Full text of Federal Reserve Bank of St. Louis Circulars : [Accumulation of Coin Due to the Embargo on Railway Express Shipments]

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F E D E R A L R E S E R V E B A N K O F ST. L O U IS
ST. L O U IS 2 , M IS S O U R I

June 24, 1957

To M ember B anks in the
St. Louis Zone o j the
Eighth Federal Reserve D istrict:

As a result of the continuing embargo on Railway Express shipments to St.
Louis, some member banks in this zone m a y be experiencing an undue accumula­
tion of coin.
In view of these circumstances, we are anxious to assist in the development
of temporary alternative means by which coin can be shipped to us for deposit
without incurring undue risk of loss. Therefore, we are requesting that interested
member banks let us know the amount and denomination of coin on hand in excess
of their normal requirements. As soon as we have this information and if the ex­
press strike is still in progress, we will notify these banks of any temporary arrange­
ments, not covered by our Operating Letter No. 10, by which they ma y ship their
excess coin for deposit with the Federal Reserve Bank of St. Louis.
M e mber banks in the St. Louis zone which ma y be interested in such tempo­
rary arrangements should advise the Federal Reserve Bank of St. Louis not later
than Friday, June 28. Replies should be addressed to Mr. John J. Hofer, Assist­
ant Vice President.

D E LO S C. JO H N S
President