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4 -r Federal R eserve New York, Ba n k o f 5~ r 3 sl 6 N ew Y o r k N. Y. 1 0 0 4 5 A RE A CODE 2 1 2 RE 2 - 5 7 0 0 July 8 , 1966 AIRLINE STRIKE TO CAUSE DELAYS IN COLLECTIONS To the Member and Nonmember Clearing Banks of the Second Federal Reserve District: The nationwide strike against five major airlines, which commenced this morning, will cause delays in the presentment of cash items handled by the Federal Reserve Banks, in the receipt of remittances and advices of nonpay ment , and in the return of unpaid items. For the present, we are making no changes in our schedules showing availability of credit for cash items which we handle. However, in the event of a protracted strike, we may have to make changes in those schedules; should this step become necessary, we shall advise you as promptly as we can. As you know, we reserve the right to charge back to any sending bank the amount of any cash item for which payment in actually and finally collected funds is not received, regardless of whether or not the item itself can be r eturned. ALFRED HAYES President
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