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H Gr c k 13
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FEDERAL RESERVE BANK OF ST. LOUIS
S t . L o u is 2, M

is s o u r i

May 23, 1951

SA TU R D A Y CLOSING
OF TH E M EM PH IS BRANCH
FEDERAL RESERVE BANK OF ST . LOUIS
JU N E 2, 1951 T H R O U G H SEPTEM BER 1, 1951
(Both Dates Inclusive)

To A ll M em ber B anks in the
Eighth Federal Reserve D istrict:

Under th e provisions of Section 7521.2 of the Tennessee Code, any corporation
doing a banking business in Tennessee has th e privilege of suspending business activities
on Saturdays. P ursuant to the provisions of such code and in conformity with the action
of the M emphis banks, the Memphis Branch of the Federal Reserve Bank of St. Louis
will be closed on Saturdays during the period beginning June 2, 1951 and ending SepĀ­
tem ber 1, 1951, inclusive.
N otw ithstanding Saturday closing, all cash items received by the Memphis Branch
on Saturday for deferred credit, within the hours provided on page 25 (Memphis Branch)
of our M anual of Facilities, will be p u t in process of collection. F o r the purpose of calcuĀ­
lating availability on checks received for deferred credit, Saturday is to be treated as a
business day. Credits which become available on Saturdays will not be credited until the
next succeeding business day inasmuch as the books of the Memphis Branch will be closed
and no entries made on S aturdays during the period specified in the preceding paragraph.
While no money shipments will be made on Saturdays, a bank may order currency
shipments for M onday delivery by specifically requesting such delivery on an order
reaching the Branch not later than the preceding Friday.
This letter will serve as an am endment to all provisions of the M anual of Facilities
and other rules and regulations which are inconsistent with Saturday closing.




DELOS C. JO H N S
President


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102