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FEDERAL RESERVE BANK OF NEW YORK c ] Circular N o . 2 9 0 8 . February 20, 1945, Transmitting our Circular N o . 2907, Effective March 1, 1945. To the Member and Nonmember Clearing Banks of the Second Federal Reserve District: W e are issuing and transmitting herewith our Circular No. 2907, effective March 1, 1945, entitled ' 1 Collection of Noncash Items". This supersedes our Circular No. 2023, which became effective February 1, 1940. The only change in the new circular is in Section 4 which has been amended to read as follows: " S E C T I O N 4. PROTEST P R A C T I C E IN A B S E N C E OF INSTRUCTIONS In the absence of specific instructions in the sending bank's collection letter, this bank will receive, handle, and forward noncash items subj ect to the following protest instructions: 1. DO NOT PROTEST items of $100.00 or less. 2. PROTEST dishonored items of $100.01 or over, except bonds, debentures, coupons, and other similar securities.'' This change from the present practice of not protesting noncash items of $50.00 or less to the practice of not protesting items of $100.00 or less in the absence of specific instructions in the sending bank's collection letter is being adopted by all the Federal Reserve banks, effective March 1,1945. It conforms to a similar change effective March 1,1945, in the practice with respect to the protesting of cash items, which is being adopted by all the Federal Reserve banks in response to the request of the American Bankers Association. The enclosed Circular No. 2907, containing the above quoted provision, will not become effective until March 1, 1945. Until that date, the current provisions of our Circular No. 2023, providing for the protest of dishonored items of $50.01 or over, remain in effect. Additional copies of the enclosed circular will be furnished upon request. ALLAN SPROUL, President.
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