A day, other than Sunday, which, so far as business of many kinds is concerned, has lawfully the same status as that day. Upon a "legal holiday " notes may not be collected. Banks and all public offices are closed. Practically no business is carried on except that of public service corporations or for the pleasure and entertainment of the masses. In every State when a " legal holiday " falls on Sunday the next day is set aside in its stead, except in Louisiana, which observes the same day, and Washington, which observes the day preceding. Sunday, Christmas, and July 4th are legal holidays in every State of the Union, but not necessarily so the other holidays. Each State makes its own separate laws in relation to such days. In many States notes or other negotiable paper due on a " legal holiday " are payable the day following. In New York, for illustration, if negotiable paper falls due on July 4th, and it so happens that that day is a Saturday, then it should be presented for payment Monday, the 6th.
Legal Investments for Savings Banks. Expressions like "legal for Massachusetts savings banks," or "legal for New York savings banks," have appeared so many times in circulars of bond houses in connection with this, that, and the other bond, that it seems almost as if every one who has had occasion to look at such circulars, must either have accepted these phrases without attaching any particular meaning to them, or must have a clear understanding of what is meant.
This information is given in connection with describing an issue of bonds for two purposes: First, to notify a bank official that the bonds may be purchased by his bank in strict compliance with the law; Second, to give the bond recommendation to a private investor from the fact of its being legal for savings banks to purchase. The laws of the majority of States regulate specifically in what bonds, stocks, etc., a savings bank may invest the money of its depositors. Limitations placed upon such investments differ in the various States, but, at the time of writing, the States having the more conservative laws in this respect are: New York and Massachusetts particularly, also Connecticut, Vermont, Maine, New Hampshire and Rhode Island.