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Circular No, 165 FEDERAL RESERVE BANK OF NEW YORK OPENING OF BUFFALO BRANCH May 10, 1919. TO THE BANKS AND TRUST COMPANIES IN THE SECOND FEDERAL RESERVE DISTRICT: The Buffalo Branch of the Federal Reserve Bank of New York, situated in the Chamber of Commerce Building, No. 240 Main Street, will be opened for business May 15, 1919. Hours of Business The office hours will be from 10 a. m. to 3:00 p. m., and on Saturdays from 10 a. ra. to 12:00 noon. Directors The directors of the branch are as follows: Appointed by Federal Reserve Bank of New York HARRY T. RAMSDELL, Term Expires, December 31, 1920 President, Manufacturers and Traders National Bank, Buffalo, N. Y. ELLIOTT C. McDOUGAL, President, Bank of Buffalo, Buffalo, K. Y. Term Expires, December 31, 1920 R. M. GIDNEY, Manager Term Expires, December 31, 1919 Formerly Assistant Federal Reserve Agent at New York. Appointed by Feders.1 Reserve Board CLIFFORD HUBBELL, President, fidelity Trust Company, Buffalo, N. Y. CHARLES M. DOW, Term Expires, December 31, 1919 President, Buffalo Clearing House, Buffalo, N. Y. Term Expires, December 31, 1919 President, National Chautauqua County Bank, Jamestown, N. Y. Officers The officers are as follows: R. M. GIDNEY, Manager I. W. WATERS, Acting Cashier Functions The Buffalo Branch will: 1. Receive from member banks and other Federal reserve banks checks and drafts for collection on the same terms and conditions as they are received by Circular No, 165 - 2 the Federal Reserve Bank of New York, Member banks in this district, either within or without the Buffalo Branch territory, may send all Items on the Federal reserve par list either to the Federal Reserve Bank of New York or to the Buffalo Branch, at their option, and such items received by the Buffalo Branch will have final credit upon the books of the Federal Reserve Bank of New York in accordance with the time schedule for the Buffalo Branch, enclosed herewith. The Buffalo Branch will send items direct to all member and non-member banks on the par list in this district for payment by remittance to the Federal Reserve Bank of New York in New York funds, or, if preferred, to the Buffalo Branch in Buffalo funds. In either case a single remittance may be made for letters received from both New York and Buffalo. 2. Receive deposits from and make payments of money to or through member banks for account of member banks. This will include the furnishing of currency in denominations from *1 to #L0,000, as well as subsidiary and minor coins. 3. Make telegraphic transfers, without charge, for account of member banks and Federal reserve banks. 4* Collect maturing notes, drafts, bills of exchange and coupons for member banks in the Second Federal Reserve District, for the Federal Reserve Bank of New York, or for other Federal reserve banks. 5. Receive from member banks within its territory applications for discount of eligible notes, drafts, bills of exchange, acceptances, and promissory notes secured by eligible collateral, Such applications and promissory notes with recommendations, will be transmitted to the Federal Reserve Bank at New York for final action and credit, or for such other disposition as may be desired by the applying member bank. It will be optional for member banks in the territory, whether such applications are sent to the branch or to the main office, but if forwarded through tha Buffalo Branch, credit when given at New York will be as of the date upon which the application was made at the Buffalo Branch. In all cases telegraphic advice of credit will be made from New York. 6. Pay Government checks, Liberty bond coupons, maturing United States certificates of indebtedness and other Government obligations. Circular No. 165. - 3 7. Receive and hold securities for safekeeping for account of member banks in its territory. 8. Perform such other duties and services as may from time to tina be authorized by the federal Reserve Bank of New York. Territory The territory assigned to the Buffalo Branch includes the ten most westerly counties of New York State, as follows: Monroe, Livingston, Allegany, Orleans, Genesee,Wyoming, Cattaraugus, Niagara, Erie and Chautauqua. Federal reserve banks and banks in other districts will forward checks on the Buffalo Branch territory only through the Branch. Member banks within this territory will have the option of dealing in all transactions either with the Buffalo Branch or with the office in Kew York .whichever they may find most convenient; they may handle through the Branch, all, or part, or none of their business with the Federal Reserve Bank* It should be understood by member banks dealing with the Buffalo Branch that the reserve accounts of such banks at the branch are not separate from but are identical with their reserve accounts at the bank in New York. The Buffalo Branch of the Federal Reserve Bank of New York is being established to make the facilities of the Federal Reserve System more readily available to the member banks in its territory. As the object of its establishment is to render service to these member banks, constructive suggesions for improving the service will at all times be welcome. BENJ. STRONG, Governor. Circular No. 165 Di stricts No. No. 1 Chicago 7 Boston New York 8 2 St. Louis Philadelphia 3 Minneapolis 9 Cleveland 4 Kansas City, Mo. 10 Richmond 5 Dallas 1 1 1 Atlanta 6 San Francisco 12 FEDERAL RESERVE BANK OF NEW YORK Buffalo Branch Schedule Showing When the Proceeds of Items Will Become Available > IMMEDIATE CREDIT Buffalo - When received by 9 A. M. ONE DAY AFTER RECEIPT No. No. New York City Boston Philadelphia District District 1 3 Chicago Detroit Cleveland Pittsburg Baltimore District Branch Of District Branch of Branch of 7 7 4 4 5 Banks in TWO DAYS AFTER RECEIPT No. 4 New Jersey Cincinnati Connecticut Branch of •New York Delaware 5 Richmond District •Pennsylvania In District 5(See par list) Maine Roanoke Rhode Island •Maryland Atlanta 6 District 6 •Massachusetts Vermont Branch of Jacksonville New Hampshire Minneapolis 9 District In District 9 St. Paul District 8 St. Louis Branch of 8 Memphis Louisville Branch of 8 8 Little Rock Branch of Kansas City, Mo. District of 10 In District 10 Kansas City Kans. Omaha Branch of 10 FOUR DAYS AFTER RECEIPT Banks in No. Dallas District 11 Alabama •Minnesota El Paso Branch of 11 Arkansas Mississippi New Orleans Branch of 6 •Georgia •Missouri Birmingham Branch of 6 •Florida North Carolina Denver Branch of 10 •Illinois •Ohio Spokane Branch of 12 Indiana South Carolina Salt Lake City Branch of 12 Tennessee Iowa Portland, Ore. Branch of 12 •Kansas West Virginia Seattle Branch of 12 •Kentucky Wisconsin San Francisoo District •Michigan 12 rVirginia District of Colombia. EIGHT DAYS AFTER RECEIPT Banks in Arizona North Dakota •California Oklahoma •Colorado •Oregon Idaho South Dakota •Louisiana •Texas Montana •Utah •Nebraska •Washington Nevada Wyoming New Mexico http://fraser.stlouisfed.org/ next pages see Federal Reserve Bank of St. Louis for notes. Circular So« 165 * Except banks in cities referred to in the first column. KOTE.—Two day items we forward on Saturday will be available on Tuesday Four d&y items we forward on Thursday will be available Tuesday and those forwarded Friday and Saturday on Wednesday. To obtain quickest availability of funds* sort and list checks in accordance with the above time schedule, with a separate cash letter for each separate time group. Banks desiring to send checks direct tc other Federal Reserve banks for their branches will please secure from us the circulars showing the territory handled by the branches.