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CIRCULAR No. 47. FEDERAL RESERVE BANK OF NEW YORK N E W YORK, August 1st, 1916. To T H E CASHIER, SIR: The countrywide collection system of the Federal reserve banks was inaugurated on July 15th and many member banks are now using its facilities. The inexperience of our transit force and the large initial volume of business have caused some confusion in the routing of items and delayed our mail for the first few days. Some letters did not catch the first outgoing post and consequently failed to arrive at destination on schedule time. This cause of delay is rapidly being eliminated as our transit letters are leaving more promptly every day. W e expect to provide a satisfactory service at the earliest possible time. Much of the confusion incident to the opening of the collection system was due to the fact that some of our member banks sent items which we had not arranged to handle at the beginning of our operations, and which we are still unable to handle, although such items will be received at a later time. The par list of state banks in the United States whose items will be received by us is to be published on or after August 5th and will become effective on August 15th. Member banks are requested not to forward to us before August 15th items drawn upon state institutions, as until that time we can only receive member banks' items and items drawn upon banking institutions situated in Federal reserve cities. Compliance with this request will greatly facilitate the work of our transit department. ••-' W e enclose you herein a revised time schedule which supersedes all others you have received. Respectfully, R. H . T R E M A N , Deputy Governor. FEDERAL RESERVE BANK OF NEW YORK Schedule S h o w i n g W h e n the Proceeds of Items Will Become Available. IMMEDIATE CREDIT New York (Manhattan) ONE DAY AFTER RECEIPT Boston Philadelphia Richmond TWO DAYS AFTER RECEIPT (Business days) Banks in Cleveland & Cincinnati Chicago Atlanta Minneapolis & St. Paul St. Louis Kansas City, Mo. Kans. New Jersey *New York * Pennsylvania Rhode Island Vermont *Virginia Connecticut Delaware District of Columbia Maine Maryland *Massachusetts New Hampshire FOUR DAYS AFTER RECEIPT (Business days) Banks in Dallas New Orleans •Minnesota Mississippi * Missouri North Carolina •Ohio South Carolina Tennessee West Virginia Wisconsin Alabama Arkansas Florida *Georgia *Illinois Indiana Iowa *Kansas Kentucky Michigan EIGHT DAYS AFTER RECEIPT Banks in Arizona California Colorado Idaho *Louisiana Montana Nebraska Nevada New Mexico North Dakota Oklahoma Oregon South Dakota *Texas Utah Washington Wyoming * Except Banks in Cities, referred to in first column. August 1, 1916. NOTE.—Two day items we forward on Saturday will be available Tuesday. Four day items we forward Thursday will be available Tuesday and those forwarded Friday and Saturday, on Wednesday. F E D E R A L RESERVE BANK OF NEW YORK September 20, 1916. NEW COUNTERFEIT $10 FEDERAL RESERVE NOTE. On t h e Federal Reserve Bank of New York; l e t t e r "B"; t h e Treasury; face p l a t e No. 4 ; check W. G- McAdoo, Secretary of John Burke, Treasurer of t h e United S t a t e s ; p o r t r a i t of Jackson. This c o u n t e r f e i t i s apparently p r i n t e d from poorl y etched p l a t e s on one piece of paper, red and blue ink l i n e s being used t o i m i t a t e t h e s i l k fiber of t h e genuineThe number of t h e specimen at hand i s B36442VQA. v/ork on t h i s c o u n t e r f e i t i s p a r t i c u l a r l y poor. The l a t h e I n fact t h e b i l l should be r e a d i l y d e t e c t e d . FEDERAL RESERVE BANK OF NEW YORK, By L. F. S a i l e r . Cashier.
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