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Circular No. 3 6 - A FEDERAL RESERVE BANK Series of 1 9 2 0 OF DALLAS September 30, 1920 I M P O R T A N T N O T I C E IN C O N N E C T I O N W I T H P U R C H A S E S OF EXCH ANG E AN D M A IL TRANSFERS TO THE MEMBER BAM ADDRESSED: Since the issu a n ce o f our C ircu la r Ho. 36, S e r ie s o f 1920, a m isunderstanding appears to e x is t as to the ch a ra cte r o f exchange e l i g i b l e f o r purchase by t h is bank and i t s El Paso and Houston branches. You are a c c o r d in g ly a d vised that purchases o f exchange f o r immediate c r e d it s u b je c t to f i n a l payment, a t a d is c o u n t, are lim it e d to the s e l l i n g member banks own d r a ft s on t h e ir correspon den ts in oth er Federal Re serve or Branch F ederal Reserve c i t i e s . M iscellan eou s cash items or d r a fts drawn by oth er than the s e l l i n g member bank, w i l l be r e c e iv e d on ly f o r d e fe r r e d c r e d i t , in accordance w ith the terms o f our C ir cu la r Ho. 3 , S e r ie s o f 1920. Very t r u ly y ou rs, 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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