, and the amount. Each sheet should be separately footed, and v/here more than one sheet is used in listing items under either of the divisions, the totals of such sheets should be listed and footed on a separate sheet'.* We would appreciate your compliance v/ith this regulation, and thus avoid the possibility of a delay in the presentation of these Clearing House it ems. Yours very truly, Assistant Cashier. LHH/RAH Enc . SHEET NO. I LIST NO. 4 JULY 15, 1915 MEMBER BANKS W H I C H HAVE JOINED T H E COLLECTION SYSTEM OF T H E FEDERAL RESERVE BANK OF N E W YORK. Additions since July ist marked * N E W YORK. Albany, N. Y " " " " « Amsterdam, N. Y Bay Shore, N. Y Bronxville, N. Y Brooklyn, N. Y " " " " " " " " " " Buffalo, N. Y " " " " " Cazenovia, N. Y Dundee, N. Y Elmira, N. Y " " " Far Rockaway, N. Y Glens Falls, N. Y " " " Granville, N. Y Greenwich, N. Y Hudson Falls, N. Y Ithaca, N. Y " " Jamaica, N. Y Larchmont, N. Y Lockport, N. Y Newburgh, N. Y New York, N. Y First National Bank 29-8 National Commercial Bank 29-7 N. Y. State National Bank 29-1 First National Bank 50-135 First National Bank 5°-9°3 Gramatan National Bank 50-668 First National Bank 1-356 I_ Greenpoint National Bank 389 Nassau National Bank 1-118 National City Bank 1-352 Peoples National Bank 1-385 Central National Bank 10-24 Marine National Bank 10-2 Third National Bank 10-6 Cazenovia National Bank 50-685 Dundee National Bank 50-607 Merchants National Bank 50-110 Second National Bank 50-108 Natl. Bank of Far Rockaway 1-436 First National Bank 50-256 Natl. Bank of Glens Falls 50-255 Washington Co. Natl. Bank 50-484 First National Bank 50-748 Peoples National Bank 50-435 First National Bank 50-262 Tompkins Co. National Bank 50-261 The First National Bank 1-431 Larchmont National Bank 50-776 National Exchange Bank 50-223 Highland National Bank 50-174 American Exchange Natl. Bank. -21 -1 .Bank of New York, N. B. A -232 . Battery Park National Bank -416 .Bronx National Bank .Chase National Bank -74 .Chatham & Phenix Natl. Bank.. -30 .Chemical National Bank , -12 .Citizens Central Natl. Bank -36 .Coal & Iron Natl. Bank -99 .East River National Bank -59 .Fifth National Bank , -82 .First National Bank -65 .Garfield National Bank -81 -244 .Gotham National Bank . Hanover National Bank -33 .Importers & Traders Natl. Bank. -53 . Irving National Bank -67 .Liberty National Bank -9i .Lincoln National Bank -80 .Market & Fulton Natl. Bank... -42 .Mechanics & Metals Natl. Bank. -4 . Merchants Exchange Natl. Bank. -13 . Merchants National Bank -3 . National Bank of Commerce... -23 .Natl. Butchers & Drovers Bank. -15 .National City Bank -8 .National Park Bank -54 SHEET NO. 2 LIST No. 4 JULY 15, 1915 MEMBER BANKS WHICH HAVE JOINED THE COLLECTION SYSTEM OF THE FEDERAL RESERVE BANK OF NEW YORK. Additions since July 1st marked * New York, N. Y " " " " " " " " Nyack, N. Y Ogdensburg, N. Y Ossining, N. Y " " " Perry, N. Y Port Chester, N. Y Port Jefferson, N. Y Ridgewood, N. Y •Rochester, N. Y Rye, N. Y Schenectady, N. Y " " Stapleton, N. Y Syracuse, N. Y 14 " Troy, N. Y Tuckahoe, N. Y Westfield, N. Y White Plains, N. Y New York County Natl. Bank 1-71 Seaboard National Bank 1-85 Second National Bank 1-63 Union Exchange Natl. Bank 1-100 Nyack National Bank 50-457 Natl. Bank of Ogdensburg 50-240 First National Bank 50-318 Ossining National Bank 50-319 First National Bank 50-463 First National Bank 50-281 First National Bank 50-555 Ridgewood National Bank 1-437 Traders National Bank 50-8 Rye National Bank 50-845 The Mohawk National Bank 50-88 Union National Bank 50-90 Richmond Borough Natl. Bank.. 1-454 First National Bank 50-36 Salt Springs Natl. Bank 50-34 Manufacturers Natl. Bank 50-64 First National Bank 50-941 Natl. Bank of Westfield 50-523 First National Bank 50-234 NEW JERSEY. Allentown, N. J Arlington, N. J •Bernardsville, N. J Blairstown, N. J Bound Brook, N. J Clinton, N. J Edgewater, N . J •Englishtown, N. J Flemington, N. J •Freehold, N. J Garfield, N. J Hackensack, N. J Hoboken, N. J " " " Hope, N. J Lyndhurst, N . J Manasquan, N . J Matawan, N. J Newark, N. J " " " " " " •New Brunswick, N. J Orange, N. J Paterson, N . J " " " " " Plainfield, N. J * " " " Ridgefield Park, N. J Ridgewood, N. J Somerville, N. J " " " Tenafly, N. J Westfield, N. J West Orange, N. J Farmers National Bank 55-367 The First National Bank 55"368 Bernardsville National Bank 55"374 First National Bank 55-365 Bound Brook National Bank 55~335 Clinton National Bank 55-363 First National Bank 55-351 First National Bank 55~392 Flemington National Bank 55_35° The Nat. Freehold Banking Co..55-340 First National Bank 55"395 Peoples National Bank 55~2i6 First National Bank 55-108 Second National Bank 55" 1 1 0 First National Bank 55"459 First National Bank 55-469 Manasquan National Bank 55-41 x Farmers & Merchants Nat'l Bank.55-412 Manufacturers Natl. Bank 55-8 National Newark Banking Co 55-1 National State Bank 55-2 National Bank of New Jersey 55-179 Second National Bank 55-171 First National Bank 55-55 Paterson National Bank 55"6o Second National Bank 55-56 Citv National Bank 55-193 The First National Bank 55-191 First National Bank 55*433 First National Bank 55-294 First National Bank SS'Z1^ Second National Bank 55-3*4 First National Bank 55-446 The National Bank of Westfield.. 55-282 First National Bank 55-450
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