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ANNOUNCEMENT Opening El Paso Branch Federal Reserve Bank of Dallas, Ei Paso, Texas, June 17, 1918 Useful Information in Regard to Branch's Operations PRESERVE FOR REFERENCE This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Circular No. 32 Series of 191S D IR E C T O R S O F F IC E R S R . L . V A N Z A W D T, GOVERNOR J . W . H O O P E S , D E P U TY GOVERNOR L Y N N P. T A L L E Y , CASHIER R . R . G I L E E R T , A S SIS TA N T CASHIER P A U L G . T A Y L O R , A S SIS TA N T CASHIER R . B . C O L E M A N , A S SIS TA N T CASHIER FEDERAL RESERVE BANK EL PASO B R AN C H S A M R . L A W D E R , M ANAGER OF DALLAS J . M . P R O C T E R , CASHIER P A U L S. M IL L E R , A S SIS TA N T F E D E R A L R ES ER V E A G E N T Dal l a s , T e x a s , June W . F . R A M S E Y , CHAIRM AN AND Federal reserve Ag en t W . B . N E W S O M E , . D e p u t y C h a ir m a n J . J. C U L B E R T S O N , . . PARIS, T E X A S F R A N K K E L L , . W IC H IT A FALLS , T E X A S B . A . M C K IN N E Y , . . D U R A N T, O K L A . M A R IO N S A N S O M , . F T . W O R TH , T E X A S JN O . T . S C O TT, . . H o u s to n , T e x a s E . K . S M IT H , . . . Sh r e v e p o r t , l a . H . O. W O O T E N , . . A B IL E N E , T e x a s C H A R L E S C . H A L L . A S SIS TA N T Fe d e r a l r e s e r v e Ag e n W . C . W E I S S , ..............................A u d i t o r C H A S . C H U F F .......................... C O U N SE L 10 , 1918. DETAIL OF THE OPERATIONS OF THE EL PASO BRANCH TO THE MEMBER BANK ADDRESSED: The El Paso Branch of the Federal Reserve Bank of Dallas will open for business Monday, June 17, 1918. tached hereto is a list of the member and non-member banks situated in the territory apportioned to the Branch. At RESERVE ACCOUNTS The reserve accounts of such member banks as will have direct relations with the El Paso Branch will be transferred from the Head Office to the books of the Branch at the close of business June 15 and those members will thereafter receive daily statements of their reserve accounts from the Branch, and all ac counting in connection therewith will be done at the El Paso office. Mail Addressed Mail relating to the functions of the Federal Reserve Bank, as outlined herein, to receive proper to Branch action, must be addressed to the El Paso Branch on and after such date as will accomplish de livery to the Branch on and after June 17. Reports of Weekly reports of net deposits will be made by those members to the Branch instead of to the Net Deposits Head Office. Checks and drafts drawn by member banks whose reserve accounts are kept at the Branch shall be Immediate Avail drawn on the “ El Paso Branch Federal Reserve Bank of Dallas, El Paso, Texas.” Such checks and ability of Drafts Drawn on Head Of drafts may be received (subject to final payment) by the Head Office >at Dallas for immediate availability. Similarly, checks and drafts drawn on the Head Office by member banks attached fice or Branch at thereto may be received (subject to final payment) by the El Paso Branch for immediate avail Either Place ability. CURRENCY AND COIN Shipments and Shipments of currency and coin will be made from the Branch to member banks assigned to it in the Deposits same manner as such shipments have heretofore been made from the Head Office at Dallas, and deposits of currency and coin from or fo r the account of member banks will be received under the same conditions as if they were made with the Plead Office. Supply on Hand An adequate supply of currency and coin will be maintained at the Branch at all times for the con venience of its member banks and to enable them to operate without the necessity of carrying a large amount of cash in vault, thereby releasing such funds for use in the ordinary channels of business and contribut ing to the maximum efficiency of our financial system to an extent which will be of especial value under present condi tions. Unissued Federal In addition, the Federal Reserve Agent of the Federal Reserve Bank of Dallas will hold at the El Reserve Notes Paso Branch a supply of unissued Federel reserve notes sufficient to amply provide against any need which may arise and which may be issued when occasion demands. Daily Statements CLEARIN G SYSTEM Check Collections Checks payable on demand will be accepted by the Branch from member banks, without service District Clearing charge, as follows: House) For immediate credit (when listed in a separate letter)— Items drawn on all El Paso banks; Items drawn on the Treasurer of the United States or any Assistant Treasurer; Items drawn on the El Paso Branch, Federal Reserve Bank of Dallas; Items drawn on the Federal Reserve Bank of Dallas (in the discretion of the Branch). Items drawn on all members of the Federal Reserve System outside of the city of El Paso and such non-member banks as appear on the par list issued by the Federal Reserve Board will be accepted for deferred credit in the same manner as at the Head Office. The aggregate amount of the checks received from a member bank each day will be used to pay an equal amount of the checks drawn on that member bank which have been received by the Branch from other sources on the same day. Should the aggregate amount of items drawn on a member bank which have been re ceived from other sources be greater than the amount of items received from that member, then the difference (or ex cess amount of items drawn on that member bank over the amount received from that member bank on that date) will be charged to that member bank’s reserve account, under advice, after sufficient time has elapsed for the items to be sent to the member bank and the settlement check for the difference returned. Should the aggregate amount of items received from a member bank on any date be in excess of the amount of items drawn on that member bank which have been received by the Branch from other sources on the same date, credit for the difference (or excess amount of the items received from that member bank over the amount drawn on that member bank) will be deferred for the average time necessary to collect such difference through the District Clearing House and the items will be sent to the member bank on which they are drawn and such bank will be notified of the amount upon which credit has been deferred and the date on which it will be credited to its reserve account. By this method items will be used in payment of items and unnecessary shipments of money and transfers of funds will be obviated. t Direct Routing Banks whose reserve accounts are kept with the El Paso Branch may apply for authority to send items direct to the Plead Office at Dallas for credit with the El Paso Branch. Similarly, banks whose reserve accounts are kept at the Plead Office may apply for authority to send items direct to the Branch for their credit with the Plead Office. Member banks desiring to forward items to the El Paso Branch for the credit of other member banks whose accounts are kept with the El Paso Branch may be authorized to do so and will be fur nished instructions for so doing upon authorization. MAIL AND W IRE TRANSFERS OF FUNDS AND EXCHANGE TRANSACTIONS Transfers of funds by mail to other Federal Reserve Banks made by members of the El Paso Branch for immedi ate credit to their reserve accounts will be made at the rates which are in effect at the Plead Office. This rate is slightly under the lowest discount rate applicable to commercial or industrial paper at the Head Office and is made to com pensate the Federal Reserve Bank for the loss of the use of the funds for the transit time necessary for the transfer. The same rate will be applied to drafts on other Federal Reserve cities received from member banks for immediate credit to their reserve accounts. Members may, however, send in their drafts on other Federal Reserve cities with special instructions that they be handled through the District Clearing House for deferred credit. Transfers made by telegraph to other Federal Reserve Banks by member banks for immediate credit to their reserve account with the Branch will be accepted at par by the Branch. Telegraphic transfers by the El Paso Branch to other Federal Reserve cities for the account of member banks wifi be made at par without telegraphic expense. Mail transfers by the Branch to other Federal Reserve cities for the account of member banks will be made at the rates effective at the Head Office. COLLECTION OF MATURING NOTES, BILLS, ETC. Provision has been made at the Branch for the collection of drafts, notes, bills and other cash and credit instru ments for credit to the account of the sending bank when paid in the same manner as is employed at the present time by the Head Office. DISCOUNT OPERATIONS Rediscounts The El Paso Branch will receive applications for rediscount from those member banks which have indicated a preference for conducting rediscounts operations directly with the Branch, in the same manner as does the Head Office, and paper which is acceptable to the Executive Committee of the Branch will be credited at face value plus interest to maturity, if any, to the reserve account of the offering bank on the books of the Branch, on the date received, and forwarded to the Plead Office for review. The discount on offerings finally accepted will be calculated at current rates at the Head Office, which will advise the Branch of the amount of same, which will then debit the reserve account of the discounting member bank on its books, under advice. Several days prior to the date due discounted paper will be forwarded fc r collection by the Branch and will be debited to the re serve account of the discounting member at maturity. Member Bank Member bank collateral notes having a maturity of not exceeding fifteen days, secured by notes, Collateral Notes drafts, bills of exchange or bankers acceptances which are eligible for rediscount or for purchase by Federal Reserve Banks, or which are secured by the deposit or pledge of bonds or notes of the United States which are acceptable to the Executive Committee of the Branch, will be credited by the Branch at face value on the date received to the reserve account of the offering bank and forwarded to the Head Office for review. The discount thereon will be calculated at the current rate at the Head Office, which will advise the Branch of the amount of same, which will then debit the reserve account of the discounting member bank on its books, under advice. Notice of the maturity of such notes will be forwarded to the signing bank several days prior to their due date, the amount will be debited to its reserve account at maturity and disposition made of the collateral in accordance with its instructions. ADVANCES ON BILL OF LADING DRAFTS Drafts with order bills of lading, properly endorsed, attached covering shipments of grain and grain products, al falfa and other hay, wool, beans, cotton and cotton-seed products and other readily marketable non-perishable commodi ties, will be handled by the Branch in the same manner as by the Head. Office, and will be accepted for immediate cred it, subject to final payment and interest adjustment at the rate established by the Head Office, which at the present time is 4%. Such drafts must be drawn “ On or before (not to exceed ninety) days after date,” or “ On arrival of car or (not to exceed ninety) days after date,” or with a definite maturity not exceeding ninety days. Immediate credit at face value will be given by the Branch to the reserve account of the sending member bank for such items as are acceptable to its Executive Committee. The drafts will be forwarded for collection, with instructions that the proceeds be remitted by the collecting bank to the nearest Federal Reserve Bank. Interest will be calculated from the date on which credit is given to the sending bank to the date the funds are received by a Federal Reserve Bank and will be debited to the re serve account of the member bank, under advice. W AR LOAN FUNCTIONS Until further notice transactions relating to Liberty Loan Bonds, United States Treasury Certificates of Indebt edness, Government depositaries, and War Savings and Thrift Stamps will be handled only at the Head Office, and all correspondence in connection therewith should be addressed to the War Loan Department, Federal Reserve Bank of Dallas, Fiscal Agent of the United States, Dallas, Texas. FOREIGN EXCHANGE AND EXPORTATION OF COIN, BULLION AND CURRENCY All matters pertaining to foreign exchange and the exportation of coin, bullion and currency will continue, as at present, to be handled only through the Head Office, and correspondence relating thereto should be so addressed. The Federal Reserve Board, on the recommendation of the Board of Directors of the Federal Reserve Bank of Dallas, has authorized the establishment of the El Paso Branch, in order that its service may be brought closer and made more useful to those member banks situated in the territ<?ry apportioned to the Branch, and it is hoped that all of those member banks will co-operate with and lend their fullest support to the Branch. Respectfully, J. W. FI DOPES, Acting Governor. MEMBER AND NON-MEMBER BANKS SITUATATED IN THE TERRITORY APPORTIONED TO THE EL PASO BRANGH MEMBER BANKS TEXAS Bank Alpine ..................... First National Bank Del Rio ........... „...... Del Rio National Bank First National Bank El Paso .................... Border National Bank City National Bank First National Bank State National Bank kort Stockton .......... First National Bank Marfa ..................... Marfa National Bank Midland .............. . First National Bank Midland National Bank Odessa ..................... Citizens National Bank Pecos ......... ............. First National Bank Stanton ................... First National Bank Flome National Bank NEW MEXICO Albuquerque ............ American Trust & Savings Bank First National Bank State National Bank Artesia ........ ............ First National Bank Belen ....................... First National Bank Carlsbad ................. First National Bank National Bank of Carlsbad _ . State National Bank Carrizozo ................ First National Bank ^ ovls ...... .... -.......... Clovis National Bank First National Bank Deming ................... Deming National Bank Elida ........................ First National Bank Fort Sumner .......... First National Bank Hagerman ................ First National Bank Hope ................ ......... First National Bank Hot Springs ............ First National Bank Lakewood ........ ,...... Lakewood National Bank Las Cruces .............. First National Bank Lordsburg................ First National Bank Lovington ............... First National Bank First Territorial Bank Magdalena .............. First National Bank Melrose ................... First National Bank Mountainair ............ Mountainair State Bank Nara Visa ................ First National Bank Portales .................... First National Bank Roswell .............. American National Bank Citizens National Bank First National Bank Santa Rosa .............. First National Bank Silver City .............. American National Bank Silver City National Bank Tucumcari .............. American National Bank First National Bank ARIZONA Clifton ..................... First National Bank Douglas ................... First National Bank Nogales ................... First National Bank Nogales National Bank Safford ..................... Bank of Safford Tombstone .............. Cochise County State Bank First National Bank Tucson ..................... Arizona National Bank Consolidated National Bank Tucson National Bank NON-MEMBER BANKS TEXAS Alpine .....................Alpine State Bank Andrews ................. Andrews State Bank Balmorhea ........ ..... Toyah Valley State Bank Barstow ...................Citizens State Bank Buena Vista ............Farmers State Bank Clint ........................ Clint Mercantile & Banking Company First State Bank Del Rio ................... Del Rio Bank & Trust Company El Paso ...... ............American Trust & Savings Bank El Paso Bank & Trust Co Rio Grande Valley Bank & Trust Co. Security Bank & Trust Company Texas Bank & Trust Company Union Bank & Trust Company Town NON-MEMBER BANKS—Continued Town Bank Fort Davis ............. Fort Davis State Bank Fort Stockton ........ First State Bank Marathon.................Marathon State Bank Marfa .......................Marfa State Bank Pecos .......................Pecos Valley State Bank Sanderson ...............Sanderson State Bank Sierra Blanca ..........Sierra Blanca State Bank Toyah ..................... Citizens State Bank Van Horn ............... Van Horn State Bank NEW MEXICO Alamagordo ............Alamo State Bank Peoples State Bank Albuquerque .... ..... Citizens Bank First Savings Bank & Trust Company Anthony .......... .......Valley Mercantile & Banking Co. Artesia .....................First State Bank Carrizozo ............... Exchange Bank Lincoln State Bank Clovis ...................... Citizens Bank Columbus ........ .......Columbus State Bank Corona ..................... Stockmens State Bank Deming .... .............. Bank of Deming Dexter .....................Dexter State Bank Encino ..................... Encino State Bank Estancia...................Estancia Savings Bank Farmers & Stockmens Bank Fort Sumner ............Citizens Bank Hatch ............. ........ Bank of Hatch Hillsboro ................. Sierra County Bank K enna..................... Kenna Bank & Trust Company Lake Arthur ..........First State Bank Las Cruces ..............Bowman Bank & Trust Company Union Bank Lordsburg ............... Lordsburg State Bank Magdalena ..............Bank of Magdalena Nara Visa ............... Farmers & Merchants Trust & S. Bk. Portales ...................Portales Bank & Trust Company Security State Bank Reserve ...................Reserve State Bank Roswell ................... First State Bank & Trust Company .San Antonio ............New Mexico State Bank San .ion ......... ..........First State Bank Sam Marcial ............ Bank of San Marcial Santa Rosa ............. Santa Rosa State Bank Silver City ........ ..... Silver City Savings Bank Union Exchange Bank Socorro ...................Socorro State Bank Taiban .....................Bank of Commerce Tatum .....................First State Bank Texico .....................Farmers State Bank Tularosa ................. First State Bank Tyrene ......... ........... Bank of Tyrene Vaughn ...................Citizens State Bank Willard .....................Torrance County Savings Bank ARIZONA Ajo .......................... Valley Bank Benson ................... Cochise County State Bank Bisbee .....................Bank of Bisbee Citizens Bank & Trust Company Miners & Merchants Bank Bowie ...................... Bank of Bowie Clifton .....................Gila Valley Bank & Trust Company Peoples Bank & Trust Company Douglas ...................Bank of Douglas Duncan .....................Bank of Duncan Lowell .....................Bank of Lowell Metcalf ...................State Bank of Metcalf Morenci ................. Gila Valley Bank & Trust Company State Bank of Morenci Nogales ....................Sonora Bank & Trust Company Pima ........................ Bank of Pima Gila Valley Bank & Trust Company San Simon ..............San Simon Valley Bank Thatcher ................. Citizens Bank Tucson ....... ............. Merchants Bank & Trust Company Southern Arizona Bank & Trust Co. Willcox ...................Central Bank of Willcox Willcox Bank & Trust Company
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