View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F

ed eral

Re

ser ve

Ba

n k

OF DALLAS

Dallas, T e x a s, June 1 ,1 9 5 1

To the Member and Nonmember Clearing Banks
o f the Eleventh Federal Reserve District:

W e are in form ed b y th e M em ph is B ra n ch o f th e F ed era l R eserve
B an k o f St. L ou is th a t u n der th e p rovision s o f S ection 7521.2 o f th e T en n es­
see C ode, a n y corp o ra tio n d oin g a b a n k in g business in T en n essee h as th e
p riv ile g e o f su sp en din g b u siness a ctiv itie s on S atu rd ays. P u rsu a n t to th e
p rov ision s o f su ch code and in c o n fo r m ity w ith th e a ctio n o f th e M em phis
banks, th e M em phis B ra n ch o f th e F ed era l R eserve B an k o f St. L ou is w ill
be closed on S a tu rd ays d u rin g th e p eriod b egin n in g June 2, 1951, and
en din g S ep tem ber 1, 1951, inclu sive. D u e con sideration sh ould be giv e n to
th e S a tu rd a y closin g re fe r re d to w ith resp ect to tra n sfe rs o f fu n d s t o and
fr o m ban k s in th e te r r ito r y served b y th e M em ph is B ra n ch o f th e F ed eral
R e se rv e B an k o f St. L ou is.
W e are also in fo rm e d b y th e F ed era l R ese rv e B an k o f San F ra n cisco
th a t under p rovision s o f a sta tu te en acted b y th e U tah S ta te L eg isla tu re,
a m a jo r ity o f th e ban k s in Salt L ak e C ity and som e banks in o th e r p a rts o f
U tah will rem ain closed on S atu rd ays d u rin g th e m on th s o f June, July,
A u g u st, and Sep tem ber, 1951. T h e Salt L a k e C ity B ra n ch o f th e F ederal
R eserv e B ank o f San F ra n cisco, h ow ever, w ill con d u ct essen tial b an k in g
fu n ctio n s on su ch S atu rd ays, in clu d in g th e a ccep ta n ce o f te leg ra p h ic tra n s­
fe rs , b u t as th ere w ill be no clea rin g exch a n g e on Satu rdays, ch eck s draw n
on com m ercia l banks in Salt L ak e C ity w ill n o t be p resen ted on S atu rdays.
Y o u r atten tion is called to th e p o ssib ility o f th ere b e in g a d ela y in th e
retu rn o f d ish on ored cash item s and in th e re ce ip t o f a d vice o f th e n on pa y­
m en t o f such item s as a resu lt o f th e S a tu rd ay closin gs re fe rre d to herein.

Yours very truly,
R. R. GILBERT
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102