The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NEW YORK r Circular No. 1288, October 2, 1933. "1 t Superseding Circular No. 1234, May 26, 1933.J New York Head Office Time Schedule To Member and Nonmember Clearing Banks in the Second Federal Reserve District (except Banks in the Territory assigned to the Buffalo Branch): This circular contains our New York Head Office Time Schedule. It applies only to member and nonmember clearing banks in the territory assigned to our head office at New York City, which territory includes all of the Second Federal Eeserve District except the territory assigned to our Buffalo branch. Our Buffalo Branch Time Schedule applies to member and nonmember clearing banks in the territory assigned to such branch (i. e., the counties of Alleghany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, Orleans, and Wyoming, in the State of New York). As heretofore, cash items sent to us by member and nonmember clearing banks in the territory assigned to our head office at New York City should be sent to such head office, except that such banks may at their option send cash items payable in the territory assigned to our Buffalo branch either to our head office at New York City or to our Buffalo branch. Subject to the terms and conditions of this time schedule, and of Eegulation J of the Federal Eeserve Board, and of our circular relating to collection of cash items, we will give credit in member bank reserve accounts and nonmember clearing bank clearing accounts at the times indicated herein for cash items received and accepted by us and for cash items payable in other Federal Eeserve Districts which are sent by our member and nonmember clearing banks with our permission direct to Federal Eeserve Banks of such other districts for our account. This time schedule does not necessarily show the actual time required for collection of cash items, and advices received from us showing the availability of items cannot be considered as advices of actual payment on the dates of availability. Credit will in all instances be subject to receipt of payment by us in actually and finally collected funds, and we may in our discretion refuse at any time to permit the withdrawal or other use of credit given for any item for which we have not yet received payment in actually and finally collected funds. We reserve the right at any time to revoke, modify, amend, or add to, this time schedule or any provision thereof, effective as to all or any particular member banks and nonmember clearing banks. GEOBGE L. HABBISON, Governor. FEDERAL RESERVE BANK OF NEW YORK SCHEDULE ON THIS PAGE SHOWS W H E N CREDIT WILL B E GIVEN FOR CASH ITEMS RECEIVED AND ACCEPTED AT HEAD OFFICE OF FEDERAL RESERVE BANK OF NEW YORK IN NEW YORK CITY t IMMEDIATE CREDIT When received by 9 a, m. Items drawn on or payable at Districts New York Clearing House Association banks 1 Lists of banks No. Other New York City and Brooklyn banks rb^TZ'nished*" 1 Chicago Boston Northern New Jersey Clearing House Association banks J JponTeguest. New York 2 St. Louis Checks and warrants on Treasurer of the United States, Washington, D. C. Philadelphia 3 Minneapolis When received by 3 p. m. (Saturdays 1 p. m.) Cleveland 4 Kansas Citj, Mo. Checks on Federal Reserve Bank of New York (including Buffalo Branch) Richmond 5 Dallas Officers' checks of other Federal Reserve Banks 6 San Francisco Atlanta Federal Reserve Exchange Drafts Federal Reserve Transfer Drafts Federal Reserve Cities and Federal Reserve Branch Cities in this column fOne Calendar Day After Receipt —Items payable in New York City—Other than items mentioned above—(when received by 9 a. m.) No. Boston District 1 Buffalo Branch of 2 Philadelphia District 3 Cleveland District 4 Pittsburgh Branch of 4 Richmond District 5 Baltimore Branch of 5 fTwo Calendar Days After Receipt—Items payable in No. Branch of 4 Cincinnati Branch of 5 Charlotte District 6 Atlanta Branch of 6 Birmingham Branch of 6 Jacksonville Branch of 6 Nashville District 7 Chicago Branch of 7 Detroit District 8 St. Louis Branch of 8 Louisville District 9 Minneapolis St. Paul In District 9 Omaha Branch of 10 fThree Calendar Days After Receipt —Items payable in No. 6 Branch of New Orleans Branch of Memphis 8 Branch of 8 Little Rock District 10 Kansas City, Mo. In District 10 Kansas City, Kans. Branch of 10 Denver Branch of 10 Oklahoma City District Dallas 11 fFonr Calendar Days After Receipt —Items payable in No. Helena Branch of 9 El Paso Branch of 11 Houston Branch of 11 San Antonio Branch of 11 Spokane Branch of 12 Salt Lake City Branch of 12 Portland, Ore. Branch of 12 Seattle Branch of 12 fFive Calendar Days After Receipt—Items payable in No. San Francisco District 12 Los Angeles Branch of 12 No. 7 8 3 10 11 12 Localities outside of Federal Reserve Cities and Federal Reserve Branch Cities in this column CLOSING TIME FOR DEFERRED CREDIT ITEMS Payable in New York City 9 a. m. Payable in Second District outside of New York City 2:30 p. m. Saturdays 1 p. m. Items $500 and over 3:30 p. m. Saturdays 1 p. m. Payable in other Federal Reserve Districts 12:30 p. m. Saturdays 12:30 p. m. Items $500 and over 3:30 p. m. Saturdays 1 p. m. fTwo Business Days After Receip Items payable in "••New Jersey Connecticut •New York Delaware •Pennsylvania District of Columbia Rhode Island Maine Vermont •Maryland •Virginia •Massachusetts New Hampshire fFonr Business Days After Receipt—Items payable in •Georgia *Minnesota •Illinois *Missouri Indiana *North Carolina Iowa *Ohio •Kansas South Carolina •Kentucky West Virginia •Michigan Wisconsin fFive Business Days After Receipt—Items payable in •Alabama ^Nebraska •Arkansas ^Oklahoma •Florida 'Tennessee Mississippi fSeven Business Days After Receipt—Items payable in Arizona North Dakota •California 'Oregon •Colorado South Dakota Idaho *Texas •Louisiana *Utah •Montana ^Washington Nevada Wyoming New Mexico t When received by closing time as herein indicated for such items—otherwise credit deferred for one additional day. When the day on which credit would otherwise be given is a Sunday or legal holiday in New York State credit will be given on the following business day. n cities listed in left hand column. •• Except items drawn on or payable at Northern New Jersey Clearing House Association banks. 2 CREDIT FOR CASH ITEMS SENT DIRECT TO BUFFALO BRANCH Cash items payable in that portion of the Second Federal Reserve District which is assigned to the Buffalo branch may be sent direct to that branch. Credit for such items received at the Buffalo branch will be given as indicated below. IMMEDIATE CREDIT—when received before 9 a.m. (8:30 a.m. Saturdays). Items payable in Buffalo. Two BUSINESS DAYS AFTER RECEIPT—when received before 2:30 p.m., Saturdays 12 noon. Items (other than those payable in Buffalo) payable in that portion of the Second Federal Reserve District which is assigned to the Buffalo branch. When cash items are received after closing time, as indicated above, credit therefor will be deferred one additional day. When the day on which credit would otherwise be given is a Sunday or legal holiday in New York State credit will be given on the following business day. CREDIT FOR CASH ITEMS SENT DIRECT TO OTHER FEDERAL RESERVE BANKS Member and nonmember clearing banks, which have received permission to send cash items payable in other districts direct to other Federal Reserve Banks for account of Federal Reserve Bank of New York, will be given credit for items so sent after the same number of days from the mailing thereof as credit is deferred for similar items after receipt thereof by Federal Reserve Bank of New York at its head office at New York City; provided, however, that Federal Reserve Bank of New York may, by giving notice to such effect to any member or nonmember clearing bank, prescribe an hour before which all items or certain items must be mailed by such bank in order to obtain such credit and may defer credit an additional day for items mailed by such bank after such hour. PREPARATION OF CASH LETTERS SORTING Member banks and nonmember clearing banks are requested to sort cash items which they send to the head office of Federal Reserve Bank of New York at New York City into the following classes with a separate letter or total for each class. (a) Immediate credit items, subdivided into— 1. Items drawn on or payable at New York Clearing House banks. "| Lilts ^ hanks 2. Items drawn on or payable at other New York City and Brooklyn banks. k ^ ^ " 3. Itemsdrawn onorpayable at Northern New Jersey Clearing HousebanksJ uP°n re 4. Checks and warrants on Treasurer of the United States, Washington, D. C. 5. Other immediate credit items. (b) Items payable at one-day points. (c) Items payable at two-day points, subdivided into 1. Items payable in the State of New York in (a) Cities and towns with names beginning with A to L. (b) Cities and towns with names beginning with M to Z. # **2. Items payable in the portions of New Jersey and Connecticut that are included in the Second Federal Reserve District, and 3. Items payable at two-day points outside of this district (see note). (d) Items payable at three-day points. (e) Items payable at four-day points (see note). (f) Items payable at five-day points (see note). (g) Items payable at seven-day points. (Note to (e) S, (e) and ( / ) ) . In order that credit may be deferred on a calendar day basis instead of on a business day basis for items which are payable in Federal Eeserve cities and Federal Beserve branch cities and are included in these classes, such items should be sorted separately from the other items in the respective classes. If this is not done, credit for all items in these classes, including items payable in Federal Eeserve cities and Federal Eeserve branch cities, will be deferred on a business day basis. Credit for cash items not sorted in accordance with instructions may be deferred for the longest time for which credit would be deferred for any of such items if properly sorted. All cash items should be described on cash letters by inserting the name of the bank and city or town at which they are payable, or by inserting the American Bankers Association transit number of such bank. • • • The portions of New Jersey and Connecticut that are included in the Second Federal Eeserve District are as follows: New Jersey—Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Passaie. Somerset, Sussex, Union, Warren. Connecticut—County of Fairfield3 MAIL ADDRESS All mail for the head office at New York City should be addressed: FEDERAL RESERVE BANK OF NEW YORK, Federal Reserve Station, P. 0., New York City, N. Y. All mail for the Buffalo branch should be addressed: FEDERAL RESERVE BANK, 270-276 Main Street, Buffalo, N. Y. ENDORSEMENTS For the information of sending banks in connection with the preparation of cash letters the following paragraph relative to endorsements is quoted from the circular of Federal Reserve Bank of New York relating to collection of cash items: "All cash items sent to us, or to another Federal Beserve Bank direct for our account, should be endorsed without restriction to the order of the Federal Beserve Bank to which sent, or to the order of any bank, banker or trust company, or with some similar endorsement. Cash items will be accepted by us, and by other Federal Beserve Banks, only upon the understanding and condition that all prior endorsements are guaranteed by the sending bank. There should be incorporated in the endorsement of the sending bank the phrase 'All prior endorsements guaranteed.' The act of sending or delivering a cash item to us or to another Federal Beserve Bank will, however, be deemed and understood to constitute a guaranty of all prior endorsements on such items, whether or not an express guaranty is incorporated in the sending bank's endorsement. The endorsement of the sending bank should be dated and should show the American Bankers Association transit number of the sending bank in prominent type on both sides." FEDERAL RESERVE BANK OF NEW YORK October 2, 1933. To Member and Nonmember Clearing Banks in the Second Federal Reserve District (except Banks in t h e Territory assigned to the Buffalo Branch): We transmit t o you herewith a copy of our circular No. 1288, dated October 2, 1933, containing our New York head office time schedule as amended to that date, superseding circular No. 1234, dated May 26, 1933, and the time schedule therein contained. The occasion for issuing the enclosed new circular and time schedule i s to advise member and nonmeniber clearing banks that hereafter and u n t i l further notice we will (subject of course t o the terms and conditions of our time schedules, and of Regulation J of the Federal Reserve Board, and of our circular r e l a t i n g t o the collection of cash items) give credit two calendar days, instead of three calendar days, after receipt for cash items payable in Omaha, Nebraska, and three calendar days, instead of four calendar days, after receipt for cash items payable in Denver, Colorado, which are received and accepted at our head office in New York City, Except for these changes the enclosed circular No. 1288» dated October 2, 1933, and the time schedule therein contained are the same as the circular and time schedule which they supersede. George L. Harrison, Governor.
@FedFRASER