The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
CIRCULAR N O . 59.
(Superseding Circular No. 24.)
FEDERAL RESERVE BANK
OF N E W YORK
N E W Y O R K , December 30, 1916.
TELEGRAPHIC T R A N S F E R S .
T o THE C A S H I E R ,
SIR:
One of the purposes of the Federal Reserve Act is to render the banking resources of the
country more mobile and readily available to all sections.
In order to make this purpose effec-
tive and to provide a prompt, economical and safe method of transferring funds throughout the
country, you are advised as follows:
For the present, and until further notice, the Federal Reserve Bank of
New York will make telegraphic transfers for its member banks without expense
other than the cost of the telegram, (a) to a member bank within this district, or
(b) to a member bank outside of this district through the Federal Reserve
Bank of its district.
This will enable you to make any excess balances or deposits with this bank immediately
available with any Federal Reserve Bank or member bank of this or any other Federal reserve
district, thus rendering this service at a nominal expense, and should also decrease the economic
waste incident to the shipping of large sums of currency from one part of the country to
another.
Transfers by mail will be made as heretofore both within and without this district without
charge.
Respectfully,
R O B E R T H. T R E M A N ,
Deputy Governor.
FEDERAL RESERVE BANK OF NEW YORK
Schedule Showing W h e n t h e Proceeds of I t e m s
Will Become Available.
IMMEDIATE CREDIT
New York (Manhattan)
ONE DAY AFTER RECEIPT
Boston
Philadelphia
T.. ,
, e { Baltimore, Md. (See par list)
Richmond & ] „
, '
,
/ Koanoke, Va. (See par list)
T W O DAYS AFTER RECEIPT (Business days)
Banks in
Cleveland & Cincinnati (See par list)
Chicago
Atlanta
Minneapolis & St. Paul
St. Louis
Kansas City, Mo.
" Kans.
Connecticut
Delaware
District of Columbia
Maine
Maryland
*Massachusetts
New Hampshire
New Jersey
*New York
*Pennsylvania
Rhode Island
Vermont
*Virginia
FOUR DAYS AFTER RECEIPT (Business days)
Banks in
Dallas
New Orleans
* Minnesota
Mississippi
*Missouri
North Carolina
*Ohio
South Carolina
Tennessee
West Virginia
Wisconsin
Alabama
Arkansas
Florida
*Georgia
*Illinois
Indiana
Iowa
*Kansas
Kentucky
Michigan
E I G H T DAYS AFTER RECEIPT
Banks in
Arizona
California
Colorado
Idaho
*Louisiana
Montana
Nebraska
Nevada
New Mexico
North Dakota
Oklahoma
Oregon
South Dakota
"Texas
Utah
Washington
Wyoming
* Except Banks in Cities, referred to in first column.
January 10, 1917.
NOTE.—Two day items we forward on Saturday will be available Tuesday.
Four day items we forward Thursday will be available Tuesday and those forwarded Friday and Saturday,
on Wednesday.
@FedFRASER