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FEDERAL RESERVE BANK
OF NEW YORK

["Circular No. 594, March 10,1924~|
I Reference to Circular* 343 »nH 515 I

Check Department

Collection of Checks
Two Day Credit for Certain New Jersey Checks

To All Member Banks and Nonmember Clearing Banks
in the Second Federal Reserve District:

The Northern New Jersey Clearing House Association has notified us that
The National Newark and Essex Banking Company of Newark, New Jersey, will
withdraw as a member of that association on March 17, 1924. On and after that
date, therefore, immediate credit can no longer be given for checks drawn on that
company but the proceeds of such items sent to us for collection will become available two days after receipt by us in accordance with our check collection circular
No. 515 and our current time schedule effective since January 2, 1923.




Very truly yours,
BBNJ. STRONG,

Governor.