Full text of District Notices (Federal Reserve Bank of Dallas) : Exchange Rates, [Circular No. 18-46]

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

M IS C L. 14-8-28-18

FEDERAL RESERVE BANK
OF DALLAS

Circular No. 46
Series of 1918

EXCHANGE RATES
September 3rdt 1918.
TO THE MEMBER BANK ADDRESSED:Pursuant to our Circular No. 43, under date of August 20, 1918,
and to the conditions outlined therein:
Owing to the movement of cotton and the consequent demand
for currency, it has become necessary to convert quite a free offering of mail
remittances to eastern points into currency, thereby necessitating raising the
discount rate on all jpail transfers, as outline! below.
Effective on September 5th, subject to change without notice,
exchange on banks in other Federal Reserve cities and transfers made to other
Federal Reserve Banks for our account will be credited on receipt at a dis­
count of 14$ per $1,000.00 for each intervening day, including Sundays and holi­
days, until credited to us by the receiving Federal Reserve Bank.
The following table will show the usual time of outstanding 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:
Days
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Ran Francisco
New Orleans

3
3
3
3
3
2
2
2

3
2

4
2

M

T

W

T

F

S

42
42
42
42
42
28
28
28
42
28
56
28

42
42
42
42
42
28
'28
28
42
28
56
28

42
42
42
42
42
28
28
28
42
28
70
28

56
56
56
56
56
28
28
28
56
28
56
28

42
42
42
42
42
42
42
42
42
42
56
42

42
42
42
42
42
28
28
28
42
42
56
28

SALES
Selling price will continue to be 5$ per $1,000.00 discount on
two day points and 15$ per $1,000.00 on 3 and 4 day points,
WIRE TRANSFERS
WIRE TRANSFERS WILL BE BOUGHT AT PAR AND SOLD AT PaR EXCLUSIVE
OF COST OF TELEGRAMS.
Yours very truly,

Governor

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