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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.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102