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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 Satur 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)