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FEDERAL RESERVE BANK
OF N EW YORK
rCircular No. 3 4 9 0 ~ l
L September 1, 1949 J

REVISION OF TIME SCHEDULES

To the Member and Nonmember Clearing Banlcs
o f the Second Federal Reserve D istrict:

"We transmit herewith a copy of our revised Operating Circular No. 5, entitled
“ New York Head Office Time Schedule” , and a copy of our revised Operating Cir­
cular No. 6, entitled “ Buffalo Branch Time Schedule” , both effective today.
The revised circulars change our sorting requirements for the member and non­
member clearing banks which deposit for collection, either with our Head Office or
our Buffalo Branch, a daily average of not more than 250 immediate-credit and
deferred-credit cash items. The new requirements, which are designed to facilitate
the preparation of such deposits by those banks, are to the effect that they may be
permitted, upon application, to deposit their cash items unsorted with one cash letter,
credit for such items to be given one business day after receipt provided they are
received at or before the applicable closing hour.
Paragraph 7 of each of the revised operating circulars sets forth the new
requirements.
Additional copies of the revised operating circulars will be furnished upon
request.




A

llan

S proul,

President.

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