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H Gr c k 13 U r . ; 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 Sep 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 calcu 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