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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, March 20,1933. To the Member Bank Addressed: The following circular has been received from the Federal Reserve Bank of Philadelphia: “ In order to avoid unnecessary protest charges where possible, cash items of less than $500 received by us for collection and drawn on banking institutions which have not been licensed to perform their normal and usual functions either by the Secretary of the Treasury or the Secretary or Commissioner of Banking, as the case may be, should not be protested in the event of nonpayment unless the word ‘Protest’ is stamped on the face of each such item. Wire us as to the nonpayment of all items of $500 and over contained in our cash letters and drawn on each such institution and protest the same. Return to us immediately all items (including those of $500 and over) drawn on such institutions which are not paid upon pre sentation, with a statement of the reason for nonpayment. The instructions in our Cash Collection Circular No. 477 applicable to protest of items are modified as above with respect to items drawn on unlicensed banking insti tutions until further advice from us.” Please be governed accordingly. Yours very truly, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)