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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 1972, effective September 1, 1939.
Superseding Circular No. 1884, dated October 1, 1938.

Buffalo Branch Time Schedule

To the Member and Nonmember Clearing Banks in the
Territory assigned to th* Buffalo Brandt:

This circular contains our Buffalo Branch Time Schedule. It applies only to member
and nonmember clearing banks in the territory assigned to our Buffalo branch (i. e., the
counties of Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe,
Niagara, Orleans, and Wyoming, in the State of New York). Our New York Head Office
Time Schedule applies to member and nonmember clearing banks in the territory assigned
to our head office at New York City.
As heretofore, cash items sent to us by member and nonmember clearing banks in
the territory assigned to our Buffalo branch should be sent to our Buffalo branch, except
that such banks may at their option send cash items payable in the territory assigned to
our head office at New York City either to such head office or to our Buffalo branch.
Subject to the terms and conditions of this time schedule, and of Regulation J of
the Board of Governors of the Federal Eeserve System, and of our circular relating to
collection of cash items, we will give credit in member bank reserve accounts and nonmember clearing bank clearing accounts at the times indicated herein for cash items
received and accepted by us and for cash items payable in other Federal Reserve districts
which are sent by our member and nonmember clearing banks with our permission direct
to Federal Reserve banks of such other districts for our account. We act only as agent of
the banks from which we receive such cash items, or which send such cash items direct to
Federal Reserve banks of other districts for our account, and we do not act as agent or
sub-agent of any prior owners or holders of such items. This time schedule does not in
many instances show the actual time required for collection of cash items, and advices
received from us showing the availability of items cannot be considered as advices of
actual payment on the dates of availability. Credit will in all instances be subject to
receipt of payment by us in actually and finally collected funds, and we may in our discretion refuse at any time to permit the withdrawal or other use of credit given for any item
for which we have not yet received payment in actually and finally collected funds.
We reserve the right at any time, with or without notice, to revoke, modify, amend, or
add to, this time schedule or any provision thereof, effective as to all or any particular
member banks and nonmember clearing banks.




GEOEGB L. HABEISON,

President.

FEDERAL RESERVE BANK OF NEW YORK
(Buffalo Branch)
SCHEDULE ON THIS PAGE SHOWS W H E N CREDIT WILL B E GIVEN FOR CASH ITEMS RECEIVED
AND ACCEPTED AT BUFFALO BRANCH OF FEDERAL RESERVE BANK OF
NEW YORK IN BUFFALO, N. Y.$
Districts
f IMMEDIATE CREDIT
No.
No.
1 Chicago
7
When received by 9 a. m. (8:30 a. m. Saturdays)—items payable in Buffalo Boston
8
New York 2 St. Louis
When received by 3 p. m. (Saturdays 12 noon)
9
Philadelphia 3 Minneapolis
Checks and warrants on Treasurer of the United States, Washington, D. C. Cleveland 4 Kansas City, Mo. 1 0
S Dallas
11
Richmond
Checks on Federal Reserve Bank of New York and Buffalo Branch
6 San Francisco
12
Atlanta
Officers' checks of other Federal Reserve banks
Federal Reserve Exchange Drafts
Federal Reserve Cities and Federal Reserve Branch Cities Localities outside of Federal Reserve Cities and Federal Reserve
in this column
Branch Cities in this column
fOne Calendar Day After Receipt
New York City—drawn on or payable at
CLOSING TIME FOR DEFERRED CREDIT ITEMS
, . . ^ u~-t,. fNew York Clearing,1-..,
House Association banks
LAStS oj OafXKS 1 _ _
__
__
Payable in Second District
and Brooklyn banks
referred to willj| Northern New Jersey Clearing House AssociaOther New York City
be furnished
2:30 p. m. Saturdays 12 noon
tion request.
firm Viinlra
'W"
Items $500 and over 8:30 p. m. Saturdays 12 noon
3
District
Philadelphia
4
Cleveland
District
Payable in other Federal Reserve districts
4
12 :30 p. m. Saturdays 12 noon
Pittsburgh
Branch of
7
Chicago
District
7
Detroit
Branch of
fTwo Calendar Day* After Receipt—Items payable in fTwo Business Days After Receipt—Items payable in
New York City—other than items mentioned
••New Jersey
No.
above
•New York
1
Boston
District
4
Cincinnati
Branch of
5
Richmond
District
5
Baltimore
Branch of
5
Charlotte
Branch of
6
Atlanta
District
6
Birmingham
Branch of
6
Nashville
Branch of
8
St. Louis
District
8
Little Rock
Branch of
8
Louisville
Branch of
8
Memphis
Branch of
9
Minneapolis
District
9
St. Paul
In District
10
Kansas City, Mo.
District
Kansas City, Kans.
In District 10
Omaha
Branch of 10
tThre« Calendar Day* After Receipt—Items payable in tThree Business Day» After Receipt—Items payable in
\Ji.\*

V

T. 1 1 ) 1 1

All

[ >*v*' " > "

•Alabama

Jacksonville
New Orleans
Helena
Denver
Oklahoma City
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland, Ore.
Salt Lake City
Seattle

Branch of
Branch of
Branch of
Branch of
Branch of
District
Branch of
Branch of
Branch of
District
Branch of
Branch of
Branch of
Branch of

6
6
9
10
10
11
11
11
11
12
12
12
12
12

Arizona
•Arkansas
•California
•Colorado
Connecticut
Delaware
Dist. of Columbia
•Florida
•Georgia
Idaho
•Illinois
Indiana
Iowa
•Kansas
•Kentucky
•Louisiana
Maine
•Maryland
•Massachusetts
•Michigan
•Minnesota
Mississippi
•Missouri

•'Mnnt.ana

•Nebraska
New Hampshire
Nevada
New Mexico
•North Carolina
North Dakota
•Ohio
•Oklahoma
•Oregon
•Pennsylvania
Rhode Island
South Carolina
South Dakota
•Tennessee
•Texas
•Utah
Vermont
•Virginia
•Washington
West Virginia
Wisconsin
Wyoming

t This time schedule does not apply to drafts received from member or nomnember clearing banks drawn by them on their commercial
Dank correspondents. We will give credit for such drafts based on actual transit time, whether received at our head office in New York
City or our Buffalo branch or whether sent for our account direct to the Federal Reserve bank in the district where such draft is payable.
t When received by closing time as herein indicated for such items—otherwise credit deferred for one additional day. Subject also to
requirements as to sorting (see opposite page). When the day on which credit would otherwise be given is a Sunday, or a holiday for Federal
Reserve Bank of New York, credit will be given on the following business day. When delays in the collection of items occur or are
anticipated because of holidays, or interruptions or delays in transit, or other causes, credit may be deferred beyond the times indicated in
this scheduie, with or without notice.
* Except items payable in cities listed in left hand column.
** Except items drawn on or payable at Northern New Jersey Clearing House Association banks.




CREDIT FOR CASH I T E M S S E N T DIRECT TO H E A D O F F I C E OF FEDERAL RESERVE B A N K OF
N E W Y O R K AT N E W Y O R K CITY

Cash items payable in that portion of the Second Federal Eeserve District which is assigned
to the head office of Federal Eeserve Bank of New York at New York City may be sent direct to
the head office instead of to the Buffalo branch. Credit for such cash items received at the head
office at New York City will be given as indicated below:
f IMMEDIATE CREDIT—when received before 9 a.m.
Items drawn on or payable at
New York Clearing House Association banks
1 Lists of banks_
Other New York City and Brooklyn banks
5«Sr"
Northern New Jersey Clearing House Association banks J upon request.
f ONE DAY AFTER RECEIPT—when received before 9 a.m.

Items payable in New York City other than those mentioned above.
f Two BUSINESS DAYS AFTER RECEIPT—when received before 2:30 p.m., Saturdays 1 p.m.
• • • Items (other than those payable in New York City) payable in that portion of the Second Federal Reserve District which is assigned to the head office of the Federal Reserve
Bank of New York at New York City.
CREDIT FOR CASH ITEMS S E N T DHIECT TO OTHER FEDERAL RESERVE B A N K S

Member and nonmember clearing banks, which have received permission to send cash items
payable in other districts direct to other Federal Reserve banks for account of Federal Reserve
Bank of New York, will be given credit for items so sent after the same number of days from
the dispatch thereof as credit is deferred for similar items after receipt thereof by Federal
Reserve Bank of New York at its Buffalo branch; provided, however, that Federal Reserve Bank
of New York may, by giving notice to such effect to any member or nonmember clearing bank,
prescribe how, and the time or times before which, all items or certain items must be dispatched
by such bank in order to obtain such credit.
PREPARATION OF CASH LETTERS BY SENDING B A N K S
SORTING

1. Member banks and nonmember clearing banks may be required to sort cash items which
they send to the head office of Federal Reserve Bank of New York at New York City into the
following classes with a separate letter or total for each class.
(a) Immediate credit items, subdivided into—
1. Items drawn on or payable at New York Clearing House banks."
2. Items drawn on or payable at other New York City and Brooklyn Lists of banks^
.referred to will
banks.
be furnished
3. Items drawn on or payable at Northern New Jersey Clearing upon request.
House banks.
4. Checks and warrants on Treasurer of the United States, Washington, D. C.
5. Other immediate credit items.
(b) Items payable at one-day points.
(c) Items payable at two-day points, subdivided into
1. Items payable in the State of New York in
(a) Cities and towns with names beginning with A to L.
(b) Cities and towns with names beginning with M to Z.
***2. Items payable in the portions of New Jersey and Connecticut that are included in
the Second Federal Reserve District, and
3. Items payable at two-day points outside of this district (see note).
(d) Items payable at three-day points (see note).
t When received by closing time as herein indicated for such items—otherwise credit deferred for one
additional day. Subject also to requirements as to sorting (see below). When the day on which credit would otherwise be given is a Sunday, or a holiday for Federal Eeserve Bank of New York, credit will be given on the
following business day. When delays in the collection of items occur or are anticipated because of holidays or
interruptions or delays in transit, or other causes, credit may be deferred beyond the times indicated in this
schedule, with or without notice.
••* The portions of the Second Federal Eeserve District assigned to the head office of the Federal Eeserve
Bank of New York at New York City are as follows:
New York—All except counties of Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, Orleans, and Wyoming, which are assigned to the Buffalo branch.
New Jersey—Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Passaic,
Somerset, Sussex, Union, and Warren.
Connecticut—County of Fairfield.
3




2. Member and nonmember clearing banks may be required to sort cash items which they
send to the Buffalo branch of Federal Reserve Bank of New York into classes according to the
number of days for which credit will be deferred for such items, with a separate letter or total
for each class (see note).
(Note to l(c) 3, l(d), and 2). In order that credit may be deferred on a calendar day
basis instead of on a business day basis for items which are payable in Federal Reserve bank
or branch cities, such items should be sorted separately from the other items in the respective
classes. If this is not done, credit for all items in the two and three-day deferred credit classes,
including items payable in Federal Reserve bank or branch cities, will be deferred on a
business day basis.

Credit for any cash items not sorted as above may be deferred for the longest time for
which credit would be deferred for any such items if so sorted.
DESCRIPTION OF ITEMS

All cash items, other than immediate-credit items, whether sent to the head office, or Buffalo
branch, of Federal Reserve Bank of New York, or direct to another Federal Reserve bank for
account of Federal Reserve Bank of New York, should be described and identified
1. By listing the amounts of such items on cash letters and also by either
(a) Inserting the name of the bank and city or town at which they are payable; or
(b) Inserting the American Bankers Association transit number of such bank; or
(c) Transmitting with the cash letters photographic films of such items; or
2. By listing the amounts of such items on adding machine tapes and transmitting with
such tapes photographic films of such items. The total of each such tape and the grand
total of all such tapes should be transcribed on a cash letter and all tapes should be
enclosed in an envelope appropriately identified with the name of the forwarding bank,
the date of the cash letter, and the grand total thereof.
Each bank sending cash items to the head office, or Buffalo branch, of Federal Reserve
Bank of New York, or to another Federal Reserve bank direct for account of Federal Reserve
Bank of New York, will be understood to have agreed to indemnify Federal Reserve Bank of
New York and such other Federal Reserve bank against any loss or expense resulting from delay
in advising nonpayment of any item where such delay is due, in whole or in part, to the lack of
description, or to the erroneous, incomplete, or defective description of the item by the sending
bank.
MAIL ADDRESS

All mail for the Buffalo branch should be addressed:
FEDERAL RESERVE BANK,

270-276 Main Street,
Buffalo, N. Y.
All mail for the head office at New York City should be addressed:
FEDERAL RESERVE BANK OF NEW YORK,

Federal Reserve Station, P. 0.
New York City, N. Y.
ENDORSEMENTS

For the convenience of sending banks in connection with the preparation of cash letters the
following paragraph relative to endorsements is quoted from the circular of Federal Reserve
Bank of New York relating to collection of cash items:
"All cash items sent to us, or to another Federal Reserve bank direct for our account, should
be endorsed without restriction to the order of the Federal Reserve bank to which sent, or to the
order of any bank, banker or trust company, or with some similar endorsement. Cash items will
be accepted by us, and by other Federal Reserve banks, only upon the understanding and condition
that all prior endorsements are guaranteed by the sending bank. There should be incorporated in
the endorsement of the sending bank the phrase 'All prior endorsements guaranteed.' The act of
sending or delivering a cash item to us or to another Federal Reserve bank will, however, be
deemed and understood to constitute a guaranty of all prior endorsements on such items, whether
or not an express guaranty is incorporated in the sending bank's endorsement. The endorsement
of the sending bank should be dated and should show the American Bankers Association transit
number of the sending bank in prominent type on both sides."




FEDERAL RESERVE BANK
OF NEW YORK

August 21, 1939
To each Member and Nonmember Clearing Bank in the
Territory assigned to the Buffalo Branch:

We transmit herewith a printed copy of Regulation J of the Board of Governors of the
Federal Reserve System, as amended effective September 1, 1939, relating to check clearing
and collection, together with a printed copy of each of the following circulars of this bank:
Circular No. 1970, effective September 1, 1939,
entitled "Collection of Cash Items";
Circular No. 1972, effective September 1, 1939,
entitled "Buffalo Branch Time Schedule".
In connection with the issuance of the above mentioned regulation and circulars the
Board of Governors of the Federal Reserve System has released for publication today a statement to the press reading as follows:
The Board of Governors of the Federal Reserve System announced today that the Federal
Reserve banks will put into effect on September 1, 1939 certain changes in their check collection
procedure designed to give member banks more prompt credit for checks deposited with the
Federal Reserve banks for collection and to reduce the amount of work required in preparing
the checks for deposit with the Federal Reserve banks.
Heretofore member banks have been given credit for checks deposited with the Federal
Reserve banks in accordance with time schedules which were based; on the actual time required
to collect the checks. After September 1 the Federal Reserve banks will credit member banks
within three days or less for all checks deposited with them for collection. Immediate credit
or credit within one or two days will continue to be given for most checks.
The Board's Regulation. J relating to the clearance and collection of checks and the check
collection circulars and time schedules of the Federal Reserve banks have been revised. Copies
are being sent by the Federal Reserve banks to all member banks and to all other banks which
maintain deposit accounts with the Federal Reserve banks.
Member and nonmember clearing banks which have been granted permission to send
cash items payable in other Federal Reserve districts direct to the Federal Reserve banks
and branches of the districts in which such items are payable will be furnished promptly with
a new supply of forms for use in reporting to us the amounts of such cash items.
Additional copies of the above mentioned regulation and circulars will be furnished by
this bank upon request.




GEORGE L. HARRISON,

President.

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