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FEDERAL RESERVE BANK
OF NEW YORK

N

r Circular N o . 2 9 6 2 1
L
June 14, 1945
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:

W e are informed that, with some exceptions, banks located in the State of New
Jersey will not be open for business on Saturdays from June 16,1945, to September 15,
1945, 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 14,1945.
While we are further informed that certain banks located in the State of New
York will not be open for business on Saturdays from June 30,1945, to September 1,
1945, 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, however, 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 NEW YORK
Fiscal Agent of the United'States

June 18, 1945.

UNITED STATES SAVINGS BONDS
Exchange of Matured Bonds of Series A for Bonds of Series E

To all Incorporated Banks and Trust Companies in the
Second Federal Reserve District Qualified to Make Payments
in Connection with the Redemption of United States Savings

Bonds:

In our printed letter dated February 26, 1945, we advised you that individuals (natural
persons) owning maturing Savings Bonds of Series A would have the option of exchanging their bonds for Series E War Savings Bonds. In this connection, we pointed out that
Series E bonds, the entire issue price of which is paid with the proceeds of maturing
Series A bonds during the month in which the latter mature, will not be subject to the limitation on holdings of Series E bonds acquired on original issue.
The Treasury Department has advised us of a modification of the rule requiring the
exchange to be made in the month in which the Series A bonds mature. Under the new
rule, Series E bonds issued by you against payment out of the proceeds of redemption of
Series A bonds, during and after the month in which the latter mature, will be exempt from
the limitation on holdings of Series E bonds acquired on original issue, provided that (1)
the redemption and purchase are concurrent, (2) the Series A bonds are presented by an
individual owner in his own right, and (3) the Series E bonds are registered in his name
in any authorized form. All Series E bonds issued in exchange for Series A bonds must
be dated as of the first day of the month in which the Series A bonds are presented, and the
prescribed notation (EX-A35) must be made on the original registration stubs of the
Series E bonds issued.
The Treasury Department has also made special provision for the exchange of Series A
bonds of which a member of the armed forces serving outside the continental United States
is the owner, coowner or surviving beneficiary. Generally speaking, Series E bonds issued
in exchange for Series A bonds owned by a member of the armed forces serving outside
the continental United States will be issued as of the first day of the month in which the
Series A bonds mature, regardless of when such bonds are presented for exchange.
Exchanges under these circumstances may be made only at the Federal Reserve Banks,
and each case should be referred to a Federal Reserve Bank with a full statement of the
facts.




A L L A N SPROUL,

President.

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