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Circular No. 6 Series of 1934. FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, May 1, 1934. TRANSFER OF FUNDS To the Member Bank Addressed: This circular supersedes all previous circulars governing telegraphic transfers of funds, and its provisions are subject to change without notice by the Federal Reserve Bank of Dallas. Unless otherwise stated, the term “Federal Reserve Bank of Dallas” includes its El Paso, Houston, and San Antonio Branches. LEASED WIRE SERVICE Telegraphic transfers of funds will be made for and paid to member banks only. Transfers of bank balances in round amounts, that is, multiples of $100, will be made over the Federal reserve leased wires. Such transfers will be made without cost to member banks. The term “ bank balance” shall be construed to mean an accumulation of funds in an established account maintained by a member bank with its Federal reserve bank or with an other member bank. Transfers of proceeds o f individual collection items will not be made over the leased wires. The descriptive data in telegrams transferring bank balances must be limited to the amount to be transferred, name of the member bank to receive credit, and when necessary, name of its correspondent member bank and name of member bank with which request originates. The Federal reserve banks maintain, at large expense, a leased wire system over which a heavy volume of important communications passes between Federal Reserve banks and branches. Member banks are requested to cooperate with us in attempting to avoid overcrowd ing the leased wires by not making requests for telegraphic transfers of small amounts, or transfers which can be made through the mails without inconvenience. COMMERCIAL WIRES The foregoing relates to the transfer of bank balances over the Federal reserve leased wires. Federal reserve banks will also make transfers of funds for any purpose and in any amount over the commercial telegraph wires. Such transfers will be accepted from and paid to member banks only, but may be for the use of any bank, individual, firm, or corporation. MAIL TRANSFER Any member bank may request the Federal Reserve Bank of Dallas to debit its account and credit the account of any other member bank in the Eleventh Federal Reserve District with any collected funds on deposit to the credit of the requesting bank. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) T E L E G R A P H IC E X P E N S E A N D A D V IC E S O F CR EDIT No charge will be made covering the transfer over leased wires of bank balances in even hundreds as defined in this circular to and from other Federal reserve banks for the account of member banks located anywhere in the United States. No charge will be made for telegrams between the Federal Reserve Bank of Dallas and its branches covering transfers of any character within the Eleventh Federal Reserve District. This bank will absorb the cost of telegrams received by it from member banks request ing transfers of bank balances in even hundreds for use of member banks. Telegrams requesting transfers of any character other man bank balances in even hun dreds for use of member banks should be prepaid. The cost of all telegrams transferring funds over the commercial telegraph wires will be charged to the member banks for which the transfers are made. Except where telegraphic advice of credit is requested, ordinarily this bank will send such advices by mail, it being assumed that the receiving bank will have knowledge that trans fer is being made. All telegrams to member banks advising credit will be sent charges collect. GENERAL Requests for transfers must be made by letter, over an authorized signature, or by tele gram in American Bankers Association code, properly tested, in which latter case official con firmation should immediately follow by mail. It is our policy not to accept instructions over the telephone to make transfers of funds. Unless otherwise instructed, requests for transfers will be handled on date received, pro vided they reach us not later than the time shown by schedule herein. It will be the uniform practice of the Federal Reserve Bank of Dallas to charge reserve accounts of its member banks with transfers made under their instructions, which will be con strued as authority to make such charges; however, member banks may cover transfers by drafts on this bank. Drafts drawn on banks other than the Federal Reserve Bank of Dallas will be entered for collection and proceeds passed to member banks’ credit only when avail able for reserve and checking purposes. If it is desired that transfers be made only when proceeds of such drafts become available, member banks will so indicate. Charges against reserve accounts and payment of drafts drawn on this bank as mentioned herein will be made only against adequate collected balances. Member banks may readily have transfers made from one correspondent member bank to another without affecting their own reserve balances. In such cases, instead of making transfer requests of this bank accompanied by drafts drawn upon a correspondent member bank, such correspondent member bank may be requested direct to make such transfers through this bank, thus preventing delays incident to the collection of such drafts. Member banks may request correspondent member banks in other districts to transfer funds through the Federal reserve bank or branch to which such correspondents are attached. The Federal Reserve Bank of Dallas will use due diligence and care in the transfer of funds by telegraph to the receiving Federal reserve bank for credit to the account of the payee bank, but will not be responsible for errors or delays caused by circumstances beyond its control. Any member bank using the transfer service offered by the Federal Reserve Bank of Dallas will be understood by such use to have agreed to the terms and conditions set forth in this circular. Yours very truly, B. A. McKinney, Governor. FEDERAL RESERVE BANK OF DALLAS C L O SIN G H O U R S F O R T E L E G R A P H IC T R A N S F E R S C losing H ours Head Office, Houston or San Antonio Branch Saturday Other Busi ness Days Central Time 11:00 A.M. 1:00 P.M. 11:00 A.M. 1:00 P.M. 11:00 A.M. 1:00 P.M. 10:00 A.M. 1:00 P.M. 10:00 A.M. 1 :00 P.M. 11:00 A.M. 1:00 P.M. 11:00 A.M. 1:00 P.M. 1:00 P.M. 10:00 A.M. 1 :00 P.M. 10:00 A.M. 1:30 P.M. 11:30 A.M. 11:30 A.M. 1:30 P.M. 1:00 P.M. 10:00 A.M. 2:00 P.M. 12:00 M. 2:00 P.M. 11:00 A.M. 1:30 P.M. 11:30 A.M. 12:00 M. 10:00 A.M. 1:30 P.M. 11:30 A.M. 1 :30 P.M. 11:30 A.M. 2 :00 P.M. 12:00 M. 1 :30 P.M. 11:30 A.M. 1 :30 P.M. 11:30 A.M. 1 :30 P.M. 11:00 A.M. 1:00 P.M. 11:00 A.M. 1 :30 P.M. 11:30 A.M. 1:00 P.M. 10:00 A.M. 1 :30 P.M. 11:30 A.M. 1 :30 P.M. 11:00 A.M. 1 :00 P.M. 10:00 A.M. 1:00 P.M. 10:00 A.M. 2:00 P.M. 12:00 M. 1 :00 P.M. 11:00 A.M. 1 :30 P.M. 11:30 A.M. 2:00 P.M. 12:00 M. 1:30 P.M. 11:30 A.M. 2:00 P.M. 12:00 M. 2 :00 P.M. 12:00 M. 2:00 P.M. 12:00 M. El Paso Branch Saturday Other Busi ness Days Mountain Time 10:00 A.M. 12:00 M. 12:00 M. 10:00 A.M. 12:00 M. 10:00 A.M. 12:00 M. 9:00 A.M. 9:00 A.M. 12:00 M. 10:00 A.M. 12:00 M. 10:00 A.M. 12:00 M. 12:00 M. 9:00 A.M. 12:00 M. 9:00 A.M. 12:30 P.M. 10:30 A.M. 2:00 P.M. 11:00 A.M. 12:00 M. 9:00 A.M. 11:00 A.M. 10:30 A.M. 9:00 A.M. 10:00 A.M. 11:00 A.M. 12:00 M. 11:00 A.M. 11:00 A.M. 10:00 A.M. 10:00 A.M. 10:00 A.M. 9:00 A.M. 10:00 A.M. 10:00 A.M. 9:00 A.M. 9:00A.M. 12:00 M. 10:00 A.M. 11:00 A.M. 11:00 A.M. 10:30 A.M. 12:00 M. 12:00 M. 12:00 M. For Transfers to Following Federal Reserve Banks or Branches 2:00 P.M. 12:30 P.M. 11:00 A.M. 1:00 P.M. 1:00 P.M. 2:00P.M. 1:00 P.M. 1:00 P.M. 1:00 P.M. 12:00 M. 12:00 M. 12:00 M. 1 :00 P.M. 1 :00 P.M. 12:00 M. 12:00 M. 2:00 P.M. 12:00 M. 1:00 P.M. 2:00 P.M. 12:30 P.M. 2:00 P.M. 2:00 P.M. 2:00 P.M. Atlanta Baltimore (Branch of Richmond) Birmingham (Branch of Atlanta) Boston Buffalo (Branch of New York) Charlotte (Branch of Richmond) Chicago Cincinnati (Branch of Cleveland) Cleveland Dallas Denver (Branch of Kansas City) Detroit (Branch of Chicago) El Paso (Branch of Dallas) Helena (Branch of Minneapolis) Houston (Branch of Dallas) Jacksonville (Branch of Atlanta) Kansas City Little Rock (Branch of St. Louis) Los Angeles (Branch of San Francisco) Louisville (Branch of St. Louis) Memphis (Branch of St. Louis) Minneapolis Nashville (Branch of Atlanta) New Orleans (Branch of Atlanta) New York Oklahoma City (Branch of Kansas City) Omaha (Branch of Kansas City) Philadelphia Pittsburg (Branch of Cleveland) Portland (Branch of San Francisco) Richmond St. Louis Salt Lake City (Branch of San Francisco) San Antonio (Branch of Dallas) San Francisco Seattle (Branch of San Francisco) Spokane (Branch of San Francisco) NOTE: If any of the above cities adopt “ daylight saving” time during any part of the year, the closing time shown in the above schedule will be automatically advanced accordingly during that period.