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F

ed eral

R
OF

eserve

Ba

n k

DALLAS

D allas, T e x a s, Jun e 20, 1951

N E W F O R M U N IT E D S T A T E S P O S T A L M O N E Y O R D E R S
T O B E IS S U E D J U L Y 1, 1951

T o th e M em ber and N on m em b er C learin g B an ks
o f th e E lev en th F ed era l R eserv e D is tr ic t:

C om m en cin g J u ly 1, 1951, U n ited States P o s t Offices w ill issu e p ostal m o n e y orders
in a n ew fo r m . Th e p ostal m on ey ord ers issued on and a fte r th a t date w ill be in “ punch
ca rd ” fo r m and m a y be cash ed a t th e ir fa c e am ou nts a t a n y p o st office. A ll F ederal R eserve
banks h ave a greed to receiv e fr o m th e ir m em b er and n on m em ber clea rin g ban k s th e new
fo r m p ostal m on ey ord ers as cash item s and to g iv e im m ediate cre d it th e r e fo r as provid ed
in th eir tim e schedules.
A cc o rd in g ly , m em b er and n on m em b er clea rin g ban k s in th is d is trict m a y send to this
ban k o r th e a p p rop riate b ra n ch th e n ew fo r m p osta l m o n e y ord ers as cash item s. Inasm uch
as it w ill be n ecessa ry f o r th is bank and its bra n ch es to p rocess th e m o n e y ord ers on spe­
cial equ ip m en t and in a d ifferen t m an ner fr o m th e m eth od used in fu n c tio n in g co m m e r­
cial ch eck s and G overn m en t ch eck s, it is im portan t th a t th e y b e listed on separate cash
letters ex ce p t in cases w h ere the volu m e is n eglig ib le. T h e co o p e ra tio n o f m em b er and
n on m em ber clea rin g ban k s in th is resp e ct w ill be o f g re a t a ssista n ce and w ill be v e ry
m u ch a ppreciated.
T h e m on ey ord ers a re to be issued in “ punch ca rd ” fo r m in ord e r th a t th e y m a y be
sorted and tabu lated b y m ach ine. C are sh ould be exercised to avoid fo ld in g , stapling,
p e rfo ra tin g , o r m u tila tin g th em in a n y w ay, as th e m ach ines will n ot a ccu ra te ly sort the
ord ers i f th e y are dam aged. U n d er n o circu m stan ces should th e y be placed on a spindle.
T h ere is enclosed a co p y o f B u lletin N o. 8, w h ich has been rev ised to g iv e e ffe ct to
th e n ew p roced u re, e ffectiv e J u ly 1, 1951, f o r h an d lin g U nited S tates p ostal m o n e y orders.
T h e rev ised bu lletin sh ould be filed in th e rin g b in d er con ta in in g cu rren t bulletin s o f this
bank and th e reg u la tion s o f th e B oa rd o f G overn ors o f th e F ed era l R ese rv e S ystem . Please
a ck n ow led ge receip t on th e enclosed p ostal card.
T h is b a n k ’ s B u lletin N o. 10, dated J an u ary 10, 1942, entitled “ C ollection o f U. S. P osta l
M on ey O rd ers” applies o n ly to p osta l m on e y ord ers in th e p resen t (o ld ) fo r m , th e issuance
o f w h ich w ill be d iscon tin u ed a fte r June 30, 1951.
Y o u rs v e r y tru ly,
R . R . G IL B E R T
P resid en t

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

FEDERAL RESERVE BANK
OF DALLAS

BULLETIN NO. 8
JULY 1, 1951

(Superseding Bulletin No. 8,
dated January 12, 1951)

COLLECTION OF CASH ITEMS

To the Member and Nonmember Clearing Banks
of the Eleventh Federal Reserve District:
Regulation J of the Board of Governors of the Federal Reserve System,
this bulletin and our time schedules prescribe the terms and conditions upon
which we will receive and handle cash items for collection. Section 6 of Regu­
lation J provides that each Federal Reserve bank may promulgate rules not
inconsistent with the terms of the law or of Regulation J, governing the details
o f its operations in clearing and collecting checks and other cash items, and
that such rules shall be binding upon any member or nonmember clearing bank
which sends any check or other cash item to such Federal Reserve bank for
collection or to any other Federal Reserve bank for the account of such Fed­
eral Reserve bank for collection. This bulletin and our time schedules are is­
sued pursuant to this provision of Regulation J.
Unless otherwise stated, all references to the Federal Reserve Bank of Dal­
las will include the head office and all of its branches.
ITEMS WHICH WILL BE ACCEPTED AS CASH ITEMS

The following will be accepted for collection as cash items:
(1 ) Checks drawn on banks or banking institutions (including pri­
vate bankers) located in any Federal Reserve district which are collec­
tible at par in funds acceptable to the collecting Federal Reserve bank.
The “ Federal Reserve Par List,” indicating the banks upon which
checks will be received by Federal Reserve banks for collection and
credit, is furnished from time to time and a supplement is furnished
each month showing changes subsequent to the last complete list. This
list is subject to change without notice and the right is reserved to re­
turn without presentment any items drawn on banks which may have
withdrawn or may have been removed from the list or may have been
reported closed.
(2 ) Government checks drawn on the Treasurer of the United
States.
(3 ) United States postal money orders (issued on and after July
1, 1951).
(4 ) Such other items, collectible at par in funds acceptable to the
Federal Reserve bank of the district in which such items are payable,
as we may be willing to accept as cash items. When any such item is
accepted as a cash item, we will give credit therefor in accordance with
the provisions of this bulletin and our time schedules; and with respect
to such item the “ TERM S OF C O LLE C TIO N ” of Section 3 of Reg­
ulation G of the Board of Governors of the Federal Reserve System, as
set forth in our current bulletin relating to the collection of noncash
items, will apply as well as the relevant terms and conditions of this

— 2—

B U L L E T IN N o. 8

bulletin including paragraphs (2 ) and (4 ) of Section 5 of Regulation J
as set forth in this bulletin.
Items with passbook, certificate or any other document attached, and items
with special instructions or requiring special handling should be sent to us as
noncash collections, subject to the terms of our current bulletin relating to the
collection of noncash items. W e reserve the right to return or to handle as a
noncash collection any item which has been previously dishonored.
Checks drawn on or payable at a nonmember bank which is not included
in the currently effective Federal Reserve Par List, referred to above, will not
be received either as cash items or as noncash items by us or by any other Fed­
eral Reserve bank.
In the interests of good banking, the indirect routing of cash items is dis­
couraged, and member and nonmember clearing banks should not send to us or
to other Federal Reserve banks for our account, any items payable in other
Federal Reserve districts, which bear the endorsements of banks located in
other Federal Reserve districts, in cases where it is evident that such items have
been routed indirectly.
TERMS AND CONDITIONS OF COLLECTION

Every bank sending cash items to us or to another Federal Reserve bank
direct for our account, by such act, will be understood to have agreed to the
terms and conditions of this bulletin, of our time schedules, and of Regulation
J in effect at the time such cash items are received by the Federal Reserve bank.
Cash items payable in other Federal Reserve districts and forwarded for
collection to the Federal Reserve banks of such other districts either by us or
by our member and nonmember clearing banks for our account will be handled
by such other Federal Reserve banks subject to the terms and conditions of
Regulation J and of the respective bulletins and time schedules of such other
Federal Reserve banks, and to the rules of law applicable to such banks; but
we will give credit for such items in accordance with our time schedules.
Section 5 of Regulation J prescribes terms and conditions under which
all Federal Reserve banks will handle checks as cash items for member and
nonmember clearing banks. Such terms and conditions, and the terms and con­
ditions of this bulletin and of our time schedules, will apply to the handling
of all items which we accept for collection as cash items and to the handling
of all bank drafts and other forms of payment or remittance which we receive
for such items. The terms and conditions prescribed by Section 5 of Regula­
tion J are as follow s:
“ The Board of Governors of the Federal Reserve System hereby
authorizes the Federal Reserve banks to handle such checks subject to
the following terms and conditions; and each member and nonmember
clearing bank which sends checks to any Federal Reserve bank for de­
posit or collection shall by such action be deemed (a) to authorize the
Federal Reserve banks to handle such checks subject to the following
terms and conditions; (b ) to warrant its own authority to give the Fed­
eral Reserve banks such authority; (c ) to agree to indemnify any Fed­
eral Reserve bank for any loss or expense sustained (including but not
limited to attorneys’ fees and expenses of litigation) resulting from the

— 3—

B U L L E T IN N o. 3

failure of such sending bank to have such authority, or resulting from
such Federal Reserve bank’s guaranty of prior endorsements, or result­
ing from any action taken by the Federal Reserve bank within the scope
of its authority for the purpose of collecting such checks; and (d ) to
guarantee all prior endorsements on such checks whether or not a spe­
cific guaranty is incorporated in an endorsement of the sending bank.
“ (1 ) A Federal Reserve bank will act only as agent of the bank
from which it receives such checks and will assume no liability except
for its own negligence and its guaranty of prior endorsements.
“ (2 ) A Federal Reserve bank may present such checks for pay­
ment or send such checks for collection direct to the bank on which they
are drawn or at which they are payable, or in its discretion may for­
ward them to another agent with authority to present them for payment
or send them for collection direct to the bank on which they are drawn
or at which they are payable. A Federal Reserve bank, or any agent to
which such checks are forwarded by a Federal Reserve bank, may pre­
sent such checks pursuant to any special collection agreement not incon­
sistent with the terms of this regulation or may present them through a
clearing house subject to the rules and practices thereof.
“ (3 ) A Federal Reserve bank may, in its discretion and at its op­
tion, either directly or through or from an agent, accept in payment of
or in remittance for such checks, cash, bank drafts, transfers of funds
or bank credits, or other forms of payment or remittance, acceptable
to the collecting Federal Reserve bank. The Federal Reserve bank shall
not be liable for the failure of the drawee bank or any agent to pay or
remit for such checks, nor for any loss resulting from the acceptance
from the drawee bank or any collecting agent, in lieu of cash, of any
other form of payment or remittance authorized herein, nor for the
nonpayment of, or failure to realize upon, any bank draft or other
medium of payment or remittance which may be accepted from the
drawee bank or any collecting agent.
“ (4 ) Any check which a Federal Reserve bank or an agent thereof
presents to the drawee bank for payment or sends to the drawee bank
for collection, and for which remittance or settlement is made by the
drawee bank on the day on which it receives3 such check, may be returned
for credit or refund at any time prior to midnight of the drawee’s next
business day following such day of receipt or prior to the time provided
by applicable clearing house rule or special collection agreement, which­
ever is earlier, except that this paragraph shall not apply to checks pre­
sented over the counter.
“ (5 ) Checks received by a Federal Reserve bank which are payable
in its own district will ordinarily be forwarded or presented direct to
the banks on which they are drawn, and such banks will be required to
remit or pay therefor at par in such one or more of the forms of pay­
ment or remittance authorized under paragraph (3 ) hereof as may be
acceptable to the Federal Reserve bank.
“ 3A check received by a drawee bank on a day other than its business day, or received
on a business day after its regular business hours or during afternoon or evening periods
when it has reopened (or remained open) for limited functions, shall be deemed to have
been received on its next succeeding business day.”

— 4—

B U L L E T IN N o. 8

“ (6 ) Checks received by a Federal Reserve bank payable in other
districts will ordinarily be forwarded for collection to the Federal Re­
serve bank of the district in which such checks are payable; provided,
however, that, where arrangements can be made satisfactory to the col­
lecting bank or agent and to the Federal Reserve bank of the district
in which such checks are payable, any such checks may be forwarded
for collection direct to the bank on which they are drawn or at which
they are payable, or may be forwarded for collection to another agent
with authority to present them for payment direct to the bank on which
they are drawn or at which they are payable. All such checks shall be
handled subject to all the terms and conditions of this regulation.
“ (7 ) With respect to any check sent direct by a member or non­
member clearing bank in one district to a Federal Reserve bank in an­
other district, the relationships and the rights and liabilities existing be­
tween the member or nonmember clearing bank, the Federal Reserve
bank of its district and the Federal Reserve bank to which the check
is sent will be the same, and the relevant provisions of this regulation
will apply, as though the member or nonmember clearing bank had sent
such check to the Federal Reserve bank of its district with its endorse­
ment and guaranty of prior endorsements and such Federal Reserve
bank had sent the check to the other Federal Reserve bank with its
endorsement and guaranty of prior endorsements.
“ (8 ) Bank drafts received by a Federal Reserve bank in payment
of or in remittance for checks handled under the terms of this regula­
tion shall likewise be handled for collection subject to all the terms and
conditions of this regulation.
“ (9 ) The amount of any check for which payment in actually and
finally collected funds is not received shall be charged back to the for­
warding bank, regardless of whether or not the check itself can be re­
turned. In such event, neither the owner or holder of any such check,
nor the bank which sent such check to the Federal Reserve bank for
collection shall have any right of recourse upon, interest in, or right of
payment from, any reserve balance, clearing account, deposit account,
or other funds of the drawee bank or of any bank to which such checks
have been sent for collection, in the possession of the Federal Reserve
bank. No draft, authorization to charge, or other order, upon any re­
serve balance, clearing account, deposit account, or other funds o f a
paying, remitting, or collecting bank in the possession of a Federal Re­
serve bank, issued for the purpose of settling items handled under the
terms of this regulation will be paid, acted upon, or honored after re­
ceipt by such Federal Reserve bank of notice of suspension or closing
of such paying, remitting, or collecting bank.”
GOVERNMENT CHECKS

United States Government checks will be handled in accordance with, and
subject to the provisions of, Treasury Department Circular No. 176 in effect
at the time such items are received by u s; and with respect to matters not cov­
ered by such circular, the provisions of Regulation J, this bulletin and our time
schedules shall be deemed applicable to all Government checks. Credit for

— 5—

B U L L E T IN N o. 8

Government checks will be given in accordance with our time schedules and
will be subject in all cases to examination and payment by or on behalf of the
Treasurer of the United States.
Section 25 of Treasury Department Circular No. 176 (Title 31, Code of
Federal Regulations, Chapter II, Subchapter A, Section 202.25) relates to the
handling and payment o f checks drawn on the Treasurer of the United States
received at Federal Reserve banks. Copies of this section will be furnished
upon request.
UNITED STATES POSTAL MONEY ORDERS

United States postal money orders will be handled in accordance with an
agreement made by the Postmaster General, in behalf of the United States, and
the Federal Reserve banks as depositaries and fiscal agents of the United States
pursuant to authorization of the Secretary of the Treasury; and with respect
to matters not covered by such agreement, the provisions of Regulation J, this
bulletin and our time schedules shall be deemed applicable to all postal money
orders. Immediate credit will be given to member and nonmember clearing
banks for postal money orders as provided in our time schedules and simul­
taneously with such credit we will debit the amount of such money orders
against the general account of the Treasurer of the United States under such
symbol numbers as may be assigned by the Treasurer of the United States. Said
agreement further provides in effect that no claim for refund or otherwise with
respect to any money order debited against the general account of the Treasurer
of the United States and delivered to the representative of the Post Office De­
partment as provided in said agreement (other than a claim based on the negli­
gence of a Federal Reserve bank) will be made against or through any Federal
Reserve bank; that if the Post Office Department makes any such claim with
respect to any such money order, such money order will not be returned or sent
to a Federal Reserve bank, but the Post Office Department will deal directly
with the bank or the party against which such claim is made; and that the
Federal Reserve banks will assist the Post Office Department in making such
claim, including making their records and any relevant evidence in their posses­
sion available to the Post Office Department.
PREPARATION OF CASH LETTERS BY SENDING BANKS

In order to obtain prompt credit, member and nonmember clearing banks
should assort items and list them in separate letters in accordance with our
time schedules. Drafts drawn by member or nonmember clearing banks on
their commercial bank correspondents sent to this bank or direct to other
Federal Reserve banks or branches for credit should be listed in separate cash
letters. Availability of credit for such items will be based on the transit time
normally required to effect collection.
All cash items, whether subject to immediate or deferred credit, may be
forwarded to us or may be forwarded by banks having the direct sending
privilege to other Federal Reserve banks or branches without description;
however, the depositing banks should maintain adequate records to enable them
to identify their depositors in the event any items are lost or destroyed in
transit between the depositing bank and the Reserve bank or branch to which
such items are sent for collection, or in the event any items are lost or de­
stroyed after receipt by the collecting Reserve bank or branch.

— 6—

B U L L E T IN N o. 8

All mail forwarded to the head office at Dallas should be addressed “ Fed­
eral Reserve Bank, Station K, Dallas 13, Texas.”
ENDORSEMENTS

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 endorsed 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
item, 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.
UNIFORM INSTRUCTIONS REGARDING PROTEST AND WIRE
ADVICE OF NONPAYMENT

Federal Reserve banks will receive, handle and forward cash items subject
to the following uniform instructions regarding protest and wire advice o f
nonpayment except that United States Government checks will not be pro­
tested :
(1 ) DO N O T P R O T E ST items of $500 or less.
(2 ) P R O T E ST dishonored items of $500.01 or over, except those
bearing on their face the A.B.A. no protest symbol of a Federal
Reserve bank or of a preceding bank endorser.
(3 ) DO N O T W IR E A D V IC E of nonpayment of items of less than

1 000.

$ ,

(4 ) W IR E A D V IC E of nonpayment of all items of $1,000 or over,
except those not paid because of missing, irregular or unsatisfac­
tory endorsement and those bearing on their face “ DO N O T
W iR E N O N P A Y M E N T ” with the A.B.A. transit number of a
Federal Reserve bank or o f a preceding bank endorser.
All Federal Reserve banks will receive, handle and forward cash items
only in accordance with these uniform instructions, and any contrary or
special instructions noted on cash letters or otherwise transmitted with cash
items will be disregarded.
If a bank should desire to have any cash item handled by us or by any
other Federal Reserve bank under any instructions differing from the uniform
instructions given above, it will be necessary for such bank to forward such
item as an individual noncash item, with the instructions noted in the letter o f
transmittal, for collection and credit when paid, in accordance with the terms
of our current bulletin relating to the collection of noncash items.

7-

B U L L E T IN N o. 8

TELEGRAPHIC COSTS

Telegrams pertaining to payment, nonpayment or tracing of cash items, or
in connection with receiving or transmitting pertinent information or instruc­
tions, will be sent, to the extent practicable, over the Federal Reserve leased
wires without cost to member and nonmember clearing banks. The cost of all
such telegrams sent over commercial wires will be charged to the banks from
which the items were received, and commercial wire telegrams to such banks
will be sent “ collect.”
TIME SCHEDULES AND AVAILABILITY OF CREDITS

W e publish and furnish to member and nonmember clearing banks time
schedules showing when cash items will become available for reserve and with­
drawal or other use by the sending banks after receipt by us. For all items
accepted as cash items the sending bank will be given immediate credit or de­
ferred credit, in accordance with such time schedules and as provided in Reg­
ulation J. Credit for letters containing items unassorted as to availability may
be deferred for the longest period of availability prescribed by our current
time schedules with respect to any item enclosed, not to exceed two busi­
ness days.
Time schedules do not in many instances show the actual time required
for collection, and advices received from us showing the availability of credit
for cash 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.
Immediate Credit. For all such cash items as are accepted for immediate
credit in accordance with our current time schedules, immediate credit will be
given upon our books at full face value in the reserve account or clearing
account upon the day of receipt, and the proceeds will at once be counted as
reserve (in the case of a member bank) and become available for withdrawal
or other use by the sending bank; provided, however, that 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.
Deferred Credit. For all such cash items as are accepted for deferred
credit in accordance with our current time schedules, deferred credit will be
entered upon our books at full face value, but the proceeds will not be counted
as reserve nor become available for withdrawal or other use by the sending
bank until the expiration of the time specified in our time schedules, at which
time credit will be transferred from the deferred account to the reserve ac­
count or clearing account and will then be counted as reserve (in the case of
a member bank) and become available for withdrawal or other use by the
sending bank; provided, however, that 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.
AIR TRANSPORTATION

In sending cash items for collection, this bank uses available air transpor­
tation facilities wherever such facilities offer a reasonable expectation of ear­
lier presentment of cash items or in those cases where earlier delivery facili­
tates the work of the receiving Federal Reserve bank or branch.

— 8—

B U L L E T IN N o. 8

INSTRUCTIONS TO COLLECTING AND REMITTING BANKS

Remittances for our cash letters should be made on the day of receipt, at
par in immediately available or acceptable funds.
W e will receive for credit or refund cash items which are returned to us
by collecting and remitting banks in accordance with paragraph (4 ) of Section
5 of Regulation J, set forth in this bulletin under the heading “ Terms and
Conditions of Collection.” Such provision of Regulation J does not mean,
however, that any bank is required to follow the practice of delaying the re­
turn of unpaid cash items; and any collecting or remitting bank may continue
to return unpaid cash items with its remittance on the day of receipt. Each
cash item returned unpaid should bear a notation clearly indicating the reason
therefor.
If unpaid items are returned on the day of receipt, they should be de­
ducted from and returned with the remittance for the cash letter in which the
items were received. Those items for which remittance has been made on the
day of receipt and on which payment is revoked in accordance with paragraph
(4 ) of Section 5 of Regulation J may be deducted from and returned with
tiie remittance for the cash letter received the following day.
DIRECT SENDING OF CASH ITEMS TO OTHER FEDERAL RESERVE BANKS

Member and nonmember clearing banks, having a substantial volume o f
cash items (exclusive of Government checks and postal money orders) pay­
able in other Federal Reserve districts which they wish to collect through
the Federal Reserve banks, are urged to apply to us for permission to send
such items direct to the Federal Reserve banks and branches of the districts
in which such items are payable, for collection and credit to us. Appropriate
instructions will be sent to the banks to which such permission is granted.
When in our judgment a member or nonmember clearing bank has a suf­
ficient volume of cash items payable in other Federal Reserve districts to jus­
tify direct routing, we reserve the right to decline to accept such items for
collection unless they are routed direct to the Federal Reserve banks and
branches of such other Federal Reserve districts.
Reimbursement o f Transportation Costs. Each member bank which
sends cash items direct to other Federal Reserve banks and branches, or to an
office of this bank other than the one at which its reserve account is carried,
will be reimbursed by us for postage or other transportation costs, not includ­
ing insurance, on all such direct sent items. Transportation costs on cash items
delivered to us by member banks for consolidated shipment to Federal Reserve
banks and branches will be paid by us.

Each direct sending member bank is requested to give constant attention
to methods of shipment and to change a method in any case in which shipment
can be made at a lower cost without loss of time in presentment. In cases in
which we pay the transportation costs, we reserve the right to require a change
in method of shipment in any situation where, by the use of another method,
presentment can consistently be made more promptly, or at a lower cost and
without loss of time.

—S
I-

B U L L E T IN NO. 8

C H E C K R O U T IN G S Y M B O L

T o facilitate the sorting and routing of checks and other cash items by all
banks, and thereby promote earlier presentment, the appropriate check rout­
ing symbol in fractional form should be clearly imprinted in the upper righthand corner of all checks or other cash items drawn payable by, at, or through
all par remitting banks. It is preferable that the symbol be printed in gothic
type, the face of which measures at least 8 points vertically or 1/9 of an inch
from the top to the bottom of the individual characters.

RIGHT TO AMEND

The right is reserved to withdraw, add to, or amend, at any time, any of
the provisions of this bulletin and of our time schedules.
Respectfully,
R. R. GILBERT
President

-1 0 —

BULLETIN NO. 8
(Superseding Time
Schedule Dated
January 12, 1951)

HEAD OFFICE
FEDERAL RESERVE BANK OF DALLAS
TIME SCHEDULE
Effective July 1, 1951
A

F

v a i l a b i l i t y

Immediate
Credit

i
Business
Day After
Receipt

2
* *Business
* * * Days After
Receipt

o r

F

o l l o w in g

D

e s c r ib e d

I

t e m s

♦Dallas
Fort Worth— (Limited to bank drafts drawn on Fort W orth member
banks which are payable to the order o f ourselves.)
Government checks drawn on the Treasurer of the United States.
Government checks drawn on the Treasurer of the United States payable
through a Federal Reserve bank.
United States postal money orders (issued on and after July 1, 1951).
Drafts on Federal Reserve Bank o f Dallas and its branches; subject to
inspection and verification of signatures at the head office or branch
on which they are drawn.
Cashier’s checks and expense checks of all Federal Reserve banks and
branches.
Federal Reserve Exchange Drafts.
El Paso
♦Houston
♦San Antonio
Atlanta
Birmingham

Chicago
Denver
Kansas City
Little Rock
Louisville
Memphis

Nashville
New Orleans
Oklahoma City
Omaha
St. Louis
Salt Lake City

All other items drawn on par banks located within the United States.

*Except items drawn on par banks in contiguous cities or on certain outlying banks within
the cities indicated which are collected by mail. A list of such banks is shown on the
reverse side of this schedule.
♦♦Credit for items payable in other Federal Reserve bank and branch cities, when received
in separate letters, will be deferred on a calendar day basis when the items are in transit
to banks in those cities on a Sunday or a holiday.
♦♦♦Deferred credit for a member or nonmember clearing bank’s own draft on its commercial
bank correspondent will be based on the transit time normally required to effect collection.
CREDIT FOR CASH ITEMS SENT DIRECT TO OTHER
FEDERAL RESERVE BANKS
Member and nonmember clearing banks which have received permission to send cash
items (exclusive o f Government checks and postal money orders) payable in other Federal
Reserve districts direct to other Federal Reserve banks and branches for the account of
this bank will be given credit for items so sent as specified below :
(a ) Items payable in Federal Reserve bank or branch cities—
Based on the time (not to exceed two business days from date of dispatch)
normally required for the collection thereof as indicated in separate availability
schedules furnished the respective direct-sending banks;
(b ) Items payable in localities outside o f Federal Reserve bank or branch cities—T w o business days from date of dispatch;
provided, however, that this bank may, by giving notice to any member or nonmember clear­
ing bank, prescribe the manner, and the time before which, all items or certain items must
be dispatched by such bank in order to obtain such credit.

-1 1 -

B U L L E T IN N O . 8

C L O S IN G H O U R S

Central Tim e.........................
10:00 A . M. (D a ily )............Items drawn on banks in Dallas, other than the Federal R e­
serve Bank, for which immediate credit is given according to
this schedule.
10:30 A . M .............................Bank drafts drawn on Fort W orth member banks which are
(Saturday 10:00 a. m.)
payable to the order o f ourselves.
11:00 A . M .............................Government checks drawn on the Treasurer o f the United
(Saturday 10:00 a. m.)
States and Government checks drawn on the Treasurer of the
United States payable through a Federal Reserve bank.
11:00 A . M .............................United States postal money orders (issued on and after July
(Saturday 10:00 a. m.)
1, 1951).
12:00 M ....................................Miscellaneous items o f one or more days deferred availability
(Saturday 11:00 a. m.)
according to this schedule. (Except that miscellaneous items o f
$500 or more will be received up to 1 :00 P. M. on Saturday
and 2:30 P. M. on other days when listed in separate letters
containing only such items.)
2 :0 0 P . M ...............................Cashier’ s checks and expense checks of all Federal Reserve
(Saturday 1 :00 p. m.)
banks and branches.
Drafts on Federal Reserve Bank o f Dallas or its branches.
Federal Reserve Exchange Drafts.
The following banks are located in outlying sections o f the head office or branch city
indicated or in contiguous cities. Items drawn on such banks are collected by mail and are
subject to deferred credit. Such items should be listed with other items subject to deferred
credit and should not be listed with items o f immediate availability.
Name of Bank

Location
HEAD OFFICE TERRITORY

Grove State Bank........................................................................................Dallas, Texas
Highland Park State Bank (Highland P a r k ).......................................... Dallas, Texas
Hillcrest State Bank (University P a r k ).................................................Dallas, Texas
HOUSTON BRANCH TERRITORY
Almeda State Bank.................................
Bellaire State B a n k ...............................
Commercial State Bank..........................
East End State B a n k .............................
First State Bank of Green’s B ayou...
Harrisburg National Bank....................
Heights State Bank.................................
North Side State Bank............................
Port City State Bank............................
Reagan State Bank.................................
River Oaks State Bank..........................
Security State Bank...............................
The Industrial State Bank of Houston
University State Bank............................

.Houston,
Houston,
Houston,
Houston,
Houston,
Houston,
Houston,
Houston,
Houston,
Houston,
■
Houston,
Houston,
Houston,
Houston,

Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas

SAN ANTONIO BRANCH TERRITORY
Broadway National Bank o f Alamo Heights........................Alamo
Harlandale State Bank.................................................................... San
Highland Park State Bank.............................................................San
Jefferson State Bank...................................................................... San
National Bank of Fort Sam Houston......................................... San
Union State Bank.................................................................South San

Heights, Texas
Antonio, Texas
Antonio, Texas
Antonio, Texas
Antonio, Texas
Antonio, Texas

T h is schedule supersedes all previous schedules and is subject to change
w ithout notice.

— 10—

BULLETIN NO. 8
(Superseding Time
Schedule Dated
January 12, 1951)

EL PASO BRANCH
FEDERAL RESERVE BANK OF DALLAS
TIM E SCHEDULE
Effective July 1, 1951
A vailability

Immediate
Credit

1
Business
Day After
Receipt
2
* * Business
♦♦♦Days After
Receipt

F or F ollowing D escribed I tem s

El Paso
Government checks drawn on the Treasurer o f the United States.
Government checks drawn on the Treasurer o f the United States payable
through a Federal Reserve bank.
United States postal money orders (issued on and after July 1, 1951).
Drafts on Federal Reserve Bank o f Dallas and its branches; subject to
inspection and verification of signatures at the head office or branch
on which they are drawn.
Cashier’s checks and expense checks o f all Federal Reserve banks and
branches.
Federal Reserve Exchange Drafts.
♦Dallas
Memphis
Nashville
Fort Worth— (Limited to bank drafts drawn on Fort W orth member
banks which are payable to the order o f ourselves.)

A ll other items drawn on par banks located within the United States.

♦Except items drawn on par banks in contiguous cities or on certain outlying banks within
the cities indicated which are collected by mail. A list of such banks is shown on the
reverse side o f this schedule.
♦♦Credit for items payable in other Federal Reserve bank and branch cities, when received
in separate letters, will be deferred on a calendar day basis when the items are in transit
to banks in those cities on a Sunday or a holiday.
♦♦♦Deferred credit for a member or nonmember clearing bank’s own draft on its commercial
bank correspondent will be based on the transit time normally required to effect collection.
CREDIT FOR CASH ITEMS SENT DIRECT TO OTHER
FEDERAL RESERVE BANKS
Member and nonmember clearing banks which have received permission to send cash
items (exclusive o f Government checks and postal money orders) payable in other Federal
Reserve districts direct to other Federal Reserve banks and branches for the account of
this bank will be given credit for items so sent as specified below:
(a ) Items payable in Federal Reserve bank or branch cities—
Based on the time (not to exceed two business days from date o f dispatch)
normally required for the collection thereof as indicated in separate availability
schedules furnished the respective direct-sending banks;
(b ) Items payable in localities outside o f Federal Reserve bank or branch cities—
T w o business days from date of dispatch;
provided, however, that this bank may, by giving notice to any member or nonmember clear­
ing bank, prescribe the manner, and the time before which, all items or certain items must
be dispatched by such bank in order to obtain such credit.

—1 1 -

B U L L E T IN NO. 8

C L O S IN G H O U R S

Mountain T im e ......................
9:45 A . M .............................. Items drawn on banks in El Paso, other than the Federal
(Saturday 9:00 a. m.)
Reserve Bank Branch, for which immediate credit is given
according to this schedule.
11:00 A. M ...............................Government checks drawn on the Treasurer o f the United
(Saturday 10:00 a. in.)
States and Government checks drawn on the Treasurer o f the
United States payable through a Federal Reserve bank.
11:00 A . M .............................United States postal money orders (issued on and after July
(Saturday 10:00 a .m .)
1, 1951).
12:00 M .......................... ......... Miscellaneous items o f one or more days deferred availability
(Saturday 11:00 a. m.)
according to this schedule. (Except that miscellaneous items
o f $500 cr more will be received up to 12:00 M. on Saturday
and 2 :00 P. M. on other days when listed in separate letters
containing only such items.)
2:00 P .M .................................Cashier’s checks and expense checks of all Federal Reserve
(Saturday 12:00 M .)
banks and branches.
Drafts on Federal Reserve Bank o f Dallas or its branches.
Federal Reserve Exchange Drafts.
The following banks are located in outlying sections of the head office or branch city
indicated or in contiguous cities. Items drawn on such banks are collected by mail and are
subject to deferred credit. Such items should be listed with other items subject to deferred
credit and should not be listed with items of immediate availability.
Name o f Bank

Location
HEAD OFFICE T E R R IT O R Y

Grove State Bank..................................................................................................... Dallas,Texas
Highland Park State Bank (Highland P a r k ).................................................... Dallas,Texas
Hillcrest State Bank (University P a r k )............................................................ Dallas,Texas
HOUSTON BRANCH T E R R IT O R Y
Almeda State Bank............................................................................................... Houston,Texas
Bellaire State B a n k ............................................................................................. Houston,Texas
Commercial State Bank....................................................................................... Houston,Texas
East End State B a n k ........................................................................................... Houston,Texas
First State Bank o f Green’s Bayou.................................................................. Houston,Texas
Harrisburg National Bank................................................................................. Houston,Texas
Heights State Bank............................................................................................... Houston,Texas
North Side State Bank......................................................................................... Houston,Texas
Port City State Bank......................................................................................... Houston,Texas
Reagan State Bank............................................................................................... Houston,Texas
River Oaks State Bank....................................................................................... Houston,Texas
Security State Bank............................................................................................. Houston,Texas
The Industrial State Bank o f Houston............................................................ Houston,Texas
University State Bank......................................................................................... Houston,Texas
SAN ANTONIO BRANCH T E R R IT O R Y
Broadway National Bank of Alamo Heights........................Alamo
Plarlandale State Bank.....................................................................San
Highland Park State Bank.............................................................San
Jefferson State Bank...................................................................... San
National Bank o f Fort Sam Houston......................................... San
Union State Bank.................................................................South San

Heights, Texas
Antonio, Texas
Antonio, Texas
Antonio, Texas
Antonio, Texas
Antonio, Texas

T h is schedule supersedes all previous schedules and is subject to change
w ithout notice.

— 10—

BULLETIN NO. 8
(Superseding Time
Schedule Dated
January 12, 1951)

HOUSTON BRANCH
FEDERAL RESERVE BANK OF DALLAS
TIME SCHEDULE
Effective July 1, 1951
A

vailability

F or F ollowing D escribed I tems

Immediate
Credit

♦Houston
Government checks drawn on the Treasurer of the United States.
Government checks drawn on the Treasurer of the United States payable
through a Federal Reserve bank.
United States postal money orders (issued on and after July 1, 1951).
Drafts on Federal Reserve Bank o f Dallas and its branches; subject to
inspection and verification o f signatures at the head office or branch
on which they are drawn.
Cashier’s checks and expense checks o f all Federal Reserve banks and
branches.
Federal Reserve Exchange Drafts.

i
Business
Day After
Receipt

♦Dallas
Atlanta
Little Rock
Oklahoma City
El Paso
Birmingham
Memphis
St. Louis
♦San Antonio
Kansas City
New Orleans
Fort Worth— (Limited to bank drafts drawn on Fort W orth member
banks which are payable to the order o f ourselves.)

2
♦♦Business
♦♦♦Days After
Receipt

All other items drawn on par banks located within the United States.

♦Except items drawn on par banks in contiguous cities or on certain outlying banks within
the cities indicated which are collected by mail. A list of such banks is shown on the
reverse side o f this schedule.
♦♦Credit for items payable in other Federal Reserve bank and branch cities, when received
in separate letters, will be deferred on a calendar day basis when the items are in transit
to banks in those cities on a Sunday or a holiday.
♦♦♦Deferred credit for a member or nonmember clearing bank’s own draft on its commercial
bank correspondent will be based on the transit time normally required to effect collection.
CREDIT FOR CASH ITEMS SENT DIRECT TO OTHER
FEDERAL RESERVE BANKS
Member and nonmember clearing banks which have received permission to send cash
items (exclusive of Government checks and postal money orders) payable in other Federal
Reserve districts direct to other Federal Reserve banks and branches for the account of
this bank will be given credit for items so sent as specified below :
(a ) Items payable in Federal Reserve bank or branch cities—
Based on the time (not to exceed two business days from date of dispatch)
normally required for the collection thereof as indicated in separate availability
schedules furnished the respective direct-sending banks;
(b ) Items payable in localities outside o f Federal Reserve bank or branch cities—
T w o business days from date o f dispatch ;
provided, however, that this bank may, by giving notice to any member or nonmember clear­
ing bank, prescribe the manner, and the time before which, all items or certain items must
be dispatched by such bank in order to obtain such credit.

-1 1 -

B U L L E T IN NO. 8

C L O S IN G H O U R S

Central T im e .........................
10:00 A. M. (D a ily )............Items drawn on banks in Houston, other than the Federal
Reserve Bank Branch, for which immediate credit is given
according to this schedule.
11:00 A. M ...............................Government checks drawn on the Treasurer of the United
(Saturday 10:00 a. m.)
States and Government checks drawn on the Treasurer o f the
United States payable through a Federal Reserve bank.
11:00 A. M .............................United States postal money orders (issued on and after July
(Saturday 10:00 a .m .)
1, 1951).
12:00 M .................................... Miscellaneous items o f one or more days deferred availability
(Saturday 11:00 a. m.)
according to this schedule. (Except that miscellaneous items
o f $500 or more will be received up to 1 :00 P. M. on Saturday
and 2 :30 P. M. on other days when listed in separate letters
containing only such items.)
2:00 P .M .................................Cashier’s checks and expense checks o f all Federal Reserve
(Saturday 1 :00 p. m.)
banks and branches.
Drafts on Federal Reserve Bank of Dallas or its branches.
Federal Reserve Exchange Drafts.
The following banks are located in outlying sections of the head office or branch city
indicated or in contiguous cities. Items drawn on such banks are collected by mail and are
subject to deferred credit. Such items should be listed with other items subject to deferred
credit and should not be listed with items of immediate availability.
Name of Bank

Location
HEAD OFFICE TERRITORY

Grove State Bank....................................................................................... Dallas, Texas
Highland Park State Bank(Highland P a r k ).......................................... Dallas, Texas
Hillcrest State Bank (University P a r k ).............................................. Dallas, Texas
HOUSTON BRANCH TERRITORY
Alrneda State Bank.................................
Bellaire State B a n k ...............................
Commercial State Bank..........................
East End State B a n k .............................
First State Bank o f Green’s B ayou ...
Harrisburg National Bank....................
Heights State Bank.................................
North Side State Bank...........................
Port City State Bank...........................
Reagan State Bank.................................
River Oaks State Bank..........................
Security State Bank...............................
The Industrial State Bank o f Houston
University State Bank...........................

Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas
Houston, Texas

SAN ANTONIO BRANCH TERRITORY
Broadway National Bank of Alamo Heights........................Alamo Heights, Texas
Harlandale State Bank.....................................................................San Antonio, Texas
Highland Park State Bank............................................................ San Antonio, Texas
Jefferson State Bank......................................................................San Antonio, Texas
National Bank o f Fort Sam Houston......................................... San Antonio, Texas
Union State Bank................................................................ South San Antonio, Texas
T h is schedule supersedes all previous schedules and is subject to change
without notice.

— Id—

BULLETIN NO. 8
(Superseding Time
Schedule Dated
Tanuary 12, 1951)

SAN ANTONIO BRANCH
FEDERAL RESERVE BANK OF DALLAS
TIME SCHEDULE
Effective July 1, 1951
A vailability

F or F ollowing D escribed I tem s

Immediate
Credit

♦San Antonio
Government checks drawn on the Treasurer of the United States.
Government checks drawn on the Treasurer of the United States payable
through a Federal Reserve bank.
United States postal money orders (issued on and after July 1, 1951).
Drafts on Federal Reserve Bank o f Dallas and its branches; subject to
inspection and verification of signatures at the head office or branch
on which they are drawn.
Cashier’s checks and expense checks o f all Federal Reserve banks and
branches.
Federal Reserve Exchange Drafts.

1
Business
Day After
Receipt

♦Dallas
Birmingham
Nashville
♦Houston
Kansas City
Oklahoma City
Fort Worth— (Limited to bank drafts drawn on Fort W orth member
banks which are payable to the order o f ourselves.)

2

** Business
♦♦♦Days After
Receipt

All other items drawn on par banks located within the United States.

♦Except items drawn on par banks in contiguous cities or on certain outlying banks within
the cities indicated which are collected by mail. A list of such banks is shown on the
reverse side o f this schedule.
♦♦Credit for items payable in other Federal Reserve bank and branch cities, when received
in separate letters, will be deferred on a calendar day basis when the items are in transit
to banks in those cities on a Sunday or a holiday.
♦♦♦Deferred credit for a member or nonmember clearing bank’s own draft on its commercial
bank correspondent will be based on the transit time normally required to effect collection.
CREDIT FOR CASH ITEMS SENT DIRECT TO OTHER
FEDERAL RESERVE RANKS
Member and nonmember clearing banks which have received permission to send cash
items (exclusive o f Government checks and postal money orders) payable in other Federal
Reserve districts direct to other Federal Reserve banks and branches for the account of
this bank will be given credit for items so sent as specified below:
(a) Items payable in Federal Reserve bank or branch cities—•
Based on the time (not to exceed two business days from date of dispatch)
normally required for the collection thereof as indicated in separate availability
schedules furnished the respective direct-sending banks;
(b ) Items payable in localities outside o f Federal Reserve bank or branch cities—T w o business days from date of dispatch;
provided, however, that this bank may, by giving notice to any member or nonmember clear­
ing bank, prescribe the manner, and the time before which, all items or certain items must
be dispatched by such bank in order to obtain such credit.

■11-

B U L L E T IN NO. 8

C L O S IN G H O U R S

Central T im e .........................
10:30 A . M .............................Items drawn on banks in San Antonio, other than the Federal
(Saturday 10:00 a.m .)
Reserve Bank Branch, for which immediate credit is given
according to this schedule.
11:00 A. M .............................Government checks drawn on the Treasurer o f the United
(Saturday 10:00 a. m.)
States and Government checks drawn on the Treasurer o f the
United States payable through a Federal Reserve bank.
11:00 A . M .............................United States postal money orders (issued on and after July
(Saturday 10:00 a .m .)
1, 1951).
12:00 M ...................................Miscellaneous items o f one or more days deferred availability
(Saturday 11:00 a.m .)
according to this schedule. (Except that miscellaneous items
o f $500 or more will be received up to 1 :0O P. M. on Saturday
and 3 :30 P. M. on other days when listed in separate letters
containing only such items.)
2 :00 P. M .................................Cashier’s checks and expense checks of all Federal Reserve
(Saturday 1 :00 p. m.)
banks and branches.
Drafts on Federal Reserve Bank o f Dallas or its branches.
Federal Reserve Exchange Drafts.
The following banks are located in outlying sections o f the head office or branch city
indicated or in contiguous cities. Items drawn on such banks are collected by mail and are
subject to deferred credit. Such items should be listed with other items subject to deferred
credit and should not be listed with items o f immediate availability.
Name of Bank

Location
HEAD OFFICE TERRITORY

Grove State Bank.........................................................................................Dallas, Texas
Highland Park State Bank(Highland P a r k ).......................................... Dallas, Texas
Hillcrest State Bank (University P a r k )..................................................Dallas, Texas
HOUSTON BRANCH T E R R IT O R Y
Almeda State Bank................................................................................... Houston, Texas
Bellaire State B a n k ................................................................................. Houston, Texas
Commercial State Bank........................................................................... Houston, Texas
East End State B a n k ............................................................................... Houston, Texas
First State Bank o f Green’sBayou........................................................Houston, Texas
Harrisburg National Bank..................................................................... Houston, Texas
Heights State Bank................................................................................... Houston, Texas
North Side State Bank............................................................................. Houston, Texas
Port City State Bank............................................................................. Houston, Texas
Reagan State Bank................................................................................... Houston, Texas
River Oaks State Bank........................................................................... Houston, Texas
Security State Bank................................................................................. Houston, Texas
The Industrial State Bank o f Houston................................................ Houston, Texas
University State Bank............................................................................. Houston, Texas
SAN ANTONIO BRANCH T E R R IT O R Y
Broadway National Bank o f Alamo Heights........................Alamo
Harlandale State Bank.....................................................................San
Highland Park State Bank.............................................................San
Jefferson State Bank............................................... •
...................... San
National Bank o f Fort Sam Houston......................................... San
Union State Bank.................................................................South San

Heights,
Antonio,
Antonio,
Antonio,
Antonio,
Antonio,

Texas
T exas
Texas
Texas
Texas
Texas

T h is schedule supersedes all previous schedules and is subject to change
w ithout notice.

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