The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-31
BUFFALO TO HAVE
A RESERVE BANK
Upstate Branch Will Re First
Offshoot of Institution
in This District.
Is APPROVED BY BOARD
Systems Twelve Banks viii
Now Have Eighteen Branches
in Country.

The Federal Reserve pan> o. 50
York announced yesterda" TIE ''ab-
,ishmen. OF It's fi-st branch BAN vne
will he IN Buffalo. Many Of tit o'hs'
twelve reserve banks have established
branches but the Second Federal fl.
serve district, the largest In capital. (.
business transactions and in .ingo
heretofore has had It's business corccr
trated in this city. The decision ~
omen the initial branch At Buffalo has
been approved by the Federal Fese-.n
Board The step was requested not o0l,
BY the member banks IN Buffalo which
are three In number. but by all the uor
member banks IN that city.
with the establishment Of this branch
the Federal Reserve system viii have
twelve Federal banks and eight.e7
branches. The new Nanch will receive
deposits. handle currency, collect rlecA'
and notes and transfer funds u WI
be of special assistance to tho local
banks In dealing with currency PROD.
lens. as Buffalo has heavy cur~ent.
movement and makes large payro'ls
In announcing the establishment ~
the branch bank az Burfalo the Reserve
Bank issued the following statement
The Federal Reserve Bank Of Ee-
York. under authority Of the Federal
Reserve Board. has decided to establish
branch in Buffalo for the purpose ~
receiving deposits handling currenc.
making collections OF checks and notes
and transfers of funds. The request fc'
the establishment of the branch vas
made by the three Buffalo member banks
and concurred in by several Of the Ruf
talo non-member banks. and the con
nj, b,y he
Bank of New York indicates the wiling
ness OF its directors TO accept the judp-
ment OF the Buffalo banks that slch n
branch would render substantial SER
vice TO the banks and husinc5 IS Interests
of Buffalo and the vicinity.
buffalo Is the largest city I'm -.
second Federal Reserve District ol's.de
of Greater New York, with a popu,a
ton OF approximately 100000. Its pos.
ton at the head OF lake transportation
and its growing importance as liant
ing. manufacturing and commercial
centre make 1t the natural place for the
esta blshment in this district Of branch
of the Federal Reserve Bank or New
York. Whatever advantages accrue TO
a community from having the Office -
a Federal reserve bank with 4. III
be enjoyed by Buffalo and viii place il
on an equality in this respect with Pitts
burg. Cincinnati, Cleveland aua i>etro't
the other large cities nearest 10 H.
When the Buffalo branch Is rs.
tabllshed. the Federal reserve system
will consist of twelve reserve banks.
with eighteen branches. all OF WHICH
are connected by private telegraph wire
by which member banks may transfer
funds from any one of these thirty
points TO any other such point mr.
IA, . -.
establishment OF the branch in Bufra "
will not only a-!l.tate the collection ot
checks in Buffs,o and its vicinity. but
will expedite for the banks in that tie,
ritory the collection Of checks on cthe-
parts OF the country, and will also 70
Of material assistance to the local ban =
in dealing with currency problems. :.
Buffalo IL city with a heavy currercv
movement and very large payrolls 80