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Federal Reserve Bank
OF DA LLAS

Dallas, Texas, May 9, 1952

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

We are informed by the Federal Reserve Bank of Kansas City that consistent with
the action of the commercial banks in Omaha, under authority of Nebraska statutes, the
Omaha Branch of the Federal Reserve Bank of Kansas City will remain closed on all
Saturdays May 10 through September 20, 1952, inclusive.
We are also informed by the Federal Reserve Bank of St. Louis that under the pro­
visions of Section 7521.2 of the Tennessee Code, any Corporation doing a banking business
in Tennessee has the privilege of suspending business activities on Saturdays. Pursuant
to the provisions of such code and in conformity with the action of the Memphis banks,
the Memphis Branch of the Federal Reserve Bank of St. Louis will be closed on Satur­
days during the period beginning May 17, 1952, and ending August 30, 1952, inclusive.
Notwithstanding the Saturday closing, all cash items received by the Omaha and
Memphis branches on Saturday for deferred credit, within the hours provided for the
receipt of such items, will be put in process of collection, and Saturday will be counted
as a business day in determining the time when credit will be given for such items.
Due consideration should be given to the Saturday closings referred to with respect
to transfers of funds to and from banks in the territories served by the Omaha Branch
of the Federal Reserve Bank of Kansas City and the Memphis Branch of the Federal
Reserve Bank of St. Louis.
Attention is also called to the possibility of there being a delay in the return of dis­
honored cash items and in the receipt of advice of the nonpayment of such items.
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