The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE OF NEW BANK YORK /"Circular No. 24501 L June 19, 1942 J Collection of Cash Items Drawn on Banks Not Open for Business on Saturdays To the Member and Nonmember Clearing Banks of the Second Federal Reserve District: We are informed that with a few exceptions the banks located in the portion of the State of New Jersey that is included in the Second Federal Reserve District will not be open for business on Saturdays from June 20, 1942 to September 12, 1942, both inclusive, which have been made public holidays for the purposes described in section 36:1-1 of the Revised Statutes of New Jersey. In the circumstances, therefore, our head office will defer, until the next business day, credit for cash items drawn on or payable at members of the Northern New Jersey Clearing House Association for which credit would be given on such Saturdays if they were not public holidays; and our head office and Buffalo branch will defer for an additional day, i.e., for three business days after receipt, credit for cash items drawn on or payable at other New Jersey banks located in the Second Federal Reserve District which are received on Fridays to and including September 11, 1942. While we are further informed that certain banks located in the State of New York will not be open for business on Saturdays from July 4, 1942, to September 5, 1942, both inclusive, we contemplate no changes in the current practices of our head office and Buffalo branch with respect to giving credit for cash items drawn on or payable at New York banks which will not be open for business on Saturdays during such period. It should be remembered that there will be a delay of one business day in returning cash items that may be dishonored by drawee banks which are not open for business on Saturdays during the periods mentioned above and in advising you of the fate of such items. ALLAN SPROUL, President.
@FedFRASER