View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F E D E R A L RESERVE B A N K
OF N E W YORK
Cash

Department

Circular No. 315
November 15, 1920

Five Per Cent. Redemption Fund Payments
To All Member National

Banks in the Second Federal Reserve

/

i l l s

District:

Effective t o d a y , N o v e m b e r 15, 1920, all deposits b y n a t i o n a l b a n k s in t h e Second
F e d e r a l R e s e r v e D i s t r i c t for credit in t h e five p e r c e n t , r e d e m p t i o n fund held b y t h e T r e a s u r e r
of t h e U n i t e d S t a t e s for r e d e e m i n g n a t i o n a l b a n k n o t e circulation a r e t o b e m a d e t h r o u g h
t h e F e d e r a l R e s e r v e B a n k of N e w Y o r k , or t h r o u g h its Buffalo B r a n c h , in accordance w i t h
t h e following provisions which supersede t h e provisions of o u r C i r c u l a r N o . 272 of April 2 0 ,
1920, e n t i t l e d " F i v e P e r C e n t . R e d e m p t i o n F u n d P a y m e n t s . "
All n a t i o n a l b a n k s located in t h e t e r r i t o r y assigned t o o u r Buffalo B r a n c h m a y m a k e
s u c h deposits t h r o u g h t h a t B r a n c h , * while all o t h e r n a t i o n a l b a n k s in t h i s F e d e r a l R e s e r v e
D i s t r i c t should effect such deposits t h r o u g h u s d i r e c t l y . F o r convenience a n d to facilitate
t r a n s a c t i o n s in t h i s r e s p e c t it is s u g g e s t e d t h a t t h e following form of letter b e utilized in
requesting such transfers:
.192
FEDERAL RESERVE BANK OF NEW YORK,
CASH DEPARTMENT,
NEW YORK, N. Y.
(or BCFFALO, N. Y.)
DEAR SIKS:

Please charge our account with you $
and
arrange a payment in lawful money to the Treasurer of the United States for
a like amount for the credit of the five per cent, redemption fund maintained
by us for redeeming our bank note circulation.
Kindly advise us when the transfer has been made.
Yours truly,
Name of National Bank
Signature of Officer

Title

B y direction of t h e S e c r e t a r y of t h e T r e a s u r y i n s t r u c t i o n s on t h i s s u b j e c t were issued
from t h e T r e a s u r y D e p a r t m e n t t o t h e n a t i o n a l b a n k s u n d e r d a t e of O c t o b e r 3 0 , 1920.
Very truly yours,
J.

H.

CASE,

Acting

Governor

* The territory assigned to the Buffalo Branch of the Federal Reserve Bank of New York comprises the ten most
westerly counties of New York State, as follows: Monroe, Livingston, Allegany, Orleans, Genesee, Wyoming, Cattaraugus,
Niagara, Erie and Chautauqua.




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102