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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 1 4 9 9 , January 16, 1935. "1 L Superseding Circular No. 1162, February 27, 1933. J Buffalo Branch Time Schedule To Member and Nonmember Clearing Banks in the Territory assigned to the Buffalo Branch: This circular contains our Buffalo Branch Time Schedule. It applies only to member and nonmember clearing banks in the territory assigned to our Buffalo branch (i. e., the counties of Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, Orleans, and Wyoming, in the State of New York). Our New York Head Office Time Schedule applies to member and nonmember clearing banks in the territory assigned to our head office at New York City. As heretofore, cash items sent to us by member and nonmember clearing banks in the territory assigned to our Buffalo branch should be sent to our Buffalo branch, except that such banks may at their option send cash items payable in the territory assigned to our head office at New York City either to such head office or to our Buffalo branch. Subject to the terms and conditions of this time schedule, and of Regulation J of the Federal Reserve 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 Reserve Districts which are sent by our member and nonmember clearing banks with our permission direct to Federal Reserve 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. GrEOKGE L . H A E E I S O N , Governor. FEDERAL RESERVE BANK OF NEW YORK (Buffalo Branch) SCHEDULE ON THIS PAGE SHOWS W H E N CREDIT WILL B E GIVEN FOR CASH ITEMS RECEIVED AND ACCEPTED AT BUFFALO BRANCH OF FEDERAL RESERVE BANK OF NEW YORK IN BUFFALO, N. Y. f IMMEDIATE CREDIT Districts When received by 9 a, m. (8:30 a. ni. Saturdays)—items payable in Buffalo No. No. When received by 3 p. m. (Saturdays 12 noon) Boston 1 Chicago 7 8 Checks and warrants on Treasurer of the United States, Washington, D. C. New York 2 St. Louis Philadelphia 3 Minneapolis 9 Checks on Federal Keserve Bank of New York and Buffalo Branch Cleveland 4 Kansas City, Mo. 10 Officers' checks of other Federal Eeserve Banks Richmond 5 Dallas 11 Atlanta 6 San Francisco 12 Federal Eeserve Exchange Drafts my Federal Reserve Cities and Federal Reserve Branch Cities in this column rjava foj.6 1Y1 fOne Calendar Day After Receipt- j . New York City—drawn on or payable at r.-rf, nt h*~b. ifNew York Clearing House Association banks ~.. -_ .__. . >*«i_ md Brooklyn banks Z-t-sTj or van res c T referred to will\ Northern J Other New NewJersey York Clearing City i House Associabe furnished XT upon request. \ tion banks ~ 3 Philadelphia District 4 Cleveland District 4 Pittsburgh Branch of 7 Chicago District 7 Detroit Branch of M _ Localities outside of Federal Reserve Cities and Federal Reserve Branch Cities in this column CLOSING TIME FOR DEFERRED CREDIT ITEMS Payable in Second District 2 :30 p. m. Saturdays 12 noon Items $500 and over 3:30 p. m. Saturdays 12 noon Payable in other Federal Reserve Districts 12:30 p. m. Saturdays 12 noon fTwo Calendar Days After Receipt—Items payable in fTwo Business Days After Receipt—Items payable in "New Jersey New York City—other than items mentioned No. "New York above 1 Boston District 4 Cincinnati Branch of 5 Baltimore Branch of 5 Charlotte Branch of 5 Eichmond District 6 Atlanta District 6 Birmingham Branch of 6 Nashville Branch of 8 Little Eock Branch of 8 Louisville Branch of 8 Memphis Branch of 8 St. Louis District 9 Minneapolis District 9 St. Paul In District 10 Kansas City, Mo. District Kansas City, Kans. In District 10 10 Omaha Branch of tThree Calendar Days After Receipt—Items payable in fThree Business Days After Receipt—Items payable in Connecticut Maine "Ohio Delaware "Maryland 'Pennsylvania New Orleans Branch of 6 6 Jacksonville Branch of 'Illinois 'Massachusetts Ehode Island 10 Denver Branch of Indiana 'Michigan Vermont 10 Oklahoma City Branch of Iowa New Hampshire 11 Dallas District 11 Houston Branch of San Antonio Branch of 11 fFour Calendar Days After Receipt—Items payable in tFour Business Days After Receipt—Items payable in No. Dist. of Columbia 'Kentucky 'Virginia 9 Branch of Helena 'Georgia 'Minnesota Wisconsin 11 El Paso Branch of •Kansas *Missouri West Virginia 12 Seattle Branch of 12 Salt Lake City Branch of Spokane Branch of 12 Portland, Ore. Branch of 12 12 District San Francisco Los Angeles Branch of 12 tFive Business Days After Receipt—Items payable in •Alabama Mississippi "Oklahoma "Arkansas "Nebraska South Carolina •Florida *North Carolina "Tennessee tSix Business Days After Receipt—Items payable in •California North Dakota 'Utah •Colorado *Oregon "Washington •Louisiana South Dakota Wyoming •Montana "Texas tSeven Business Days After Receipt—Items payable in Arizona Idaho New Mexico Nevada 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 otherwisebe given is a Sunday or legal holiday in New York State credit will be given on the following business day. • Except items payable in cities listed in left hand column. • • Except items drawn on or payable at Northern New Jersey Clearing House Association banks. CREDIT FOR CASH ITEMS S E N T DIRECT TO HEAD OFFICE OF FEDERAL RESERVE B A N K OF NEW YORK AT N E W YORK CITY Cash items payable in that portion of the Second Federal Reserve District which is assigned to the head office of Federal Reserve Bank of New York at New York City may be sent direct to the head office instead of to the Buffalo branch. Credit for such cash items received at the head office at New York City will be given as indicated below: received before 9 a.m. Items drawn on or payable at New York Clearing House Association banks 1 List* of banks Other New York City and Brooklyn banks Ybefurnis^eT11 Northern New Jersey Clearing House Association banks J upon request. IMMEDIATE CREDIT—when ONE DAY AFTER RECEIPT—when received before 9 a.m. Items payable in New York City other than those mentioned above. Two BUSINESS DAYS AFTER RECEIPT—when received before 2:30 p.m., Saturdays 1 p.m. *** Items (other than those payable in New York City) payable in that portion of the Second Federal Reserve District which is assigned to the head office of the Federal Reserve Bank of New York at New York City. 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 S E N T DDSECT TO OTHER FEDERAL RESERVE B A N K S 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 Buffalo branch; 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 Buffalo branch of Federal Reserve Bank of New York into classes according to the number of days for which credit will be deferred for such items, with a separate letter or total for each class. 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 Reserve cities and Federal Reserve branch cities and are included in the two, three, and four day deferred credit 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 Reserve cities and Federal Reserve 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 the Second Federal Reserve District assigned to the head office of the Federal Reserve Bank of New York at New Tork City are as follows: New York—All except counties of Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, Orleans, and Wyoming, which are assigned to the Buffalo branch. New Jersey—Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union, and Warren. Connecticut—County of Fairfield. MAIL ADDRESS All mail for the Buffalo branch should be addressed: FEDERAL RESERVE BANK, 270-276 Main Street, Buffalo, N. Y. All mail for the head office at New York City should be addressed: FEDERAL RESERVE BANK OP NEW YORK, Federal Reserve Station, P. 0 . New York City, 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 Eeserve Bank direct for our account, should be endorsed without restriction to the order of the Federal Eeserve 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 Eeserve 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 Eeserve 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 N E W YORK January 16, 1935 To Member and Nonmember Clearing Banks in the Territory assigned to the Buffalo Branch: We transmit to you herewith a copy of our circular No. 1499, dated January 16, 1935, containing our Buffalo Branch time schedule as amended to that date, superseding circular No. 1162, dated February 27, 1933, and the time schedule therein contained. The occasion for issuing the enclosed new circular and time schedule is to eliminate reference to Federal Reserve transfer drafts, the use of which has been abolished as stated in our circular No. 1325, dated December 29, 1933, and to advise member and nonmember clearing banks of the following changes which have been in effect since February 13, 1934, namely, that until further notice the Buffalo Branch of the Federal Reserve Bank of New York will (subject of course to the terms and conditions of our time schedules, and of Regulation J of the Federal Reserve Board, and of our circular relating to the collection of cash items) give credit one calendar day, instead of two calendar days, after receipt for cash items payable in Philadelphia, Pennsylvania, and two calendar days, instead of three calendar days, after receipt for cash items payable in Atlanta, Georgia, which are received and accepted at the Buffalo Branch of the Federal Reserve Bank of New York. Except as indicated above the enclosed circular No. 1499, dated January 16, 1935, and the time schedule therein contained are the same as the circular and time schedule which they supersede. George L. Harrison, Governor.
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