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STENOGRAPHERS MINUTES
THE RESERVE BANK
ORGANIZATION COITMITTEE.
".-.aDERAL RESERVE DISTRICT DIVISIONS AND LOCATION
OP FEDERAL RErERVE EANES AND HEAD OEEICES."
nr.
At
D o lt .
CineLima,tl* _Ohio*.
February 16^. 1914*.
Law Reporting Company, Official Stenographers
H 5 BROADWAY,
NEW YORK
T I U P H O N t , 2820 RECTOR
• 6
4341
CIWCIWIIATI, OHIO.
F e b ru a ry
Tdo O r g a n i z a t i o n C o n i t te e a s t
1 8 th ,
1914,
p u rs u a n t t o n o t lc o a t
10:00 A* II.
mam:
THE SCCR1ETAHT OF TFT TRTASURT.
TH* 8TCR1TTART OF AORICtTlTOne.
Ap PTARAFCE9S
WL 8 .
ROWF, P r e s i d e n t F i r s t
Mat io n s 1 Bank,
and Ch&irr.an o f th e v a r i o u s
C o s s itte e s
C in c in n a t i,
i n the
R e g io n a l Bank u t t e r .
9KORCK r .
DICTTRLC, P r n i o s n t ,
C in c in n a ti C h M b «r o f
C o u a r c i.
/
CHARLES A . HIW8CH,
P r t t ld m t ,
House A s s o c i a t i o n ,
C in c in n a t i C le a r in g
and P r s s i d e n t o f t h e
F ifth -T fa ird
R a t io n a l B an k.
F . W. SDWART9,
F re e Id e n t,
B u s la s e s Men9s C lu b ,
C in
c in n a ti ,
FRFTFHICX C. HICKS*
of
J.
S.
P ro fe s so r o f
V c o n c s ic s ,
U n iv e r s it y
C in c in n a t i.
McHTWHY,
(H ash v ille,
T en n .),
repreesntln g
ac
4342
n a a n v il l a C la a r in g H cu ta;
V ica Prsoidant of t h e Fourth and
F I r o t n a t io n a l Banka*
8.
CARR,
V.
(T o le d o ,
O M o ),
Pr««ii.anX Rational Ba
o f Corse j r c c .
0
H.
.
A.
3HARP.
(Z a n a a v l l l a ,
O b l o ) # C ao hior,
Old
C it la a n A H a t Io n a 1 B an k.
JOHH L . BUnHWFLL,
(3 p r ln *fie ld .
O h i o ),
P r a o id a n t.
F lr a t n a t io n a l Bonk.
X.
B.
G~BRA??DT,
(P a y t o n . O h i o ) ,
r«p re»*r.ting th#
D a /t o n C le a r in g Housa.
C.
first
CHITES,
(L i.ta ,
O h io ).
C a a h ia r and Han*gar cf
N atio n a l B an k .
J.
tha
D.
S.
H IL L ,
( d a rleato n,
V ast V i r g i n i a ) ,
Cao hiar ,of
n a tio n a l City B an k .
ROBERT l>. ARCHER,
C u a h la r / I rat
W. K .
(H u n tin g t o n ,
Waat V i r g i n i a ) ,
R ational B a n k ,
FAKITR,
(V in o « n n e « ,
In d ia n a ),
Caafclar,
Oonran
■ atlonal B a n k .
J.
P ain to v llla
L.
1C. BUCKIBQHAM,
R atio n al
W.
E A T I8,
(P a ln t a »lllo ,
K o n to cky ),
C aa h lar,
B an k .
(Aahla«<!,
K e n t u c k y ),
P r«14?ist,
Second
R a t io n a l B a n k .
3.
A.
rLKTCHFR,
(In d la n a p o lla ,
In d ia n a ),
re p r o a a n t ln * j
**
4343
tns
In d ian ap o lis
AHE -i
C laarln g
^MITH,
In d ia n a Bankers
House A s s o c i a t i o n .
(In d ian ap c lia,
A ssociation ;
V ies
In d ia n a ),
P rssiden t
Sscretaryof
In d ian a
nation al
B an k # In d ia n ap o lis.
MARCUS 3.
A ssociation ,
C.
3GBTAG,
E v an stills,
H.
CHURCH,
E s l s w a r s C o u n ty
T ics P rssid en t
Banker*
In d ia n a .
(U u n cU ,
National
In d ian a
B ank*
Ind iana ) ,
also
Cash i s r o f
Sscrstary
of
ths
ths
ttun ois
C l e a r i n g Hcuss A s s o c i a t i o n ,
H.
C.
SHARP,
(M a y a v ills,
K entucky),
Ca.ahlar S t a t s
N a t io n a l Bank.
WALTtR S .
fo r
t h s Bank J c s s p h i n s ,
C.
F irst
C ity
K.
F^OST,
B atlo n al
A.
of
HARK196.
?.
R ational
B a rtse ll,
H.
In o x v ills
C.
a p p .a rln *
».
Prsstcnburg,
(A th e n s,
Bank a t
K entucky),
Kentucky) ,
A lsh aaa),
ap p earin g
and o t h e r s .
ap pearin g
fo r
A tftsn s and c t h s r s .
JACC.SOW,
B an k ,
(P rsston bu rg,
(D ec atu r,
and P r s s l d s n t
Alabam a),
of
C ash ier of
ths F ir s t
R ation al
fo r
Bank
41 a * s a fe .
JOHW8TOV,
(C n o aviH e,
T sn n sssss),
P rssld sn t
C l e a r i n g House A s s o c i a t i o n .
C.
the
BOWTPR,
(P o in t
ttt. P . l n t
P leasan t,
P l.a a an t
* ..t
R atio n al
V irg in ia ),
Bank a n i
th .
•C
4344
Point Pleasant Trust Cos pany and tha Merchants national Bank
J.
B. V A L O R ,
(C a n t s r v l iie ,
T e n n s s s a s ),
f o r F irst
National Bank of C « n t * r v il l s and othsr banks*
*.
V.
HTlflCX,
(M lddletosn,
O h i o ),
President F irst
Katlonal Bank of Middletown, also repreeentlng Ogleaby
and Barnett Banking Company,
D . PITTOV,
S.
(Ham ilton, O h i o ),
Preelaent F ir s t
n atio n al Bank.
R.
L.
BURCH,
JAMES A .
k&c.y t, C o ap a n jr.
(C in cin n ati,
ORSEW,
O h io ).
(C in cin n ati,
O b ic),
fo r
M attbaa
4345
Ths $ * «retery of th« T rta «u ry : Qertle**en,
is
^
le ss
this ^ r K s l t U t
r j i a w it h the duty of d l r l d l r f t h is owsntry in to not
than slHht nor sort: th^n twelve f O d e n l Beserwe d i t *
tricts,
«nd the l i i f t t i & f w it h in
m
A
c m « f a F ederal Besik*
The Aot req u ires that the Ccssslttee s h il l h t v :
auo
re*r-ru
fo r o c n w .l a n o e ajrui cuetonary ocures r>f business in z&sJtlnjr
,h le A ( p « r t i a w « n t *
fh r t we dse ire is
to
^t
faote r e la t in g
tc the t r e b l e * fr e e that stand p o in t, ws w e ll u t of
,* c i i m p
^ c n e r l in r n a l ie n which would be is r t ir o n t to the issue*
Ae we hawe b id c* use tc remsrk b e fo r e . I t le not
oratory or tloqutnoe
fa c t e *
that we r.re so such ii
quo^t of ae
0*ln$r to the b r i e f tiae which the Ccn<tee hae a t
lt e d is p o s a l* we haws to oonflne the w it n e s s e s ,
p o s s ib l e ,
so f a r as
tc ths charactsr of facts which ws think are n e *
osf-sr.ry f o r the
urpose *
Thsrs are a ^ord wsny c it ie s to be heard here
to
day* M M r d i n | to this l i s t ; sore th~r we had eu£p#£Sd ws
w ruld haws,
so that ws s h a ll haw:
to wst at ths e a t t t r
#
▼cry d i r e c t l y ,
rad we s h a l l ask you a l l to speak tc ths
p oint*
Ws w ill
talcs up C in c in n a t i f i r s t * Mr. R c r t , I e s s .
ec
4346
l<i C n a l r a a n
of
trie J o i n t
Coasaittee.
STATCM^ITT OF I .
Tho 8 0 0 r o t a r y
your oaaef
Mr.
of
th o T r e a ^ n r y :
residen ce
Rowe:
V.
C in cin n ati,
an d
S.
S.
and
ROWE.
Hr.
Rowe,
w ill
you e t a t s
occupation.
Rowe;
P resid en t,
C h airm an o f
F iro t
th o v a r i o u s
n atio n al
Bank o f
C o aaittsee
in
th o
R e g i o n a l B ank a a t t o r o .
Tne S e c r e t a r y
make.
Rove:
tc
I
avoid
aa
Treasury:
going
to
ta lk
sta tistic s
as
fa r
tics
i n the
that
the Cossaittee
d ivisio n s
b riefs
of
and
in
In
You ha v o
c o u n try
the country
h oing
drawn
that
in
Tha S e c r e t a r y
fro a
a statem ent
the a s p s .
in
8,
sill
a a s saade f o r
so? o s ,
as p o s s l b l s .
It
s s v e r e l aplacee
your p e rm issio n as
w ith
ths
tho
to
Tcu may p r o c e e d .
Mr.
try
of
10,
a
ei& ht
go in g to
We h a v e
1*
sta tis
cur understanding
has asked
11 o r
o ffe r
and a a
fo r
su^gsstsd
12 d i v i s i o n s ,
s u p .p e l t e d
o r aore
d ivisio n
banka,
the
and
of
lin ee
—
of
the
Treasury:
Have y ou e x t r a
cop ie*
of
thisT
Mr.
d ivid e
Rowe:
the
We s i l l
country
fu rn ish
Into
eigh t
thea.
The b l a c k
d istricts.
Ths
lin e s
red
in
lin e e
general
ehos
W.
ec
tho
territo ry
That
eould
tc
be a a o e
out
if
ten a re
chosen*
p o ssib le
dlvld*~
lin e
its
into
atcut
rapid
tla s
of
the
If
The
com
green
Central
nine
to
be a a £ e
that
settlem en t
and
would p r o b a b l y
slth
If
the
The
growth,
have
to
the
west
lig h t
the a r e a
great
of
are
of
blu e
thought
the M i s s i s s i p p i
were
in
that
in a
c 5s t r i c t
lin e s
country
of
ch o sen *
Bear Ycr k and
showe t h e
d istrict,
11 o r 12 d i s t r i c t s *
is
ban k s
o ff
lin e
The p u r p l e an c
changes
Texas
there
4347
n e csesarily
territo ry .
to
the
Howe
oe s u b - d i v i d e d
probably
He* E n g ls n i
3.
shoe
tc
the
be
purple
country
in
reasonably
short
aa d 3 o f
be a d i v i s i o n
that
tsrrito ry *
The 8 J c r s t —ry
d ivisio n ,
Mr.
tne
Roes:
o£
t&e T r e a s u r y :
d istrict
prcpcssd
P ra c tic a lly ,
except
How,
fo r
i n an y
suggested
C in cin n ati
that
we h a v e
is
u n a lte re d .I
d raw n so n s
r o u g h l i '.s « h e r s .
T:.a
of
sp sc iflc
d istric t,
th e
U :la a tln n
w ha t you p r o p o s s f o r
d r. Roes:
aa„
is
draen
Thsrs
fo r
Ths S e c r e t a r y
tor
th e
sske
of
T r e a s u r y : - H a v s you a map
the
u N e a r ly
th an
th is
ths
does,
C in cinn ati?
is
a eap
p ra c tic a lly
ef
scr«
shoeing
thers,
a ll
the T re a su ry :
record.
Mr.
of
Secretary.
the f i v e
You M i g h t
that
etatee*
describe
them
ei
ec
* . S .
M r.
Rowe:
propose
The s t a t e s
co n sist
an d T e n n e s s e e ,
the
Map s h o w s
Indiana,
with
or
the
that
what
to
d istricts
w h i c h we
In'lana, I t u t V i r g i n i a ,
Kentucky
g re a te r parts
it
covers
county
a g ric u ltu re
ot
P ean eylvan ia
and
th.
it
here
w ith
the R eeerve
Mr.
Rowe:
on
and t h e r e
A ppalachian
parts
that
ranga,
A glance at
in Ohio
section
of
that
fe w e r p eop le
shows t h e
of
the
Treaaury:
Bank a o a o r g a n l a e d ,
The c a p i t a l
tw elve a l l l l o n
The
thes.
in
and
tha
seews
it.
in
country
to
be
I n the u n d e v e l
o f Vest V ir g in ia ,
are
covered
by t h e c o n *
c o a l n g down t h r o u g h
and l e w Y o r k .
Th* S e c r e t a r y
of
of
p a rtic u la rly
E a s t e r n K e n t u c k y and T e n n e s s e e
tln u a tio n
the
a den sely populated
is
oped c o u n t r y ,
4346
o ao
com prising
or O hio,
an o c c a s i o n a l
devoted
R
Secretary
would be
What
an d
do you wake t h e c a p i t a l
the
reacurcea
eoteew here f r o m
ten
of
it?
to
d o lla rs.
of
the
Treaaury:
Hav e y ou any
exact fig u r e s
it?
Mr.
Rowe:
We h a v e no e x a c t
bean p re p a re d .
been
sh all
The
subm itted
have
to
think
y ll,
* e h a v e them
and
if
in
you w i l l
although
th e
they
b rief
have
which hae
etop
lo n g
enough,
1
sho uld
like
tc
the
the q u e stio n answ ered.
Secretary
I
figu rea,
of
the
Treasury:
We
have
•C
W. 3.
question
antvortd
Mr. Row#:
Ro»d
no*.
Th# capital and surplus of th# bank —
in c lu fs ^ State bank# —
this
Mr. Hlntch *t ostl&at# of th# cap ital
cf a oank coloring t h i* d is t r ic t would b# f l l # 7 0 0 , 0 0 0 .
Th# Secretary of th# Troasury:
On th# 6 p e r c#nt b a sis,
of
ccurssT
Mr. Row#:
On th# 6 p#r c#nt b a # is ,
with d#poslts of
| 4 3 #0 0 0 , 0 0 0 .
Th# S#or#tary of th# Tr#a*u ry:
Exclusive of O o vam aant d«-
posltsT
H r. H lnsch:
now ar#,
W# include th# Govarnaent doposits as th#y
out not
Mr. Row#:
as
provided f o r by th# Act.
Th#r# ar# probably thrcs# quarter® of a a l l l i o n
d o lla r s of Oovom a#nt aon#y I n tho local hanks:
Th# Sscrotary of th# Tr#asury:
In t h is ontlr# d is t r ic t
th#r# i# a grsat d#al mere than t h a t .
I think it would b#
w#ii to tak# out th# Go v# m * # n t d e p o s it s ,
in ord#r that
aay ss# what you haw# as a rtssrt# fo r t h is bank without
such d s p o s lt s ,
I think If you would glws th# c a p it a l and i u r *
plus of th# 3tat# banks at this point*
them from th# National b a n k *,
Mr. Rows:
that
is,
separate
it would be w e l l .
Th# Rational bank# I n th# d i s t r ic t nuahsr 1 , 0 0 9 ;
ec
r•S.
th e ir cap ital
and
$761,971,000.
an d
th eir
depoeite
3,660,
Tho S t a t e
cap ital
anc
the
end
is
#202,107,000,
banks
in th a
is
and
th e ir
d istrict
nuaber of
surplus
Of
anc
and
tae
a lo t
of
th e ir
banks
#391,094,000,
course
deposits
vzuaber 2,*>51
#188.393,000,
The t o t a l
$1,6 7 5,53 4 ,0 0 0.
not
4 3 5 0
surplus
cap ital
la
and t h e
these
oanke
q u a lify .
The S e c r e t a r y
State
banks
M r.
Rove:
la
surplus
$ 9 1 3 , 5 4 3 , OOO.
cepoeite
cou ld
loxa
of
A gric u ltu re :
J oining
the
What
is
to
The S e c r e t a r y
th e Department a t
of
the
a# t o
the
systeaT
The l a w taae b e e n a s s n d e d
accep table
th o l a w
Treaeury:
in Ohio,
and
I
think
W aehlngtcn.
Has t h a t
la w
been passed
as
yet?
Mr.
Rowe:
Tee,
The S e c r e t a r y
in
thie
and
d istrict
w hat c a p i t a l
Mr.
Rows:
ca p ital
to
ly .
Ro**e:
of
tho
are
bacosa a la w .
Treasury:
e lig ib le
and e u r p l u s
346
How msny o f
to aeabereh ip
do t h e y
show,
the
under
and
State
the
oanko
Act,
wha t d e p o s i t s ?
baurike i n O h i o h a w i n g
eu fficien t
n a tio n a lise .
of
Or to
T heir c a p it a l
hae
There a r e
The S e c r e t a r y
Mr.
it
the
Treaeury:
Or t o
Oecoae aem bere,
yes;
lo
th e ir
$40,991,000,
becom e a e a b e r o ?
1 stated
su rp lu s
it
incorrect*
$*0,729,000,
•c
W .S .
an d
th a ir
d *p oaits
In
surplus
K en t uc k y
f l L , 9^0,000,
surplus
of
of
has
a ll
that
these
done,
This
th e
if
Rose:
I m *y.
I
of
Wc«,
have
of
meet
in
don e
The S e c r e t a r y
the
M r.
*o u l4
of
of
the
s
of
cap ital
cf
capital
$ 1 0 , 6 6 * , 0CC,
#51,060,000.
Tou h a v e n o t
that
I w ill
Ye*.
the
lin e
fo r
it
the
fu ll
re a lisa tio n
the
have
1 proceed?
draw ing
slth
In d ian a
the
banks
«cul '
these
su m m aris ed
totals?
Treasury:
of
11 1,4^7,000,
$46,645,000.
been a g g r e g a t e d ?
S k all
the
t l 3 d , 9 0 5 , OOO.
d istricts.
banks,
northwestern p a rt
bu sin ess
is
slth
Treasury:
has n o t
of
cf
*nd d e p o s i t s o f 1 4 8 , 3 5 5 , 0 0 0 .
1 1 7 &*nks,
the
the
State
The S e c r e t a r y
rou gh ly,
of
and d e p o s i t s
and d e p o s i t s
com prises
Rose:
Mr.
uanke
has
w it i. a c a p i t a l
lo t banks w ith a c a p i t a l o f
are
# 5 , 4 4 ^ , 0 0 0 and d e p o s i t s
The S e c r e t a r y
Mr.
#5,73© ,000,
130
#; , 0 8 3 , 0 0 0 ,
That
fo r
449 b a n k s
$3,597,000,
West V i r g i n i a
surplus
ars
there
surplus
Tsnnsssss
4351
#338,996,000.
Indian*. t h e r e
134,033,000,
In
Rows
Treasury:
the
natural
fiv e
The t r e n d
th a t
trsnd
be t o w a r d
cf
etates
of
in
tne
O lo ago.
commodities
same?
Rose:
The t r e n d
sim ply
d e p e n d on t h e
of
c o m a u e d lt le s
dem and,
mould go e i t h e r
ra ilro a d
fre ig h ts
say,
and
it
W.
eo
t r id a ,
s.
Hoia
435 Z
wherever it happen# tc be developed.
In Vest V ir g in ia at the northern end,
the natural trend
there «ould be towards Pittsburgh and on the eaet side B a lt i
more and Richmond,
which we think have scae d e alin g s with ths
banks, and a considerable trade with t a e a .
Central and
3 o u t h e m Vest V ir g in ia dsal largely with C in c in n a t i,
it
is on t n ls side of ths d iv id e ,
because
and the roade ccae through,
and the t r a in eervlce ie frequent and a c t iv e ,
and it
ie t h e ir
nearest large c i t y .
Eastern Kentucky and Central Kentucky deal here fo r
Ue
same rsasone*
Going down into Tenneesee we have purpossly
l e f t at the western edge there the tfewphie D l e t r l c t ,
would n aturally go to S t .
Louis and beyond the r iv e r .
Kentucky,
there Is a l i t t l e
beyond Paducah,
uhlch
In
part at ths
e~gs there that would probably have mcra b u s ln e ** with S t .
Louie taan any other s e c t io n .
Row that te r r it o r y as drawn repreeente our views
in a general way, and ws b e lie v e that the fig u r e s w ill shew
that it Is self- su p p o rtin g .
The Secretary of the T rsa su ry :
Mr. Rose:
Tee.
The S ec retary
Have you any fisrurse on that?
of
the
Trsasury:
Can you
subalt
those
now.
W.
M r,
Ro we:
that
This
ia d «
Tfcj
grsen
and
rod
dots
ths
ths
tbs
deaands,
raaut
haa
c a lcu la tio n a
Tug
t& is
aa^e,
la ft
proposed
th~
in
tak^n as
p e a k oi
the
tha
by coun
various
by c o u n t l a s ,
in
C in cin n ati
fa ll;
and
ths
showing
in q u iries
they
ysar,
by
bars
resu lt
ara
tha
the
is
of
in
the
country
the
ban ka a l l
exp erienced
of
tne
graan,
ia
ths
Into
and
and
is
demands
sprin g;
w in ter.
country
obtained
it
co n sid erab ly ,
that
Of
it
sho^s a
course
fa ll.
rediscounts
tha
ahaom.
seasonal
jrew n
aeaacn—
baan t a b u l a t e d
seasons,
the
parte
hava
ths
d ivid in g
cmm&nd d u r i n g t h e w h o l e y e a r .
lo ad
to
autus-n and w i n t e r ,
re su lts
d ifferen t
Mow a t a b l e
d u r i n g the y e a r
tha
naps
t h a * when
ha r a p l i a a
d istrict
a w hole,
steady
aaksd
hand map r e p r e s e n t s
vary
banks
redlecounted
prepared
au mmmr,
anc
Tney
t(*e
that
D&nks
y s a r 1913 a t
ths lo a n in g
ssaaon cf
boen t h a t
yellcw ,
and
ln th e
a n u sbjr of
a»d
sp rin g,
auaerl
fa ir
out
bat
rec,
but
barks
d istrict,
ssctio n s,
through
rspr«s«n ts
?e a a n t
the
greatest
in C in cin nati
gan tlaaen hava
a1 d e r a n d a .
tfircu^h
the country
season.
These
fou r
4353
map r e p r e s e n t s
leans
tiaes.
C u r i n g the
I
Hcwa
RowaT
Mr.
ties
S.
and l o a n s
b a n k a up t h r o u g h
Ohio
shows t h a t
and the
•o
W .S .
•M tirn
of
part
Ind iana,
th an others
of
Row#
Kentucky,
of
the
d istrict
at
the peak o f
Rowe:
of
Rows:
of
the
Have y o u any f i g u r e *
the
R atio n al
banks
of
shewing
the
en tire
demand?
the
Trsasury:
The
R ation al
of
the
N atlcn al
the
Treasury:
Yes.
banks c f
the
banks
of
the
o f toe
Treasury:
You c o u l d
Wo.
C o s p t r o lle r 's
Rove:
and p ro d u c e
it
We wo uld
lik e
over the
Ro*s:
h eavleet
Mr.
Secretary.
before
to
of
the
the
day
in
le
that
from
tbe
were
We w o u l d
lo c a l
in
shown,
you l i k e
ue
to
get
over?
idea o f
redlecou nts
redisco u n ts
Woul£
Treasury:
h a v e eome
demand
The
get
statem ent.
Yes,
The S e c r e t a r y
M r.
tim es
d le trlct?
The S e c r e t a r y
hero
fo r
The r e d i s c o u n t s
Air. R c w e t
M r.
*12
d istrict?
The S e c r e t a r y
the
at
sorss p a r t
Ho.
The S e c r e t a r y
e n tire
and
in C in cin n ati
Treasury:
r e d is c o u n t s were
Mr.
loaned
i n Ohio
borrowed*
what the
en tire
p a rticu la rly
h a d a o r e 1 0 nay
The S e c r e t a r y
Mr.
4354
the
lik e
excess
to havs
of
the
supply
d le trlc ts.
ths
and
d istricts
the
wfcwn
am oun ts?
it.
the
it
r.
eo
Tbe S e c r e t a r y
«e
would
lik e
banka and
the
to
trust
report
©f
to ue l a t e r ,
Hr.
cf
aocut
ticn
the
of
have
it
Tee.
ae
of
fa r
i n many p a r t e
of
statem ents
the
■ore
of
the
ae
Perhape you co u ld
fhaperlnten dent,
to
Treasury:
It
is
get
We f i n d
the c o u n t r y ,
eitn
that,
to
set
but
not
the
that,
to have
Mr.
it
Baxter.
to
euch
Inform ation,
in
know
th le
eec~
p racticed
re fle c te d
C o aip trcller.
we c a n g e t
it,
send
lik e
you b a n k e r s
if
that fr e e
tc-day.
t h e b a n k a do
and a r e
tc
the State
get
t h o s e m et h o o e a r e
ba n k a
lik e
it
We s h o u l d
that
t h a n me a r e ,
we s h o u l d
p ra c tic a b le ,
and y o u c c u l d
made , o f
p rac tic al
rediecounte
n a tio n al
ae
In fo rm a tio n about
Im possible
the
ae f a r
becauae
are
i n the
That
la
perhape
eozse know
it
reflec ta
desand.
H r.
ueed
It
of
ease
by s e v e r a l m eth od s t h a t
fa m ilia r
le d g e
ie
country.
accom plished
the
Tea,
Have a B e i c r a n c u *
in d irect
the
Treasury:
the S t a t e
The S e c r e t a r y
som eth inj,
the
4355
Rowe
coap an lee.
if
Rowe:
8.
la
Rowe:
to
It
la
becom ing very
be 5 o r S o r 7 y e a r s
ge ttin g
pretty
Tne Se c r e t a r y
Mr.
Rose:
The
Secretary
I
of
w ell
the
or
p rev alen t
10 o r 20 y e a r s
than
It
age.
etamped o u t .
the T r e a s u r y :
do n o t
of
ago,
much l e e s
Tea.
know i f —
Treasury:
Our
purpose
there,
of ecurae
•C
v . S*
1e t o g o t
at
aa
too peak
banka
e e ll
certain
they
fa ir
an
idea
lo ad ,
sc
to
secu ritie s
tim e,
do I t
aDout
cy n o t
la
it,
not a l l ,
p ra c tic a lly
it
i n and
to
the
cred it
traat
of
they
of
act
he made t h e
deposit
is
alw ays
The 3e c r e t a r y
ao tivs,
but
dsrrand
year.
Sosa
tha
It
by
tc
that
pap*r
b\y
aethod,
of
there ba c k a t
and
th saa^ lv sa,
of
of
now,
ths
think
th is
is
have
a heavy
bank,
a
so eetlses
and h a v i n g
is
for
the
it.
tha
is
effect*
as
has cose
demand,
I
ths
bank,
bank,
and
tha
and
we p u t
bo n d s a n d
scarcely
it
wae e n t i r e l y
own s e c u r i t i e s ,
w ith h i s
know.
up f r o s
them h i s
*here
there
and he w i l l
a lo an ,
Tou c o u l d
secu rities
draw the
concerned,
so f a r
ana he l o a n s
of
knew s o m e t h i n g
r i c h e r than h i s
man w i t h h i s
of
I
C ity
own b o n d s and s a k e
the
it
I
tr.at
deposit
to
and
h a v e a man t h a t
ae a re d isc o u n t
concerned
txtrate
in C in c in n a ti,
w ill
the
and makes t h e
not easy
tha
Of t h #
a n agreem ent
f a r aa
it
p u t up h i s
a vo lu n tary
le
«o
any one w i l l s
cred it
that
of
1 knew,
we w i l l
sosehow or o t h e r
come
apeak,
»ith
as
none
H o* o c c a s i o n a l l y
and
p o ssib le
o ffic ia te .
So f a r
country,
4356
e n d o r s in g the
Rose:
if
as
and a c c o m p l i s h
tne D i r e c t o r #
Ur.
Rons
but where
own b a n k ,
it
lin e *
Treaeury:
So f a r
not a q uestion
He w an t
to
get
as
our purpose
of t h a purpose o r t h s
as
correct
an Idea o f
W.
ec
the
extrene
Rove
8*
demand upon
the
4357
d istrict
fo r
lo an able
fu & ie,
as
possible* •
H r.
it
R o«e:
I
in C ln c lt m a ti
T\e G e c r e t a r y
extends,
ie
Hr.
Rove:
at
the
if
in
>*
of
to
cotU a
or
or
your
ehicft you
U%t
pur^ oe*» t h a t
vae put
there
the c o u n try which
f r c « the
tl a t
hava
l a i c rout,
l*\ a e t r i / i ^ o n c y ?
ite e lf,
fo r
kno^led^e
w ith
wa a r.ad#
south
th li
c o «* vu ni + y ,
*3t;i
cap ital
and v a r i e d
lin e s
or f roe
d o t ten
the
it
idea
were thou&ht
the tieaiy
some t e r r i t o r y
its
lin e
cculdj
ct' p o p u —
den sity
of a c t iv it y ,
cou ld
or.
The S e c r e t a r y
throughout
th is
in
O ctober ~l& t
ths
of
t net ? r a a » u r y :
d istrict,
C in cin n ati?
sho»M* t h a t
b a n k i asiount i n ^
to
number o f
To
b*t
an you p r o p o s e
extent
It,
The C c w p t r o l l e r • *
ycu h e ld
$13,
h t : e r, 5 r a ^ i r u M
of
*nd
territo ry
la r*e
t ?.fcj* o a r e
nl
f»r
your d i s t r i c t
T tc r t ^ s e a ^
of
So
couthe^n crop » O T i a j d i s t r i c t ,
la tio n
i \mu o f
sir;
an’ of
th^re
rai.irvaa
say
t-Jcln^ c a r e
sdc* a n y
he a d d e d
A gricu ltu re:
i i visio n
o r none
correct.
you
Yes,
^outh
*r.y
le
of
sh ould
capable
my a n s w e r t h a t t ft u r a i a l i t t l e
think
, 0C0.
banks
ar#
reserves
Sot,
In the
i^ru n ,
or
report
of
tho
;rnks
fceep t h e i r
ether
c a n yon
differen ce
i ro*
co
which
iive
of
N ational
us
states,
those
*n
frc «
oal&nces
60
V.
S.
Rowe
4358
* e r 3 drawn?
Ur.
R c»«:
Ta«.
Tha S e c r e t a r y
M r.
Rowe:
rela tio n s
lia t
not
eo
of
That
by
a ll
net
taea
d ia trlc t
us,
of
not
and i t
banka
to evary
tc
the
into
bueineee
that
or
city
in
doee
that
w hile
in
tha
lia t
and
th eir
in the
h a v e t h e a named
in the
fraa
the
varioua
st-tea
those
year,
thought
of
of
we c c u l d
correspondent
ia
d ired tory •
aurrcun ding
In d lan ap o lia,
K n o xville,
Chattanooga,
bat
p laces
the
J
ahowa we run
L c u ia v llle ,
in
a
d le trlc t,
la et
It
the
get
we t h o u g h t
8tate.
d ia trlc t
the
ha a ,
in the
tha caae
of
to
of
that
we c c u l d
ths
aap t h a t
thera
t h e map?
co rreijo n d an t
C in cin nati
any o t h e r
V irg in ia ,
*he
that
t h e Bank D i r e c t o r y
iaportanoe
each
r i £ht t h a r i T
Ie t h l e
other c i t le e
K a a h v llle,
Weet
m entioned,
re a lize !
draw ing th a t
centere
C levelan d ,
*ap
Tee.
In count le a
au fficien t
t h o ae c e n t e r e
an d any
of
*e took
co r r a a p e n d e n t a w i t h
of
?e
various
ehowe t h a t
a * inucr
vio u aly
the
that
ehowing a e c t i c n a l
In o t h e r w arde,
w ell
Ccluj«oua,
a aap
corra^pendent,
ia f a i r
pretty
Treaeury:
a aethod
d irecto ry .
Taat
fo r
naned
C incinnati
tha
la
apeak o f
bank, a c c o u n t a
ba f a i r .
have only
I
count le e .
the
*e found
would
of
May
and
I have p r a -
c a n t a r a h&a a n u & b e r o f
around
it,
and t h a t
each o n e
c l e a r i n g f o r t h e i r own d i a t r l c t ,
Ohio o r
coaaa in to /th e
ecuthem p a rt of
«c
* .S .
Ohio
coxes
one o f
ao atly
t *ose
centere
The f e c r - j t a r y
l a t icns
•
first,
Howe:
I
t hm t q u e s t i o n
clears
slth
4 3b9
them d i r e c t l y
the
where does
»1 1 1 s a y
Hr.
of
intim ate
exam ple}
frc*
Row*
fo r
Treasury:
Tc what
In d ia n a p o lis
ban kin g
to
I think
business
farm in g com sun itlee,
the
grain ,
Of c o u r s e ,
Tr.j S e c r e t a r y
stance;
are
mean b a n k i n g
Vr.
Rowe:
amounte a r e
to
Rowe:
these
of
grain
the
re la tio n s
and
an d o f
larg e,
both
With
the
trade
lon g
ways,
first
its
the
ia
ycur
re-
fo r
business?
answer
goes
and
business
counties,
onj
lak es,
east
Tak e
to
ta a lr
those
course,
L o u isv ille
the
way o r
o r the C n icasoutheast.
L o u isv ille ,
every
fo r
In
Intim ate?
I
relatio n s?
standin g,
noth
Trsasury:
and t h e
f r o m and t o
Ann
K asb v llla
they
are
la rg e
Treasury:
At
M ash vllie
also
d a lly
L o u isv ille .
and T e n n e e s e e ?
in p roportion
oth er p la ce s.
The S e c r e t a r y
of
M r.
depends
Rowe:
Treasury:
Tee;
of
of
o r up t c
with
flg& res
in a l l
movement
your r e la t io n e
Tc*e S e c r e t a r y
M r.
C in cin n ati
the
aro
In d ia n ap o lis
O u lk o f
tbe
see t h e i r
the
o.
Each
busin ess.
in te llig e n tly .
t.rc u h
extent
takin g
do
hu t
another,
C in cin n a ti.
immediate d i s t r i c t .
In d ia n ap o lis,
wo uld h a v e
goee to C h ic a g o ;
ite
into
It
ths
u p o n the
siae
Chattanooga?
of
the
C ity .
Of
ccuree
ec
* . 3 .
C incinnati
to-day,
tory
a ll
it
b u ilt
and
to the
it
the
ha*
C irw lm a tl
fro a
Tr.s S a c r a t a r y
Chattanooga
Mr.
i igu raa.
with
go t o
of
and
Rowa:
which
a ll
hae
tha d i T f a r a n t
in
baan used
by
and e « n »
b u i l d i n g u p tfcat
and v a g a t a b l a s .
Traaaury:
kasp
it
Tfcey k ee p f a i r
Chattanooga,
aatar,
in
it
tarri-
b r l n ^ i n # up
A la rg e
coiaa
asount
diract
of
to
states.
K n o x v ille
Of couraa
tinea
Haw T c r k
those
tha
at
in itri# a n tal
and b e r r i e s
which d o a a n o t
4360
S o u t h e r n Roa
baoc
South,
tha f r u i t s
Rosa
la
To what
th air
banka,
reserve*
im possible
raaanrai
extent
h*re,
do X a s h v l l l e ,
in
C in cin n ati?
f o r m* t o hawa
th a ir
several
bm ke,
and on o c c a a i o n a
of
* ^t
tha
currency
fro a
C in cin n ati•
Tha S a c r a t a r y
b an k a k aa p
the
central
s h o u l d y ou
Mr.
of
th a ir
tha
Treasury:
raaartaaT
reserve
Where do t h a
C in cin n ati
How do you d i s t r i b u t e
c itle e ,
and
in about th a t
thas
between
p roportion ,
say?
Rowe:
I
ehould
say
tbat
Hew T o r k had t h e
la rg e st
bfeljknce*
The 8e t r e t a r y
H r.
be i n *
Rowe:
an;
the
P robably
d ivid ed
citie s,
of
betasm
fre q u en tly
Treasury:
fro a
3? t o
C n ica^c
the
What p e r c e n t a g e
40 p e r o e n t ;
and
balance
8t.
in
L o ris
the
ae
S t . Louie
about?
rem ainder
central
gettin g
reserve
la rg -
bg
W.
er
t h ^ A t h e C h i c tf c ,
e x c h 3 i ee I s
s.
becauae
h a rd e r to * c f e
Row#
it
4361
la
h a rd e r to acve
w ithout
ccat
there
T h a t i s s 1h t 3y a t r a ’ e r t l i t i c n , t h a t i s
a n y th in g
Mean/except
& trade r e l itic n .
Exch ange
an eeie
at
jChiaago,
trade tore
at
le a *
a discoun t
cor v e n i e n t l y
The S e c r e t a r y
the
of
o f the
^ rovielcn a
S itu ation ,
Act
and p r o v i s i o n s
7*owsx
W ell,
re would bs
icunts
ly r e a l
unts
it
in
on l e w
York,
does n ot
fcr
is
ln *t~
in
and * e
can
haws
on t h a
ths p a rr in g
of
excaan^s
o f sxohangea
Banka?
undoubtedly
tns
central
any c o u n t r y
in
is*
do y c u t h i n k
sake
a great
r e a s o n s w h y we s h o u l d k e e p
any
r e a s o n why
o f wo ne y
It
Whvt e f f e c t
req u irin g
w ill
no r e a l
c f roney
a ll*
other aeascns,
are going to
between th e se F e d e r a l H eaerve
Hr*
v
the ** #.
Treaeury:
cf th is
at
coat,
than Chicapc
premium mont o f t h e t l a s t h a n i t
a greater
or
w ithout
reaerve
d ifferen ce
any l a r g e
cities
ba n k s h o u l d k e e p
or
any l a r g e
a city .
o f ths T reasu ry:
The preaent s y e t e w h a s
2*r„ e
o f course,
in a v e r y / a r t i f i c a lly
l a respect
The S e c r e t a r y
su it
d,
oee s e t t e r s ,
h s
it
ion c f t h e s e c e n t r a l
not,
reserve
eer>imr e x c h a n g e b a l a n c e s
Mr*
Ho e :
It
has
Vr.
in
Howe?
c itie s,
those
concentrated
I
rean
tc
eay
the
and t h e n e c e s s i t y
cf
creat-
for
cities*
cap ital
in
those
places*
W .S .
ur.que t l m a b l y ,
and it
Howe
4362
is
also n a * - t l y t h e camae o f t r a d e s
being settle I by excliinc« cn tho3e central reserve c i t i e s ,
^y
c***; t u . g
i
le®ar.d and u s e
for
then
The Secretary o f the Treasury:
The resto ratio n o f t h e » e
o cn diticn e prorosed by this b i l l *
c o n d itic n a ,
H o >e:
Mr*
ent # r o «
was
such*
of t h e banka tc the d iffe r e n t c c s a e i u i i t i s a ,
tfsaervpa
norm al
a*
W ell,
cught t o
create
under the
a return
to
ou&ht it not?
the c o n d i t i o n s now w i l l
what they * r * - s
4C ora£0 years
be v a s t l y
d iffe r
apo, when t h e A c t
created.
The S ec fc w t a ry
o f the
Treasury:
Tea,
but ppeaking
o f the
p r e *e n t A c t .
Mr.
have,
Ro*e:
sh ak in g
we h a v s
lam e
d e ll
th~re
in
rs
They c o s e
I
if
t o sukke a t
In f o r
n ay ,
I
I
need in
at
co vld
py
to u t hundred
account w ith
q u a n titie s,
fo r
the
thousand
ta& d e r st u n d t h s
such b
/roOto t h e H e g i c n a l
c~r
perioda
c r # 1 T O #COC o r # 3 5 0 ,0 0 0 ,1
flOC.OOC
cr
Ws
just f o r a a i i n u t e ,
season able
s ties*
Aa I
*7
aoire o c c a a i m f o r / k e e p i n g
^ ra 'im t
aake a great d i f f e r e n c e .
core f o r t h r e e
on Mew T o r k ,
Mew T o r k .
as
w ill
for o « r or?n b ^ n k ,
cua t o n e r s
would
is y c*e ok
it
1 ars^e t r a n s f e r s
ra ilro a d s.
or
Oh, yes,
th-nr
and X p r e e u c e
lances
Bank
as
and g i v e
ar.d g e t
la te r,
law ,
if
such
that
thes
c xc h « ^ 9
telegrap h ic
bg
W.
tran afern
i-e
riOffe
t h it
The 8 e o r e t a r y
IdJW w i l l
S.
have
of
the
after
Treasury:
eurrert
ju st
4363
a w h ile
that
o^ur* be d o n e *
W # n # *»xehar*£e und r
exactly
ae H a t i o n a l
thie
t,>nk-nctei
4c n o w •
H r.
sade
the
Howe:
Very
l arg ely .
when y o u o r o s s
ohecke
fr o m
cn a ban k
Of
? cu rje,
one d i s t r i c t
an d t h e
there
to
of
checks
is
a. d i s t i n c t i o n
another,
und b e t w e e n
cne c o s h e r bank
n
iattH e r.
The S e c r e t a r y
out
by C i n e 1m a t i
Mr.
Howe:
ouetcvery
{ per
at
of
cent
2 per
to pay
cent
cf
hae
in fl
ence,
tle ^ lly
fe w
convenience,
t o w a r d thfre
that
territo ry
fr
at
and b a l a n c e #
b e e n no e f f o r t
t^e
cent
that
by e i t h e r
le a st
cf
of
and
So
of
w o uld be
of
le
those
h eld
in
the
th ie
beyond
ratee
oheoke.
of
bal&ncee
ie
I
\r«
tui^k
C incinn ati
tr«nd
far
it
SC
th ^t pro bably
ser;t,*
because
render*
p*rt
are
cn w h i c h
ce e
a e we h a v e
increased
e co lle c tio n
b U
j.t 3 1 - 2 p e r
o ity ,
o$ t h e
inducem ents
eji e s t i m a t e
becauee
we
What
balances?
c o u n t r y • ank
and a or e
aerw lcee
frcv
reaerw e
irtereet,
o t 75 p e r
com m unities
an d t h e
fo r
0€ t u e
je u o h a ~ c c u n t e
beoauee
trhe T r e a s u r y :
cf
*a
C ity
ite
of
the
I
tc
that
xre h e r e
^11 t h o s e
fa c ilitie s
know,
draw
u sefu l
in terest
here
there
cap ital
>phere o f
o r the prao—
^•
The S e c r e t * r y
co lle c tio n s
Mr,
Howe:
in terest
for
of
o f the
checks
Tht-e
that
the
cel le c tio n ,
Do e*
Mr.
it
Ho re:
Be,
calle d *
it
*“* « s u l t e
o h ec k e
w ithout
cost
fo r
check
Mr.
co lle o tlc n ,
Howe:
Wo,
b a n k s rc a t e
would
ch.r.re
fo r
through w ith o u t
eer.d t h e *
that
fin an c ial
M r.
ry
th ie
center
Ho e :
the p r a c t i s e
about
ch#ck
it
in to
ocst,
fcr
the
exchange
or
And wah t i s
balance
ba£ k
as
whe e i t
W e ll,
the
rractice?
p ra c tic a lly ?
the
C ity
se le c tin g
it
can
banks
such
c o lle c t
has
correspondents•
the
effect
is
free
p ra c tic a lly ?
en tire ly ,
a great
on e i t h e r
an e q u i v a l e n t ,
country
net,
chargee
co lle c t!o n e ,
in
p lace s,
ru le
cpen c o m p e t i t i o n .
the T r e a s u r y :
ie
la
because a l^ r g e
nuwber o f
other p la c e s
although
itees
of
than C in c in n a t i
where th e y
they coat
nunb r
get
their
the p l a c e s
that
thsy
to.
The S e c r r t
tain k
ea ek
net
there
la
and f o r t h a t
elth er
of
4364
Hcuae
Treasury:
free
country
The S e c r e t a r y
It
in
the b a la n c e
■'
What
banks pay o r th e
gettin g
in
aury:
no C l e a r i n g
o f the
resu lt
He
now?
is
ec
The 8 e © r e t * r y
T f«
F•
o f the
Treasury:
C in cin n ati
o f the
W ell,
it
ie
to
extent
p re -se in e n tly
d ietrio t
seers
To wk k t
as
ua,
the
do y o u
busineee
y o u ha e l . * i d
as we h a v e
la id
it
o ut?
out
aid
4365
t-tlG -iiatrict-“—
The 8 e o r e t : r y
Mr*
that
© f the
P r e —e w i r * e n t l y 9 I
Treaeury:
"cie:
That l o the » o * t o e n t r d l p o i n t ,
be
ccu ld/acat
e t a l l y T e a c n e d by r a i l r o a d s
ind t h e p o i n t
fror
jjay
••o t lc a *
The S e c r e t
fa c ilitie s
*-y # f
and a l l
tas
of
Tre
tnoas
ury;
to-
tc
fe atu res,
the
ws a r e
trar^&pcrt \ t io n
fasti 11 * r w i t h
thcas•
Mr. Ho j
s
:
Ths S e c r e t
Tou
\rs t h r o u g h l y f a n l l i a r s l t h
^y of t h e T r e a s u r y :
Tee,
and t r a d s p r e —# * i n e n c e , we w c u l d l i k e
tc
t h *t# and as t o w h y ,
it
b e t t e r than any e t h e r
o utelds
city
in
of
tho?;T
b u t ae ths fiaaitol 4
you t c
addre>s
a c c e e a lb illty ,
the
e n tire
y cu r^ «lf i
you c o n s i d e r
d ia trlc t
fo r
th is
ban k •
Mr* Rows:
Taking ths 8ta ts of O h io ,
our s t a t i s t i c s
ahow
that a l i t t l e over one h * l f of ths Matlcnal banking c a p it a l
and surplus In the State la ecuth o f a lin e drawn eaat and
vest acroas ths n id d ls s f ths S t a t s ;
banking o*plt i l
jnd a u ^ l u s
acre than h a l f o f ths
wculd bs south c f
that 1 1 n s *
O f ths bank accounts —
I
_
____
The S tc rsta ry o f ths T r s a s u r y :
•
Where do you say that l i a s
wculd b s , draan e>at and west at what pelntT
Do you &ean
W.
the
Southern h * l f
Mr*
bank
He e :
Tha
acocuAtt
ntabrr
Rowe:
State
the
1 irgset
fc r
the
o f Ohio
Roe:
w o rk
of
reserve
ha«e
Mr.
cities,
tHsy
Re e :
it
hat
low ,
Iilitiis,
and T w i l
l
O f tha r i r i o u «
has
a greataf
I
rates
are.
ia
in C in c in n a ti,
and t h e y
dc
country
after
have
chocke
the
w e going
for
to
balances
that
bu sin ees.
o f Treasury
t he
How s u c h
after
are
th is
c o l l e c t i o n —-
g r e a t e r nuaber
i n O h io ?
h a s 8^7
accounts
in
the
d istrict*
1
« r> t h e
C le v s l * * n d has
seven
<JU tn<t
in Kentucky,
that
of
and F e d e r a l
Clcval*_ud has
q u a lify
See,
charges
Z 56 ■* c o e e n t > .
none
State,
«i»4 —
c ities
undertaken
tne
a-;k y o u
They h a v e g e n e
reserve
in
bu sin sss.
yeu w h -t t h e i r
in clu d in g
thsy
that?
accounts
have g o tte n
tsll
ia
bank
of
cut
tc
C incinnati
o ity
What C i t y
have gone
that. C i n c i n n a t i ,
: accounts.
in
clearin g
have
State.
They h a v e s o r e
they
and
ether
Treaaury:
they
r citiee ,
tha
ind—
they h o ld
W #n,
S e c re t-try
In 0>*o
of
in terest
oth
oca
o f Treasury:
thsy w i l l
th e ir
of
t h a n we h a v e
reason that
•H it
a c
Ftate,
tha
iicun t
inducem ents
ccur«e,
T
ef
ry
1366
State?
C le v e la n d ;.
The S e c r e t
Mr.
the
than C in c in n a t i*
the
what
tha
row
southern h a l f
In
Tha S e c r e t a r y
Mr*
of
S.
Tennessee
etatesent
in
or la s t
3 a o s s r .t .
O hio,
437
accounts
V irg in ia,
C in cin n ati
as—
W .S .R g ^q
ha#
in
4367
I n d i a n a 173 ‘i s c ^ u n t i . and I
*n
T lriiria ,
to u le fllla
ha#
in
ar* I a In d ia n a ;
In d ian ap o li#
43;
In Kentucky
thi#
d istrict,
423 In Kentucky,
ag a lr^ t
C levelan d ,
506 account#,
I
c f whfcah
47
and 37 in Tene i i o e .
ga?« yeu C l e v e l a n d .
In t h # d i s t r i c t ,
7;
37*
and t e T e n n e g « e «
38 6 ,
480 a c c o u n t s in t h # d i s t r i c t ,
h
a**s in I n d i a n a .
acceunt#
sa|
all o f which
l a a h v il l e ha# 374
30 are in Kentucky,
c f which
and
35 4 in T # n a e e # e e «
T cu w ill
th
t
ha#
and t h e
T oledo
th e ir
###
frc»
th# account#
o itie #
in
the
and ec
on,
in a l l
that
o f th#
n o rth e rn p -rt
do n o t g o
bueineee*
Tennessee
that
We h a v e
south
a la rg e
and W e s t Y i r g i n l a
C in cin n ati
fiv e
ia
the
states.
c f O hio,
on ly
C levelan d
C e l ur b u s ,
C le v ela
o f the O^ic
R iver s it h
part
Kentucky
busin ess
o f the
that
le
on#
trih u tv ry
and
to
C ln cln n % tl•
lo #
taken
fro#
these
places
list
in
a fa ir
th#
it
the
i#
fa ir
to
state
Bank D i r e c t o r y
have
other
d irectory,
way o f g e t t i n g
that
of
1913.
acoounte,
p robably
at
it,
these
in
sta tistic #
O f course
country
a f#w
JU3 t t a k i n g
a ll
accounts,
cases,
but
are
of
that
do
thi#
#ee»
what t h e d i r e c t o r y
claiae d .
Th#
Secret
ry
o f A g ric u ltu re :
You
hav# n o t
K e n tio n e d
a
W .S .H o ^o
city
which p ro i)o »# d
% d istric t
4366
tc
ua,
in o lu d lr^
O hio™
P ittsbu rgh .
Mr.
Ro*e:
Oh.
Th s S e c r e t *ry o f
tcurda
A gricu ltu re :
Pittsbu rgh
w as v e r y
frisn d ly
Ohio*
Ths S s o r s t
ry
ef
ths T re a s u ry :
And « a a
sillin g
to
absorb
it.
Trie S s e r e t a r y
o f A gricu ltu re :
They s a l e
a d istrict
in o l
it.
Mr.
R©«s:
Yes.
Ths 8 s c r s t a r y
oon n sotlcn
Mr*
lo ,
Ths S e c r e t a r y
in
Mr*
say
th * t ,
accounts
ars
^reat
ten!
und r
of
Mr.
c o n d itio n
figu res
in
th is
a ll.
at a l l ,
I
it
do n o t
h^d n o t t h a t
kn6*r t h a t
thsrs
Is
an yth in g
X can
Sseretary.
of
ths T re a su ry :
under
ths
A ll
that
new A c t *
s,
You e v i d e n t l y
was n o t on y o u r map*
existir,g
impc*~tancs e x c e p t
rc lss.
tne
at
A gricu ltu re :
W e ll,
Ths 8 s o r e t a r y
very
nons
y r u r wind
Rons:
tc
Yo u h a v e no
f o r Pittsburgh ?
Ro ws:
o ity
o f A gricu ltu re :
is
But
and ws w c u l d
syetsm
is
to
be
d a ta has
lik e
to
have
where t h e s e
net
rep ? a -tin g
going
the
O f course
at
a ltsrsd
scss
it
a m atter o f such
t h s moment c e r t a i n
very m a te ria lly
b sarln g
fo r
that
upon p r s s s n t
W .S .R o
r e :* e o n
a ll
R atio n al
ban ke
only*
!•;
The
secretary
Mr.
Ro»e:
these
o f the
o f the
anything: e l e e
R o«e:
The b a n k i n g
p lacee
in
0
th le
period
that
I
Treaeury:
Yo u Kay p r o c e e d # I f
w ill
territo ry
be as b r i e f
in
lo ck ed
to
fo r
s*7
flo o d s
a year
*id
that
of
are
through
*1 own,
et
and
It,
very
of
th at
there
sc that
it
1*
a pretty
^ny d e s c r i p t i o n ,
Wk l l -
I
w ith in
were
the
It
to
were
out
y tao
o ff
peop le
after
the aoney
la b o r,
could g e t
a
fu ll
I
ehare
aa
er>-
fo o lin g
C iricirn ati
sent to
two d a y s
p*y
the
think
general
fflPMVR
peop le
d o lla rs
Mr* S e c r e
hae done i t e
eervee.
when t h e y n e e d e d
when t h e y n e e d e d
n igh t,
you
coverin g
We h a v e one way o f r e a c h i n g
thattertttory
a tlw e
etan dln g,
the C it y
a g o , when t h o s e
thousands
at
ae p o s s i b l e ,
t he C i t y h a e w i t h
o f long
q u ick ly*
center p ra c tic a lly .
cf
that
which t l i e
;*ny c t l a w l t y
hundreds
and R a t i o n a l ?
State
rela tio n s
during
M fa
in
and S t a t e *
Treaeury:
+ s e r v i c e to the t ^ ^ r i t c r y
tlre ly
are R ation al
to p resen t.
Tea*
tary*
le n t
m n i lg
Tee.
The 8 e o r e t a r y
Mr.
4369
g iv e n us t h e r e r e l a t e s t c
the d a t a yen b a r #
Mr* Row ax
have
e
c a n be
^ irch
free
triert
every
*nd
C in cin n ati
a ll
the w a t e r went
and c o u l d n o t
which had tc
soaeth ln g
be p a i d
w.
b *
3.
n o s t
4 3 7 0
!
to
eat.
rmmmm >er o n e
I
ahipar e n t
in
a
box
car:
we
aent
up
_____ ____
ever
• C ffith ln f
cf
thee;
cy
wae
two.
tone
thf?e
and c u i ^ c u a
rushed
Help
in
w Le
of A ilv er
other
there
shipm ent*
w ith
extended
in
were
autoeobllea,
every
o»ef
d c lla n ,
way.
aade.
-1 t h
I
} I C O « CCC
a
think
The
curren
pclicc&an.
t n c ie
or
people
&11 know t h a t •
he*-e
y e ire
peak
I
taut
alec.
The
to
in
sake
benke
collect,
load,
deaande
to
a
elifU t
hare
credit
*nd
the
the
? ? .^ io u *
reference
statistics
etatlaties,
pericd
th it
oad
activity,
ef
countries,
and
tc
the
it
hae
etatietlcs
taken
statistics
to
the
c r e a t e at b o r r o w i n g
the
the
*e
the*
v
kues
cf
oropa,
nd
which
the
I
length
eculd
cf
take
a
course,
th^t
The
no
of
rreat
w culd
Secret
Rc
fc r /t h e y
deal
all
hare
cf
be
at
tire
the
to
tc
be
carried,
gather
cf
eervice
ever
any
all
of
*gain.
it
That
crganix itic n
here#
cate
*atter
Wr.
tiv e
ry
where
It
e:
they
t. v e .
Yets,
it
r
I
the
the
y
T r e -.surys
reeerre
depende
eietOy
The S o o t e k a r y
of
true
of
upon
eay
in
bank
a
th
the
t
we
? re a t *
the T r e a e u r y :
W culd
le
that
Icc^t^d
value
ha ve
any
no
cf
get
in
the
be
the
true,
district?
Infcneatlon.
in f er* it ic n
nere.
pi ic««.
Bo,
but
I
wean
the
i n f e r e a*-
w • S*R e*e
1 1 on y e n l a - ’t
raeerve
that
reaeon,
if
Jo e e n o t t e a a
on t h a t
Board.
if
R~eeerve
it
They
Mr.
ban k
R© e :
ie
ted
it
reaerve
are
get
it
fr e ir
lo ca te d
anywhere
av a ilab le
lo ca te d ,
bank
ia
tec
are
en tire
C in cin n a ti,
not?
in C in c in n a ti,
to
the C in c in n a t i
in
to the
would i t
lo ca te d
d raw n r r o » t h e
be d i r e c t o r *
d istrict,
blanks,
-***>
even i f
ae t h e y w o u l d
else*
My u n i e r a t e n d i n g
looated
ie
only C in c in n a ti
Bank wae
wae l o c
where
the
that
they w ould have to
the
o h i r a o t e r would be
b a n * no a a t t a r
For th is
it
of
4 371
ia
w ould have o n ly
that
the C ity
one wan o u t
i n which th e
o f n in e,
at
■ oat*
The 8 e o r e t a r y
the
lo catio n
seen
th e-a
d irecto ry
Mr.
ef
ie
of
R c e :
lo c a l
•lie
the
that
the
*oinp
Treaeury:
I
to
be a v e r y
in flu en ce
eigh t
ef
the T r e a e u r y :
in
eo h a p p e n ,
does
sc
that
net n e c e s e a rlly
la rg e
lo ca l
in flu en ce
lo c a l
ln lu en ce
in
the
Bank.
had no t h o u g h t
cf
It
b an k w i t h i n t h e C i t y
the R e serv e
The S e c r e t a r y
of
o f the
t h e way c f
Ie,
I
at
a ll*
wae s p e a k i n g
inform ation,
w ould be e n jo y e d p s r t i c u l * r l y ,
or
however,
anyth in *
no w a t t e r w h e r e
bank w a e *
Mr.
Ro*e:
It
Th e S e c r e t a r y
would
be
at
their
o f the T r e a s u r y :
ee rv lce
And i n
if
that
it
w a there*
c o n n e c t i o n we
b«
V.
n ig h t
S.
R o««
4373
ek ycu what vould be C ln o lm a t l 'a
d i s t r i c t s « « r t l a i d out ae sug gested,
aeccnd c o c i c s
if U t
i f it did not get the
bank*
Mr* Re e :
C in o in n a t i
In any ordinary t i n e a ,
ae t h ie B i l l
ie drawn
could be prob ibly s e r v e d ju s t ae v e i l w ith a b
o f the bank, the R egirnal
Bank being put at i M h f i l l e ,
In d ia n a
pci i s ,
C o lo ib u e , C lev ela n d or alro^t any other Cuty in the
le
dietric t/
The point ee s a k e /t h i t ae do not th in k the rest
o f the d i e t r io t ae drawn would be ae w ell served ae it would
by p u t t I n f the head bank in C in c i n n a t i ,
w ith the knowledge ycu get free the
do not e e e ,
sta tistio e
i t o f ccur e would ch m g e
The Secretary o f the T reasury :
W hat,
wculd be the neat beet p lace to put it
S
a ll that*
in ycur judgm ent,
^ f t e r C in c in n a t iT
Tee*
For the whole d i s t r ic t ?
The Secret *ry o f the T rea eu ry :
t ic
to
For convenience?
The Secret *r* ©f the Treasury :
M r. Rowes
thmt we
and that you w ill g a in nt ether p l a c e e , eee f i t
redraw that d i e t r i o t ,
Mr. Howe:
I f ycu gentlem en,
Tee,
lo o k in g ,
o f ccur e ,
to
it ter# »te ©* the ehole d i e t r i o t .
M r. Rowe:
I wculd have tc study the r a ilr o ,d nap and the
t i s e o f the tra in e to t be c e r t a in
abcut t h a t ,
because I
re a lize
w. £.
th *t when & c r is is cottt ycu hdve c o t
q u ick ly .
them
lo
Thooo periods do o n e ,
4373
Po •
to g « t
tc tho homd
and ne knew —
ooki a nunber of t l * « t In my banking i c r k ,
ju « t
i
c a i c
I have eeen
and I tno*
then of f ir s t a id tc the I n j u r e d ,
r e t b e r and tike
r e s p o n s ib ilit y q u ic k l y ,
it
to get to-
uid in those c&see
you want tc go to the h e a d .
Tho Secret i^-y o f the Treaeu ry :
O f o c u r^e, w ith the he*d-»
—9
lu srters b<ink any*here In this d i s t r i c t
ae ycu eu^cest i t ,
reasceab ly
*c c e s e lb le ,
.md well placed beaneries I n the d i s t r i c t ,
ycu wculd bs In close p roalw lty w ith e?try f a c i l i t y , pirtlculsrly
in v i e * c f the fact also that ycu tr^we e x c e lle n t
telep ho nld o o t c u n l c * t l f t ,
Hr* R o e :
I
assuss throughout th le d l e t r l c t .
Ws have:
The Sseretary of the T r s a s u r y :
|r»p h t
Ae w ell ae w a ll
and t e l e *
*
Ur.
Rove:
Tee.
The
Secretary
o f the T rea su ry :
Ws always l i k e tc knew
what ths ssoend and th ird choice o f the* e c i t i e s
Is,
g iv e s us a lin e urcn t h e ir ideas as to ths r e l a t i v e
as I t
iapcrtajr.ce
o f other r l a c e e .
Vr.
Ro e :
» • took a vote sore than a ser.th ago at cne c f thi
C le a r in g Bouae w e s t in g s ,
http://fraser.stlouisfed.org/
v a riety .
Sows
Federal Reserve Bank of St. Louis
t
and I t shewed a good d eal of
their rut Wsw Tork as seccnd cheloe—
437*
* •
Ifc*
Secretary
tric t.
Mr.
cf
the
Y o u h ave
Rove:
I
to
to
that,
Sow
of
t h t t wanted
The
Ycu
I
The
Socket
ry
Mr.
Ro~e:
The^c
ths
there
shipm ent*
cf
curr-tiicy w o
of
ourrsnoy
od
fcr
p srlc d .
tbo
lo
its
its
t eany
Ons
Digitized
afor
l FRASER
c irc u la ti
t
,
p o ll
pin
thea
n o t made*
L c u le v illo ?
jj^d—
more
show ing
prccead,
ta.vt
tho
fro *
August
to
currency
«*eavle3t
in O ctober
b a n k e r s who
re c eiv irg
Ir
w ith
by
away
scnths
De'sevber
ii.
taa
ie
in c lu
s
in
fiv e
th is
a onths
tho
exc lu siv e
train
*t
cf|
i n aio lo h
md a r u i g *
tho
tlw o .
grip
sacks
a h aX t o f
it
and
October
add,
C in cin n ati
a * 1 1 1 Son and
in
tc
fiv e
period
th e ir
Rowe.
*nd H o v s a i b s r ,
T his
c iso
tho s a o a y
out
tho
p retlu a .
ar n t
in
tc
Mr.
ccrreapcndent
of
uid I n
I
service
repu tation ,
baaka
stra in ,
tcok
w o
® i 11 l e n s
king
not
ycu a e n t i c n
Tr.u o a y
ruch
th o
wen who c u e
Hm itr
on.
in
graataat
fu rn ish ed
iia -
I s»e \nt t o .
In clu d in g
ths
£*oateet
at
Did
general
by
tho
lo u ia .
e u r y :
very
that
fifte en
bein g
St.
of
territo ry .
could
com plete
Tre i u ry:
net
say
red ia o e w ta ,
a gre
to
did*
w-ta s h i p p e d
over
cor.ti^ucue
the
go
I
think
ape k i n g
xnd I n d i a a a p o l l a ,
i ln 1907,
two o c n t h e
b id
of
to
and I
territo ry ,
tho
tnlr*K
aiO rly
pan lo
siv e ,
to
1 aa
u n fc rtu n ita lp
fact
o f C oluabua
Hona:
renders,
but
and i n
Mr.
excert
ocneld; r
ry o f t b d T r e
Secret
arrka
# He
Treasury:
li n o # ,
dc«n
P
Vo
In
that
ad d itio n *
Beveetber,
4375
•e r r e d n o t lie o f ite requlrtBents before tho la s t o f it *a §
r e c e iv e d , mil c f it being r e tir e d in the fo llo w in g J a m tir y ,
February and March.
It
eimrly taken out tc » e m
d u r in g
the e t r a l n .
The Secretary of the T reasury :
.
To «k kt exten t d id ycu l s t e i
C le a r in g House o e r t iflo a t e e at that t it e T
Mr. Rome:
We ieeued no C lea rin g Hcuet eert i fi c a t e e ,
in t h e ir etead we ie e u e d C a e h le r 'e check® in 3 ' e t 5 * s ,
and 2 0 9e •
but
1 0 'e ,
Those mere lssue.1 tc the amount *cf about
1 3 ,3 5 0 ,0 0 0 ,
and mere used fo r p ayroll purpceem,
and were
r e t ir e d as soon as the n eo eeeity for t h e ir used wae o v e r .
ep e *k lrg e f th ie c u rren c y , the currency mas a l l
In
ehlpped to
marl cue parts o f the d i e t r i o t , mhenever ccr.ditlcnm in any
l o c a l i t y game evidence o f d e r le t »d r e s e r v e s ,
s s s ls t e n c e being asksd by tele p h o n e .
fr e q u e n tly
I am r e f e r r i n g nom
tc that m illio n and s h a l f of R atio n al bank n o t e s ,
c ir c u la tio n ,
p erio d .
a d d it io n a l
and to the currency me shipped during th^t
We mould get a telephone message t h .t
mers s e t t in g l o * in a town an y eh ere,
have to have c u rren c y ,
rese rv es
vnd that they mcukd
and it mam shipped out o f C in c in n a t i
and that help eae g i v e n , and the f i r e e
m iny d i f f e r e n t d i r e c t i o n s .
the
rut cut in a groat
I speak o f that to shorn
W . ~ .R © * a
4376
that tbe C ity b nkerg addept t h e i r r a a p o a fllb lllt jv ind have
always dene a o ,
for the t e r r it o r y .
Ir. the ye at 1 9 1 3 ,
fo r payroll
the lo cal b nice ehipped a lt o g e t h e r
nd orcp m o ving purrtoset, oter #40,CC,CC0 of
currency out of the C ity *
I t s ig h t ir.tereet ycu that over
f l * 0 0 0 ,0 0 0 vent into the state o f G e o r g ia , between the 30th
o f September and ths end o f O c to b e r ,
ju a t during ths cotton
•o v l n g p e r i o d .
That is r r a c t i c a l l y
wsnt to
tsk mm some
all
c e ls e *
I bats tc s a y ,
unless ycu
A ft e r ws get t h r o « g h # ws want
ths p r iv i l e g e o f having sows o f ths*»s g s n t ls r e n who ha^s cove
herr?, w xny c f t h e ir own v o l i t i o n ,
trend of t h e ir b u s in e s s ,
ju s t s lr p ly to s ta ts ths
and their p r e fe r e n c e s ,
a f t e r «e get
thrcuga w lta tne f iv e sen ws havs m entioned.
«*TATFWTWT OF GECRGK F . M FTFR T E .
The 8eo retsry of A g r ic u lt u r e ;
W ill
you s t a t e yrur n * * e ,
rtsideno o end cocup atIc n .
M r. D is te r le s
George F .
D le t o r le *
C i n c i n n a t i , O h io ;
p re s id e n t o f tfe* C in c in n a t i Chaaber of C c iw e ro o .
Ths Secretary o f Arriuml tu r e :
W r. P l e t e ^ l e :
Whst ie your occupation?
I aw T r e a s u r e r o f the Union d i s t i l l i n g C cs*
b*
W. 6 . H ove
G~on?e F . D i e t c r i e .
«3?e
pany
S e o r t t iry
ef
A g ricu ltu re :
Y c u know
the p r c b l e *
we
*r e
•M iid e n a g T
Mr.
the
D ie terie:
C ln o lo n ^tl
flia t
w ith
speakers
are
to
Coeteroe
along
caption s*
I
3 e o r e t try,
o f C oK »«roe,
r e p r e s e n t vt ' o n
Chanber e f
fou r
Mr.
C h ajsbe r
the
who
Tee*
w ould
fo llo w ,
would
that
I
aiid l a
la
tyought
present
say
flra t,
the
the
confiden ce
mm h e r e
I
the
t^ead
aade
the
o laiw s
cf
b e h a lf
order net
bein g
that
in
by
to
of
ocd-
oeveraJ
C in cin n ati
cf
C in cin n ati
ccueree
ie
through
th e Ohio T a l l e y *
Second,
of
the
peop le
in
C in cin n ati
b jr.k s *
T h ird ,
Fourth,
d iv ersified
our
C in cin n ati
a*i t h l e
In ten tion
cf
tak ing
fo r* itic n
in
d e ta il;
ta lk
d ifferen t
alon^
o f th le
it
ie
a1th
the
a w an ufaoturln g
t h e weaier&j&dur
ycur t ia e
in
eop les
the e a r g l n a l
p resen tation *
re la tio n e
South*
center
o f aaay
ln d u etrie e*
And,
three
rec ip ro ca l
fact
w ith
*nd g i v i n g
1 aw g o i n g
the
notes,
shape.
ycu a l l
to
Q o asltte e*
and o n l y
It
file
I
touch
le
n o t mj
of
th le
th le
in
in -
e l 11 h o w e v e r ,
the
high
epote
Gecrge
Th® Sto** *t i r y
Irfo rsa tlcA
of
of
the
your
F
.
E lete*- le
Treasury:
Dc y c u p r o p c a e
d istrib u tio n
lin e s
I am g o i n g t o g i v e
ju st
h a ? e / V * n t 1c n e d , namely
I
to
give
«o t«
area?
D io to rls:
fo u r
4378
in form ation
aa
to
along
tho
why C i n c i n n a t i
•u
lo
an i m p o r t a n t
that
o cw o ercla l
d iet!n o tio n
•a ttb lla h ln c
e n title
in
our
uo t o
D lste rls:
*a£ fIn al
I
of
w ill
notes
not
take
havs
oap*
acroso
it
and t h e y
I sxtendad
up t o
coverin g
Lake
s body
an a r o a
that
w ith
the
South
of
should
tho
qu estio n *
Just proceed*
the
in
high
th is
drawn logical
spots
an d t h s
setcr^n d u i,
sorowherw
tw ice
soon
by
sought
ths
not
p o rlo d
*n.1 t r u a t
ths
and h a d a w i d t h
tho
sid es
a r e a no*
rsceisd ,
by t h e
savage
o f tho
it
le ^ t
f^ n tasti-
of
as
It
Ohio
ths
by
tho
daaen
Laker.
puahod
R iver,
tho
fe rtllo
d w sllsrs,
and
a
C in c in n a ti,
O hio
covered
c liff
In d l *ns,
s
p laced
he v i c i n i t y
they o a lle d
on b o t h
When t h o w a t e r s
woro
in
w h ic h
4CC a l i o s ,
about
®ap,
when t h s g l a c i a l
v a llsy e
exterm in ated
boon g i v e n
and why t h o s e t h o d
oenne^tten w ith
alone
p reien tet
o f w ater
sevsral
E rie ,.
v a lle y s
bsin £
ssy
oastw ard ly
ths
talk
havs
th o O&lo H o v e r
foroed
in
baa
lon g*
S cien tists
oal
Waat,
tho T r a a a u r y :
I w ill
I
and w h y ~ i t
ro latlcn o
considered
Tho S s c r s t a r y
i r r*
tho a l d d l o
frien d ly
vt
po in t,
they
very
fan -
It
b*
Oeorcr# r .
tllity
D lerterle
of tftat f gicn t i J« it d e s i r a b l e ..
traveller c u e
4379
T ti* p io n e er
do«n the Ohio R iver aa the a i t u r a l lin o of
le a s t reslstsfioe, I n fin d in g h ie way « e s t « a r d 9 and th»vs f i r s t
t r a l l o of the p io neer were followed by a tra d in g poet be in g
located at Fort P i t t ,
to ulsvllls,
at Fo**t H aeer, Ilt c a t c r .e , C i n c i n n a t i ,
r J O ld Yinoernee*
"
The sap of thle g la c ia l p erio d ie in b lu e p r in t
*
form
sad le part c f the « eve r *n duv•
The early e e t t lln g o f C in c in n a t i V i i
reft
follo w ed by
and b r^e tr oisport tticn in which C lno lnn n ti
a p«rt.
took
lu lt e
3te osbctl og e a e the next etep tc octeeroe over the
Ohio R iver* and e t a r t lln g as I t v *y e « e t 9 ju s t n in e years
after: Fulton flo a te d the Cl^reont on the Hudeon R iver*
the
ffXmmmm r Pew O rleans was b u i l t at P it t s b u r g h , and sts a s b o vt
t r a f f l o beran w ith le v O rle an s*
The p op ulation trends along t h is save Ohic T a l l e y *
as is shewn by the s t a t i s t i c s
ths D hlted States Government,
i n the several
oensusee taken
^nd I preeent ths eecend b lu e
p r in t in the shaps o f a drawing taken f-ov the 1 0 th C en ou s,
Yoluve 1*
In vhlch you w il l f i n d that the o e n tsr o f pvpul *t l c *
fo r se r e than 1 3 0 years fcaa t r a v e lle d on %ht 39 th tori#
di a n .
The lo c a tio n e e C in c in n a t i
is
3? d e g r e s s ,
4 a ln u te s
G eorg*
Hcrth |
111
titu ie.
Just
about
35
w llss
c'
*^ sb ln gte n .
west
W ash in gton .
in gton ;
in
I r* 1650 i t
it
35
was
silss
In
1690 i t
was
40 s l l e s
of
In
In
183C
of
south
ths
alas
through
two
a
In
1B10 i t
abcu|
southsaat
south
50 s i l s s
wsst
1860 i t
in
west
of
o f Wash
C lark sbu rg.
I n 1670
w s
at
o f C in cin n ati*
and
In d ia n a,
C ity
west
of
1910 i t
it
In
1860
was
IOC
C ln c ln x u ^ tl.
In
was
wa*
ths
o f Parkersburg.
o f C h illlc o th e ,.
In
18CC i t
tile s
140 a l l s s
35 w l l s s
about
In
was n e a r
lo o
a bcut
©f p o p u la tio n
19CC i t
40 s i l s s
B lo o w ln gtcn .
saws
Ths
is
B altim ore.
was
o f C in c in n a ti.
was
center
of
was
c5 m i l e s
A lso st,
ing
it
it
was
4360
&s 17r € # t h e
east
18~C
1640 i t
was
D ie^ t^ rlc
B altim ore;
C o lu * b u s ,
at
sast
As « i r l y
a llss
sast
F.
facts
rad iu s,
I
11ns o f
center
wa^ksd
ths
as
on
said ,
lsa st
along
o f Man f a c t u r e ,
tith is
center p a rt
wap,
but
ths
arse.
W ithin
W ith in
300 w l l s s ,
the
down t h s
s tm n ew a s
and y c u w i l l
o f O hio,
waking C i n c i n n a t i
39th ^ e r l d l ^ n ,
resistan cs
oow<»r<»d by s t a t i s t i c s ,
p o p u la tio n ,
ths
and t h s
show
center,
O hio V a l l e y .
it
fin d
not
ycu
o f C in c in n a ti,
6 ,6 7 6 .5 3 *.
W ith in
it
sees,,
is
p vs a
of
can rsa o h
on ly
g re a tsst sa n u fa c tu rsrs,w lth
100 w i l e s
way
com bination
that
fo llo w
3 ,7 9 3 ,1 67
*
ths
th
w ith
greatsst
an y g i v s n
?>opul t t l c n .
O fo rgi
3 0 0 a l i a s , 2 0 98 8 0 f 9 4 S 9
3 0 ,9 0 1 ,5 1 8 .
F.
4381
D l«t«rl«
W ith in a radius of 4 0 0 a l l a a ,
W it h in 5 0 0 a l i a s , 4 2 , 9 3 9 , 8 1 2 .
<>60 a l i a s , 6 2 ,4 1 5 ,1 0 3
W ith in
p s o p ls ,
Rarly barJtlnf alg ht bs cons ids rod u n l a r Caption 2 ,
shioh
1 have Ju st s t n t l c a a i , naaoly U t
oonfldsnoo
oi t a r
ps op l a , when aa point out that in 1803 tha Mlaag Export Com
pany aas formsd in C i n c i n n a t i , h aving a ao st p s o u lla r purpoee.
Xta o h artsr stataa that i t aaa formed • to try to dosolop
fa c ilitie s
f a r ship ping g o o d * . •
Ani lnol Ian t a l l y ,
a conventional b a n i l s f b u s I n s a s .■
had th res banka to “ f a c i l i t a t e
In 1 8 1 4 , C in c in n a t i
tha sh ip p in g of g a o l s ,* ana
In 1914 C in c in n a ti haa e ig h t n a t io n a l h a n k s ,
and truat C o n p an lss,
and w ith c le a rin g s
*to 4a
30 9tats banxs
with a o a p it a l o f over $ 1 9 , 0 0 0 , 0 0 0 ,
I n 1 9 0 0 of $ 7 9 5 , 0 0 0 , 0 0 0 ,
and in 1 9 1 3 ,
of
$ 1 ,3 * 9 ,0 0 0 ,0 0 0 .
Our postal
re os Ip ta at t h is p a r t ic u l a r p erio d l a 1 9 0 0
aoro $ 1 , 2 9 1 , 0 0 0 , and in 1 9 1 2 , sore $ 2 , * 2 1 , 0 0 0 .
an d a l l of thsoo o t i l l
Each
• f a c i l i t a t i n g tho s h ip p in g of go o ds9 ,
a i d i n g tha f a r a s r , ths s i n s r , the san ufao tu ra r , to b r in g h io
p ro iu o ts to s s l « 9 and e n a b lin g a l l of thee to pay a l l l l o n s
d o lla r s 1st ops ra tin g s x p o n s o e , in c lu d in g a n ass rags » s s k ly
of
George F . D l e t e r l e .
p ay ro ll of a B i l l i o n d o lla r *
4 £8*
to aany p e o p le .
C in c in n a t i baa withstood U «
and 19C7 without any dins e f f e c t s .
panice of 1 8 73 *
1B33
O c n t t n m i i v i b a n k in g ,
ecabins 1 with ths o o rd lal co-operation of ths banks w ith
•a o h
other through ths e x c e lle n t C ls a r in g Hcuss A e e o a l a t l o * cf
C i n c i n n a t i , has s n a b ls d C in c in n a t i to w eather ths etenee
-i. ich
soss
other c i t i e s , ls s s fav o rab ly s i t u a t e d , havs found so rt
d i f f i c u l t to overouse.
Vo payroll i n ths O ity of C in c in n a t i
has ever been d s f a u l t e d , and ths confidence
of our people Is
great.
I alfh t
in grsat p a r t ,
that tbt p e p u la t le n o f C in c in n a t i e o u l t t o
of fo r e ig n or born fro a fo r e ig n p a r e n t a g e .
They
haws ad dad not only a r t i s t i c tenperaaent an d m echanical s k i l l
but havs i n s t i l l e d in to C in c in n a t i the s p i r i t
th rift.
of sconoey and j
Savin g d e p o sits and b u il d in g a s s o c ia t io n s and e a t in g s
banks havs aads C in c in n a t i a city of h o s e s ,
Ths Sseretary o f A g r ic u l t u r e :
I think i f
you w i l l
o * i t t h is h i s t o r i c a l part e f your n en eran d u n ,
H r . D iete r l e :
preoal
it e lll
juet
save
1 n ig h t how ever, deeire to m ention the
r e la tio n e with the ? o u t h .
The e a r ly exchange of pro-
ducte with the South b u i l t up ree ip re o al r e la t io n e a lo n g
r e e l*
Q«ors«
r. D i«t«rl«
4383
th* Or«iio * n i tb« K la a lt t lp p l R iv e r a , an4 our s * r o h a n t * , aany
the* s t i l l l a b u i i z M i i , a t t r ib u te
ssrly
t h e ir eucoeee to t h *
iajri »ben they took every character o f go«4t to lea
O r i e e a * a n l t o l l the a in the aarfce ta •
They ore a ted by that
d i r e s t oonneotion a n i that buelneas in the S o u th , many f r i e n d
ly r e l a t i o n s .
T h e ir b u * l n * * *
wae c o n fin ed a lo n g the
l l n e e o f a s t e r n a v ig a t io n , and i t l e f t s fond le e ire
o f g e t t in g
sn d o on t r o ll in s so re o f Southern t r a d e , and as s a r ly a s
1 6 3 # * 9 1 * 0 0 0 ,0 0 0 «aa aaoeerihed fo r the b u il d in g of s
11 ree tly eosth
rosd
to get tho Central Southern trade sn d tae
ffcu these tern trade *
They eay that on the evening when thst
s i1 1 1 on l o l l s r e ass e u b * o r l b * d ,
| i s ehlah ths e in d s e s
they had s grand j u b i l a t i o n
in our C ity s t t h s t tine mmrm l i t with
thoues nde o f o s n i l * * , snd eo f o r t h .
s f< s4 hope, snd ass s o t
I t a a * , however,
only
~ * s l l * « d # fo r ssny r e a e c n a , u n t i l
1 8 6 9 a hen our —
Tk«
S io rtU rjr
o f A g rla u itu r*:
11X1 y o u n e t
Just
b ait
U w t,
P lM kM .
M r.
D letorle:
r e fe r e n c e
slnt.
You *1 1 1 s i l o * s e , how ever,
to ■ * * • aose
to th* b u il d in g of t h * Southern B a i l road s t t h l *
I t sas c o n p l*t *d a t a n expenae
oo v*rs s length of 336 n i l * *
from
of f 2 3 #0 0 0 #0 0 0 snd
C in c in n a t i
to Chattanooga —
••
o« c r e «
^
"•o r t U r y
o r A g ric u ltu re *
you omit i t beoauw?
r . D le t e r le *
I aa n o t
it h a a no baa r i n g ,
43S4
an m e e t in g that
but baeauao a o aro
vary f t a i i U r * 1 th i t *
M r . D l o t e r ie :
| ly fo o lin g
Too ara
f a m ilia r with tha ra a l g o o d f r io n 4 »
that tha Pouth haa T o r tha City o f C in c in n a tiT
Tho Soorotary ol A g r ic u lt u r e :
Y ea, and a l e c tho
indue t r i a l
e v o lu tio n that nao taken p la o a .
*r.
D leterle:
fo r many y o a ro .
C in c in n a ti haa b e e n a mnmifaotu ring center
I t prldee
i t e e l f upon the mareeloue growth
and by ito fo r e ig n population it haa o id e d o a io n t ie t e and
neohanloe to t h ie 6 it y »
ao that to-day it oooupioo an im portant
poeitlom in many b raro h e e.
lo
th ie,
thooo
The point that i *aant to mn*e
that tho d i e e r o l f i e * in tere a ta
that aro oom prleo* in
in d u etrie e w it h in the Vlty of C i n c i n n a t i ,
oaro f u l l y M M Ida red in D m
ehculd bo
etudy of thia q u e e t ic n .
According to tha a t a t la t lo a ycu w i l l
f in 1 that
C in o ln n a tl haa many ln d u e t r l e e , aa compared » i t h e t h e r lnduo—
t r le o
that have a foe o f a large amount, and theoo
otory ahloh 1 need not t o l l a t le n g t h ,
net te b a n
effo rt*
to any on* or %ny
i n * to th*
m nj one
t o ll a
i n aa muoh ao i t
ore—
lo c a t io n oc.r.f 1 n« i t *
l* r g « i r . U r p r l » « » .
flguroo that «r* ber» p r e a « n t « 4 an d « •
Acocri-
th in k that
ss
Osergs
F*
thsy are o o n v in a ia g , « 1 U
4365
D leterle
any panics which s i g h t oca# o ? t r th#
co un try , C in c in n a ti e l l l eu f t m r leee thar. i f
ft*
In d n e t ric e
it
ia pan dad ext a
in large a a o u i t •
Thera it a tab Ia whicfe f o l l o w * in 4»t c c u r e e ,
which the t o ta l l n l u s t r l t s
c f 1 9 1 0 arc g iv e n ,
•p a c ific
lin e s
in
o c e p iic d in tha Census Rapcrte
which show that theee aan u iac tu re e are
in
item isin g 37 in d u e tr ic e amounting tc
| * « 0 , 0 0 0 ,0 0 0 .
The Userstary of the T reeeu ry :
That ie i n i u a t r i c e alo ne cf
C in c in n a t i?
M r. D leterle:
Be c e l l that the M etrop o litan D i a t r l c t ,
in c lu d in g that pert of Ham ilton County which la not a cor
porate
part of C i n e i i u u t i t and a l e c Wewpcrt across the r i v e r ,
an d the O ity c f Covington across ths r i v e r ,
ths importance
e f theee te e e i t i e e b e in g in euch close proxim ity with
C i n c i n n a t i , mad j s c u l l l ik e you to c o n sid e r that the popula
t io n c f C in c in n a t i le approxim ately 6 0 0 , 0 0 0 in s te a d of
4 6 3 , 0 0 0 which aae accorded in the oensue of 1 9 1 0 .
The Secretary c f the T r e e e u r y :
M e tr e p e llt a n D le t r lc t
M r. D l e t e r l e :
The
Secretary
Ycu are epeaklmg of the
ef C in c in n a t i?
Tee.
cf
M gri c u l t u r e :
in i
w ith in
shat
radlm a?
Os c r g s
Mr. D l t t t r l t :
F,
Die terle
4 386
Y lt h in a radius of not « i o e « 4 1 n ^ tan w ile s
fro m t h is b a ll d in g .
You *1 1 1
fin d a table
la and 13 ehloh 1 t e a ls * th* lapcrtano*
s a d X w i l l n *t r*ad t h e * .
there
of t h * * *
«n pages
in i u * t r i e * ,
Ia conclusion 1 * 1 1 1 *ay that
th* O ln o ln n a ti Chaaber of Oowweroe preeent* f o r your ccne l i e r a t i c n # the oaptlone under which theee fao te have b e *a
preeen ted to you , n ew cly,
Oh l* T a lle y ,
ban**,
the trend of oowweroe 1* through th*
th* o o a fld *n o * o f th* p *o p l*
in C in c in n a t i
ear rec ip ro c a l r e la t io n * with t h * ftouth, and C in c in n a t i
a * a w a n a f*c t u r in g center of w*ny d i v e r s i f i e d
In d u etrlee.
I t had b * * a oar In t e n t io n of p resen tin g theee
in p y ra ald f o r a ,
•a c h
cap tio n to be a block of g r a n i t e # a l l
•t m c t u r * .
oowpletlng th *
V* had in ten ded to rest t h is p y r a a ld apon a s o l i d
fown 1*t l o n , — de up of t h e ir c a r e fu l o o n e id e r a tio n by your
O o aalttee,
cee e n ted , a * i t w ere, by your f e e l i n g o f gocd * 1 1 1 .
a* * 1 1 1 * l l w l n a t * th* p lo tu r * we have eo b e a u t i f u l l y
d raw n , and eloee by o ffe r in g to you our p rayer* that * h a t * v * r
your c o n c lu s io n *1 1 1 b* 0 thst you *1 1 1
aa tl*fy a*n y.
d l**p p o ln t but f e e , and
Me hope that the e l * hundred thousand people
a a k ln g ap M etrop o litan C in c in n a t i and t h e ir w i l l lone of fr le n d e
South,
S t r t h , Eaet and t e s t , * * y bs eusong the waurty ehow yoar
O ecrge F. D U t t r l a ,
C fe »rli§ A . H lnioh
We* i f
X My
file
thle etsoraniuB —
The Secretary of A f f l o u l t i i n :
Ae a m atter ef f a e t ,
4 387
We e h a ll read i t e lt h o & r e .
1 have already gone ever i t *
Ie e c i t *
body c o in * to preeent the d le t r lb u t lc n area?
if.
D leterle:
What d le t r lb u t lo n do you neanT
The Seore tary of A g r ic u l t u r e :
lu o t e ,
Of your m anufactured pro*
the area of your d le t r lb u t lc n of ycur great bu eln eee
boueee?
Sr.
D leterle:
I have an id e a there ie etae wap here ahioh
ie t e be eovered by P rofeeao r Hlcfca, bu t I di not go in to
that beoauee I fe a re d I eould take your tleee u n n e o t e e a r i l y .
Our — n ufao tu red produote go a l l
The Seorvtary of A g r ic u lt u r e :
over the e o r l d .
I nean your d le t r l b u t io n
and ab oleeale b c u a e e ,
, M r.
D leterle:
They are a le o covered in e t a t l e t l o a l
flg u n e e ehioh e l l l be r u m i e h e l you .
PTATTWTWT OF OBARLXS A . KIWFCH.
The Seoretary of the Truaaury :
W i l l you give your n a e e #
reeiier.ee ard o c cup atio n.
H r . Hi re oh:
Charlee A* H ln e e h ; P r ee id en t o f the C in c in n a t i
C le a r in g Heume A e e o o la t lu n , and o f the F ifth - T h ird
••
C harlaa
A.
H i n a oh
4388
U t i c n a l Bank*
M r. R in to h :
At a M a t i n g of tha C in c in n a t i C le a r in g
Hcuaa A aaoolaticn haX4 T u a a c U /, Daoeabar 213rd# 1 9 l 3 f
tha
r a p r a a a n U t i v a a of tha Eigh t W atlcnal Banka u n an lao u aly
raaolvad to r ao oaiaand, to th a ir raapactlva in c t i t u t ic n a
to
aooapt tha taraa and provialona o f tha Fbdaral Raaarva A c t .
B a lia v lo g Cinoixanati to ba a l o g ic a l
Fadaral Raaarva Bank, A Coaarlttaa of thraa
f u l l paaar to a c t ,
lo c a t io n fo r a
*aa a p p o in t e d , • i t *
to praaant tha o la ln a c f our O i t y .
Tha f i r a t c o n a lla r a t io n of cur C o ealttaa waa tha
io n o f a D ia t r io t which »<4ild aa naarly aa p o a a ih l a , ba in
harm on j with tha previa ion of tha A c t ,
rwadlng,-
•That tha d ia t r io t a h a ll ba ap p o rtic n ad wfcth dua
ragard to tha convanianci and atatcaary oouraa o f b u a l n a a a ,
and ah a ll not M c e e a a r i l y ba c e t a m i n o u a w ith
any S ta te
or fit* t e a . "
Aa tha raau lt of our d a l i b a r a t i o n a , wa hava out—
lin a d a D ia t r io t,
purauant to tha aapraaaad wiahaa of your
Honorable O a u a lt t a a ,
O h io ,
oo nalatlng of tha fo llo w in g Btataas-
In d ia n a , l a a t V i r g i n i a , Kentucky and T an n aaa aa.
Aa thia D i a t r i o t , w ithout %quaatlcn, w i l l ba a ore than
a a lf- a u a t a ln ia g , tha D ia t r io t
o cuid with a a fa t y ba a n la r g a d by
• •
the
a liitio n
of
one
C h a r i*#
A.
B i n s oh
or nor*
sc
o a lltd
4389
Cotton f U t « s »
o r parts
thereof •
Th*
5«orotary
of
the
Treasury:
Which,
fo r
in etan o e,
so u lil
yon M 2 g « * t ?
M r# H insoh:
f U 9 or
V e il,
Secretary
Mr.
H in soh:
b*oau*e
eeotio n ,
o f th*
le a l
reney
aov**
*ay a l l
ee
have
Treasury:
q u ite
loan
o f bn ein ***
that
any
Thie
lie tric t
eent
of
the
How a b o u t
the n o r t h e rn *n d
through
aovee
of
th*
cay,
and a
down i n
great
that
le a l
of
o ro p m oving p e r i o d .
184,640 * q u a r *
th*
that n igh t
Ala b ana and O o o r g la and a
that
o o sp ri***
of
any O e c r -
M ississip p i?
a g o o d na ny a c c o u n t s
lu rin g
area
o f A lab an n and
the r o o f ,
l * l l # p o ssibly
e sp e c ia lly
great
5 per
sh o u ll
tli* n o r t h * rn p a r t *
Th*
be,
I
*n tire
n il**,
or
country.
1 3 , 1 6 1 , 0 0 0 p o p u l a t i o n ..................................... 13 per o e n t.
1,OOP n a t i o n a l
2,561
Stat*
H ank *
Bank*
,
• . • • • , • 1 4
.............................. 13 pe r
984,366,000 C oabined C a p i t a l
£ P u r p l u a ..................................... . 1 0
1 ,7 1 6 ,2 3 4 ,0 0 0
flee
Th*
e *l*o tic n
coabined
E xh ibits
fo llo w in g
of
the
l*p o »it*.
A,
faot*
p* r
.
.
.
.
,
per
o*nt
o*nt
8 per
B and C a t t a c h e ! .
**r*
d ie trio t:*
potent
fao to r*
in
cert.
th*
cent
eni^
••
Cos r i s e
A.
R lnto H
4390
F l r e t . A ft d t r a l Reserve Bank composed o f only the
R a t io n a l flanks In the D i s t r i c t sould be p o s s lb ls h a v in g a :
C a p it a l e f ............................................................ f l l . 7 5 8 ,0 0 0
Dsposits e f
.......................................................... 4 2 . 5 3 6 . 0 0 0
la sue of F e le r a l Reserve
Hetee
L
.......................................................................2 9 . 3 9 5 . 0 0 0
Loans of
................................................................ 5 7 , 0 4 4 . 0 0 0
T h is dose not include ad lit!octal U. 9 .
Autsori ssd toy the Federal Reserve lo t *
D eposits
In c lu d in g the State
Banks of the n i s t r l o t . a Bank sould be poeelble having a t
C ap ital e f ............................................................ # 2 3 ,0 6 2 , 0 0 0
Depoeite e f
Iisu s
..........................................................
e f Fbdsrsl Hessrve Rotee
S 6 .S 1 3 .0 0 0
..................5 7 . 6 5 7 . 0 0 0
Louie e f ................................................................ 1 1 5 . 0 0 0 .0 0 0
In our c k i o u l a t U n e we have not e lim in a t e d the
fttate Beaks in e l ig i b l e
on account of not h av in g s u f f i c i e n t
c a p ita l•
an d:
su stain in g .
o n sdlt.
Thle S e c tio n s o u l d .
slthout q u e e t io n . be sslf-
in c id e n t to the evenly d ie t r lb u t e d lemand fo r
lu rin g the eemeral eeasons of the y e a r .
3 rd:
It mould be m m ail b a la n c e d d l e t r l c t .
on
account e f the d iv e r s it y e f a g r i c u l t u r a l p r o d u c t s , w h e a t.
C h a r i ee
o o rn #
Uval
A•
H ln to h
tohaooo, h ea p , « 1 U
4391
eoae ootton a n i
8t«r»«.
The ( P e n u r y
o f the f m a e u r y :
Have you prepared any sap
ehloh ehove the ro tatio n of c red it demand in that d i e t r io t ?
H r . Hina o h :
lath in k we have i t .
The Seorotary of the Treaeury:
ile&ram m atio;
T e e # h ut that le merely
1 mean have you figuroo whioh »o u ld s i * *
the
lomanle fo r the whole d ie t r io t?
H r . H inaoh:
l o , not fo r the whole d i e t r i o t .
Tho fleoretary o f the T rea eu ry :
Could you s e t that t o g e t h e r
a n i e e n i i t to ue?
H r . Hi no oh:
I think ee o a a .
Ite production of raw s a te r ia l e , o o a l ,
o t o .,
i r o n , wood,
eaootrage a wide and v a ried produotion of a a n u fao tu re d
pro duo t o .
Vo r o e p e o tfu lly reooaaend and requeet your Honorw
•k l *
C M M ltU t
to 1 o o » t * »
Te Xm ral
It o M n r t
B uU
in C i n c i n n a t i ,
f o r tfco f o i l o n i n * r t a a o n *:le t:
Twenty ~Rallroada rad iate from C i n c i n n a t i ,
S o r t h , S o u th , Seat and V e e t ,
rendering; i t p ee e lb le
to re a oh
O ln oim n ati by r a i l from any o ity in the D i e t r i o t , » 1 t h In
a m aalaea o f eay ten h o u r e . * H a ll or ourrenoy oan ho oent
••
C h arles
to or fr o * C in c in n a ti
A•
4 393
H in so h
In one n ig h t *a
run*
C in c in n a ti haa tho l is t in c t l c n of h a v in g c o n stru o te i
tha C in c in n a t i Southern Railway * *ex ten tin g trcm C in c in n a t i
to Chattanooga, a distance
(3 3 8 )
M llsa*
of Throt Bund rod A Thlrty-<ff ig b t
Thio propsrty ia o t i l l osned by tho 8 i t y # and
le a s e d to tho 0 .
*•
0 . 4 T* P . R a i l s a y , and la tho soot valua
ble a s s e t ef our C ity *
Our e x c e lle n t telogrepfc and telephone aervioe
fa c ilita te s
the speedy efcipsent ef o u r m n c y ,
t r a n e fe r of
fun da * and onsdite •
and,
C in c in n a ti ie
o e n te r of population*
D is tr ic t
the neareet large o lty to the
the population o f the M etro p o litan
of Clnalnrvati b e in g n ea rly S ix Hundred Thousand
(6 0 0 *0 0 0 ).
Twenty m il l io n ( a o * 0 0 0 * 0 0 0 )
people
reeide * 1 t h in
a raJLiue of Three Hundred n l l e e *
3rd*
ecu t h e m
C in c in n a t i is n e it h e r a n o rth ern n cr a
o lt y ;
ie located n ear ths border of three great
8tet*»e* U i i o t In d ia n a and Kentouky,
4 th *
In the e e t a v iia h s e n t of the 9ub-Trsasury in
C in c in n a t i * *the Government rta o g s ise a Uio g e o g rap h ical and
e t r a t e g i e a l r e la t io n of ths e lty to t *e d e n s ity sf
t io n *
aad tea ^ l u s t r i a J L aad a g r ic u lt u r a l a c t i v i t y e f the
••
C harles
A.
«39>
R in so h
d istric t.
5th.
C in c in n a ti
la & Rettrvt C ity s n i the
oo«ee r o la i o r . ter of ths d ie t riot s e le o ta a by our
C o w l t t e e , ysn4 banks lo o atsd i n s u b s t a n t ia lly tvsrp
county in tbs d i s t r i c t s a in t a in b u sin ess r e la t io n s with t h is
c i t y , many of tbsn have exp ressed in w r it in g a p reference
f o r the lo c a t io n o f a Federal Reserve Bank in C i n c i n n a t i ,
e t a t i n g that the n a tu r a l trend of t b e i r b u e in e e s ie toward thii
C lty k
The d e t a ile d repecneee w i l l be subm itted in ths c e n t ra l
brief*
The Secretary e f the T rsae ery :
To what exten t have those
expreeelone frou banks bse n s o l ic i t e d ?
lfr. Winscht
whole
Mount
W ell,
1 think we aektd each bank in t h ie
d i e t r l c t to in d ic a te
the trend o f t h e i r b u s in e e e , t h e
e f currency that they r e q u ir e d , and fro u there they
r e c e iv e d it —
The Secretary of the T r u M - r y :
Have you a copy o f the
l e t t e r a id r e e e e d tcthe bankeT
M r. B in e c h :
Tee,
i think we h a v e .
I w i l l see that you
Set on e.
The Sec re tary of the t r e a s u r y :
http://fraser.stlouisfed.org/
p r oBank
v id
inLouis
g
Federal Reserve
of St.
You M y
F®u put i n a espy o f the in q u i r y
put those i n ,
to g e th e r with
tha
C h arlco
A.
K lneo h
4 394
rtply# a n i they nay b« a t U o h t d as an e x h ib i t to ycur
testim ony*
Mr* Hlmsoh:
T h is map w i l l in d lo a ts to your m in i* very
q u i c k l y , tho nnmber of the banks and the r s m lfio a t lo a of tho
b u e ln s s s of C i n c i n n a t i .
P r a c t ic a lly every county in t h is
whole d ie t r io t hae a rod dot in i t *
aro
That in d ic a t e s there
one or eore accounts kspt in C in c in n a t i by the banks
lo c a te d in that county*
Ths knswlsdgs o f ths mssds and o r s d its
of ths
d i s t r i c t , p rsd io ated upon the cloee personal contact o f tho
banks s f C in c in n a t i with
th e ir correspondsnte throughout ths
t s r r i t o r y , would bs a v a ila b le and of great value to the
F e Is ral Hsssrvs Bank,
C in c in n a ti i s norm ally an easy monsy n a r k s t , and
i t I s ssldsm that any o f the banks in t h is c it y shew s l t h s r
a B i l l s Payabls Account or P i l l s R s d ls o c u n t s d .
t h is
Ths banka of
city havs g iv sn a g o d account of them sslvss
ths ss vs ral f i n a n c ia l c r is e s
luring
which have ewopt the c o u n ty ,
and the dlp o eltlo m , a b i l i t y and courage shown by C in c in n a t i
banks in s xtsn d ln g a i d to t h s l r correspondents i n tlm ss of
fim a n s ia l s t r e s s , account to largo s x t s n t for t h s lr
lo y a lt y to t h is c i t y , and of t h e ir d se lre f o r a c o n tin u a t io n
C b&rlta
or th#
A.
B in *o h
4305
relation # which haw# #x i#t#d in thm p a s t .
Th# P#crr U r y
of
th# T r # M u r y :
a# that #xpre##ed by Mr. Hew#,
not a o tu a lly
I a n 91 your b e l i e f the • & # •
on that p o i n t ,
that ycu
relieo cu nt or that there ie any in d ir e c t
ic
re-
d ie o o u n t in «?
H r . H lneoh:
1 do not b e lie v e
there ie any p rac tic e
of
that hind in th ia c i t y .
The S e o m t a r y or the Treaaury:
H r . R in ec h :
Vo i n i i root
re ii# count ingf
V o# not to ay knovtdge.
Th# bamke c l C in c in n a t i chipped |13,?5> 4, 0 0 0 . 0 0
o u r r .n o / to U io lr o c r n t p e n i t n t *
In O h io ,
In d ia n *,
Voot
V i r g i n i a , Kentucky a#4 Tenne###e f r o * Auguet to
D eo ee^er i n c l u s i v e ,
in th# year 1 9 0 ? , aoat c f which wae
ch ip p ed during th# non the c f October and Voveabe r ,
p erio d c f the currency p a n ic .
Thi
the extreme
dcee not inolud#
cy d e liv e r e d d irec t tc th# repreaentatlvee
ourren-
c f our correep cn d*
•n t e .
(See E x h ib it » . )
On January 1 3 ,
1914,
th# V a tio n al Sanaa c f C in c in n a t i
h a l depoelta from e th er bmnke o f # 3 1 , 5 0 1 , 4 1 3 . 0 0
to the bank# lo c a t e d in th le d l e t r l c t .
lue la r g e ly
C h arlt* A.
The ° * o r » U r y
H ln so h .
of tho Treaeu ry :
4 396
That lo S U t o
eund n a t ic n o l
of c o u r s e .
H r . H lneoh:
Theee
Too.
lo pool to a n
tho
rooult of y e a r * o f poroonal
e f f o r t , and alt ee a t t e n t io n to the into roeto o f t h e ir pat rone
a n i not 4ae to the e x te n o iw i o f abnormal terse in an e f f c r t
to a t t r a c t balan ce* from t h e ir le g itim a te
nth.
oh an nelo •
The oamoinel reeourcee of the Wotlonml BarUo
of O inein m ati are
the larg e e t o f any oity
in tho propoee 4
dletrlct.
They bad on January 1 3 ,
C a p i t a l , Smrplu* of
1914:
.................................................... # 2 3 , 1 6 4 , 0 0 0
Do pool to t f . « ............. ............ ............................. ..
75 , 9 0 0 , 0 0 0
The N atio nal end State banlte combined h a d :
C a p i t a l , Surpluo * F ro flto
o f ..................# 3 4 , 9 3 3 , 0 0 0
Do poo 1 to o f ..........................................................
(« ••
1 3 5 ,3 1 4 ,6 0 0
Kxtolbit K . )
The C lea rin g Hcuee banio of C in c in n a ti
tore
recently a l l o t t e d $ 1 , 5 0 0 , 0 0 0 . 0 0 crop moving money by the
Honorable Secretary of the T re a e u ry .
*e waived our righto to oaao,
av a ila b le
Th le
thu»
Am eo d id not meed i t ,
rendering the funAe
to other eeotlcm e.
ie
a
fu r th e r ev id en c e
cf
the
etablllty
of
thle
eo
C harleo
A.
fU aeo h
4397
d ie trio t.
Th* * h i p « * n t
of « ir r *n o y by th* bank a of C U io ln n ati
to t h a i r oorrtipuivU ntt ia tha p r o p o M l d ie t r io t t e r i & g tha
y e a r 1911 amounted to $ 4 5 , 0 0 0 , 0 0 0 . 0 0 ,
acid J u r i a * tha aaaa
[ p a r i a d , laaaa ta eorruepaadaata aara exten ded a t r t a s m a b l c
r a t a a , l a ha ra any « i U
tha b alan ce* m a in t a in e d •
Tha Bearetary of tho Treaeury j
a b lo
I
I
lo
jroa a* an by rtmaon-
ratooT
H r . H iaao h :
th ia
What
per l a d .
Z would aay along about f i v «
par ooat
t n r ia i
I t haa baaa pretty t i g h t , ycu k n e e .
In tha exofcange operation*
between tha la r g a aon«y
o a n t a r t , exohange rataa la this C ity aro aot eubjeot to
v lo le a t f l u o t u a t l c a a , aad exohange la fu r a ia h a d to eorreepoad-*
aata
praotlefclly at par a t a l l aatacna « f tha y e a r .
7th.
la r g a a t
Tho baak ol o a rin g a of C in c in n a ti aro tha
ia tho d i a t r i o t , tho to ta l for tho y o ar b ein g
$ 1 1 9 ,4 3 3 ,0 0 0 .0 0
(Boo E x h ib it G .)
Tho 8oorotary of tho yreaeuryt
Oa that polat o f baaa
ol e a r I n g e , aa f i a d ao auoh a r t i f i c i a l i t y
o lo a ria g a ,
we lik e
la thoao baak
to got eee* ocaparlecn* aa a a l l aa aoaa
in f ora* ti oa abuut thoa*
Bow
plaooo thoy aa o a t o bo very
l a r g e l y a r t i f i c i a l , aad i a eeae o lt le e they aro a la o o t « h o t l y
• •
C h arles
A.
H *n sch
• o f and then a g a in they uaea d iffe r e n t
4396
a y *te a in every c it y
f o r bank c le a r in g *
There are
w h ile ycu nay state
th* anount t h e r e , *e co uld l ik e a t the
ease
tin e ,
d u p licatio ns
of ite ae *
eo that
to have ycu give ua an id ea of hoe they are a a d *
up.
M r. Rina oh:
The e ettle a e n t here ia la r g e ly i n c a s h .
O c c a s io n a lly I euppoee a oank not n eeding the money, a l^ h t
p o s s ib ly carry over the oredit u n t i l
tho fo llo w in g
day, but
the large banke here have euch a demand upon then fr o a th ie
g r e a t a r e a fo r orop novlng noney and fo r shipments of
ournnoy
fo r varlcai* purpoeee, that they nuet oi neoeeeary
o o lle o t the o r e d it ite n e to supply th«in eitfc the n eoeeeary
noney to supply t h e ir correep on dente.
That is la r g e ly
I t s c u ld be somefchat d i f f i o u l t to get a l l
th a t o a s s .
usee.
true.
the exaot fa c t s
Faoh bank eould have to t e e t i f y to t h e i r own
I t n ig h t be in t e r e s t in g to oonpare t h e e e .
C i n c i n n a t i , l l o , 0 0 0 , 0 0 0 ; C lev ela n d —
The Secretary o f the T r e a s u r y :
I f you sho uld state
the
b a e i s upon which each C ity c l e a r s , we e o u ld l i s t s n to i t ,
otherw ise i t is not worth w h i l e .
MMMN
M r. H in so h:
6th.
T h is is sin p ly
taken from B r a d s t r e e t s .
V Ith ths oo np letlo n by ths Government
and
http://fraser.stlouisfed.org/
of the e e r ie s of lo c k s /d a n s now under c o n etru o tlo n
Federal Reserve Bank of St. Louis
in
ee
in
C h arles
A.
H in eo h
4399
M e Ohio R iv e r , C in c in n a ti s i l l enjoy a n ln s foot stags
o f e a te r the year round, f r o * Pittsburgh to ths O u lf o f M exico ,
thus in s u r in g the loeeet poeelble tra n sp o rtatio n rates f o r
all
of the Ohio T a l l e y . ,
(S e e E x h ib it H ) .
© th.
The In te rn a l Revenue C o lls o tio n e o f thle
d i s t r i c t amounted la e t year to # 1 0 , 1 0 2 , 6 4 6 . O O .
lO th.
The Poet—O ffic e
of C in c in n a t i ie one of the
moet important in the country, our r e c e ip ts having in c r s a e e d
in 1 9 0 0
from # 1 , 3 4 1 , 0 0 0 . 0 0 / to # 3 , 7 1 5 , 0 0 0 . 0 0 0 in 1 9 1 3 .
Unit r the provleione o f the V re e la n d A 14 rich B i l l ,
the C le a r in g House banks of C in c in n a t i formed The n a t io n a l
Currency A eeo o iatlo n of C i n c i n n a t i , om bracing:
11 Countiee in O h io ,
5 Countiee in Eentuoky,
3
Countiee in In d ia n a . -
A t o t a l memberehlp of 37 b a n k e , the la r g e e t memberehlp in the
country un der the A c t , w ith combined c a p it a l and eurplue of
# 3 6 ,6 3 4 ,0 0 0 .0 0
«e havs sv sry c cnfld sn os in our a b i l i t y to prove
our c a e e , and tru st that ehen a llt h e fa c t e an d ev id en ce are
p r s s s n t s d to y o u , your v s r d lc t e i l l bs fa v o r a b le to ue
C harles
T o r the eetabllehm ent
A.
4400
K ln»oh
o f a Federal Reeerve Bank In C i n c in n a t i *
Tho Secretary of tha Treeeury :
You nay f i l e
that In t r i
p lic a t e « it h the reporter^
Hr* H ineoh:
I w i l l . y e*.
The Secretary of the Treaeu ry :
j.
.
.
.
Take the t e r r it o r y of Worth-
•
“
“
trade a n 4 hanking rela tio n e eculd he very Intim ate e lt h
C h ic a g o , e o u l i they notT
lfr. H in eo h :
H a t u r a lly #
The Secretary of the T r ta e u r y :
Hoe nuoh of that t e r r it o r y
e c u ld you eay should go to Chicago^ I f a hank ehould be lo c a
ted there?
H r . H in eoh :
W ell,
I ehould eay probably one t h i r d .
The Seoretary o f the T rea eu ry :
H r . H lhech:
A t h ir d of It ?
One t h i r l of the S t a t e .
The Secretary of the g re a e u r y :
What about In d la n o p lle
ltelef?
H r . H in eoh :
W ell,
they do a g reat
leal e f bu eln eee e l t h
C h ic a g o , and they lo a great le a l e l t h C i n c i n n a t i .
The S ecretary o f the T r e a e u r y :
H r . H ineoh:
The
Seoretary
Where do they do I t uoet?
* n lcu b ted ly C h ic a g o .
of
the
Treaeury:
If
that
e h o u ld be
true.
*ldC
C h a ri# *
out
out/th
and ycu
tric t,
wrrulu
w a
A*
F i n n eh
4401
t ,a r t ana t&Jcs I r . a i a n a p e l i e
tJai j & r t
tea h mm i n c h
©i‘ tha
state north
rtduotion i n
tha
ef
cut
cf
U ut
In d ia n a p c lls,
cap ital
cf
the
d is
Ih m
^ropoved
bank?
Mr* H if ja h i
I hftvt net
Ths 9soret* ry « f
(A t
th is
crt t h o s e
f 1m re«.
ths Treas- ryi Take W sstsrn C^nttcky*
point «t sap was jr c ^ a o e d ),
Ths 9 i « r e t a i 7 e f the T rea su ry : T h is nap w i l l m l t our ^ u r »
pose.
If
it is f u r r l i h s d .
Mr* Blnsshs T e a ,
Cp h you fu r n is h It In t r i p l i c a t e ?
I s i f h t say that ths tctal for I n d 1 » r a
is
• * 1 , 0 0 0 , 0C0 c a p it a l sad e u r p l s i a n d # 3 5 6 ,0 0 0 ,0 0 0 d e p o s i t s ,
t h st is ef
ths M s tin a a l ana Stats Banks, a n d I w m l d
fo r armaments s a k s ,
more lx d e t a i l ,
say h a l f ef I t ,
or t h a t map w i l l
i f ycu ~aro to femws i t
Tbe ?«o rs ta r r c f A fr ir u lt ^ r o t
& 2 , S C C , 000 on ths H & t i m l
M * 11 n se h : T h t t is t i l .
assume
nte
it
t h a t way*
I t w euld bs t a k in g o f f abcst
Banks*
In Ir.airn a, Ju st ths I! U c n
1
Banks alerts h &?s # 4 0 ,0 0 0 , 0 0 0 c&pltr.l tna s u r p lu s .
Ths Secretary c f A * ^ 1 culturex T e s ,
I say
It
would
t&ks o f f
ab cut $ 3 , 5 0 0 * 0 0 0 .
H r.
h in so h : T s s .
The S ecretary c f ths Treaeury* Taka ^ a s t e r n Xsntucky and
▼s stern Tsr.nes^oe
, all e f
which is
ir eluded i n
tho f i s u r a s
*161
Charles A* Hintoh
w hioh ycu hart it t b n iiiid t a U r ^ i
doubtedly b »?e tore
4402
part o f those M e t l c n t u n
lntlaeatfi trade r e la t io n s w it h M M
e th er
p la o s .
llr. Hli fschj I r h W 'U
I r o b f M y P ttp h lO !
eay Piutuoah would **o to S t .
but I
Lo u is ond
tblnlr ths btZcr.cc of ths t o r r it c r y
roc I d vsry ir o p s r ly be in cluded in our d i s t r i c t *
*" r • i c r s 'U r y
cl* t *e Treas^ r y :
» how r.beut L o u is v i l l s T
Wo had trrlf.er.rs f r t a sosc s t r c n r poo p is
to bs fto m w o tU w it h S t .
?2 c l o * .
thrt they p r c fo r r o i
I
Lo uis crnd |& t ia t > a f 4 a s a asfrcaad
What is your ▼Ssrw e)>cut th a t, as tc trhsrs I r u i t r l l U
sho uld err® proparly bo plaoed In ths a r r « jn ^ a t B t of a &ls-»
trirtf
W r. Rlnssh* 1 N l l f i t would ac ast to ras they ; r e p s r ly b e lo n g
i n our d ls ^ .fie t ,
that I s ,
ia
ths d ls t r i <rt w i h«T*> d o se r lb s d
h o r s „ w hether C in c in n a t i were ths lo c a tio n f o r U w Rse.srws
S n k or n e t .
bsoauoe
in a s iy wnys tho b u s ln o ** o f tho C it y
I s s im il a r , ws b o *rw se oleee
to tho tobasoe w id h w p
«rcw*-
i n * MftMriB* s f tho so s t a t e s ,
*o th^t ths
o f th s lr
putrfr.i should to o o & s ld s r e d ,
ml
:*? c r n w n t o n t fo r tbe» to
*ots S t .
I
'
lia rs
\t W fs ld
L n il».
Tbs Seerotsnr of th« Tro^r ry: I nr ti *50 y**u colt South-
alM
C hurls a A .
^ a a t V ir g l n l
frcw
Hlnctoh
this t e r r it o r y .
4403
Tour r e la tio n s w it h
Southwest Ylrerlnla arc not intieiste?
Mr. Hlr.echs Very lntifFC.te9 wiu I
they w i l l heormw
■•re se wh*n the C . C. A 0 . R n ilr c a d is b l i t u p thrcwrti
that sectio n*
Ths Secretary o f the T r s n s u r y * On the ether fc**»d# you have
lxteludso northern V eet V i r g i n i a ?
Hr.
H in e o h *
Tee,
T^s Sseretary
sir*
of the Treasury* TJ.e t sstlm cny w h ic h was
subm itted i f ths CcfK*itt*s
at f k s h l n f t a i from f h e s l i & f a&d
sous eth er p c r iio a s c f th»t d i s t r i c t , was tc ths e f f e e l
that!
they j r e fe r re d tc be attached to a d i s t r i c t of w h ich P i t t s
burg wwa a p a r t ,
way than l s t t 9
thr t their r e la t io n s are mors intim ate thrtj
m u
cust i-ary w u r u
it would dc the le a s t vitltr.oc
r f bueine s s •
k r . Hirisohi T e a ,
that Is t r u e •
Ths S s e r e t a r y o f
the T r e a s u r y ! Ton dc n o t
cr
"Tseier
Paa*nsy 1 v < n i a
Hr* H lnachs
us,
in
tl.la
Pi ttafcmi v i t as I T ,
may
jart
ia
fttmmr tl y j t h
there
ia a w ary
bet^ear. P i t t f K r r r»n d C l n e l w m t l *
Ths Secretary c f ths Treasury^
in c lu d e
air;J l e t ?
X c 9 they haws ▼cry l i t t l e
e x ^ e f t , « T cm uroe,
lar^a s v ^ h e a m
tc t h e ir
Crn you
rir* u s any f i <cmree
al+*
C h a r i® *
A.
H in s o h .
4404
• b o w l n r that?
W r.
I
qo
net
b e I I e r r * we h a w *
Th# S e c r e t a r y
cf
the
Treasury*
ani
M nsohi
prepare
Mr.
ee we
Hlnachz
ii
Can y c u
<sn t h a t
prepared.
In w e etl•ate
that
^elnt?
]
We c ^ n .
Th# S e c r e t a r y
p ro fits
fl«u rco
an y
cf
the
Section
TroRRurys
13,
pa*e
14,
The F e d e r a l
Reeerre
Act
aaamr e th e r
thin<*& ,
tha
re lie v in g *
•Upon
the
w ith a ^ a lr e r
.M y
?eaert*l
b ill*
©f
inh ere:w en t
d^R «ad9 n o tic e
r**erw e
of exchan**
th* t
i#«u *^
Ar'iwn f o r
d e l
or
purpe***,
are
to
ie,
or
be u e e a ,
Board
t o hawe
aoter
ef
th e
the
prooeod*
fo r
noh
r i^ t
te
m rtir
by
ef
- r h l c h haw:
pur* c w « , ' the
fo r
b*nk,
are f t * ,
in ciu e tri^ l,
or
*uch
m
~
ccrm *r~i' 1 t r a n -
and b i l l *
determ in e
btnkt9
«M fcane*
or
o c «ii>
been u e e a ,
Fe . e n l
u efin e
Bctcnre
the
d ie count,
ohar»
w ltK ln
th#
A c t.*
r#ad.
C in cin n ati
C l t a r l n f H uee
•us p l y
O oourltt*# a t
ef
of
tteue i l l ^ l b U
2 w i l l not
th#
ef actual
anxi c u lt u r a l,
the
ite
an d p r e t e s t
d raft#,
Mem t h e r e a r e * c a #
http://fraser.stlouisfed.org/
1Louis
5 th
Federal Reserve live
Bank of St.
ef
ne t e a ,
cut
note*,
paper
th ia
any
bank way
a rle lle
•actlcn #;
cr
ef
B ar eh.
But w*
If
p ro w l***
eh euld
that
rela tl? f
lilt*
to a d d r o e e
q^*^ SI on , ana a r k
ycur e a r lie s t
p c se ib l*,
tc
w ith
th a t w hich
to
yru
~4t*w «nl*no*,
a
br i - f
th#
to
*ay
by
c f isowcrandu*
*1*4
C h arlce A .
c u b je e t ,
glrlr f us ycur ldeac e f whet would be tfee proper
A a f l n i t l o e e f ccttseerelal paper * i t M n
let,
4406
H in ^o h
the a e e n i r f e f thie
end alee d e sc rib e tc the Crcatlt tee any paper p e c u lia r
to th ie r e r l e n f end what i t n e a n e , ejna what lt e character—
letlo e are,
Mr. Klneahs T e e ,
The Secretary c f the T r e t m r y s
u ic a t c by *v’ - «e«tion,
And a le e I f you w i l l
the f«rms ef nr tee W w
in—
b l l l e e f ex—
rhftnae w* le h yen think can be p rrp crly u ec d by the F e d e ra l
reeerwe br*nke ana their branches
the Gt«atber b a n k * ,w i t h
a view tc • U n 4 a r l t l A K f ec f a r ae p c e « l b l e ,
cf
th*tp funrtior.*
trade,
Mr. Rlnechs T e e ,
Tlic Secretary e f the Treaeury* Or. | » w
tic n 1 6 , I t
____
10 c f the A c t , Sec-
le prewlded that
r
•The F ederal B taarv e Beard a h a ll make ~iul proem 1 *a te
from tlee te tine r e e i l m t l m t
funde and chargee
thedr
frvcrrir.w the
tra n sfe r e f
therefo r s s c n r F e d e ra l reeerwe brnka ana
brM M lec, « d
» * y a t i t e de- roticn e x e r c is e
the fun —
Tal
c tle n « e f a i l e n r i n r h uee f c r evch f e d e r a l reeerwe b**nke,
cr nay d e sg ln ste a f d e r a l r s M m
functlcrJi, anu m y
b*n%
te exor-iee euch
r it e re ^»lre ce -h mieh ban*
tc e x e r o lc c
the fto&etlCM c f a cle r i n f hcuee f c r lt e M K b e r b nks. •
*166
Cfcj r i c e
C X t a r a f Hc v m
of
fun ds
as
Isiv e tn
p a rtiru la rly
alac
m
•fftetn P ti
of
tho
Rlttech s
Thot y f «
p o e*lb le *
Mr*
H in *ch:
The
Secretary
th i*
*t
m it t o i
•rra
Ui-ra
boot n a r b it o r y
of
tho
titd
Aot In
w hich ycv
tc
tc
roopoet
H rs
Tea;
or
tran o fo r
^r&r«^bes9
*u ***ao t,a»d
«*c lry
tc
♦ h o i r br*nrrhee end
* r n t us
fo r
th *ir
the
ill
to
'■ylof-ranoe
nmmbwr b t r > r . #
la tart
by
tho
1 5 t h © f Kr.reh
th/*t,
Federal
dram
by a Fe<ior
unda
tc
rttorvo
or
-xeh w ifs
lo
*n e th e r
bonk o b a l l
frco
upon any o f
1 rooorwo
th*
Incurred
rid
tc
f r e v inter*
bank,
re o a lv *
F«> o r a l
lto
roeorvo
d ep csiters,
cha ' k*
anc
an y e t l s e r F e d e r a l He o m
e ra -it
p ro h ibitin g a
exp n e e
There
ntus
mo ►or br nfc* r r
aotual
bar.Vs
d istrict
b^.nk o r member W . k ,
or
tc s&ke
th*
tho T r e a e n r y t
I
d rtfta
o ottf* true d a o
•
retenr*
a M ftor^du s
toy ftjny d o p e s ! ".or i n
rl
cK- r
th o T r e a s u r y *
cf
Act v h lo
sni
44C6
feh
Te«*
par r m
hook*
cf
F ile
•XV« ry
it
bo
^ur*c*«
Tho f l o o r * V a r y
in
rith ln
»o »ld
Hi
proper
Ftosrtl
rtbookff b o two a n b r n > *
Kr*
If
thi
th«
M o ra
t c whf t
tc
A*
of
s* id
lr, m e l l o o t s r , sr enu
i to
p a lm s*
bank
wu
or
rhoc
drawn
ember
ir*
cu rtain ed
-em ber bank f r e e
r *; a
irafts
depo eitcr
H ft h lr * * b o ra in
on d e f o « -
ret*
a ha 11 bo
o h are ln r it a
re a l ttir.^
T b s Forte r s l
fu n d -,
Reserve
&XM
C h a r i# ®
eh' 1 1 ,
W r
by r u lo ,
H ir««h
th# cht r^e t tr be o c lle c te a by the —
^u ik t f r « * it s petrcne whose ohcsks art e lt & r t d thrcu*£i
he 9 » 4 « n l
fer
fix
A.
rtterrc
tbi u n r i o s
b*n> and the ohnr^D which nay be 1 apeaea
e f e l e a r l c f cr c o lle c tio n rendere<i by th#
f»4«r 1 re te m
b a n k .* '
The t ^ h e l #
s u b je c t
ie r e l a t e d and I n t e r —r«l-*tea# nud
i f yets * 1 1 1 e c n e iie r the whole problm i ae pre ren ted by theee
twe e l- v e e e ,
a&ii
tni
^r^rtlOK*,
M r. W
th*
C e n r lt t e e ^ 1 1 1
be
^ln 4
t^
r e c e iv e
Vie a .
eeh* T e e .
T* e S e c r e t r r y
Mr*
\ibrlt wsy riewc ycu h*re|pu th a t r o b j e c t
cf the Treasuryx
f
t w i l l be f l l *
Th^rk veo
K l r .f d u
nTtm cnrr a * t .
The Sacreti^ry
H r*A R D e.
the Tre?*u ry i W ill you etate yrur r* uae,
r e e lie n e e tr*.i occupation*
Mr* B le a r te t M* t .
C iu a ,
T -.
Kdv«re<| P r t e l t e i t
f
the Bualneee Mon* 4
C li. 5 i r jM t l .
*«cr«tarr
■r. M n r t e l
hri
»sU ,
ef
t>M T r « R « * n r r *
Tc ®*y
M r. S t m t e r y i I ' t
X teuU
lik e
, rc o ««i.
U
r a l t m t * «tet!
tc f l l o t h l » > r l « f * l t h
*13T
T. f,
4408
Edvards
your S e c r e ta r y , and e booklet her* d e s c r i b i n g Cine lime tl and
glvir«v irto fa o tt o m e t m i r .? i t ,
•h o e that C lr c ln n e t i i t
end I w culd l i k e
tha l a H c ^ l C i t y ,
■ere p la y in g o a ria thwr. roay c ity In
* » a a trs b e t t l e e ,
te e a y ,
te
that we « ? x u f a e t u r «
the w e r l d ,
eor* ^ h ie key
axu ucra j a i l n .
The Secretary ef the Treaeury*
are l i q u i d ae ee te*? We heard m m
except ae tc the play in 7 c r^«**
l a t i n g te tha **istribu t i m
It
lo your view that thoee
e le d la r cl
1b frets. L c u i t v l U e
Hrve you any *iata there re
ef ceesfcditlea thrcu
cut th ie
d i s t r i c t , to an * fr < e C ln e im sa tif
Mr* .t4irarda! S o , except aa to our d iv e r a i f le d ^a a m fa c t u r in g
oetfc bllefcaw tet
T!.e Seorotary c f the Trsaecry* How about y ^u r t e r ? a n t i l e
• ftt^ll
Ur.
hR fR tSt
Edward el We have aoee
three thcua^nd f a c t e r i e e ,
and I
w cu ld Judae ae aany m r r j atrcar.tile e a t r b lle h n e & t e *
T^t Secretary of tha T rea eu ry : Hew th e cner c l l t y d l * t r l b u t l e n
fr e e both of th©ee seu ro ei t h r o u ^ e u t
the aphere of C in c in n a t i
If
thie d i a t r i o t ,
trcde in flu e n c e wcula be c f value*
you hav 1 not auch d a t a ,
ths C cunlttee w i l l
receiv e i t
you v i l l prepare i t aa&u fcrwiMra i t te Wrehlr^tor^*
the el t ie * we have had ooapealte rap e
sh o v in g
If
Ir* eeaa o f
alt*
H* D.
4409
Sdwarde
presented t h e v i n f the ip h tr t of trade In flu e n c e ef thcee ol
In e fwLe-ew«y e t y l e ,
d in ir ls h ln £ # ef ^ c u r e e , ee yeu ®*t
fu rth e r w a y
c en ter, uiu thoe« nape -cula be e f
fr o m the
r l « e 9 aiu i f yeu 5 mi Id supply them, we shcmld like t « have
t h f lit
H r . Euv&rdst
I think we ecula*
Tne Seoretary o f the Treaeurys Hay we le e k f e r that by the
15 th e f H arsh , eay at the outside?
Hr* Edwarus* T*»«*
T>ie Secretary e f the Troi- uryx Haye ycu a n y t h in ? a le e you
earc
Hr.
tc e o b r it ?
tdvmriai I c t M r r furV-ser*
The 8eeretary o f the T rea eu ry : f t r e f e r to J e b b ln r h c u s e e ,
e f eouree* T at le a wery reed Index*
Hr.
Edward** J o b b in g r a th e r than mrmuf a*~turlng?
T..c Seoretary e f thi Treaeury* B e th , h u t I eay J e b b in ^
ae w ell ae r e t a i l h u»#e*
H r .M m r i e :
( 8 t r t rne nt
X w ieh to f i l e
a statem ent, r h ie h le ae fc lle w e a
file d )*
F o r c e fu l Facte*
fU n elu ia U
i^
the lar^e
o ity to the center c f
*
population*
* 1 «
W. B.
Edwards
Canter or the s a r k c t ,
44 1C
b e in g w it h in E4 hcuru or
7 6 9GOC,OOC people*
U n i tod I U U t # » i t h M t r o p e l i U ^ popula t i o n , M i t r U l n f to
tho U U i t
census b u lle t in o^ 5 6 3 ,3 0 4 .
More f r u i t e end varetrb loe are ehippea t r*^urh tbe
C in c in n a t i f il e v t y than to *ny eth er » r r k # t t exoej^tinf
only Bow Yo rk.
■»e a greater v a r ie t y o f f a c t o r ie s th- n *«ny e th er
c it y in tho e c w t r y .
Center of the lart’eet s o ft eoal p r e d n e in f f i e l d s
in
tho w o r ld .
Bee the lare o e t trap facto ry in the world*
l e r u f tho world in
a » ? h lr e
the e am ife ctu re etnd
m lity
of
t c c le .
Ranke f i r s t a ls o in the i&anufaoture c f a c i d s ,
caeea, fio lu m e i e a l
in stru m en ts, p r i r t i n r in k s ,
beck—
lau rary
saoh in-rry .
L e a d i n * market in
tho country fo r modius*-prlewd
ole thin m.
Tie
l r r ^ i s t center of heurdwocu lumber i n ti e w o r ld .
Loads
eeeM nery.
the w orld in
tho arnnuf a ^txirn of weed—*rorkin*
1*
*411
Klsards*
H* s t h s l a r g e s t a n l ex at
cob.* l e t
e b o t t le factory
I n t he w o rld *
Leads the w o rl d Ar. the u ^ n u f a c t u r e o f Ar i s e n and
omsui*set %1 i r o n *
Has the l a r g e s t f a s t e r ? i n the w o r l d devote d
exclusively
b e
to ti e a M r u f a c t u r e o f w a s t i n g saaahinee*
the l a r g e e t o f f l o e f u r n i t u r e f a c t o r y i n the
wo rl d/
Hae t he l a r ; e * t tan ne ry w n i s r cne r c o f I n the w c r l i .
Has the l a r g e e t l e a t h e r s u p p l y h o u s e ,
the l a r g e e t
harness fa c to ry .
Ha* t h s l a r g e s t
trunk f a c t o r y i n t h s U r . i t s i S t a t e a .
C i n c i n n a t i o o n u f a c t u r e e more p l a y i n g c a r *e than
any c i t y i n the w o rl d *
Hank* t h i r d i n the man ufacture o f e l e c t r i c a l
It
i e a r a ^ i i l y crowing a u t c a o b il e
mlc'
iner^
f a c t o r y ce nt o r ,
Ban te t h i r d i n the a a n u f a c t u r e o f • T a i l o r to the
clothing*
Gre f t e s t : i t o g ra p M sig © e n t er i n the U n i t e d S t a t e s *
F i r s t and l a r g e e t o o ^ p r e e s s d y e a s t f a c t c r y i n t h s
U n its I S t . t e i .
Has ths l r r g e e t p ian o f a c t o r y i n t h s Ui i l e T e e t *
Le**de i n the e x p o r t o f a p w c l a l p i a n o s b u i l t f o r
tropical
ir
.
.
44l£
.
© f *r scuntriss.
Banks eee uni in ths irctacrtion or soaem'a cloaks and
a s n 's caps*
I s s Isalirg shoe waruf&cturing centsr.
Thiri ia
ths M n u f Jturint of Jewelry.
Barks t M r l in ths manufacture of atrset c^rs.
in ths ^re luction cf cigar hexes*
Csntsr of the grestsst carriage *rciueing
U stric t
ir ths covrtry.
Largest
iatributing csrtsr for whiskey In ths w crlU
STA Tam rr o r F R r ^ R ic x c .
Ths *scretary sf ths Trsasury*
h ic k s .
F ill ycu stats your name,
rsaiJjnce sa4 occupation.
Ur* Hicko:
Frelerick C. Hicks, Italy -rjity of Cincinnati*
T ’S eecret ry «f ths Treasury*
Ur. 3lcks:
Stats what chair you occupy*
Ths Chair of Economics.
•
Ths Sscrstary cf ths Traaaury:
I f you s ill bs good sncugh
to give us any new light you can cn V i s subjsct, aye i ling
repettit cn of ths facts which have slrsedy been prssentsl*
as far as *ractioabls, we scull bs glal to hsar frofc you*
Ur.
H ickss
I
a c c e p t s ! th s i n v i t a t i o n o f t h s Ccajulttss to
Frederick C . R i e k a .
Af
441J
appear before you, largely because I have bad the privilege
ef working with them in selecting thle material, and I
would like to get any adHttional light that you nay have to
&lwe ae to what further arterial you deelre*
I ^ave
been
li etening to vlat you have haA to eay, and X wculd like to
know ae to the length of time that we could get up &nyV%img
of that eort*
Of course ^
work in connection with tl le
Feteral bank oattar has been the getting together of tM.e
data, and X understood frost the states ante that ycu gentle
men nade in Chloage, that you were to read this feta. I t it
wee not too voltsalvv cue, and X have asau&ed that part of thle
argument that I had to offer would probably be offered to
you through that brief*
The Seoretary ef the Treeeury:
theee figures.
We shall of course, analyse
It ie impossible to give then very serious
conei foration when they are read and thrown at you in volume
ae we get them at theee hearlnge, but we shall, of course,
eeneider thoee things wary earefully*
Mr* Hicks:
Ir preparing this brief, you gentlemen have asked
some questions here as to the industries and magnitude of the
busineee at Cincinnati it *e2f«
In sorkin?; up our brief, we
have laid special etreee on the question ef the eervice which
C i n c i n n a t i
oculd renter to the surrounding
If
F relerick C . H ic k s .
4414#
territory rather than u^on tha extant of ita own intuetry*
For instanoe, Z think I hare only a ccuple of pagee
own brief aa to the extent of Cincinnati1* own ln1ustry#
and ^LLite a goo! de*l aa to the fao ilitiea for coueaunicatis*
between Cincinnati end the surrounding country, trane^ortati on
and the ooesaml cation and the varicue evidoncea that go to
ehow that Cincinnati wculd be a nom al center of a 11 strict,
i f auoh a lietriot aa thia were established*
I
I think perhaps I ought to aay with reference to the
boundary ef this
lietriot, aa it ie out 1ire 1 on the c j^ f
j that the data we have gathered here haa been practically
ef necessity, or at leaat ccuch of i t , gather el on the baaie
' of 8tate linee, inn—aish aa it was not possible to get
much of it on the basis of County lin e s, an I so theee ttrpe
have been drawn to include all af theee counties, not
signifying that the Cosaittee believed the tlstrict to be
I Just the bounlariee of theee atatee, but rather aa showing
the area of the etatistioe and figure® thrt ?/e have *,i/en.
X think you gentlsaen have raked with reference to
expressions of choice.
i when
We started to eolleet th&t iata
we receive* fron your organisation in Washington a
r e v e s t to etate first, sec on! and third ehoioee, and *re
4415
T r **' erlok C* H l c k e .
have not f i M i i that eny further*
is far aa « t went, It
wee vary favorable to Cincinnati, but still it was inco&^lete,
ani ao a i r ou£h wo prepared what are had, aa it was lncct^lete*
•t
lit not think it was a fair «ho«iR| of tho statu* of
Cincinnati ao compare! wi th tHo other plaoee in thia iiotriet.
Tho Socrotary of tho Troaoury:
111 procool, tho
To tho extant to whlah you
Co&edttoo will receive the inquiry and tho j
ro^lioo aa aa exhibit to your teatiaevgr*
Ur. Hicks:
I will M i a a Mfcoraniyua of it , ani see th&t
you * • * it ,
Vow ycu have aake* fcr the
intrlbutloe of
oooBoditlee.
I f 1 uvtleretnnd i t , ycu wish tc know the
epeoifio oeirketa in which specific cocs&iolitiee &ot le that
the lleaT
Ve oan give ycu —
I have, for instance in the
b r ie f, a statement of the total saova&ent of coa**«oll tlee
from Cincinnati ae a distributing center*
The 8*or*t’U"y of Agricultures
IXo,
that is net what ere
had in &lnd when we asked the ^ue^ticn.
Take this thing*
•«
for instance*
One of the great hardware hcuaes in one of
the cltlee we v iiite d , gave us its relume ef buelneee over
the entire country with the percentage in raricue statee,
ah owin* ite natural trale area*
That wae lone fcr Half a
of the lar ;eet badlnes* heuee* in that city.
In O ioago
if
Tr? **rtek C. HioXa.
they 0 1 !e as up a 001*. col to u p y ae well aa an in 11vi dual
aa^ on tha aafl&a baale.
Thoee k ()i ehow pretty ol early
what tha oity9* tr&le area le , especially I f you giro it
in percentage for vnricue eta tea*
U r . Hiokai
&&y I aek ahether a tap of that eort la bom *
thine a-long the lin e ycu deeire ( i n H e ting).
That ahcwa
the coal trade.
The Seoretary of A&rloulture:
The Secretary of the Treaeury:
Tee*
Tee, eacept I f you wculd
give the peroontaiM in the different etatee, it would he
better*
Mr* Hi oka:
Tea, that we wcu** ei T# i n the brief.
But I
h a n prepared eocae dnta of that kind, and you would like rathe4
complete d*»ta on the subject of the oove&ent of theee
tie*?
The Secretary of the Treasury:
Hr* Sdwarde:
The principal
U tie e ,
How long a ti*>.e will we bf?eT
The Secretary of the Treaeury:
Until the 15th of March,
we coul i receive it up to that date*
The Seoretary of Agriculture:
We Would like to have it
earlier* i f . oeelble*
T h e S e c r e t a r y o f the T r e a e u r y :
be the feaxjUeaa*
If
5* 3*1 b l e ,
bu t that w ould
if
Mr. Hi oka:
4417
F r e d e r io k C . H lc k a
You arcull suggest that
file nhat ire hnv#
aow, an 1 Tile t vat ma #Ui>pl#MRtal*
Th# Secretary of Agriculture:
Wall, I ic not think ycu
will find it ae d iffic u lt, because each of ycur big he usee
*h# hare t •
lata will h&T# it now*
TH# Secretary of th# Treasury;
Each of the big ®anufactuf^
inf and jobbing hcuae# can *u, , iy that Tory quickly.
Hr. !Iick*>:
Tou hare asked fcr thia arterial in t r i p l e
#aM
Th# Secretary of the Treaaury:
triplicate.
Mr. Hicks:
Tea.
W# prefer it in
/
How far wculd ycu dealre ua to go?
For ix>-
st&a##, we haw# prepared son# rather lar e sapt like that
one back of you —
Th# Secretary of th# Treasury:
Tou need not have that nap
in triplicate or th# large nap#, but th# atnall exhibits which
aacoH^any your j*#K2cranduBi or brief, we lealr#to have thoa#
in trlpli oata.
Ur. Hick*:
Cart.a.en , u n l t M you h»T« »<a&sthlng you wi«h
to aek » # s p e c i f i c a l l y , I think, the time of Cincinnati can
better b# taken by theee other g#ntlee«#n.
T h e S # o r *t a r y o f the T rea a u ry *
T h at l e a l l ,
Hoe j anycn#
•1 s t
!a»lri to be htsTcl fros Cincinnati?
H r. Hows:
Ws wetild lik e to b&Ts theee gentlemen who came
up from 1 ‘ishTlll*,
iTsr an e ^ o r t u r lt y to stats V*eir views.
Ths Secretary of ths Treaaury:
Yes*
l i s t , and ws sxpsot to h#?ir front then:.
Haahvllle Is or the
We w i l l
take then
next.
S T .W E U m f 0*
S . KcHEBRT.
Ths Beerst»~ry of the Tr^ jury:
Ur. kcHenry, w ill ycu
'vlw* ■ (fo£* 'L.
*t *te your ndfcie, rv: lienee ani occupation.
Mr, McHenry:
Clearing Hcuie;
J . 8 . McHenry:, representing the K i t h r l U s
le a Tics Pres 1 lent of ths Fourth and
First Vationml Ban,, of Sk shrill e.
X w i l l preface what I heto to say by saying that
when ths plan of ths nsw Currency B ill was first conaiisrel*
ths banks aad ooacasrclal organisations of cur City fe lt that
Bashrille wculd be an ideal location for one of the Regional
Ranks.
The trale territory tributary to Wasfcwllle
ccl
^ rises
on the one tan ! a ccnai lerable ancunt of ootton territory,
ani also a very large section of tobacco territory.
These
two *ro!uots ooubiret afford the basis for an 1 leal rotation a
_________ ___________- — ................. — ■----
-----------------
^
If
J,
iiv-liaticn.
44 X 9
S . I h H — f|
Active plane *«re at cnoe laaule to obtain
a hearing before ytur Co*xu„ttee, ani
anon
a hearing was
accor ei to ua In Cincinnati to tajr.
In vie* of tha ic&ny c-jjvlidate* appearing
tha
vari ua ol tlee af tha South, we finally bec'uoe oonrlnced
that tha eltuatiun Light become vary c or fualns to the C osjf*
■tlttee, an I after cnrefu- conai deration *nd consultation,
our Clearing Houae Vu*lng tha le&d, we cotae to tha oonalualcn
that tha territory to be es&raesd In tha U atrict to which
SaahvlXle la to ba att^chad le cf paramount l^ c r t a n o a ; that
while Iaa> villa la a logloeX location for a Regional Bank, em
bracing a territory probably extensive efecugh tc e&tablleh a
Beglcnal Bank of the
inlcaiti. c«j1 tal, yet, involving aa tha
■attar 111 the actual lnveetcievtt of the aoney of rur bnnka
Ir. jubacriptlcvu? to the capital atock cf tho RegicraX
that we eho*£d waive tha *ur*etlcm of local pri !et end uae our
bo^t effort* toa^alat In the eatabliehjLent of a U atrict of
^ l c h *% 'ii-Li.' be a part $hat wcull be etrcng enough to oo*»»
■and ro.rtct, aa * ^ a r a ! to tha other Begion&l Br-nk* cf the
country, anl whlc^ «3 ould oo^rir-i a weX imbalanced territory*
enabling the bank to ec^Xcy its fvnda iurin* the entire year*
ami alee to be able to take care of the neei* of the
|
J.
. et h e r s
•1
1 cut
f
ii
8 . McHenry
&j»ie ta n o e
lia a ,
in
fr^*.
44 2 0
ot
sir H s g i o n e l
c o n n e c tio n w it h
B^rm s.
cur b e l ie f
that
ths
natural trend of the traie in our territory Is towsxls
the Vorth and £ast, lei us ta the conclusion that the
establiefcment of a Bank in Cincinnati along the linee pro
posed by those In charge of the acfSLont in that City should
have cur hearty enlorsement,
and
tc this
end
cur Clearing
H .use, anl other cootercial organisations, voted unanimously
erJorslng the location of the Bank in Cincinnati,
ing that their re,re£entatlvee urge you to that
The 8ecretary of the Treasury:
thle U e n t lc a l
Hr. UoHenrys
direct
ecislcn.
Ars ycu also speaking to
lietriett
I should like tc Bake a suggestion, that in
The Secretary of the Treaeury:
U r . JioKsnrys
anl
Vhat wculd you a i l to Itt
I would Alabej&s and Georgia, at least the
greater part of those two states.
I f a bank
were
established
in He* Orleans, probably half crtwo V i r i s of the Stats.
The SecreVury of the Treasury:
The Secretary of Agriculture:
Tou »ay proceed*
Do ycu knew to 4Hat extent
J.
8.
McHenry
4421
th*t sou Id r e fle c t the vie we of the interest* ycu represent?
Mr. MoFenrys
It would reflect the unanimous lentlefct of
coir Clearing hcuee.
The Secretary of Agriculture:
That it wculd be aeeiraole
to add thie other territory?
Hr. McHenry:
Tee.
northern Alabama le exoluelvely tribu
tary to Raehvllle.
tc lid not believe that eentiaent and eeoticaal pride
should have firet oonnideration in the letem ining of a queetlon
eith which our future proj>erlty la eo intlaately con
nected.
Especially have ae taken the view that a region com
peted entirely of eotton proiuclng etatee, or in which
euch eta tee preponderated aould fail to meet the requirement*
to be laroaed upon the new eye tea.
The handling of the
laienee cotton orope hae been, and will continue to be one of UM
greatest buriena placed on the b&nxa of thie country*
The South1* needs, in order to be properly U u n
care of, in our opinion, rwquiree that the Southern States
should fee divided into at leaet four dletrlote, each district
having attached to it eose of the etronger and capitalistic
sections, dividing the territory of the Regional Banks
longitudinally, rathsr than grouped around a particular
center.
• e
J .8 .M u H e n r y
In ordor to pr***nt an idea of th* pc Ation
4429
of Haeh-
ville, commercially and financially, I would stat* that th.*
banking capital of Waer.wille at th* pr***nt tine aaounte to
# 6 ,2 5 9 ,0 0 0 ; with gro** d*posit* of 1 2 5 ,9 8 0 ,0 0 0 .0 0
At th* tia* of tho last *tat*&*nt th*r* *a* carri*d on
depoeit in llaehvllle banke 1 5 ,6 7 7 ,0 0 0 .0 0 of country bank
deposit*, rapreeonting acccunt* from 618 bank*, located in
G*orgia
T *n n *****, Kentucky, Alabaaa,/H l**l**lppl and
Florida*
During th* nonth* of Octobor, Jfoveaeber and Deceaber,
1913, th*r* wa* reoeived from the**, and oth*r bank*, out-oftown it * a * , not including tho** drawn on r**e r?* o iti**
aaountin^ to $ 1 4 1 ,0 1 4 ,4 2 8 .0 0 .
By a comparison, wa claia that wa*hvill* i* tha
of country
largest depoeitory/bankein th* South, exclusive
of reeorve cities*
Th* comparison of figuree of National Bank* alon*,
in th*ir etateaente of January 13, 1914, shosing t l , 1 3 0 ,0 0 0 .0 0
great*r bank deposit* than inth* national Bank* of Atlanta,
Georgia*
Th* figure* iniloated for waahvill* showing only
actual country bank balances, collection account* representing
ee
J . S . McHenry
The 8 c o r t U r y of tho T r t w u r y :
4433
Vhat do ycu pay cn
b U n o t t there?
Mr. McHenry:
U
pay three per cent on * U t
«e term
"Reciprocal Accounts* that carry collection features vlth
Ute»
The Secretary of the Treaeury:
Mr. McHenry:
Free collection?
Free reciprocal collection.
our iteme and ee oolleot thelre free*
reeerve oity* ,and we have
a great
fig u re d ,
They collect
Maehville le a non*
that three per oent ie not
4 **1 higher than the two per oent paid by reeerve
o i t i e e , owing to the reeerve requirement.
The Secretary of the Treaeury:
Mr. McHenry:
tell,
You way prooeel, Mr. McHenry.
1 have etated that ae are here more in
the oapaoity of sitneeeee than for any clalne for H aeh v ille.
The Secretary of the Treaeury:
You are acre concerned in
the o net ruction of the dletrlct it e e lf than in the location
of the regional bank?
Mr. MeHenry:
Exactly.
The Seoretary of the *reaeury:
Hoe aany banka are repreeent-
ed in your Clearing Hcuee?
Mr. McHenry:
Me have n in e .
The
o f the T r e a e u r y :
Secretary
How s a n y n a t i o n a l
banks?
••
J.
Mr. Kcftsnry:
S.
McHenry
4424
la have fivs National banka.
Ths Sscrstary of the Treaaury:
V r . McHenry:
And four Stats.
The ^ o n t a r y
of tha Treasury:
Ana Four State?
And they art unanimous
in th* opinion ycu havt expreeeed?
Mr. McHenry:
They a r e .
The Secretary of the treaeury: . Where do they keep th e ir
reesrvss not p rin cip ally , shat part of them, for instance, are
kept in Cincinnati?
Mr. McKnnry:
W e ll, I should say that 2b per oent.
Ths Ssorstary of ths Treasury:
Mr. McHsnry:
In Cincinnati?
Our ressrvse ars scattsrsd in K ash v ills.
1 think the pressnt systsa of reserve* is so a r t i f i c i a l and
has so intiaats a connection eith ths collection feature, *»*
kssp our ress rvse where «e can collect itsms.
You vs i l l
f i n i that to bs ths cass with practically svery Maticnal
bank in the o cun try, except, of ocurss, in ths central
ressrvs c it ie s .
Ths collection f a c i l it ie s determine ths
balan ces.
Ths Secretary of the Trsasury:
T<Ai spoks of the number
of districts in shich you thought ths cotton statss ought
tc bs divided.
What was your idea about t h a t, shat number ds
ee
J.
B.
MoHsnry
4435
you think the cotton etatea ought to ba divided into?
Mr, McHenry:
Eliminating Nam Orleane aa a pcaaible locatio n,
1 iould aay four.
Tha Pa oratory of tha Traaaury:
H r. McHenry:
Where «oul4 you put U a a T
I would put tha Atlantic Coaat 8tatee
attached to a bank at either Richmond, Baltimora or Waehin*ton.
I would put Alabama, Georgia ani i f naoaaaary Mleeleelp-
pi attached to the Cincinnati bank.
The Seoretary of A griculture:
What would you do with
LouieianaT
Mr. McHenry:
1 would like to put that with S t . Lo uie,
i f they were not given a bank at Wow Orlaane.
The Secretary of the Treaeury:
Ani Texae you would put
reT
Mr. McHenry:
Either with a bank in Texae or with S t .
Louie or Kaneaa C it y .
The Secretary of Agriculture:
There have been a number
of euggeetione that eubetantially thle dletriot which you
ana euggeatlng be la id out.
Mr. McHenry:
Wfeat would you da with MecphleT
V e i l , Memphie naturally would be eerved be e t,
2 think, from S t . Louie.
The
Secretary
of
the <»reaaury:
She
m aid h e r e e o o n a
ch o ic e
ss
J.
P.
4426
McHsnry
*as It* Crfceana*
Mr. McHenry:
W ell, it occurs tc. ste that she would os going —
ionld bs gstting lntc troubls*
1 think this lis t riot oould
carry Msaphis without any ^ u is t lo s .
6t« Lo uis, i f it has
Tsxas an i Arkansas attaohsd, has got a conslderabls territory
to oarry, and a territory that has i S M S S t needa.
Ths Bsorstary of Agriculture:
stantially this
Louisvllls suggsstsd sub
ils t r lc t , ani Chattanooga a ls o .
Ko* why do
you euggsst Cincinnati as ths City for this lis t r ic t rathsr
than
so m
of ths othsrs?
Mr. MoHanry:
Bsoauss of ita grsatsr fin a n c ia l iaportanos.
and ths grsatsr support it can receive fro * ths d is t r ic t .
Ms wculdjust ae soon bs ssrvsd by any city ccnvsnlSntly looatsd
in that d is t r ic t , i f it was ae a c c s ss ib ls .
Ths re is no ssnti-
asnt about it *
Ths Ssorstary of ths Trsasury:
Vhat would bs your sscoad
cholos, supposing Cincinnati wsrs not chossnT
Mr. McHsnry:
For this particular dlstrlotT
fte Secretary of ths «rsasury:
Mr. Mo^snry:
My sscond cholcs would bs Haahyills*
Ths Sscrwtary of ths Trsasury:
rsp ly*
Yss*
Ho ws s i l l
a s k now
f o r ths
1 rathsr sxpsctsd that
t h ir d cho lo s*
J.StMoHenry:
Mr. McHenry:
4417
W ell, ay thiri choice would be L o u ie v ille .
Th# Secretary of Agriculture:
What *oul *1 you think of
Atlanta?
Mr# uoHenry:
V e il , I nould rather net expreee ay w elf•
1
Teel that our trade relatione are of euoh l it t l e importance
t;.at we wculi not feel at hoee at e l l .
The fleoretary of the Treaeury:
Hoe ah out Chattanooga?
i
Mr. McHenry:
W ell, we eculi nave no objection to Chatta
nooga i f the ooet of the dietrio t wouli he s a t ie fie a .
It does
not ooour to mm that it would be nearly eo convenient a#
C in c in n a ti.
The Beoretary of the Treaeury:
Who repreeente Knoxville?
Mr. IfoHenry, did you bring »oee reeolutione froa your
Clearing Fouee?
We wculd like tc have them f i l e d i f you
have.
Mr, McHenry:
We have our Clearing Houee Manager here who
fcae the reeelution.
The Beoretary of the Treaeury:
you pleaee.
Mr. MoHi nry:
The
1 w ill f il e i t .
re so lu tio n le ae
fo a io w e :
Juet let it be f i l e d , i f
••
J.S.McH«nry
(F u r t h e r
lU U x tn t
ot V .
8
.
4439
Romm)
Believing that a well balance! and logical territory
le ef sore importance than the Incidental location of a
Regional Reeerve Bank, the Kaehvllle Clearing Houee Ae»eola
tion* a ft e r a careful consideration of the beet lntereet of
thle territory, do hereby extend their unq ualified enioreeaei
of C in cin nati, Ohio, aa being the logical location of
the Regional Reeerve Bank to eerve waehville and lte trib u
tary territory, and authorise the epeclal Cozr?ittee of thle
Aeeoelatlcn to urge the eelectlon of Cincinnati at the
bearing granted by the organisation Co*rcittee February loth*
Further State of V , 8 . ROUT.
The Secretary of the ^reasury:
Doee anybody repreeent Knox
v ille ?
Hr. R o v e :
le have a number of reeolutione that 1 mill
Just refer to and f il e *
For inetance, on the 9th of January, Columbus, Ohio
recoBKenied Cincinnati to thle extent#
•Colunbus, 0 . , January 9 t h , 1914*
[ *To the (Organisation Committee of Federal Reeerve Banks:
•Oentleaen:The bankers
*f Cincinnati are asking an earneet e ffo r t
so
•4 2 9
® *F tFvOH0
to hAvt * Federal H«t«rv« Bank looatsd in th s ir o ity .
In to
fa r as our oo*asroial, agricultural and induetrial interests
art oonoem ed, luoh ttlio tio n s i l l bo vary convenient.
Cin
cinnati eervss a very large portion of the population ia the
liiU c
Veet through the centering there of tr*nepcrt*tlon
lin e s.
We believe that you t i l l find it advisable to locate
a Federal Reeerve Bank asM w hsrs In Ofclo.
I f you sss
f i t to is si gnats C in c in n a ti, »e ehall feel that the business
intsrests of this asction havs bssn very wsll servsd.
ftsspsctfully” .
That is signs* by nins or ten of the 13 or 14
banks thsrs.
Ths Secretary of the ?reaeury:
Let wtm ask ycu, ehat sort
of s o lic ita tio n has svoksd that reply?
Mr. Roes:
I think
m s
or teo officers of one of ths
banks asnt up thsrs and sae theee psopls and had a talk elth
them.
It is f a i r to stats nos that Cclusbue ie an applicant
for a Reeerve Bank.
The Secretary of the rreaeury:
Yss* Columbus is to bs
hoard tom orrow .
*r.
Roes:
Yss,
but
I
s im p ly
o ffsr
that fo r
shat i t
4s
ss
4430
eorth.
Ths R io r e U r y of the Treaeury:
Bo far as Kashvllls le con
cerned, shat representation® sere sale by Cincinnati to Baeh*
v ille ae an laluoesent T
Mr. Ro
m
:
S c far ae 1 knee, abeolutely none.
The Saeh*
v ille people caae to their oen conclusions —
The Secretary of the Treaeury:
th a t,
1 ae&nt to ae i Mr. McHenry,
las that a voluntary cxpreealcn of opinion on ths p*rt
of la e h v llle , or eae it e o lic it e i in any say?
H r. McHenry:
1 e l l 1 state the situation exactly,
le
authorised our Clearing House to oostunlaate elth those in
charge of ths aovsaent in C in cin nati, asking the* to oosis to
W asb v ills.
C in c in n a ti.
Thsrs eas no s o l i d t a t l o n on ths part of
It was voluntary on our part,
Thsy case
thsrs ani preeented thslr d ie t r io t, and our Clearing Houss
thsn sais this announossent.
Mr. Roes:
Hcues
Hers is a rssolutlon of ths Knoxville Clearing
that eas paessd early in January.
Ths 8scretary of ths Trsasury:
las that in rseponss tc
C in c in n a t i's solicitation ?
Mr. Roes:
T ss, sea* of the bankers esnt doen thsrs ani
sat those psopls.
• •
W .P .R o * s
The Fscre tary of the Treaaury:
4431
Can ycu give us any ile a
of the representations* sale to Knoxville to inUuce that
reeoluticn?
Mr* Rowe:
1 *111 have to aak Mr. Hlneoh to give ycu those•
Fere ie the resolution, ani the re suite •
r'Knoxville,
Tennessee,
January 1 4 , 1 9 1 4 .
"Cincinnati Clearing Hcuse Association,
C in cin nati, Cfclo.
Q # a t l> s i»:«
At a call meeting of the Knoxville Clearing
Bouse Association held tolay the following resolution
was adopted:That this Association endorse the City of Cincinnati
aa a place for the establishment of a Regional Reserve Bang
and the requeet be mad* to the Reeerve Beard to have
K no xv ille, Tennessee placed in the D istrict to be served by
C in c in n a ti, believing that the interest of thia section
van best be ssrved by having the Regional Bank in C in c in n a ti.w
O h io . "
Mr. Hlnech:
/
Jr
The reeoluticn was largely tho result of
a telegram eent out by the banka of C in c in n a ti, the same
kind of a telegram
that was sent to a ll this territo ry , and)
••
*.
R o *e
4432
pursuant thereto, the Knoxville Clearing House Association
had a meeting, and at that meeting thay paseedthis
resolution.
Thsrs sas no one dosn thsrs at the time, and out-
eide of thia tsIsgras, I«io net kne* of any repreeentaticne
that ssra M i a ,
Tha Seoretary of tha Treasury:
You t il l f il s a copy of tha
telegram along sith tha HeaolutionT
lfr. Hineoh:
Yea*
Tha Seoretary o f the Treaeury:
You may proceed,
Ur.
Rosa,
Are you gentlemen both asmre of the individual preaeura which
vae brought to bear upon banks and bank ere there, by indivi**—
c ertainly , but thsrs has never been a meeting o f the Clearing
Houss since that resolution, and it has nsvsr bsen rescinds**
Here is
cue from the Clearing House banks of Dayton
O hio.
e
The Secretary of the Trsasury:
8upposs you file
it.
It need not Da rea l.
Mr. Rose:
That la si thin 00 milae of u e .
The Seoretary sf the treaeury:
Naturally t h e ir view sould
be th at, eo it la not nscsesary to read i t .
U r.
Rose:
Here are acme resolutions so fa r as 1 knos, that
art unsolioitsd from Group 3 of the *e st V ir g in ia Bankers'
ss
4433
? .8 .H o * s
Associatltn,
that
alec
at
* i th
t r ia l r t a c t i r .£
at
w ill
file
What territory icet that
in West Virginia?
Hr. Home:
3.
le
p leasure*
The Secretary of the Treasury:
r s present
H u n tin g to n ,
1 a m a fraid I cannot answer that.
It le group
Preeuicably that le the Huntington territory .
Here le a resolution passed by the Chamber of Com
as res at Huntington, Wsst V ir g in ia ,
recommending C in c in n a ti.
Hers Is ths tslsgraa which Ur. Hinsoh Just hands ms
from Williamson, Wsst V ir g in ia .
"Is havs no repressntatlvs , banks in this section
uaanlmeuely In fmvor of Cincinnati as location for regional
bnmks, as no othsr point sGuld bs satisfactory cr as
smslly reached from Worth ani Wsst ssctlons.
Watlcnal £ank of Coens roe ,
First
Watlcnal Bank, Williamson, Wsst V i r g i n i a ."
Ws havs a ls t t s r from the First Watlcnal Bank of
Tsrrs Hauts.
1 think ss havs dsalt *lth thsm fc r mors than
fift y ysars:
"Wsxt to Chicago, Cincinnati mould bs ths cheims
of this bank for the location of a Regional Rsservs Bank for
ths distric t o r sons
T hs
ffscreVary o f
in shlch Tsrrs Hauts is s it u a t s d ."
the t r e a s u r y :
Just
g iv e
th s nam ss
of
ths
••
I.
Cities
7 f^
8.
4434
Rome
no * l c r g # imd *c * 1 1 1
t e l l you vtoioh cnee
to
read.
X~ . K c . f :
V im o i*,
T~s 3 r c r s t * r y
ir.
li*s
•
In
o f tip
Ts* , it
im is..
Th&t
?r»<*&ur/:
le
a
1#
rf‘ t»h*r ft l o n g
lsttsr.
ja It f r t a a b*nk?
?cc t 2 s t t ? r ,
and
3tats*
h is
slsh ss
alssriy.
r**» $*e r t .t tl7
Yc-u i « $ t
lettsn
It
Is
if j .
th*
> iii
• C t
Treif^nr:
rsx^rt^rj t
as
i:> t.a*
e r# id tr»J
in
fcJtrtily
* c ; ill t l i l l *
tc
fcw*c;
lUrrt
in
fro*,
siijrl
1
O b i t t f t L C :^ !
Tov ray f i l s
in *
its
tern p e l l ,
t ; r m e t i e r . « 1 th
r*b&
tlitv
tbs
v h sir / * i t
Tn«f Sscrstary of t r*« Treasury:
ir
first
olciofc
It.
IfeU
and
^nd
its
ro ll,
f W
tbs aoa-ent.
T aticrm l
k .u
tbsss
-e
**ank
of
C in c in n a ti.
Tss, i*e hi:vs thst fro*
Hr. Pr^stcs hIscslf fror Jhattancaga.
hr. Mo««:
Iss of
tbM #
«< s ill flic thsso, but »•« sou Id Ilk* to bass a
fH it liw m on this lis t pnaaent their vlsss.
l*x«t 3 s u n t t */*y a 1 tt<, I f w u t u r y :
I
« 'O u * d
to
lb #
Ilk ?
tc & 4 k
ycu w L iu L
i i i f f r u f bank*
Ki*v Rw*s:
In
tbs
1
?b*r*
l*
an*
a a it t s d b*»fo rs,
C in c in n a ti
other q u s stic n
ani
C le arin g
that
Is
Houss •
Tfcers ar* 13 all (.old, of ^fcioh si iht are
istlonal tiMl flvs a m Stats Bsnks.
( T*'i* 4StV*rs ~ i-1 rssoltttlcjui ssrs Meortlngljr fllsd ) .
as
••
W.6.R©*#
4435
f l .D .C a r r .
Th# Ssoretary of th# Trsasury:
n#xt.
*e will fcsur fros Tolodo
Who rep re sent® TclsdcT
FTATFlTCirT OF 8 .
D.
Ths Psorstary of ths Treasury:
CAHR.
Ycu nay stats ycur rua.se #
rssldsnos an4 occupation.
Hr. Oarr:
of
P. D. Carr, Prssi lent National Bank of Cour#ros,
,Tolsdc.
Ths 8# or# tary of tbs Trsasury:
Mr. Carr:
Whst lo ycu rsprsssntT
Ths Clsarin^ hcus# --no, I will not say that,
th# National Bank of CosuL#rc#.
Th# a#or#tary of th# Trsasury:
You do not rspr###nt tns
Clearing Ifcuss?
Mr. Carr:
Not particularly, no.
Ths £#on»tary of th# Trsasury:
Ars you an offioor of th#
Clearing Hcuas?
Mr. Carr:
y##.
Th# ftsorstary of ths Trsasury:
Mr. Carr:
What position?
¥ios Prssilant*
Th# Ssorstary of th# Tr#a#ury:
Will ycu kindly givs us your
idsa# on this suhjsot* Mr. Carr.
M r.
Oarr:
W all,
ti.e
fw ti
are
the
banka,
.
^
m a jo rity
ef
I
_
Loei
P .D .C a r r
4434
had e lg a lfie d Claeeluni aa thair fir s t ohoioe ani Cincinnati
ae n ex t.
The 8a ore W r y c f U t
Traaaury:
H c « many banka ara
in
tha
Cl* a r in g HcuaeT
Hr. Carr:
15.
The Sacratary of tha Traaaury:
How nany 3tate ani bon aany
Satlo n alT
Carr:
4 Watlcnal and 9 fttata.
Tiia Aecra tary of the Traaaury:
And a aajorlty axpraaa
a preference far Cleveland?
H r. Carr:
Wo# a i r , I do not think a a a jo r lt y , But 1
think jmet tha national banka, and parhapa ona of tha State
banka, tha Ohio favln|» B »n i.
Tha 8ecret*ry of tha Traaaury:
What la tha prafaranca of
your can bank?
Mr. Ourr:
W all, In acaa aaye Cleveland la a lit t le naarar
to u a , but Cincinnati 1 have favored aone, becauee of tha
fact that it haa a eub—treaeury h are, and it aeened to ae
it eould he a practical advantage tc have the Heeerve Bank here
The Secretary cf the Traaaury:
Which city would you
say touli beet eerve Tcledo'e trade and ec&reroial lntaraata?
ee
44 37
8 . D .C a r r
Mr. CarrL
vcIu m
I »hc.ul 1
m j
Cleveland.
Is havs a larger
of businese them than with Cincinnati.
The Seoretary of the Treasury:
Have you an ilea nhat the
general sentiaent of your community ie on that evbjeot?
1 toan of the bankers and businees sen?
Mr. Carr:
X think they rather favor Cleveland beoauee its
eo such nearer, and we have eo such larger businsee.
The Ssoretary of the Treasury:
jf
so bs
oity outsids of
Ohio should be choeen, what would be your eeoond choice?
Mr. Carr:
Chisago.
The Secretary of the Treasury:
How are your trade relations
eith Chisago as against Cleveland and Cincinnati, larger or
sB sllsr?
Mr. Carr:
t s l l , ee have aore businese with Clevelani
ant next Chicago.
The Seoretary of the Treasury:
That is a l l ,
thank you.
Is thsrs a rsprsssntativs of Zaneevills hsre?
°TATFWEWT OF H. A. SHARP.
The Ssoretary of the Treasury:
State your naae, reeidsnos
and occupation.
M r. Sharp:
H . A . Sharp,
C a e h is r o f O ld C i t i s s n s
n a tio n a l
••
K. A. Sharp
Bank of Zanesville.
The Seorotary of the treasury:
Do you represent the
Olearing House?
Mr. Sharp:
1 do not.
The ftecnstary o f the Treasury:
thie questlfcnT
lfrv Sharp:
What le your viee about
‘te
I lo not wish to take your tie s, hut ae a
v
representative of the largest bank in Worth Pastem Ohio
an ! all the banks in Xanssvills, X heartily recoseend the
appointment of Cincinnati ae one of the locations for a
Regional Bank,
In the matter which was touched upon by Mr. Hose,
in regard to thie flood, Zanesville was visited by the flood,
and cur county euffsred a loss perhaps of sight or nine
million dollars,
le sere in ths stldet of i t .
All the
banke in taneevllle sere cloeed for sevsn days, ani aany of
the houses sent dosn ths river, and the mortgages, perhaps
went slth them.
We did not kno* shat soul t bs out condition
shsn «e opened up, but se sers in oceifKunlcaticn slth Cin
cinnati all ths time, and it saa due to the First Rational
Bank of Cincinnati that ee received our first relief by funde
ehlpped fro* Cincinnati shlch came very promptly, ani instsad
••
H. A .
Sharp
4439
of t r e b l e after the seven days of d o s in g our bank, our
lepoelts Increased continually thereafter.
But 1 s ill
aay in preparation for that opening, »e ware in touch
eith Cincinnati, ►hioh furnished ue the aid , which we greatly
appreciate.
The Secretary of the Treaeury:
Where do you keep your re-
eenreeT
Mr. Sharp:
We have our reeervee in Cincinnati, Cleveland
and Chicago.
The Secretary of the treasury:
What percentage in
Cincinnati?
Mr. Sharp:
I should judge about forty per cent*
The Seoretary of the Treasury:
Arm you speaking for th#
banks of Zaneevllle, or your oan bank alone?
Mr. S*h*rp:
I aa #peaKing for mj own bank, and other banks
in Zanssvllls.
The Seoretary of the Treaeury:
Have you any authority
to epea* for thssT
Mr. Sharp:
I havs.
Ths S se re t a ry
of the * r e a e u r y :
o f the banke?
M r. S h a r p :
Wo,
I have n o t .
Eave
ycu any r e s o l u t io n
ee
H .A .S h a r p
4440
/
The
Secretary
M r.
Sharp:
The
Secretary
s en tim en t
a*
cf
Just
of
b e in g
the
by
Treasury:
*o rd
the
a
to
be
of
it.
I
as
p o sitiv e
The
Secretary
of
the
Hr.
second
The
of
word
Yo\* t h i n k
w eig h t
S h a pp:
by
of aouth?
of ao uth.
Treasury:
Ur.
ch o ic e
Just
attached
Treasury:
W hat
you
to
*ou ld
reflect
th e ir
C in c in n a ti?
be
ths
sscond
Z a n e sv ille ?
Sharp:
I
w o u ld
th in k
C levelan d
*o u ld
bs
th eir
ch o ic e ?
Secretary
of
A g ric u ltu rs:
How
w ou ld
they
look
upon
C olum bus?
M r.
Sharp:
C olum bus
has
nevsr
been
m en tio n ed
in
Or
P ittsb u rg h ?
our
d isc u ssio n s.
The
Secretary
M r.
Sharp:
The
Seer
of
Wot
tary
Treasury:
the
sin e s
of
ths
1907.
Treasury:
S 'A T F M F W T
The
Secretary
re s i l e n c e
and
the
L.
T rea sitry :
is
all,
thank,
you.
BUSH W E L L .
You
m ay
state
your nam e,
o c c u p atio n .
M r.
B u sh n e IX :
The
Secretary
of
OF JOHH
That
John
cf
the
L.
B u sh n sli,
treasury:
Sp rin g field ,
W h at do you
O h io .
represent?
•°
J.
Mr. Bushnsll:
L.
Bushnsll
4441
I am President of tha First National Bank,
jut 1 have not any written authority as to the other banks.
It is only hsarsay, and I do not know whsther you want to
consldsr it or not.
Ths Sscrstary of ths Trsasury:
Ws w ill not consldsr hearsay
Ws *111 hsar what you havs to say, howsver.
Mr. Bushnsll:
Our f ir s t choics in this is C in c in n a ti.
That is unaniaous with a ll tha banks in S p r in g fie ld .
Ths Sscrstary of ths Trsasury:
Mr. Bushnsll:
Row cany banks ars thsrs?
Thsrs ars six national banks and two sav
ings banks, sight altogsthsr.
Ths 8scrstary of ths Trsasury:
What would bs your second
choics?
Mr. Bushnsll:
I think Clsvsland would.
Ths Sscrstary of ths Treasury:
Is this ths d is tr ic t whicfc
you think should bs crsatsd?
Mr. Bushnsll:
with that.*
Chicago
Yss,
I would fsal prstty well s a t is fis d
Speaking personally now, cur bank would favor
for sscond, but ths othsr banks of S p rin ^ fis ld
favor Clsvsland as sscond choics.
Th ^ 9a xttary of ths Trsasury:
Is that bscauss of Stats
pride, or of wore lntiaats businsss relations than with
J.
L.
4-M3
Busbnell
C h lo i0T
Hr. Bushnall:
I think. the choice cf Cleveland for ••cc n d
is » © n Slat a pride.
Chicago.
Our buelr.ee* next to Cincinnati le with
Cincinnati, Chicago ani Hew Tcrfc are our princi
pal connections.
The Secretary of Agriculture:
Had you thought cf Columbus?
Mr. Bushne 11:
He, that ie new, einoe there hat been any
discussion had.
But even so, even if ua are only 40 sllee
Iro s Columbus and twice that distance from C in cin nati,
I
aa satisfied ae would prefer Cincinnati.
Tha Secretary of the Treasury:
Tour trade relations are
acre with Cincinnati?
Ur. Bu*hnell:
Very such sore, yee,
a ir .
8TATEMF5T OF W. B. 01TBHARDT.
The Secretary of the Treasury:
Hr. Oebhardt:
W. B. Gebhardt.
The Secretary of tha Treasury:
Mr. Gebharct:
State your nasa.
What do you represent?
I represent the Clearing Rouse of Dayton,
O h io .
Tha Secretary of the Treasury:
Hr. Geahar t :
By reeolutlon?
Be; they a«fead us to coaa down, and tha
ac
W.
B.
a«bh»r^t.
4443
Secretary and Tr#aiur«r cs^r e dosn, and they delegated ae tc
apeak Tor tbs other banks, and aaksd s« tc attend and rap—
resent the*.
Tbs Secretary of tha Treasury:
With what can* are ycu
ccnneetedT
Hr. Osbhar :t:
City National Bank and tha City Trust and
Savings Bank*
Tha Secretary of tha Treasury:
Tour position with tha* is
what?
Mr. Gsiihar t :
President of both*
Tha Secretary of ths Treasury:
Vr* CfSbbar :t :
Cincinnati,
What is Pay ton9a preference?
strong.
Ths Secretary of tbs Treasury:
T*,at would be n atural, cf
couraa.
Ur. Oebhar t :
Cincinnati ws chocse,
becauas t« are in sore
direut c wwnnicatlcn witi thaw, and ws can ccacunloate with
thaw.
Tha ^entleaan frow Zanesville Mentioned about tha
flo o d .
1 wish tc say cur loss in Cay ten was osar ons hundred
a i l l i o n d o llars.
Ws had no say to gat to any place except by
autowobile tc C incinnati; and as he says, wa did not know
woat the result would ba, but
cur request.
.Cincinnati raepended nobly to
Me cti*ar City could have anasered the pur *.se, b
1.
ow »«
»a c o u ld
B.
4444
Gabharat
not got to them.
Tr.s whole ttSawl V a l l e y
can aen* to Cincinnati in tho Kooning and return to thair
hcuae
in tfta av^ning and be accom odated.
Tae Secretary of tho Treasury :
What ia your bank, did
you
ea y ?
Vr. Oabharct:
Tha City national and tha City Truat and
Savings.
Tha Sacratary or tha Traaaury:
Washington kind cf helped
you out, did it not, or offered to, about that tlwe?
Mr. Oebhar~t:
Vawhin.ton County?
The Secretary of tfce Treaaury:
kr. Oetdierdt:
Washington, L . C.
Tea, but It took t in e , and It did not tal
tine for C incinnati.
They did It at cnce.
The Secretary of Agriculture:
What would be your eeoond
choice?
Mr. Oa bar t:
1 do not think we have any eecond choice.
It
le Cincinnati altogether.
The 8«crotary ef Agriculture:
could net put the oank in,
Mr. GeoharAt:
Suppose we found that we
t&en where ehouid we put it?
We eay Cincinnati.
We hope you cannot find
any ouch reaecn.
The Secretary of the Treaaury:
next?
Would you not favor Dayton
W. 8 .
M r•
>4 c h a r d t :
co uld n o t |tt
TLe
of
Ho,
your
of
D utln aa*
4445
we do not
a ir,
c»ra
fo r i t ^
##
know we
mo *e art n o t a s k i n g f o r I t .
!t ,
Sac r o t a r y
G ja h a r it
tha
Treasury:
Oa t o w a r d #
W o u ld
C h ic a g o
tha n a t u r a l
or C levelan d
trend
after
C in c in n a ti?
vr.
Oebher^t:
account# at
v ith
Tt*at
both
la
p lace#,
vary h a rl
an£
to
we h a v e
#ay.
a
We c a r r y
fo o d
deal
of
d e alin g #
both.
Th# Secretary
r###rv##
aow,
of
Where do you carry y o u r
th# T r e a s u r y :
aov are
they
1 e h o u ld
d istrib u te d
M r.
O w bfeard t:
l#a#t
on# h a l f ,
50
per c#nt
To#
Secretary
of
the
now?
aay C i n c i n n a t i
of
our
Treaaury:
w o u ld
haw# a t
ree#rv#e.
W here
ia
the r e m a i n d e r
placed?
M r.
a n '.
Qeohar- t:
St.
Wew T o r k ,
C h ic ag o ,
The
Secretary
of
n a .e e ,
r # « 1 .a n c #
an- o c c u p a t i o n .
C rlt##:
C.
th#
D.
D.
Treaeury:
C rlt#a,
L ia a,
Tfc# Secretary of th# T r e a e u r y :
C levelan d
L o u ie .
S T A T EM C T T o r C .
M r.
P h ilad e lp h ia,
C T IT S 8.
W ill
yo u
atate
your
O h io .
Whoa do ycu re p r# a e n t?
•©
C.
Mr.
Critss:
racily,
Z.
Critaa
4446
I a * not a uth orlza d tc
spam k
and die not axpact to ba c a l l a d
i a r and Manager of tha F i r s t n a t io n a l
Tha 8acratary of tea T r a a s u r y :
f c r anyoody
upon,
but
I ax Caah-
Bank of L i era.
What
is ycur p r a fa r a n c a f o r
tha l o c a t io n of a ratarva bsunk in t h i a d i s t r i c t ?
Mr. C r l t a a :
o n th ia l l n a ,
If
looatad w i t h i n a ra g io n c i r c u a s c r i b a d
Cincinnati.
Tha Secretary
Mr. C r l t a a :
of
tha T r a a s u r y :
C hicago.
Tha 8ac ra ta ry of A g r ic u l t u r a l
a district
in wblch C i n c i n n a t i
<r a d i a t r l c t
la y o u r f i r a t p r a fa r a n c a f o r
would ba tha h a a d q u a r t a r a ,
in which Chicago would ba tha haadqu&rtars?
Mr. C r l t a a :
My f i r s t
p r a fa r a n c a ,
llt t la aalflsh,
would ba C h ic a g o ,
about tha a a i « ,
and no f u r t h a r
and f r o a ,
And ycur aacond choice?
but probably
in n a t t e r s of
rem ittance to
an£ we probably would gat a b a t t a r gu a ra n ta a of
T at
is only a p r a a u ^ p t i o n .
naar C incinnati,
or
with e i u a l
b *c a u »e
of la r g a r
Va ars e q u a lly *
b u s ln e e * f a c l l l t i a s ,
and *o re
our o u s i n s * * trends t h i a way than C h ic a g o .
Toe Secretary
C leveland;
ia a
bacauaa tha d l s t a n c a a ara
s i x psr csnt divi "lands aa acco««rodations,
aasata.
that
of A g r i c u l t u r e :
ara yc u r r a l a t i o n s
Ho* dc you lo ck upon
in tim ate thara?
•O
C.
U r . Crltae:
I
sh o u ld
*c.y
Tee,
about
ao
D.
Crites
far
eja a l
a*
*lth
bank
8e a retary
ox
rasa,
resid en ce
and
B ill.
3.
M r.
J.
the
re latio n *
these
STATFifSffT OF
T&a
444?
J.
Treaaury:
of
S.
are
concerned,
C in c in n a ti.
H IL L .
You
xay
atate
ycur
o cc u p atio n .
*111,
C aehler
of
tha
N a tio n a l
C ity
Bank,
C&arleeton, Weet V irginia.
The Secretary of the Treaeury:
Mr. R ill:
Who*
The Charleeton Clearing
Tiid Secretary of the Treaeury!
Mr. H il l :
Tite
you
repreeentt
Aeeoclatlon.
Houee
Hew nany banka?
12 banka.
Secretary of the Treasury:
Mr. H i l l :
do
State
and
llatlo nalT
Yee.
The 3ecretary of the Traaaury:
How
nany
of
each?
Mr. H il l : 4 national and 8 State.
The Secretary of the Treaeury:
Have
a
you
froa
reso lu tio n
your Clearing Houee?
Mr. H ill:
Tha reeolutlon was
paeaed,
but
1 have
not
a
copy of it*
The Secretary of the Treasury:
Mr. H i l l :
la
the
purport
of
Favoring C in c in n a ti.
Tha Secretary of the Treasury:
W hat
Wae that in reeponee to
it?
ec
J.
C.
Hill
4446
•t l U iU t io a T
* r . H ill:
The resolution,
1 think, was passed before we
haw any letters or tele?ra?re frcs C incinnati.
Tne Secretary of the Treasury:
I that ties,
Cincinnati was a bit slow
w a»n't she?
Mr. H i l l :
Tee.
The Secretary of the Treaeury:
Vhat le your view about
the dletrlct?
Mr. H i l l :
Are you asking that question with refsrence tc
our State?
The Seoretary of the Treaeury:
State.
Y *s# I as speaking of your
It is incorporated in t i l l d is t r ic t .
Do you think
that is the beet diepeeltlon to wake of it?
Mr. H i l l :
My personal opinion is tfcat cur State should be
divided.
The Secretary cf the Treasury:
Mr. H i l l :
In what way?
1 think the northern part of the State wculd
naturally go to Pittsburgh,
or to sowe ether section that
we ehould net be connected with on account of the railroad
fa c lllt le e and sail f a c l l l t i e e .
The Secretary of the Treasury:
buslneee?
And the natural couree of
•c
J.
tfr. H il l :
s.
H ill
44*9
Tha natural courea of buninees, yae,
Tr.e Secretary of tha Treasury:
a ir .
Kow we had toac testimony
fr o * aosd citite e in southern West Virginia in favor of
Ric. ecnd or Washln ton.
*'r. H ill:
T tat was in tha Horfolk A Western aacticn.
Tha Secretary of tha Treasury:
Tour tra£e relatione ara
•o r t with Cincinnati th?n with any other large city in tha
dietriot?
Mr. H i l l :
Tea, a ir .
The Secretary of the Treasury:
In that the u n a n i n o u a
aattl»aent of the banka of Charleston?
Mr. H i l l :
Tea. a i r .
The Secretary of the Traasury:
Hew a bo ut
the
tusinese men
that la their view?
Mr. H il l :
The Chaaber of Co?a*rce and the Buaineaa Wen's
Aescclation both endoree Cincinnati by reaclutlon.
The Secretary of tha Traaeury:
What icultf be your aacond
choice, aaousiAg that Cincinnati was not chosen, and that
thle diatrlct wae laid out?
Mr. H i l l :
I euppoee if I anawer U V a
the raet of them, 1
would say Charleaton, but 1 really think *e would favor
Rlch«on£, Virginia or Baltimore.
•°
R.
L.
Archtr
4460
STAT^MKWT OF ROP^RT L . ARCHER.
Tr.o 3ocrotary o f the Troasury:
State
y o u r n & ^e,
rosidenco
and occupation?
Mr. Archtr:
3ank,
Robert L. Archer, C a a h i a r of tho First National
Huntington, lost V irginia.
Tho Secretary of tho Troasury:
Dc you roprossnt tho
Clearing Houss?
Mr. Archsr:
lo, air;
I roprossnt Grcup 3 o f th o l o u t
Virginia Bankers' Aaooclation.
Tho Sscrstary of tho Troaoury:
What doos that comprloo
in tho way of torritory?
Mr. Archor:
Tno torritory
in s o u t h e a s t e r n Wost V irg in ia,
consisting of CaOoll, Wayne, Putnam, L i n c o l n ,
L o g a n and
Mingo Countioo.
Tho Secretary of tho Trsasury:
What is tho view of your
group ao to tho district that should bo locatod hero?
•c
Archer
Mr. Archer:
*451
Our group has a resolution on f i l e with your
coacittee now an* their onanlsoui opinion wae that cur
territory ought to be attached to C in cin nati.
The Seoretary of the Treasury:
That ie your f ir s t
cnoice?
Mr* Archer: Tee, e ir .
T h . 3dur«ta.ry cl th. Tr.aaury:
b.
What * i l l /y c u r a.ccnd
choice, either of a city within this d istric t cr outelde?
Mr. Archer:
We really have no second choice.
le our only c it y .
But if
Cincinnati
it had to be so«« other c ity ,
I
think Richwiond, Virginia, wculd serve us as well or better
than any other.
The Secretary of the Trenwury:
That is a ll} thank you.
le there any one here representing Chillicothe?
Vincer*nes,
Indiana?
Paln teville,
Or
If not, we w ill hear next from
Kentucky2
STATEMENT OF W. E. BAX*R.
Tr*e Secretary of the Treasury:
State your naee,
resi^snce,
occupation?
Mr. Baker:
V. E. Baker; cashier German national Bank
Vincennee, Ind iana.
The Secretary
o f th e T r e a e u r y :
What do y c u
ropreeent?
•c
W. » .
Mr. Baker:
Baker.
4452
I represent all three of the
^national Park e
in Vincennes.
Ths Sscrstary of the Trsasury:
Havs you any credentials
froa tnea?
hr. Baker:
1 havs a lsttsr froa each one of thea.
Onj of ths banks has recoaaende'* Chicago as thslr f ir s t
choics ana ths other two Cincinnati.
Ths Secretary of ths Trsasury:
Let these bs file d as
exhibits to your tsstiaony.
Ths papsrs sere fllsd accordingly.
Ths Se cretary of ths Trsasury:
What wculd bs ycur sscond
choice, if you wsrs not attached to Cincinnati?
Mr. Baker:
Chicago.
Ths Ss crstarp of ths Trsasury:
Mr. Baker:
Ft. Louis, thsn.
S t . Louis, though,
We p rsfsr not to bs slth
if as can gst around it .
Ths Secretary of the Treasury:
Mr. Baksr:
What is your third choics?
Why?
The relations vlth St. Louis ars not as con-
I Tsnlent as thsy are with Cincinnati and Chicago.
The Secretary of ths Treaeury:
Tou aean transportation
f a c i l it ie s ars not?
M r.
Baksr:
Yes,
sir.
C in cin n ati
is
acat co n v e n ie n t
to
•®
K*
BaUr
4463
us oX all of thsa.
Tes Sseretary of ths Treasury:
Whers do you havs ths
■ost intimate trai« relations?
Mr. Baker:
I aheuld judge siost of it vould .ba with
Cincinnati and than it sould bs *it h Indianapolia.
Tns Secretary cf tr.s Trsasury:
That is a l l ,
thank you*
STATEMFlfT OF J . 5 . BUCKIHGHAM.
Ths Secretary of ths Traasury:
Stats your naae,
residence
and occupation?
Mr. Buckingham:
J . C. Buckin^haa,
cashier P ain tsv llle
Vational Bank.
Ths Secretary of Agriculture:
How fa r is P aintev ille free
Cincinnati?
Mr. Buckln&ham:
It is 155 a i l s s .
Ths 8scrstary of Agriculture:
Mr. Buckingham:
What do you repreeent?
P ain tev ille, P lk e v llle ,
Jenkins,
McHooerts and Wayland.
Ths Sacritary of Agrioulturs:
Mr. Buckingham:
By resolution?
I aa cashier of ths P a ln tsv ills Bank and
Tics Prssidsnt of ths Rational Bank cf P ik sv ills and
J.
Z.
Bu©kii f5!h**
4454
F r i t U t o t of U n First latlctuil fttnX at Jorklno aa4 Fresiaer.t
•f
tin boak & | M e b e r t f , ona Fresl aant of tfeo b&rJr tt Way 1stn ^ .
Tfca Be ©rotary of A^rirul turei Ib ir s srs t*c««
Vr. l u l l i t — l 9|) tho H i t s M y Xlvtr .
Mr. Ksvoi They ore o il in thot novly developed aoal r t * l « «
tho B i f Swidy R iver,
Tho Soarotfiry e f tho Tronmiryi Cto »h i roilrooii?
Mr. Baoklu*h*j&: The Chess,a ko & Ohio*
T>iO Ssertisry e f Agricultures Row many W unU 46 yrv^ o^rooo»tM
Mr. 9uskir.*hass Five*
Tho S o s r t V r r of A f r i w l t u r o i 8t*t* or Setltftal?
Mr* Buakl. ^hftct T> rss I s t U n s l ona W c
state*
Tho So ore I k ry or A«ri<mX turos And. whs.t su^ ycvr vires snd
i
Mr.
9t
T>\e Seorotery
Mr.
Clsetoni 11 *
Arriswloturo* fh ft •nsild be y^ur ee-end
Isokinthtss Xy porser-el shelve er sxpretsUf tho » tehee
'f I ^ k r c
Ksr tu }ky|
The B e a r s t
ry o f A *r I"n l t u r e :
B e th *
ec
44b5
J . S . Buckingham
ilr. Buckingham:
My p«r«onal choice would be Baltimore,
but I think Eastern Kentucky wault prefer Loxilevllle.
Tha Secretary of A-riculturo:
Tcu think Esetern Kentucky
• ould prefer Cincinnati over Louisville?
Mr. Buckingham:
Tee, e l r .
All of their business i *• with
Cincinnati and 90 per cent of their banking bu*inese lo
«lth Cincinnati.
The Secretary of Agriculture:
And they vould
follow that
rather than *ny State pride?
Mr. Buckingham:
Tea.
STATfTMTWT OF L . W. DAVIS.
Tho Secretary el Agriculture:
Mill ycu otate your nsme,
reeidence an* occupation?
Mr. Davie:
cf Aenland,
L. H. Davie, Preol^ent,
Second Watlcnal Bank
Kentucky.
The Secretary of Agriculture:
Do you repreeent any one
except that bank?
Mr. Davie:
le live in a tri-Stato eectlon, ec-called,
le have eix banke thore, with a combined capital Wld * rplue
of # 1 ,0 0 0 ,0 0 0 and deposit* agr.re at Ing about # 3 ,3 0 0 ,0 0 0 and
ec
L.
V.
Davis
44t6
aocut 15 per cant, of cur money le kept in Lo uisville and
Mew Tcrk end other cities end 85 per cent, in C in cin nati.
The Secretary of Agriculture:
Ycu are epeaklng fo r a ll
the banka?
Mr. Davie:
All thoee elx banks, yeet e ir .
The Secretary of Agriculture:
Did they authorise you to
epmak for U e a ?
Mr. Davie:
Yeet e ir .
Tbe Secretary of Agriculture:
Have ycu an / resolution
f rom them?
Mr. Devie:
Vo.
Tfce Secretary cf Agriculture:
Their first choice le
fo r a dletrlct substantially ae thle le outlined?
Hr. Davis|
Tee
eir.
The Secretary oi Agriculture:
With Cincinnati ae the
headquarte re?
Mr. Davie:
Yee, for convenience of getting here for money.
The Secretary of Agriculture:
Vhat would be their eeccnd
choice if we could not take thle act lent
Hr. Davie:
Loulevllle.
The Secretary of Agriculture:
Mr. Davie:
nectlon.
Chicago or East.
And their third choice?
We want to get qulc|l con-
Our community la an iron and lumber d le t r lc t .
ec
L.
9.
Davis
445?
The Secretary of Agriculture:
you have reference
Mr. D&vle:
more.
tc
that
By
wculd be
Fast,
what
c ity
would
ran^e?
w ith in
It 1 9 lb or 16 hours to Washington or B alti
There *euld not be any difference between these two
placee.
The Secretary of Agriculture:
M r.
Davis:
Ve
Vhat about Richmond?
vould not make
m uch
c h o ic e
betw een
the
thres places.
The Secretary of Agriculture:
Have you any present con
nections with those c itie s tc speak cf?
Mr. Davie:
Mono whatever.
The Secretary of the Treasury:
Mr. Fletcher:
I am here for Ind ianap o lis.
STAT^^rrr
of
s
.
a
.
The Secretary of the Treasury:
U r . Fletcher:
S.
The Secretary
flftch1
^
You
*ay
What dc
stats
ycu
nas*s#
you
represent?
The Clearing Bouee.
the Treasury:
Doe a Indianapolis wiih tc
preeent a claim for the bank itself?
.
A. Fletcher.
The 3scretary of the Treasury:
Mr. Fletcher:
Is Indianapolis represented?
'«
8.
Kr.
Fl*tch*r:
A.
Fletcb«r
4456
Ko.
#
The Sacratary of tha Treasury:
Aa i t
ia
pretty naarly
lunch i ica peroap* you *111 require a lit t le *ore time—w:r. Fletcher:
He juat a accent.
Taa Secretary of tha Treasury:
I wa* going tc aay ^e *111
* 1 ** you wore t is * after luncheon, but you aay proceed until
that time.
Hr. Fletcher:
Our preference 1* for Chicago*
The Secretary of tha Treasury^:
You have sose reaclutlcna
frow your Clearing Houee?
Mr. Fletoher:
brought
No resolutions, but I a p p e a r here and have
«o*« figure* which I understand you aaked eoire one
to t>rln£ froa ln<*lfmapolia, *ho represented the Clearing
Houee.
It
ia a comparison between our trade relatione
*lth Cincinnati, Chicago an<* St. Louie, and shoe a practically
fcO per cent, of cur business le *itfc Chicago, in an? out.
The 8*cretary of Agriculture:
Mr. Fletcher:
And what with Cincinnati?
The ltewe eent In a period of six daya in
February, out of ICO per oent, to Cincinnati * * r « 1 5 .% per
c en t, cf our t o ta l, and in our receipt* I t .6 per cent, and
Chicago dulm-: the ease period 7 4 .8 per cent and 90 per cent.
The Secretary of Agriculture:
You are epeaklng of bank
•c
S.
A,
F letcher
4459
itcue?
Mr. Fletcher:
Tee.
The Secretary of Agriculture:
Hew far dc ycu think thle
reflecte n o m l or a r t ific ia l condition®?
Hr. Fletcher:
That i i a very accurate reflection cf the
a r e ra*e ?olu*e of buslneee which paaae®
The Secretary of Agriculture:
between the tewn#.
Under the preeent syetea the
balance# you keep are not determined eolely by noraal
conditions.
Mr. Fletcher:
Tueee are not ba*ed on balance#.
figure# I aa glvin
The
ycu, which 1 understand you aeked for,
arj to she* th# routing of i teats, and t h l e represents th#
t c I u m of iteas thst we f i l # for ere-it or rscelve or r $ * l t .
Th# Secretary of Agriculture:
I underetcod t h a t
Inilanapoll# expreeeed that preference at Chicago and that
you #ert to euoult tcee figure#.
Mr. Fletcner:
T#e.
The Secretary of Agriculture:
Will you Juet f i l e
them
with the reporter?
Hr. Fletcher:
Tee.
The papere were accordingly f i l e d .
T he S e o r e t a r y
of
th e T r e a s u r y :
H a v e you a n y t h i n g
else
to
*«
3.
A.
Fletcher
4400
offer?
Wr. FiJtchert
Wo.
The Secretary of tha Traasury:
What ia tha aacond choice
cf Indianapolle, Chicago being fir *t ?
* r . rlttchtr:
They have no second chcica up thara.
They
figure it *ould entirely disturb their coll action ai
to have tbea uaa any other point than that.
Tna Secretary of tha Traasury:
Well youf ordinary
arrangaaanta between bark* will not ba diatrubed by thia
ayatsff.
Mr. Fletcher:
Wa figure wa would wave tha sa&e tiwa wa
would aava now.
Tha Secretary of tha Treaeury:
If you had to face that
alternative what would be the next beat place to locate
tha bank, ao fa r aa Indlanapolle la concerned?
Mr. Fletcher:
We have no preference at all and have not
atteapted to f i urt What any routing of mail would D«—
The Secretary of the Treaaury:
I f thia d la trict ahould
be laid out aa outlined, of courae ycu could not be attached tc Chicago.
Hr. Fletcher:
T ie Secretary
We.
of
the T r e a a u r y :
C o n sid e rin g
it
in
that
a
*
S.
A.
F ie t © h e r
4401
%■
1^
M
hypothesis fcr the
you think you
T^e Secretary of
ho lds
Hr.
the
F letcher:
e ratio n
in
by
W hat
can
In
b u sin e ss
dcinw
; 1 smre
The Secretary
te
cf
ef
on
te
is
cou ld
m ake
ju st
ue le a s t.
ycu
w il l net ba
b *nke
and
awara
are
that
th ia
reserve
t* k e
in to
-er^s I t
d ie tr io t.
the
facts
attem p tin g
wh#r« would
d is tu rb
course
arran*s&ent;
th ia
rsservee
t h l n f we
have
Of
the ordinary trantactiona between
interfered with
bank
w c u l i p refrab ly
Treasury!
the
then
served?
beet
Fletcher: Cincinnati
M r.
that
be
w o u ld
q u e stio n ,
a
a
re r e o n
eeccnd
the
c h o ic e,
o rd in ary
if
the
eecncrry
on ly
of
tie *
now?
the
Treasury: Of course
be ocneidered naturally, but ycu
dinary transact lens between
y- ur b n n k
factors
thoee
spenk
of
and O i ca~c .
the
or
That
w ill net be dieturbed, even i f you ehruld be put in a dis
trict in which
Chicr.«x>
is not located.
Bank w ill held the reserves
ef
the
The
banks of
Federal Bceerve
the
d is t r ic t and
it w ill be rescrteu to for re—die counting by sieaber banka
and w i l l .-le© exercise such clear lr.<r h«uee functions as
the
Feu^r il Reserve Bcaru determines it shall do,
M r,
FietcJier: Z should think it wculd
be
«• knew led m
what **ro*ntaj»» of c l e a r i n g they do for ue which wculd
of
al- 13
S.
:« » d s i
tc i u i
< IM tt1lll W
T/.c
ih #
Ktcra
*
a£
g*ith*r«c
M r*
it
by
At 1 P . M. a
so ursa
lx’ -*e u a a
thm a-re
w o uld 0#
ar.t•
Jf«a ■. y
NWfl
Irutl&na?
tiiiii : thojr hare r:C*e ctcvtlatl a© bor*
In d ia n *
S o i U g uiiti l«r*
Of
4463
the t t P M p u r y : ~L\t * 0 * 1 4
rtuviicrn £ a r t r f
lb-* Plstohiri I
F lo toher
a . pi s i o n .
40 B M ,
a/
A.
S ir te R n k o r © 1 Aeu
tio n ,
S i*lU u
rec«eo
ir**
*
n u r til
3s3C
P. V
by
»X - X3
4-403
AFTER
HTr*!*8
S T A T n m iT OF AKBRK^ SM ITH.
Tho SaertJtury ©f the Treasury: State ycur nftM , realdanee
\\
and coou ^tlon T
Mr. 8*1 th: Ar a m r 8s,ith; Sear^tsry of th@ Xfedlsaufc B^nkara1
A*too ia t ir n , Ir.^iw i&p clli; alao Vice Preelaent ef the I r ^ l w a
Katlcmal Bus*, Ir ^iKA&xella*
Ths 8a ore t*ry of tha Treaeury: Tr-u * * y prcooed*
Mr. 8 ltfcx Oortl«.:#n, at ycur Chiea*ro hearing you requ«*ted
Col. KoCullou rX, Ex—Presla&nt of cur Aftscoi&tien, ana
H r. Malictt of Ir ilr a a p o lls , tc «»athcr tf.ne intere* tirif In—
f o r M t i e a far you r a ^ r d ir.gr tba entabllehnant of * Faaarr 1
Reeerve B*nk and where I x*lana would s resfer to ba attache^.
They tumaU. ih li *atter w a r to m
ae Secretary of tba State
I t t e o U U c a ana eeked aa te preeent it to you at yrur hearing
ir Cincinnati.
With that er.l in vlow we ««rt out a latter to
every b&nlt lr. Ir.aiana reaueetlnr thrt tbey ^ive ua tha a»«u t
a f raaarraa earriea in Chi oesro, S t. Lcula and Cincinnati and
a l i o thair vrefer&noe a» between Chicr^o# S t . L ^u ie, Cincinnati
ana L o u is v ille , n * » i n ? * fir e t ehciee nna a e e 'r a o h 'lo a f
fclea tha preference ae between C M f c
ana S t . Lcula.
*1-14
A, Smith
4464
* ! • • M k « U theft to Indio&te the ^ r o e & U g j i of buoinoeo
between thair loeality ana tho above najeed c ltle e ,
Vo re—
f*c lv<sd 666 re pi loo cot of 937 bank* of a l l kind* in Indiana*
Tha Secretary of tha Treaeury: Tow have a o©py ef tha in—
V *ir ? which you w ill f i l e , hnve ycu?
Mr. S r Ith : Too* Of thlo total of 9 ST,
05 I n U m l
Bank*
w ith a oapital of # 3 3 ,3 3 3 ,COO roportod and 354 State B^rVa
and Trust Coapaniee with a oapital ef $ £ £ ,3 3 9 ,8 5 6 , oapital
and eurplue, ana 1C? private banke with a or pi tal Fund our—
pluo of £ 1 ,4 0 3 ,9 6 0 , mafein*T a total cf 6G6 brrJfco w ith a cap
i t a l repreeontlr.* # 6 0 ,2 7 4 ,8 3 8 ,
Of thie number the gaticmal Benke reported favorably to
C h io **o , 133 wit)
oapital end eurplue of #35, C-67,Q6£*
Cln—
Olnnati 62 with oapital ana eurplue ef # 6 ,3 9 4 ,9 8 5 * S t , L o u ie ,
pf
neno; L o u is v ille ,
U>, »ith * oapital anc otxrplue ef # 1 ,^ 9 3 ,5 8 3 ,
TKraO were eoat taring, re pro eon tin or # 7 5 ,3 0 0 c ap ital,
T h i*
flvot *
total of 806 Rational Ifrnkn roper t i n * , w ith
# 3 3 ,5 3 3 ,3 3 3 o^pii 1 and eurplue, for efcica«*>,
Fcr eeocns. choice Chic- ro 6C banv.e with a o^pltrl *nd eurpkme * f # T ,5 4 7 ,7 3 6 ; Ciiseiwsaii, 66 banke with * oapital
al-15
4466
A* Pitl til
and surplus or
# 1 5 ,3 3 3 ,7 1 0 ;
Leu Is 31 bank* with
St.
it a l and surplus of # 7 ,4 4 7 ,9 3 6 ;
oapltal
ted
surplus
with a capital ana
of
surp lus
30 banks w ith
U u U v lll*
# 1 ,9 5 6 ,3CC;
and
cap
a
a
banks
s c a t t e r in g 38
cf # 1 ,2 5 7 ,£ 1 2 .
As between Chios<re and St. Lc>ule, Chicago SOI banka with
a capital and surplus of # 3 3 ,4 6 3 ,7 8 7 ;
St*
Louis 4 banka with
a capital and rurplus cf # 7 8 ,4 2 5 .
Husebor cf St* to Brnks and Trust Coerp^niae reporting 21 4 .
For ChlotifB 341 with a capital and surplus ef # 1 9 ,1 4 8 ,1 2 6 ;
Cincinnati 66 frith a capital and surplus of # 4 ,0 4 3 ,6 4 0 ;
S t.
2
Louie 1 with a capital and nurplue cf § 2 8 ,0 0 0 ; Lcuiswills
with a capital and surplus af # 1 ,0 1 5 ,4 0 0 ; scattering 33
w ith a capital and surplus of # 1 ,1 0 5 ,4 9 1 .
For seocna efceloe Chlcajre 58
w ith
# 3 ,6 4 4 ,7 C £ ; Cincinnati 112 with
a
a
c a p ita l
c a p ita l
#8 ,8 3 3 ,1 3 6 ; St. k u i t 34 with a capital
# 6 ,3 0 1 ,3 0 0 ; Lculswllle 38 with
# 1 ,4 6 1 ,9 7 0 ; scat taring 112 with
ana
capital
a
a
ana
capital
and
rurp lus
surp lus
surplus
ana
of
of
surplus
ana
of
of
surp lus
of
# 6 ,1 7 8 ,5 6 0 *
As botw«en Chicago and S t .
k n it ,
C h icag o
291
w ith
i t a l sad surplus of # 3 2 ,4 6 0 ,6 3 0 ; St* LAiis 7 ^1 t h
and surplus of # 3 0 0 ,0 0 0 ; so? t tor in f 56
surplus
w ith
a
a
a
cap
orbital
cap ltsl
of # 2 ,6 3 9 ,0 3 6 . Private banks Chief*re 74 with *
and
a l- 1 6
4466
A*
%h
surplus of t l 5 l t360| Cincinnati 30 with a ee.plta l ami sur
plus of $ 2 7 4 ,ICC; Lcuiswllls 4 with a capital and surplus of
#S6,COC ; scattering 9 with a capital and surplus s f $ 1 2 1 ,5 0 0 ,
Sso^nd oho 1 os 18 with a os pi tal and surplus of $3 4 9 ,3 0 0 $
Cincinnati 3? with a capital snd surplus of |4 5 T #200—
Ths Ssorstary el* ths Trsasurys That is not m aterial, in
vlsw of tho fact that thsy cannot become seashore of ths
systsm*
It is sisrsly lnulontiro of thslr sentl&ent*
Hr. Sal ths Toe.
It is ■srely history*
Tha Secretary of Agricultures H a w ycu anything to shew
wsrs ths danks ars that sxprsss preference fro* Cincinnati
m d Chicago and St* LoulsT
. Mr. tel ths They ars a ll ever ths s ta ts , from ths northern
bcunaary tc ths O M e Hirer*
Ths Sscr^tary of ths Trsasurys Tru can supply a lis t ?
II -. Bsithl I haws ret it ^ lt h a s , but I can t up ply it*
Ths Secretary of the Trsasurys Furnish that,
fir in g ths
s. lures* of each b?nk.
Mr. Salth: I w i l l be <rlad tc ao that*
Ths Secretary of the Trsasurys Hew f * r dr you thlnJ^ths
*l- lf
4467
A.
Sraith
bank* in Making the so repilas hr.ro b*er> lnfluencea by tbm cor.«
f
•i (U r * t l o n at to whloh dletrlct or « h l 9h elty wculd bo likely
to bo tho cue to earn a dividend cm tho stock; where that ocevelderatloa bee boon the p r m l l i n f cne, how far wculd ycu eay
that haa in f lueaoad the M t l e e of theee bnnkeT
Mr* Salths I think they fe e l that a bank Ir. Chloaae wculd
a pretty *oe- woney natter ami
probably declare r*
rood ^LlTiaond*
The Seoretary of the Treasury* Dc ycu think th.' t hao more
influence with thea th t eort eecEno&lo end fundamental queeIon th t 0*1*311 to <iotc:n? Lno the ^u^etlcn?
Mr* Sal ths I
think a
many favor Chi o r pt * on a c o n m t
of aaay of their buelneee intoreeta r i n R ir. that direction*
The Seoretary of the T r a a u r y s Ton think that haa Influenced
thea acre than to bo In a bank whloh le eure to earn 6 per
oent,
lntereet?
Mr. ftolthi Too*
T o Secretary of the Treaeury* Ia there any doubt ir your
Mnl
‘.hat I bank M M
fBt
« UNI
i tri 't
r r r c ^ u by Q| -
olnnatl veuld be able to earn lt« Internet on the etookt
Mr. Sal ths I bollewe It ^culd*
territory#
It le t e r U liily a wood
al- ia
4408
A* Saith*
-■
Ths
opttftry of tha Treaeury* Ht<v$ ycu ejsytblr^ also tc
m gp«tt
Mr. Sal thi For your further edification we took the matter
up with the ChRabtr ef Coaunerce in Ind ianap o lis, ef which I
rji a aeaber, a«a I re present the 2:.
Their secretary sent
oat a letter tc various Chaabere of Coaneroe and Boards of
Trade evor the State atkir f whether they favored Chicago,
Cincinnati or S t , Louis or Louisville for ths establishment
cf a Fsasral Reeerve Bulk and ir.dirn tin**—
Ths Seorotary cf the Treaeury: A copy of th&t letter of
inquiry w ill bs f i l e d also?
Mr. Sal thi Tee, that is a l l hers.
Of coures there are not
aany C h u b e r s of Cosasroe cr Beards of Trade scattered over
In d ia n a, but ws have 12 replies hr. re rnd of ths 12 seven
faversd Chicago,
cur Cincinnati sna m s seettersa, I v i l l
>0 rlsd to leave these r lt h yea, .
Ths So erst rry of the Trsasury: Thres asay be f ilea a n ex
h ib its tc your tsetiaony.
Papers i w c r u i n f l y file d .
STA Trrrarr
o f ha n n rs
s,
sckta o ,
T**s Sscrstary of ths Treasury* W ill ycu etrto your n a n *,
rasi4§ads
mw
occupation?
U arous S .
8 (m t a f «
Mr. S m U g i Maroua S . 8eRtft?y T l M P r «t id « it Indiana
B n U r a 1 Aeaool: lion.
This ocrra* c^d o no e ha a sear. had
»ith a ll \bi banki af tha Steta, end I *1 1 1 f i l e that w ith
out any further states ant unlade ycu want tc hear froa
Ift iM V ilX l.
Tha Secretary ef tha Treaaury* I f tha State ahculd ba
divided between t*c dletrlo te, where ahculd ycu any tha
act.thar
part of the * U~ ta eh u Xu i»e ;>utt
Mr. Bcr.tap* Wall wa favor Chicago, but far eaoona oh io e #
8 t # Lcula by a lo a f wmye.
Ycu aaa va are away dew*
in tha
pookat.
Tha Secretary af Aprlculturai That la Bv navi H a t
Mr. B n t a rt Taa. And S t. Lcula la cn a cireot llna with
ua.
Tha Ba oratory of tha Treaeury* Mew «b h of Bcuthern Inal ana
would ba regarded aa tributary tc Bt. Lcula natur llyt
Mr. Bontfift Aa far north aa Tlneenne* rr probably Terra
Rauta.
1 notice one of tha banka af Tarrr Knute haa appearad
hara.
Tha Baoratary cf Agriculture* Would that apply to tha
ecuthaaatern part of tha BtateT
4470
Karoo* 8 .
Sonts^*
Mr. 8 «n U g s Wof they would w t c m l l y come to C lr slw u iti.
Praoiioally m r y t h i R ^ aa*t of Tlne*im«s would all
r* to
C incinnati, but w* *r * *o situr tod that our railroad
facllltl** « d
everything farcr St, I t r U ,
our eecm d ? h d o e .
Thst would bo
I *hruld Ilk * to fllo this papor whloh
oft*c out Sundaf, which g i n e our fu ll bank •te n d in g &nd
•we nr bank in th* City.
W* he we tun bonk* if; th* Clearing
Hcu*o#
Th* Secretary of th* Treasury: That i* an accurate »Ute«*
sent*
Mr. Bcntr r: T o *, *irs oor.pllad by on*
of
cur bankar**
Tha j a parr ware Kcoeralnrly f llo d .
T )* Secretary of the Treaeuryt Who raprancnt* To rra RrutoT
Mr. Row*; I do not thin* thore
1* anybody here.
Tha Secretary of th* Treaeury: I i there ar.yma also fr o *
Indiana who wish*# to be haardt
Mr. Raw*: Mr. Church af Mu-ci* 1* horo.
STATnm rr
of
c.
h.
church.
Th* Secretary cf tha Treaeuryt Tou nay etrt* yc r n a«e#
r t t U e n o e and com patlon*
Mr. Churc* : C. B. Chm ro
Delaware C n a t y i P t l m a l Tfcnk.
Ir c l a n * ; C ahler of tl *
I an al*o 8a^r*taryof
ths
4u n c l e
The
inf
C learing
Secretary
or
Houee.
the
Treaeury:
Do
ycu
repreeent
the
C le^
Hcues?
Ir.
Church:
r s p r s e e r .t
the
Only
info rm ally;
three
The S e c r e t a r y
i r m C h urch:
of
rational
the
they
Banks
took
r.c a c t i o n *
I
th*re.
My
Tre a e u r y :
authority?
T hat mush e c .
The S e c r e t a r y
4r.
C h urch:
Ths
Sscrstary
Ey
o f th e T r e a s u r y :
Ey a u t h o r i t y ,
of
the
yes,
Treasury:
authority?
a ir,
or
fcy r e q u e s t .
What
le
your
vie*
of
this
satter?
M r .C h u rc h :
atout,
or
e ith
M u rcie
Sow f o r
*-l4 ,0 0 C
th is
say.
l o c a t e d h a l f way to C h ic a g o ,
the ea&e f a c i l i t i e s
ra ilro a d .
ss
le
eith e r say,
e i x days p a s t
re m itta n c e s,
te le g ra p h ,
m a il
e n d in g S a t u r d a y n l g a t
of
45 p e r c e n t ,
Ths o t h » r was d i v i d s d
ju s t
betw een
th e * comin *
In d ia n a p o lis
and
C h ic a g o •
Ths S s c r s t a r y
of
the T r e a e u r y :
Was t h a t
is
as n e a r l y
indicative
of
th s
g e n e r a l co n d itio n ?
Mr.
C h u rc h :
e stim ate
it,
T h st
it
Ths Cs c r e t a r y
is
Ju*t
th e way
about,
it
w o u ld
of the T r s s s u r y :
all
turn
as
I
can
out.
So yo u f a s c r
C incinnati,
447*
do you?
*r.
more
etuff
tc
explain
in
cn«
and
I
Church:
har«,
that
i> y.
Forty
per
He*
that
the
per
la
cf
thoae
cr
the R a t i o n a l
that
*4 0 ,0 0 0
$ 4 0 ,0 0 0
Bank
aould
*lth
any
clear
I
cosfort,
t n a t way
a ll
c f the T r e a a u r y :
the t l a e
C h urch.
Tee.
Th* S e c r e t a r y
aoee not
*ould
from
like
w ithout
cnecka,
* unc i a .
and
banker#.
to know aa
b e en c l e a r e d
to
through
expenee.
hut e t l l l
we have
ie
the
,
la
Forty
T hat
about
it
about
if
p e r c e n t haa
to go f o r
the T r e a a u r y :
How a r c
clearan ce
co ^ p a n iea .
th e/ & o in s to
be
you hava a F e d e r a l a y e t e x o f c l e a r a n c e a w h ich
irc lu d a
Sir* Church:
of
pro
it?
t h ro u g h S t a t e Eanke and b a n k e ra and t r u e t
a ffe c te d ,
aena
the week.
The S e c r e t a r y
Mr.
I
banka
jrou w a n t e d
have
p e rh ap a an u n u a u a l t h i n g ,
a ll
away
againat f t a t e
not
ui*.
and $ 1 1 : ; , 0 0 0 waa
foreign,
perhapa
that wo
i n j 1«~£ , OOO o f d e p o a i t a
caah
That » a e
p o rtio n
fcr
tora
took
were
waa
that
on the groun.i
waa
checka
eoaethlng
cent,
a£0
two w a t U
of
cent
i® t h a y
that
|1 0 ,0 0 C
$ 1 0 0 ,0 0 0
Cincinnati
favor
then?
W e ll,
»•
«ill
h av e t o p r o v i d e
fo r
them o r pay
the expenee.
The S e c r e t a r y
of
the T r e a a u r y :
W ell,
will
they no t h a v e
t*
It
4473
C*
*c®e
Hr.
I
ex p e n se
Church.
I
too?
a*
all
ajr g e t t i n g
H. Cfcurcn.
getting
of
f r e - rsc-.#
these
these fr**e,
F e d e r a l R s a u rv e Bar k w e w i l l h a v e
o n ly
your
c a llin g
an i n q u i r y
th ia
The S e c r e t a r y
le rn in g
of
tin g
ad van tages,
tio n
on t h a t n o t .
one e l e e
Is
fro a
attentio n
to
som ething
cannct t e l l
That i s
In d ia n a ae s i l l
ia
because
in
put
the
I
heard
There
&*y
be
are
getting
thank
ycu.
from
hear
the
expense.
that
Ve
po in t.
into
along
yet.
all,
it
pay t h e
tc
this
the T r e a e u r y :
*e
if
and
th»t
I
aa
you s a l e
line*
If
s o a e compensa
inxorm a-
there
Kertucky
is
no
nos*
L e x in g t o n r e p r e s e n t e d ?
Mr. H ove:
Mr.
Sharp o f M a y s v i l l s ,
Kentucky,
STATI3££WT CF H* C .
The S e c r e t a r y
of
the
T reasury;
is
here*
SHARP .
Stats
your
na&e
resi
den ce and o c c u p a t io n *
Mr* S h a rp *
M -.y a v ille ,
H. C. S h a rp *
K en tuck y.
b u t w ie h to f i l e
The S e c r e t a r y
Mr.
Sh arp ;
of
I do not want
fo r
y ou r
to
N atio nal
ta k e
up
B m nk,
your
time
inform ation*
the T r t s u r y ;
Tou
favor
C in cin n ati?
the T r e a e u r y .
Fo r whom dc
T ee*
Tne S s c r e t a r /
th ie
C a sh ie r S ta te
of
you a p e a k .
4*74
your own bank o r t h e
Hr.
Sharps
The
town?
w hole
town.
It
ie
in
etated
a ll
thlm
brief.
The
Fecr^tary
of
the T r e a e u r y :
WAYFVILLE,
It a&y
be f i l e d .
u rgiw o A
KEWTUCKT,
REGI03/L BJWK FOB CIK BIHKATI.
M ayeville
i*
eixty- three
t o e Ohio R i v e r a n d L .
reach C i n c i n n a t i
in
(6 3 )
A V.
and
on«* a n d
cu etoaere
Factory,
ani C nada;
three
whoee go od * go to a l l
eurrrun
fe rtile
c u ltiv a tio n ;
ae
laet
fa ra in g
•
•
have f i v e
S u r p lu e
(5 )
and n i n e t y
(9 0 ) p er
in d u e trle e ,
of
w ith
th e G l o t e ;
in
the
P u lley
wa
h ave
the w h o le
year ovsr
the
"b r e a k a *
lan ds,
In h i g h e t a t e
of
and n u a e r o u e
£anke
9 -,0 0 0 .0 0
L ,5 0 0 ,0 0 0 . 0 0
of
cert of
le
over
| 4 9 1 ,0 C 0 .0 0
•
I n d iv i d u a l D e p o e ite
http://fraser.stlouisfed.org/
vofaSt.
r lLouis
oue
Federal Reserve Bank
Factory,
D letilleriee,
wi th a g g r e g a t e C a p i t a l c f
•
hours.
o v e r $ 3 , 0 0 0 , 0 0 0 . 0 0 ; a e are
a e have t h r e e l a r g e
in te re e te ;
can
one Wood S p l i t
p o in te
e e lliru
to ta lin g
me
and
s h i p p i n g fcoode a l l
Plow
on
C in c in n a ti
(1 -3 / 4 )
Looee L e a f t o b a c c o M a r k e t
Tobacco E i e t r i c t ,
ed by v e r y
ot
R .H .,
quarter#
one l a r g e
* 3 , 0 0 0 , 0 0 0 roundw,
s a a lle r
0.
in Cuba and South A a e r l c a ;
t h e eecond l a r g e e t
E u rk le y
A
C.
* e have one l a r g e C o t t o n l i i l l
U n it e d P t a t e e
£aet
s lic e
done
all
the
through
b u e ir .e e e
fro a
C in cinnati,
theee
and
ae
can
of—
4476
H.
for
no
better
reaecn
other
P le a se
p o in t
ae
a llo w
(2 6 } a l i a s
w ith
th irty -fo u r
8 u rp lu *
end
D e p o e l te
b u sin e ss
(3 4 )
dene
p o in t,
w iu
serve
its
h a vs
th*
a
above,
tor
indeed.
of
ra d iu s
t h e r e a r e tw e n ty
th irty -
e & a lle r
to n n e ,
re p o rtin g :
5 5 6 ,5 0 0 .0 0
t h a t 95 p e r c e n t o f
th ro ugh C i n c i n n a t i ,
if
not s t r c n g s r ,
reeources
ars
is
this
and t h i s
to th<i « h o l e
o f our S t a t e
unsurpassed,
banking,
a p p lie s
o f E astern
and c u r C o u n t r y ,
though
the
d e v e lo p -
in fan cy .
a s l;«
b u s i n e s s ana c o m m e r c i a l s t a n d *
feelings,
any p e r s o r a l
s p le n d i d
the b e s t l o c a t e d
bsn&s
c ity
the l a r g e e t r u a b e r o f banks
a
................................
eay,
h e r Rub T r e v u r y ,
s a m e s tly
to
than
Inconvenient
that w ith in
b a n k s,
fro a a s t r i c t l y
la y in g
s itu a tio n ,
C i n c i n 'a t i
very
the cow in ; s e c t i o n
whoee a l n e r a l
S p e a k lr
interest
.................................. $ 1 ,0 9 6 , 6 0 0 .0 0
ro fite
stron g,
in
in
*:ur
....................................................... 5 , 0 6 8 ,0 0 0 .0 0
is
K en tuc k y ,
he
ie
o f M a y s v ille ,
and we a a y s a f e l y
is
it
to ad d ,
A ggregate c a p it a l
aet t
why
soul^
fiv e
s q u a lly
Sharp
c^r.k e s t a b l i s h e d
R egional
any
C.
we
thing
C in c l n r . a t
and g e o g r a p h i c a l
in
the U n it e d S t a t e e
in t a l e
r e q u e s t your H o n o r a b le B o a rd
tc
se c tio n ,
lo c a te
R e sp e c tfu lly e u b a itts d ,
R. C. S h a r p .
Cfcatraan.
to
and w e
a bank
th ere
4476
"TlTFKEST OF WALTER S .
Tfce
*> e c r .ta r y
r^ ild e rc a
th*» T r . t - . u r y ,
State
your
rum ,
and o c o ^ a t .J o n .
v i l t e r 5?. H«*rki^a,
^ r . B a rk ir*:
o c c u p ii t i c n
<*et*<! in
of
HARKIHF.
i*
tha
that o f
a r A t t o r n e y a t Law,
two banka a h e re I
Tha S e c r e t a r y
of
Preatonburg.
lives and
tha T r a a a u r y :
but
sosj
What a r a
*y p r i n c i p a l
I
a*
in te r-
o th ere.
they,
n a tio n a l
Banks?
U r.
H a r k ln e :
One i a
N a tio n a l
and the o t h e r
I
aa a sto c k h o ld e r
and to e P a i n t a v i l l e
Tha S e c r e t a r y o f
it? a R a t i o n a l
in th a P e i n t e v l l l e
N a t i o n a l Bar.k
town.
Tho
U r.
H arkJre:
T r u a t Coapar.y.
the
I
aa a u t h o r i s e d
Mr. P u c k i s h * *
Waorotary
F a rk ln e :
Treaaury:
A re ytfu a u t h o r i s e d .
of
to a p p e a r f o r
hsa a p p e a r e d f o r
the
Traaaury:
W ith r e a p e c t tc
What
V r . H a r k in s :
of
ia
your
view ?
the e s t a b l i s h m e n t o f a
the T rc**au ry :
U r"3u e e t i o n a b l y
t h c e e in o u r
th e o t h e r s .
PegienaJi Bank i n C i n c i n n a t i ?
The S e c r e t a r y
to
theai a l l ?
appear here f o r
H r.
8tata«
K en tu ck y,
The Bank J o e e p h ln e a t P r e j t o n b u r g ,
E- r * .
is
Tea,
C in c in n a ti.
1*
447?
W a lt e r
Tha S e c r e t a r y
in
of
S. H a r k in s .
the T r t M u r y :
T h ve a second and third on#*
Ih e S e c re ta ry o f
th s
T reasury:
Hr. H a r k i n s : Th# f i r s t
woul i b j
w »U ir.f
•h c -li
have
Mr.
ar#
#uch t h a t ,
o f 8tat#
l&rge
.1 c o a l
*•*<§*##
f o r e we t h i r k
thay
w ould
aerv#
us
b-ttter
of
through
b *e q u i
th i#
in
Th at
le
that
tak#
all
Th# t h i r d
all,
up t h e
that
oil
country
and
u n i# # # y o u
between
R egional
i n w ith
com*
those
Reserve
the
th#
two
I
liv e
C in rcln nati.
in
The
th#
of
where
c o n sist#
Into
should
tieie
region
t im f c e r .
C in cin n ati
d istan t
a
to
and c o m m e r c i a l ,
;le a r s n o *:s
than
a i# tric t.
V irg in ia .
weivt
d istrict,
the
^«.k#e C l n o i n n a t i
to e a y .
ftnarcial
oo«l
it
lo g ic
a t w hloh a R e g i o n a l R e e e r v e Bar.k
I *111 e a y
B atu m i resource
a
p rid e ,
th# T r # ^ a u r y .
T d«? r o t
but
cur t t ^ l r .e s i,
of
el##
HarMne:
C c ^ m it * # # ,
The
end o u r b u s in # # # r # l a t i o n #
t# Richmond,
s o * st h in e
by 8 t a t e p r i d e ,
to e
h# # c < t a lll# h # d f o r a l l
Th# S e c r e t a r y
in flu e n c sa
jivl C i n c i n n a t i
the p l i M
c h o l c # v# have
on#,
hut
th # H t t t r
ur i - # # t i r o e b l y
You w ig h t n«.as them.
# # co n d ,
L c u te v ille ,
of toe # i t u # t i o r
U
ch o ic e
t h i * 4 t e t .r lc t T
*(r. HarVinn:
cf
Rave you a teccn u
the * a i n
m arket
northwest,
sm s
way,
po in ts
Bank a t
any
for
there
and
and
other
U
4475
W a lte r S.
rc in l.
Tfjere a r a
H a rk in s ,
oth ar r e a p e r s ,
but
it
la n e t n ecessary
to
m en tio n
PTATFHEWT OF C .
***• ^ a c r e t a r y
re e id e n c e
of
E .F B O S T ,
tha T r e a a u r y '
A th e n e ,
A la .
W i l l you s t a t e
y ou r na&e,
and o c c u p a t i o n .
k r » F r o a t s C. E. Front, A tbara, A l a .
Tha S e c r e t a r y
of
th e T r e a a u r y .
Tou a r e
on t h e
L o u ie v illa
S■ V a a h v i l l e R a i l r o a d .
Mr * F r o e t : T e a ,
a ir.
Tha P e c r * it a r y o f t h e T r e a a u r y :
Mr.
F roat;
B arker.
Tha S e c r e t a r y
Mr
fo r a ll
Froet:
F roet:
to g e t
in to
the F i r s t
of
th e T r e a a u r y .
R a tio n a l
at
Athene
bo th S t a t e
Banks.
A re you a u t h c r i e e d
to
o f them?
I
The S e c r e t a r y
K r«
What dc ycu r e p r e s e n t ?
banka th ?rg, w hich a r e
The S e c r e t a r y
V r.
o f th e T r e a s u r y :
I represent
Froat:
and ta o o t h - r
ep aak
And y o u r o c c u p a t io n ?
can apeak f o r one o t h e r .
of
the T r e & e u r y :
Which one?
The F a n a e r e 1 £ M e r c h a n t s * .
the C i n c i n n a t i
te rrito ry
It
ia
our d a a ir e
becauee aa a re
on the
4479
C.
£.
Froet
c u t p o e t e o f both He* O r l e a n s end Cir.cifira.tl,
w oul i be our p r e f e r e n c e c ? « r
t h a r e w ould ba
tore c a p i t a l
In a bank
Be* O r l e & n a ,
in t h i a
in Haw O r l e a n a ,
ana C i n c i n n a t i
b jc a u e c wa b e l i e v e
te rrito ry
thsn
w o u l:
ba
Scuta
la a c r e c a p i t a l and f o r t h a t r a a e o n wa a r e
there
and what wa naad
in
tha
fcr
C in c in n a ti.
Tha S t c r n t a r y
of
tha ' r e a s u r y .
W h ic h way a r a
yo ur t r a d e
re la tio n e 7
Jr.
Fro^t:
T h ie way a l t o g e t h e r .
The S e c r e t a r y o f th e T r e a a u r y :
do
Do you/tafcelneee
w ith C in c in n a ti?
Mr.
Froat:
Wot v ery Much,
no a c c o u n t w i t h C i n c i n n a t i a t p r e s e n t .
t^ ro u fh V a a ftv llle ,
B a ltla o re
M r.
Froet:
n o r t h and e o u t h ,
c r c ; n » n h .. i c u l
th e y e a r .
ar.-.i
our b o elncee
then
it
tfcar
better
to
e a c t ana e w e e t .
i t wcul-i bo a l t o g e t h e r
you w ould h a v e d i v e r s i f i e d
ba t a k e r c a r e o f a t d t f f e r e r t e t a g e e o f
theee o t h e r c o * a c
to ay i d e a
bee u * e
Our c o t t o n
taken c * r e o f .
Tou t h in k
r u n n in g n o r t h and so u th
A c c o r d in g
We do
and Wew Y o rk .
The S e c r e t a r y o f A g r i c u l t u r e :
have a d l e t r l c t
We keep
b u t our p e o p l e d o .
in the f a l l
11 le #
in
and t o b a c c o
In th e eussaor
th e o t h e r a e a s o n e
c o u ld
be
Fu
£.
Ths S e c r e t a r y
Frost*
o f A & ric u ltu rsz
a d i s t r i c t was s u g g e s t e d
as
ru n rin ^
You d o u b t l e s s
knc*
that
e a s t and « a t t
w it h A t l a r t a
th s c e n t e r .
Wr.
F rcet:
at le a s t
It
so u th t c
put
p a rlc n
1 tio n e t th in k ycu w oul ' f i n ?
would not bs *y
id sa .
ths ls a r. snd tfts f a t
that p r a c t i c a l ;
I t w o u ld b s n o r t h and
together.
If
you w i l l
ths s x y r s s s lo n .
of A g ric u ltu re :
Ths S s c r e t a r v
What w culd
be your s s c o n a
c h o ic e ?
M r.
F rost:
c in ra ti
L o u is v ille .
But
and p r o t s s t a g a i n s t
tsrrito ry .
2 do n o t
H r.
th in k
s itu a tio n
F i r a i r . f h a*
it
it*
feeing put
is
I w ould n o t t e
is
a c i t y we a r s
but a t p r s s e n t
proud o f
p la c e ,
b e c a u s e we need more c a p i t a l ,
E i r a i n ^ h a * can coaaand
The S e c r e t a r y
q u e stio n
Wo,
and t h s y
s ir;
of
th£t,
th*
not—
and has a g r e a t
and a c r e
it
ie a p r o p e r
th an
Have you d i r c u s & e d
th e
in y o u r s e c t i o n ?
T have n o t ,
ic n o t
u rg in g £ irj.ln £ k a a
te rrito ry .
o f A g ric u ltu re :
q u e s t i o n w it h w ary p s o p l e
the Ssw O r l e a n s
I do n o t t h in k
in t h a t
on C i n -
c o n c lu s io n o f
in f a v o r
fo r
F rost:
in t o
a lo g ic a l
fu tu rs
Mr.
to i n s i s t
H a r d in g you h e ard S ;t u r d a y
at a l l .
w ith sta n d in g
1 coae
because
it
is
a ne*.
know a n y t h i n g a b o u t
it
and I do
■U
4461
e.
not
e ith e r.
is
aore
Frost.
I do n o t p r e t e n d
and I do r.ot th in k
q u e stio n .
E.
to 3-now a n y t h in g a b o u t
the o t h e r s do e i t h e r .
It
ie
But what th e f u t u r e h o ld s o u t f o r
than ar.y o f ue c a '
The P e c r e t a r y
it,
a nen
t h is q u e stio n
say.
of A g ric u ltu re :
But you w an t t o g e t
in to
a
stron g d is t r ic t ?
Mr# F r o s t : Ve w an t to g e t
I want to s e e
th e aoney
gooi
I
th rough
in v e s t m e n t ,
t h in k
the
if
it
because
anti secon d i f I do g e t i n t o a
us s u c c e e d ,
stron g d i s t r i c t ,
in to a s tro n g d i s t r i c t
it
ie aore p ro b a b le ,
transow ,
I
but
if
I
throw
t h in k I w c u ld be a a i i n g
would keep o ut p a n i c s .
I have
a
been in
t h e b a n k in g b u s i n e s s £5 y e a r s
and n e v e r p u t on
the l i a i t
but
a lw a y s do t h a t .
I aay n o t n e x t
I
do not ae an t h a t
tla e .
Eut
I w ill
th o se a r e ay v ie w s a ^ o u t
it,
and i f
that i s
yet,
a ll
you want to a s k a e —
Ths S e c r e t a r y
State
the T r e a s u r y :
Do you t h i n k t h e w h o le
o f Alabam a s h o u ld b s a t t a c h e d
Mr. F r o s t :
Frost:
p e r h a p s go
o f the T r s a s u r y :
As f a r ae Montgomery.
d is tric t?
How f a r ?
The s o u t h e r n
p a r t m i^ht
to Isw O r l e a n s .
Ths S e c r e t a r y
to t h i s
Bo*
Ths S s e r e t a r y
H r.
of
of A g r ic u lt u r e : *o u ld not
th at g iv e
a still
I*
4482
C.
E.
Frost
leaner di s tr ic t?
^r.
Frost:
m isfo rtu n e .
I t w o uld bs p r s t t y
If
le a n ,
i t vent e n t ir e ly
bu t t h a t
to the G u l f
Is
it
th e ir
w o uld seem
t c me much b e t t e r .
The S e c r e t a r y o f A g r i c u l t u r e :
u e e ira b ls
Do you t h in k
to have a d i s t r i c t d c * n t h e r e s i t h
it
so u ld
be
lies O r l e a n s
ae a c e n t e r ?
H r.
*ae
Frost:
I do n o t .
&oin& t o I n s i s t
But I
on i t
su p po sed t h ^ t Sew O r l e a n s
and p r o b a b l y s o u l d
Ths S e c r e t a r y o f A g r i c u l t u r e :
gst
A good many h * v e
it.
In siste d
on i t .
Ths S e c r e t a r y o f
snat
th e y s i l l
M r. F r o s t :
of
as
I
t h in k
th s s l i c s
G e o rg ia ,
th ro u g h
c o n stitu te
but i t
te rrito ry
in
it
here,
today,
w o u ld o c c u r
the p a r t
seems
to
to me t h a t
and Alabam a o u gh t to be I n c l u d e d c l e a r
From the Lakes
the m id d le
th is
th is
you have been d i s c u s s i n g
S e o rg ia
the* ~G u l l .
rig h t
th ro u g h
a p a r t o f osiddle T e n n e s s e e and
ms to bs most p r a c t i c a b l e ,
to
i e more a q u e s t i o n o f
t h e s e p e o p l e have o u t l i n e d
the t e r r i t o r y
M is sis sip p i,
It
gst.
c l u d i n g A labam a,
K en tu c k y ,
the T r e a e u r y :
of
te rrito ry .
to
the G u l f w o u ld be my i d e a ,
the U n it e d S t a t e s
o u g h t to
That
I do not
is
m y iv ie w .
pre-
£.
ten i
Eut
to
if
Froet
knee e v e r y t h i n g ,
you co u ld
Montgomery,
p u t thee
cu t
but t h a t
tha S t a t e
In w i t h Mew C r l e a n e ,
of
w h o le e t a t e would be
F rost;
th ere
Tee.
an other
te rrito ry ,
Suppose we d i d n o t h&ve a
y ou r i d e a e o u ld
be t h a t the
in t h ie d i s t r i c t ?
e o u ld much p r e f e r
in M o b ile .
it.
L o u is ia n a .
In c o rp o rate d
I
v ie w o f
o f Alabama in two down to
the T r e a e u r y :
R e s e r v e Bank a t Sew O r l e a n e ,
rig h t
Just »y
and you heve to e e t a b l i e h
The S e c r e t a r y
*lr.
le
That wo u l d
it,
t e ay
ever
if
I wae
id e a about
it.
4
°TATK¥CTT OF A.
The S e c r e t a r y
of
the T r e a s u r y :
E.
JAC&SOM.
State
your n a x e,
re sid e n c e
and o c c u p a t io n ?
Mr.
of
Jackeon:
A.
E.
Jackson,
D ecatu r,
A lab a m a,
C a sh ie r
the C i t y M o t io n a l and P r e s i d e n t o f th e FI r e t n a t i o n a l
£ank a t H a r t e e l l ,
The S e c r e t a r y
Mr.
Jackeon:
A labam a.
of
I
th e T r e a e u r y .
re p re een t tboth
What do you r e p r e e e n t ?
th o se b a r k s
and th s
C e n t r a l M o t io n a l o f Mew D e c a t u r .
The S e c r e t a r y
of
the T r e a s u r y :
what a r e
your id e a s a b o u t
tfcle d i s t r i c t ?
M r.
Jackeon:
I
t h i n k ws sh o u ld
be)>on& to C i n c i n n a t i ,
!■«
4484
C.
E.
Frost.
C e r t a i n l y we do no t * a n t to b e l o n g to A t la n t a , o r Hew O r l e a n s ,
Tie a re
b e c a u s e we want aoney down t h e r e .
in
s t o c k a a r k e t a t an i n t e r i o r p o i n t
an J we do no t
ti. ink we c o u ld be
taken
the
second
the S t a t e
care
la rg e s t
of A la b a a a ,
o f a t Hew O r l e a n s
o r A tla n ta .
of
The S e c r e t a r y
ness s o r t w ith C in c in n a t i
Ur.
Jaokson:
Jackson:
Tenneeeee;
the c o u r s e
o f your b u e l -
than w i t h A t l a n t a or Few O r le a n s ?
Tee.
The S e c r e t a r y
M r.
Is
the T r e a s u r y :
of
le
that
c.o s o r e
is
the s o l l c l * 4 t l o n
The S e c r e t a r y
Tou do
the T r e a s u r y .
b u sin e ss
our r e a l p o i n t ,
sore
business
tn cr|
o f c o u r s e * itfc B & s h v l l l e ,
but we c«*ae up h e r e
at
o f—
of
the T r e a s u r y :
W h ere do y c u keep y ou r
reeerves?
Mr. J a c k s o r :
With Hew T o rk .
The S e c r e t a r y o f
th e s o l i c i t a t i o n
Mr. J a c k s o n :
The S e c r e t a r y
the T r e a e u r y :
Tou say you cams up a t
o f whoa?
The W a s h * i l l s
C l e a r i n g H ouse.
o f A g r i c u l t u r e : Tou want to go w it h ttaah-
v llle ?
Mr. Jac s o n :
Tee.
The S e c r e t a r y o f A g r i c u l t u r e :
W h e re v e r l a s h v i l l e
goes?
4466
A.
Mr. J«*ckscn:
The S e c r e t a r y
as
th o se
U r.
£•
Jackton
Y ea,
of A ^ rlc u lt u r«:
ju u t * i v e r
J tek tm i:
Tho S e c r e t a r y
tlr«
ae to
Your re&sone
the s t r e n g t h
P ra c tic a lly ,
so,
o f A g ric u ltu re :
yes,
of
are
tho s a a e
the d i s t r i c t ?
a ir.
A n y th in g
e lse
you d e s i r e
to
add?
Ur • J a c k s o n :
V o,
Too Sac r o t a r y
of
s ir.
tha T r a a a u r y :
Mr.
Rowe,
have you any one
e lasT
Mrm H o * e :
Tha E r . o x v i l l e C l e a r i n g Kouaa haa r e p r e s e n t a t i v e s
hara n o *.
Tha S e c r e t a r y
V&o
of
tha T r a a a u r y :
Va m i l l
h e a r from k t o x v i l l a *
re p re een te K n o x v ille ?
Ur
J oh rator:
I do*
8TATEVFVT OF H. M. JOHITCTOK *
Tne S a c r a t a r y o f tha T r a a a u r y :
re sid e n c e
Ur*
House
Tha S e c r e t a r y
p a rtic u la rly ?
y ou r ne4.e,
and o c c u p a t io n ?
Johnston:
C le a rin g
You c a y a t a t a
H*
U*
Johnston;
President
of
th e J t r o x v il la
A sso c ia tio n .
cf
ths T r e a s u r y :
V h a t bank do you r e p r e s e n t
4486
H. II. J o h n sto n
*r • John*to r:
U nion W a t i o n a l
TL t S e c r e t a r y or
the T r a a a u r y :
E«r-k.
H *ve yo u c r « u M t i i l «
iroi
y o u r C l e- r in g R e u se?
tlr. J o h n sto n :
w h ic h
I
Our C l e a r i n g
t h in k was read
The S e c r e t a r y
of
Ho uee p a s s e d
a resolution
this c c r r i n g .
the T r e a a u r y :
Yee,
it was
re ad t h i s
cornin*.
54r. J o h n s t o n :
At w h ic h
ths b ank a
unanim ously
endorasd
C in c in n a ti•
Ths S s c r s t a r y
s o lic ite d
of
Was t h a t
the T r e a s u r y :
expression
in any p a r t i c u l a r way?
Mr. John, t o n :
Wo*
Ths S s c r s t a r y oi
Or was
the T r e a s u r y :
a
it
v o lu n ta ry
U r.
J o h n s to n :
I t was v o l u n t a r y .
com m ittee h a i v i s i t e d
e x p la n a tio n o f
t& at r e s o l u t i o n ,
had com m ittees f r o s
and I
fe e l
t h in k
that
Knoxville.
A tla n ta ,
tfe«y s h o u ld
but
b e f o r e any
to
th a t since
from
Louisville
e n d o rs e A t l a n t a ,
the C l e a r i n g
ca a e
1 *ant
t h a t one o r two m s a b e rs o f
p a rtic u la rly ,
and from R1
the C l s a r l n g
one
House
t h a t 1 know o f
House r e s o l u t i o n
fcssr. r e e e l n l s d and t h e r e haa b e s r
It
no q u e s t i o n
has n o t
in re g a rd
—
e x p re ssio n ?
448?
U.
to
i*,
-w^ct I t
waa u n an iao u s a t
The S e c r e t a r y
Banka keep t n t i r
Mr*
Johnston.
the
o f the T r e a s u r y :
tia e •
t h e r e do
the K n e x v il l e
reeerves?
W e l l , ths l a r g e r p a r t of t h e i r r e s e r v e l a
**
i n le w York I jrreeu&e.
And o u t s i d e o f t h a t , L o u i s
Jcfcnston:
c a rrie d
C i n c i n n a t i and B a lt i m o r e you w i g h t s a y w o uld he th e
v ille ,
p r i n c i p a l ones*
The S e c r e t a r y o f
d istrib u te d
Mr.
wae
Mr. J o h n s t o n :
la
I
tlse ?
s h o u ld
the T r a a s u r y :
say p c e s l b l y
T hat
is
Tee.
The t r e n d o f b u a i n e a a
frc a
p le a e a n t,
and p o e e i b l y
in C in c in n a ti
la rg e r
se rv ic e
in K r o x w i l l s
and o f
between the o f f l c l a l e
and o u r t e r r i t o r y .
the banka
than In any o t h e r c i t y ,
c o n v s n ie n t w a l l
that s x is t
o ur a e c t i o n
tow ard C i n c i n n a t i and a lw a y a has b e e n .
b etw een o ur a e c t i o n and C i n c i n n a t i
th s
30 p e r c e r t .
the next l a r g e s t
re la tio n e
of
it
ItT
Johnston:
la rg e ly
the p r e s e n t
V e il,
The S e c r e t a r y o f
Mr.
ia
s h o u ld aay 60 p e r c e n t o f t h e r e s e r v e
I
in la w York a t
la
I n w hat p e r c e n t a g e
betw een th o ae p o i n t s ?
J c h n a to n :
p o in t,
the T r e a a u r y :
have b e e n v a r y
are rep reaen ted
on a c c o u n t
th e p l e a e a n t
o f th e banka
The
re la tio n e
in C i n c i n n a t i
* *
*4 o c
H. 14. J o h n s t o n
The S e c r e t a r y
eeoo na c h o ic e
Mr.
of
What w o u ld K n o x v i l l e ' s
bt?
J o h n s to n :
u iftC u iiin ^
the T r e a e u r y :
W e ll,
I h ve been t r y i n g
to
the s e t t e r w i t h o u r bank p e o p l e ,
they « o u l i f e e l A t la n t a ,
The S e c r e t a r y
of
M r. J o h n sto n :
fre e
n e v e r h e ard one y e t ,
I
t h in k
and w ould l i k e
I
have
them v e r y c l o s e l y ,
fr o r . C i n c i n n a t i
v e r y much—
reasons
Mr. Jc & n sto n :
From s e n t i m e n t a l more
to be s s r v e d
from A t l a n t a ?
Tee*
m The S e c r e t a r y o f
and l o o k i n g a t
they mould a l l .
to be s e r v e d
The S e c r e t a r y o f th e T r e a s u r y :
ti an p r a c t i c a l
sta n d p o in t.
P h ila n th ro p ic ?
and I have q u e s t i o n e d
ea y bu t s h a t they s o u l d p r e f e r
softer
that p o ss ib ly
a p h ila n th ro p ic
the T r e a e u r y :
L a rg e ly ,
th in x ,
it
the T r e a s u r y :
D is m is s in g
mere from the s t a n d p o i n t o f
v h e r e do you t h in k K n o x v i l l s w ould be b e s t
wae n o t a t t a c h e d
to t h i s
d is tric t,
s e n t im e n t
sccn o m ic s
ssrved,
£ & st T e n n e s s e e
if
she
in c lu d in g
K n o x v ille ?
U r.
John *ton:
If
she was n o t a t t a c h e d
to t h e C i n c i n n a t i
d istric t?
The S e c r e t a r y
ta c h e d
to
th is
c f th e T r e a s u r y :
p ro p o se d d i s t r i c t ,
Tee,
if
sh e wae n o t
but e a s tw a rd .
at
4469
H.
I
U r . Johnston:
«e ll
p o s s i b l y Richmond.
of the T r s a s u r y :
T&e S s c r s t a r y
d r , Johns tor.:
of
Mr. Jcfc r * t c n :
Yes,
d iffe re n c e
The S e c r e t a r y
b e r .t ,
would
Mr.
it
ths
the T r s a s u r y :
fro a
t h e se
th s
three
th s T r s a s u r y :
n ot.
If
you d id
trsn d
Is a l l
b.*s l a i d
out,
on a c c o u n t o f t h s f a c t
not
thet
the sasis a t
In terests
are
in e v e r y
is
as
The S e c r e t a r y
of
I understand
lik e
it
seess
of
to c e ,
the w o r d .
and X f e e l
that C in d is tric t
the d i s t r i c t
ars
The d i s t r i c t
o u£ h t to be s e l f And o u r
and o u r t r u c k i n g
t im b e r
in te re sts
Our c o n n e c t io n s w i t h
in C i n c i n n a t i .
and one p o s s i b l y
the Treasury:
b u t b e lo w
a very d e s i r a b l e
s s a s o n o f th e y e a r .
t h i s way a l t o c e t h e r .
havs A t la n t a accounts
sees*
senss o f
a lso st e n tirs ly
ab o v e Knox
to w a rd s R lchaon ti,
t h a t th s * an t a
out,
bs tne n a t u r a l
to w a rd s C i n c i n n a t i ,
and c c a l and g a r b l e
la rg e ly
b an k s a r s
it
the s a s e
thsy havs l a i d
•u s t& lrln s
That w ould
n o t cosse to C i n c i n n a t i ?
t h a t on a c c o u n t o f the d i s t r i c t
cm n atl
t h e r e w o u ld be v e r y
You s i g h t s a y t h a t 60 a l l s s
trsn d o f b u sin ess
th at p o in t
Or E a l t i s o r e ?
in s e r v i c e .
of
J o h n 't o r .:
v ille
Or W a sh in gto n ?
¥- £-
Tr.s S e c r e t a r y
little
If. Jchrr,ter
ths
We h a vs a fs w
i n R ic h e o n d .
Why do you k es p s u c h a
tnat
4490
H.
la rg e
Mr.
M. Jo h n s t o n
p a r t o f y ou r r e ila rv a
Johruster.:
ir
le u
York?
* e fcs.vc ueed Kew York l a r g e l y
fo r d la -
c c u n tin g .
The S a c r a t a r y
of
tho T r a a s u r y :
Exchange p u r p o e e e and d i e -
c o u n ts?
H r.
J o h n sto n :
T «* # e s p e c ia lly
The S a c r a t a r y o f
exchanges
between
exchange.
tha T r a a a u r y :
W ith
theee fle e e r v e Eanke
t h a t w o uld d i s a p p e a r ,
would
it
tha p a r r i n & o f
,
.the n e c e a e i t y
not?
U r.
J o h n a tc n : I n a e e n a e , y e a , a i r .
I t h in , tu la ,
who
ban ka/are
n o t s s a b e r e o f the R e g i o n a l Bank, auch aa
S tate
fo r
Banks and T r u s t C o * p a n i e e ,
on a c c o u n t o f
wa have had w it h o u r corree^on cser t e ,
that
the c e n n e c t i o n i
e s p e c ia lly
t h ro u g h th a
s
C in c in n a ti d i s t r i c t ,
wa w ould p o e e i b l y
trioee sxch a n g ea b a t t e r
ro u tin g
to
to o a n a le
eome o t h e r p a r t a w here
to
o f A g ric u ltu re :
F a irly
The S e c r e t a r y
of
they a r e n o t a c c u e t o a e d
You a r s
banks.
la a ilia r
w it n
the
the south?
v:r. J c h r s t o n :
e u ^ g e e tlo n
to h a n d le
to ch an ge o u r g e n e r a l
th eee e x c h a n g e s froat n o n - a ^ k e r
The S e c r e t a r y
e e c tlo r
than wa w ould
ba a b l e
that
ao.
A g ric u ltu re :
the d i a t r l c t
Wfrat do you t h in k o f
ought
th e
to be e x t e n d e d s o u th w a rd
IT
4491
H. M. J o h n sto n .
to i n c l u d e p a r t o f A i rbnjz& an1 M i e s i e ^ i p p i T
M r,
1 to n o t e e e why & p a r t o f AlabajR ard i l i a a ~
J hnaton:
c o u ld n e t b « t e n r e l t I v i r . t a g e c u d l y .
I n what u r t u li t o e a i f a s U g i
The S e c r e t a r y o f A g r i c u l t u r e s
c o rsle t?
U r.
J c hn etcn *
l i a t r i o t b ein g
W a ll l a r g e l y
i n p c i n t a © f th e w a n t * o f t h e
ilv e re ifie l.
The S e c r e t a r y
o f A g ric u ltu re :
T h at l e
a ll,
t h a n * y ou .
Doee any &ae e l s e w iah t o ape&A f o r K n o & v i li e ?
M r. Meweg
F a i n t P I e a e a n t , W eat V i r g i n i a i n h a r e .
The S e c r e t a r y
e f A ^ rle u ltu re :
We w i l l h e »r fro ia P o i n t
P le a a & n t .
STATEXOTTT OP C. C .
The S e c r e t a r y o f A g r l c i i l t u r e s
Ur*
Bowyer:
Bcwyers
o f A g ric u ltu re s
W here l e
e f A g ric u ltu re s
We e r a ST v i l e e
Ie
Bowyer:
P o in t P le a sa n t?
I
re^reeen t
it
abcre h ere.
n e a r P a r * e r a burg?
e c a lh e f P ar * e r eb u rg •
The S e c r e t a r y © f th e T r a a a u r y :
M r.
y o u r na&eT
We a r e on t h e O U o H i r e r £04 i s l i e a
The S e o r e t a r y
M r* l o w y e r t
What i e
C. C. B ow yer, P o i n t P l e & e a n t , W eet Y i r g l r i a .
The S e c r e t a r y
M r.
BOWTER.
Whoa do ycu r e ^ r c a e n t ?
th e P o i n t P l e a s a n t n a t i o n a l B a n * .
^
C. C. Sawyer.
the P t .
P le a e & n t T r u « t
Bar k* o f which I
The 3 t c r g U r y
448S
\ n i t h e Msrcihanta l a U c m l
aa c^vtahler.
of
tho T r e a s u r y :
What i s
4
your t i f w
o f th is
M ttart
H r.
B e '7 « r :
1 «n ,tlrj
**
ff^Yor C i n o . m - t i r . r y
M m I of our tuaineee la hara.
tu c iu
73 or 80 p«r can*. of c«r
bualntta I au£poea ccmaa to Cincinnati an ! tho buainaee of
o u r mere H ants l a
r . It
it*
la r g e ly here,
and moat o f c u r
exc h a n g ee a r a
C in c in n a ti#
Tha S e c r e t a r y o f
tha T r a a a u r y !
T cur V u a in *«3 i a
aX&oet
w h o l l y w it h C i n c i n n a t i ?
Ur*
B ow yer:
Yea,
Tha S a c r a t a r y
ch o ic e in
M r.
in
th ia
B ow yer:
of
a ir;
a l u o a t w h o lly *
the T r a a a u r y *
U a trlo t
W a ll
ir
If
C ln o lfv r ft t l
111 n o t h a r t a ban*?
wa r e a l l y feawe n c
r a a p o n a a to a n i n q u i r y
fre & y o u r o f f i c e
tha f i r * * t ,
aeconl a«1
thirl
W
aaoon 1 & n l
Baltim ore
a h ln g to B
Uh? t w ool 1 h a y ^ u r a e c o n t
ohc i c e ,
Tha S3~r«t ry -f the Tra- 4ur; i
j sc sx> I c h i c a ,
aw M le
ago
aa
wa e » T a C i n c i n n a t i
t ir
but
to
first,
.
That
as
all,
thanc y< u.
la thar-s any one slaat
fcr.
They
Rc « :
U
We v Te Mr* We ^h c f Went V i r g i n i a
JJrt ^ a « a to hnve c o m
in
yet*
K r.
jr*i U r .
Brc <n fr e e .
S w c^e.
it
4493
3 , r i.n g f ia l d
tr1
i jr.
W asxer
’roit C e n t e r v i l l e
OF
STATO^SET
The 8 sc r o t a r y
o f ths Treeaurys
J.
B.
tire I e r a .
W ALKED.
State
ycur nute,
r e e l 1t n o t
a n i o c c u p a t io n ?
Mr*
r^*ksr:
Ths S e c r e t a r y
i r,
W a lk e r :
J.
B.
W a lk e r,
Cert a m
o f ths T reaaury:
W a lk e r s
Ths S e c r e t a r y
Tennessee.
W h ere i s
C u n td n rU lo t
Ml i I s T e n n e s s e e .
Ths S so r o t a r y c f t h s T r e a s u r y !
Ur*
lie,
F ifty * lie s
B e a r what p c i n t ?
west o f S a s h Y ille .
o f ths T reasu ry !
W hnt d o y o u r e p r e s e n t ?
»
M r. W a l k e r :
.•ra c im lly
The f i r a t
I & l i c n & l Bank, o f C w t e r U i i e
and two o t h e r banks by * r oxy.
The S e c r e t a r y e f t h e T r e a s u r y s
What l e
ths
ie s lra e f
the
fcenk* i n y o u r ooxsasftnlty?
M r.
Walk o r j
W e ll
tho n a tio n a l
i n t e r e s t s and o u r s a r e
identical.
The b a i u # e f M i i i l e T e n n e s s e e a n i B a a h v i l l e a r e
ilentical*
P ersonal
y I
p r e fe r C in c in n a ti,
whr t Wa s h r i l l e w a n t s , t u t
it
is
tc
g re a tly
t 'i e l r
internet,
to o u r i n t e r e s t
e s p e c ia lly
w
I
t in k
re g a rd le ss
so s i n c e
it
is.
to h a r e C i n c i n n a t i
I
they
of
tK ln k
VHlnk. i t
is
aa our Beserw e
4404
-
The 8 « c r a t H r y
o f th e T re & a u ry :
Klabtuea a h c u l 1 be i n c l u d e 1 I n
lir* V ^ lk e r s
I
It
your v ie w th e t
the i l a t r l c t ?
e h o u ld n o t o b j e c t
Th# S e c r e t r y o f the T r e ^ u r y s
I
is
to i t .
W ould you thin*. i t
d o o lra b le T
Mr* W a lk e r s
Tea*
I
t h in k I t
w ould be*
The S e c r e t a r y o f A g r i c u l t u r e :
a
U a tric t
i t h tfe su h ie a a
U r * W a lk e rs
the c e n t a r *
T ee *
The S e c r e t a r y o f A g r i c u l t u r e s
U r * W a lk e rs
Uettphie r e p r e a e n t e i u e w i t h
S©# * i r *
W c u ld y ou t h i n k H u t t w le e ?
t h e r e ie too nuoh r e t i n k i n
the
Sou th f a r a B e a e r r e Bar*.*
The S e c r e t a r y o f A g r i c u l t u r e s
U r * W a lk e rs
Too c.uch what?
R e i in k .
The S e c r e t a r y o f t h e T r o a a u r y s
a r by th e s o l i c i t a t i o n
Mr* Walkers
W e ll,
Have y en a p p e a r e d r o l u n t
o f C in c in n a ti?
I * * e not e clic lted by Cincinnati at all*
I i is;ht H^?e h#» l e 1 O t t e r .
I
have had «
c o r r e a , endenue
h a r e f o r y o a r e on1 yen r e &nd Have b e e n i d e n t i f i e d
f o r y e a re a n l yenre*
16 9 3, and I
eo t c t
.
riiy
An I by th e w ay ,
C i n e —v
ti
> «n
e
th e n
d u r i n g th o p a n i c o f
a a a young nan t o h » ? e g o n e t h r o u g h
-
w ith
th ree p a n ic # ,
c o u l l not have g o tte n
J.
it
e ls e here.
4495
B. W arier.
am a st ro n g b e l i e v e r
I
in
the f i n a n c i a l
s t r e ^ f th c f C i n c i n n a t i .
The S c o r e t r y c f
b u sin e ss la r g e ly
Mr.
a fa ir
W xlk or:
the T r e a s u r y :
Is
the c o u rse o f your
w ith C i n c i n n a t i ?
No,
s ir;
it
is
iiv ile d
c c n siie r a b ly .
We k ee p
b a l a n c e h e r e w it h o u r c o r r a a , o a d e n t e .
The S e c r e t a r y
o f th e T r e a s u r y :
How coach o f y o u r r e a s r r e *
l o ycu keep here?
M r. W a lk e r :
The S e c r e t a r y
About o n e - f o u r t h .
cf
th e T r e a e u r y :
Does t h a t r e p r e s e n t n c r t A l
b u sin ess?
Mr.
W »x*er:
Yea,
n o rm al.
The S e c r e t a r y o f th e T r e a e u r y :
in te re st
r a t e a n i oth er f a c i l i t i e s
Mr. W a lk e r :
it
in d u c e d by th e
g iv e n ?
W e ll our p re s e n t account l e
a l t h o u g h we c h e c k on i t
it
Or i s
whenever i t
la
somewhat ^ u i e t ,
c o n v en ien t.
Wo k ee p
ae a ia a t t e r o f exchange a n i b u s i n e s s f a c i l i t i e s .
Tho S e c r e t a r y
Mr. W a lk e r :
The S e c r e t a r y
Mr.
W a lk sr:
Tho S e c r e t a r y
of
th e T r e a s u r y :
What i s
your
a e c c n i c h o ic e ?
N a s h v ille .
of
th e T r e a s u r y :
Hot i n t h i s
Have you a t h i r d *
U stric t,
o f A g ric u ltu re :
tho way i t
Of sny o t h e r
is
la i 1 o ff.
lis tric t?
.4 9 0
J.
Th# S e c r e t a r y
tf
E.
‘'ii
er*
V ie Tr<y* iu ry :
Any e t h a r
31s t r i c t
ycu
h i r e i n Lolnd t h a t wcul 1 b e # r » c U c - W f a n i c c r t f o n : w i t h
Ib itX tflf
kr»
~ mi iter:
trio te
I
j3 A t
r
jr
If
I w re
s till*
I
to
aucgeat,
I
w c u ll »a k e
fur a b e l i e r c r i n
th e f a t
the
ia —
fry in g
the
1 t in k we ought to g o e l e a r t.crca<j th s c o u r t r y *
Z t h in k n c r t b a n i e a s t w h ere » o n e y l e
t im tl
wlt>* t v e scu tH a n '
I w h e re th e y
e e t trhore the is n ry i
t h e r e a c u r o e e e&d ra w n l t r U
T he 8 e c r e t r jr y c f A g r i c u l t u r e s
aad that l e
about a l l
Mr* H l k i r t
M t
M -a l e s l
I
j
n,
.
Tou c o u l i t a k e l U c h l g a n ,
you o c u l 5 ex to n
i e about a l l *
th a n d s o u th *
Bvt I
4 1 h t even go to Hew O r l e a n e p o e a i b l y ,
deal o f i t *
e- ay oug)&t to be
ik t h e l i n e
but 1 lo u b t
the wle-»
th i n k i t a i g h t go a c r o e e AJabarm a n i G e o r g i a and
.i.
T ie S e c r e t a r y
o f A* r l w u l t u r e :
In
t h a t cntae
you
t v ou£ht wh^t t. y cu :*i£ht <ic w it h Ho* Orle^m a?
U r.
W a lk e r:
W e ll no# a i r *
I
aa 1 e a rin g
that
to you
Itn tlM B *
T e S e c re t a r y o f the T re a e u ry :
th e
« r t bleat
1r.
” n ix a r:
o r e c:
Ho.
.iic a t e
I
*rill
,
te il
Tom do n e t
r
o y< u?
you vrhat I
t> *r.k ab u t i t .
I.
4487
I
tvinfc i t
I
l o no t tM n lt I t
to f o t i f
ought to b e b a l a n c e 1 up a a n e a r a e p o s s i b l e *
asounte tc
eo c u c h ,
t h e d i s t a n c e you h a v e
th e go o i s a r o t h e r e when y<u g o t
th ere,
t h i n k t h e M a t t e r e f bran ch banka — * t h e r e l e
on them a n i they w i l l come i n a t t h e r i g h t
STAraraiT or jr. w*
The S e c r e t a r y
o f th o T r w a u r y t
and I
no r e s t r i c t i o n
t ie * an i ila c e .
brow
»:
S t a t e y o u r n&aie*
r e e l lessee
a n i o c c u p a tio n ?
Mr*
Browns
S p rin g fie ld ,
J . W. B rc a n ,
Tean eeo ee*
The S e c r e t a r y
Hr* Brown:
S j r r i n g f i e l l W a t l c n a l BanJt#
o f th e T r e a a u r y *
Where i e
that?
Abcut 30 a ile e frttt Jfoehville, Tenneeaee,
between laahvi11e an! Guthrie* Kentucky*
The S e c r e t a r y o f t h e T r e a e u r y j
Mr*
Browns
T e S p r i n g f i e l d H ^ t i o n ^ l Bank.
The S e c r e t a r y o f
U r. Brown:
th e T r e a s u r y :
Brown:
H o* i n r g e a ban x l a
W * l l * • havo $ 6 0 ,0 0 0 a ^ i t a i
«ur. l u i u V i r i ' e !
The S e c r e t a r y
http://fraser.stlouisfed.org/
Federal Reserve
1 Bank of St. Louis
O nly?
Tee.
T h « S*ot etstry o/ t h * T r a * * u r y :
U r.
Who* do you r e p r e s e n t ?
it?
a n i $130*000
p ro fite .
o f th e T r e a s u r y *
Wh?t i e
y c u r v ie w a b o u t
If
*498
J . W. Brown.
this anttor?
Mr. Bream;
Vc ore in favor of C in c in n ati*
V « think i t - i t
a setter b * *mce I t-HT"! tory.
Tha S t c r e t r y o f t h » T r e ^ a u r y j
T>**t i s
on u n s o l i c i t e d
p rtfc r«n c «t
M r.
fitd 4
Brown:
T o*.
Only tha Hashville C l a a r i r # Hcua« i n -
ua u£ h e r e .
Tha S e c r e t a r y
C in c in n a ti,
o f tha T raaau ry*
whitt o t h e r o i t y
If
in t h l a
you i i i
U ttric t
not have
» c u l 4 you p r t -
f a r n e x t?
M r.
in i
B ream
Wa p r e f e r B a s h v i l l e
firs t
and th a n C i n c i n n a t i
S t. L c u ia .
Tha S « c r a t
M r.
Brovmi
ry c f tha T r e a e u r y *
W a ll
Tha S a c r a t a r y
I Ho a p i t a b ! a :
M r. Brownt
guae# i t
Boa about Louisville?
that * c u l 1 b a alrig h t.
o f Agricultural
Two other c l t l a a h t ? « basm
Chattanooga*—
V a i l wa lo n o t h a v e nach b u e l r e e *
w c u ld s e r v e ua a b o u t a a w a l l ,
that * * y .
but cu r b u s in e s s i a
t> i a way.
Tha S e c r e t a r y o f A g r i c u l t u r e :
M r.
fla w
Brcvmj
T crk.
Our b u a ln a a o
tra n ia
A n l haw a b o u t Ma& h i s ?
tetrarla Cincinnati ani
I
44&9
J.
Th# 8 e o r e t ^ r y o f
B . W alk er.
th # T re a a u ry ?
Boft lauch r e s e r r e
ie ycu
k ##p h e re?
U r.
B ro w n :
w#
Th# S e c r e t a r y
!c n o t do any b u s i n e s s h e r e .
of
th e T r e a s u r y !
Tou do bus in # # # w i t h
la a h fiilc t
Mr* Brown:
T .r*.
Our b u s i n e s s
V# *. e#i
a re ie rr#
in S t.
stathoer t
Th# S e c r e t a r y
cf
t e n i a to w a rd # H a a h T i l l # a n i Hew
L o u is .
or u . w . m i a u
th # T r e a s u r y *
S tate your nso#,
re a ld e n c #
] a n i o ccu p atio n .
U r.
U. ¥ . R en ick * ; d i i a t o w n , O h io ,
H e n ic k ;
t u a n u fa e t u r e r a n i b a n k e r i n c i d e n t a l l y ,
F irst
Ian t
and P r e s i d e n t o f
H m tional Bank o f M i d d le t o n n and r e p r e s e n t
th e
th # 0 g e l*»b jr»
B e m # tt Ba- ing Company, a ^rirat# bank*
The S e c r e t a r y
suburb,
1# i t
M r, R e n ic k :
#f
tb # T r e a s u r y *
ifld U ste w n i #
not?
K ind o f a
suburb,
yea,
Th# S e c r e t r y # f th# T r e a s u r y #
re la tio n s
o n .y 33 i l i e s
Tour b u sin e ss
away,
ani trad#
*xre alxaost a l t o g e t h e r w i t h C i n c i n n a t i T
U r. K en ick s
A lm ost # n t i r # l y . .
Ab u t 85 $ e r c e n t o f c u r
s u r p l u s rc.mrrm* a r e o a r r i # d h e r e ,
sort o f a
none i n C h i c a g o ,
cr a
u
J . W.
B rcw n .
4300
i . W.
▼ •ry l i t t l e
w ith
ona o f t h e banjos, a n i o n ly a *«m X l p e n -
c o ’ t « g e i n He* Tork#
We r e l y <n C i n c i n n a t i
a n i c u r town b e i n g l a r g e l y
1 8 ,0 0 0 p a e l l a ,
a m a n u fa c t u r in g
fa r
town,
our *? y ro lle , j
o f a lv u t
we r e q u i r e n b o v t $&>£,QQO a acerth f o r o u r
p a y r o l l s I n c e a h j and we oan g e t t h a t BAtch itore * : r a n t ^ g s o u s ly
f r o * C in c in n a ti
The Bmmrmt a r j
in
th le
M r.
if
the T r e a e u r y *
H a re ycu a m e a d
c h o ic e
d is tric t?
H e n ic k :
o r CEhicage, we
I
ha 1 not
th u g h t o f a aeocrt 1 c h o i c e ;
Cl e v e l ^ n i
rea ch cue about aa w e l l a a the o t h e r ,
c m
e a c s p t C h ic a g o l e
ne t
than m y o t h e r c i t y *
a little
fu rth e rs
«y
and c u r & a i l e a r e
^ u lt e eo r a p u la r*
The S e c r e t a r y
o
J L r l c u ltu re *
Tcu h a d n o t th o u g h t o f
Coluo-bue?
lir*
»lie r
B e ric k :
I hat net,
axfct I
lo n e t
t h i n k I w c u ld ccn-
it*
The S e c r e t ' r y
c f A^noal U re :
D id you eay y cu w e r e a
* A nuf& c t u r e r ?
Ur*
R e n ic k :
T^e S e c r e t a r y
tn to u tin g
U r.
Tee,
a ir.
o f A g ric u ltu re *
Do you do t ^ a h o f
b u s l n e e a to th e sou th?
R e r lo k *
Tea,
vary l a r g e l y
to
the so u th .
a
lie -
••
4501
f?. D. R enick
The S e c r e t a r y
M r.
ft*n ic k :
O r e la n e a r e
of A g ric u ltu re :
Birm ingham, I f a a h v l J l e ,
A tla n ta ,
a n i Wee
tha p r i n c i p a l p o i n t s .
Tha B « o r e U r y
Mr. A * n i c k :
o f the T r e a a u r y :
o f A g ric u ltu re :
an d Alabama p r e t t y
R e n ic k :
What i a
the R ^ n u U c t u r e ?
M a n u fa c tu re o f p a p e r b a g * .
The S e c r e t a r y
M r.
Ho* f a r down do ycu go?
Do you c o v e r M l s s i e e i p p l
w e ll?
V e il
o n ly from the C i n c i n n a t i
cover that t e r r i t o r y .
jo b i e r a ,
who
We c o v e r Alabama f r o s Birmingham a n i
G e o r g i a a n i F l o r i d a and Worth a n i &cuth C a r o l i n a from
A tla n ta ,
and L o v e r M i e e i e e i p p i and L o u i s i a n a and E a s t e r n
T exae from !fe» O r l e a n s .
The S e c r e t a r y
o f the T**eaeury:
But they h a n d le y o u r
products?
M f • R s n ic k :
coses
Tee.
A la rg e
th r o u g h C i n c i n n a t i ,
the
p ercen tage
o f y o u r product
raw s a t e r i a l
and f i n i s h e d
product as w e l l .
STATFUFWT OF £ .
The S e c r e t a r y
o f the T r e a s u r y :
D. TITTOW.
W ill
you s t a t e y c u r n a a e t
r e e l ier.ee an d o c c u p a t io n ?
M r.
F ltto n :
H a m ilt o n ,
O h io .
8.
D. F i t t o n ,
P re s id e n t
F ire t
W a t l c n a l Bank
S.
I).
o f the t r e a s u r y :
Tho 8 0 0 r o t a r y
4602
Fltton
Do you r e p r e e e n t tho
C l e a r i n g HcuooT
M r.
F ltto n :
T oo.
Tho S e c r e t a r y
o f tho T r e a a u r y :
Hava you the
re s o lu tio n ?
Mr.
ani
F ltto n :
Ho I xae a b s e n t and 'p h o n e d the® yooterelay
#
they a a * e d aa t o c o a * a n i r e p r e s e n t them, u n a n i * .o u a ly .
Ths S e o r o t a r y
C in c in n a ti,
I
o f tho T r e a e u r y :
Ycu a r e
In f a v o r o f
preauae?
M r. F l t t o n :
Tee, o i r .
Tho S e c r e t a r y
M r. F l t t o n :
o f tb e T r e a e u r y :
H a tu ra lly ?
Y oo.
Tho S e c r e t a r y
o f the ^ r e a o u r y :
Moot c f y o u r t r a l s
is
hsro?
M r.
F ltto n :
Too.
The S e c r e t a r y
are
la rg e ly
M r.
o f tho T r e a e u r y :
e lth
F ltto n :
Tho S e c r e t a r y
A n i y o u r bank e x c h a n g e s
C in c in n a ti?
Yeo, o i r .
o f th e ^ r e a e u r y :
He* f a r
lo
je
the
H a m ilto n fro si
hero?
M r.
F ltto n :
The S e o r o t a r y
banke
A bout 25 m i l o o .
o f the r r e a o u r y :
i n H a a i lt o n ?
that
v ie *
of a ll
tho
S.
M r,
Fltto n :
0.
4503
F ltto n
Tee.
The £ecret&.ry of the T re a e u ry :
What ie y ou r eeoond choice
within th le d l e t r l c t ae propoeedt
Mr.
j f we were t o have one I e h o u ld eay C h i c a g o .
F ltto n :
The S e o r e t a r y
Mr I F l t t o n :
o f the T r e a e u r y :
C h ic ag o ?
Tee.
o f the T re a e u ry :
The S e o r e t a r y
W ith in t h le
d le trlc t
ex
c l u d i n g C h ic a g o what s c u l l you eay neatT
M r. F l t t o n :
W e ll I
r a t h e r t h in k
In d la n a p o lie
mould he
n ext.
The S e o r e t a r y
H r.
F ltto n :
oue t o ue ae
o f the T r e a e u r y :
In d la n a p o lle T
Tee.
I n d la t n a p o li e .
The S e c r e t a r y
o f A g rla u lfc tre :
Hoe a b o u t C olunbue?
M r, F l t t o n :
W e l l 1 mould r e g a r d C o lu a b u e an d C l e v e l a n d
a b c u t th e e a a * .
1 w o u ld t h in k C i n c i n n a t i w o u ld be n o r e
e lig ib le
the d l e t r l c t
fo r a l l
C le v e la n d .
t h a n e i t h e r C o lu a b u e
or
••
4504
S?ATFK***T OF n. L . BURCH •
Tha S e c r e t a r y
ani
o f tha t r e a s u r y :
State
y c u r na& a# r a a id a n o a
o c c u p a tio n ?
Mr. B urch :
RL, B u r c h # P u b l i s h e r o f Tha M erchant and
M a n u f a c t u r e r and The S o u th e rn fcomanf » M a g a z in e *
Tha S e c r e t a r y
M r. B urch:
T reaeury:
The N a e h v i l l e
The S e c r e t a r y
Mr* B u rc h :
o f the
c f the
Mo, a i r ;
What do you r e p r e e e n t ?
B oard o t T r a d e *
^reaeury:
Have ycu eoae
ee c o n c u r r e d i n the
re e o lu tic n *?
re a c lu tic n a
of
the C l e a r i n g H t u e e .
The S e c r e t a r y
e f tha T r e a a u r y :
What o f f i c i a l
p o e i t i c n have
ycu *1 th the B e a r d o f Trade?
■ r # B u rc h :
preeen t*
1 h a re n o t any o f f i c i a l
p e titio n
ju e t a t
I t«ae P r e s i d e n t and a a nee e x - P r e e l i e n t .
The S e c r e t a r y
o f the T r e a a u r y :
They h a r e
le l e g a t e d y cu
t o a p p e a r h e re?
Mr* B urch :
a b rie f
course
fe e
1 w ill
the
trade
i n c u r p a r t o f the c can t r y ,
read i t *
1 do n o t t h i n k I t
o f the t r e a e u r y :
I have
r e l a t i o n e and tfee
a in u te e .
The S e c r e t a r y
they d e l e g a t e d me t o a p p e a r h e r e *
e t a t e a e n t c o n c e r n in g
o f trade
care t o ,
a
Tee,
Read i t .
and i f
*111
ycu
ta k e b u t
••
R.L.Burtfh
Mr. B urch :
*e
t h in k
tory
it
Aa we a i a h
t o be i n C i n c i n n a t i * e
and p r e e e n t b r i e f l y
b u e i n e a a a n i b ankin g c a r t e r ,
cck
e r c e and b u a in e e ?
V ie e le e lp p l,
to
le
fa c llitia a
o f the
fo r
oth er rsg ic n .
the
to
in
la
tc
fin an c e
ta k in g care
and a s
cf a ll
its e lf,
its
parts
the a e a r e and
the b u e i n e a a
re q u ire a e n ta
i n i e p e n ier.tly o f any
e s s e n tia l,
in c r i e r
o f tha la w may be a t t a i n e d ;
l o c a t o d s h a l l be
f u l l sail
i s a success?
have put a s i d e
c la lp
that
the
S lt h
in te recta
that
strong enough
th a t u n l e s s
ia p e rile d .
th** b a n k in g *n d b u a i n e e e
te rrito ry
l n t e r e e t , and hence
to be i n a region o f
f a r aa p o e a ib la
re a lis in g
a fte r
"F e d e r a l oeaenre
poaaeseee
Vs d eea i t a b s o l u t e l y
i n le r a e d C i n c i n n a t i * *
o f tha
c c u n try ,
a y a t e a a a a v h o le w i l l be
trib u ta ry
ae n c f cur t e r r i t o r y ,
one »h ic h
i n which as a r s
in a l l
v isa ,
o f T e n n s a e e o , K e n tu c k y ,
th e ir beat
o f the
g e n e r a l purposes
re g io n
aystea
ths
that i t
in lu e trie e ,
re g io n ,
t h a t th s
of the e l a t e s
o f the p ru p c a e a
the b e a t I n t e r n e t
d iv e ra ifle d
aa a
cur r e l a t i c n a h i p to th e
the b u s i n e s s
of
c a r e fu l a n a ly s is
Bank L a w *,
our la p c tta n c e
te rri
Alabam a a n i G e o r g i a .
The c o n c l u s i o n
a
te rrito ry ,
c u r vie#»e a a t o ahat t h a t
p ro p e r to a ta te
s h o u ld b e ,
4505
ths
success
U ie
cf
*md
c f N a s h v il l e and
l o c a l p r id e and have
f o r a F e d e r a l R e s e r v e B an k ,
Sn
••
R.
L.
Burch
*
4506
th e b e l i e f and u n l e r a t u n d t h a t the
r e g i o n t»hich i t
serve
r e g i o n a l book c r euch
w i l l be
ao b a l a n c e 1, and i t s
c a p i t a l i z a t i o n and s t r e n g t h t h a t t b e
re g io n ,
a g ric u ltu ra l,
rn a d ily
be accociitc Jated a t a l l
fu lly
re a lis e
in iu a tri.e e
o f tbe
m a n u fa c t u r in g and c o i u c e r c i a l ,
that a
■ u # t be g o v e r n e d by th e
r e g i o n a l bank t c be a e u c c e e e
same la w s ?.nl c o n d i t i o n s ae
w u st have b o th d e p o s i t o r s a n l b o r r o w e r s .
f o r , t h a t the South e l . c u l l b e
in a g e n e ra l
In lia n a ,
r.eet V i r g i n i a ,
*ay,
tc be i n
co m prise
%
it
th erere g io n s
Our r e g i o n
th e e t a tee
Hi » H e an d E a s t e r n Ken
tu ck y and M id d le and E a s t e r n T e n n e s s e e , a n l
A labam a l y i n g N o rth
ia ,
Te b e l i e v e *
eo d i v i d e d ae
th e re fo re ,
tb o a e
that
composed o f b o th S o u t h e r n and H c r t h e m t e r r i t o r y .
o f O h io ,
way
tim e s,
s u r r o u n d i n g a hank d o in g a o e s a n e r o la l b u f l i n e i ? ,
sh o u ld ,
w ill
o f Montgomery*
T h is
that p o rtio n
w i l l attach
of
th e
o l d e r fioan ufactu rins an d s t r o n g f i n a n c i a l c ©immunities o f
the Worth t o the n e w er m a n u f a c t u r i n g an d a g r i c u l t u r a l
com m unities o f the m id d le S o u t h , w a k in g :ture
•ill
n o t o n ly have heavy d e p c e i t s , b u t s h a t
necessary,
It
is
xa j u s t a s
have demands f o r a c n c y .
u n n ecessary tc
not b u sin sse
t h a t the b a n k s
remind t h l e Committee t h a t i t
r e a s o n s a l o n e s h i c h c a u se
is
the S c u t h t o n e ed
largs
ee
R.
sums o f money from the
its
the
case are
c o n d i t io n #
all
its
a g ricu ltu ral
in d u strie s
i^are
ment of c o n d i t i o n *
to t h e
in g c o u n t r y
thcsti
of th e
Burch
out a l i e
p a rtic u la rly
As
L.
4507
to ca rry
on i t s
in d u *trie s,
r e s u l t i n g from
bu t b e a r i n g
the C i v i l f a r ,
p a r a ly s e d , and an e n tire
on t h e
im p o rtance
in d u s t r ie s
States
is
in
the
when
re ad ju st
o f 5r<vshville and s u r ro u n d
o f the S o u t h ,
of K e n tu c k y ,
and p a r t ic u la r ly
Tennessee,
A la b a m a ,
M i s s i s s i p p i a n d fteorgia - t ra d e moves* S o u t h ,
N a sh v ille
o f a p p r o x im a t e l y
cn
made n e c e s s a r y .
h e a r in g and
mcvas N o r t h .
In d u s tr ie ® ,
a n d b a n k in g
does a w h o l e s a l e a n d m a n u f a c t u r in g b u x in e *
1 1 0 0 , 0 0 0 , 0 0 0 a y e a r , m ost o f w hich
t e r r i t o r y So uth
c o n sid sra b le b u s in e s s
of i t ,
*ith
a lth ou g h
it
does a
Southern Kentucky.
Nashvi 1 1 s #a
w h o le s a le h o u s e s fc.nl m a n u f a c t u r in g co n c ern s have sa le sm e n
every
my
of
the
year in
the
territo ry
im m e d ia tely a d j o i n i n g
M e m p h is, A t l a n t a ,
Bing&ngfcam a n d J a c k s o n ,
ly
cities
s p e a k in g
te rrito ry .
save
that
these
The b u l k
comes
North
l i k e w i s e sieves North
of t h ie r b u s in e s s
goods
sell
t o l Z a a h v il l e ;
But g e n e ra l
re p ese n tativ es
is South
o f a n im m ediate a n d c o n t ig u o u s
The payment f o r tr.e
b a n k in g ,
nevar h ^ /e
M iss.
of them ,
te rr ito ry l y i n ^
South,
and
i n our
t h a t is
Korth.
the
our b a n k in g b u s i n e s s
to w a rd s C i n c i n n a t i ,
As a n e v id e n c e
of
••
H. I .
Burch
4508
th e way In fchioh b u a i n e s * a c r e s Scruth I c a l l
your a tte n tio n
in
the f a c t
t h a t one c f the m agazines which I p u b l i e h ,
u r l e r to g e t d i s t r i b u t i o n
i n Savannah a n i C h a r l e s t o n ,
e x a a p l e , must f i r s t be s h ip p e d t o Y a e h i n ^ t o n , * h i c h
trib u te s
to a l l
W a s h v ille 's
I
c ity ,
it
A tla n tic
aho*n by the f a c t
c a rrie s
s l i s r a b l y sore
n a tu ra lly
isp o sits
th e S o u th e rn c i t l e e
K a e h v ille
if
sore
i te e I f
of
Bouth o f i t *
of b u sin e ss
fo r a
reserve
conany o f
r e g io n a l bank,
deemed a d v i s a b l e ,
e h ic h h a n d le s
A u g u s t and S ep te m b er,
is
ae i t
le
the
s u c c e s s i v e l y whefca,
Ho o t h e r S o u t h e r n c i t y
wh a t
ready f o r h a n d lin g
course
i e an i d e a l o i t y
c o t t o n and t o b a c c o .
Its
e x c e p tio n a lly
out o f town ban k s t h a n l o
than s i g h t b an k s a r s
aIvan tags.
lie -
th a t w ith o u t b e in g a
i n th s
fo r
n aaed a b o v e .
center c f a t e r r it o r y
e o ll
C oaet c i t i e s
p o s i t i o n a s a b a n k in g c e n t e r i s
s t r o n g , as i s
to
pcsessses
th is
h a r v s s t s d and s o l d i n June, J u l y ,
and the monsy d s p o a i t s d i n t h s ban k s
the c o t t o n c r o p ,
*h ich
is
g a t h s r s d an d
i n B ep te m b er, O c t o b e r JVovesber an d December*
The money f o r
h a n d l i n g th s
[ a n d M arch,
crop i s
tobacco c ro p ,
d s p o s lts d
which i s
in
s o ld
its
banks ready
in January,
fo r
February
so t h a t each c r o p f u m i s h s s ao n e y f o r m ovin g th s
s u c c e e d in g crop*
th is
••
R.
i s a very la r g e
N a s h v ille
■ere
Burch
4509
of
the O t i c R i v e r ,
p ro lu c te ,
sood-
some
of
cry in g p r o lu c ts ,
ie a ls o a l i v s -s t o c k
N a s h v ills
is
the
t h a n any
city
the®, b e i n g f l o u r K i l l
cotton a n i
fo u n a r y
c e n t e r of i m p o r t a n c e .
o t Ten nessee amounts
bu sin ess
h a v in g
m a n u fa c t u r in g c e n t e r ,
d iv e r e i f i e d itanuf a c t u r i n g i n m t r i e a
? o u th
it
L.
The
p re lu d e ,
liv e -s to c k
to $ 1 7 0 ,0 0 0 ,0 0 0 a y e a r ,
c h ie f liv e -s to c k
c ity
o f the
ani
state.
1f a s h v i l l e 9s m a n u fa c t u r in g p r o l u c t s amount t o $ 4 0 , 0 0 0 , 0 0 0
p e r annum.
N a sh v ille
is
ed u c atio n al
cen eter,
In t h i s
w ith e v e r y
rid e
rec o g n ise d as
St.
is
co nstantly
jt
is
i n any e a s y n i . , h t vs
L o u is , a n i
p r i n c i p a l Southern p o i n t s ,
ham, A t l a n t a ,
g iv in g
it
as
S o u t h 9s g r e a t e s t
say i t
p o r t i o n o f the S o u t h .
ol C in c in n a ti,
the
In d ia n a p o lis
L o u is v ille ,
a s tra te g ic
in
touch
a n t of
tfemphis,
B ir m in g
ad van tage as a c l e a r i n g
houss betw een the s e c t i o n s .
The S e c r e t a r y
second c h o ic e ;
Mr. B u rc h :
o f ue f e e l
in t h is
I n the
the
pu rpose
Ilr. B u r c h :
te rrito ry
te rrito ry
t h a t o u r own c i t y
The S e c r e t a r y
fo r
c f th e T r a s u r y :
tihat t.ould be
as
as
Tes,
o u tlin e d ?
o u tlin e d
I
t h in k a s a l l
is —
o f the Treasury:
o f the
N a s h v ille 's
I am e x c l u d i n g
N a s h v ille
d isc u ssio n .
I understand.
I w o u l d say
L o u isv ille ,
H.
cut
I h a rily
fe e l
we 4o n o t b e l i e v e
s u ffic is n tly
«o u ld
*ith
re a e c n
Burob
ycu c o u ld M y
45LC
second c h o i c e ,
the t e r i t o r y l y i n g n o r t h
f a r n o rth
«lth
I ;lo n o t t h in k ycu c o u ld c a l l
o f the t r e a s u r y :
the s x t s n s i o n o f t h i e
Mr. B urch :
I
d is tric t
stated
t h e re
thou gh t i t
The S e c r e t a r y
the
re ae o n
of L c u ls v ills
L o u ie v ills ,
it
and f o r
s e c c n i ch o ic
V hat i e
and
that
.
y o u r v ie w a b o u t
f u r t h e r south?
i n the p a p e r t f* ic h
1 l e f t home and b e l o r e
m orn ing t h a t I
fo r
to sa k e i t a g o o * s t r o n g d i e t r i o t
good g r a c e c o o p e r a t e
The S e c r e t a r y
b efo re
L.
I h e a r d the
eh c u l l go a t
o f the T r e a e u r y :
I
I
drew up
d iso u ssio n
ls a a t
th le
t o Montgom ery.
*aa s p e a k in g ab o u t g o in g
f u r t h e r scutfc than Montgomery.
Mr, B urch:
1 t h in k
it
w o uld be h a r d l y
f u r t h e r ec u th moves n a t u r a l l y
a n d my o p i n i o n a b c u t t h a t
e h c u ld b s
in ths B t.
proper.
t o M o b ile and www O r l e a n s ,
te rrito ry
le
t h a t Hew O r l e a n s
L o u is t e r r i t o r y an d h s n c s
i n Alabam a so u th o f Montgomery w o uld n a t u r a l l y
Ms* O r l f a n s - 9 t « L c u l s
Ths S e c r e t a r y
s p lit
nect
B t.
L o u ie ?
th s
tsrrito ry
bs i n
th s
re g io n a l t e r r it o r y .
o f the Treasury:
w c u ld work w e l l ,
i t up » l t h
The t r a d e
Do you t h i n k
to a tta c h a p a rt
th a t k in d o f a
o f A labam a an d con
Hew O r le a n s an d then c o n n e c t t h a t up w i t h
1 . t* Burch
Mr* B urch:
e p e c la l
kotos
*> e ll,
s ir,
I
4511
do n o t t h in k t h e ^ a w c u ld be
o b je c t io n to t h a t .
sou thw ard nnd the l i c e
Tho t e r r i t o r y
s o u th
haa t o be
my
o f Montgomery
seeew h ere,
• h e r e th e y d i v i d e *
the S e c re t ry c f A g r i c u l t u r e :
Ycu t*re
suit j e s t i n
n o rth .m d eouth d i s t r i c t w e s t c f th e M i s s i s s i p p i
g
another
P ite r,
p ra c tic a lly ?
M r. B urch:
Y «j *
The S e c r e t a r y
F lo rid a
o f A p ic u ltu re :
Whafc mould ycu dc w it h
and G e o r g ia ?
Mr* B urch:
I
wculd p l a c e F l o r i d a *nd s c a t
o f G e e rg ia in
t h e A t l a n t i c C o a s t d i v i s i o n w i t h W a s h in g to n o r B a l t i m o r e
a t t h e h ead *
The S e c r e t
th o u gh t
ry c f A g r i c u l t u r e :
Fhat
ie
the c o n t r o l l i n g
i n y r u r mind i n a r r a n g i t i g t h e e d i s t r i c t s
north
m d eouth?
Ifr.
B u rc h :
T hat th e y s h o u ld be b a l a n c e d ;
s h o u ld be a m a n u fa c t u rin g
tarred,
o ld
a d ia trio t
c o n t e r e suoh
and c i t i e s
a n i ron ey d i s t r i c t ,
who^-e t h e r e
as B a l t i m o r e ,
is
a re s e rv rir
C in o in n t i
as
nd l e n d e r s
it
th ere
s ig h t
be
c f money,
j&d 8 t .
o f t h a t d e s c r i p t i o n w hich have f o r
c f tim e been d e p o s i t o r s o f money
th *.t i s ,
L o u ie
a le n g p e rio d
o f soaey;
F• i.
Burch
4 5 1 2
be
th e y w c u ld / th e
c e n t e r o f the r e g i o n o f the S o u t h e r n
d is tric ts
ly in g
south o f t h e » ,
d ie t n o t e
vhen they n eeded noney w o u ld have & p l a c e
eo t h a t t h e v a r i o u s
Southern
where
t h e y o o u ld ^ et th e r c n e y *
The S e c r e t a r y
fa in
o f A g ric u ltu re s
to th e l o n e r South from h a v in g S t a t e s l i k e
I n d i a n a oonneoted w it h thee?
Mr.
Ycu h ave f i g u r e d
Burch:
yes
out • © » •
O hio
md
R.
I.
Can yr;u f i g u r e
The S e c r e t a r y o f A g r i c u l t u r e :
B urch:
R e gio n al
Tes,
a ir,
I
th in k i t
w c u ld be a g a i n
t o th e
Bank i n ec Bruch ae t h e r e w c u ld b e a c o n s i d e r a b l e
u s e o f money a t a t i e s when p c s e l b l y
d e p o e lte
o u t any
from t h a t c o n n e c t io n ?
g a i n tc Ohio and I n d i a n a
M r.
4513
Burch
o f woney i n t h o s e c i t i e s
The S e c r e t x r y c f A g r i c u l t u r e :
the«*e w c u ld be l ^ r g e
i n those s t a t e e .
One end e f th e d i s t r i c t ,
i n 'O t h e r v c r d e , w cu ld have th e s u p p ly and t h e
o t h e r th e
d m and?
M r.
B u rc h :
Tea,
s ir*
The S e c r e t a r y c f A g r i c u l t u r e :
le
Which i n y c u r judgm ent
n e c e s s a r y t c g i v e a w e l l b a la n c e d d l e t r l c t ?
M r.
B urch :
necessary.
t n e w s e lv e s
Tee,
and a s u c c e s s f u l
The h o l d e r s
o f stock
b a n k , w hich
i n the b u l k ,
the
*fceh t c s e e th it s t o c k p ay d i v i d e n d s
©th rr i n v e s t v e n t ,
I
a lso
b *nks
lik e
my
take i t .
STATEMENT OF JAME8 A.
The S e c r e t a r y
ie
c f the T r e a s u r y :
S tate
GRFFH.
ycur n * a e ,
re sid e n c e
and o c c u p a t io n *
M r. G r e e n :
*
rch i t ,
J a »e e
A. Greeny
C in c in n a ti*
w ith Matthew Adtiy & C o e p a n y ,
I
aa a p i g
C in c in n a ti
is
iro n
the
4514
H* L • dur
c l e a r i n g house f c r a Tery l a r g e p a r t
■ ade in t h e S t it e o f O h io ,
iro n
which l a » a 1 e
o f th e
i r o n w hich l a
and f o r p r a c t i c a l l y
a ll
o f the
I n the eouth and fchlch l e
not
oonaused
lo c a lly .
The 8 e o r e t a r y
o f th e T r e a e u r y :
A re ycu s p e a k i n g
e f the A la -
ba»a d is tric t?
U r. G reen:
I
as s p e a k in g o f t h e A l a b a a a d i s t r i c t
th e Ten nessee and Kentuoky d i s t r i c t s .
o u t o f e v e r y t e n ton e o f i r o n s a l e
a r e h a n d le d th ro u g h C i n c i n n a t i ,
in
C in c in n a ti.
T h ers
• h e r e th e coke l e
are g re a t
C in c in n a ti le
e x te n e lse p ig
th le
iro n .
cen tal
The Sec r o t
but i t
i n t h e s o u th
lik e
a llh a n d le d
goes
o f course,
W is e C o u n ty ,
through
th le
C lo
1 .rg e and
coke
Is v a in ly
and
In the
i l l o t e r the c o u n try .
r y o f the T r e a s u r y :
A re y cu f a w l l l a r w i t h
c o n o d ltle s
^rca C i n c i n n a t i .
Yes.
The S e c r e t a r y
a r e h a n d le d h e r e i n
i r o n h c u se e which d l e t r i h u t e
the d i s t r i b u t i o n o f g e n e ra l
Mr • O rrtB S
o u t o f ewtsry t e n
coke f i e l d s
le
o f T en nesee
th e hoae c f e e v e r a l t e r y
The d i e t r i b u t i r n ,
w est,
the S t a t e
a sserch^nt p r o p o e l t i c n ,
and th e coke n o t used l o c a l l y
c i nr, % ti.
I p re& u a d e th i t n i n e
and n in e
o f A la b a s a I r e n not used i n A la b a s a ,
and o f
o f the T r e a s u r y :
What l i n e s
p a rtic u la rly
J.
o u te id e
o f jlro n ,
V r . G reen;
A* Greer.
what g e n e r a l
4515
c c a e io d lt le e ?
I have t h e g e n e r a l
cen In C ln o in a a t l e r u ld
k now led ge t h a t
ha^ e who had e p e n t a l l
any b u a in e e e
h ie
life
h ere*
The S e c r e t a r y
e p h e re o f t r a d e
com odi tie a ,
ite e lf?
le
o f th e T r e a e u r y :
In flu e n c e
d o s i n *nt ae th e t r a d e
K en tu c k y,
G e o rg ia ,
I
it
the t e r r i t o r y
as tc
In
c h ie f
o f gen eral
the t e r r i t o r y
*h io h C in c in n a ti
center*
t h in k C i n c i n n a t i
and a v e r y l a r g a p a r t
a ll
C i n c i n n a t i 1*
f o r th e d i e t r i b u t i c n
how w o uld ycu d e e o r i b e
I s e a n by t h a t
H r, G r e e n :
What l e
o f S o u th e rn O h i o ,
in flu e n c e
ie
in Tenneeeee,
o f n o r t h e r n A la b a m a and
In d ia n a ,
and a l a r g e
p irt
c f e o u lh e ra I l l i n o i e *
The S e c r e t a r y
Hr* G r e e n :
o f A g ric u ltu re :
The n o r t h e r n p r t
Tou eee we r e a c h i n d i r e c t l y
a b e o lu te ly
s tra ig h t
atrcng
as
The n o r t h e r n p i r t ?
ae w e l l
on th e —
ae t h e s o u t h e r n *
our r a i l r o a d s
ru n
and we do
as
bu ein e ee *
The S e c r e t a r y o f th e T r e a e u r y :
e s p e c ia lly
o f I n d ia n a ?
i n t o n o r t h e r n W#et V i r g i n i a ,
i a a e n *e aaount o f d i r e c t
A ll
S o u th e rn I n d i n a and a l l o f Weet V i r g i n i a *
The S e c r e t a r y
V r* G reen:
o f the T r e a a u r y :
I n w hat l i n e
a d is trib u tin g
center?
if
C in c in n a ti
J.
M r. G re e n :
There i a
d is trib u tio n
c f ccke
The S e c r e t a r y
It
le
4516
A • G re e n
nc c i t y
th «t
cercparee w it h
o f the T r e a e u r y :
Tee,
lu s h e r a^rket*
lo *
comp i r actively
C i n c ln n t l
ia
sc.
ae
tc
ill i t
It
e t h e r th in g s?
n o t?
le
d istin g u ish e d
a
treiren d cu a
fc r
its
n u a b e r o f m iner m a n u f a c t u r o r s , a s ycu «>re a w a r e ;
p rin tin g
in k ,
in k s p a r t i c u l
p a in ts ,
rly ,
aid a l l
that s o r t
fa m ilia r
but I
p rin tin g
How th e j o b b i n g
lin e e ?
do n e t
want t o
But
I
an
ru s h i n
speak.
in y cu r l i n e
it
d o m in ate#
s e c t io n ?
Mr. G r e e n :
A b so lu te ly .
Ths S e c r e t a r y
erente
ln te re a te
C ir 'Tii
very
in these
1 r g e 'y .
here*
o f th e T r e a s u r y :
f c r these d i f f e r e n t
M r. C r e e n :
very
o f th in g ,
a r e o t h e r s su c h wore com petent t c
The S e c r e t >ry o f A g r i c u l t u r e :
th at
V im is h e a ,
Tcu itta t aek we a b c u t my s p e c i v l t i e s .
in a g e n e ra l w *y,
w h sre t h e r e
l*rg e
ind f u r n i t u r e m a n u fa c t u r e .
The S e c r e t r y o f t h e T r e a s u r y :
Mr. G re e n :
i n th e
uad i r o n .
a 1 >rge baoon and p e rk m r k e t ,
Mr. G re e n :
it
Tcu a r e l a r g e l y
concern s,
s a le s
a r c y cu not?
la rg e ly *
C in cinnati
ceneerne,
h o w e v e r,
his
imnenae
and hae
fin a n c 'd
them
A g r e a t w*ny o f them arm owned and c o n t r o l l e d
T h e re a r e none t h a t C i n c i n n a t i
is
net
in te re s te d
in *
the
r. t3 f inajaced
the Birmingham d i s t r i c t
frc m / b e g ln n in £ .
4517
J . A. Green
The S e c r e t
ry o f th e T r e a e u r y :
W r. Howe:
u r.
The S e c r e t a r y
MoGUl
o f th e
le
That i e
a ll,
here fro c lfa rio n ,
Treaeury:
thank you*
In d .
Dc y c u c a r e t o
s a y any
t h i n g , Mr. M c G ill?
Mr. M o G i l l :
I b e lie v e n ot.
We have o t t e r e d
t h e gro u n d
th ro u g h o ur s e c r e t a r y .
FURTHF* STATFMTHT OF W. S .
The S e c r e t a r y
c f T reaeury:
ask ycu one o r two s o r e
M r. R o * e ,
q u e a tic n e ,
if
ROTE.
we s h o u ld l i k e
y c u want t o
to
resuae
the sta n d .
The S e c r e t a r y
ju st
Jt w a s / t o ask y cu
o f A g ric u ltu re :
t o Bake
a s p e c ia l p o in t
o f p r e s e n t i n g t o us b etw een now and th e
firs t
if
o f March,
us as f u l l y
and sc f a r
saps
'T a k e C i n c i n n a t i
aa you c a n ,
do sen
le a d in g
d iffe re n t
c o w n u n itie e •
it
but
center,
e ith e r
in o th e r ways,
the v o lu t e
ha^» to
c o n c e r n s and g e t
f o r the vclutte i n c o m b in a t io n ,
as a d i s t r i b u t i n g
in d ic a tin g
sho w in g
trade are a in gen eral
she * a n u f a o t u r e s c r d i s t r i b u t e s
p e r c e n t a g e s * P e rh a p s y cu w i l l
a
or oth er e x h ib it s
as ycu can C i n c i n n a t i 9*
o c M c d ltie s .
o f th in g s
p o s s ib le ,
cf it
and
t a k e h a l f a d c x en o r
f o r u « . We a r e n o t
the p e ro e n ta g e e
aakU*
shown i n
J.
Ur.
R© e :
I
A. G r*en
4516
aa very nuch o b lig e d
fo r tho e u g £ € * t i c n .
I
Aisu®ed t h is r e m i n g
th *t w ith what we had i n the » a p * which
th a r
• c u jd go in w ith the b r i e f it would be u n d e r * t o e d /f r o *
O h i o 9* p o s i t i o n , w ith
p c a itio n it h i *
is
lirg e,
it*
encr&cus » a r u f a c t u r e « ,
in p ro p o rtio n to other s t a t e s ,
very larg e,
i*
suoh *
p a r t lc u l® r ly
i i v e r e i t y a* there
i n O h io ,
i t * p erc en tag e
th at i t would be throughly un d erstood
w ith o ut saying very *such about in t h e b r i e f *
th ere
uad t h *
1* i n
Sow whare
th e«e s t a t e * ,
and
because Ohio does 53 p e r oent c f t h *
m a n u fa c t u r i n g in th e se
fiv e * t a t e s ,
it
w ould
ju s t be
assused
t r t the ie g o e ie would r c everywhere#
The S e cre ta ry
o f the T re a a u ry :
le
a r*a p e a k ln g
C i c i n n a t i f s dcpiinance ae a trade c e n t e r ,
ion o f c o n o d l t l e *
Hr# Ho-e:
Tee,
fo r
the d i s t r i b u t
throughout the d i s t r i c t y cu have K * n t i c n * d
I
air coring tc t h a t .
I
do not th in k
is any doubt in the w crld th at we h an d le d a l l y
here* ecvewheree between a K i l l ! on
d o ll
r*
'tu re
there
i n one hank
m d a n i l l i e n and a rij.|f
o f country ch eck s in a day that * r e
M a in tc C a l i f o r n i a .
the
of*
And th a t 1 * the ^
stuttered
fro®
r e s u lt n o t only o f
but the jo b b in g and d i s t r i b u t i n g .
V * kf.ow
how Kany we handle o f thew because they eim ply a c a n the
g iv in g o f i w e d i a t e
c r e d it
and the t l e i n g up o f th at
T.
al
»n *y
S* Row#
4519
u n t i l th ey u r e li<*i I d a t a d , and i t
ie
a fei^ e l e w a a t .
The ^ e c r e t & r y c f A g r i c u l t u r e 2 O f c e u r e e , yeti n e e d n e t
•© f a r a f i e l d ae t h a t ,
t,
b u t t a k l n f the a i a t r i e t you h i r e
end t a k i n g th e d i s t r i c t
y cu c o u ld
eto ii.jgh t e e u t h t o the Q u U
g iv e ua i n f o r a a t l c a ,
it
m ig h t h e l p u a
*e
la id
if
1a # e r y etany
Vc ye than <n e .
Mr. Kowes We w o u ld be v a r y
of
jgiad t e do i t *
and a r c
*la d
the chenecu
T e
S ecretary
ef
the
T r e a s u r y : Tcu u n d e r s t a n d w h at we
H itt
Mr, Rowe: I
t h in k
T ra S e c r e t a r y c f
I
do new.*
the T re a a tiry * Taka
the
r a n u f a ? t u r l n g l i r . e e and ehew ua w h ere the
u tio n e f
that product l e
th r o u g h t h l e
la rg e
j e b b i n g and
rin e ip a l d is trib
trades d l e t r l c t
i n w h ic h
ycu c l a l * ycu a r e d c a a lia n t*
Hr* Rowe 2
I
b e l i e v e we hawe t^e l a r e e e t
tan nery
In the
country—
Thei S e c r e t - r y
ua hawe
f
th
T r a e u r y * Tcu b e l i e v e
bu t
et
the f i * " u r 4 * «
Mr. Rev ex X b e l i e v e
It
aa a f r e t ,
The S e c r e t a r y o f A g r i c u l t u r e *
haws i n aiind*
th at,
In St.
L c u le
an a can prove
it.
L e t tsm i l l u a t r a t e
tne h a r d w a r e e o n p e n le e
w hat we
jgave u e
ee
4520
W . F • How*
w i t h o u t any t r o u b l e
tha p e r c e n t a g e
tha s t a t s s , s s p a c i a l l y
tta>
w i t h i n the
ware r e p r e s e n t i n g .
la rg e
o f t h e i r b u sin e ss
r*ach
m ight t u r n o u t -
b u a i n e * * i n some t e r r i t o r y
o o n a id *ra b le
g i**
tro u b la
a tte n tio n to
it
of cou r**,
t h a t t h a y w o u ld do a wary l a r g e
t h a t w o u ld g i v e ua v a r y
tha o c u r * *
of trad*,
the v e r y
w ould h a v * a v e r y
ju s t
w ill
fin d
to g i v e and i t
v*ry
c o n e id e ra b ly .
Mr. Row*:
very d i f f i c u l t
Ve w ould b * v e r y
The S e c r e t a r y
ot
t a n n e r y you epok*
h o * much o f the
g la d
the * r * a * u r y :
o f.
8 u p p o *s
an d th a n s a c s tne p e r c e n t a g e
and
on y o u r
1 do n o t t h in k ycu
w o u ld h e l p u *
in d e e d o f th e c h a n c e .
F o r i n » t a n c e , tak e t h *
th a y f i l e
t o t a l product in
o f an
p r o b le m ;
i i r e o t b e a rin g
re c o g n iz e d .
c o a p c lls d to
that s o rt
d iffic u lt
p r o p o s a l t o hav* C i n c i n n a t i
it
Wow i f
t o show ua t h e i r
i n p l a c i n g , and a * w* a r a
• x h i b i t may h e l p ua a o l v e
that
c f th*
e a ta b lis h m e n te .
h a l f a d o s t n o r a dozen o f t h o * * w a r *
it
c ity
Tha *asie waa don* b y eose
ahoa h o u * * * and o t h a r l a r g e
b u sin e s s,
o f the
i n *1 1
a sa p here
th e ir lin e
o f that p ro iu c t
s h o w in g
they m an u fac tu re#
s o ld
in
th*
d iffe ro n t statee.
The S e c r e t a r y
of A g ric u ltu re :
• u p p l l * * and m a t e r i a l *
fr o m #
Or e v e n she re
it
d ra w * i t *
W.
Tha S e c r e t a r y
S.
Row#
o f the T r e a s u r y :
it#
mate r i a l s
it#
raw m a t e r i a l ;
4531
E x a c t l y , a n d h e ro
an d from what p o r t i o n
it
dra#»
of the c o u n t r y i t draw#
and ta x # #ho## o r any o t h e r j o b b i n g
lin e ,
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th at f a i r ani proper
the p r e c o c i o u s y c u n g a t e r t o eee
treatm ent a r e a c c o rd e d i t e a d v en t in t c
Ho« a e t o the
an a the
iiv is io n
o f the
d e s i g n a t i n g o f the c i t i e s
Banks s h a l l be e e t a b l i s h s d
life .
country
f u l l b s lis v e
i s a h e rc u le a n t a s k ,
an d e x p e c t
C o m m itt e e 's a c t i o n w i l l ,
s a tisfa c to ry
th e h i g h e s t
every a c tio n
lik e
the l a s
th e A m erican p e o p l e .
e m a n c ip a t io n o f
1 v e r ily b e lie v e
d istric ts,
w h e t h e r t w e lv e
p o s s ib ls ,
p e c u n i a r y s t r e n g t h and f i n a n c i a l
s h o u ld
o f the
dominate
great
1 have f u l l
t o a c c o m p lis h th s
o f y o u rs s lv e e ,
t h a t the
or a le s s
c f the human l e g he
an d to
fin a n c ia l
Ths
num ber, s h o u ld
and a s n s a r l y
equal m
rss o u rc ss as
p o a a ib ls .
When Abraham L i n c o l n was a s k s d h i s
p ro v e a c r e
t h is n a t io n has b se n a c c o e ip lls h s d .
bs as w s l l b a la n c e d ae
le n gth
o f the
P a t r i o t i c a o t i v e s and
As i n d i c a t e d ,
t a s k a s s i g n e d y^u t o th e s a t i s f a c t i o n
rsssrvs
lts s lf,
p rin c ip le ®
i n y o u r d i e p o s l t i c n and a b i l i t y
and one
and p a t r i o t i s m .
re s u lt
i n w o rk in g out th e d e t a i l s
p r o b l e a now i n y c u r h a n d e .
fa ith
t h a t the
t h a n anyone can f o r e e e e .
o rd s r o f b u sin e ss
d is tric ts ,
w here p a r e n t R e g i o n a l
t h a t demandsthe fcl^ h e et o r d e r o f e f f o r t
B ut I
in to
o p in io n as
t o the p r o p e r
r e p l i e d he mas u n a b l e
to
J.
B.
an sw tr a c c u ra te ly #
but i t
s h o u ld a t
lo n g enoughtt
l e a n t be
th e g r o u n d .
Ani that
our country in t o
»a e h ie
i * ay
4523
W alk er
Ju igment t h a t
rea ch f r o a
i d e a a e t o the
reeenre c t ie t r ic t e .
f o l l o w ae ra y be
lin e e
c l e a r acroee
need b e .
if
s e e no r e a e o n why J a c k e o n v l l l e ,
e h c u ld n o t be
i n ea se
shy C in c in n a ti,
eh c u l l n o t be i n
d ie trio t
O h io , A t l a n t a ,
the same d i s t r i c t .
a l l - i m p o r t a n t n eed l e
to
fu m la h
must f r y
the g o c d e .
the l e a n . "
c a p ita l
th s lr
own.
b u sin e ss
111.
or
to
The d i s t a n c e
re n ie r se rv ic e
"The f a t
in n a t u r a l
The n o r t h an d e a e t have th e
The e a s t e r n an d
s h o u ld n o t be g r o u p e d i n t o d i s t r i c t s
Those e e c t i o n s meed a l a r g e
o rig in a tin g in
1
The p r e v a i l i n g an d
the a b i l i t y
ro u n d .
I
and e v e n Wee O r l s a n s ,
The e o u th and e e s t b o u n i
to make t h e w h e e ls go
n orth ern e t a te s
and C h i c a g o ,
To uee a hom ely p h ra e e
r e ^ o u c e e , an d raw m a t e r i a l .
re q u ire d ,
F o r e x a m p le ,
e q u l l i b r u m and b l a n o e .
doee n o t co u n t f o r s o su c h a s
in ten d e d ,
thought n e c e e e a ry ,
0 a .,
of
e h c u ld n o t e x t e n a
F la .,
if
to
su b d iv is io n
the p u r p o s e
ee e no re a e o n w h a t e v e r %hy th e
the c o n t i n e n t ,
the b o i y
They e h c u ld be l o n g
enough a n i b r o a d enough to a o c o m p lle h
w i t h ae many b r a n c h banke t o
the l e g
p o rtio n
th e e c u t h a n d * * e t .
cf
of
the
eo
4624
The S e o r e t a r y
of
the
Treaeury:
if
there
ie n o t h i n g
f u r t h e r th© h e a r i n g w i l l be a d j o u r n e d .
(W h e reu p o n a t
O h io ,
.a s
4 :3 0
aljo u m sd .
the h e a r i n g a t
C in c in n a ti,
@FedFRASER