Full text of District Notices (Federal Reserve Bank of Dallas) : [Head Office of the Federal Reserve Bank of Richmond Will Close on Saturdays]

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F ederal Reserve Bank
OF DALLAS

Dallas, Texas, June 18, 1952

To the Member and Nonmember Clearing Banks
of the Eleventh Federal Reserve District:
We are informed by the Federal Reserve Bank of Richmond that pur­
suant to action by its directors, the Head Office of the Federal Reserve
Bank of Richmond will be officially closed on each Saturday for the tempo­
rary period beginning with Saturday, June 28, and ending with Saturday,
September 27, 1952. This action was taken under authority of an Act to
amend Title 2 of the Code of Virginia by adding a section numbered
2-20.1, relating to permissive Saturday closing by banks in certain cities,
which was passed by the General Assembly of Virginia at its 1952 session
and approved by the Governor on February 18, 1952. All member banks
in Richmond have taken similar action.
Notwithstanding the Saturday closing, all cash items received by the
Federal Reserve Bank of Richmond 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 closing referred to
with respect to transfers of funds to and from banks in the territory
served by the Federal Reserve Bank of Richmond. Attention is also called
to the possibility 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

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