Full text of Federal Reserve Bank of New York Circulars : 2093. Collection of Cash Items Drawn on Banks Remaining Closed Saturdays.

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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 2093
July 3, 1940.

Collection of Cash Items Drawn on
Banks Remaining Closed Saturdays.

To the Member Banks and Nonmember Clearing Banks
of the Second Federal Reserve District:

We are informed that with a few exceptions the banks located in the portion of
the State of New Jersey that is included in the Second Federal Reserve District will
remain closed on Saturdays to and including September 14, 1940, which have been
made public holidays for the purposes described in section 36:1-1 of the Revised
Statutes of New Jersey, as amended by Chapter 85 of the Laws of New Jersey of
1940. In the circumstances, therefore, and confirming our letter of June 13, 1940,
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 business 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 13, 1940.
While we are further informed that certain banks located in the State of New
York will remain closed on Saturdays during the months of July and August, 1940,
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 through,
New York banks which remain closed on Saturdays during July and August, 1940.
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 remain closed on
Saturdays during the periods mentioned above and in advising you of the fate of
such items.




GEOEGE L. HARRISON,

President.