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Circular No. 40 FEDERAL RESERVE BANK Series of 1921 OF DA L LA S Amending Circular N o. 31 Series of 1921 June 18, 1921. TELEGRAPHIC TRANSACTIONS TO THE MEMBER BANK ADDRESSED: On May 11, in Circular No. 31, Series of 1921, we advised -member banks of the over-crowded condition of the leased wire system of the Fed eral Reserve Banks, and of the desirability of limiting telegraphic transfers to be made over our wires to amounts of $1,000 or over. The last sentence in the first paragraph of that circular is hereby revoked, and the Federal Reserve Bank of Dallas is prepared to accept and transmit, at its expense, telegraphic transfers of amounts less than $1,000, except that the privilege of ordering same may be withdrawn, without notice, from any member bank which, through receipt of requests for an unusual number of small transfers, is found to be abusing this privilege. Yours very truly, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)