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FEDERAL RESERVE BOARD WASHINGTON X-3382 April 11, 1922. SUBJECT; Closing Hour of Federal Reserve Banks. Dear Sir: (X—3337^ Section 5 of the Board's circular letter of February 21, 1922 the subject of "Wire Transfers of Funds™ reads as follows: on "Telegraphic transfers for consummation on date of receipt should not be accepted by Federal Reserve Banks later than thirty minutes prior to the closing hour of the Federal Reserve Bank to which transfer is made, Any transfers requested after that hour may be made at the discretion of the Federal Reserve Bank receiving credit.w The Board has been requested to advise all Federal Reserve Banks what interpretation should be placed on the words "the closing hour of the Federal Reserve Bank to which transfer is made," The rules end regulations adopted by the Board for the guidance of the Federal Reserve Banks in handling wire transfers of funds are based upon recommendations made by the Federal Reserve Leased Wire Committee and the Board is advised that the Committee, when recommending that Telegraphic transfers for consummation on date of receipt should not be accepted by Federal Reserve Banks later than thirty minutes prior to the closing hour of the Federal Reserve Bank to which transfer is made had clearly in mind the regular closing hour of the Federal Reserve Banks for transacting banking business, which both the Committee and the Board understands is the same as the closing hour of the membsnks in the cities in which the Federal Reserve Banks are located# Very truly yours, G 0 v e r n o^r. TO THE GOVERNORS OF m FEDERAL RESERVE BANKS.
@FedFRASER