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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

No.

o f P ieces

A m ount

21,505,468
10,367,052

Currency
Coin
Non-Cash Collection Items
r a n s it

De p a r t m

49 , 6 9 9

46,230 ,193.34

3,992,656
8,8 66

693 , 445 , 765-49

It has provided an elastic and adequate supply of
currency, a concentration of bank reserves for

$ 58,626,337.00
i

>737 >874 - o o

C o l l e c t io n D e p a r t m e n t
T

lections and transfers of funds.

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

★