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 NEW YORK

f Circular No. 2 6 3 9 1
I
June IS, 1943
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 some exceptions, banks located in the State of New
Jersey will not be open for business on Saturdays from June 19,1943 to September 11,
1943, botli 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, therelore, 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 10, 1943.
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 3, 1943, to September 4,
1943, 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