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FED ERAL R E SER VE BANK OF NEW YORK r Circular No. 4 5 2 2 1 L October 24, 1957 J REVISION OF OPERATING CIRCULARS NOS. 5, 6 AND 7 To the Member and Nonmember Clearing Banks, and Others Concerned, in the Second Federal Reserve District: Enclosed are copies of our Operating Circulars Nos. 5, 6 and 7, all revised effective October 28, 1957. These circulars contain our time schedules relating to the collection of cash items, and information on the effect on such schedules of the Saturday closing of all Federal Reserve Banks and Branches. The revision of the three circulars is based on our collection experience. The changes are as follows: O p era tin g C ircu lar N o. 5, “ New Y ork Head Office Time Schedule,” in addition to incor porating the material in the two outstanding supplements, has been revised, in paragraph 6 , to show that our H ead Office w ill give credit fo r items payable in— Louisville one calendar day, instead o f two, after receipt; Oklahoma City tw o calendar days, instead o f one, after receip t; Los Angeles and San Francisco two business days, instead o f two calendar days, after receipt. O p era tin g C ircu la r N o. 6, “ Buffalo Branch Time Schedule,” has been revised, in para graph 6, to show that our Buffalo Branch will give credit fo r items payable in Los Angeles and San Francisco two business days, instead o f two calendar days, after receipt. O p era tin g C ircu la r N o. 7, “ Saturday C losing,” has been revised by including in the list in paragraph 2 (b ) the areas served by ten additional Federal Reserve Banks and Branches. The effect is to indicate that Saturday does n ot constitute a business day in determining the time when our H ead Office and Buffalo Branch will give credit fo r items drawn on or p ay able at banks located in the areas served by these additional Reserve Banks and Branches. Additional copies of the revised operating circulars will be furnished upon request. A lfred H ayes, President.
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