Full text of Federal Reserve Bank of New York Circulars : Collections Delayed by Coastal Storms

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Federal R eserve

Ba n k

of

/ to

.

N ew Yo r k

N E W Y O R K 4 5 , N. Y.
r e c t o r

2 - 5 7 0 0

March 8, 1962

COLLECTIONS DELAYED BY COASTAL STORMS

To the Member and Nonmember Clearing Banks
of the Second Federal Reserve District:
Extremely bad weather conditions throughout most of the Atlantic
seaboard have disrupted transportation and communication facilities, and
have hampered business operations.

In view of these conditions, there may

be delays in presentment of cash and noncash items, in return of dishonored
items, and in forwarding advices of nonpayment of items payable in the
areas affected.
We will continue to accept and dispatch cash and noncash items
deposited with us payable in the affected areas and to give credit for cash
items in accordance with our time schedules, but we reserve the right to
charge back any unpaid items at any time.




ALFRED HAYES,
President.

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