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Fe d e r a l Res e r v e b a n k o f Da lla s
D A L L A S '13, T E X A S

May 7, 1953

To the Member and Nonmember Clearing Banks
of the Eleventh Federal Reserve District:
We are informed that under the provisions of Section 7521.2
of the Tennessee Code, any corporation doing a banking business
in Tennessee has the privilege of suspending business acivities
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 Saturdays during the period beginning May 9, 1953, and endĀ­
ing September 19, 1953, inclusive.
Notwithstanding the Saturday closing, all cash items received
by the Memphis Branch on Saturday for deferred credit, within
the hours provided for the receipt of such items, will be put in
process of collection.
Due consideration should be given to the Saturday closing
referred to with respect to transfers of funds to and from banks
in the territory served by the Memphis Branch of the Federal
Reserve Bank of St. Louis. Attention is also called to the possiĀ­
bility of there being a delay in the return of dishonored 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