The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
CIRCULAR N O . 14. (Enclosing sheets Nos. 1 and 2.) FEDERAL RESERVE BANK OF N E W YORK 6 2 CEDAR STREET DECEMBER 29, To 1914. THE CASHIER. SIR: The temporary policy of this bank in the matter of collecting items for member banks has been governed by the following resolution, which was adopted at the conference of officers and directors of the twelve Federal Reserve Banks held in Washington in October: " W e recommend that member banks be allowed to deposit for their credit at the outset, after the initial reserve and capital payments have been made, any checks drawn by member banks on any Federal Reserve Bank or on member banks in Reserve and Central Reserve cities within their respective districts." With the exception of checks drawn on Federal Reserve Banks this resolution only contemplates our receiving items drawn by member banks on other member banks situated in New York, Brooklyn and Albany. The matter of extending our collection facilities so as to include all items drawn on all member banks in this district and possibly on member banks of other districts, is now under consideration. Before arriving at a decision on these transit matters, and adopting a final plan, we wish to have at hand all the data possible to aid us in formulating such plan. We would therefore appreciate your prompt answers to the questions appearing on the enclosed sheet No. 1. In that connection it is important to know what portion of the resources of the Federal Reserve Bank might be in transit in the mails under such plan as may be adopted, and we therefore ask you to be good enough to keep the following record for five days beginning January 4, 1915, and send us the record promptly January 8th, on the form enclosed herewith as sheet No. 2. 1. The aggregate number and amount of checks drawn on national banks in the City of New York sent out by you each day. 2. The aggregate number and amount of checks drawn on other national banks in district No. 2 sent out each day. 3. The aggregate number and amount of checks drawn on national banks in the other eleven districts sent out each d a y ; also: 1. The aggregate number and amount of checks on your own bank received each day from national banks in the City of New York. 2. The aggregate number and amount of checks on your own bank received from other national banks in district No. 2. 3. T h e aggregate number and amount of checks on your own bank received from national banks in the other eleven districts. O u r wish is to make the service of this institution of value to all of its members and your cordial cooperation is desired. Respectfully, B E N J . STRONG, J R . , Governor. SHEET NO. I. (Circular No. 14.) FEDERAL RESERVE BANK O F NEW YORK 62 CEDAR STREET DECEMBER 29, 1. Would it be satisfactory to your bank to have 1914. 1 us charge items drawn on you against your account with this bank immediately on receipt by us and before they reach you for examination? 2. Do you believe that items you send us should 2 be credited to your account on receipt, and that we should pay your drafts against the same before the advice of payment or proceeds .are received by u s ? 3. Should we give you credit on receipt for 3 checks on other banks unless we have your permission to charge your account, on receipt, with checks on your bank received from other banks? 4. Do you think you should make a charge of 4 exchange for payment of checks on your own bank? If so, who should pay it? 5. Do you think it desirable for this bank to 5 make a charge for collecting items payable outside of district No. 2? 6. Do you think this Bank should hold items 6 payable outside of district No. 2 in transit account, making the proceeds available when they are paid? ( N A M E OF B A N K ) AT CASHIER. Please return this sheet immediately Sheet No. 2 (Circular No. 14) INFORMATION FOR THE FEDERAL RESERVE BANK OF NEW YORK FURNISHED BY N A M E OF BANKPLACE DATE CHECKS SENT OUT BY US On National Banks, New York City* Date January Number of Checks | Aggregate Amount On Other National Banks, District No. 2 Number of Checks On National Banks, Outside District No. 2 Aggregate Amount Number of Checks Aggregate Amount 4 $ $ $ 5 $ $ 6 1* $ $ 7 $ $ $ 8 $ i$ !$ $ ! TOTAI. CHECKS National Banks, New York City* Date Number of Cheeks Aggregate Amount O N US R E C E I V E D FROM Other National Banks, District No. 2 Number of Checks Aggregate Amount National Banks, Outside District No. 2 Number of Checks Aggregate Amount TOTAL. * N E W YORK CITY BANKS. American Exchange National Bank Bank of New York, National Banking Assn. Battery Park National Bank 3 r o n x National Bank Chase National Bank Chatham & Phenix National Bank Chemical National Bank Citizens Central National Bank Coal & Iron National Bank East River National Bank Fifth National Bank ***^t National Bank .•field National Bank Gotham National Bank Hanover National Bank Harriman National Bank Importers & Traders National Bank Irving National Bank Liberty National Bank Lincoln National Bank Market & Fulton National Bank Mechanics & Metals National Bank Merchants Exchange National Bank Merchants National Bank National Bank of Commerce National Butchers & Drovers Bank National City Bank National Park Bank New York County National Bank Seaboard National Bank Second National Bank Sherman National Bank Union Exchange National Bank THE FOREGOING APPLIES TO CASH ITEMS ONLY. GIVE AMOUNTS IN EVEN HUNDREDS. PLEASE RETURN PROMPTLY JANUARY 8, 1915.
@FedFRASER