View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF NEW YORK
fCircuIar No. 2 4 1 3 , effective April 15, 1942.T
t Superseding Circular No. 1972, as amended. J

Buffalo Branch Time Schedule
To the Member and Nonmember Clearing Banks in the
Territory assigned to the Buffalo Branch:

This circular contains our Buffalo Branch Time Schedule as amended effective
April 15, 1942. 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 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. We act only as agent of
the banks from which we receive such cash items, or which send such cash items direct to
Federal Reserve banks of other districts for our account, and we do not act as agent or
sub-agent of any prior owners or holders of such items. Advices received from us
showing the availability of items are not, and should not 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
do not by this time schedule, or otherwise, agree to present any items, or to cause any
items to be presented, earlier than such items are required to be presented, in the
exercise of ordinary care, under the provisions of the Negotiable Instruments Law of
New York.
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.




ALLAN SPROTJL,

President.

FEDERAL RESERVE BANK OF NEW YORK
(Buffalo Branch)
SCHEDULE ON THIS PAGE SHOWS W H E N CREDIT WILL B E GIVEN FOR GASH ITEMS RECEIVED
AND ACCEPTED AT BUFFALO BRANCH OF FEDERAL RESERVE BANK OF
NEW YORK IN BUFFALO, N. Y.±
IMMEDIATE CREDIT
fImmediate credit will be given for the following items when received within the applicable closing time:
fWhen received in time for presentation through clearing house or special collection arrangements on day of receiptItems payable at banks in Buffalo
fWhen received by 12:30 p.m. (Saturdays 32 noon) if separately sorted and listed—
Checks and warrants on Treasurer of the United States, Washington, D. C.
fWhen received by 3 p. m. (Saturdays 12 noon) —
Checks on Federal Eeserve Bank of New York and Buffalo branch
Officers' checks of other Federal Reserve banks
Federal Reserve Exchange Drafts.
DEFERRED CREDIT
•[•Credit for other items, when received within the applicable closing time, will be given as specified below:
CLOSING TIME FOR DEFERRED-CREDIT ITEMS
Payable in Second Federal Reserve District

2:00 p.m. Saturdays 12 noon
Items $500 and over 3:00 p.m. Saturdays 12 noon
Payable in other Federal Reserve Districts

12:30 p.m. Saturdays 12 noon
Federal Reserve Bank or Branch Cities
in this column

Localities outside of Federal Reserve Bo ik or Branch Cities
in this column

f One Calendar Day After Receipt—Items payable in
New York City—drawn on or payable at
Lists of banks fNew "York Clearing House Association banks
referred to mil J Certain other New York City banks
be furnished | Northern New Jersey Clearing House Assoeia-

npon request. [

t;on bankg

Chicago
Cleveland
Detroit

Philadelphia
Pittsburgh

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
above
•New York
Atlanta
Louisville
Baltimore
Memphis
Birmingham
Minneapolis
Boston
Nashville
Charlotte
Omaha
Cincinnati
Richmond
Kansas City, Kansas
St. Louis
Kansas City, Missouri
St. Paul
Little Kock
f Three Calendar Days After Receipt—Items payable in tThree Business Days After Receipt- -Items payable in
Dallas
"Kentucky
•Ohio
•Alabama
Denver
•Louisiana
•Oklahoma
Arizona
El Paso
•Arkansas
•Oregon
Maine
Helena
• Pennsy 1 vania
•California
"Maryland
Houston
'Colorado
Rhode Island
•Massachusetts
Jacksonville
South Carolina
"Michigan
Connecticut
Los Angeles
South Dakota
•Minnesota
Delaware
New Orleans
•Tennessee
Mississippi
District of
Oklahoma City
•Missouri
•Texas
Columbia
Portland, Oregon
•Montana
•Utah
•Florida
Salt Lake City
•Nebraska
Vermont
•Georgia
San Antonio
"Virginia
New Hampshire
Idaho
San Francisco
Nevada
"Washington
• Illinois
Seattle
West Virginia
New Mexico
Indiana
Wisconsin
•North Carolina
Iowa
Wyoming
•Kansas
North Dakota
t This time schedule does not apply to drafts received from member or nonmember clearing banks drawn by them on their commercial
bank correspondents. We will give credit for such drafts based on actual transit time, whether received at our head office in New York
City or our Buffalo branch or sent for our account direct to the Federal Reserve bank in the district where such draft is payable.
t Subject also to requirements as to sorting (see opposite page). Credit for items not received within the applicable closing time as
herein indicated for such items will be deferred for one additional day. When items for which there are different closing times are not
separately sorted and listed, credit for all such items may be deferred for the longest time for which credit may be deferred for any of such
items as herein provided. When the day on which credit would otherwise be given is a Sunday, or a holiday for Federal Reserve Bank oi
New York, credit will be given on the following business day. When delays in the collection of items occur or are anticipated because o(
holidays, or interruptions or delays in transit, or other causes, credit may l)e deferred beyond the times indicated in this schedule, with or
without notice.
* Except items payable in Federal Reserve bank or branch cities.
• • 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 O F F I C E 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:
f IMMEDIATE CREDIT—-when received in time for presentation through clearing houses or special
collection arrangements on day of receipt—
Items drawn on or payable at
New York Clearing House Association banks
1 Lists of banks
Certain other New York City banks
YlffMef1'
Northern New Jersey Clearing House Association banks J u^on ^quest.
f Two BUSINESS DAYS AFTER RECEIPT—when received before 1:30 p.m., Saturdays 12:30 p.m.
(Items $500 and over 2:30 p.m., Saturdays 12:30 p.m.) —
* Items (other than those mentioned above) 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.
CREDIT FOR CASH I T E M S S E N T DIRECT TO O T H E R 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 dispatch 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 how, and the time or times before which, all items or certain items must be dispatched
by such bank in order to obtain such credit.
SORTING OF CASH I T E M S

1. Items sent to Buffalo Branch. Member and nonmember clearing banks may be required
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 and total for each class (See paragraph 3 on next page).
2. Items sent to Head Office at New York City. Member banks and nonmember clearing
banks may be required 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 and total
for each class.
(a) Immediate-credit items.
(b) Items payable at one-day points.
fc) Items payable at two-day points, subdivided into
1. Items payable in the State of New York.
*2. Items payable in the portions of New Jersey and Connecticut that are included in
the Second Federal Reserve District.
3. Items payable at two-day points outside of this district (See paragraph 3 on next
page).
(d) Items payable at three-day points (See paragraph 3 on next page).
f Subject also to requirements as to sorting. Credit for items not received within the applicable closing
time as herein indicated for such items will be deferred for one additional day. When items for which there are
different closing times are not separately sorted and listed, credit for all such items may be deferred for the
longest time for which credit may be deferred for any of such items as herein provided. When the day on which
credit would otherwise be given is a Sunday, or a holiday for Federal Reserve Bank of New York, credit will be
given on the following business day. "When delays in the collection of items occur or are anticipated because of
holidays, or interruptions or delays in transit, or other causes, credit may be deferred beyond the times indicated
in this schedule, with or without notice.
* The portion of the Second Federal Reserve District assigned to the head office of the Federal Reserve
Bank of New York at New York City is as follows:
New York—AH 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, Passaie,
Somerset, Sussex, Union, and Warren.
Connecticut—County of Fairfield.




3. When credit will be deferred on calendar day basis for certain two-day and three-day
point items. 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 bank or branch cities, such items should
be sorted and listed separately from the other items in the respective classes. If this is not
done, credit for all items in the two and three-day deferred credit classes, including items payable in Federal Reserve bank or branch cities, will be deferred on a business day basis.
4. Credit for items not sorted as above. Credit for any cash items not sorted and listed as
above may be deferred for the longest time for which credit would be deferred for any of such
items if so sorted and listed.

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. O.
New York City, NT. Y.

ENDORSEMENTS

For the convenience 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 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 ia 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

April 11, 1942.

REVISION OF TIME SCHEDULE

To the Ulember and Nonmember Clearing Banks
in the Territory assigned to the Buffalo Branch:

We are issuing, and transmitting herewith a copy of, Circular No. 2413, dated April 15,
1942, containing our Buffalo Branch Time Schedule as amended effective on that date, superseding Circular No. 1972, as amended, and the time schedule therein contained.
The changes made by the new time schedule include the following:
1. Description of cash items unnecessary.
The provisions of the old time schedule regarding the description of deferredcredit items sent to us for collection have been eliminated. Hereafter banks need not
show the names, locations or descriptive symbols of the drawee banks on cash letters
accompanying, or furnish photographic reproductions of, any cash items sent to us
for collection, whether for immediate or deferred credit, at our head office in New
York City or our Buffalo branch.

2. Changes in closing time for receipt of deferred-credit items.
The new time schedule changes the closing time of our Buffalo branch for the
receipt of deferred-credit items payable in the Second District to 2:00 p.m. (Saturdays
12 noon) from 2:30 p.m. (Saturdays 12 noon), and for such items of $500 and over
to 3:00 p.m. (Saturdays 12 noon) from 3:30 p.m. (Saturdays 12 noon). Changes
have also been made in the closing time for the receipt of deferred-credit items sent
direct to our head office at New York City.

Additional copies of the enclosed time schedule will be furnished upon request.




ALLAH SPEOUL,

President.

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