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F E D E R A L R E S E R V E BA N K O F N E W YO R K r Circular No. 3 2 1 2 " 1 L May 5, 1947 J YEAR-ROUND SATURDAY CLOSINGS OF CERTAIN BANKS To All Banking Institutions in the Second Federal Reserve District, and Others Concerned : The following information supplements the information contained in our Circulars Nos. 3113, 3183, 3190 and 3195, dated respectively July 30, 1946, February 11, 1947, February 27, 1947, and March 18, 1947, concerning Saturday closings of certain banks : R h o d e Island— Beginning M arch 8 , 1947, members of the Providence Clearing House Associa tion and a substantial number of other Rhode Island banks will remain closed on Saturdays. New H a m p sh ire— Beginning May 3, 1947, a substantial number of New Hampshire banks will rem ain closed on Saturdays. G eorgia— The Fed eral Reserve Bank of A tlan ta and the A tlan ta commercial banks will remain closed on Satu rd ay, beginning May 3, 1947, except in weeks where another holiday is observed. The Birm ingham , Jacksonville, Nashville and New Orleans Branches of the F ed eral Reserve Bank of A tlan ta will not be affected by this holiday and will rem ain open, except on legal holidays in the states in which they are located. A ny S atu rday on which F ed eral Reserve Bank of A tlan ta is closed will not constitute a busi ness day in determining the time when credit will be given, pursuant to our time schedules, fo r deferred-credit items drawn on banks located in the area served by the H ead Office of the F ederal Reserve Bank of A tlan ta. M aryland— Beginning Ju n e 7, 1947, the Baltim ore B ran ch of the F ed eral Reserve Bank of R ich mond and all other banks in the City of Baltim ore will remain closed on Saturdays. W e under stand, however, that a number of banks outside the City of Baltim ore will remain open on and after Ju n e 7, 1947. The M aryland statute perm itting banking institutions to close on Saturdays does not apply to the five E a ste rn Shore Counties of Caroline, Queen A n n e ’s, Somerset, Wicomico and W orcester. On and after Ju n e 7 ,1 9 4 7 , Satu rd ay will not constitute a business day in determining the time when credit will be given, pursuant to our tim e schedules, for deferred-credit items drawn on banks located in the area served by the Baltim ore B ranch of the F ed eral Reserve Bank of Richmond. St. Louis, M issouri— The following banks will not be open for business on Saturdays, except for limited transactions, principally the paym ent of paper issued by themselves : The B o atm en ’s National Bank of St. Louis F ir s t National Bank in St. Louis Mississippi Valley T rust Company The Plaza Bank of St. Louis All cash items drawn on or payable at such banks received by the F ed eral Reserve Bank of St. Louis on Saturd ay, will not be presented until the next business day. Noncash items draw n on or payable at such banks received by the F ederal Reserve Bank of St. Louis on S atu rd ay, will also not be presented until the following business day, except with respect to items which are included within the types the banks are prepared to pay and which the F ed eral Reserve Bank of St. Louis is specifi cally instructed to present. In view of the closings of banks as above indicated, there will be a delay in many instances in tlie presentment of items and in the advice of dishonor and return of unpaid items. A lla n S pro u l, President. F E D E R A L R E S E R V E BAN K O F N E W YORK May 7, 1947. To all B anking Institutions in the Second F ed era l Reserve District: We are pleased to announce that Bank of Commerce, Newark, New Jersey, has become a member of the Federal Reserve System effective May 7, 1947. A llan S pro ul, President.
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