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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 1 8 8 3 , October 1, 1938.
Superseding Circular No. 1610, November 20, 1935.
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 Reserve 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 Allegany, 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 Regulation J of the
Board of Governors of the Federal Reserve System, 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, with or without notice, 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.
GEOEGE L. HARBISON",
President.
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
flMMEDIATE CREDIT
When received by 9 a. m.
Items drawn on or payable at
New York Clearing House Association banks
~| Lists of banks
Other New York City and Brooklyn banks
[referred to mill
Northern New Jersey Clearing House Association banks j upon Request.
Cheeks and warrants on Treasurer of the United States, Washington, D. C.
When received by 3 p. m. (Saturdays 1 p. m.)
Checks on Federal Reserve Bank of New York (including Buffalo Branch)
Officers' checks of other Federal Reserve Banka
Federal Reserve Exchange Drafts
Federal Reserve Cities and Federal Reserve Branch
Cities in this column
Districts
No.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
No.
1 Chicago
2 St. Louis
3 Minneapolis
4 Kansas City, Mo.
5 Dallas
6 San Francisco
7
8
9
10
11
12
Localities outside of Federal Reserve Cities and Federal Reserve
Branch Cities in this column
fOne Calendar Day After Receipt—Items payable in
CLOSING TIME FOR DEFERRED CREDIT ITEMS
New York City—Other 1,han items mentioned
Payable in New York City 9 a. m.
above—(when received by 9 a. m.)
No.
Payable in Second District
Boston
1
District
outside of New York City
2
Buffalo
Branch of
2 :30 p. m. Saturdays 1 p. m.
Items $500 and over 3 :30 p. m. Saturdays 1 p. m.
District
3
Philadelphia
Payable in other Federal Reserve Districts
District
4
Cleveland
12 :30 p. m. Saturdays 12 :30 p. m.
4
Pittsburgh
Branch of
Items $500 and over 3 :30 p. m. Saturdays 1 p. m.
5
Richmond
District
5
Branch of
Baltimore
fTwo Calendar Days After Receipt—Items payable in
fTwo Business Days After Receipt—Items payable in
Connecticut
**New Jersey
4
Cincinnati
Branch of
Delaware
*New York
District of Columbia
*Pennsylvania
Branch of
Charlotte
5
Maine
Rhode Island
6
District
Atlanta
•Maryland
Vermont
6
Branch of
Birmingham
•Massachusetts
*Virginia
6
Branch of
Jacksonville
6
Branch of
Nashville
New Hampshire
7
District
Chicago
7
Branch of
Detroit
8
St. Louis
District
8
Branch of
Louisville
8
Branch of
Memphis
9
District
Minneapolis
9
In District
St. Paul
10
District
Kansas City, Missouri
In District 10
Kansas City, Kansas
10
Branch of
Omaha
tThree Calendar Days After Receipt—Items payable in
•
New Orleans
6
Branch of
Little Rock
Branch of
8
Denver
Branch of
10
Oklahoma City
Branch of
10
Dallas
District
11
fFour Calendar Days After Receipt—Items payable in
Branch of
9
Helena
11
El Paso
Branch of
Houston
Branch of
11
Branch of
11
San Antonio
12
Salt Lake City
Branch of
12
Portland, Ore.
Branch of
Seattle
Branch of
12
tFiye Calendar Days After Receipt—Items payable in
San Francisco
Los Angeles
District
Branch of
12*
12
fFour Business Days After Receipt—Items payable in
•Georgia
*Minnesota
•Illinois
*Missouri
Indiana
*North Carolina
Iowa
*Ohio
•Kansas
South Carolina
•Kentucky
West Virginia
•Michigan
Wisconsin
tFive Business Days After Receipt—Items payable in
•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 a!s 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.
• 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 BUFFALO B R A N C H
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 S E N T DIRECT 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 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.
T _. . . .
*
J
°
Lists of banks
2. Items drawn on or payable at other New York City and Brooklyn banks, preferred to will
r
*
*
*
I be furnished
3. Items drawn on or payable at Northern New Jersey Clearing House banks. J upon request.
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 (c) 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 Reserve 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 Beserve District
are as follows:
New Jersey—Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Passaic,
Somerset, Sussex, Union, Warren.
Connecticut—-County of Fairfield.
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 Reserve 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 Reserve 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 Reserve 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 1, 1938.
To Member and Nonmember Clearing Banks in the Second
Federal Reserve District (except Banks in the
Territory assigned to the Buffalo Branch):
We transmit to you herewith a copy of our circular No. 1883, dated
October 1, 1938, containing our New York head office time schedule as amended
effective on that date, superseding circular No, 1610, dated November 20, 1935,
and the time schedule therein contained.
The occasion for issuing the enclosed new circular and time schedule
is that the Federal Reserve Bank of San Francisco disestablished its Spokane
Branch at the close of business September 30, 1938, and that the banks in the
city of Spokane, which comprised the territory of the Spokane Branch, are now
in the territory assigned to the Seattle Branch of the Federal Reserve Bank of
San Francisco.
Accordingly, on the time schedule transmitted herewith dated
and effective October 1, 1938, Spokane has been eliminated from the list of
cities included in the bracket headed "Four Calendar Days After Receipt", and
cash items payable in Spokane, Washington, are now included among those for
which credit will be given seven business days after receipt, subject to the
terras and conditions of our time schedules and of Regulation J of the Board of
Governors of the Federal Reserve System and of our circulars relating to the
collection of cash items.
We were also advised by the Federal Reserve Bank of San Francisco
that, effective October 1, 1938, the counties of Asotin, Columbia, Garfield
and Walla Walla in the State of Washington and all that part of tlie State of
Idaho (namely, the counties of Benewah, Bonner, Boundary, Clearwater, Idaho,
Kootenai, Latah, Lewis, Nez Perec and Shoshone) in the Seattle Branch zone
would be transferred from the Seattle Branch zone to the Portland Branch zone,
and that the banks in that territory would thereafter be in the territory assigned to the Portland Branch of the Federal Reserve Bank of San Francisco.
George L. Harrison,
President.
@FedFRASER