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F R PRINT 2710 Circular No. 2 Series of 1920 FEDERAL RESERVE BANK OF D A L L A S February 17, 1 9 2 0 . Change In Rate For Purchase O f Mail Transfers (Superseding all previous circulars on this subject) TO THE MEMBER BANK ADDRESSED: Effective Thursday, February 19th, subject to change without notice, exchange on banks in other Federal Reserve or Branch Federal Reserve cities, and mail transfers made to other Federal Reserve or Branch Federal Reserve banks by member banks for their account with this bank or with its El Paso and Houston Branches, will be credited subject to final payment on receipt of the exchange (when en closed in a separate letter and request is made that immediate credit is desired) or advice that remit tances are being made, at a discount of 17!/>c per $1,000.00 for each intervening day, including Sundays and holidays, until credited to our account by the receiving Federal Reserve Bank. For convenience the following table has been prepared, which shows the minimum time of outstand ing items for each day in the week. Please bear in mind that on Wednesdays four-day points become five day, on Thursdays three-day points become four day, and on Fridays two-day points become three 'day, on account of Sundays intervening; the same rule applying to holidays. T F S Days M T W Boston ...............3 52 Vs 521/a 521/a 70 521/a 521/a New York...... ....3 521/, 52i/> 521/2 70 521/a 521/, Philadelphia .......3 5 2 Vo 521/, 521/, 70 521/, 521/, Cleveland ....... ....3 52 V* 521/2 521/a 70 521/a 52i/a Richmond ..... ... 3 52i/2 52i/> 521/a 70 52i/a 521/, 35 35 35 521/a 35 Atlanta ......... ....2 35 Chicago ......... ....2 35 35 35 35 521/a 35 35 35 35 521/a 35 Saint Louis.........2 35 Minneapolis ... ... 3 521/2 521/, 521/, 70 521/a 521/, 35 35 Kansas C ity... ... 2 35 35 521/a 35 San Francisco......4 70 70 871/a 70 70 70 35 New Orleans... ....2 35 35 35 521/a 35 (This table applies only to banks assigned to the Dallas and Houston territories. It will be neces sary for banks assigned to the El Paso district to add one day to the schedule applying to all banks ex cept Minneapolis, Kansas City and San Francisco to determine usual time of outstanding items. In the case of Minneapolis and Kansas City the same schedule applies, however, one day should be deducted in arriving at the usual time of outstanding items to San Francisco.) SALES Mail remittances made by this bank and its El I aso and Houston Branches to banks located in other Federal Reserve or Branch Federal Reserve cities, ait the request of and for the account of member banks located in the Eleventh Federal Reserve District, wfil be made at par. W IR E TR A N SFER S Immediate credit at par will be given for transfers made by wire, likewise wire transfers will be made by us to banks located in other Federal Reserve or Branch Federal Reserve Cities without cost to our member banks. As has been previously advised, telegrams advising of wire transfers as well as tele grams requesting wire transfers to be made, may be sent to us charges collect. The above change in rates on mail transfers is in accordance with the change in discount rates effec tive February 2, 1920 and brings the rate to approximately 6% per annum on this class of investment. Yours very truly, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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