View PDF

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

Circular No. 3 6 - A

FEDERAL

RESERVE

BANK

Series of 1 9 2 0

OF DALLAS

September 30, 1920

I M P O R T A N T N O T I C E IN C O N N E C T I O N W I T H P U R C H A S E S
OF

EXCH ANG E

AN D

M A IL

TRANSFERS

TO THE M BER BAM ADDRESSED:
EM
Since the issu a n ce o f our C ircu la r Ho. 36,
S e r ie s o f 1920, a m isunderstanding appears to e x is t
as to the ch a ra cte r o f exchange e l i g i b l e f o r purchase
by t h is bank and i t s El Paso and Houston branches.
You are a c c o r d in g ly a d vised that purchases o f
exchange f o r immediate c r e d it s u b je c t to f i n a l payment,
a t a d is c o u n t, are lim it e d to the s e l l i n g member banks
own d r a ft s on t h e ir correspon den ts in oth er Federal Re­
serve or Branch F ederal Reserve c i t i e s .
M iscellan eou s cash items or d r a fts drawn by oth er
than the s e l l i n g member bank, w i l l be r e c e iv e d on ly f o r
d e fe r r e d c r e d i t , in accordance w ith the terms o f our C ir­
cu la r Ho. 3 , S e r ie s o f 1920.
Very t r u ly y ou rs,

Governor

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

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