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C'D ;.c-,J_-~ 0t0 X.,-1577 CONnRENCE OF TRANSIT MANAGERS GF J:<'EDERAL RESERVE BANKS, CLEVELAND. OHIO, June 23-25, 1919. ~gf!e s ted l. Any plan of operation s..do-pted by Conference must be strictly followed by all Federal Reserve Barks, and can be modified only on approval of a r.ajority of Transit Advisory Corrmittee &nd the Secretary of the Federal Reserve Board. 'Ll. FLOAT: A. Report of Committee .. III. TIME SCBEWLES: IV. A. Report of Committee. B. Time schedules on Reserve cities in other districts. C. Possible improvement of inter-district end intradistrict clearing tirr.e schedules through co-operation of Poat ·office Department <:ind readjustment of mail train schedules~ 7 PAR LIST: A. B. C. D. Representatives should be prepared to explain any methods used by their re~ective banks since last conference, in ac~iring par·points4 4 The desirability of furthering the par collection system at this time by collectiu~ on non-member banks where the latter refuse to remit at par through the ~edium of post offices or express companies at the respective points. 11-4 Whether Federal Reserve Banks should advise each other by wire of withdrawals from par list. Recognize changes only as published in par list and supplements. E. F. G~ ll 8-12 Removal of points from par list before next edition of suppleu£nt is published- 10 Handling of items drawn on points which ha.ve withdrawn from par list between supplements. 11 That on new :par lists nan:es of all banks in a city that can be handled be shown in detail and not as na11 banksn or "all National banks".. 11 by X-1577 , H. I. J. Sugg!?sted b.v Routing of non-rrember b3rik items. 8 Direct routing of time i ten1s between Federal Reserve districts. 1 Should savings banks and trust companies not carrying actual cheCking accocnts appear on par list? 11 K. Every Federal Reserve Bank should h~ve a list of member batiks attached to each Federal Reserve district ~nd shoul$ be notified from tirre to time of riny change - such a list is absolutely necessary w;l8n returning items direct. L .. V. Should not the Federal Reserve Inter-district collection system boOks be amplified so that member banks may iiAtttt~-ttmaer.t'MJl:;hoifE.>IIOd·. ttlil•t• . t~·im'Cite their items? 2 2 CASH .LETTERS: A. Should a Feder~l Reserve Bank acknowledge to member banks in other Federal Reserve districts, cash letters received from them. 2-4-8-11 Cash letters to incl ud.e i terns drawn on banks and bankers only.. 7 Uniform cash :n.etters between Federal Reserve BanksShall Federal Reserve Batiks supply cash letters to direct sending bariks? 7 D. Discontinuance of coupons at bottom of cash leiters, substitu~ing postal card advice therefor. 7 E. Uniform method of deferring country cash letters when.•a Sunday or holiday intervenes. 12 In order to avoid unnecessary accounting and numerous entries, would it not be better to handle cheCks drawn on insurance coJI!Panies, railroad conpanies, l~rge corporations, etc. payable in Federal Reserve cities, when missorted through cash letters, rather th~ to enter them for collection. 2 Dispense with acknowled@llSnt of cash letters received direct from member banks in other Federal Reserve districts. 3 Discontinuance by Feder~l Reserve Banks of forRarding duplicate as well as original advices of receipts for letters received by them from other districts. 11 B. C. F. G. H. (."""J:)·C~,,;~ I. VI. That Feder<-,1 Reserve Banks do not uckno,vledge receipt.·.· of cash letters to rr.embers of other districts, but let such bank inquire of its own Federal Reserve b!;l.nk. utO 11 COLLECTION ITEMS: A. Should proceeds old large items in other districts be telegraphed on date of 7 pa~nent7 B. Protest foes on unpaid collection items should be classeJ as ceductible items. 11-12 C. Uniform forms for advising items deducted and entered for collection. 12 D. Uniform form of advice of payment of all collections crijdited on same day. 12 E. Telegraphic advice to rrsmber banks of credit for collections. 12 F. Collection of trade accept.:-nces. 12 G. Direct rcuting by rr.ember banks of one district to other Federal Reserve Banks of collection items. 12 H. Recovery of charges on unpaid collection items routed direct. 12 I. ·Should n:.ember banks of one district forward "' collection to a b~k of another district and request that J. Should bank to deposit proceeds with its Federal Reserve Bank for credit for transfer by wire. 12 ~ check with special instructions to telegraph payment or non-payrr.ent he handled for cash or collection. 2 K. Advisability of sending non-cash collection items to member e.nd non-member banks mn other districts for remittance when paid to the sending Federal Reserve Bank or the Federal Reserve Bank of the district in which the collection bank is located~ t. Should a Feder~l 4 Reserve Barik assume the riSk of loss by crediting member banks with proceeds of collec- tions upon advice of member or non-member banks of other districts that a remittance has been I!'.ade to their Federal Reserve Bank. ~l X-1577 -4- Suggested by VII. WIBE TRANSFERS. A. Wire transfers from a member bank in one district t.o a Feder2.l Reserve Bank or branch in another district for use of a non-member bank in that district. 4 B. Uniform closir:g hour for wire transfers at all Federal Reserve B::mks, and uniform method of 8-10 h.::ndling~ ..; 1. When re.::eived from member banks .. 2. When received from Feder3l Reserve Banks or branches. C. Proceeds to be available to member b~~s as of day on which funds were transferred. 8 D. Wire trcmsfers between member banks or between rnember banks and non-rr.ernber banks for account of individuals or firms. 6-11 VII I. LEASED WIRE SER\TI CE .. A. Telegrc®S over priv~te wire system to be signed to show department or officer to whom reply should be addressed. B. Use of private wire for advising of returned items and other transit operations. 4 5-8 C. Small telegrams between Federal Reserve Banks covering unpaid i terns sent direct by member banks of other districts be sent over leased wires with instructions to notify sending banks. D. Adoption of A.B.A. code for transit managers. 7 8 E. The private wires ~re occasionally loaded with business could not sozre thing be done to relieve this condition. IX. 2 TELEGRAPHIC CHARGES. A. Should a Federal Reserve Bank absorb telegraphic charges on wires sent direct to member banks other districts. in B. Absorption of cost of telegrams on unpaid items • 2-'2.0 G -5- X-1577 suggested c. bz Telegraphic charges on rr.essages to and from a member bank re unpaid items to be absorbed by the Federal Reserve Bank of the district to Which the cash letter is .forwarded, re- gardless of whether received from another Federal Reserve Barik or a member bank of another district. 12 X. UNIFORM PROTEST INSTTI!lrCTI ON..S .. A. Uniform protest instructions to be followed by all Federal Reserve Banks. B. Should protest fees on collection items, telegram charges, etc., be handled as deductions. 11 12 X-1577 6jJ Suggested XI. EXC?ANGE DRA.li'I'S AlTD TRAN'SFER DRAPTS: A. Removal of limit one xcha.nge drafts. 4 E. Federal Reserve Banks and direct settling branches to draw drafts on other Federal Reserve Banks and direct settling branches. g c. n. XII.. 1. Method of handling by br~nches. Transfer drafts should be treated ~G deductible itemsRecommendation t~t use of transder stinlula.ted or abolished. dr~fts l2 be either EXCHANGE CHa GE5: A. Possibility of exchange charges on items payable in Federal Reserve cities. XI I I, Ez 1 ENDORSEMENl'S: A# Uniformity of da.te and A.. B • A. number. B. Distinctive form of endorsement used by banks forwarding remittances direct to other Federal Reserve Banks. c. g 9 Practice of staJq>ing endorser 1 s number on face of ~ck. 9 X :1V. 'RFJ.IURNED ITEMS-; A. Sba.ll UZ1paid or irregular items be returned dlreet to sending bank? 10 B. Where a check is returned unpaid without reason for non-payment, Federal Reserve lb.nk should return check to its endorser but notify the returning bank that it failed to give a reason for refusal- A. Cdll any uniform plan for pa.ying postage to member b9tlks for remittances made to Federa.l Reserve Back be ~volved. B. Uniform method of co.npilation or abolition of transit expense records. ll l2 (-"J __., OU.Ji... ~, ( I J 'U\.J<...,i ... 7- X-1577 Suggested by XVI... LOST ITEMS. A. Failure to report :J,ost items within a reasonable time. 7 XVII • GENERAL. A. Advisability of using words nAt par" in the wording placed on checks to show that they are co1lectible through Federal Reserve Banks 9 B. Use of the words "Payable at" or "Payable through" on checks and drafts. 9 c. Uniform phraseology in writing and wiring Federal Reserve Banks in regard to credit deductions and deferred debits. 12 D. 3.Pecial symbols on checks to indicate Federal Reserve Banks or bank through which checks should be col lee ted. E. Po.rent bank should be addressed with request to convey to or secure information from its branches. F. Uniform rules and regulations at various Federal Reserve Banks to govern handling of transit 1 tems. 8 9
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