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 N E W YORK
r Circular N o. 3 2 6 0 T
L September 19, 1947 J

SATURDAY CLOSING OF BANKS IN THE STATES OF
MISSOURI AND WASHINGTON

T o all B anking In stitution s in the Second Federal
R eserve D istrict, and Others C oncerned:

In our Circular No. 3212 dated May 5, 1947, entitled “ Year-Round Saturday Closings
of Certain Banks,” we informed yon that certain commercial banks located in St. Louis,
Missouri, would remain closed on Saturdays except for limited transactions, principally
the payment of paper issued by themselves. The Federal Reserve Bank of St. Louis has
now informed us that, pursuant to the provisions of law enacted in the State of Missouri
and in conformity with, the action of nearly all banks in the City of St. Louis and in
St. Louis County, the Head Office of the Federal Reserve Bank of St. Louis will be closed on
each Saturday beginning September 27, 1947. The Federal Reserve Bank of St. Louis has
also informed us that, notwithstanding such Saturday closing, all cash items received by
its Head Office on Saturday for deferred credit up to 12 o ’clock noon (up to 1 p.m. on items
of $500 and over when listed in a separate cash letter) will be put in process of collection.
In our Circular No. 3228 dated June 19, 1947, entitled “ Saturday Closing of Banks in
the State of Washington,” we informed you that all banks in Seattle, including the Seattle
Branch of the Federal Reserve Bank of San Francisco, and in certain other cities would
remain closed on Saturdays during the period beginning June 16, 1947, and extending
through September 1, 1947. We have now been informed by the Federal Reserve Bank
of San Francisco that, consistent with the action of the members of the Clearing House
Association of Seattle and other banks in Seattle, the Seattle Branch of the Federal
Reserve Bank of San Francisco will continue to remain closed on Saturdays after
September 1, 1947.
In view of the closing of banks as above indicated, there will be a delay in some
instances in the presentment of items and in the advice of dishonor and return of
unpaid items.




A

llan

S

proul,

President.

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