By Monday morning. vs On Monday morning.

[Aikuzo]

- May I encourage you to have chapter 5 read by Monday morning.
VS.
- May I encourage you to have chapter 5 read on Monday.

Does the first sentece mean we should read it on Monday?
OR
we should finished reading it before monday?
_________________
I quit studying English years ago and have just come back to study the basics.

[Erik]

No, it should be finished before Monday morning. It is an example of "elliptical" usage.
What the speaker is saying is "May I encourage you to have chapter 5 read by (the time you get here on) Monday morning."