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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, April 5, 1957 To the Member and Par Remitting Nonmember Banks of the Eleventh Federal Reserve District: This bank’s Bulletin No. 8 relating to the collection of cash items has been revised to include in the uniform instructions regarding protest and wire advice of nonpayment the following subparagraph: “ (5) DO NOT PROTEST AND DO NOT WIRE ADVICE of nonpayment of any check, regardless of amount, endorsed by the Treasurer of the United States, or endorsed for credit to the Treasurer of the United States, or bearing on its face or in an endorsement the legend ‘This check is in payment of an obligation to the United States and must be paid at par. N.P. Do not wire nonpayment’ or words of similar import.” This amendment to Bulletin No. 8 is on page 6, paragraph 13. This addition to these uniform instructions has resulted in the deletion of re lated instructions appearing in paragraph 27. As directed in the new subparagraph (5), checks endorsed by the Treasurer of the United States or endorsed for credit to the Treasurer of the United States should be handled without protest and without wire advice of nonpayment whether or not the check bears a legend to that effect. Protest fees and telegraphic costs pertaining to such checks can not be recovered. A copy of the revised Bulletin No. 8, dated and effective April 5, 1957, is enclosed and should replace in your files our previous Bulletin No. 8, dated February 15, 1956. Please acknowledge receipt of the revised bul letin by signing and returning to us the attached postal card. Yours very truly, Watrous H. Irons President 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 APRIL 5, 1957 (Superseding Bulletin No. 8, dated February 15,1956) COLLECTION OF CASH ITEMS To the Member and Nonmember Clearing Banks o f the Eleventh Federal Reserve District:1 Regulation J o f the Board of Governors of the Federal Reserve System, this bulletin and our Bulletin No. 8A 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 of 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 cheek 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 Bulletin No. 8A are issued pursuant to this provision o f Regulation J. Unless otherwise stated, all references to the Federal Reserve Bank of Dallas will include the head office and all of its branches. ITEMS WHICH WILL BE ACCEPTED AS CASH ITEMS 1. The following will be accepted for collection as cash items: (1 ) Checks drawn on banks or banking institutions (including private bankers) located in any Federal Reserve district2 which are collectible at par in funds acceptable to the collecting Federal Re serve 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 supple ment 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 return 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. !The provisions of paragraph 13, paragraphs 22 through 28, and paragraphs 35 and 36, as well as those of paragraph 7 with respect to remittance drafts, are applicable not only to member and nonmember clearing banks but also to other par remitting nonmember banks to which we send cash letters. This bulletin is accordingly sent to all member and par remitting nonmember banks in the Eleventh Federal Reserve District. 2For the purposes of this bulletin Alaska, Hawaii, Puerto Rico and any dependency, insular possession or part of the United States outside the continental United States shall be deemed to be in or of such Federal Reserve district as the Board of Governors may designate. — 2— BULLETIN No. 8 (3 ) Postal money orders (United States postal money orders; United States international postal money orders; and domesticinternational postal money orders). (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 llems. When any such item is accepted as a cash item, we will give credit therefor in accord ance with the provisions of this bulletin and our Bulletin No. 8A ; and with respect to such item the “ TE R M S OF C O LLE C TIO N ” of Section 3 of Regulation 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 bulletin including paragraphs (2 ) and (4 ) of Section 5 of Regulation J as set forth in this bulletin. 2. 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. 3. 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. 4. In the interests of good banking, the indirect routing of cash items is discouraged, 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 5. 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 Bulletin No. 8A, and of Regulation J in effect at the time such cash items are received by the Federal Reserve bank. 6. 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 Bulletin No. 8A.7 7. 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 Bulletin No. 8A, 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 — 3— BULLETIN No. 8 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 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 o f 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 re“ 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— BULLETIN No. 8 turned 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 pro vided by applicable clearing house rule or special collection agreement, whichever is earlier, except that this paragraph shall not apply to checks presented 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. “ (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 o f 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 of 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 — 5— BULLETIN No. 8 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 8. 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 covered by such circular, the provisions of Regulation J, this bulletin and our Bulletin No. 8A shall be deemed applicable to all Government checks. Credit for Government checks will be given in accordance with our Bulletin No. 8A and will be subject in all cases to examination and payment by or on behalf of the Treasurer of the United States. 9. Section 25 o f 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 fur nished upon request. POSTAL MONEY ORDERS 10. Postal money orders will be handled in accordance with an agree ment 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 Bulletin No. 8A shall be deemed applicable to all postal money orders. Immediate credit will be given to member and nonmember clear ing banks for postal money orders as provided in our Bulletin No. 8A and simultaneously 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 Department as provided in said agreement (other than a claim based on the negligence 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 re turned 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 mak ing such claim, including making their records and any relevant evidence in their possession available to the Post Office Department. PREPARATION OF CASH LETTERS BY SENDING BANKS 11. Instructions relative to sorting and listing of items are set forth in our Bulletin No. 8A. — 6— BULLETIN No. 8 ENDORSEMENTS 12. 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 13. Federal Reserve banks will receive, handle and forward cash items subject to the following uniform instructions regarding protest and wire advice of 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 of a preceding bank endorser. Include in the wire advice of nonpayment the A.B.A. transit numbers or the names of the two endorsers immediately preceding the Federal Reserve bank. (5 ) DO N O T PR O T E ST AN D DO N O T W IR E A D V IC E of nonpayment of any check, regardless of amount, endorsed by the Treasurer of the United States, or endorsed for credit to the Treas urer of the United States, or bearing on its face or in an endorsement the legend “ This check is in payment of an obligation to the United States and must be paid at par. N.P. Do not wire nonpayment” or words of similar import. (S E E P A R A G R A P H 28 W IT H REFEREN CE TO PR E P A R A T IO N O F W IR E A D V IC E S O F N O N P A Y M E N T .) BULLETIN No. 8 14. All Federal Reserve banks will receive, handle and forward cash items only in accordance with these uniform instructions, and any contrary or spe cial instructions noted on cash letters or otherwise transmitted with cash items will be disregarded. 15. 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 of transmittal, for collection and credit when paid, in accordance with the terms of our current bulletin relating to the collection of noncash items. TELEGRAPHIC COSTS 16. Telegrams pertaining to payment, nonpayment or tracing of cash items, or in connection with receiving or transmitting pertinent information or in structions, will be sent, to the extent practicable, over the Federal Reserve leased wires without cost to member and nonmember clearing banks. The cost o f 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 17. W e publish and furnish to member and nonmember clearing banks time schedules showing when cash items will become available for reserve and withdrawal 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 o f availability prescribed by our current time schedules with respect to any item enclosed, not to exceed two busi ness days. 18. 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. 19. Immediate Credit. For all such cash items as are accepted for imme diate 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 clear ing 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. 20. D eferred Credit. For all such cash items as are accepted for deferred credit in accordance with our current time schedules, deferred credit will be — 8— BULLETIN No. 8 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 21. In sending cash items for collection, this bank uses available air trans portation facilities wherever such facilities offer a reasonable expectation of earlier presentment of cash items or in those cases where earlier delivery facili tates the work o f the drawee bank or the receiving Federal Reserve bank or branch. INSTRUCTIONS TO COLLECTING AND REMITTING BANKS 22. Remittances for our cash letters should be made on the day of receipt, at par in immediately available or acceptable funds. 23. 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 Sec tion 5 of Regulation J, set forth in this bulletin under the heading “ Terms and Conditions of Collection.” Such provision o f 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. 24. Each bank returning cash items for credit or refund represents that such items are returned within the time allowed by paragraph (4 ) of Section 5 of Regulation J or the applicable law ; and any refund, deduction or credit made, allowed or given by this bank for any item returned after the time allowed by Regulation J or the applicable law may be recovered or revoked if such late return is not acquiesced in by our sending bank. A bank may, how ever, return to us without entry a cash item which it has failed to return in time, with a request that we ask our sending bank to make refund therefor; in which event we shall make refund to the returning bank and charge our sending bank only if the latter specifically authorizes us to do so. 25. 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 returned the following business day and may be deducted from the remittance for the cash letter received on such following business day; however, if no cash letter is received on such following business day, the items should not be held but should be returned to us sepa rately for credit or refund. The transmittal letter returning such unpaid items should be clearly marked R E TU R N ITEM L E T T E R and should not include other items. — 9— BULLETIN No. 8 26. Collecting and remitting banks should retain a description of each item returned unpaid, which should include the amount, the name of the drawer, the name o f the payee, the date of our endorsement, and the name or A.B.A. transit number of our endorser. Failure to retain such information might pre vent establishing identity and effecting recovery in the event unpaid checks are lost while being returned to us. 27. The instructions set forth in paragraph 13 of this bulletin under the heading “ U N IFO R M IN STR U C TIO N S REG ARDIN G PRO TE ST AN D W IR E A D V IC E OF N O N P A Y M E N T ” are applicable to all items which we forward as cash items. 28. In furnishing wire advices of nonpayment of items of $1,000 or over, collecting and remitting banks should include in the wire advice the amount of the item, the reason for nonpayment, the date of our cash letter in which the item was listed, and the A.B.A. transit numbers or the names of the two endorsers immediately preceding this bank. Wire advices of nonpayment should be furnished in a form similar to that which is used in the following specimen: Returning $1,513.24 insufficient funds yours 18th endorsed 37-2 and 88-4185 INFORMATION TO SENDING BANKS REGARDING RETURN ITEMS 29. The attention of sending banks is called to our “ Instructions to collect ing and remitting banks” to the effect that, (a) each bank returning cash items for credit or refund represents that such items are returned within the time allowed by paragraph (4 ) of Section 5 of Regulation J or the applicable law; and (b ) that any refund, deduction or credit made, allowed or given by this bank for any item returned after the time allowed by Regulation J or the applicable law may be recovered or revoked if such late return is not acquiesced in by our sending bank. W e do not undertake to examine all returned cash items to confirm that such items are returned within the time permitted under the provisions of paragraph (4 ) of Section 5 of Regulation J or the applicable law. DIRECT SENDING OF CASH ITEMS TO OTHER FEDERAL RESERVE BANKS 30. Member and nonmember clearing banks, having a substantial volume of 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. 31. When in our judgment a member or nonmember clearing bank has a sufficient volume of cash items payable in other Federal Reserve districts to justify 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. BULLETIN No. 8 —10- REIMBURSEMENT OF TRANSPORTATION COSTS 32. 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 including 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. 33. Claims for reimbursement of transportation costs on direct sendings should be filed with us by the tenth day of the month following the month in which such costs were incurred, using Form Tr. 115, a supply of which will be furnished upon request. 34. Each direct sending member bank is requested to give constant atten tion to methods of shipment and to change a method in any case in which ship ment 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. CHECK ROUTING SYMBOL 35. T o facilitate the sorting and routing of checks and other cash items by all banks, and thereby promote earlier presentment, the appropriate check routing symbol in fractional form should be clearly imprinted in the upper right-hand 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 36. The right is reserved to withdraw, add to, or amend, at any time, any of the provisions of this bulletin. Yours very truly, Watrous H. Irons President
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