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FEDERAL RESERVE BANK OF NEW YORK Circular No. 1 8 8 4 , October 1, 1938. Superseding Circular No. 1499, January 16, 1935. 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 Eegulation 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. GEORGE L. HARRISON, President. 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. m. Saturdays)—items payable in Buffalo No. No. When received by 3 p. m. (Saturdays 12 noon) 7 1 Chicago Boston Checks and warrants on Treasurer of the United States, Washington, D. C. New York 2 St. Louis 3 9 Checks on Federal Reserve Bank of New York and Buffalo Branch Philadelphia 3 Minneapolis 4 Kansas City, Mo. 10 Cleveland Officers' checks of other Federal Reserve Banks 5 11 Richmond 6 Dallas Federal Reserve Exchange Drafts 12 Atlanta San Francisco Federal Reserve Cities and Federal Reserve Branch Cities in this column Localities outside of Federal Reserve Cities and Federal Reserve Branch Cities in this column M fOne Calendar Day After Receipt —Items payable in New York City—drawn on or payable at CLOSING TIME FOR DEFERRED CREDIT ITEMS r.-->. ~ L_-I.. fNew York Clearing House Association banks < Payable in Second District referred to will J Other New York Citynd Brooklyn banks a 2:30 p. m. Saturdays 12 noon be furnished j Northern New Jersey Clearing House AssociaItems $500 and over 3:30 p. m. Saturdays 12 noon 3 Philadelphia District 4 Cleveland District Payable in other Federal Reserve Districts 4 12 :30 p. m. Saturdays 12 noon Pittsburgh Branch of 7 Chicago District 7 Detroit Branch of fTwo Calendar Days After Receipt—Items payable in fTwo Business Days After Receipt— Items payable in New York City—other than items mentioned **New Jersey No. above 'New York Boston District 4 Cincinnati Branch of 5 Baltimore Branch of 5 Charlotte Branch of 5 Richmond District 6 Atlanta District 6 Birmingham Branch of 6 Nashville Branch of 8 Little Rock 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 t Three Calendar Days After Receipt—Items payable in fThree Business Days After Receipt-—Items payable in Connecticut Maine 'Ohio No. Delaware 'Maryland 'Pennsylvania New Orleans Branch of 6 6 'Illinois 'Massachusetts Rhode Island Jacksonville Branch of Indiana 'Michigan Vermont Denver Branch of 10 10 Iowa New Hampshire Oklahoma City Branch of 11 Dallas District 11 Houston Branch of San Antonio Branch of 11 fFour Calendar Days After Receipt—Items payable in 1'Four Business Days After Receipt— Items payable in No. Dist. of Columbia 'Kentucky •Virginia 9 •Georgia 'Minnesota Wisconsin Helena Branch of 11 •Kansas *Missouri West Virginia El Paso Branch of 12 Seattle Branch of Salt Lake City Branch of 12 12 Portland, Ore. Branch of 12 San Francisco District Los Angeles Branch of 12 fFive Business Days After Receipt—Items payable in •Alabama Mississippi 'Oklahoma •Arkansas 'Nebraska South Carolina •Florida 'North Carolina •Tennessee fSix Business Days After Receipt—Items payable in 'California North Dakota 'Utah 'Colorado 'Oregon •Washington •Louisiana South Dakota Wyoming 'Montana 'Texas fSeven 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 otherwise be given is a Sunday or legal holiday in New York State credit will be given on the following business day. oliday * Except items payable in cities listed in left hand column. Except items drawn on or payable at Northern New Jersey Clearing House Association banks. 2 CREDIT FOR CASH ITEMS S E N T DIRECT TO HEAD OFFICE OF FEDERAL RESERVE B A N K OF N E W 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 ] Lists of banks Other New York City and Brooklyn banks Ybtu^ilLT1 Northern New Jersey Clearing House Association banks J *P»n 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 DDUECT TO OTHER FEDERAL RESERVE B A N K S Member and nomnember 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 Eeserve District assigned to the head office of the Federal Reserve Bank of New York at New York 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, Monmonth, Morris, Passaic, Somerset, Sussex, Union, and Warren. Connecticut—County of Fairfield. 3 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 OF 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 Reserve 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 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 N E W YORK October 1, 1938, 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. 1884, dated October 1, 1938, containing our Buffalo branch time schedule as amended effective on that date, superseding circular No. 1499, dated January 16, 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 tho 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 Keserve 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 six business days after receipt, subject to the terms 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 the State of Idaho (namely, the ccuntiss of Benewah, Bonner, Boundary, Clearrater, Idaho, Kootenai, Latah, Lewis, Nez Peroe 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.