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Circular No. 13 Series 1919 FEDERAL RESERVE BANK OF DALLAS DALLAS, TEXAS, June 18, 1919. ESTABLISHMENT OF HOUSTON BRANCH TO TH E BANK A D D R E S S E D : The growing utilization of the facilities of the Federal Reserve Bank of Dallas by the banks, both member and non-member, in Southern Texas has made desirable, in order that quicker and more economical service may be rendered, the establishment of a Branch at Houston. Accordingly, after approval by the Federal Reserve Board, all necessary preliminary steps in the organization of the Branch have been taken and it will be opened for business as soon as vault and equipment can be completed. DIRECTORS. Directors of the Houston Branch have been named as follows: Sam R. Lawder . . . . . Houston J. A. P o n d r o m ...........................................Houston Frank Andrews . . . . . Houston J. C. Chidsey . . . . Plouston J. J. D a v i s ................................................... Galveston These same men are so well known to the banking fraternity of the State as to need no introduc tion. Needless to say they were selected for the reason that their training and experience have excep tionally well fitted them to properly administer the affairs of the Branch. The counties attached to the Branch for the present are: Anderson Angelina Aransas Austin Bastrop Brazoria Brazos Burleson Caldwell Calhoun Chambers Cherokee Colorado Fayette Fort Bend Galveston Grimes Hardin Harris Houston Jackson Jasper Jefferson Lavaca Lee Leon Liberty Madison Matagorda Milam Montgomery Nacogdoches Newton Orange Polk Refugio Robertson Sabine San Augustine San Jacinto Shelby Trinity Tyler Victoria Walker Waller Washington Wharton for the reason that the mail time between the banks therein is quicker to and from Houston than.. Dal las, an for the further reason that the banks in these counties have indicated a preference for transact ing their business with the Houston Branch. FUNCTIONS. Offerings of rediscounts and collateral notes by member banks will be received for immediate credit by the Branch, subject to review by the Head Office. Shipments of money will be received from and dispatched to banks in the Branch territory. A supply of unissued Federal Reserve notes will be carried under the supervision and control of the Federal Reserve Agent. A District Clearing House This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) for the clearing of checks will be maintained under the same plan that is employed at the Head Office. A branch of the Reserve City Clearing House will be maintained, and while settlements will be made only at the Head Office—thereby avoiding the confusion and duplication of two settlements—all items payable through the Reserve City Clearing House will be available for immediate credit at Houston in the same manner as if they were actually received at the Head Office. A department for the collec tion of maturing notes, drafts, etc. will also be maintained. The reserve accounts of member banks situated in the Houston territory will be carried at the Branch and daily statements rendered from there. Reports of net deposits will be made to the Branch and reserve calculations made at the Branch therefrom. SUCCESS OF BRANCH. The precedent established in the El Paso Branch of the Federal Reserve Bank of Dallas leads us to expect very close co-operation on the part of both member and non-member banks in the Houston territory. It is hoped that all non-member banks will add to the community interest by remitting without charge for items received from the Houston Branch. All banks receive, either directly or in directly, the advantages of the Federal Reserve System, including its collection facilities, and the Fed eral Reserve par list is growing rapidly as an evidence of a change of feeling toward the Collection Sys tem. Upon the co-operation of the banks depends the measure of success to be attained by the Houston Branch, with the resultant benefit to the business interests of that section. Announcement of the date of opening and the details of operations will be made lq.ter. Respectfully, Chairman.
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