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CIRCULAR NO. 67. • •« FEDERAL RESERVE BANK OF N E W YORK N E W Y O R K , May 31, 1917. T o THE C A S H I E R , Sir: By direction of the Federal Reserve Board arrangements have been made whereby a member bank may draw on its Federal reserve bank, under restrictions and regulations as outlined herein, two forms of drafts in addition to the one now in use. One of these drafts will be known as "Federal Reserve Exchange Draft" and the other as "Federal Reserve Transfer Draft." On and after June 1, 1917, these drafts may be drawn under the following conditions: FEDERAL RESERVE E X C H A N G E D R A F T S . 1. A special distinctive form of draft to be used which will be furnished a t cost by the Federal Reserve Bank of New York. 2. No such draft shall be drawn in an amount in excess of $250. 3. Mail advice of the total amount of such drafts drawn each day to be given the Federal reserve bank on the form furnished with the blank drafts. 4. T h e amount of this advice will be charged on receipt to the member b a n k ' s account and the funds placed in a special account against which the drafts will be charged when presented for payment. 5. All Federal reserve banks will receive these drafts for immediate availability a t par but they will be payable only at the Federal reserve bank on which they are drawn. FEDERAL RESERVE TRANSFER D R A F T S . • 1. A different special distinctive form of draft to be used which will be furnished a t cost by the Federal reserve bank. 2. Such drafts shall be drawn only in amounts in excess of $250. 3. Such drafts shall be drawn on the Federal Reserve Bank of New York and made p a y a b l e a t any o n e other Federal reserve bank specified in the draft. 4. Member banks shall be required to give advice by mail to the Federal Reserve Bank of New York of the numbers, amounts and total made payable a t each Federal reserve bank of drafts drawn each day. This advice shall be under an authorized signature and a duplicate shall be forwarded to the Federal reserve bank a t which the drafts are made payable, the duplicate advice to contain the signature in ink of officers signing the drafts. ^ 5. T h e total amount of these advices will be charged on receipt to the member bank's account. 6. The advices will be confirmed by the Federal Reserve Bank of New York to the Federal reserve bank at which the draft has been made payable, by telegraph as Federal reserve banks will have no authority to pay these drafts until the advice of the same has been received. or) T h e plan as outlined is not intended in any way to interfere with the present form of Bank draft now in use by member banks, nor is it intended to modify the system of telegraphic transfers now in operation, b u t rather to supplement them and to facilitate payments and transfers t h a t do not need to be made by telegraph. T h e privilege of drawing F E D E R A L R E S E R V E EXCHANGE D R A F T S and FEDERAL R E S E R V E TRANSFER DRAFTS will be extended to any member bank agreeing to use the forms and to be governed by the restrictions and regulations as outlined above. We enclose specimen printed drafts showing t h e form in which these drafts will be drawn. I t is proposed to have them lithographed on Federal reserve safety paper of the same colors as the printed specimens. T h e following prices have been quoted by a local printer for checks in pads without stubs. T h e quotations include imprinting t h e name of t h e member bank a t the top as indicated, the numbering of t h e drafts as desired and an equal number of advice forms in each case. T h e printer will ship and bill direct for orders placed through us. If you desire to make use of the Federal reserve exchange or transfer drafts please sign the enclosed order for the forms and return the same to us, on receipt of which t h e forms will be prepared and sent to you as promptly as possible. Respectfully, R. H . T R E M A N , Deputy Governor. PRICE 100 200 300 500 1000 100 200 300 500 1000 Exchange drafts and advices... " " " " " " " " " " " " " ' Transfer drafts and advices " " " " " " " " " " " " " " " LIST $ 1.90 2.35 3.25 4.10 7.00 2.15 2.75 4.50 5.75 10.00 X-94 50-00 B. CODE WORD (/? FIRST NATIONAL BANK Painted Post, N. Y.t To FEDERAL RESERVE BANK, of - W e have this day drawn checks on Federal Reserve Transfer form as listed below payable by you on advice from the Federal Reserve Bank of New York. NUMBER AMOUNT NUMBER TOTAL Signature in ink and title of officers signing any of the checks above listed. ORIGINAL AMOUNT X-93 50-00 "ODE WORD FIRST NATIONAL BANK Painted Post, N. Y., To FEDERAL RESERVE BANK, of New York. We have this day drawn checks on Federal Reserve Transfer form as listed below payable on advice from you at the Federal Reserve Bank of NUMBER AMOUNT NUMBER AMOUNT TOTAL Charge our account with total and arrange for payment. Respectfully, Cashier, DUPLICATE FIRST NATIONAL BANK Painted Post, N. Y., To FEDERAL RESERVE BANK OF NEW YORK Gentlemen: We have this day drawn checks on Federal Reserve Exchange form, the total amount of which is $ Dollars. Charge our account to cover. JOHN DOE, Cashier. 50-00 FIRST N A T I O N A L BANK No. P A I N T E D POST, N . Y. P A Y TO T H E ORDER O F n Do L L A R s <_ -• i To F E D E R A L RESERVE BA 1-120 OF N E W A N Y F E D E R A L R E S E R V E BANK W I L SAMPLE COPY YORK R E C E I V E T H I S C H E C K FOR I M M E D I A T E A V A I L A B I U A T PAR (Date) To the Federal Reserve Bank of New York: . . Federal Reserve Exchange Drafts. . It is our intention to use _ Please furnish us r rederal Reserve Iransrer Drafts. T .. at our expense with Federal Reserve Exchange Drafts . , and advices. n Federal Reserve Transfer Drafts Number the drafts from No up. We hereby agree to be governed in the use of these drafts by the restrictions and regulations as outlined in your Circular No issued
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