View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL
OF

RESERVE
NEW

BANK

YORK

J Circular No. 3 1 8 3 1
*
L February 11, 1947 J

Y E A R -R O U N D

S A T U R D A Y C L O S IN G O F T H E

F E D E R A L R E SER VE B A N K OF BO STON

To all Banking Institutions in the Second Federal
Reserve District, and Others Concerned:

W e have been advised by the Federal Reserve Bank of Boston that it will remain
closed on Saturdays, beginning March 8,1947, pursuant to the provisions of Chapter 9
of the Acts and Resolves of Massachusetts, approved January 30, 1947, permitting
such closing. W e have also been advised that the law provides that all acts authorized,
required or permitted to be performed at, or by, or with respect to, any bank in
Massachusetts on a Saturday may be perform ed on the next succeeding business day.
Accordingly, on and after March 8, 1947, pursuant to our time schedules, credit
which would otherwise be given on Saturday fo r cash items forwarded for collection
to the Federal Reserve Bank of Boston will be given on the next succeeding business
day; and Saturday will not constitute a business day in determining the time when
credit will be given for deferred-credit items drawn on banks located in the First
Federal Reserve District.
In view of the fact that the Federal Reserve Bank of Boston will, and other
banks in Massachusetts may, remain closed on Saturdays, there may be a delay in the
return o f many dishonored cash items and in our advice to you o f the nonpayment
o f such items.




A l l a n S proul,

President.

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