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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.

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