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F ederal Reserve Bank
OF DALLAS

Dallas, Texas, September 30, 1948

To the Member and Nonmember Clearing Banks
in the Eleventh Federal Reserve District:
We are informed by the Federal Reserve Bank of St. Louis that under
the provisions of Section 287.195, which was added to Kentucky Revised
Statutes by the Legislature at its regular 1948 session, a bank in that
State may remain closed on any day of the week, provided, that no bank
shall remain closed on any such day during any week in which there
occurs any one of the public and legal holidays enumerated in Kentucky
Revised Statutes, Section 2.110. Pursuant to the provisions of such statute,
the Louisville Branch of the Federal Reserve Bank of St. Louis will, until
further notice, be closed on each Saturday permitted under the Statutes.
Notwithstanding such Saturday closing, all cash items received by
the Louisville Branch of the Federal Reserve Bank of St. Louis on SaturĀ­
day for deferred credit, within the hours provided for the acceptance of
such items, will be put in process of collection and the availability o f the
funds calculated from Saturday. However, there may be delays in the
receipt of advice of nonpayment and the return of dishonored cash
items in some instances.
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 Louisville Branch of the Federal Reserve Bank of St. Louis.
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