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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.
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