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FED ERAL R E SE R V E BANK
O F D A L LA S

Dallas, Texas, July 5, 1938

To Member Banks and Nonmember Clearing Banks Addressed:
The following letter has been received from the Federal Reserve Bank
of New York:
“ Section 36:1-1 of the Revised Statutes of New Jersey as amended by
Chapter 115 of the Laws of New Jersey of 1938, provides that every Satur­
day in the months of July and August “ shall, for all purposes whatsoever
as regards the presenting for payment or acceptance, and of the protesting
and giving notice of dishonor, of bills of exchange, bank checks and promis­
sory notes be treated and considered as the first day of the week, commonly
called Sunday, and as public holidays.”
“ There will therefore be a delay of one additional business day in the
collection of items drawn on, or payable at, banks located in New Jersey
which would otherwise be presented to such banks for payment or remit­
tance on Saturdays in July and August, 1938.”

Yours very truly,
b.a

. McK i n n e y ,
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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