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FEDERAL RESERVE BANK O F ST . L O U I S JEFFERSON & THIRD STREETS This steel door is the main entrance to one of the strongest and most modern vaults in the South, protected by every safety device. A rm ed guards are on duty day and night. In it are stored the money and securities of the M em phis Branch and of member banks. * B ills unfit fo r further circulation are canceled by this machine and sent to the United States Treasury fo r destruction. They are redeem ed by the Treasury in W ashington, which ships nezu currency to the M em phis Branch to be paid out to banks in this territory. / HOW THE ME MP HI S BR ANCH S E R V E S THE M I D - S O U T H T h e M em phis Branch of the Federal Reserve Bank of St. Louis was established in 1 9 1 8 to serve the needs of this trade territory. T h e farm er who must have m oney to plant, cultivate and harvest his crops; the m anufacturer who requires capital to buy raw m aterials; and the merchant who needs money to buy goods m ay borrow from a local bank. I f a member of the Federal Reserve System, this bank can discount the note at the M em phis Branch and receive either credit on the books of the Federal Reserve Bank or obtain the actual m oney, dollar for dollar, on the face of the note. O ther assets of member banks may be pledged if more credit is needed. Sum m ing it all up, the M em phis Branch of the Federal Reserve Bank provides a steady flow of cur rency and credit to keep the wheels of industry and commerce running smoothly here in the M id-South territory. * D uring 1936 these machines counted 10 ,3 6 7,05 2 coins of various denom inationsy amounting to $1,7 37 ,8 7 4.0 0. Each machine has a capacity of 52,000 coins per day. has made possible the more efficient, less costly, and speedier handling by member banks of check col VO LUM E O F O PE R A T IO N in th e M ajor D ep a rtm en ts o f th e B a n k fo r th e Y ear 1 9 3 6 M oney D e p a rtm e n t Currency Coin No. o f P ieces A m ount 21,505,468 10,367,052 $ 58,626,337.00 49 , 6 9 9 46,230 ,193.34 3,992,656 8,8 66 693 , 445 , 765-49 i >737 >874 - o o C o l l e c t io n D e p a r t m e n t Non-Cash Collection Items T r a n s it De p a r t m lections and transfers of funds. It has provided an elastic and adequate supply of currency, a concentration of bank reserves for greater usefulness, and an efficient Fiscal Agency for the Governm ent of the U nited States. ent Checks Collected Transfers of Funds 560,608,776.69 T h e ability of member banks to borrow on busi ness paper, w hich provides a ready market for the loans of customers, large and small, has tended to What the Federal Reserve System Means to Finance, Business and the General Public In its more than tw enty-tw o years of operations and developm ent, the Federal Reserve System has equalize the credit supply in all parts of the coun try, to elim inate seasonal credit strain, and give greater assurance that member banks can supply the credit requirements of their communities. M achin ery has been set up to provide a national become an integral part of Am erican business and credit policy administered in the public interest finance. and to insure unified action by the banking system T h ro u gh the Interdistrict Settlement Fund it in carrying out this policy. A n assorting desk in the Transit Department. Exactly 3,992,656 checks of farm ers, merchants, manufacturers and the general public were handled by this department in 1936. These checks totaled the immense sum of $693,445,765.49 and were collected at par fo r member banks. * So mechanically perfect that it is proof against two bills slipping through at one tim e} this m arvel of the machine age counts approximately 20,000 bills every day. Last year 2 1,5 05 ,468 bills amounting to $5 8,626,337.00 were tabu lated by these machines in the M em phis Branch. * W ith bullet-proof glass and steely this arm ored car assures protection fo r a ll shipments of currency, coin and securities to member and non-member banks. It has every im prove ment. ★ ★ A L L MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM M A Y USE THIS EMBLEM ★